Thrivent Series Fund NPORT-P Thrivent Opportunity Income Plus Portfolio (Sep 2024 report)

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

47.6%

Value

Communications

Services  3.4%

22,872

Alphabet,

Inc.,

Class

A

$

3,793,321

160,541

Alphabet,

Inc.,

Class

C

26,840,850

15,742

Altice

USA,

Inc.

a

38,725

6,503

AMC

Networks,

Inc.

a

56,511

3,852

Bandwidth,

Inc.

a

67,449

94,735

Cargurus,

Inc.

a

2,844,892

576

Charter

Communications,

Inc.

a

186,670

14,185

Cogent

Communications

Holdings

1,076,925

66,477

Comcast

Corporation

2,776,744

25,247

E.W.

Scripps

Company

a

56,680

4,443

Electronic

Arts,

Inc.

637,304

2,086

Entravision

Communications

Corporation

4,318

11,353

iHeartMedia,

Inc.

a

21,003

13,959

Integral

Ad

Science

Holding

Corporation

a

150,897

6,290

Iridium

Communications,

Inc.

191,531

5,144

Liberty

Global,

Ltd.,

Class

A

a

108,590

6,099

Liberty

Latin

America,

Ltd.,

Class

A

a

58,428

1,099

Liberty

Media

Corporation-Liberty

Live

Group

a

56,412

13,057

Lumen

Technologies,

Inc.

a

92,705

7,354

Magnite,

Inc.

a

101,853

44,515

Meta

Platforms,

Inc.

25,482,167

2,427

Netflix,

Inc.

a

1,721,398

6,214

New

York

Times

Company

345,933

1,501

Omnicom

Group,

Inc.

155,188

47,756

Pinterest,

Inc.

a

1,545,862

69,563

QuinStreet,

Inc.

a

1,330,740

1,660

Sinclair,

Inc.

25,398

3,525

Sirius

XM

Holdings,

Inc.

83,366

1,802

TechTarget,

Inc.

a

44,059

4,156

Telephone

and

Data

Systems,

Inc.

96,627

16,311

Trade

Desk,

Inc.

a

1,788,501

97,002

Verizon

Communications,

Inc.

4,356,360

102,853

Warner

Brothers

Discovery,

Inc.

a

848,537

Total

76,985,944

Consumer

Discretionary  5.6%

110

Adient

plc

a

2,483

133,381

Amazon.com,

Inc.

a

24,852,882

14,861

American

Axle

&

Manufacturing

Holdings,

Inc.

a

91,841

10,899

American

Eagle

Outfitters,

Inc.

244,029

22,024

Aptiv

plc

a

1,585,948

2,576

Aramark

99,768

2,728

Autoliv,

Inc.

254,713

37,229

Best

Buy

Company,

Inc.

3,845,756

526

Booking

Holdings,

Inc.

2,215,575

16,559

Boot

Barn

Holdings,

Inc.

a

2,769,989

7,388

BorgWarner,

Inc.

268,110

1,865

Bright

Horizons

Family

Solutions,

Inc.

a

261,342

7,354

Brunswick

Corporation

616,412

577

Carvana

Company

a

100,461

153

Cavco

Industries,

Inc.

a

65,521

45,633

Champion

Homes,

Inc.

a

4,328,290

920

Chewy,

Inc.

a

26,947

80,967

Chipotle

Mexican

Grill,

Inc.

a

4,665,318

19,189

Columbia

Sportswear

Company

1,596,333

34,425

Cooper-Standard

Holdings,

Inc.

a

477,475

3,656

Crocs,

Inc.

a

529,425

7,487

D.R.

Horton,

Inc.

1,428,295

11,148

Dana,

Inc.

117,723

Shares

Common

Stock  47.6%

Value

Consumer

Discretionary  5.6%

-

continued

483

Darden

Restaurants,

Inc.

$

79,275

11,321

Deckers

Outdoor

Corporation

a

1,805,133

27,498

DoorDash,

Inc.

a

3,924,789

205

Dorman

Products,

Inc.

a

23,190

63,855

eBay,

Inc.

4,157,599

470

El

Pollo

Loco

Holdings,

Inc.

a

6,439

1,443

Etsy,

Inc.

a

80,130

28,148

Expedia

Group,

Inc.

a

4,166,467

2,113

Ford

Motor

Company

22,313

1,823

Fox

Factory

Holding

Corporation

a

75,654

398

Frontdoor,

Inc.

a

19,100

11,868

Gap,

Inc.

261,689

4,708

Garmin,

Ltd.

828,749

20,830

Gentex

Corporation

618,443

2,867

Genuine

Parts

Company

400,463

4,156

Goodyear

Tire

&

Rubber

Company

a

36,781

11,394

Grand

Canyon

Education,

Inc.

a

1,616,239

2,989

Group

1

Automotive,

Inc.

1,144,907

4,556

H&R

Block,

Inc.

289,534

16,307

Hanesbrands,

Inc.

a

119,856

2,333

Hasbro,

Inc.

168,723

14,094

Hilton

Worldwide

Holdings,

Inc.

3,248,667

21,058

Home

Depot,

Inc.

8,532,702

4,728

Installed

Building

Products,

Inc.

1,164,365

65

KB

Home

5,570

4,757

Latham

Group,

Inc.

a

32,348

15,844

Laureate

Education,

Inc.

263,169

1,339

LCI

Industries

161,403

1,252

Lear

Corporation

136,656

2,098

Leggett

&

Platt,

Inc.

28,575

1,246

Lennar

Corporation

233,600

9,787

LKQ

Corporation

390,697

10,061

Lowe's

Companies,

Inc.

2,725,022

5,713

Lululemon

Athletica,

Inc.

a

1,550,223

274

M/I

Homes,

Inc.

a

46,953

4,463

Mattel,

Inc.

a

85,020

5,403

McDonald's

Corporation

1,645,267

11,082

Modine

Manufacturing

Company

a

1,471,579

2,361

Mohawk

Industries,

Inc.

a

379,365

312

NVR,

Inc.

a

3,061,282

300

OneSpaWorld

Holdings,

Ltd.

4,953

1,337

O'Reilly

Automotive,

Inc.

a

1,539,689

8,713

Patrick

Industries,

Inc.

1,240,470

3,595

Pool

Corporation

1,354,596

188

PVH

Corporation

18,956

48,152

Qurate

Retail,

Inc.

a

29,377

385

Ralph

Lauren

Corporation

74,640

2,333

Revolve

Group,

Inc.

a

57,812

14,823

Ross

Stores,

Inc.

2,231,010

2,395

Service

Corporation

International/

US

189,037

45,113

SharkNinja,

Inc.

4,904,234

15,223

Sony

Group

Corporation

ADR

1,470,085

1,784

Steven

Madden,

Ltd.

87,398

2,125

Stitch

Fix,

Inc.

a

5,992

86,273

Stoneridge,

Inc.

a

965,395

1,254

Strategic

Education,

Inc.

116,058

36,624

Tesla,

Inc.

a

9,581,937

14,776

Texas

Roadhouse,

Inc.

2,609,442

264

TopBuild

Corporation

a

107,398

2,901

Travel

+

Leisure

Company

133,678

463

Ulta

Beauty,

Inc.

a

180,163

2,850

Upbound

Group,

Inc.

91,171

2,645

Urban

Outfitters,

Inc.

a

101,330

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock  47.6%

Value

Consumer

Discretionary  5.6%

-

continued

1,919

Valvoline,

Inc.

a

$

80,310

10,746

VF

Corporation

214,383

54

Visteon

Corporation

a

5,143

43

Wingstop,

Inc.

17,891

50,405

Wyndham

Hotels

&

Resorts,

Inc.

3,938,647

52,333

Yum

China

Holding,

Inc.

2,356,032

Total

129,159,799

Consumer

Staples  1.8%

20,427

Altria

Group,

Inc.

1,042,594

3,276

BellRing

Brands,

Inc.

a

198,919

13,575

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,119,666

1,442

Casey's

General

Stores,

Inc.

541,774

18,373

Coca-Cola

Company

1,320,284

2,216

Colgate-Palmolive

Company

230,043

509

Costco

Wholesale

Corporation

451,239

144,814

Coty,

Inc.

a

1,359,804

22,225

e.l.f.

Beauty,

Inc.

a

2,423,192

22,982

J

&

J

Snack

Foods

Corporation

3,955,662

11,454

J.M.

Smucker

Company

1,387,079

8,611

John

B.

Sanfilippo

&

Son,

Inc.

812,103

112,123

Kenvue,

Inc.

2,593,405

1,979

Keurig

Dr

Pepper,

Inc.

74,173

532

Kimberly-Clark

Corporation

75,693

4,511

Kroger

Company

258,480

20,354

Lamb

Weston

Holdings,

Inc.

1,317,718

10,891

Lancaster

Colony

Corporation

1,923,024

6,838

McCormick

&

Company,

Inc.

562,767

47,893

Philip

Morris

International,

Inc.

5,814,210

11,193

Pilgrim's

Pride

Corporation

a

515,438

318

PriceSmart,

Inc.

29,186

7,062

Procter

&

Gamble

Company

1,223,138

38,867

Sysco

Corporation

3,033,958

10,483

Turning

Point

Brands,

Inc.

452,341

16,692

Tyson

Foods,

Inc.

994,176

2,120

US

Foods

Holding

Corporation

a

130,380

94,916

Walmart,

Inc.

7,664,467

274

WD-40

Company

70,659

Total

41,575,572

Energy  1.6%

36,966

Archrock,

Inc.

748,192

32,134

Baker

Hughes

Company

1,161,644

1,870

Civitas

Resources,

Inc.

94,753

26,381

ConocoPhillips

2,777,392

909

Coterra

Energy,

Inc.

21,771

80,736

Devon

Energy

Corporation

3,158,392

89,032

Enterprise

Products

Partners,

LP

2,591,722

13,505

EOG

Resources,

Inc.

1,660,170

23,595

Expand

Energy

Corporation

1,940,689

5,683

Expro

Group

Holdings

NV

a

97,577

52,220

Exxon

Mobil

Corporation

6,121,228

3,349

Gulfport

Energy

Corporation

a

506,871

165,590

Halliburton

Company

4,810,389

9,146

Hess

Midstream,

LP

322,579

2,180

Kodiak

Gas

Services,

Inc.

63,220

9,091

Marathon

Petroleum

Corporation

1,481,015

35,948

Matador

Resources

Company

1,776,550

17,293

Noble

Corporation

plc

b

624,969

65,871

NOV,

Inc.

1,051,960

8,397

Ovintiv,

Inc.

321,689

3,257

Par

Pacific

Holdings,

Inc.

a

57,323

3,622

Phillips

66

476,112

7,610

Schlumberger

NV

319,239

Shares

Common

Stock  47.6%

Value

Energy  1.6%

-

continued

16,844

Shell

plc

ADR

$

1,110,862

6,979

SM

Energy

Company

278,951

2,992

Solaris

Energy

Infrastructure,

Inc.

38,178

184

Targa

Resources

Corporation

27,234

111,940

TechnipFMC

plc

2,936,186

1,860

Williams

Companies,

Inc.

84,909

Total

36,661,766

Financials  6.3%

2,075

1st

Source

Corporation

124,251

10,670

Allstate

Corporation

2,023,566

36,740

Ally

Financial,

Inc.

1,307,577

2,798

Amalgamated

Financial

Corporation

87,773

11,799

American

Express

Company

3,199,889

22,996

American

International

Group,

Inc.

1,683,997

8,568

Ameriprise

Financial,

Inc.

4,025,332

555

Ameris

Bancorp

34,626

683

AMERISAFE,

Inc.

33,009

6,945

Annaly

Capital

Management,

Inc.

139,386

10,778

Arch

Capital

Group,

Ltd.

a

1,205,843

4,285

Arthur

J.

Gallagher

&

Company

1,205,670

3,491

Artisan

Partners

Asset

Management,

Inc.

151,230

7,361

Associated

Banc-Corp

158,556

1,028

Assurant,

Inc.

204,428

1,286

Assured

Guaranty,

Ltd.

102,263

712

Atlantic

Union

Bankshares

Corporation

26,821

492

Axis

Capital

Holdings,

Ltd.

39,168

1,822

Axos

Financial,

Inc.

a

114,567

127,031

Bank

of

America

Corporation

5,040,590

51

Bank

of

Hawaii

Corporation

3,201

1,211

Bank

of

Marin

Bancorp

24,329

16,532

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

609,700

35,193

Bank

of

New

York

Mellon

Corporation

2,528,969

8,674

Bank

OZK

372,895

1,374

BankFinancial

Corporation

16,735

344

BankUnited,

Inc.

12,535

1,173

Bar

Harbor

Bankshares

36,175

442

BayCom

Corporation

10,484

2,584

BCB

Bancorp,

Inc.

31,887

4,517

Berkshire

Hathaway,

Inc.

a

2,078,994

2,790

Berkshire

Hills

Bancorp,

Inc.

75,135

2,834

Block,

Inc.

a

190,246

18,339

Blue

Owl

Capital,

Inc.

355,043

131

BOK

Financial

Corporation

13,705

38,475

Bridgewater

Bancshares,

Inc.

a

545,191

2,120

Brighthouse

Financial,

Inc.

a

95,464

1,385

BrightSpire

Capital,

Inc.

7,756

15,893

Brookline

Bancorp,

Inc.

160,360

16,098

Brown

&

Brown,

Inc.

1,667,753

2,469

Business

First

Bancshares,

Inc.

63,379

2,529

Byline

Bancorp,

Inc.

67,701

2,235

Cadence

Bank

71,185

304

Camden

National

Corporation

12,561

160

Capital

City

Bank

Group,

Inc.

5,646

12,783

Capital

One

Financial

Corporation

1,913,999

6,273

Capitol

Federal

Financial,

Inc.

36,634

6,672

Carlyle

Group,

Inc.

287,296

1,271

Cathay

General

Bancorp

54,589

5,019

Cboe

Global

Markets,

Inc.

1,028,243

2,538

Central

Pacific

Financial

Corporation

74,896

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock  47.6%

Value

Financials  6.3%

-

continued

46,634

Charles

Schwab

Corporation

$

3,022,350

11,118

Chubb,

Ltd.

3,206,320

3,851

Cincinnati

Financial

Corporation

524,198

3,533

Citigroup,

Inc.

221,166

1,555

Citizens

Financial

Group,

Inc.

63,864

2,551

CNB

Financial

Corporation

61,377

3,612

CNO

Financial

Group,

Inc.

126,781

5,940

Columbia

Banking

System,

Inc.

155,093

1,944

Comerica,

Inc.

116,465

1,760

Commerce

Bancshares,

Inc.

104,544

349

Community

Financial

System,

Inc.

20,266

5,022

Community

Trust

Bancorp,

Inc.

249,393

1,902

ConnectOne

Bancorp,

Inc.

47,645

843

Cullen/Frost

Bankers,

Inc.

94,298

2,862

Customers

Bancorp,

Inc.

a

132,940

5,587

CVB

Financial

Corporation

99,560

1,609

Dime

Community

Bancshares,

Inc.

46,339

15,484

Discover

Financial

Services

2,172,250

2,820

Eagle

Bancorp,

Inc.

63,676

2,676

East

West

Bancorp,

Inc.

221,412

4,825

Ellington

Credit

Company

33,679

606

Employers

Holdings,

Inc.

29,070

1,436

Enova

International,

Inc.

a

120,322

195

Enterprise

Bancorp,

Inc./MA

6,232

2,619

Enterprise

Financial

Services

Corporation

134,250

3,569

Equitable

Holdings,

Inc.

150,005

1,236

Equity

Bancshares,

Inc.

50,528

61,488

F.N.B.

Corporation

867,596

5,315

FactSet

Research

Systems,

Inc.

2,444,103

297

Federal

Agricultural

Mortgage

Corporation

55,661

12,062

Federated

Hermes,

Inc.

443,520

3,533

Fidelity

National

Information

Services,

Inc.

295,889

2,946

Fifth

Third

Bancorp

126,207

2,699

Financial

Institutions,

Inc.

68,744

1,255

First

Bancorp/Puerto

Rico

26,568

3,480

First

Bancshares,

Inc.

111,812

1,475

First

Busey

Corporation

38,380

646

First

Citizens

BancShares,

Inc./NC

1,189,254

3,988

First

Financial

Bancorp

100,617

1,178

First

Financial

Bankshares,

Inc.

43,598

1,318

First

Financial

Corporation

57,794

6,825

First

Foundation,

Inc.

42,588

731

First

Hawaiian,

Inc.

16,923

27,735

First

Horizon

Corporation

430,725

1,379

First

Internet

Bancorp

47,245

2,901

First

Interstate

BancSystem,

Inc.

89,003

1,324

First

Merchants

Corporation

49,253

2,301

First

Mid-Illinois

Bancshares,

Inc.

89,532

3,844

First

of

Long

Island

Corporation

49,472

3,937

Fiserv,

Inc.

a

707,282

3,495

Flushing

Financial

Corporation

50,957

9,054

Fulton

Financial

Corporation

164,149

41,304

Glacier

Bancorp,

Inc.

1,887,593

2,363

Global

Payments,

Inc.

242,018

2,127

Great

Southern

Bancorp,

Inc.

121,898

1,522

Green

Dot

Corporation

a

17,823

11,222

Hamilton

Lane,

Inc.

1,889,673

2,821

Hancock

Whitney

Corporation

144,351

9,711

Hanmi

Financial

Corporation

180,625

713

Hanover

Insurance

Group,

Inc.

105,602

4,491

Hartford

Financial

Services

Group,

Inc.

528,187

Shares

Common

Stock  47.6%

Value

Financials  6.3%

-

continued

1,550

Heartland

Financial

USA,

Inc.

$

87,885

1,478

Heritage

Commerce

Corporation

14,603

5,234

Heritage

Financial

Corporation

113,944

2,110

Home

BancShares,

Inc.

57,160

3,553

Hometrust

Bancshares,

Inc.

121,086

8,394

Hope

Bancorp,

Inc.

105,429

310

Horace

Mann

Educators

Corporation

10,835

5,454

Horizon

Bancorp,

Inc.

84,810

22,545

Houlihan

Lokey,

Inc.

3,562,561

5,220

Huntington

Bancshares,

Inc./OH

76,734

1,607

Independent

Bank

Corporation/MA

95,022

2,834

Independent

Bank

Corporation/MI

94,514

29,554

Intercontinental

Exchange,

Inc.

4,747,555

75

International

Bancshares

Corporation

4,484

16,702

Invesco,

Ltd.

293,287

361

Investar

Holding

Corporation

7,003

42,846

J.P.

Morgan

Chase

&

Company

9,034,508

7,396

Jack

Henry

&

Associates,

Inc.

1,305,690

13,548

Janus

Henderson

Group

plc

515,772

1,008

Jefferies

Financial

Group,

Inc.

62,042

8,196

Kearny

Financial

Corporation/MD

56,307

163,371

KeyCorp

2,736,464

11,091

Kinsale

Capital

Group,

Inc.

5,163,637

1,045

LendingTree,

Inc.

a

60,641

703

M&T

Bank

Corporation

125,218

878

MarketAxess

Holdings,

Inc.

224,944

12,444

Marsh

&

McLennan

Companies,

Inc.

2,776,132

3,580

Mastercard,

Inc.

1,767,804

2,599

Mercantile

Bank

Corporation

113,628

26,457

MetLife,

Inc.

2,182,173

1,243

Metropolitan

Bank

Holding

Corporation

a

65,357

9,586

MFA

Financial,

Inc.

121,934

47,819

MGIC

Investment

Corporation

1,224,166

734

Mid

Penn

Bancorp,

Inc.

21,895

4,593

Midland

States

Bancorp,

Inc.

102,791

6,306

MidWestOne

Financial

Group,

Inc.

179,910

1,227

Moody's

Corporation

582,322

350

Morningstar,

Inc.

111,692

4,444

Mr.

Cooper

Group,

Inc.

a

409,648

2,796

MSCI,

Inc.

1,629,872

213

MVB

Financial

Corporation

4,124

45,601

Nasdaq,

Inc.

3,329,329

52

Nelnet,

Inc.

5,891

2,209

New

York

Community

Bancorp,

Inc.

24,807

16,507

NMI

Holdings,

Inc.

a

679,923

21,896

Northern

Trust

Corporation

1,971,297

3,997

Northfield

Bancorp,

Inc.

46,365

2,854

Northwest

Bancshares,

Inc.

38,187

14,926

OceanFirst

Financial

Corporation

277,474

5,621

OFG

Bancorp

252,495

4,294

Old

National

Bancorp

80,126

2,879

Old

Republic

International

Corporation

101,974

4,730

Old

Second

Bancorp,

Inc.

73,741

5,297

OneMain

Holdings,

Inc.

249,330

439

Orrstown

Financial

Services,

Inc.

15,786

190

Pacific

Premier

Bancorp,

Inc.

4,780

625

Palomar

Holdings,

Inc.

a

59,169

27

Park

National

Corporation

4,535

52,018

PayPal

Holdings,

Inc.

a

4,058,965

859

PCB

Bancorp

16,141

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock  47.6%

Value

Financials  6.3%

-

continued

687

PennyMac

Financial

Services,

Inc.

$

78,297

3,327

Peoples

Bancorp,

Inc./OH

100,109

1,099

Pinnacle

Financial

Partners,

Inc.

107,669

22

Piper

Sandler

Companies

6,244

399

PNC

Financial

Services

Group,

Inc.

73,755

4,350

Popular,

Inc.

436,175

1,248

Principal

Financial

Group,

Inc.

107,203

6,775

Progressive

Corporation

1,719,224

12,137

Prosperity

Bancshares,

Inc.

874,714

2,120

Prudential

Financial,

Inc.

256,732

23,501

Radian

Group,

Inc.

815,250

3,241

Regions

Financial

Corporation

75,613

337

Reinsurance

Group

of

America,

Inc.

73,422

6,269

Rithm

Capital

Corporation

71,153

17,572

RLI

Corporation

2,723,309

1,866

S&P

Global,

Inc.

964,013

10,932

SEI

Investments

Company

756,385

441

ServisFirst

Bancshares,

Inc.

35,478

3,691

Shore

Bancshares,

Inc.

51,637

223

Simmons

First

National

Corporation

4,803

963

Skyward

Specialty

Insurance

Group,

Inc.

a

39,223

84

Southern

First

Bancshares,

Inc.

a

2,863

594

Southern

Missouri

Bancorp,

Inc.

33,555

1,908

Southside

Bancshares,

Inc.

63,784

1,069

SouthState

Corporation

103,885

619

Stellar

Bancorp,

Inc.

16,026

3,996

StepStone

Group,

Inc.

227,093

473

Stifel

Financial

Corporation

44,415

2,043

Synovus

Financial

Corporation

90,852

260

Texas

Capital

Bancshares,

Inc.

a

18,580

149

Towne

Bank/Portsmouth,

VA

4,926

28,513

TPG,

Inc.

1,641,208

22,138

Tradeweb

Markets,

Inc.

2,737,806

33,371

Triumph

Financial,

Inc.

a

2,654,329

737

Truist

Financial

Corporation

31,522

1,697

TrustCo

Bank

Corporation

NY

56,120

1,241

U.S.

Bancorp

56,751

476

UMB

Financial

Corporation

50,032

1,601

United

Bankshares,

Inc.

59,397

962

United

Community

Banks,

Inc.

27,975

2,236

Univest

Financial

Corporation

62,921

4,413

Unum

Group

262,309

11,904

Valley

National

Bancorp

107,850

9,519

Virtu

Financial,

Inc.

289,949

28,498

Visa,

Inc.

7,835,525

325

WaFd,

Inc.

11,326

526

Walker

&

Dunlop,

Inc.

59,748

10,348

Webster

Financial

Corporation

482,320

98,502

Wells

Fargo

&

Company

5,564,378

2,573

Westamerica

Bancorporation

127,158

28,063

Western

Alliance

Bancorp

2,427,169

16,136

Western

Union

Company

192,503

710

Willis

Towers

Watson

plc

209,116

909

Wintrust

Financial

Corporation

98,654

409

WSFS

Financial

Corporation

20,855

22,448

Zions

Bancorp

NA

1,059,995

Total

144,809,094

Health

Care  6.0%

14,604

Abbott

Laboratories

1,665,002

6,185

AbbVie,

Inc.

1,221,414

Shares

Common

Stock  47.6%

Value

Health

Care  6.0%

-

continued

1,901

ACELYRIN,

Inc.

a

$

9,372

577

ADMA

Biologics,

Inc.

a

11,534

18,058

Agilent

Technologies,

Inc.

2,681,252

1,254

Agios

Pharmaceuticals,

Inc.

a

55,715

6,151

Align

Technology,

Inc.

a

1,564,322

12,425

Amgen,

Inc.

4,003,459

8,177

AMN

Healthcare

Services,

Inc.

a

346,623

1,165

Anika

Therapeutics,

Inc.

a

28,776

4,216

Arcellx,

Inc.

a

352,078

2,978

Argenx

SE

ADR

a

1,614,314

310

Arvinas,

Inc.

a

7,635

6,320

Ascendis

Pharma

AS

ADR

a

943,639

732

Astria

Therapeutics,

Inc.

a

8,059

94,048

Avantor,

Inc.

a

2,433,022

4,772

Biogen,

Inc.

a

925,004

4,777

Bio-Techne

Corporation

381,826

7,376

Boston

Scientific

Corporation

a

618,109

3,278

Bruker

Corporation

226,379

4,144

CareDx,

Inc.

a

129,396

5,446

Caribou

Biosciences,

Inc.

a

10,674

1,185

Castle

Biosciences,

Inc.

a

33,796

5,974

Cencora,

Inc.

1,344,628

4,102

Centene

Corporation

a

308,799

3,636

Charles

River

Laboratories

International,

Inc.

a

716,183

5,458

Chemed

Corporation

3,280,094

5,972

Cigna

Group

2,068,940

4,279

Cooper

Companies,

Inc.

a

472,145

609

CRISPR

Therapeutics

AG

a,b

28,611

17,541

Danaher

Corporation

4,876,749

2,677

Definitive

Healthcare

Corporation

a

11,966

7,462

Denali

Therapeutics,

Inc.

a

217,368

17,193

Dentsply

Sirona,

Inc.

465,243

20,932

Dexcom,

Inc.

a

1,403,281

128

Doximity,

Inc.

a

5,577

4,366

Editas

Medicine,

Inc.

a

14,888

14,655

Edwards

Lifesciences

Corporation

a

967,083

32,460

Elanco

Animal

Health,

Inc.

a

476,837

6,829

Elevance

Health,

Inc.

3,551,080

11,976

Eli

Lilly

&

Company

10,610,017

423

Enanta

Pharmaceuticals,

Inc.

a

4,382

20,317

Encompass

Health

Corporation

1,963,435

5,179

Erasca,

Inc.

a

14,139

415

Exelixis,

Inc.

a

10,769

6,385

Fate

Therapeutics,

Inc.

a

22,348

57,800

Gilead

Sciences,

Inc.

4,845,952

28,137

Globus

Medical,

Inc.

a

2,012,921

6,338

GoodRx

Holdings,

Inc.

a,b

43,986

27,041

Haemonetics

Corporation

a

2,173,556

14,213

Halozyme

Therapeutics,

Inc.

a

813,552

18,720

HealthEquity,

Inc.

a

1,532,232

8,664

Humana,

Inc.

2,744,235

4,497

ICON

plc

a

1,292,033

7,277

IDEXX

Laboratories,

Inc.

a

3,676,486

1,364

Illumina,

Inc.

a

177,879

6,139

Inspire

Medical

Systems,

Inc.

a

1,295,636

400

Integra

LifeSciences

Holdings

Corporation

a

7,268

1,544

Intellia

Therapeutics,

Inc.

a

31,729

10,799

Intuitive

Surgical,

Inc.

a

5,305,225

1,448

IQVIA

Holding,

Inc.

a

343,133

423

iTeos

Therapeutics,

Inc.

a

4,319

29,493

Johnson

&

Johnson

4,779,636

533

Kymera

Therapeutics,

Inc.

a

25,227

19,220

Labcorp

Holdings,

Inc.

4,295,286

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock  47.6%

Value

Health

Care  6.0%

-

continued

10,600

Legend

Biotech

Corporation

ADR

a

$

516,538

59

Ligand

Pharmaceuticals,

Inc.

a

5,905

28

Medpace

Holdings,

Inc.

a

9,346

40,586

Medtronic

plc

3,653,958

43,645

Merck

&

Company,

Inc.

4,956,326

1,188

Mettler-Toledo

International,

Inc.

a

1,781,644

7,113

Molina

Healthcare,

Inc.

a

2,450,855

1,931

Myriad

Genetics,

Inc.

a

52,890

9,714

Natera,

Inc.

a

1,233,192

342

Neurocrine

Biosciences,

Inc.

a

39,405

1,858

Novocure,

Ltd.

a

29,041

102,991

Option

Care

Health,

Inc.

a

3,223,618

48,485

Paragon

28,

Inc.

a

323,880

10,617

Penumbra,

Inc.

a

2,062,989

12,133

Pfizer,

Inc.

351,129

389

Phibro

Animal

Health

Corporation

8,760

902

Prestige

Consumer

Healthcare,

Inc.

a

65,034

2,420

Prothena

Corporation

plc

a

40,487

1,985

PTC

Therapeutics,

Inc.

a

73,644

692

QIAGEN

NV

31,534

915

Quest

Diagnostics,

Inc.

142,054

8,172

Relay

Therapeutics,

Inc.

a

57,858

24,190

Repligen

Corporation

a

3,599,956

3,829

Rocket

Pharmaceuticals,

Inc.

a

70,722

25,973

Royalty

Pharma

plc

734,776

16,828

RxSight,

Inc.

a

831,808

1,820

Sage

Therapeutics,

Inc.

a

13,140

29,463

Sanofi

SA

ADR

1,697,953

9,597

Sarepta

Therapeutics,

Inc.

a

1,198,569

76,808

scPharmaceuticals,

Inc.

a

350,244

80,679

Stevanato

Group

SPA

1,613,580

3,440

Stryker

Corporation

1,242,734

1,165

Teleflex,

Inc.

288,128

809

Tenet

Healthcare

Corporation

a

134,456

2,911

Thermo

Fisher

Scientific,

Inc.

1,800,657

31,136

Twist

Bioscience

Corporation

a

1,406,724

236

United

Therapeutics

Corporation

a

84,571

1,422

UnitedHealth

Group,

Inc.

831,415

7,756

Veeva

Systems,

Inc.

a

1,627,752

27,432

Vericel

Corporation

a

1,159,002

3,687

Vertex

Pharmaceuticals,

Inc.

a

1,714,750

5,414

Viatris,

Inc.

62,857

48,289

Viemed

Healthcare,

Inc.

a

353,958

1,533

West

Pharmaceutical

Services,

Inc.

460,145

3,455

Xencor,

Inc.

a

69,480

2,193

Xenon

Pharmaceuticals,

Inc.

a

86,338

1,407

Zentalis

Pharmaceuticals,

Inc.

a

5,178

20,647

Zimmer

Biomet

Holdings,

Inc.

2,228,844

25,270

Zoetis,

Inc.

4,937,253

Total

137,221,330

Industrials  6.4%

4,652

A.O.

Smith

Corporation

417,889

10,551

AAR

Corporation

a

689,613

616

ABM

Industries,

Inc.

32,500

281

Acuity

Brands,

Inc.

77,385

17,630

Advanced

Drainage

Systems,

Inc.

2,770,731

15,805

AECOM

1,632,182

27,085

Air

Lease

Corporation

1,226,680

1,766

Allison

Transmission

Holdings,

Inc.

169,660

12,723

Amentum

Holdings,

Inc.

a

410,317

9,483

AMETEK,

Inc.

1,628,326

Shares

Common

Stock  47.6%

Value

Industrials  6.4%

-

continued

1,454

Applied

Industrial

Technologies,

Inc.

$

324,431

1,737

Arcosa,

Inc.

164,598

5,536

Armstrong

World

Industries,

Inc.

727,596

8,730

Atmus

Filtration

Technologies,

Inc.

327,637

5,973

Automatic

Data

Processing,

Inc.

1,652,908

1,601

Axon

Enterprise,

Inc.

a

639,760

15,158

AZEK

Company,

Inc.

a

709,394

84,305

Badger

Infrastructure

Solutions,

Ltd.

2,292,059

6,178

Barrett

Business

Services,

Inc.

231,737

11,916

Beacon

Roofing

Supply,

Inc.

a

1,029,900

8,736

Brady

Corporation

669,440

30,108

BWX

Technologies,

Inc.

3,272,740

423

Carlisle

Companies,

Inc.

190,244

13,724

Casella

Waste

Systems,

Inc.

a

1,365,401

12,232

Caterpillar,

Inc.

4,784,180

19,709

CECO

Environmental

Corporation

a

555,794

5,581

Clean

Harbors,

Inc.

a

1,348,984

183,059

CNH

Industrial

NV

2,031,955

783

CSW

Industrials,

Inc.

286,883

114,230

CSX

Corporation

3,944,362

1,972

Cummins,

Inc.

638,514

329

Curtiss-Wright

Corporation

108,139

15,370

Dayforce,

Inc.

a,b

941,412

41,997

Delta

Air

Lines,

Inc.

2,133,028

2,224

DNOW,

Inc.

a

28,756

4,406

Donaldson

Company,

Inc.

324,722

30

Dover

Corporation

5,752

3,780

EMCOR

Group,

Inc.

1,627,403

93

ESCO

Technologies,

Inc.

11,995

119,815

ExlService

Holdings,

Inc.

a

4,570,942

4,547

Expeditors

International

of

Washington,

Inc.

597,476

113,514

Fastenal

Company

8,107,170

10,447

Ferguson

Enterprises,

Inc.

2,074,461

77,857

Flowserve

Corporation

4,024,428

41,934

Fluor

Corporation

a

2,000,671

7,895

General

Dynamics

Corporation

2,385,869

858

Gibraltar

Industries,

Inc.

a

60,000

13,089

Graco,

Inc.

1,145,418

645

Griffon

Corporation

45,150

46,513

Helios

Technologies,

Inc.

2,218,670

414

Herc

Holdings,

Inc.

66,004

11,577

Honeywell

International,

Inc.

2,393,082

58,571

Howmet

Aerospace,

Inc.

5,871,743

555

Huntington

Ingalls

Industries,

Inc.

146,731

1,597

IDEX

Corporation

342,556

558

IES

Holdings,

Inc.

a

111,388

10,279

Ingersoll

Rand,

Inc.

1,008,987

1,760

Interface,

Inc.

33,387

2,995

ITT

Corporation

447,782

12,723

Jacobs

Solutions,

Inc.

1,665,441

146,027

Janus

International

Group,

Inc.

a

1,476,333

10,278

JB

Hunt

Transport

Services,

Inc.

1,771,208

2,352

Kirby

Corporation

a

287,955

18,008

Knight-Swift

Transportation

Holdings,

Inc.

971,532

21,398

Korn

Ferry

1,609,986

3,514

Kratos

Defense

&

Security

Solutions,

Inc.

a

81,876

9,426

L3Harris

Technologies,

Inc.

2,242,163

7,873

Landstar

System,

Inc.

1,486,974

5,251

Leidos

Holdings,

Inc.

855,913

2,697

Lincoln

Electric

Holdings,

Inc.

517,878

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock  47.6%

Value

Industrials  6.4%

-

continued

2,062

ManpowerGroup,

Inc.

$

151,598

13,645

Masco

Corporation

1,145,361

111,444

Masterbrand,

Inc.

a

2,066,172

7,192

Miller

Industries,

Inc.

438,712

4,378

Moog,

Inc.

884,444

20,464

Mueller

Water

Products,

Inc.

444,069

6,484

Northrop

Grumman

Corporation

3,424,006

27,384

nVent

Electric

plc

1,924,000

10,588

Old

Dominion

Freight

Line,

Inc.

2,103,200

1,837

Otis

Worldwide

Corporation

190,938

12,282

Owens

Corning,

Inc.

2,168,019

1,888

PACCAR,

Inc.

186,308

2,026

Parker-Hannifin

Corporation

1,280,067

14,081

Pentair

plc

1,376,981

3,001

Quanta

Services,

Inc.

894,748

7,788

Regal

Rexnord

Corporation

1,291,873

879

Republic

Services,

Inc.

176,538

14,111

Robert

Half,

Inc.

951,223

6,145

Rockwell

Automation,

Inc.

1,649,687

1,295

Rush

Enterprises,

Inc.

68,415

4,932

Saia,

Inc.

a

2,156,566

49,646

Schneider

National,

Inc.

1,416,897

8,968

Simpson

Manufacturing

Company,

Inc.

1,715,309

3,277

SkyWest,

Inc.

a

278,611

6,345

SS&C

Technologies

Holdings,

Inc.

470,862

9,498

Tennant

Company

912,188

33,123

Timken

Company

2,791,938

6,678

Trane

Technologies

plc

2,595,939

310

TransDigm

Group,

Inc.

442,410

15,303

TransUnion

1,602,224

76,903

Uber

Technologies,

Inc.

a

5,780,029

53

UniFirst

Corporation/MA

10,528

803

Union

Pacific

Corporation

197,923

38,011

United

Parcel

Service,

Inc.

5,182,420

2,195

United

Rentals,

Inc.

1,777,357

1,356

Verisk

Analytics,

Inc.

363,354

3,481

Verra

Mobility

Corporation

a

96,807

28

Viad

Corporation

a

1,003

873

Wabtec

Corporation

158,685

8,593

Waste

Connections,

Inc.

1,536,600

1,388

Waste

Management,

Inc.

288,149

2,772

Watsco,

Inc.

1,363,491

33,699

WNS

Holdings,

Ltd.

a

1,776,274

Total

147,776,104

Information

Technology  12.2%

2,913

A10

Networks,

Inc.

42,064

5,042

ACI

Worldwide,

Inc.

a

256,638

2,710

Adobe,

Inc.

a

1,403,184

44,824

Advanced

Micro

Devices,

Inc.

a

7,354,722

12,529

Agilysys,

Inc.

a

1,365,285

1,595

Ambarella,

Inc.

a

89,966

54,656

Amphenol

Corporation

3,561,385

170,959

Apple,

Inc.

39,833,447

30,776

Applied

Materials,

Inc.

6,218,291

374

AppLovin

Corporation

a

48,826

5,059

Arista

Networks,

Inc.

a

1,941,745

17,444

ASGN,

Inc.

a

1,626,304

767

Atlassian

Corporation

a

121,807

10,705

Autodesk,

Inc.

a

2,949,013

37,341

Broadcom,

Inc.

6,441,322

19,622

CDW

Corporation

4,440,459

21,493

Ciena

Corporation

a

1,323,754

81,944

Cisco

Systems,

Inc.

4,361,060

Shares

Common

Stock  47.6%

Value

Information

Technology  12.2%

-

continued

3,292

Clearwater

Analytics

Holdings,

Inc.

a

$

83,123

1,791

Coherent

Corporation

a

159,238

20,143

Cohu,

Inc.

a

517,675

1,854

CommScope

Holding

Company,

Inc.

a

11,328

1,357

CommVault

Systems,

Inc.

a

208,774

455

Consensus

Cloud

Solutions,

Inc.

a

10,715

2,205

Credo

Technology

Group

Holding,

Ltd.

a

67,914

4,581

CrowdStrike

Holdings,

Inc.

a

1,284,833

7,768

CyberArk

Software,

Ltd.

a

2,265,226

6,060

Datadog,

Inc.

a

697,264

17,190

Descartes

Systems

Group,

Inc.

a

1,769,882

14,785

DocuSign,

Inc.

a

918,001

4,494

Dolby

Laboratories,

Inc.

343,926

26,453

Dynatrace

Holdings,

LLC

a

1,414,442

254

Elastic

NV

a

19,497

4,733

Enphase

Energy,

Inc.

a

534,924

1,114

F5,

Inc.

a

245,303

12,204

Fabrinet

a

2,885,514

7,287

Flex,

Ltd.

a

243,604

43,037

Fortinet,

Inc.

a

3,337,519

3,003

Gartner,

Inc.

a

1,521,800

44,330

Gitlab,

Inc.

a

2,284,768

5,578

Globant

SA

a

1,105,225

28,823

Guidewire

Software,

Inc.

a

5,272,880

2,414

Hewlett

Packard

Enterprise

Company

49,390

2,924

HubSpot,

Inc.

a

1,554,398

2,136

Insight

Enterprises,

Inc.

a

460,073

35,349

International

Business

Machines

Corporation

7,814,957

781

IPG

Photonics

Corporation

a

58,044

1,259

Itron,

Inc.

a

134,474

93,304

JFrog,

Ltd.

a

2,709,548

2,865

Keysight

Technologies,

Inc.

a

455,334

1,465

KLA

Corporation

1,134,511

1,758

Lam

Research

Corporation

1,434,669

55,569

Lattice

Semiconductor

Corporation

a

2,949,047

8,458

Littelfuse,

Inc.

2,243,484

17,973

Marvell

Technology,

Inc.

1,296,213

100,552

Microsoft

Corporation

43,267,526

2,098

MKS

Instruments,

Inc.

228,074

7,255

MongoDB,

Inc.

a

1,961,389

2,544

Monolithic

Power

Systems,

Inc.

2,351,928

3,992

Motorola

Solutions,

Inc.

1,794,923

3,328

Napco

Security

Technologies,

Inc.

134,651

1,110

nCino,

Inc.

a

35,065

6,348

NetApp,

Inc.

784,041

337,818

NVIDIA

Corporation

41,024,618

1,794

Okta,

Inc.

a

133,366

6,025

ON

Semiconductor

Corporation

a

437,475

10,968

Onto

Innovation,

Inc.

a

2,276,518

1,931

Palo

Alto

Networks,

Inc.

a

660,016

132

PC

Connection,

Inc.

9,957

25,003

PDF

Solutions,

Inc.

a

792,095

5,280

Plexus

Corporation

a

721,829

361

Procore

Technologies,

Inc.

a

22,281

9,731

PTC,

Inc.

a

1,758,002

3,958

Q2

Holdings,

Inc.

a

315,730

5,381

Qorvo,

Inc.

a

555,857

52,775

QUALCOMM,

Inc.

8,974,389

26,505

Salesforce,

Inc.

7,254,684

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock  47.6%

Value

Information

Technology  12.2%

-

continued

63,432

Samsung

Electronics

Company,

Ltd.

$

2,964,736

10,832

ServiceNow,

Inc.

a

9,688,032

9,081

Silicon

Laboratories,

Inc.

a

1,049,491

5,295

SolarWinds

Corporation

69,100

2,666

Synopsys,

Inc.

a

1,350,036

11,697

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

2,031,418

10,546

TD

SYNNEX

Corporation

1,266,364

2,585

TE

Connectivity

plc

390,309

365

Teledyne

Technologies,

Inc.

a

159,746

1,957

Tenable

Holdings,

Inc.

a

79,298

59,369

Trimble,

Inc.

a

3,686,221

107,944

TTM

Technologies,

Inc.

a

1,969,978

2,363

Tyler

Technologies,

Inc.

a

1,379,330

4,181

Unisys

Corporation

a

23,748

1,813

Universal

Display

Corporation

380,549

52,914

Varonis

Systems,

Inc.

a

2,989,641

5,137

VeriSign,

Inc.

a

975,824

834

Viavi

Solutions,

Inc.

a

7,523

7,473

Vontier

Corporation

252,139

16,145

Workiva,

Inc.

a

1,277,392

920

Xerox

Holdings

Corporation

9,550

Total

280,371,628

Materials  1.4%

3,794

Albemarle

Corporation

359,330

14,699

Alcoa

Corporation

567,087

560

AptarGroup,

Inc.

89,706

3,625

Avient

Corporation

182,410

24,056

Axalta

Coating

Systems,

Ltd.

a

870,587

6,831

Ball

Corporation

463,893

601

Berry

Plastics

Group,

Inc.

40,856

3,825

Celanese

Corporation

520,047

27,633

CF

Industries

Holdings,

Inc.

2,370,911

13,107

Chemours

Company

266,334

23,278

Corteva,

Inc.

1,368,514

3,219

DuPont

de

Nemours,

Inc.

286,845

1,511

Eagle

Materials,

Inc.

434,639

27,130

Eastman

Chemical

Company

3,037,204

10,277

Ecolab,

Inc.

2,624,026

11,178

Element

Solutions,

Inc.

303,594

8,577

Greif,

Inc.

537,435

18,125

Hecla

Mining

Company

120,894

1,336

Huntsman

Corporation

32,331

18,197

Ingevity

Corporation

a

709,683

2,421

Innospec,

Inc.

273,791

263

International

Flavors

&

Fragrances,

Inc.

27,597

52,977

Ivanhoe

Mines,

Ltd.

a

788,123

1,893

Kaiser

Aluminum

Corporation

137,280

3,847

Knife

River

Corporation

a

343,883

1,433

Koppers

Holdings,

Inc.

52,347

868

Linde

plc

413,914

368

LyondellBasell

Industries

NV

35,291

2,482

Martin

Marietta

Materials,

Inc.

1,335,937

1,977

Minerals

Technologies,

Inc.

152,684

11,466

Mosaic

Company

307,059

34,001

Nucor

Corporation

5,111,710

3,122

O-I

Glass,

Inc.

a

40,961

3,852

Orion

SA

68,604

54

Packaging

Corporation

of

America

11,632

1,222

PPG

Industries,

Inc.

161,866

1,768

Radius

Recycling,

Inc.

32,779

Shares

Common

Stock  47.6%

Value

Materials  1.4%

-

continued

791

Ranpak

Holdings

Corporation

a

$

5,165

203

Royal

Gold,

Inc.

28,481

8,131

RPM

International,

Inc.

983,851

1,290

Sensient

Technologies

Corporation

103,484

3,744

Sonoco

Products

Company

204,535

10,070

Steel

Dynamics,

Inc.

1,269,626

802

Stepan

Company

61,955

25,365

Summit

Materials,

Inc.

a

989,996

8,306

Trinseo

plc

42,444

81,702

Tronox

Holdings

plc

1,195,300

6,906

United

States

Lime

&

Minerals,

Inc.

674,440

4,696

United

States

Steel

Corporation

165,910

1,985

Vulcan

Materials

Company

497,104

11,704

West

Fraser

Timber

Company,

Ltd.

1,139,501

Total

31,843,576

Real

Estate  1.7%

33,085

Agree

Realty

Corporation

2,492,293

3,532

Alexandria

Real

Estate

Equities,

Inc.

419,425

10,672

AvalonBay

Communities,

Inc.

2,403,868

2,123

Brixmor

Property

Group,

Inc.

59,147

24,196

CBRE

Group,

Inc.

a

3,011,918

23,609

Compass,

Inc.

a

144,251

16,950

CoStar

Group,

Inc.

a

1,278,708

20,666

Crown

Castle,

Inc.

2,451,608

787

CTO

Realty

Growth,

Inc.

14,969

72,927

Cushman

and

Wakefield

plc

a

993,995

742

DiamondRock

Hospitality

Company

6,478

13,148

Douglas

Elliman,

Inc.

a

24,061

8,011

EastGroup

Properties,

Inc.

1,496,615

10,998

EPR

Properties

539,342

4,099

Equinix,

Inc.

3,638,395

34,219

Equity

Commonwealth

a

680,958

89,964

Essential

Properties

Realty

Trust,

Inc.

3,072,271

883

Essex

Property

Trust,

Inc.

260,856

2,664

Extra

Space

Storage,

Inc.

480,026

3,346

First

Industrial

Realty

Trust,

Inc.

187,309

8,646

Four

Corners

Property

Trust,

Inc.

253,414

6,161

Getty

Realty

Corporation

195,981

93,118

Healthcare

Realty

Trust,

Inc.

1,690,092

1,731

Howard

Hughes

Holdings,

Inc.

a

134,031

12,767

Independence

Realty

Trust,

Inc.

261,723

5,864

Industrial

Logistics

Properties

Trust

27,913

15,557

Invitation

Homes,

Inc.

548,540

54,120

National

Storage

Affiliates

Trust

2,608,584

16,406

NetSTREIT

Corporation

271,191

8,149

Pebblebrook

Hotel

Trust

107,811

5,206

Phillips

Edison

and

Company,

Inc.

196,318

2,790

Plymouth

Industrial

REIT,

Inc.

63,054

1,042

RE/MAX

Holdings,

Inc.

a

12,973

6,930

Rexford

Industrial

Realty,

Inc.

348,648

1,270

RMR

Group,

Inc.

32,233

39,169

Sabra

Health

Care

REIT,

Inc.

728,935

9,197

SBA

Communications

Corporation

2,213,718

31,312

STAG

Industrial,

Inc.

1,223,986

3,724

Sun

Communities,

Inc.

503,299

11,474

Tanger,

Inc.

380,707

35,192

Terreno

Realty

Corporation

2,351,881

15,046

UDR,

Inc.

682,186

4,298

Uniti

Group,

Inc.

24,241

9,112

Zillow

Group,

Inc.,

Class

A

a

564,306

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock  47.6%

Value

Real

Estate  1.7%

-

continued

6,328

Zillow

Group,

Inc.,

Class

C

a

$

404,043

Total

39,486,301

Utilities  1.2%

18,635

AES

Corporation

373,818

13,627

Alliant

Energy

Corporation

827,023

8,378

American

Water

Works

Company,

Inc.

1,225,199

1,488

Black

Hills

Corporation

90,946

2,698

California

Water

Service

Group

146,285

23,590

CenterPoint

Energy,

Inc.

694,018

17,939

Clearway

Energy,

Inc.,

Class

A

510,723

18,079

Clearway

Energy,

Inc.,

Class

C

554,664

9,289

Constellation

Energy

Corporation

2,415,326

24,685

Duke

Energy

Corporation

2,846,180

23,319

Entergy

Corporation

3,069,014

964

Evergy,

Inc.

59,778

4,637

Eversource

Energy

315,548

12,002

Hawaiian

Electric

Industries,

Inc.

a

116,179

37,811

NextEra

Energy

Partners,

LP

b

1,044,340

25,955

NiSource,

Inc.

899,341

4,970

Northwestern

Energy

Group,

Inc.

284,383

10,283

Portland

General

Electric

Company

492,556

27,702

Public

Service

Enterprise

Group,

Inc.

2,471,295

6,834

Spire,

Inc.

459,860

6,999

TXNM

Energy,

Inc.

306,346

91,440

UGI

Corporation

2,287,829

29,356

Vistra

Energy

Corporation

3,479,860

41,812

Xcel

Energy,

Inc.

2,730,324

Total

27,700,835

Total

Common

Stock

(cost

$755,689,064)

1,093,591,949

Shares

Registered

Investment

Companies  

36.4%

Value

U.S.

Affiliated  

35.9%  

5,077,277

Thrivent

Core

Emerging

Markets

Equity

Fund

51,788,228

5,190,591

Thrivent

Core

International

Equity

Fund

59,068,927

137,077

Thrivent

Core

Low

Volatility

Equity

Fund

1,676,455

5,670,022

Thrivent

Core

Mid

Cap

Value

Fund

66,452,659

2,234,965

Thrivent

Core

Small

Cap

Value

Fund

25,769,148

6,085,320

Thrivent

Global

Stock

Portfolio

92,719,586

15,969,422

Thrivent

International

Allocation

Portfolio

164,949,759

919,125

Thrivent

International

Index

Portfolio

13,429,056

5,035,734

Thrivent

Large

Cap

Value

Portfolio

121,183,436

6,491,214

Thrivent

Mid

Cap

Stock

Portfolio

140,342,634

4,394,140

Thrivent

Small

Cap

Stock

Portfolio

87,553,236

Total

824,933,124

U.S.

Unaffiliated  

0.5%  

3,143

Invesco

QQQ

Trust

Series

1

1,534,004

14,312

SPDR

S&P

500

ETF

Trust

8,211,653

Shares

Registered

Investment

Companies  36.4%

Value

U.S.

Unaffiliated  

0.5%  -

continued

17,849

SPDR

S&P

Biotech

ETF

$

1,763,481

Total

11,509,138

Total

Registered

Investment

Companies

(cost

$675,029,073)

836,442,262

Principal

Amount

Long-Term

Fixed

Income

4.4%

Value

Commercial

Mortgage-Backed

Securities  <0.1%

BANK5

2024-5YR8

$

100,000

6.378%, 

8/15/2057,

Ser.

2024-5YR8,

Class

AS

c

105,431

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

175,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

c

182,739

Total

288,170

Mortgage-Backed

Securities  2.4%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

486,925

2.000%, 

5/1/2051

408,360

956,973

2.500%, 

5/1/2051

836,033

457,040

3.500%, 

5/1/2052

428,737

445,942

4.000%, 

5/1/2052

431,948

140,700

5.000%, 

7/1/2053

141,634

971,349

5.500%, 

7/1/2053

990,168

807,238

5.000%, 

8/1/2053

816,303

1,775,930

5.500%, 

9/1/2053

1,824,502

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

185,987

2.500%, 

7/1/2030

179,245

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

565,411

3.000%, 

8/1/2038

541,391

511,694

3.500%, 

5/1/2040

498,076

473,075

2.500%, 

4/1/2042

424,902

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

937,318

3.000%, 

1/1/2052

849,193

149,328

2.000%, 

2/1/2051

125,246

97,850

2.000%, 

2/1/2051

82,070

706,116

2.500%, 

2/1/2051

617,043

515,196

2.500%, 

2/1/2051

447,492

1,272,908

2.000%, 

3/1/2051

1,054,311

1,598,376

4.000%, 

3/1/2051

1,551,617

273,987

2.000%, 

3/1/2052

229,680

1,005,474

3.000%, 

3/1/2052

905,027

604,433

3.000%, 

4/1/2051

547,553

620,054

3.000%, 

5/1/2050

566,308

200,250

2.000%, 

5/1/2051

167,052

463,212

3.000%, 

5/1/2051

424,512

1,240,992

2.000%, 

6/1/2050

1,035,377

382,979

3.000%, 

6/1/2050

352,250

398,932

4.000%, 

6/1/2052

383,662

119,350

5.000%, 

6/1/2053

120,369

749,825

2.500%, 

7/1/2051

658,956

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income  4.4%

Value

Mortgage-Backed

Securities  2.4%

-

continued

$

322,878

3.500%, 

7/1/2051

$

304,680

1,133,738

4.000%, 

7/1/2052

1,090,404

335,766

3.500%, 

8/1/2050

317,584

450,527

3.500%, 

8/1/2052

420,106

3,247,942

4.500%, 

8/1/2052

3,208,752

1,069,000

5.000%, 

8/1/2053

1,078,129

993,174

6.000%, 

8/1/2054

1,042,276

137,632

3.500%, 

9/1/2052

129,388

167,488

3.500%, 

9/1/2052

157,409

860,216

5.000%, 

9/1/2052

861,993

2,486,878

4.500%, 

9/1/2053

2,449,451

874,448

4.500%, 

9/1/2053

866,758

726,553

4.000%, 

10/1/2052

700,843

195,113

2.000%, 

11/1/2051

163,263

162,773

3.500%, 

11/1/2052

153,272

804,140

2.000%, 

12/1/2050

671,363

827,383

2.500%, 

12/1/2051

721,873

394,580

4.500%, 

12/1/2052

391,600

8,750,000

5.500%, 

10/1/2041

d

8,851,320

5,000,000

6.000%, 

10/1/2041

d

5,110,145

2,890,000

4.500%, 

10/1/2048

d

2,840,948

2,775,000

5.000%, 

10/1/2048

d

2,773,157

3,700,000

3.000%, 

10/1/2049

d

3,320,457

250,000

3.500%, 

10/1/2049

d

232,792

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

514,252

2.500%, 

3/1/2062

428,470

177,188

3.500%, 

7/1/2061

162,140

364,540

4.000%, 

12/1/2061

347,452

Total

56,435,042

U.S.

Government

&

Agencies  2.0%

U.S.

Treasury

Bonds

1,880,000

1.625%, 

11/15/2050

1,105,822

2,950,000

4.000%, 

11/15/2052

2,870,488

170,000

5.250%, 

11/15/2028

181,030

3,030,000

1.375%, 

11/15/2040

2,056,139

120,000

3.000%, 

5/15/2042

103,163

2,413,000

2.500%, 

5/15/2046

1,818,705

U.S.

Treasury

Notes

1,300,000

5.000%, 

9/30/2025

1,312,807

640,000

2.625%, 

1/31/2026

630,325

3,330,000

2.500%, 

2/28/2026

3,271,205

5,800,000

4.625%, 

2/28/2026

5,864,570

2,600,000

4.500%, 

3/31/2026

2,627,422

2,000,000

4.375%, 

7/31/2026

2,024,063

920,000

2.250%, 

11/15/2027

884,098

300,000

0.750%, 

1/31/2028

273,539

900,000

3.500%, 

1/31/2028

897,961

1,700,000

3.625%, 

3/31/2028

1,703,453

5,000,000

2.875%, 

5/15/2028

4,880,664

5,200,000

4.375%, 

8/31/2028

5,350,109

2,600,000

4.125%, 

3/31/2029

2,659,008

125,000

0.875%, 

11/15/2030

106,387

90,000

1.375%, 

11/15/2031

77,073

2,500,000

2.875%, 

5/15/2032

2,363,086

2,500,000

3.375%, 

5/15/2033

2,430,566

Total

45,491,683

Total

Long-Term

Fixed

Income

(cost

$103,793,953)

102,214,895

Shares

Private

Equity

Funds

1.1%

Value

Secondary  1.1%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,a,e

$

1,314,733

1

ASF

IX,

LP

*,a,e

2,199,546

1

ASF

VIII

Sidecar

(Cayman),

LP

*,a,e

880,348

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,a,e

1,982,659

1

LCP

X

(Offshore),

LP

*,a,e

12,923,300

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,a,e

5,421,820

Total

24,722,406

Total

Private

Equity

Funds

(cost

$18,467,260)

24,722,406

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

1,682,800

Thrivent

Cash

Management

Trust

1,682,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,682,800)

1,682,800

Shares

or

Principal

Amount

Short-Term

Investments

11.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

900,000

5.170%,

10/9/2024

f,g

898,954

4,000,000

4.864%,

10/16/2024

f,g

3,991,733

900,000

5.195%,

10/18/2024

f,g

897,907

100,000

5.215%,

10/30/2024

f,g

99,612

8,100,000

4.912%,

11/8/2024

f,g

8,060,337

2,800,000

5.085%,

11/13/2024

f,g

2,784,532

3,600,000

4.904%,

11/15/2024

f,g

3,579,208

1,400,000

4.921%,

11/22/2024

f,g

1,390,684

1,900,000

4.808%,

11/29/2024

f,g

1,885,687

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

5.170%,

10/22/2024

f,g

99,716

Federal

National

Mortgage

Association

Discount

Notes

500,000

4.985%,

11/8/2024

f,g

497,552

Thrivent

Core

Short-Term

Reserve

Fund

24,071,939

5.250%

240,719,391

U.S.

Treasury

Bills

360,000

5.110%,

10/24/2024

f,h

358,914

300,000

4.675%,

11/12/2024

f,h

298,369

Total

Short-Term

Investments

(cost

$265,474,270)

265,562,596

Total

Investments

(cost

$1,820,136,420)

101.2%

$2,324,216,908

Other

Assets

and

Liabilities,

Net

(1.2%)

(26,863,449)

Total

Net

Assets

100.0%

$2,297,353,459

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

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

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

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

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Aggressive

Allocation

Portfolio

as

of

September

30,

2024

was

$24,722,406

or

1.08%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

–

ASF

IX,

LP 

3/18/2024

1,533,174

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

774,004

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

1,560,000

LCP

X

(Offshore),

LP 

10/25/2023

9,960,082

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

4,640,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Aggressive

Allocation

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

1,648,133

Total

lending

$1,648,133

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,682,800

Net

amounts

due

to

counterparty

$34,667

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

76,985,944

76,985,944

–

–

Consumer

Discretionary

129,159,799

129,159,799

–

–

Consumer

Staples

41,575,572

41,575,572

–

–

Energy

36,661,766

36,661,766

–

–

Financials

144,809,094

144,809,094

–

–

Health

Care

137,221,330

137,221,330

–

–

Industrials

147,776,104

145,484,045

2,292,059

–

Information

Technology

280,371,628

277,406,892

2,964,736

–

Materials

31,843,576

31,055,453

788,123

–

Real

Estate

39,486,301

39,486,301

–

–

Utilities

27,700,835

27,700,835

–

–

Registered

Investment

Companies

U.S.

Affiliated

620,177,707

620,177,707

–

–

U.S.

Unaffiliated

11,509,138

11,509,138

–

–

Long-Term

Fixed

Income

Commercial

Mortgage-Backed

Securities

288,170

–

288,170

–

Mortgage-Backed

Securities

56,435,042

–

56,435,042

–

U.S.

Government

&

Agencies

45,491,683

–

45,491,683

–

Private

Equity

Funds

Secondary

24,722,406

–

–

24,722,406

Short-Term

Investments

24,843,205

–

24,843,205

–

Subtotal

Investments

in

Securities

$1,877,059,300

$1,719,233,876

$133,103,018

$24,722,406

Other

Investments  *

Total

Affiliated

Short-Term

Investments

240,719,391

U.S.

Affiliated

Registered

Investment

Cos.

204,755,417

Collateral

Held

for

Securities

Loaned

1,682,800

Subtotal

Other

Investments

$447,157,608

Total

Investments

at

Value

$2,324,216,908

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Aggressive

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

12,871,105

12,871,105

–

–

Total

Asset

Derivatives

$12,871,105

$12,871,105

$–

$–

Liability

Derivatives

Futures

Contracts

11,440,728

10,654,867

785,861

–

Total

Rate

of

Return

Swaps

668,889

–

668,889

–

Total

Liability

Derivatives

$12,109,617

$10,654,867

$1,454,750

$–

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Aggressive

Allocation

Portfolio as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments. 

   ^

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 Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include

index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could

result

in

a

significantly

lower

or

higher

fair

value

measurement.

Investments

in

Securities 

Beginning

Value

12/31/2023

Realized

Gain/

(Loss)^

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

9/30/2024

Private

Equity

Funds

 Secondary

$10,012,958

$-

$6,202,270

$8,507,178

$-

$-

$-

$24,722,406

Total 

$10,012,958

$-

$6,202,270

$8,507,178

$-

$-

$-

$24,722,406

Investments

in

Securities

Ending

Value

 9/30/2024

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$24,722,406  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment**

N/A

Total 

$24,722,406 

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$24,185,922

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

15

December

2024

$

1,714,495

(

$

276)

CBOT

2-Yr.

U.S.

Treasury

Note

34

December

2024

7,065,448

14,786

CBOT

5-Yr.

U.S.

Treasury

Note

23

December

2024

2,525,643

1,661

CME

E-mini

Russell

2000

Index

7

December

2024

774,344

12,876

CME

E-mini

S&P

500

Index

1,653

December

2024

468,070,008

12,477,754

CME

E-mini

S&P

Mid-Cap

400

Index

1

December

2024

306,642

8,218

CME

Ultra

Long

Term

U.S.

Treasury

Bond

2

December

2024

268,209

(

2,021)

ICE

mini

MSCI

EAFE

Index

121

December

2024

14,695,518

355,672

Total

Futures

Long

Contracts

$

495,420,307

$

12,868,670

CME

E-mini

Russell

2000

Index

(520)

December

2024

(

$

55,988,737)

(

$

2,490,463)

CME

E-mini

S&P

Mid-Cap

400

Index

(559)

December

2024

(

169,787,682)

(

6,219,058)

CME

Euro

Foreign

Exchange

Currency

(159)

December

2024

(

22,011,659)

(

181,759)

Eurex

Euro

STOXX

50

Index

(399)

December

2024

(

21,603,620)

(

785,861)

ICE

US

mini

MSCI

Emerging

Markets

Index

(467)

December

2024

(

25,621,255)

(

1,761,290)

Ultra

10-Yr.

U.S.

Treasury

Note

(1)

December

2024

(

118,435)

138

Total

Futures

Short

Contracts

(

$

295,131,388)

($11,438,293)

Total

Futures

Contracts

$

200,288,919

$1,430,377

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Portfolio's

total

rate

of

return

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$627,446

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Rate

of

Return

Swaps                

Reference

Entity

Fund

Pays

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

7,298,129

(

$

668,889)

$

–

(

$

668,889)

Total

Rate

of

Return

Swaps

(

$

668,889)

$

–

($668,889)

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$44,274

$–

$–

$51,788

5,077

2.2%

Core

International

Equity

52,529

–

–

59,069

5,191

2.6

Core

Low

Volatility

Equity

19,374

–

18,000

1,676

137

0.1

Core

Mid

Cap

Value

63,109

–

3,000

66,453

5,670

2.9

Core

Small

Cap

Value

24,194

–

2,000

25,769

2,235

1.1

Global

Stock

79,405

4,336

–

92,720

6,085

4.0

International

Allocation

146,803

4,751

–

164,950

15,969

7.2

International

Index

11,899

330

–

13,429

919

0.6

Large

Cap

Value

105,849

4,922

–

121,183

5,036

5.3

Mid

Cap

Stock

125,563

2,134

–

140,343

6,491

6.1

Small

Cap

Stock

77,584

524

–

87,553

4,394

3.8

Total

U.S.

Affiliated

Registered

Investment

Companies

750,583

824,933

35.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

229,700

241,548

230,529

240,719

24,072

10.5

Total

Affiliated

Short-Term

Investments

229,700

240,719

10.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

131

43,368

41,816

1,683

1,683

0.1

Total

Collateral

Held

for

Securities

Loaned

131

1,683

0.1

Total

Value

$980,414

$1,067,335

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$7,514

$

–

$–

Core

International

Equity

–

6,540

–

–

Core

Low

Volatility

Equity

508

(206)

–

–

Core

Mid

Cap

Value

Fund

156

6,188

–

–

Core

Small

Cap

Value

Fund

3

3,572

–

–

Global

Stock

–

8,979

2,573

1,762

International

Allocation

–

13,396

–

4,750

International

Index

–

1,200

–

330

Large

Cap

Value

–

10,412

3,102

1,819

Mid

Cap

Stock

–

12,646

1,421

713

Small

Cap

Stock

–

9,445

–

524

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

–

–

–

10,688

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$20,586

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

$667

$79,686

$

7,096

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

97.5%

Value

Communications

Services  6.1%

27,959

Alphabet,

Inc.,

Class

C

$

4,674,465

10,289

Meta

Platforms,

Inc.

5,889,835

2,010

Netflix,

Inc.

a

1,425,633

Total

11,989,933

Consumer

Discretionary  9.9%

30,689

Amazon.com,

Inc.

a

5,718,281

8,922

Deckers

Outdoor

Corporation

a

1,422,613

5,646

Garmin,

Ltd.

993,866

2,580

Group

1

Automotive,

Inc.

988,243

4,806

Home

Depot,

Inc.

1,947,391

10,965

Lowe's

Companies,

Inc.

2,969,870

4,499

McDonald's

Corporation

1,369,991

160

NVR,

Inc.

a

1,569,888

1,152

Tesla,

Inc.

a

301,398

1,795

Texas

Roadhouse,

Inc.

316,997

4,730

Tractor

Supply

Company

1,376,099

4,909

Wyndham

Hotels

&

Resorts,

Inc.

383,589

Total

19,358,226

Consumer

Staples  5.6%

19,599

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,616,526

2,700

Casey's

General

Stores,

Inc.

1,014,417

96,172

Coty,

Inc.

a

903,055

23,160

Philip

Morris

International,

Inc.

2,811,624

20,603

Sysco

Corporation

1,608,270

12,760

Turning

Point

Brands,

Inc.

550,594

29,520

Walmart,

Inc.

2,383,740

Total

10,888,226

Energy  2.9%

6,186

ConocoPhillips

651,262

11,928

Devon

Energy

Corporation

466,623

3,445

Expand

Energy

Corporation

283,351

19,374

Exxon

Mobil

Corporation

2,271,020

65,266

NOV,

Inc.

1,042,298

39,563

TechnipFMC

plc

1,037,738

Total

5,752,292

Financials  13.8%

19,932

Ally

Financial,

Inc.

709,380

6,760

American

Express

Company

1,833,312

5,486

Ameriprise

Financial,

Inc.

2,577,378

5,983

Arch

Capital

Group,

Ltd.

a

669,378

30,010

Bank

of

America

Corporation

1,190,797

4,711

Berkshire

Hathaway,

Inc.

a

2,168,285

19,850

Cadence

Bank

632,222

16,933

Charles

Schwab

Corporation

1,097,428

15,018

Equitable

Holdings,

Inc.

631,206

4,280

Houlihan

Lokey,

Inc.

676,326

9,080

Intercontinental

Exchange,

Inc.

1,458,611

13,838

J.P.

Morgan

Chase

&

Company

2,917,881

668

Kinsale

Capital

Group,

Inc.

311,001

6,944

Marsh

&

McLennan

Companies,

Inc.

1,549,137

6,000

Mastercard,

Inc.

2,962,800

10,009

Northern

Trust

Corporation

901,110

21,029

Old

National

Bancorp

392,401

11,473

TPG,

Inc.

660,386

5,377

Tradeweb

Markets,

Inc.

664,973

33,828

Wells

Fargo

&

Company

1,910,944

1,880

Zurich

Insurance

Group

AG

1,135,821

Total

27,050,777

Shares

Common

Stock  97.5%

Value

Health

Care  12.4%

7,356

Abbott

Laboratories

$

838,658

2,696

Amgen,

Inc.

868,678

17,743

AstraZeneca

plc

ADR

1,382,357

15,128

Boston

Scientific

Corporation

a

1,267,726

3,507

Cencora,

Inc.

789,356

5,728

Danaher

Corporation

1,592,499

2,389

Elevance

Health,

Inc.

1,242,280

9,270

Halozyme

Therapeutics,

Inc.

a

530,615

2,830

HCA

Healthcare,

Inc.

1,150,197

3,030

IQVIA

Holding,

Inc.

a

718,019

10,821

Johnson

&

Johnson

1,753,651

6,621

Labcorp

Holdings,

Inc.

1,479,661

14,266

Merck

&

Company,

Inc.

1,620,047

13,040

Novo

Nordisk

AS

ADR

1,552,673

8,043

Option

Care

Health,

Inc.

a

251,746

2,434

Penumbra,

Inc.

a

472,950

4,152

Repligen

Corporation

a

617,901

24,637

Sanofi

SA

ADR

1,419,830

65,959

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

1,188,581

4,357

UnitedHealth

Group,

Inc.

2,547,451

8,661

Zimmer

Biomet

Holdings,

Inc.

934,955

Total

24,219,831

Industrials  11.7%

5,010

Advanced

Drainage

Systems,

Inc.

787,371

12,983

Badger

Infrastructure

Solutions,

Ltd.

352,978

4,784

Caterpillar,

Inc.

1,871,118

46,029

CSX

Corporation

1,589,381

5,673

Cummins,

Inc.

1,836,861

13,941

Fastenal

Company

995,666

34,117

Fluor

Corporation

a

1,627,722

4,076

General

Dynamics

Corporation

1,231,767

13,583

Howmet

Aerospace,

Inc.

1,361,696

13,865

Knight-Swift

Transportation

Holdings,

Inc.

748,017

7,917

Korn

Ferry

595,675

61,913

Masterbrand,

Inc.

a

1,147,867

5,811

Maximus,

Inc.

541,353

2,690

Middleby

Corporation

a

374,260

14,495

Moog,

Inc.

2,928,280

3,653

Rockwell

Automation,

Inc.

980,684

5,014

Simpson

Manufacturing

Company,

Inc.

959,028

12,913

Timken

Company

1,088,437

10,215

TransUnion

1,069,510

12,137

Uber

Technologies,

Inc.

a

912,217

Total

22,999,888

Information

Technology  27.9%

5,260

Accenture

plc

1,859,305

5,092

Adobe,

Inc.

a

2,636,536

4,216

Advanced

Micro

Devices,

Inc.

a

691,761

43,814

Apple,

Inc.

10,208,662

20,237

Applied

Materials,

Inc.

4,088,886

4,251

Arista

Networks,

Inc.

a

1,631,619

7,720

Ciena

Corporation

a

475,475

7,850

Crane

NXT

Company

b

440,385

10,416

Descartes

Systems

Group,

Inc.

a

1,072,431

569

Fair

Isaac

Corporation

a

1,105,863

7,805

Guidewire

Software,

Inc.

a

1,427,847

7,334

International

Business

Machines

Corporation

1,621,401

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock  97.5%

Value

Information

Technology  27.9%

-

continued

9,690

Lattice

Semiconductor

Corporation

a

$

514,248

2,335

Littelfuse,

Inc.

619,359

23,482

Microsoft

Corporation

10,104,304

46,790

NVIDIA

Corporation

5,682,178

2,146

Palo

Alto

Networks,

Inc.

a

733,503

8,499

QUALCOMM,

Inc.

1,445,255

9,712

Salesforce,

Inc.

2,658,271

36,608

Samsung

Electronics

Company,

Ltd.

1,711,014

2,753

ServiceNow,

Inc.

a

2,462,256

11,565

Shopify,

Inc.

a

926,819

7,392

Trimble,

Inc.

a

458,969

Total

54,576,347

Materials  2.8%

5,716

Albemarle

Corporation

b

541,362

10,045

Alcoa

Corporation

387,536

5,465

Celanese

Corporation

743,022

19,141

Corteva,

Inc.

1,125,299

10,807

Greif,

Inc.

677,167

3,563

Steel

Dynamics,

Inc.

449,223

20,258

Summit

Materials,

Inc.

a

790,670

51,924

Tronox

Holdings

plc

759,648

Total

5,473,927

Real

Estate  2.1%

6,040

Agree

Realty

Corporation

454,993

3,490

Alexandria

Real

Estate

Equities,

Inc.

414,437

4,390

AvalonBay

Communities,

Inc.

988,848

2,686

Extra

Space

Storage,

Inc.

483,990

5,780

FirstService

Corporation

1,054,619

5,529

Prologis,

Inc.

698,202

Total

4,095,089

Utilities  2.3%

6,173

ALLETE,

Inc.

396,245

13,890

CenterPoint

Energy,

Inc.

408,644

2,485

Constellation

Energy

Corporation

646,150

7,265

Duke

Energy

Corporation

837,654

13,499

NiSource,

Inc.

467,740

8,525

Public

Service

Enterprise

Group,

Inc.

760,515

2,330

Talen

Energy

Corporation

a

415,299

4,640

Vistra

Energy

Corporation

550,026

Total

4,482,273

Total

Common

Stock

(cost

$130,364,552)

190,886,809

Shares

Registered

Investment

Companies  

2.5%

Value

U.S.

Unaffiliated  

2.5%

8,880

iShares

Biotechnology

ETF

1,292,928

30,163

SPDR

Portfolio

S&P

1500

Composite

Stock

Market

ETF

2,113,220

6,064

SPDR

S&P

Semiconductor

ETF

b

1,456,876

Total

4,863,024

Total

Registered

Investment

Companies

(cost

$3,960,638)

4,863,024

Shares

Collateral

Held

for

Securities

Loaned

1.2%

Value

2,363,175

Thrivent

Cash

Management

Trust

$

2,363,175

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,363,175)

2,363,175

Total

Investments

(cost

$136,688,365)

101.2%

$198,113,008

Other

Assets

and

Liabilities,

Net

(1.2%)

(2,417,087)

Total

Net

Assets

100.0%

$195,695,921

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

All

Cap

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

2,295,999

Total

lending

$2,295,999

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,363,175

Net

amounts

due

to

counterparty

$67,176

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

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

11,989,933

11,989,933

–

–

Consumer

Discretionary

19,358,226

19,358,226

–

–

Consumer

Staples

10,888,226

10,888,226

–

–

Energy

5,752,292

5,752,292

–

–

Financials

27,050,777

25,914,956

1,135,821

–

Health

Care

24,219,831

24,219,831

–

–

Industrials

22,999,888

22,646,910

352,978

–

Information

Technology

54,576,347

52,865,333

1,711,014

–

Materials

5,473,927

5,473,927

–

–

Real

Estate

4,095,089

4,095,089

–

–

Utilities

4,482,273

4,482,273

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

4,863,024

4,863,024

–

–

Subtotal

Investments

in

Securities

$195,749,833

$192,550,020

$3,199,813

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

2,363,175

Subtotal

Other

Investments

$2,363,175

Total

Investments

at

Value

$198,113,008

*

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

the

table

above

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$5,135

$9,802

$14,937

$–

–

–

Total

Affiliated

Short-Term

Investments

5,135

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

848

25,221

23,706

2,363

2,363

1.2%

Total

Collateral

Held

for

Securities

Loaned

848

2,363

1.2

Total

Value

$5,983

$2,363

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$0

($0)

$

–

$130

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$130

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

22

Total

Affiliated

Income

from

Securities

Loaned,

Net

$22

Total

Value

$0

($0)

$

–

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

46.9%

Value

Asset-Backed

Securities  5.0%

720

East

CLO,

Ltd.

$

500,000

9.532%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

a,b

$

502,417

Affirm

Asset

Securitization

Trust

225,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

229,600

110,997

7.110%, 

11/15/2028,

Ser.

2023-X1,

Class

A

a

111,443

250,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

253,262

Anchorage

Capital

CLO

16,

Ltd.

775,000

7.941%, 

(TSFR3M

+

2.662%),

1/19/2035,

Ser.

2020-16A,

Class

CR

a,b

776,454

Anchorage

Capital

CLO

21,

Ltd.

250,000

7.944%, 

(TSFR3M

+

2.662%),

10/20/2034,

Ser.

2021-21A,

Class

C

a,b

250,482

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

275,000

5.570%, 

10/20/2028,

Ser.

2024-2A,

Class

B

a

280,998

Barings

CLO,

Ltd.

400,000

8.694%, 

(TSFR3M

+

3.412%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

a,b

401,230

Business

Jet

Securities,

LLC

185,725

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

183,026

441,175

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

454,737

350,000

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

350,446

CarVal

CLO

I,

Ltd.

275,000

7.136%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

275,824

CarVal

CLO,

Ltd.

350,000

8.982%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

351,385

Cascade

Funding

Mortgage

Trust,

LLC

202,949

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

200,071

College

Avenue

Student

Loans,

LLC

67,595

6.619%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

67,603

FirstKey

Homes

Trust

650,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

626,679

GMAC

Mortgage

Corporation

Loan

Trust

24,359

5.469%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

12,884

GSAA

Home

Equity

Trust

76,740

4.325%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

71,653

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Asset-Backed

Securities  5.0%

-

continued

Hertz

Vehicle

Financing

III,

LLC

$

475,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

$

483,795

Hotwire

Funding,

LLC

425,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

436,019

HTAP

Issuer

Trust

300,000

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

296,930

Madison

Park

Funding

XVIII,

Ltd.

650,000

7.444%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

650,646

MetroNet

Infrastructure

Issuer,

LLC

400,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

412,335

Neuberger

Berman

CLO,

Ltd.

350,000

8.563%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

350,347

OZLM

VIII,

Ltd.

300,000

7.197%, 

(TSFR3M

+

1.912%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

a,b

300,219

Pagaya

AI

Debt

Grantor

Trust

500,000

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

501,254

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

253,476

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

255,858

Pagaya

AI

Debt

Trust

70,316

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

a

70,566

Pagaya

AI

Technology

in

Housing

Trust

400,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

a

393,353

Palmer

Square

Loan

Funding,

Ltd.

750,000

7.499%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

750,547

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

27,639

5.408%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

25,615

Pretium

Mortgage

Credit

Partners,

LLC

450,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,d

430,112

216,671

7.021%, 

2/25/2054,

Ser.

2024-NPL2,

Class

A1

a,d

218,380

304,606

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,d

308,838

386,587

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,d

392,318

252,133

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

*,d

244,402

277,566

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,d

271,004

495,639

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,d

501,518

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Asset-Backed

Securities  5.0%

-

continued

$

250,395

2.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

a,d

$

249,387

Progress

Residential

Trust

550,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

533,341

RCKT

Mortgage

Trust

241,149

6.147%, 

6/25/2044,

Ser.

2024-CES4,

Class

A1A

a,d

245,011

RCO

VII

Mortgage,

LLC

301,245

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,d

303,401

Sculptor

CLO,

Ltd.

425,000

7.944%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

a,b

425,571

Silver

Point

CLO

2,

Ltd.

500,000

7.982%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

502,646

Stanwich

Mortgage

Loan

Company,

LLC

64,642

2.735%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a,d

64,892

Symphony

CLO

XX,

Ltd.

500,000

8.332%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

501,014

TCW

CLO,

Ltd.

450,000

6.390%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b,e

450,078

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

254,385

Unlock

HEA

Trust

319,762

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

319,333

288,027

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

289,272

400,000

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

398,576

Upstart

Securitization

Trust

124,572

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

125,169

VERDE

CLO,

Ltd.

500,000

8.963%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

501,733

Vericrest

Opportunity

Loan

Transferee

207,357

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a,d

201,937

259,433

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a,d

253,840

359,973

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a,d

341,530

205,845

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a,d

198,848

150,407

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,d

149,572

358,532

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,d

336,447

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,d

231,721

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Asset-Backed

Securities  5.0%

-

continued

Whitebox

CLO

I,

Ltd.

$

150,000

6.659%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

$

150,214

Whitebox

CLO

III,

Ltd.

300,000

7.763%, 

(TSFR3M

+

2.462%),

10/15/2034,

Ser.

2021-3A,

Class

C

a,b

300,187

Whitebox

CLO

IV,

Ltd.

500,000

7.882%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

504,342

Wind

River

CLO,

Ltd.

200,000

7.544%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

200,141

Total

20,726,838

Basic

Materials  0.5%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

23,000

8.625%, 

6/15/2029

a

24,441

ATI,

Inc.

57,000

7.250%, 

8/15/2030

60,696

Cascades,

Inc./Cascades

USA,

Inc.

57,000

5.125%, 

1/15/2026

a,f

56,450

Cerdia

Finanz

GmbH

33,000

9.375%, 

10/3/2031

a,e

33,660

Chemours

Company

101,000

5.750%, 

11/15/2028

a

95,941

Cleveland-Cliffs,

Inc.

31,000

5.875%, 

6/1/2027

31,069

80,000

4.625%, 

3/1/2029

a

75,523

28,000

4.875%, 

3/1/2031

a

26,021

28,000

6.250%, 

10/1/2040

f

25,033

Consolidated

Energy

Finance

SA

165,000

5.625%, 

10/15/2028

a

139,473

Ecolab,

Inc.

54,000

2.125%, 

2/1/2032

46,924

First

Quantum

Minerals,

Ltd.

35,000

6.875%, 

10/15/2027

a

34,604

FMC

Corporation

36,000

5.150%, 

5/18/2026

36,329

FMG

Resources

August

2006,

Pty.

Ltd.

28,000

5.875%, 

4/15/2030

a

28,360

Glencore

Funding,

LLC

40,000

5.893%, 

4/4/2054

a

42,071

67,000

4.000%, 

3/27/2027

a

66,373

78,000

6.125%, 

10/6/2028

a

82,644

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

25,496

Hudbay

Minerals,

Inc.

46,000

4.500%, 

4/1/2026

a

45,499

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

33,000

9.000%, 

7/1/2028

a

33,363

INEOS

Finance

plc

83,000

7.500%, 

4/15/2029

a

86,726

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Basic

Materials  0.5%

-

continued

International

Flavors

&

Fragrances,

Inc.

$

62,000

1.230%, 

10/1/2025

a

$

59,838

Mercer

International,

Inc.

33,000

5.125%, 

2/1/2029

28,155

Methanex

Corporation

43,000

4.250%, 

12/1/2024

42,844

42,000

5.125%, 

10/15/2027

41,559

28,000

5.250%, 

12/15/2029

f

27,642

Mineral

Resources,

Ltd.

44,000

9.250%, 

10/1/2028

a,f

46,851

Mosaic

Company

60,000

5.375%, 

11/15/2028

f

62,150

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

59,000

5.350%, 

3/15/2034

61,830

Novelis

Corporation

12,000

3.250%, 

11/15/2026

a

11,580

29,000

4.750%, 

1/30/2030

a

28,116

30,000

3.875%, 

8/15/2031

a

27,425

Nutrien,

Ltd.

86,000

4.000%, 

12/15/2026

85,361

OCI

NV

55,000

4.625%, 

10/15/2025

a

54,925

Peabody

Energy

Corporation,

Convertible

77,000

3.250%, 

3/1/2028

f

115,115

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

57,000

5.375%, 

11/1/2026

a

56,292

Sherwin-Williams

Company

39,000

4.800%, 

9/1/2031

39,777

Smurfit

Kappa

Treasury,

ULC

61,000

5.777%, 

4/3/2054

a

65,302

SNF

Group

SACA

72,000

3.375%, 

3/15/2030

a

64,886

SunCoke

Energy,

Inc.

75,000

4.875%, 

6/30/2029

a

68,002

Taseko

Mines,

Ltd.

57,000

8.250%, 

5/1/2030

a

59,820

Tronox,

Inc.

28,000

4.625%, 

3/15/2029

a,f

26,156

United

States

Steel

Corporation

37,000

6.875%, 

3/1/2029

37,533

Westlake

Corporation

45,000

3.600%, 

8/15/2026

44,379

Total

2,252,234

Capital

Goods  1.2%

Advanced

Drainage

Systems,

Inc.

57,000

6.375%, 

6/15/2030

a

58,224

AECOM

56,000

5.125%, 

3/15/2027

56,243

Amcor

Finance

USA,

Inc.

41,000

5.625%, 

5/26/2033

43,160

Amsted

Industries,

Inc.

52,000

5.625%, 

7/1/2027

a

51,861

20,000

4.625%, 

5/15/2030

a

19,103

Array

Technologies,

Inc.,

Convertible

84,000

1.000%, 

12/1/2028

62,365

Boeing

Company

40,000

6.858%, 

5/1/2054

a

43,904

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Capital

Goods  1.2%

-

continued

$

121,000

5.930%, 

5/1/2060

$

115,902

113,000

4.875%, 

5/1/2025

112,569

52,000

2.196%, 

2/4/2026

50,075

67,000

3.250%, 

3/1/2028

63,174

83,000

5.150%, 

5/1/2030

83,199

20,000

6.528%, 

5/1/2034

a

21,465

Bombardier,

Inc.

13,000

7.875%, 

4/15/2027

a

13,037

60,000

6.000%, 

2/15/2028

a

60,397

39,000

7.250%, 

7/1/2031

a

41,230

79,000

7.000%, 

6/1/2032

a,f

82,629

Brand

Industrial

Services,

Inc.

64,000

10.375%, 

8/1/2030

a

68,534

Builders

FirstSource,

Inc.

45,000

5.000%, 

3/1/2030

a

44,131

Camelot

Return

Merger

Sub,

Inc.

42,000

8.750%, 

8/1/2028

a,f

42,501

Canpack

SA/Canpack

US,

LLC

84,000

3.875%, 

11/15/2029

a

78,654

Carrier

Global

Corporation

75,000

2.722%, 

2/15/2030

69,339

Chart

Industries,

Inc.

67,000

7.500%, 

1/1/2030

a

70,613

Clean

Harbors,

Inc.

57,000

6.375%, 

2/1/2031

a

58,392

Clydesdale

Acquisition

Holdings,

Inc.

10,000

6.625%, 

4/15/2029

a

10,095

Crown

Cork

&

Seal

Company,

Inc.

65,000

7.375%, 

12/15/2026

68,495

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

86,000

6.625%, 

12/15/2030

a

88,674

EquipmentShare.com,

Inc.

29,000

8.625%, 

5/15/2032

a

30,424

ESAB

Corporation

53,000

6.250%, 

4/15/2029

a

54,434

Fluor

Corporation,

Convertible

173,000

1.125%, 

8/15/2029

f

211,233

GFL

Environmental,

Inc.

88,000

4.000%, 

8/1/2028

a

84,515

63,000

3.500%, 

9/1/2028

a

59,979

Greenbrier

Companies,

Inc.,

Convertible

111,000

2.875%, 

4/15/2028

f

121,767

H&E

Equipment

Services,

Inc.

88,000

3.875%, 

12/15/2028

a

82,618

Herc

Holdings,

Inc.

18,000

5.500%, 

7/15/2027

a

17,978

46,000

6.625%, 

6/15/2029

a

47,646

Honeywell

International,

Inc.

80,000

5.250%, 

3/1/2054

83,437

Howmet

Aerospace,

Inc.

61,000

6.750%, 

1/15/2028

65,177

Huntington

Ingalls

Industries,

Inc.

67,000

4.200%, 

5/1/2030

65,886

Ingersoll

Rand,

Inc.

66,000

5.176%, 

6/15/2029

68,275

20,000

5.700%, 

8/14/2033

21,428

John

Bean

Technologies

Corporation,

Convertible

116,000

25.000%, 

5/15/2026

108,657

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Capital

Goods  1.2%

-

continued

John

Deere

Capital

Corporation

$

38,000

4.700%, 

6/10/2030

$

39,153

69,000

4.400%, 

9/8/2031

69,487

44,000

3.900%, 

6/7/2032

42,960

21,000

5.150%, 

9/8/2033

22,180

L3Harris

Technologies,

Inc.

36,000

5.400%, 

1/15/2027

36,949

Lockheed

Martin

Corporation

54,000

5.200%, 

2/15/2064

55,894

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

17,000

6.750%, 

4/1/2032

a

17,623

MIWD

Holdco

II,

LLC

39,000

5.500%, 

2/1/2030

a

37,882

Mueller

Water

Products,

Inc.

49,000

4.000%, 

6/15/2029

a

46,739

Nesco

Holdings

II,

Inc.

75,000

5.500%, 

4/15/2029

a

69,133

New

Enterprise

Stone

and

Lime

Company,

Inc.

83,000

5.250%, 

7/15/2028

a

81,049

Northrop

Grumman

Corporation

79,000

5.200%, 

6/1/2054

80,439

22,000

4.700%, 

3/15/2033

22,329

OI

European

Group

BV

57,000

4.750%, 

2/15/2030

a

53,896

Otis

Worldwide

Corporation

47,000

2.056%, 

4/5/2025

46,348

Owens-Brockway

Glass

Container,

Inc.

46,000

6.625%, 

5/13/2027

a

46,216

23,000

7.375%, 

6/1/2032

a

23,489

Pactiv

Evergreen

Group

27,000

4.375%, 

10/15/2028

a

25,862

Parker-Hannifin

Corporation

36,000

4.250%, 

9/15/2027

36,116

Patrick

Industries,

Inc.,

Convertible

63,000

1.750%, 

12/1/2028

94,878

Republic

Services,

Inc.

37,000

3.950%, 

5/15/2028

36,801

43,000

5.000%, 

12/15/2033

44,320

Resideo

Funding,

Inc.

58,000

6.500%, 

7/15/2032

a

59,538

Reworld

Holding

Corporation

25,000

4.875%, 

12/1/2029

a

23,534

Roller

Bearing

Company

of

America,

Inc.

65,000

4.375%, 

10/15/2029

a

62,360

RTX

Corporation

61,000

5.750%, 

1/15/2029

64,607

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

44,000

6.125%, 

2/1/2028

a

44,737

Smyrna

Ready

Mix

Concrete,

LLC

78,000

8.875%, 

11/15/2031

a

84,138

Spirit

AeroSystems,

Inc.

84,000

9.750%, 

11/15/2030

a

93,660

SRM

Escrow

Issuer,

LLC

49,000

6.000%, 

11/1/2028

a

49,181

Standard

Industries,

Inc./NY

28,000

4.750%, 

1/15/2028

a

27,426

28,000

3.375%, 

1/15/2031

a

24,943

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Capital

Goods  1.2%

-

continued

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

$

23,000

7.250%, 

1/15/2031

a

$

24,364

Textron,

Inc.

67,000

3.650%, 

3/15/2027

65,956

Trane

Technologies

Financing,

Ltd.

65,000

5.100%, 

6/13/2034

67,739

TransDigm,

Inc.

95,000

7.125%, 

12/1/2031

a

100,478

79,000

6.625%, 

3/1/2032

a

82,266

Trivium

Packaging

Finance

42,000

5.500%, 

8/15/2026

a

41,836

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

69,482

85,000

4.000%, 

7/15/2030

80,331

Veralto

Corporation

39,000

5.350%, 

9/18/2028

40,614

Waste

Connections,

Inc.

21,000

3.200%, 

6/1/2032

19,199

WESCO

Distribution,

Inc.

54,000

7.250%, 

6/15/2028

a

55,296

28,000

6.375%, 

3/15/2029

a

28,927

20,000

6.625%, 

3/15/2032

a

20,832

Total

4,962,606

Collateralized

Mortgage

Obligations  5.0%

A&D

Mortgage

Trust

211,179

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,d

214,653

469,286

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,d

476,340

398,601

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

400,483

Banc

of

America

Alternative

Loan

Trust

185,680

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

165,985

Banc

of

America

Mortgage

Securities

Trust

22,287

5.993%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

19,881

54,697

6.397%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

51,718

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

45,316

5.656%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

39,425

CAFL

Issuer,

LLC

210,336

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,d

208,168

CHL

Mortgage

Pass-Through

Trust

26,813

6.402%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

25,893

175,326

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

78,910

CHNGE

Mortgage

Trust

219,062

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

210,401

254,867

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

254,179

273,103

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

273,874

383,268

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,d

382,406

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Collateralized

Mortgage

Obligations  5.0%

-

continued

$

254,533

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,d

$

256,806

401,063

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,d

399,329

CIM

Trust

410,595

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,d

414,394

Citigroup

Mortgage

Loan

Trust,

Inc.

67,399

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

65,880

161,128

5.206%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

144,591

COLT

Mortgage

Loan

Trust

324,877

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,d

328,980

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

380,608

4.686%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

314,632

Credit

Suisse

Mortgage

Trust

266,743

6.567%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

267,287

202,495

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

176,615

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

114,465

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

104,753

76,963

4.499%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

68,542

Federal

Home

Loan

Mortgage

Corporation

333,899

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

g

32,335

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

575,903

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

566,611

391,805

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

325,852

106,010

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

g

2,297

228,246

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

g

19,173

229,392

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

g

10,010

Federal

National

Mortgage

Association

-

REMIC

345,150

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

345,905

152,352

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

g

3,571

121,229

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

g

2,817

176,704

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

g

2,704

339,685

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

g

9,445

283,086

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

g

7,298

95,863

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

g

2,430

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Collateralized

Mortgage

Obligations  5.0%

-

continued

$

252,676

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

g

$

5,952

129,602

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

g

3,788

241,637

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

g

5,414

122,800

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

g

3,625

92,296

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

g

1,124

246,781

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

g

19,301

Flagstar

Mortgage

Trust

137,712

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

124,672

GCAT

Trust

729,680

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

740,275

277,611

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

267,390

327,825

5.730%, 

8/25/2067,

Ser.

2022-NQM4,

Class

A3

a,d

326,445

589,152

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

593,847

GMAC

Mortgage

Corporation

Loan

Trust

70,037

3.868%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

59,920

GMACM

Mortgage

Loan

Trust

23,335

3.656%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

20,738

GS

Mortgage-Backed

Securities

Trust

493,982

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

492,304

Home

RE,

Ltd.

350,000

9.880%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

364,433

325,000

8.780%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

329,078

IndyMac

INDA

Mortgage

Loan

Trust

490,503

3.800%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

392,063

J.P.

Morgan

Mortgage

Trust

187,081

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

158,906

479,476

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

476,543

77,380

5.203%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

55,688

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

356,909

300,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

304,864

500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

509,817

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,d

203,921

500,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,d

506,375

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Collateralized

Mortgage

Obligations  5.0%

-

continued

Merrill

Lynch

Alternative

Note

Asset

Trust

$

248,235

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

$

89,411

MFA

Trust

250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

253,392

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

543,428

5.429%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

447,099

NYMT

Loan

Trust

250,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

253,580

300,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

304,409

Preston

Ridge

Partners

Mortgage

Trust,

LLC

320,241

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

315,427

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,d

280,234

276,926

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,d

278,949

500,000

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,d,e,h

500,000

PRKCM

Trust

377,205

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

380,695

306,408

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,d

314,304

Radnor

Re,

Ltd.

550,000

8.496%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

549,984

Residential

Accredit

Loans,

Inc.

Trust

72,984

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

64,879

72,870

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

59,120

Residential

Asset

Securitization

Trust

96,062

4.948%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

91,905

Residential

Funding

Mortgage

Security

I

Trust

142,789

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

115,223

ROC

Securities

Trust

Series

210,899

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

210,468

Saluda

Grade

Alternative

Mortgage

Trust

300,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,d

304,712

650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,d

659,731

Structured

Adjustable

Rate

Mortgage

Loan

Trust

47,510

5.238%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

40,872

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Collateralized

Mortgage

Obligations  5.0%

-

continued

Toorak

Mortgage

Trust

$

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,d

$

405,436

Triangle

Re,

Ltd.

450,000

8.680%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

457,955

TVC

Mortgage

Trust

300,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,d

304,372

550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

552,042

Verus

Securitization

Trust

247,313

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

222,746

496,671

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,d

500,306

Total

20,955,216

Commercial

Mortgage-Backed

Securities  0.5%

BANK5

2023-5YR1

475,000

6.624%, 

4/15/2056,

Ser.

2023-5YR1,

Class

AS

b

495,825

BBCMS

Mortgage

Trust

2,240,222

1.325%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,g

164,196

Benchmark

Mortgage

Trust

450,000

6.064%, 

8/15/2057,

Ser.

2024-V9,

Class

AS

b

469,958

Silver

Hill

Trust

35,939

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

34,913

Velocity

Commercial

Capital

Loan

Trust

296,590

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

302,082

284,954

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

291,377

360,916

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

376,471

Total

2,134,822

Communications

Services  1.4%

AMC

Networks,

Inc.

14,000

10.250%, 

1/15/2029

a

14,387

AMC

Networks,

Inc.,

Convertible

19,000

4.250%, 

2/15/2029

a

17,480

American

Tower

Corporation

73,000

4.400%, 

2/15/2026

72,927

44,000

1.450%, 

9/15/2026

41,658

59,000

5.500%, 

3/15/2028

61,102

41,000

5.800%, 

11/15/2028

43,071

57,000

3.800%, 

8/15/2029

55,456

AT&T,

Inc.

202,000

3.550%, 

9/15/2055

147,750

131,000

4.300%, 

2/15/2030

130,841

41,000

5.400%, 

2/15/2034

43,020

Bell

Telephone

Company

of

Canada

85,000

5.550%, 

2/15/2054

88,788

40,000

5.100%, 

5/11/2033

40,870

Cable

One,

Inc.,

Convertible

42,000

1.125%, 

3/15/2028

33,794

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Communications

Services  1.4%

-

continued

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

$

150,000

5.125%, 

5/1/2027

a

$

147,632

12,000

5.000%, 

2/1/2028

a

11,673

30,000

5.375%, 

6/1/2029

a

28,911

64,000

4.250%, 

2/1/2031

a

56,431

246,000

4.750%, 

2/1/2032

a

216,794

63,000

4.250%, 

1/15/2034

a

51,676

CenterPoint

Energy,

Inc.,

Convertible

3,760

3.369%, 

9/15/2029

140,887

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

37,000

6.150%, 

11/10/2026

38,029

67,000

5.050%, 

3/30/2029

66,650

64,000

6.550%, 

6/1/2034

66,571

Clear

Channel

Outdoor

Holdings,

Inc.

14,000

7.875%, 

4/1/2030

a

14,640

Clear

Channel

Worldwide

Holdings,

Inc.

79,000

5.125%, 

8/15/2027

a

77,665

Comcast

Corporation

119,000

5.650%, 

6/1/2054

127,084

95,000

3.400%, 

4/1/2030

91,139

Crown

Castle,

Inc.

61,000

2.900%, 

3/15/2027

59,013

24,000

4.900%, 

9/1/2029

24,395

Deutsche

Telekom

International

Finance

BV

113,000

8.750%, 

6/15/2030

136,453

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

149,000

5.875%, 

8/15/2027

a

146,293

Frontier

Communications

Holdings,

LLC

86,000

5.875%, 

10/15/2027

a

86,350

28,000

8.625%, 

3/15/2031

a

30,186

GCI,

LLC

74,000

4.750%, 

10/15/2028

a

71,062

Gray

Television,

Inc.

44,000

7.000%, 

5/15/2027

a,f

43,248

79,000

10.500%, 

7/15/2029

a,f

82,513

Iliad

Holding

SASU

20,000

6.500%, 

10/15/2026

a,f

20,218

73,000

8.500%, 

4/15/2031

a

78,519

Intelsat

Jackson

Holdings

SA

74,000

6.500%, 

3/15/2030

a

70,801

Lamar

Media

Corporation

41,000

3.625%, 

1/15/2031

37,472

LCPR

Senior

Secured

Financing

DAC

115,000

6.750%, 

10/15/2027

a

105,228

Level

3

Financing,

Inc.

27,737

10.500%, 

4/15/2029

a

30,235

27,737

11.000%, 

11/15/2029

a

30,721

36,000

10.500%, 

5/15/2030

a

38,745

McGraw-Hill

Education,

Inc.

83,000

5.750%, 

8/1/2028

a

82,024

Meta

Platforms,

Inc.

70,000

5.550%, 

8/15/2064

74,765

41,000

3.850%, 

8/15/2032

39,856

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Communications

Services  1.4%

-

continued

$

68,000

4.750%, 

8/15/2034

$

69,407

News

Corporation

46,000

3.875%, 

5/15/2029

a

43,508

Nexstar

Media,

Inc.

34,000

5.625%, 

7/15/2027

a

33,678

28,000

4.750%, 

11/1/2028

a,f

26,752

Optics

Bidco

SPA

67,000

6.000%, 

9/30/2034

a

67,825

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

35,000

4.625%, 

3/15/2030

a

33,257

Paramount

Global

99,000

6.375%, 

3/30/2062

b

91,574

Playtika

Holding

Corporation

61,000

4.250%, 

3/15/2029

a

55,983

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b

49,094

60,000

5.000%, 

2/15/2029

61,230

98,000

5.300%, 

2/15/2034

99,701

Scripps

Escrow

II,

Inc.

27,000

3.875%, 

1/15/2029

a,f

20,116

Sinclair

Television

Group,

Inc.

26,000

4.125%, 

12/1/2030

a,f

20,280

Sirius

XM

Radio,

Inc.

85,000

5.000%, 

8/1/2027

a

83,621

50,000

4.000%, 

7/15/2028

a

47,172

35,000

4.125%, 

7/1/2030

a

31,741

Sprint

Capital

Corporation

137,000

6.875%, 

11/15/2028

149,579

61,000

8.750%, 

3/15/2032

75,635

Take-Two

Interactive

Software,

Inc.

52,000

5.600%, 

6/12/2034

54,559

TEGNA,

Inc.

89,000

4.625%, 

3/15/2028

84,924

T-Mobile

USA,

Inc.

40,000

5.500%, 

1/15/2055

41,436

70,000

5.250%, 

6/15/2055

69,654

77,000

3.375%, 

4/15/2029

73,901

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

86,000

4.750%, 

4/15/2028

a

79,778

Univision

Communications,

Inc.

12,000

8.500%, 

7/31/2031

a

12,027

11,000

8.000%, 

8/15/2028

a

11,247

94,000

4.500%, 

5/1/2029

a

83,972

42,000

7.375%, 

6/30/2030

a

40,647

Urban

One,

Inc.

17,000

7.375%, 

2/1/2028

a

12,271

Verizon

Communications,

Inc.

46,000

5.500%, 

2/23/2054

48,223

67,000

3.150%, 

3/22/2030

63,137

88,000

2.355%, 

3/15/2032

75,816

68,000

4.780%, 

2/15/2035

a

67,902

Viasat,

Inc.

45,000

6.500%, 

7/15/2028

a,f

35,312

Virgin

Media

Finance

plc

34,000

5.000%, 

7/15/2030

a

29,904

Virgin

Media

Secured

Finance

plc

72,000

5.500%, 

5/15/2029

a

69,055

VMED

O2

UK

Financing

I

plc

33,000

4.750%, 

7/15/2031

a

29,371

29,000

7.750%, 

4/15/2032

a

29,768

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Communications

Services  1.4%

-

continued

Vodafone

Group

plc

$

42,000

5.125%, 

6/4/2081

b

$

34,596

66,000

5.750%, 

6/28/2054

68,326

37,000

5.875%, 

6/28/2064

38,162

62,000

7.000%, 

4/4/2079

b

65,405

VZ

Secured

Financing

BV

97,000

5.000%, 

1/15/2032

a

89,264

Walt

Disney

Company

37,000

3.800%, 

3/22/2030

36,402

Warnermedia

Holdings,

Inc.

136,000

4.054%, 

3/15/2029

128,838

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

31,000

7.750%, 

8/15/2028

a

31,029

20,000

8.250%, 

10/1/2031

a,e

20,333

Zegona

Finance

plc

51,000

8.625%, 

7/15/2029

a

54,442

Ziggo

Bond

Company

BV

33,000

5.125%, 

2/28/2030

a,f

30,419

Ziggo

BV

30,000

4.875%, 

1/15/2030

a

28,507

Total

5,913,803

Consumer

Cyclical  2.0%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

39,000

4.375%, 

1/15/2028

a

37,889

Adient

Global

Holdings,

Ltd.

45,000

8.250%, 

4/15/2031

a,f

47,745

Alimentation

Couche-Tard,

Inc.

66,000

5.617%, 

2/12/2054

a

67,696

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

100,000

4.625%, 

6/1/2028

a

93,840

50,000

4.625%, 

6/1/2028

a

47,008

Allison

Transmission,

Inc.

48,000

3.750%, 

1/30/2031

a,f

43,641

American

Axle

&

Manufacturing,

Inc.

28,000

6.875%, 

7/1/2028

27,954

79,000

5.000%, 

10/1/2029

f

72,532

American

Honda

Finance

Corporation

86,000

5.050%, 

7/10/2031

88,521

61,000

4.900%, 

1/10/2034

62,046

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

15,000

7.000%, 

4/15/2030

a,f

13,934

Arko

Corporation

46,000

5.125%, 

11/15/2029

a,f

42,727

Asbury

Automotive

Group,

Inc.

48,000

5.000%, 

2/15/2032

a

45,517

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

45,000

4.625%, 

8/1/2029

a

43,197

25,000

4.625%, 

4/1/2030

a

23,952

Aston

Martin

Capital

Holdings,

Ltd.

36,000

10.000%, 

3/31/2029

a

35,326

Beazer

Homes

USA,

Inc.

48,000

7.500%, 

3/15/2031

a

49,807

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Cyclical  2.0%

-

continued

Best

Buy

Company,

Inc.

$

45,000

1.950%, 

10/1/2030

$

39,160

Booking

Holdings,

Inc.,

Convertible

70,000

0.750%, 

5/1/2025

156,606

Boyd

Gaming

Corporation

65,000

4.750%, 

6/15/2031

a

62,065

Boyne

USA,

Inc.

46,000

4.750%, 

5/15/2029

a

44,221

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

41,000

4.875%, 

2/15/2030

a

38,597

Burlington

Stores,

Inc.,

Convertible

82,000

2.250%, 

4/15/2025

102,131

59,000

1.250%, 

12/15/2027

83,101

Caesars

Entertainment,

Inc.

110,000

4.625%, 

10/15/2029

a,f

104,634

34,000

6.500%, 

2/15/2032

a

35,170

Carnival

Corporation

70,000

7.625%, 

3/1/2026

a

70,648

116,000

5.750%, 

3/1/2027

a

117,479

67,000

4.000%, 

8/1/2028

a

64,710

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

14,000

5.375%, 

4/15/2027

13,960

68,000

5.250%, 

7/15/2029

66,813

Choice

Hotels

International,

Inc.

30,000

3.700%, 

12/1/2029

f

28,476

Churchill

Downs,

Inc.

45,000

4.750%, 

1/15/2028

a

44,122

35,000

6.750%, 

5/1/2031

a

36,143

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

67,000

6.750%, 

5/15/2028

a

69,061

Crocs,

Inc.

28,000

4.250%, 

3/15/2029

a

26,471

Cushman

&

Wakefield

US

Borrower,

LLC

14,000

6.750%, 

5/15/2028

a

14,127

Dana,

Inc.

28,000

5.625%, 

6/15/2028

27,453

42,000

4.250%, 

9/1/2030

37,711

41,000

4.500%, 

2/15/2032

36,361

eG

Global

Finance

plc

14,000

12.000%, 

11/30/2028

a,f

15,625

Expedia

Group,

Inc.

67,000

3.250%, 

2/15/2030

63,180

Expedia

Group,

Inc.,

Convertible

98,000

Zero

Coupon, 

2/15/2026

93,541

Ford

Motor

Company,

Convertible

170,000

Zero

Coupon, 

3/15/2026

166,345

Ford

Motor

Credit

Company,

LLC

76,000

2.900%, 

2/10/2029

68,986

68,000

7.122%, 

11/7/2033

73,515

Forestar

Group,

Inc.

28,000

3.850%, 

5/15/2026

a

27,377

Gap,

Inc.

20,000

3.625%, 

10/1/2029

a

18,090

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Cyclical  2.0%

-

continued

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

$

39,000

7.750%, 

5/31/2032

a

$

39,912

General

Motors

Financial

Company,

Inc.

50,000

1.200%, 

10/15/2024

49,919

130,000

2.900%, 

2/26/2025

128,920

35,000

2.750%, 

6/20/2025

34,438

61,000

5.800%, 

6/23/2028

63,287

48,000

5.800%, 

1/7/2029

49,925

66,000

4.900%, 

10/6/2029

66,075

28,000

5.750%, 

2/8/2031

28,950

92,000

5.950%, 

4/4/2034

95,214

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

28,000

3.500%, 

3/1/2029

a

26,272

Goodyear

Tire

&

Rubber

Company

28,000

4.875%, 

3/15/2027

27,347

45,000

5.000%, 

7/15/2029

f

41,388

Hanesbrands,

Inc.

32,000

4.875%, 

5/15/2026

a

31,719

Harley-Davidson

Financial

Services,

Inc.

61,000

5.950%, 

6/11/2029

a

62,477

Hilton

Domestic

Operating

Company,

Inc.

86,000

4.875%, 

1/15/2030

84,859

14,000

4.000%, 

5/1/2031

a

13,091

80,000

3.625%, 

2/15/2032

a

72,274

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

99,000

5.000%, 

6/1/2029

a

94,055

Home

Depot,

Inc.

34,000

5.300%, 

6/25/2054

35,733

34,000

5.400%, 

6/25/2064

35,999

62,000

3.250%, 

4/15/2032

58,017

Hyundai

Capital

America

67,000

3.000%, 

2/10/2027

a,f

64,876

40,000

6.500%, 

1/16/2029

a

42,911

International

Game

Technology

plc

68,000

5.250%, 

1/15/2029

a

67,737

Jacobs

Entertainment,

Inc.

39,000

6.750%, 

2/15/2029

a

37,930

Jaguar

Land

Rover

Automotive

plc

33,000

5.500%, 

7/15/2029

a,f

32,607

KB

Home

60,000

4.800%, 

11/15/2029

59,201

33,000

4.000%, 

6/15/2031

30,523

L

Brands,

Inc.

135,000

6.625%, 

10/1/2030

a

137,624

20,000

6.875%, 

11/1/2035

20,840

Las

Vegas

Sands

Corporation

41,000

5.900%, 

6/1/2027

42,103

Light

&

Wonder

International,

Inc.

66,000

7.250%, 

11/15/2029

a

68,285

Live

Nation

Entertainment,

Inc.

31,000

4.750%, 

10/15/2027

a

30,562

Live

Nation

Entertainment,

Inc.,

Convertible

66,000

2.000%, 

2/15/2025

f

71,388

171,000

3.125%, 

1/15/2029

f

210,285

Lowe's

Companies,

Inc.

100,000

4.500%, 

4/15/2030

101,287

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Cyclical  2.0%

-

continued

Macy's

Retail

Holdings,

LLC

$

55,000

5.875%, 

4/1/2029

a,f

$

54,285

27,000

6.125%, 

3/15/2032

a

26,169

Marriott

International,

Inc./MD

40,000

4.900%, 

4/15/2029

40,819

67,000

4.625%, 

6/15/2030

67,625

Marriott

Vacations

Worldwide

Corporation,

Convertible

65,000

Zero

Coupon, 

1/15/2026

60,320

123,000

3.250%, 

12/15/2027

113,283

Mattamy

Group

Corporation

55,000

5.250%, 

12/15/2027

a

54,676

McDonald's

Corporation

39,000

4.950%, 

8/14/2033

40,533

Melco

Resorts

Finance,

Ltd.

77,000

5.375%, 

12/4/2029

a

71,932

70,000

7.625%, 

4/17/2032

a

72,158

Meritage

Homes

Corporation,

Convertible

73,000

1.750%, 

5/15/2028

a

83,110

Michaels

Companies,

Inc.

41,000

5.250%, 

5/1/2028

a

30,262

NCL

Corporation,

Ltd.

32,000

5.875%, 

3/15/2026

a

32,002

73,000

5.875%, 

2/15/2027

a

73,258

Nordstrom,

Inc.

28,000

4.375%, 

4/1/2030

f

25,688

39,000

4.250%, 

8/1/2031

34,352

PENN

Entertainment,

Inc.

70,000

4.125%, 

7/1/2029

a,f

63,777

PetSmart,

Inc./PetSmart

Finance

Corporation

120,000

4.750%, 

2/15/2028

a

115,046

25,000

7.750%, 

2/15/2029

a

24,679

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

90,000

5.750%, 

4/15/2026

a

90,411

QVC,

Inc.

17,000

6.875%, 

4/15/2029

a,f

14,118

Rakuten

Group,

Inc.

41,000

11.250%, 

2/15/2027

a

44,835

48,000

9.750%, 

4/15/2029

a

52,380

Royal

Caribbean

Cruises,

Ltd.

127,000

4.250%, 

7/1/2026

a

125,567

16,000

5.625%, 

9/30/2031

a

16,210

S&S

Holdings,

LLC

22,000

8.375%, 

10/1/2031

a,e

22,151

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

16,000

6.625%, 

3/1/2030

a

15,879

SeaWorld

Parks

and

Entertainment,

Inc.

67,000

5.250%, 

8/15/2029

a

65,382

Service

Corporation

International/

US

28,000

3.375%, 

8/15/2030

25,376

38,000

5.750%, 

10/15/2032

38,249

Six

Flags

Entertainment

Corporation

14,000

7.250%, 

5/15/2031

a,f

14,500

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

14,000

6.625%, 

5/1/2032

a

14,498

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Cyclical  2.0%

-

continued

Six

Flags

Theme

Parks,

Inc.

$

14,000

7.000%, 

7/1/2025

a,f

$

14,011

Sonic

Automotive,

Inc.

35,000

4.875%, 

11/15/2031

a

32,313

Staples,

Inc.

56,000

10.750%, 

9/1/2029

a

54,337

Station

Casinos,

LLC

53,000

4.625%, 

12/1/2031

a

49,148

Tenneco,

Inc.

91,000

8.000%, 

11/17/2028

a

84,442

Toyota

Motor

Credit

Corporation

40,000

5.550%, 

11/20/2030

42,739

40,000

4.800%, 

1/5/2034

40,786

Tractor

Supply

Company

41,000

5.250%, 

5/15/2033

42,666

Uber

Technologies,

Inc.

48,000

5.350%, 

9/15/2054

47,606

52,000

4.800%, 

9/15/2034

51,928

Uber

Technologies,

Inc.,

Convertible

79,000

Zero

Coupon, 

12/15/2025

87,098

166,000

0.875%, 

12/1/2028

a

207,832

Vail

Resorts,

Inc.,

Convertible

81,000

Zero

Coupon, 

1/1/2026

76,343

VICI

Properties,

LP/VICI

Note

Company,

Inc.

150,000

5.750%, 

2/1/2027

a

152,585

Victoria's

Secret

&

Company

65,000

4.625%, 

7/15/2029

a

57,408

Viking

Cruises,

Ltd.

142,000

5.875%, 

9/15/2027

a

141,901

Volkswagen

Group

of

America

Finance,

LLC

17,000

3.350%, 

5/13/2025

a

16,837

Wabash

National

Corporation

43,000

4.500%, 

10/15/2028

a

39,393

Walgreens

Boots

Alliance,

Inc.

49,000

3.200%, 

4/15/2030

39,753

21,000

4.800%, 

11/18/2044

f

15,714

WASH

Multifamily

Acquisition,

Inc.

43,000

5.750%, 

4/15/2026

a

42,766

Wyndham

Hotels

&

Resorts,

Inc.

73,000

4.375%, 

8/15/2028

a

70,417

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

66,000

7.125%, 

2/15/2031

a

71,207

Yum!

Brands,

Inc.

105,000

4.750%, 

1/15/2030

a

103,764

ZF

North

America

Capital,

Inc.

48,000

7.125%, 

4/14/2030

a

49,755

Total

8,103,520

Consumer

Non-Cyclical  2.1%

1375209

B.C.,

Ltd.

28,000

9.000%, 

1/30/2028

a,f

27,751

AbbVie,

Inc.

100,000

5.500%, 

3/15/2064

106,775

60,000

5.350%, 

3/15/2044

63,292

AdaptHealth,

LLC

120,000

4.625%, 

8/1/2029

a

111,132

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

$

94,000

4.625%, 

1/15/2027

a

$

91,449

93,000

3.500%, 

3/15/2029

a

86,715

Altria

Group,

Inc.

40,000

6.200%, 

11/1/2028

42,584

Amgen,

Inc.

60,000

5.150%, 

3/2/2028

61,783

Anheuser-Busch

InBev

Worldwide,

Inc.

90,000

4.750%, 

1/23/2029

92,345

119,000

5.000%, 

6/15/2034

124,018

ANI

Pharmaceuticals,

Inc.,

Convertible

87,000

2.250%, 

9/1/2029

a

91,622

Archer-Daniels-Midland

Company

41,000

4.500%, 

8/15/2033

41,192

AstraZeneca

Finance,

LLC

90,000

1.750%, 

5/28/2028

83,095

59,000

5.000%, 

2/26/2034

61,614

B&G

Foods,

Inc.

55,000

8.000%, 

9/15/2028

a

57,533

BAT

Capital

Corporation

45,000

6.343%, 

8/2/2030

48,707

43,000

7.750%, 

10/19/2032

50,877

Bausch

+

Lomb

Corporation

16,000

8.375%, 

10/1/2028

a

16,920

Bausch

Health

Companies,

Inc.

47,000

5.500%, 

11/1/2025

a,f

45,915

102,000

4.875%, 

6/1/2028

a,f

79,815

Becton,

Dickinson

and

Company

38,000

4.693%, 

2/13/2028

38,489

67,000

2.823%, 

5/20/2030

61,813

BellRing

Brands,

Inc.

49,000

7.000%, 

3/15/2030

a

51,282

BioMarin

Pharmaceutical,

Inc.,

Convertible

138,000

1.250%, 

5/15/2027

f

131,169

Bio-Rad

Laboratories,

Inc.

61,000

3.300%, 

3/15/2027

59,534

Bristol-Myers

Squibb

Company

80,000

5.550%, 

2/22/2054

84,751

41,000

5.750%, 

2/1/2031

44,404

20,000

5.900%, 

11/15/2033

22,101

Bunge,

Ltd.

Finance

Corporation

14,000

4.650%, 

9/17/2034

13,970

Campbell

Soup

Company

124,000

5.400%, 

3/21/2034

130,032

Cargill,

Inc.

79,000

2.125%, 

11/10/2031

a

68,613

Catalent

Pharma

Solutions,

Inc.

34,000

3.125%, 

2/15/2029

a

33,398

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

22,000

9.500%, 

10/15/2029

a,e

22,021

Central

Garden

&

Pet

Company

64,000

4.125%, 

10/15/2030

f

59,498

Charles

River

Laboratories

International,

Inc.

33,000

4.000%, 

3/15/2031

a

30,421

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Chefs'

Warehouse,

Inc.,

Convertible

$

67,000

2.375%, 

12/15/2028

$

78,387

Cheplapharm

Arzneimittel

GmbH

10,000

5.500%, 

1/15/2028

a

9,699

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

24,000

4.625%, 

11/15/2028

a

23,373

CHS/Community

Health

Systems,

Inc.

64,000

5.625%, 

3/15/2027

a

62,980

19,000

8.000%, 

12/15/2027

a

19,061

30,000

6.000%, 

1/15/2029

a

29,124

53,000

5.250%, 

5/15/2030

a

48,776

37,000

4.750%, 

2/15/2031

a

32,525

39,000

10.875%, 

1/15/2032

a

42,977

Cigna

Group

40,000

5.600%, 

2/15/2054

41,305

51,000

2.400%, 

3/15/2030

46,183

Coca-Cola

Company

40,000

5.300%, 

5/13/2054

42,606

Concentra

Escrow

Issuer

Corporation

24,000

6.875%, 

7/15/2032

a

25,236

Constellation

Brands,

Inc.

40,000

4.800%, 

1/15/2029

40,727

90,000

3.150%, 

8/1/2029

85,386

16,000

4.900%, 

5/1/2033

16,167

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

86,000

4.750%, 

1/15/2029

a

84,105

CVS

Health

Corporation

80,000

6.050%, 

6/1/2054

83,463

41,000

5.000%, 

2/20/2026

41,280

35,000

4.300%, 

3/25/2028

34,906

120,000

4.780%, 

3/25/2038

113,221

127,000

6.000%, 

6/1/2044

131,264

Diageo

Capital

plc

45,000

2.000%, 

4/29/2030

40,108

60,000

5.625%, 

10/5/2033

64,659

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

a

49,707

Eli

Lilly

&

Company

80,000

5.000%, 

2/9/2054

81,334

82,000

4.700%, 

2/27/2033

84,359

Embecta

Corporation

23,000

6.750%, 

2/15/2030

a,f

21,781

Encompass

Health

Corporation

37,000

4.500%, 

2/1/2028

36,316

Endo

Finance

Holdings,

Inc.

28,000

8.500%, 

4/15/2031

a,f

30,003

Energizer

Holdings,

Inc.

35,000

4.750%, 

6/15/2028

a

33,962

17,000

4.375%, 

3/31/2029

a

16,099

Envista

Holdings

Corporation,

Convertible

8,000

2.375%, 

6/1/2025

8,686

82,000

1.750%, 

8/15/2028

74,056

Fortrea

Holdings,

Inc.

23,000

7.500%, 

7/1/2030

a,f

23,151

GE

HealthCare

Technologies,

Inc.

59,000

6.377%, 

11/22/2052

68,989

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Non-Cyclical  2.1%

-

continued

General

Mills,

Inc.

$

16,000

4.950%, 

3/29/2033

$

16,412

Gilead

Sciences,

Inc.

46,000

5.250%, 

10/15/2033

48,517

HCA,

Inc.

34,000

5.950%, 

9/15/2054

35,717

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

28,000

7.875%, 

9/1/2025

a,f

27,896

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

51,000

4.875%, 

6/1/2029

a

32,088

Insulet

Corporation,

Convertible

192,000

0.375%, 

9/1/2026

229,152

Integer

Holdings

Corporation,

Convertible

148,000

2.125%, 

2/15/2028

233,322

Jazz

Investments

I,

Ltd.,

Convertible

269,000

2.000%, 

6/15/2026

268,058

127,000

3.125%, 

9/15/2030

a

132,270

Jazz

Securities

DAC

21,000

4.375%, 

1/15/2029

a

20,309

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

107,000

2.500%, 

1/15/2027

102,370

52,000

3.625%, 

1/15/2032

47,541

Johnson

&

Johnson

80,000

5.250%, 

6/1/2054

86,647

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

49,000

9.000%, 

2/15/2029

a

50,956

Keurig

Dr

Pepper,

Inc.

70,000

3.200%, 

5/1/2030

66,065

78,000

5.300%, 

3/15/2034

81,596

Kraft

Heinz

Foods

Company

41,000

6.750%, 

3/15/2032

46,362

Kroger

Company

37,000

4.500%, 

1/15/2029

37,379

LifePoint

Health,

Inc.

55,000

9.875%, 

8/15/2030

a

60,555

34,000

11.000%, 

10/15/2030

a

38,365

Mattel,

Inc.

124,000

3.375%, 

4/1/2026

a

121,215

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

63,000

6.250%, 

4/1/2029

a

64,911

Medtronic

Global

Holdings

SCA

41,000

4.500%, 

3/30/2033

41,228

Mozart

Debt

Merger

Sub,

Inc.

89,000

3.875%, 

4/1/2029

a

84,262

30,000

5.250%, 

10/1/2029

a

29,435

MPH

Acquisition

Holdings,

LLC

27,000

5.500%, 

9/1/2028

a

19,468

Newell

Brands,

Inc.

29,000

6.375%, 

9/15/2027

f

29,331

29,000

6.625%, 

9/15/2029

29,361

Novartis

Capital

Corporation

87,000

4.700%, 

9/18/2054

85,142

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

39,000

4.125%, 

4/30/2028

a

37,502

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Non-Cyclical  2.1%

-

continued

$

109,000

5.125%, 

4/30/2031

a,f

$

102,691

Owens

&

Minor,

Inc.

49,000

6.625%, 

4/1/2030

a,f

47,564

PepsiCo,

Inc.

75,000

5.250%, 

7/17/2054

79,337

Performance

Food

Group,

Inc.

42,000

4.250%, 

8/1/2029

a

39,940

Perrigo

Finance

Unlimited

Company

47,000

4.900%, 

6/15/2030

45,775

Philip

Morris

International,

Inc.

82,000

4.875%, 

2/15/2028

83,829

43,000

5.625%, 

11/17/2029

45,662

40,000

5.125%, 

2/13/2031

41,576

43,000

5.750%, 

11/17/2032

46,216

60,000

5.250%, 

2/13/2034

62,311

Post

Holdings,

Inc.

42,000

4.625%, 

4/15/2030

a

40,188

56,000

4.500%, 

9/15/2031

a

52,316

33,000

6.250%, 

10/15/2034

a,e

33,208

Post

Holdings,

Inc.,

Convertible

146,000

2.500%, 

8/15/2027

173,594

Roche

Holdings,

Inc.

58,000

5.218%, 

3/8/2054

a

60,938

45,000

1.930%, 

12/13/2028

a

41,418

62,000

2.076%, 

12/13/2031

a

53,556

Royalty

Pharma

plc

105,000

1.200%, 

9/2/2025

101,705

54,000

5.150%, 

9/2/2029

55,387

Scotts

Miracle-Gro

Company

21,000

4.500%, 

10/15/2029

20,194

Simmons

Foods,

Inc.

111,000

4.625%, 

3/1/2029

a

105,313

Sotera

Health

Holdings,

LLC

29,000

7.375%, 

6/1/2031

a

30,117

Spectrum

Brands,

Inc.

6,000

3.875%, 

3/15/2031

a

5,253

Spectrum

Brands,

Inc.,

Convertible

86,000

3.375%, 

6/1/2029

a

89,031

Star

Parent,

Inc.

27,000

9.000%, 

10/1/2030

a

28,987

Sysco

Corporation

38,000

5.950%, 

4/1/2030

40,800

Takeda

Pharmaceutical

Company,

Ltd.

103,000

5.650%, 

7/5/2054

108,173

89,000

5.000%, 

11/26/2028

91,247

Tenet

Healthcare

Corporation

142,000

5.125%, 

11/1/2027

141,463

76,000

4.375%, 

1/15/2030

72,917

68,000

6.750%, 

5/15/2031

70,881

Teva

Pharmaceutical

Finance

Netherlands

III

BV

62,000

3.150%, 

10/1/2026

59,595

Topgolf

Callaway

Brands

Corporation,

Convertible

65,000

2.750%, 

5/1/2026

66,040

Unilever

Capital

Corporation

50,000

5.000%, 

12/8/2033

52,573

US

Acute

Care

Solutions,

LLC

28,000

9.750%, 

5/15/2029

a

29,001

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Consumer

Non-Cyclical  2.1%

-

continued

Varex

Imaging

Corporation,

Convertible

$

4,000

4.000%, 

6/1/2025

$

3,972

Viterra

Finance

BV

83,000

3.200%, 

4/21/2031

a

75,914

Winnebago

Industries,

Inc.,

Convertible

89,000

3.250%, 

1/15/2030

a

87,265

Wyeth,

LLC

99,000

6.500%, 

2/1/2034

114,042

Zoetis,

Inc.

62,000

5.600%, 

11/16/2032

66,394

Total

8,772,406

Energy  1.7%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

22,000

7.500%, 

10/1/2029

a,e

22,291

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

57,000

5.375%, 

6/15/2029

a

56,401

Apache

Corporation

61,000

4.375%, 

10/15/2028

59,847

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

30,000

6.250%, 

4/1/2028

a

30,149

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

57,000

8.250%, 

12/31/2028

a

58,395

28,000

5.875%, 

6/30/2029

a

27,661

Baytex

Energy

Corporation

57,000

8.500%, 

4/30/2030

a

59,076

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

45,000

7.000%, 

7/15/2029

a

46,781

BP

Capital

Markets

America,

Inc.

107,000

4.234%, 

11/6/2028

107,384

61,000

4.812%, 

2/13/2033

61,816

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,i

50,447

56,000

6.450%, 

12/1/2033

b,i

58,908

Buckeye

Partners,

LP

39,000

4.500%, 

3/1/2028

a

37,823

55,000

6.875%, 

7/1/2029

a

56,351

California

Resources

Corporation

34,000

8.250%, 

6/15/2029

a

34,649

Cheniere

Energy

Partners,

LP

45,000

4.500%, 

10/1/2029

44,385

44,000

3.250%, 

1/31/2032

39,346

55,000

5.950%, 

6/30/2033

58,198

Cheniere

Energy,

Inc.

35,000

5.650%, 

4/15/2034

a

36,211

Civitas

Resources,

Inc.

39,000

8.375%, 

7/1/2028

a

40,539

74,000

8.750%, 

7/1/2031

a

78,332

CNX

Resources

Corporation

33,000

6.000%, 

1/15/2029

a

33,179

CNX

Resources

Corporation,

Convertible

103,000

2.250%, 

5/1/2026

262,650

Columbia

Pipelines

Holding

Company,

LLC

36,000

6.055%, 

8/15/2026

a

36,879

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Energy  1.7%

-

continued

$

81,000

6.042%, 

8/15/2028

a

$

84,693

Comstock

Resources,

Inc.

55,000

6.750%, 

3/1/2029

a

53,528

43,000

5.875%, 

1/15/2030

a

40,209

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

53,000

5.500%, 

6/15/2031

a

51,984

Crescent

Energy

Finance,

LLC

85,000

7.625%, 

4/1/2032

a

85,027

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

62,000

8.625%, 

3/15/2029

a

65,233

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

22,000

8.500%, 

10/1/2030

a

22,987

Diamondback

Energy,

Inc.

94,000

5.750%, 

4/18/2054

94,721

DT

Midstream,

Inc.

45,000

4.125%, 

6/15/2029

a

43,044

Enbridge,

Inc.

60,000

7.375%, 

1/15/2083

b

61,811

56,000

7.625%, 

1/15/2083

b

59,817

60,000

5.950%, 

4/5/2054

63,457

20,000

5.700%, 

3/8/2033

21,079

Enerflex,

Ltd.

21,000

9.000%, 

10/15/2027

a

21,664

Energy

Transfer,

LP

40,000

5.950%, 

5/15/2054

40,938

101,000

8.000%, 

5/15/2054

b

108,673

40,000

6.050%, 

9/1/2054

41,438

53,000

6.750%, 

5/15/2025

b,i

52,722

41,000

4.400%, 

3/15/2027

41,065

17,000

7.125%, 

5/15/2030

b,i

17,366

40,000

6.400%, 

12/1/2030

43,576

41,000

5.600%, 

9/1/2034

42,596

Enterprise

Products

Operating,

LLC

49,000

5.550%, 

2/16/2055

50,618

45,000

4.150%, 

10/16/2028

44,974

EQM

Midstream

Partners,

LP

124,000

4.750%, 

1/15/2031

a

120,070

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

45,000

8.875%, 

4/15/2030

47,305

68,000

7.875%, 

5/15/2032

69,234

Harvest

Midstream

I,

LP

68,000

7.500%, 

9/1/2028

a

69,586

Hess

Midstream

Operations,

LP

63,000

4.250%, 

2/15/2030

a

60,155

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

70,000

5.750%, 

2/1/2029

a

68,099

28,000

6.000%, 

4/15/2030

a

27,292

48,000

6.250%, 

4/15/2032

a

46,720

Howard

Midstream

Energy

Partners,

LLC

79,000

7.375%, 

7/15/2032

a

81,820

ITT

Holdings,

LLC

53,000

6.500%, 

8/1/2029

a

50,210

Kinder

Morgan,

Inc.

68,000

5.950%, 

8/1/2054

70,568

Kodiak

Gas

Services,

LLC

34,000

7.250%, 

2/15/2029

a

35,187

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Energy  1.7%

-

continued

Laredo

Petroleum,

Inc.

$

48,000

7.750%, 

7/31/2029

a,f

$

47,757

MEG

Energy

Corporation

39,000

5.875%, 

2/1/2029

a

38,152

MPLX,

LP

113,000

1.750%, 

3/1/2026

108,821

20,000

5.000%, 

3/1/2033

20,011

56,000

5.500%, 

6/1/2034

57,533

Nabors

Industries,

Inc.

28,000

7.375%, 

5/15/2027

a

28,062

71,000

9.125%, 

1/31/2030

a

73,222

National

Fuel

Gas

Company

90,000

5.500%, 

1/15/2026

f

90,812

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

23,000

8.125%, 

2/15/2029

a

23,583

34,000

8.375%, 

2/15/2032

a

35,039

Noble

Finance

II,

LLC

28,000

8.000%, 

4/15/2030

a

28,890

Northern

Oil

and

Gas,

Inc.

57,000

8.750%, 

6/15/2031

a

59,395

Northern

Oil

and

Gas,

Inc.,

Convertible

148,000

3.625%, 

4/15/2029

168,942

NuStar

Logistics,

LP

55,000

6.375%, 

10/1/2030

57,069

Occidental

Petroleum

Corporation

22,000

5.000%, 

8/1/2027

22,303

80,000

8.875%, 

7/15/2030

94,366

ONEOK,

Inc.

67,000

5.700%, 

11/1/2054

66,619

41,000

5.650%, 

11/1/2028

42,853

40,000

4.750%, 

10/15/2031

40,000

Ovintiv,

Inc.

47,000

5.650%, 

5/15/2028

48,484

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

44,000

6.000%, 

2/15/2028

43,433

Permian

Resources

Operating,

LLC,

Convertible

44,000

3.250%, 

4/1/2028

104,350

Pioneer

Natural

Resources

Company

57,000

1.900%, 

8/15/2030

49,974

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

93,000

4.650%, 

10/15/2025

92,852

Prairie

Acquiror,

LP

45,000

9.000%, 

8/1/2029

a

46,462

Precision

Drilling

Corporation

29,000

6.875%, 

1/15/2029

a

28,940

Range

Resources

Corporation

46,000

4.750%, 

2/15/2030

a

44,372

Rockies

Express

Pipeline,

LLC

71,000

4.950%, 

7/15/2029

a

67,903

Saturn

Oil

&

Gas,

Inc.

34,000

9.625%, 

6/15/2029

a

33,590

Schlumberger

Holdings

Corporation

29,000

4.300%, 

5/1/2029

a

29,005

SM

Energy

Company

35,000

6.500%, 

7/15/2028

34,962

19,000

7.000%, 

8/1/2032

a

19,073

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Energy  1.7%

-

continued

South

Bow

USA

Infrastructure

Holdings,

LLC

$

15,000

5.584%, 

10/1/2034

a

$

15,144

Southwestern

Energy

Company

33,000

4.750%, 

2/1/2032

31,568

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

28,000

5.875%, 

3/1/2027

27,952

Suncor

Energy,

Inc.

40,000

7.150%, 

2/1/2032

45,129

Sunoco,

LP

83,000

7.000%, 

5/1/2029

a

86,720

Sunoco,

LP/Sunoco

Finance

Corporation

44,000

5.875%, 

3/15/2028

44,220

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

53,000

5.500%, 

1/15/2028

a

51,313

42,000

7.375%, 

2/15/2029

a

42,474

Talos

Production,

Inc.

29,000

9.000%, 

2/1/2029

a

29,860

Targa

Resources

Partners,

LP

106,000

4.875%, 

2/1/2031

105,220

Teine

Energy,

Ltd.

50,000

6.875%, 

4/15/2029

a

49,226

TGNR

Intermediate

Holdings,

LLC

60,000

5.500%, 

10/15/2029

a

57,007

TotalEnergies

Capital

SA

120,000

5.488%, 

4/5/2054

124,013

TransCanada

Trust

105,000

5.875%, 

8/15/2076

b

104,248

Transocean

Titan

Financing,

Ltd.

55,000

8.375%, 

2/1/2028

a

56,651

Transocean,

Inc.

62,050

8.750%, 

2/15/2030

a

64,695

UGI

Corporation,

Convertible

56,000

5.000%, 

6/1/2028

a

59,558

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

48,000

7.125%, 

3/15/2029

a

49,438

Valaris,

Ltd.

57,000

8.375%, 

4/30/2030

a

58,710

Venture

Global

Calcasieu

Pass,

LLC

67,000

3.875%, 

8/15/2029

a

63,317

40,000

4.125%, 

8/15/2031

a

37,189

Venture

Global

LNG,

Inc.

103,000

8.125%, 

6/1/2028

a

107,380

43,000

9.000%, 

9/30/2029

a,b,i

43,586

117,000

8.375%, 

6/1/2031

a

123,543

105,000

9.875%, 

2/1/2032

a

116,675

Viridien

SA

14,000

8.750%, 

4/1/2027

a,f

13,644

Williams

Companies,

Inc.

71,000

4.900%, 

3/15/2029

72,139

45,000

2.600%, 

3/15/2031

39,765

Total

6,864,377

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

Acrisure,

LLC/Acrisure

Finance,

Inc.

$

19,000

4.250%, 

2/15/2029

a

$

17,949

28,000

7.500%, 

11/6/2030

a

28,815

AerCap

Holdings

NV

34,000

5.875%, 

10/10/2079

b

33,999

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

40,000

6.950%, 

3/10/2055

b

41,471

63,000

6.500%, 

7/15/2025

63,644

114,000

3.000%, 

10/29/2028

107,689

Agree,

LP

39,000

5.625%, 

6/15/2034

40,799

Air

Lease

Corporation

32,000

2.300%, 

2/1/2025

31,683

24,000

3.375%, 

7/1/2025

23,718

64,000

4.650%, 

6/15/2026

b,i

62,386

45,000

3.125%, 

12/1/2030

41,178

Aircastle,

Ltd.

55,000

5.250%, 

6/15/2026

a,b,i

54,587

45,000

2.850%, 

1/26/2028

a

42,093

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

28,000

4.250%, 

10/15/2027

a

26,805

58,000

6.750%, 

4/15/2028

a

58,939

39,000

7.000%, 

1/15/2031

a

40,076

Ally

Financial,

Inc.

88,000

4.700%, 

5/15/2026

b,i

76,687

108,000

8.000%, 

11/1/2031

122,269

43,000

6.700%, 

2/14/2033

f

43,976

American

Express

Company

50,000

3.550%, 

9/15/2026

b,i

47,384

102,000

2.550%, 

3/4/2027

98,470

American

Homes

4

Rent,

LP

45,000

2.375%, 

7/15/2031

38,649

American

International

Group,

Inc.

81,000

5.125%, 

3/27/2033

83,474

AmWINS

Group,

Inc.

23,000

6.375%, 

2/15/2029

a

23,561

67,000

4.875%, 

6/30/2029

a

64,246

Aon

North

America,

Inc.

80,000

5.750%, 

3/1/2054

84,747

Apollo

Debt

Solutions

BDC

55,000

6.700%, 

7/29/2031

a,f

56,662

Arbor

Realty

Trust,

Inc.,

Convertible

8,000

7.500%, 

8/1/2025

8,130

Ares

Capital

Corporation

18,000

4.250%, 

3/1/2025

17,923

104,000

2.150%, 

7/15/2026

98,829

48,000

5.875%, 

3/1/2029

49,153

Ares

Strategic

Income

Fund

30,000

5.600%, 

2/15/2030

a,e

29,763

Arthur

J.

Gallagher

&

Company

60,000

5.750%, 

7/15/2054

62,629

Assurant,

Inc.

61,000

6.100%, 

2/27/2026

61,680

Aviation

Capital

Group,

LLC

48,000

4.875%, 

10/1/2025

a

47,951

Avolon

Holdings

Funding,

Ltd.

89,000

4.250%, 

4/15/2026

a

88,079

80,000

5.750%, 

3/1/2029

a

82,467

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

Banco

Santander

Mexico

SA

$

17,000

5.375%, 

4/17/2025

a

$

17,025

Banco

Santander

SA

25,000

4.750%, 

11/12/2026

b,f,i

23,799

Bank

of

America

Corporation

53,000

6.100%, 

3/17/2025

b,i

53,073

85,000

1.319%, 

6/19/2026

b

82,906

32,000

1.197%, 

10/24/2026

b

30,881

80,000

6.125%, 

4/27/2027

b,i

81,800

70,000

1.734%, 

7/22/2027

b

66,828

84,000

4.376%, 

4/27/2028

b

84,133

134,000

3.593%, 

7/21/2028

b

131,532

65,000

4.948%, 

7/22/2028

b

66,142

125,000

5.819%, 

9/15/2029

b

131,548

179,000

3.974%, 

2/7/2030

b

175,883

159,000

2.687%, 

4/22/2032

b

141,807

65,000

2.572%, 

10/20/2032

b

56,994

82,000

2.972%, 

2/4/2033

b

73,435

60,000

5.468%, 

1/23/2035

b

63,096

142,000

5.425%, 

8/15/2035

b

145,565

42,000

3.846%, 

3/8/2037

b

38,824

Bank

of

Montreal

60,000

5.203%, 

2/1/2028

61,871

42,000

3.088%, 

1/10/2037

b

36,245

Bank

of

New

York

Mellon

Corporation

40,000

6.317%, 

10/25/2029

b

43,026

65,000

4.596%, 

7/26/2030

b

65,946

41,000

6.474%, 

10/25/2034

b

46,339

Bank

of

Nova

Scotia

34,000

4.900%, 

6/4/2025

b,i

33,536

Barclays

plc

35,000

6.125%, 

12/15/2025

b,i

34,882

41,000

2.852%, 

5/7/2026

b

40,461

80,000

5.501%, 

8/9/2028

b

82,066

68,000

4.972%, 

5/16/2029

b

68,756

51,000

6.224%, 

5/9/2034

b

54,946

41,000

7.119%, 

6/27/2034

b

45,655

BlackRock

Funding,

Inc.

40,000

5.250%, 

3/14/2054

41,447

Blackstone

Mortgage

Trust,

Inc.,

Convertible

14,000

5.500%, 

3/15/2027

13,265

Blue

Owl

Capital

Corporation

II

40,000

8.450%, 

11/15/2026

a

41,998

Blue

Owl

Credit

Income

Corporation

62,000

4.700%, 

2/8/2027

60,834

Blue

Owl

Technology

Finance

Corporation

22,000

4.750%, 

12/15/2025

a

21,701

67,000

3.750%, 

6/17/2026

a

64,481

Blue

Owl

Technology

Finance

Corporation

II

20,000

6.750%, 

4/4/2029

a

20,094

BNP

Paribas

SA

67,000

2.819%, 

11/19/2025

a,b

66,744

55,000

3.132%, 

1/20/2033

a,b

49,107

BPCE

SA

32,000

2.375%, 

1/14/2025

a

31,739

Brixmor

Operating

Partnership,

LP

73,000

2.250%, 

4/1/2028

67,309

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

Burford

Capital

Global

Finance,

LLC

$

66,000

9.250%, 

7/1/2031

a

$

71,023

Camden

Property

Trust

37,000

4.900%, 

1/15/2034

37,231

Canadian

Imperial

Bank

of

Commerce

37,000

5.926%, 

10/2/2026

38,228

Capital

One

Financial

Corporation

28,000

3.950%, 

9/1/2026

b,i

26,380

61,000

3.273%, 

3/1/2030

b

57,352

Capital

One

NA

48,000

2.280%, 

1/28/2026

b

47,527

Castlelake

Aviation

Finance

DAC

27,000

5.000%, 

4/15/2027

a

27,069

Centene

Corporation

167,000

3.000%, 

10/15/2030

149,503

79,000

2.625%, 

8/1/2031

67,740

Charles

Schwab

Corporation

98,000

5.375%, 

6/1/2025

b,i

97,836

79,000

0.900%, 

3/11/2026

75,255

88,000

4.000%, 

6/1/2026

b,i

84,409

39,000

5.875%, 

8/24/2026

40,128

59,000

2.000%, 

3/20/2028

54,979

40,000

6.136%, 

8/24/2034

b

43,727

Citigroup,

Inc.

105,000

3.875%, 

2/18/2026

b,i

101,060

159,000

1.122%, 

1/28/2027

b

152,115

91,000

1.462%, 

6/9/2027

b

86,699

78,000

3.070%, 

2/24/2028

b

75,809

29,000

7.375%, 

5/15/2028

b,i

30,443

55,000

7.625%, 

11/15/2028

b,i

58,761

180,000

4.075%, 

4/23/2029

b

178,234

34,000

7.125%, 

8/15/2029

b,i

35,392

41,000

6.174%, 

5/25/2034

b

43,747

45,000

7.000%, 

8/15/2034

b,i

48,155

Citizens

Financial

Group,

Inc.

65,000

4.000%, 

10/6/2026

b,i

61,434

30,000

5.718%, 

7/23/2032

b

31,112

CNA

Financial

Corporation

80,000

5.125%, 

2/15/2034

81,807

Coinbase

Global,

Inc.,

Convertible

118,000

0.500%, 

6/1/2026

115,463

141,000

0.250%, 

4/1/2030

a

127,534

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,i

41,726

21,000

5.982%, 

1/30/2030

b

21,649

Commonwealth

Bank

of

Australia

54,000

2.688%, 

3/11/2031

a

47,542

Cooperatieve

Rabobank

UA

35,000

1.339%, 

6/24/2026

a,b

34,110

COPT

Defense

Properties,

LP

91,000

2.250%, 

3/15/2026

87,894

COPT

Defense

Properties,

LP,

Convertible

35,000

5.250%, 

9/15/2028

a

40,285

Corebridge

Financial,

Inc.

56,000

6.375%, 

9/15/2054

b

56,576

42,000

6.875%, 

12/15/2052

b

43,477

42,000

6.050%, 

9/15/2033

44,780

48,000

5.750%, 

1/15/2034

50,592

Credit

Acceptance

Corporation

52,000

9.250%, 

12/15/2028

a

55,609

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

Credit

Agricole

SA

$

45,000

3.250%, 

1/14/2030

a

$

41,717

Credit

Suisse

Group

AG

32,000

7.250%, 

12/29/2049

*,j

3,200

22,000

7.500%, 

12/29/2049

*,j

2,200

Dai-ichi

Life

Insurance

Company,

Ltd.

70,000

5.100%, 

10/28/2024

a,b,i

69,963

Deutsche

Bank

AG/New

York,

NY

152,000

2.129%, 

11/24/2026

b

147,194

64,000

2.311%, 

11/16/2027

b

60,887

58,000

6.819%, 

11/20/2029

b

62,435

62,000

3.742%, 

1/7/2033

b

54,265

Discover

Bank

90,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

92,936

Discover

Financial

Services

19,000

6.700%, 

11/29/2032

20,875

Diversified

Healthcare

Trust

33,000

Zero

Coupon, 

1/15/2026

a

30,379

Drawbridge

Special

Opportunities

Fund,

LP

97,000

3.875%, 

2/15/2026

a

94,508

Elevance

Health,

Inc.

80,000

5.650%, 

6/15/2054

84,425

124,000

2.550%, 

3/15/2031

110,996

Encore

Capital

Group,

Inc.,

Convertible

103,000

4.000%, 

3/15/2029

103,772

Extra

Space

Storage,

LP

39,000

5.900%, 

1/15/2031

41,369

44,000

2.400%, 

10/15/2031

37,853

Fairfax

Financial

Holdings,

Ltd.

60,000

6.350%, 

3/22/2054

a

64,122

Federal

Realty

OP,

LP,

Convertible

61,000

3.250%, 

1/15/2029

a

64,365

Fifth

Third

Bancorp

74,000

4.500%, 

9/30/2025

b,i

73,149

44,000

4.772%, 

7/28/2030

b

44,340

Fifth

Third

Bank

NA

110,000

3.850%, 

3/15/2026

108,828

First

Horizon

Bank

67,000

5.750%, 

5/1/2030

68,029

FirstCash,

Inc.

69,000

5.625%, 

1/1/2030

a

68,367

Fortress

Transportation

and

Infrastructure

Investors,

LLC

29,000

5.500%, 

5/1/2028

a

28,879

51,000

7.000%, 

5/1/2031

a

53,754

40,000

7.000%, 

6/15/2032

a

41,988

Freedom

Mortgage

Corporation

27,000

7.625%, 

5/1/2026

a

27,241

Freedom

Mortgage

Holdings,

LLC

65,000

9.250%, 

2/1/2029

a

67,564

28,000

9.125%, 

5/15/2031

a

28,787

FS

KKR

Capital

Corporation

45,000

3.400%, 

1/15/2026

43,870

45,000

2.625%, 

1/15/2027

42,323

GGAM

Finance,

Ltd.

22,000

7.750%, 

5/15/2026

a

22,496

28,000

8.000%, 

6/15/2028

a

30,012

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

$

83,000

3.750%, 

12/15/2027

a

$

77,372

goeasy,

Ltd.

45,000

9.250%, 

12/1/2028

a

48,450

29,000

7.625%, 

7/1/2029

a

30,044

Goldman

Sachs

BDC,

Inc.

36,000

6.375%, 

3/11/2027

37,107

Goldman

Sachs

Group,

Inc.

46,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2025

b,i

46,132

31,000

3.500%, 

4/1/2025

30,808

51,000

0.855%, 

2/12/2026

b

50,184

33,000

3.650%, 

8/10/2026

b,i

31,282

57,000

4.125%, 

11/10/2026

b,i

54,601

60,000

1.948%, 

10/21/2027

b

57,199

42,000

2.640%, 

2/24/2028

b

40,370

124,000

3.615%, 

3/15/2028

b

121,996

86,000

4.482%, 

8/23/2028

b

86,455

90,000

3.814%, 

4/23/2029

b

88,236

44,000

3.800%, 

3/15/2030

42,805

44,000

2.615%, 

4/22/2032

b

38,883

45,000

2.383%, 

7/21/2032

b

39,026

29,000

6.125%, 

11/10/2034

b,i

29,126

70,000

5.330%, 

7/23/2035

b

72,512

Hartford

Financial

Services

Group,

Inc.

45,000

2.800%, 

8/19/2029

41,961

22,000

7.505%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

20,378

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

9,000

Zero

Coupon, 

5/1/2025

a

9,535

40,000

3.750%, 

8/15/2028

a

55,060

Health

Care

Service

Corporation

61,000

5.450%, 

6/15/2034

a

63,436

HSBC

Holdings

plc

39,000

2.633%, 

11/7/2025

b

38,884

41,000

1.645%, 

4/18/2026

b

40,242

126,000

4.583%, 

6/19/2029

b

126,161

53,000

2.804%, 

5/24/2032

b

46,893

HUB

International,

Ltd.

80,000

7.250%, 

6/15/2030

a

83,350

Huntington

Bancshares,

Inc./OH

76,000

4.450%, 

10/15/2027

b,i

72,492

95,000

5.709%, 

2/2/2035

b

98,900

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

41,000

6.250%, 

5/15/2026

40,680

112,000

5.250%, 

5/15/2027

107,323

ING

Groep

NV

90,000

1.726%, 

4/1/2027

b

86,372

46,000

6.083%, 

9/11/2027

b

47,414

Intercontinental

Exchange,

Inc.

62,000

4.350%, 

6/15/2029

62,497

Intesa

Sanpaolo

SPA

34,000

4.198%, 

6/1/2032

a,b

30,302

Invitation

Homes

Operating

Partnership,

LP

68,000

2.000%, 

8/15/2031

57,072

J.P.

Morgan

Chase

&

Company

73,000

4.600%, 

2/1/2025

b,i

72,367

41,000

4.000%, 

4/1/2025

b,i

40,455

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

$

40,000

3.650%, 

6/1/2026

b,f,i

$

38,698

190,000

1.045%, 

11/19/2026

b

182,577

90,000

1.578%, 

4/22/2027

b

86,217

134,000

4.005%, 

4/23/2029

b

132,570

45,000

2.069%, 

6/1/2029

b

41,633

179,000

4.493%, 

3/24/2031

b

179,960

42,000

2.963%, 

1/25/2033

b

37,796

44,000

4.912%, 

7/25/2033

b

44,941

42,000

5.717%, 

9/14/2033

b

44,531

29,000

5.350%, 

6/1/2034

b

30,346

36,000

6.254%, 

10/23/2034

b

40,039

20,000

5.336%, 

1/23/2035

b

20,905

72,000

5.766%, 

4/22/2035

b

77,588

Jane

Street

Group/JSG

Finance,

Inc.

45,000

4.500%, 

11/15/2029

a

43,313

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

24,000

5.000%, 

8/15/2028

a

22,819

Jefferson

Capital

Holdings,

LLC

22,000

6.000%, 

8/15/2026

a

22,002

56,000

9.500%, 

2/15/2029

a

59,791

KeyBank

NA/Cleveland,

OH

67,000

3.900%, 

4/13/2029

64,080

77,000

5.000%, 

1/26/2033

76,300

Kilroy

Realty,

LP

58,000

4.250%, 

8/15/2029

55,533

28,000

6.250%, 

1/15/2036

28,669

Kite

Realty

Group,

LP,

Convertible

4,000

0.750%, 

4/1/2027

a

4,479

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

28,000

4.250%, 

2/1/2027

a

27,312

75,000

4.750%, 

6/15/2029

a

73,250

Liberty

Mutual

Group,

Inc.

16,000

4.125%, 

12/15/2051

a,b

15,136

Lincoln

National

Corporation

50,000

7.721%, 

(TSFR3M

+

2.619%),

11/18/2024

b

39,770

Lloyds

Banking

Group

plc

143,000

1.627%, 

5/11/2027

b

136,637

M&T

Bank

Corporation

96,000

3.500%, 

9/1/2026

b,i

85,227

Macquarie

Airfinance

Holdings,

Ltd.

51,000

6.400%, 

3/26/2029

a

53,080

33,000

5.150%, 

3/17/2030

a

33,072

14,000

6.500%, 

3/26/2031

a

14,778

Macquarie

Group,

Ltd.

89,000

1.629%, 

9/23/2027

a,b

84,169

Manufacturers

&

Traders

Trust

Company

83,000

4.700%, 

1/27/2028

83,437

Marsh

&

McLennan

Companies,

Inc.

40,000

2.375%, 

12/15/2031

35,005

MetLife,

Inc.

84,000

3.850%, 

9/15/2025

b,i

82,644

44,000

5.875%, 

3/15/2028

b,i

44,773

57,000

6.400%, 

12/15/2036

60,436

Metropolitan

Life

Global

Funding

I

73,000

2.950%, 

4/9/2030

a

68,071

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

Mid-America

Apartments,

LP

$

90,000

4.200%, 

6/15/2028

$

89,771

Mitsubishi

UFJ

Financial

Group,

Inc.

91,000

1.538%, 

7/20/2027

b

86,630

Mizuho

Financial

Group,

Inc.

97,000

1.554%, 

7/9/2027

b

92,283

93,000

2.564%, 

9/13/2031

79,815

40,000

5.748%, 

7/6/2034

b

42,665

Molina

Healthcare,

Inc.

54,000

4.375%, 

6/15/2028

a

52,497

Morgan

Stanley

69,000

2.188%, 

4/28/2026

b

67,919

39,000

0.985%, 

12/10/2026

b

37,369

90,000

1.593%, 

5/4/2027

b

86,120

93,000

1.512%, 

7/20/2027

b

88,440

28,000

5.123%, 

2/1/2029

b

28,707

134,000

3.622%, 

4/1/2031

b

128,662

42,000

2.943%, 

1/21/2033

b

37,516

44,000

4.889%, 

7/20/2033

b

44,550

42,000

5.250%, 

4/21/2034

b

43,377

47,000

5.424%, 

7/21/2034

b

49,014

33,000

5.831%, 

4/19/2035

b

35,447

78,000

2.484%, 

9/16/2036

b

65,266

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

68,000

4.625%, 

8/1/2029

54,695

Nasdaq,

Inc.

37,000

5.350%, 

6/28/2028

38,439

Nationstar

Mortgage

Holdings,

Inc.

14,000

5.500%, 

8/15/2028

a

13,859

44,000

5.125%, 

12/15/2030

a

42,209

NatWest

Group

plc

45,000

4.892%, 

5/18/2029

b

45,469

67,000

3.754%, 

11/1/2029

b

66,898

97,000

6.475%, 

6/1/2034

b

102,075

Navient

Corporation

17,000

5.000%, 

3/15/2027

16,850

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

18,000

4.500%, 

9/30/2028

a

16,893

New

Mountain

Finance

Corporation,

Convertible

12,000

7.500%, 

10/15/2025

12,090

New

York

Life

Global

Funding

43,000

4.550%, 

1/28/2033

a

43,183

40,000

5.000%, 

1/9/2034

a

41,337

Nippon

Life

Insurance

Company

135,000

5.950%, 

4/16/2054

a,b

140,983

168,000

5.100%, 

10/16/2044

a,b

167,923

NNN

REIT,

Inc.

45,000

2.500%, 

4/15/2030

40,444

Nomura

Holdings,

Inc.

67,000

2.172%, 

7/14/2028

61,411

69,000

5.783%, 

7/3/2034

72,491

Omega

Healthcare

Investors,

Inc.

46,000

4.750%, 

1/15/2028

45,922

45,000

3.375%, 

2/1/2031

41,002

OneMain

Finance

Corporation

107,000

3.500%, 

1/15/2027

102,273

134,000

3.875%, 

9/15/2028

124,288

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

Panther

Escrow

Issuer,

LLC

$

80,000

7.125%, 

6/1/2031

a

$

83,913

Park

Intermediate

Holdings,

LLC

78,000

4.875%, 

5/15/2029

a

75,681

Pebblebrook

Hotel

Trust,

Convertible

197,000

1.750%, 

12/15/2026

180,649

PNC

Bank

NA

45,000

2.700%, 

10/22/2029

41,220

PNC

Financial

Services

Group,

Inc.

42,000

6.200%, 

9/15/2027

b,i

42,756

36,000

5.582%, 

6/12/2029

b

37,472

58,000

6.250%, 

3/15/2030

b,i

58,899

88,000

5.492%, 

5/14/2030

b

91,957

40,000

6.875%, 

10/20/2034

b

45,799

PRA

Group,

Inc.

44,000

8.375%, 

2/1/2028

a

45,554

Prologis

Targeted

US

Logistics

Fund,

LP

58,000

5.250%, 

4/1/2029

a

59,735

35,000

5.250%, 

1/15/2035

a

35,794

Prologis,

LP

48,000

5.250%, 

3/15/2054

48,743

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

45,148

Prudential

Financial,

Inc.

42,000

5.125%, 

3/1/2052

b

41,678

43,000

6.750%, 

3/1/2053

b

46,674

128,000

6.500%, 

3/15/2054

b

136,801

42,000

3.700%, 

10/1/2050

b

38,782

Realty

Income

Corporation

75,000

3.200%, 

1/15/2027

73,321

50,000

3.950%, 

8/15/2027

49,694

Redwood

Trust,

Inc.,

Convertible

13,000

7.750%, 

6/15/2027

12,961

Regency

Centers,

LP

61,000

5.250%, 

1/15/2034

62,967

Regions

Financial

Corporation

40,000

2.250%, 

5/18/2025

39,295

49,000

5.750%, 

6/15/2025

b,i

48,788

20,000

5.502%, 

9/6/2035

b

20,353

Reinsurance

Group

of

America,

Inc.

44,000

6.000%, 

9/15/2033

47,154

79,000

5.750%, 

9/15/2034

83,219

Rexford

Industrial

Realty,

LP,

Convertible

77,000

4.375%, 

3/15/2027

a

79,926

51,000

4.125%, 

3/15/2029

a,f

54,009

RGA

Global

Funding

37,000

5.500%, 

1/11/2031

a

38,672

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

14,000

4.750%, 

10/15/2027

13,829

28,000

4.500%, 

2/15/2029

a

27,092

RLJ

Lodging

Trust,

LP

26,000

4.000%, 

9/15/2029

a

23,934

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

60,000

3.625%, 

3/1/2029

a

56,417

38,000

3.875%, 

3/1/2031

a

34,988

40,000

4.000%, 

10/15/2033

a

35,731

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

Ryan

Specialty,

LLC

$

15,000

4.375%, 

2/1/2030

a

$

14,455

Santander

Holdings

USA,

Inc.

90,000

3.450%, 

6/2/2025

89,051

41,000

2.490%, 

1/6/2028

b

38,863

Santander

UK

Group

Holdings

plc

92,000

1.673%, 

6/14/2027

b

87,511

Service

Properties

Trust

37,000

8.375%, 

6/15/2029

36,958

45,000

8.625%, 

11/15/2031

a

48,936

Simon

Property

Group,

LP

73,000

2.650%, 

7/15/2030

66,933

41,000

6.250%, 

1/15/2034

45,331

SLM

Corporation

30,000

4.200%, 

10/29/2025

29,658

Societe

Generale

SA

39,000

2.625%, 

10/16/2024

a

38,954

41,000

1.488%, 

12/14/2026

a,b

39,271

Standard

Chartered

plc

63,000

2.608%, 

1/12/2028

a,b

60,123

50,000

5.688%, 

5/14/2028

a,b

51,346

Starwood

Property

Trust,

Inc.,

Convertible

106,000

6.750%, 

7/15/2027

113,134

State

Street

Corporation

28,000

6.700%, 

3/15/2029

b,i

29,008

44,000

4.421%, 

5/13/2033

b

43,744

Sumitomo

Life

Insurance

Company

90,000

3.375%, 

4/15/2081

a,b

81,243

Sumitomo

Mitsui

Financial

Group,

Inc.

63,000

2.174%, 

1/14/2027

60,194

75,000

5.716%, 

9/14/2028

78,755

67,000

2.142%, 

9/23/2030

58,664

54,000

5.766%, 

1/13/2033

58,064

Summit

Hotel

Properties,

Inc.,

Convertible

103,000

1.500%, 

2/15/2026

96,968

Synchrony

Financial

29,000

5.935%, 

8/2/2030

b,f

29,793

29,000

7.250%, 

2/2/2033

30,128

Synovus

Bank

40,000

5.625%, 

2/15/2028

40,216

Toronto-Dominion

Bank

32,000

8.125%, 

10/31/2082

b

34,330

57,000

5.523%, 

7/17/2028

59,629

44,000

4.456%, 

6/8/2032

43,714

24,000

5.146%, 

9/10/2034

b

24,229

Truist

Bank

42,000

2.250%, 

3/11/2030

37,050

Truist

Financial

Corporation

74,000

6.047%, 

6/8/2027

b

75,934

37,000

1.887%, 

6/7/2029

b

33,848

95,000

5.100%, 

3/1/2030

b,i

93,316

64,000

5.153%, 

8/5/2032

b

65,550

56,000

5.711%, 

1/24/2035

b

58,995

U.S.

Bancorp

65,000

4.548%, 

7/22/2028

b

65,513

19,000

5.836%, 

6/12/2034

b

20,287

56,000

5.678%, 

1/23/2035

b

59,360

UBS

Group

AG

60,000

4.875%, 

2/12/2027

a,b,i

57,415

88,000

3.869%, 

1/12/2029

a,b

86,104

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Financials  5.3%

-

continued

UDR,

Inc.

$

89,000

3.000%, 

8/15/2031

$

81,121

UniCredit

SPA

28,000

5.861%, 

6/19/2032

a,b

28,175

United

Wholesale

Mortgage,

LLC

76,000

5.500%, 

4/15/2029

a

74,024

UnitedHealth

Group,

Inc.

119,000

5.375%, 

4/15/2054

123,708

88,000

4.200%, 

5/15/2032

87,308

USB

Realty

Corporation

49,000

6.710%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,i

37,890

Ventas

Realty,

LP,

Convertible

90,000

3.750%, 

6/1/2026

109,215

Vornado

Realty,

LP

21,000

3.400%, 

6/1/2031

18,105

Wells

Fargo

&

Company

81,000

3.900%, 

3/15/2026

b,i

78,724

119,000

2.188%, 

4/30/2026

b

117,062

41,000

3.526%, 

3/24/2028

b

40,224

89,000

3.584%, 

5/22/2028

b

87,274

65,000

4.808%, 

7/25/2028

b

65,759

58,000

7.625%, 

9/15/2028

b,f,i

63,164

90,000

4.478%, 

4/4/2031

b

90,102

29,000

5.389%, 

4/24/2034

b

30,079

40,000

5.557%, 

7/25/2034

b

41,967

37,000

6.491%, 

10/23/2034

b

41,346

161,000

5.499%, 

1/23/2035

b

168,775

Welltower

OP,

LLC,

Convertible

146,000

2.750%, 

5/15/2028

a

201,201

Westpac

Banking

Corporation

67,000

4.110%, 

7/24/2034

b

64,795

Willis

North

America,

Inc.

40,000

5.900%, 

3/5/2054

41,967

90,000

4.500%, 

9/15/2028

89,956

XHR,

LP

27,000

4.875%, 

6/1/2029

a

25,879

Total

22,100,487

Foreign

Government  <0.1%

NBN

Company,

Ltd.

82,000

2.625%, 

5/5/2031

a

72,989

Saudi

Arabian

Oil

Company

58,000

5.750%, 

7/17/2054

a

58,726

Total

131,715

Mortgage-Backed

Securities  13.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

325,724

2.000%, 

1/1/2052

273,131

1,711,510

2.500%, 

5/1/2051

1,495,213

955,629

3.500%, 

5/1/2052

896,450

1,040,533

4.000%, 

5/1/2052

1,007,879

2,673,309

5.000%, 

7/1/2053

2,691,039

700,275

5.500%, 

7/1/2053

713,842

299,831

5.000%, 

8/1/2053

303,198

383,985

5.500%, 

9/1/2053

394,487

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

965,829

2.500%, 

7/1/2030

930,818

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Mortgage-Backed

Securities  13.5%

-

continued

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

$

852,823

3.500%, 

5/1/2040

$

830,127

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,532,754

3.000%, 

1/1/2052

2,294,628

391,987

2.000%, 

2/1/2051

328,771

254,410

2.000%, 

2/1/2051

213,381

1,198,755

2.500%, 

2/1/2051

1,047,537

1,324,791

2.500%, 

2/1/2051

1,150,695

2,508,378

2.000%, 

3/1/2051

2,077,614

1,243,181

4.000%, 

3/1/2051

1,206,813

2,702,211

3.000%, 

3/1/2052

2,432,259

1,733,250

2.000%, 

4/1/2051

1,435,599

1,624,413

3.000%, 

4/1/2051

1,471,548

1,700,149

3.000%, 

5/1/2050

1,552,781

460,575

2.000%, 

5/1/2051

384,220

825,725

3.000%, 

5/1/2051

756,739

869,067

3.000%, 

6/1/2050

799,336

354,606

4.000%, 

6/1/2052

341,033

1,551,551

5.000%, 

6/1/2053

1,564,795

1,949,545

2.500%, 

7/1/2051

1,713,285

645,757

3.500%, 

7/1/2051

609,360

1,002,923

4.000%, 

7/1/2052

964,588

799,904

2.500%, 

8/1/2050

705,194

1,382,564

3.500%, 

8/1/2050

1,307,699

1,707,261

3.500%, 

8/1/2052

1,591,981

1,111,138

4.500%, 

8/1/2052

1,097,731

395,065

5.000%, 

8/1/2053

398,439

1,172,415

3.500%, 

9/1/2052

1,101,865

504,650

3.500%, 

9/1/2052

474,424

344,086

5.000%, 

9/1/2052

344,797

276,142

4.500%, 

9/1/2053

273,713

889,080

4.500%, 

9/1/2053

875,700

1,730,905

4.000%, 

10/1/2052

1,669,654

468,271

2.000%, 

11/1/2051

391,832

651,092

3.500%, 

11/1/2052

613,089

1,882,419

2.000%, 

12/1/2050

1,571,599

3,244,327

4.500%, 

12/1/2052

3,219,825

3,350,000

5.500%, 

10/1/2041

e

3,388,791

250,000

4.000%, 

10/1/2048

e

240,071

1,025,000

4.500%, 

10/1/2048

e

1,007,603

250,000

5.000%, 

10/1/2048

e

249,834

350,000

5.000%, 

11/1/2048

e

349,822

300,000

3.500%, 

10/1/2049

e

279,350

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

2,191,163

2.500%, 

3/1/2062

1,825,653

773,182

3.500%, 

7/1/2061

707,519

891,097

4.000%, 

12/1/2061

849,328

Total

56,416,679

Technology  1.6%

Advanced

Micro

Devices,

Inc.

44,000

3.924%, 

6/1/2032

42,932

Akamai

Technologies,

Inc.,

Convertible

74,000

0.125%, 

5/1/2025

82,214

97,000

0.375%, 

9/1/2027

100,007

92,000

1.125%, 

2/15/2029

93,242

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Technology  1.6%

-

continued

Analog

Devices,

Inc.

$

22,000

2.100%, 

10/1/2031

$

19,158

Apple,

Inc.

201,000

3.750%, 

9/12/2047

173,187

Automatic

Data

Processing,

Inc.

65,000

4.450%, 

9/9/2034

65,150

Block,

Inc.

97,000

6.500%, 

5/15/2032

a

101,008

Block,

Inc.,

Convertible

43,000

0.125%, 

3/1/2025

42,032

124,000

0.250%, 

11/1/2027

106,888

Boost

Newco

Borrower,

LLC

70,000

7.500%, 

1/15/2031

a

75,113

Broadcom,

Inc.

41,000

4.000%, 

4/15/2029

a

40,384

30,000

4.800%, 

10/15/2034

e

29,975

Cadence

Design

Systems,

Inc.

22,000

4.700%, 

9/10/2034

22,137

Cisco

Systems,

Inc.

80,000

5.350%, 

2/26/2064

84,954

Clarivate

Science

Holdings

Corporation

30,000

3.875%, 

7/1/2028

a

28,790

Cloud

Software

Group,

Inc.

148,000

6.500%, 

3/31/2029

a

147,255

Consensus

Cloud

Solutions,

Inc.

14,000

6.000%, 

10/15/2026

a

13,962

CoreLogic,

Inc.

17,000

4.500%, 

5/1/2028

a

16,045

CSG

Systems

International,

Inc.,

Convertible

132,000

3.875%, 

9/15/2028

131,538

Dayforce,

Inc.,

Convertible

141,000

0.250%, 

3/15/2026

f

132,469

Dell

International,

LLC/EMC

Corporation

29,000

5.300%, 

10/1/2029

30,206

Dell,

Inc.

53,000

6.500%, 

4/15/2038

58,243

Dye

&

Durham,

Ltd.

42,000

8.625%, 

4/15/2029

a

44,431

Euronet

Worldwide,

Inc.,

Convertible

75,000

0.750%, 

3/15/2049

73,500

Fiserv,

Inc.

78,000

5.350%, 

3/15/2031

81,589

20,000

5.600%, 

3/2/2033

21,180

78,000

5.450%, 

3/15/2034

81,522

58,000

5.150%, 

8/12/2034

59,472

Gen

Digital,

Inc.

2,000

6.750%, 

9/30/2027

a

2,055

34,000

7.125%, 

9/30/2030

a,f

35,676

Global

Payments,

Inc.

48,000

5.950%, 

8/15/2052

49,545

17,000

2.650%, 

2/15/2025

16,840

64,000

4.950%, 

8/15/2027

65,053

45,000

3.200%, 

8/15/2029

42,159

Global

Payments,

Inc.,

Convertible

156,000

1.500%, 

3/1/2031

a

148,980

Hewlett

Packard

Enterprise

Company

44,000

4.850%, 

10/15/2031

43,909

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Technology  1.6%

-

continued

IBM

International

Capital

Private,

Ltd.

$

59,000

5.300%, 

2/5/2054

$

59,734

II-VI,

Inc.

26,000

5.000%, 

12/15/2029

a

25,422

InterDigital,

Inc.,

Convertible

138,000

3.500%, 

6/1/2027

255,517

Iron

Mountain,

Inc.

55,000

5.000%, 

7/15/2028

a

54,277

47,000

4.875%, 

9/15/2029

a

46,029

66,000

4.500%, 

2/15/2031

a

62,607

Jabil,

Inc.

41,000

5.450%, 

2/1/2029

42,206

Marvell

Technology,

Inc.

44,000

2.950%, 

4/15/2031

39,740

Mastercard,

Inc.

40,000

2.000%, 

11/18/2031

34,566

48,000

4.875%, 

5/9/2034

49,654

Microchip

Technology,

Inc.

25,000

5.050%, 

3/15/2029

25,673

Microchip

Technology,

Inc.,

Convertible

143,000

0.750%, 

6/1/2030

a

141,784

Micron

Technology,

Inc.

44,000

5.300%, 

1/15/2031

45,719

MKS

Instruments,

Inc.,

Convertible

253,000

1.250%, 

6/1/2030

a

252,114

Moody's

Corporation

42,000

4.250%, 

8/8/2032

41,368

NCR

Atleos

Corporation

23,000

9.500%, 

4/1/2029

a

25,320

NCR

Voyix

Corporation

42,000

5.000%, 

10/1/2028

a

41,223

26,000

5.125%, 

4/15/2029

a

25,442

Neptune

Bidco

US,

Inc.

58,000

9.290%, 

4/15/2029

a

56,814

Newfold

Digital

Holdings

Group,

Inc.

17,000

11.750%, 

10/15/2028

a

16,733

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

17,000

2.700%, 

5/1/2025

16,766

45,000

4.300%, 

6/18/2029

44,774

ON

Semiconductor

Corporation,

Convertible

110,000

Zero

Coupon, 

5/1/2027

161,150

99,000

0.500%, 

3/1/2029

100,089

Open

Text

Corporation

74,000

3.875%, 

12/1/2029

a

68,790

Open

Text

Holdings,

Inc.

80,000

4.125%, 

2/15/2030

a

75,093

Oracle

Corporation

66,000

5.375%, 

9/27/2054

65,960

141,000

6.900%, 

11/9/2052

169,959

43,000

6.150%, 

11/9/2029

46,517

112,000

2.950%, 

4/1/2030

104,146

64,000

6.250%, 

11/9/2032

70,816

PayPal

Holdings,

Inc.

80,000

5.500%, 

6/1/2054

84,191

Pitney

Bowes,

Inc.

14,000

6.875%, 

3/15/2027

a,f

13,915

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Technology  1.6%

-

continued

Progress

Software

Corporation,

Convertible

$

57,000

1.000%, 

4/15/2026

f

$

70,537

28,000

3.500%, 

3/1/2030

a,f

33,642

PTC,

Inc.

24,000

4.000%, 

2/15/2028

a

23,282

RingCentral,

Inc.

55,000

8.500%, 

8/15/2030

a

58,842

Rocket

Software,

Inc.

34,000

9.000%, 

11/28/2028

a

35,482

S&P

Global,

Inc.

41,000

2.900%, 

3/1/2032

37,289

Salesforce.com,

Inc.

117,000

1.950%, 

7/15/2031

101,579

Seagate

HDD

Cayman

50,330

9.625%, 

12/1/2032

58,440

Semtech

Corporation,

Convertible

88,000

1.625%, 

11/1/2027

124,432

Sensata

Technologies,

Inc.

16,000

3.750%, 

2/15/2031

a

14,649

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

20,000

4.625%, 

11/1/2026

a

19,794

SS&C

Technologies,

Inc.

81,000

5.500%, 

9/30/2027

a

80,965

Texas

Instruments,

Inc.

40,000

5.150%, 

2/8/2054

41,098

UKG,

Inc.

29,000

6.875%, 

2/1/2031

a

29,966

Verint

Systems,

Inc.,

Convertible

59,000

0.250%, 

4/15/2026

54,841

Verisk

Analytics,

Inc.

138,000

5.250%, 

6/5/2034

142,539

Viavi

Solutions,

Inc.

55,000

3.750%, 

10/1/2029

a

49,908

Viavi

Solutions,

Inc.,

Convertible

52,000

1.625%, 

3/15/2026

f

51,480

Vishay

Intertechnology,

Inc.,

Convertible

187,000

2.250%, 

9/15/2030

f

171,199

VMware,

LLC

91,000

1.400%, 

8/15/2026

86,212

94,000

4.700%, 

5/15/2030

94,704

56,000

2.200%, 

8/15/2031

48,101

Western

Digital

Corporation,

Convertible

196,000

3.000%, 

11/15/2028

a

290,472

Xerox

Holdings

Corporation

7,000

5.000%, 

8/15/2025

a

6,935

110,000

5.500%, 

8/15/2028

a

93,918

Xerox

Holdings

Corporation,

Convertible

95,000

3.750%, 

3/15/2030

a

74,623

Xilinx,

Inc.

28,000

2.375%, 

6/1/2030

25,424

Ziff

Davis,

Inc.,

Convertible

4,000

1.750%, 

11/1/2026

3,692

51,000

3.625%, 

3/1/2028

a

48,737

Total

6,739,690

Transportation  0.4%

Air

Canada

55,000

3.875%, 

8/15/2026

a

53,558

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Transportation  0.4%

-

continued

Air

Transport

Services

Group,

Inc.,

Convertible

$

103,000

3.875%, 

8/15/2029

$

96,727

American

Airlines

Group,

Inc.

17,000

3.750%, 

3/1/2025

a

16,826

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

132,417

5.500%, 

4/20/2026

a

132,039

27,790

5.750%, 

4/20/2029

a

27,744

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

35,000

5.375%, 

3/1/2029

a,f

32,715

Burlington

Northern

Santa

Fe,

LLC

40,000

5.500%, 

3/15/2055

43,144

Canadian

Pacific

Railway

Company

83,000

1.750%, 

12/2/2026

78,970

Delta

Air

Lines,

Inc.

82,000

4.375%, 

4/19/2028

f

81,195

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

39,950

4.500%, 

10/20/2025

a

39,707

ERAC

USA

Finance,

LLC

84,000

3.850%, 

11/15/2024

a

83,839

80,000

5.200%, 

10/30/2034

a

83,407

Hawaiian

Brand

Intellectual

Property,

Ltd./HawaiianMiles

Loyalty,

Ltd.

25,575

11.000%, 

4/15/2029

a

25,677

JetBlue

Airways

Corporation,

Convertible

117,000

2.500%, 

9/1/2029

a

147,069

Mileage

Plus

Holdings,

LLC

64,900

6.500%, 

6/20/2027

a

65,707

Norfolk

Southern

Corporation

64,000

4.450%, 

3/1/2033

63,822

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

35,000

1.200%, 

11/15/2025

a

33,698

35,000

5.750%, 

5/24/2026

a

35,634

47,000

1.700%, 

6/15/2026

a

44,849

Rand

Parent,

LLC

61,000

8.500%, 

2/15/2030

a

62,211

RXO,

Inc.

62,000

7.500%, 

11/15/2027

a

63,941

Ryder

System,

Inc.

37,000

2.850%, 

3/1/2027

35,776

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

42,774

Southwest

Airlines

Company,

Convertible

162,000

1.250%, 

5/1/2025

163,203

Stena

International

SA

45,000

7.250%, 

1/15/2031

a

47,288

United

Airlines,

Inc.

55,000

4.375%, 

4/15/2026

a

54,117

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

17,000

7.875%, 

5/1/2027

a

16,592

29,000

6.375%, 

2/1/2030

a,f

24,915

Total

1,697,144

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

U.S.

Government

&

Agencies  5.0%

U.S.

Treasury

Bonds

$

300,000

4.250%, 

2/15/2054

$

305,719

3,200,000

4.750%, 

11/15/2053

3,534,625

2,190,000

3.250%, 

5/15/2042

1,947,047

4,510,000

3.375%, 

8/15/2042

4,070,099

U.S.

Treasury

Notes

700,000

4.250%, 

12/31/2025

703,172

1,620,000

0.500%, 

2/28/2026

1,547,353

870,000

0.500%, 

4/30/2027

804,376

1,550,000

1.125%, 

2/29/2028

1,428,785

3,100,000

4.125%, 

7/31/2028

3,160,184

715,000

1.375%, 

11/15/2031

612,303

900,000

4.125%, 

11/15/2032

925,769

425,000

3.375%, 

5/15/2033

413,196

1,200,000

4.000%, 

2/15/2034

1,220,625

Total

20,673,253

Utilities  1.7%

AEP

Texas,

Inc.

45,000

4.700%, 

5/15/2032

45,160

AES

Corporation

30,000

7.600%, 

1/15/2055

b

31,561

72,000

3.950%, 

7/15/2030

a

68,664

Algonquin

Power

&

Utilities

Corporation

50,000

4.750%, 

1/18/2082

b

46,719

Alliant

Energy

Corporation,

Convertible

63,000

3.875%, 

3/15/2026

65,804

Alpha

Generation,

LLC

21,000

6.750%, 

10/15/2032

a

21,296

Ameren

Corporation

45,000

1.750%, 

3/15/2028

41,373

American

Electric

Power

Company,

Inc.

51,000

6.950%, 

12/15/2054

b

54,272

44,000

2.300%, 

3/1/2030

39,536

20,000

5.625%, 

3/1/2033

21,101

American

Water

Capital

Corporation

58,000

5.450%, 

3/1/2054

60,918

American

Water

Capital

Corporation,

Convertible

109,000

3.625%, 

6/15/2026

111,616

Arizona

Public

Service

Company

37,000

5.550%, 

8/1/2033

38,575

Atmos

Energy

Corporation

30,000

5.000%, 

12/15/2054

e

29,301

Calpine

Corporation

56,000

4.500%, 

2/15/2028

a

54,678

CenterPoint

Energy,

Inc.

29,000

7.000%, 

2/15/2055

b,f

30,123

56,000

1.450%, 

6/1/2026

53,400

67,000

2.650%, 

6/1/2031

59,311

CenterPoint

Energy,

Inc.,

Convertible

89,000

4.250%, 

8/15/2026

90,113

CMS

Energy

Corporation,

Convertible

77,000

3.375%, 

5/1/2028

82,467

Consolidated

Edison

Company

of

New

York,

Inc.

120,000

5.700%, 

5/15/2054

129,960

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Utilities  1.7%

-

continued

Constellation

Energy

Generation,

LLC

$

60,000

5.750%, 

3/15/2054

$

63,481

41,000

5.800%, 

3/1/2033

43,979

Dominion

Energy,

Inc.

48,000

6.875%, 

2/1/2055

b

50,979

48,000

7.000%, 

6/1/2054

b

52,408

45,000

3.375%, 

4/1/2030

42,650

DTE

Energy

Company

65,000

4.220%, 

11/1/2024

64,942

42,000

4.875%, 

6/1/2028

42,881

Duke

Energy

Carolinas,

LLC

121,000

5.400%, 

1/15/2054

125,884

Duke

Energy

Corporation

56,000

3.250%, 

1/15/2082

b

51,661

55,000

5.800%, 

6/15/2054

58,059

33,000

6.450%, 

9/1/2054

b

34,264

89,000

2.450%, 

6/1/2030

80,286

43,000

4.500%, 

8/15/2032

42,520

44,000

5.750%, 

9/15/2033

47,322

Duke

Energy

Corporation,

Convertible

156,000

4.125%, 

4/15/2026

165,126

Duke

Energy

Ohio,

Inc.

40,000

5.550%, 

3/15/2054

41,822

Edison

International

28,000

7.875%, 

6/15/2054

b

29,412

54,000

4.950%, 

4/15/2025

53,958

43,000

5.000%, 

12/15/2026

b,f,i

42,015

75,000

5.450%, 

6/15/2029

77,892

Enel

Finance

International

NV

93,000

1.625%, 

7/12/2026

a

88,496

Entergy

Corporation

45,000

1.900%, 

6/15/2028

41,297

Evergy,

Inc.,

Convertible

138,000

4.500%, 

12/15/2027

a

151,938

Eversource

Energy

90,000

4.600%, 

7/1/2027

90,563

Exelon

Corporation

157,000

5.600%, 

3/15/2053

163,390

45,000

4.050%, 

4/15/2030

44,312

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

a

96,866

FirstEnergy

Corporation,

Convertible

145,000

4.000%, 

5/1/2026

151,743

Georgia

Power

Company

25,000

4.950%, 

5/17/2033

25,700

ITC

Holdings

Corporation

43,000

4.950%, 

9/22/2027

a

43,643

Jersey

Central

Power

&

Light

Company

80,000

2.750%, 

3/1/2032

a

70,046

MidAmerican

Energy

Company

161,000

5.300%, 

2/1/2055

166,411

National

Rural

Utilities

Cooperative

Finance

Corporation

40,000

4.850%, 

2/7/2029

41,029

NextEra

Energy

Capital

Holdings,

Inc.

31,000

3.800%, 

3/15/2082

b

29,527

68,000

6.750%, 

6/15/2054

b

73,378

40,000

6.051%, 

3/1/2025

40,168

45,000

2.250%, 

6/1/2030

40,222

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Utilities  1.7%

-

continued

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

$

63,000

3.000%, 

3/1/2027

a

$

82,310

NextEra

Energy

Operating

Partners,

LP

103,000

3.875%, 

10/15/2026

a

100,332

NextEra

Energy

Partners,

LP,

Convertible

188,000

Zero

Coupon, 

11/15/2025

a,f

175,592

36,000

2.500%, 

6/15/2026

a,f

33,838

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

15,281

32,000

6.950%, 

11/30/2054

b

33,057

45,000

2.950%, 

9/1/2029

42,162

Northern

States

Power

Company/

MN

40,000

5.400%, 

3/15/2054

42,241

NRG

Energy,

Inc.

34,000

2.000%, 

12/2/2025

a

32,804

46,000

10.250%, 

3/15/2028

a,b,i

51,886

24,000

3.375%, 

2/15/2029

a

22,372

35,000

5.250%, 

6/15/2029

a

34,884

NRG

Energy,

Inc.,

Convertible

74,000

2.750%, 

6/1/2048

164,021

Oncor

Electric

Delivery

Company,

LLC

52,000

5.550%, 

6/15/2054

a

55,331

Pacific

Gas

and

Electric

Company

40,000

6.750%, 

1/15/2053

45,607

78,000

5.550%, 

5/15/2029

81,021

82,000

6.950%, 

3/15/2034

93,196

PG&E

Corporation

16,000

7.375%, 

3/15/2055

b

16,782

65,000

5.000%, 

7/1/2028

64,432

PG&E

Corporation,

Convertible

272,000

4.250%, 

12/1/2027

a

294,576

Pinnacle

West

Capital

Corporation,

Convertible

46,000

4.750%, 

6/15/2027

a

49,772

PPL

Capital

Funding,

Inc.

56,000

5.250%, 

9/1/2034

57,659

PPL

Capital

Funding,

Inc.,

Convertible

98,000

2.875%, 

3/15/2028

103,684

Public

Service

Enterprise

Group,

Inc.

40,000

5.875%, 

10/15/2028

42,187

45,000

1.600%, 

8/15/2030

38,466

San

Diego

Gas

&

Electric

Company

40,000

5.550%, 

4/15/2054

42,272

Sempra

31,000

6.400%, 

10/1/2054

b

31,058

84,000

4.875%, 

10/15/2025

b,i

83,098

Southern

California

Edison

Company

79,000

5.450%, 

6/1/2031

83,590

21,000

5.950%, 

11/1/2032

22,855

Southern

Company

53,000

5.700%, 

10/15/2032

56,797

78,000

4.850%, 

3/15/2035

78,629

35,000

4.000%, 

1/15/2051

b

34,506

109,000

3.750%, 

9/15/2051

b

105,495

Principal

Amount

Long-Term

Fixed

Income  46.9%

Value

Utilities  1.7%

-

continued

Southern

Company,

Convertible

$

170,000

3.875%, 

12/15/2025

$

189,040

80,000

4.500%, 

6/15/2027

a

87,520

Talen

Energy

Supply,

LLC

55,000

8.625%, 

6/1/2030

a

59,940

TerraForm

Power

Operating,

LLC

104,000

5.000%, 

1/31/2028

a

102,892

TXNM

Energy,

Inc.,

Convertible

51,000

5.750%, 

6/1/2054

a

55,291

Virginia

Electric

and

Power

Company

55,000

5.350%, 

1/15/2054

56,242

Vistra

Corporation

28,000

8.000%, 

10/15/2026

a,b,i

29,331

69,000

7.000%, 

12/15/2026

a,b,i

70,435

Vistra

Operations

Company,

LLC

171,000

5.000%, 

7/31/2027

a

170,165

WEC

Energy

Group,

Inc.,

Convertible

88,000

4.375%, 

6/1/2027

a

95,740

67,000

4.375%, 

6/1/2029

a

74,136

Xcel

Energy,

Inc.

45,000

4.000%, 

6/15/2028

44,445

64,000

4.600%, 

6/1/2032

63,404

Total

7,156,592

Total

Long-Term

Fixed

Income

(cost

$195,310,381)

195,601,382

Shares

Common

Stock

34.3%

Value

Communications

Services  2.4%

4,925

Alphabet,

Inc.,

Class

A

816,811

19,713

Alphabet,

Inc.,

Class

C

3,295,817

4,374

Cogent

Communications

Holdings

332,074

13,932

Comcast

Corporation

581,940

46

Electronic

Arts,

Inc.

6,598

68

Liberty

Media

Corporation-Liberty

Formula

One

Group

k

5,265

5,834

Meta

Platforms,

Inc.

3,339,615

523

Netflix,

Inc.

k

370,948

9,121

QuinStreet,

Inc.

k

174,485

15

Tripadvisor,

Inc.

k

217

20,646

Verizon

Communications,

Inc.

927,212

21,491

Warner

Brothers

Discovery,

Inc.

k

177,301

Total

10,028,283

Consumer

Discretionary  3.7%

15,836

Amazon.com,

Inc.

k

2,950,722

3,758

Aptiv

plc

k

270,614

3,681

Best

Buy

Company,

Inc.

380,247

111

Booking

Holdings,

Inc.

467,545

1,291

Boot

Barn

Holdings,

Inc.

k

215,959

2,267

Brunswick

Corporation

190,020

5,637

Champion

Homes,

Inc.

k

534,669

5,748

Chipotle

Mexican

Grill,

Inc.

k

331,200

5,012

Columbia

Sportswear

Company

416,948

10,616

Cooper-Standard

Holdings,

Inc.

k

147,244

1,437

Crocs,

Inc.

k

208,092

1,565

D.R.

Horton,

Inc.

298,555

1,086

Deckers

Outdoor

Corporation

k

173,163

1,787

DoorDash,

Inc.

k

255,059

5,900

eBay,

Inc.

384,149

2,774

Expedia

Group,

Inc.

k

410,607

1,850

Garmin,

Ltd.

325,656

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Common

Stock  34.3%

Value

Consumer

Discretionary  3.7%

-

continued

1,075

Grand

Canyon

Education,

Inc.

k

$

152,489

2,405

Hilton

Worldwide

Holdings,

Inc.

554,353

2,652

Home

Depot,

Inc.

1,074,590

2,092

Lowe's

Companies,

Inc.

566,618

944

Lululemon

Athletica,

Inc.

k

256,154

1,163

McDonald's

Corporation

354,145

67

NVR,

Inc.

k

657,391

288

O'Reilly

Automotive,

Inc.

k

331,661

74

Ross

Stores,

Inc.

11,138

5,564

SharkNinja,

Inc.

604,862

3,197

Sony

Group

Corporation

ADR

f

308,734

10,001

Stoneridge,

Inc.

k

111,911

4,407

Tesla,

Inc.

k

1,153,003

1,383

Texas

Roadhouse,

Inc.

244,238

5,172

Wyndham

Hotels

&

Resorts,

Inc.

404,140

11,089

Yum

China

Holding,

Inc.

499,227

Total

15,245,103

Consumer

Staples  1.7%

4,402

Altria

Group,

Inc.

224,678

4,799

BJ's

Wholesale

Club

Holdings,

Inc.

k

395,822

565

Casey's

General

Stores,

Inc.

212,276

3,956

Coca-Cola

Company

284,278

477

Colgate-Palmolive

Company

49,517

107

Costco

Wholesale

Corporation

94,858

30,691

Coty,

Inc.

k

288,189

1,330

e.l.f.

Beauty,

Inc.

k

145,010

1,466

J

&

J

Snack

Foods

Corporation

252,328

2,424

J.M.

Smucker

Company

293,546

2,655

John

B.

Sanfilippo

&

Son,

Inc.

250,393

19,933

Kenvue,

Inc.

461,050

426

Keurig

Dr

Pepper,

Inc.

15,967

4,241

Lamb

Weston

Holdings,

Inc.

274,562

1,379

Lancaster

Colony

Corporation

243,490

10,213

Philip

Morris

International,

Inc.

1,239,858

3,451

Pilgrim's

Pride

Corporation

k

158,919

1,520

Procter

&

Gamble

Company

263,264

6,705

Sysco

Corporation

523,392

3,233

Turning

Point

Brands,

Inc.

139,504

3,554

Tyson

Foods,

Inc.

211,676

14,161

Walmart,

Inc.

1,143,501

Total

7,166,078

Energy  1.5%

1,170

Archrock,

Inc.

23,681

2,667

Baker

Hughes

Company

96,412

403

Civitas

Resources,

Inc.

20,420

5,491

ConocoPhillips

578,093

18,186

Devon

Energy

Corporation

711,436

18,841

Enterprise

Products

Partners,

LP

548,462

2,913

EOG

Resources,

Inc.

358,095

8,272

Expand

Energy

Corporation

680,372

11,114

Exxon

Mobil

Corporation

1,302,783

20,439

Halliburton

Company

593,753

1,907

Marathon

Petroleum

Corporation

310,669

2,669

Matador

Resources

Company

131,902

4,473

Noble

Corporation

plc

161,654

22,354

NOV,

Inc.

356,993

1,638

Schlumberger

NV

68,714

3,520

Shell

plc

ADR

232,144

6,064

TechnipFMC

plc

159,059

400

Williams

Companies,

Inc.

18,260

Total

6,352,902

Shares

Common

Stock  34.3%

Value

Financials  4.9%

1,545

Allstate

Corporation

$

293,009

12,382

Ally

Financial,

Inc.

440,675

1,157

American

Express

Company

313,778

4,866

American

International

Group,

Inc.

356,337

1,265

Ameriprise

Financial,

Inc.

594,310

4,262

Arch

Capital

Group,

Ltd.

k

476,833

26,976

Bank

of

America

Corporation

1,070,408

95

Bank

of

Marin

Bancorp

1,909

5,098

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

188,014

5,086

Bank

of

New

York

Mellon

Corporation

365,480

763

Bank

OZK

32,801

973

Berkshire

Hathaway,

Inc.

k

447,833

11,864

Bridgewater

Bancshares,

Inc.

k

168,113

933

Brookline

Bancorp,

Inc.

9,414

1,759

Brown

&

Brown,

Inc.

182,232

2,708

Capital

One

Financial

Corporation

405,469

743

Cboe

Global

Markets,

Inc.

152,218

546

Central

Pacific

Financial

Corporation

16,113

9,865

Charles

Schwab

Corporation

639,351

2,337

Chubb,

Ltd.

673,967

760

Citigroup,

Inc.

47,576

584

Community

Trust

Bancorp,

Inc.

29,002

2,899

Discover

Financial

Services

406,701

1,044

Ellington

Credit

Company

7,287

184

Enterprise

Financial

Services

Corporation

9,432

15,554

F.N.B.

Corporation

219,467

525

FactSet

Research

Systems,

Inc.

241,421

92

Federal

Agricultural

Mortgage

Corporation

17,242

188

Financial

Institutions,

Inc.

4,788

117

First

Citizens

BancShares,

Inc./NC

215,391

2,623

First

Horizon

Corporation

40,735

132

First

Mid-Illinois

Bancshares,

Inc.

5,136

847

Fiserv,

Inc.

k

152,164

387

Fulton

Financial

Corporation

7,016

5,899

Glacier

Bancorp,

Inc.

269,584

459

Great

Southern

Bancorp,

Inc.

26,305

1,412

Hanmi

Financial

Corporation

26,263

61

Hartford

Financial

Services

Group,

Inc.

7,174

450

Heritage

Financial

Corporation

9,797

487

Hometrust

Bancshares,

Inc.

16,597

433

Hope

Bancorp,

Inc.

5,439

1,900

Houlihan

Lokey,

Inc.

300,238

169

Independent

Bank

Corporation/MI

5,636

6,342

Intercontinental

Exchange,

Inc.

1,018,779

7,244

J.P.

Morgan

Chase

&

Company

1,527,470

24,102

KeyCorp

403,709

1,739

Kinsale

Capital

Group,

Inc.

809,626

2,662

Marsh

&

McLennan

Companies,

Inc.

593,866

771

Mastercard,

Inc.

380,720

5,528

MetLife,

Inc.

455,950

985

MidWestOne

Financial

Group,

Inc.

28,102

265

Moody's

Corporation

125,766

65

MSCI,

Inc.

37,891

7,726

Nasdaq,

Inc.

564,075

2,923

Northern

Trust

Corporation

263,158

1,765

OceanFirst

Financial

Corporation

32,811

532

OFG

Bancorp

23,897

5,093

PayPal

Holdings,

Inc.

k

397,407

86

PNC

Financial

Services

Group,

Inc.

15,897

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Common

Stock  34.3%

Value

Financials  4.9%

-

continued

310

Popular,

Inc.

$

31,084

1,457

Progressive

Corporation

369,728

3,349

Prosperity

Bancshares,

Inc.

241,362

6,765

Radian

Group,

Inc.

234,678

2,619

RLI

Corporation

405,893

402

S&P

Global,

Inc.

207,681

552

SEI

Investments

Company

38,193

2,263

Tradeweb

Markets,

Inc.

279,865

3,475

Triumph

Financial,

Inc.

k

276,402

159

Truist

Financial

Corporation

6,800

113

TrustCo

Bank

Corporation

NY

3,737

267

U.S.

Bancorp

12,210

3,059

Visa,

Inc.

841,072

779

Webster

Financial

Corporation

36,309

20,639

Wells

Fargo

&

Company

1,165,897

6,460

Western

Alliance

Bancorp

558,725

97

Willis

Towers

Watson

plc

28,569

5,761

Zions

Bancorp

NA

272,034

Total

20,588,018

Health

Care  4.0%

3,147

Abbott

Laboratories

358,790

1,332

AbbVie,

Inc.

263,043

3,325

Agilent

Technologies,

Inc.

493,696

695

Align

Technology,

Inc.

k

176,752

1,554

Amgen,

Inc.

500,714

3,214

AMN

Healthcare

Services,

Inc.

k

136,242

11,147

Avantor,

Inc.

k

288,373

872

Biogen,

Inc.

k

169,029

1,587

Boston

Scientific

Corporation

k

132,991

766

Charles

River

Laboratories

International,

Inc.

k

150,879

395

Chemed

Corporation

237,383

1,269

Cigna

Group

439,632

2,085

Danaher

Corporation

579,672

2,828

Edwards

Lifesciences

Corporation

k

186,620

1,451

Elevance

Health,

Inc.

754,520

1,475

Eli

Lilly

&

Company

1,306,762

2,316

Encompass

Health

Corporation

223,818

8,708

Gilead

Sciences,

Inc.

730,079

3,611

Haemonetics

Corporation

k

290,252

1,506

Humana,

Inc.

477,010

682

IDEXX

Laboratories,

Inc.

k

344,560

1,057

Intuitive

Surgical,

Inc.

k

519,272

6,242

Johnson

&

Johnson

1,011,579

2,712

Labcorp

Holdings,

Inc.

606,078

5,142

Medtronic

plc

462,934

9,309

Merck

&

Company,

Inc.

1,057,130

186

Mettler-Toledo

International,

Inc.

k

278,944

699

Molina

Healthcare,

Inc.

k

240,847

17,211

Option

Care

Health,

Inc.

k

538,704

1,123

Penumbra,

Inc.

k

218,210

2,611

Pfizer,

Inc.

75,562

1,649

Repligen

Corporation

k

245,404

6,233

Sanofi

SA

ADR

359,208

1,309

Sarepta

Therapeutics,

Inc.

k

163,481

8,917

Stevanato

Group

SPA

178,340

742

Stryker

Corporation

268,055

627

Thermo

Fisher

Scientific,

Inc.

387,843

2,953

Twist

Bioscience

Corporation

k

133,417

51

United

Therapeutics

Corporation

k

18,276

306

UnitedHealth

Group,

Inc.

178,912

795

Vertex

Pharmaceuticals,

Inc.

k

369,739

14,891

Viemed

Healthcare,

Inc.

k

109,151

4,314

Zimmer

Biomet

Holdings,

Inc.

465,696

Shares

Common

Stock  34.3%

Value

Health

Care  4.0%

-

continued

2,045

Zoetis,

Inc.

$

399,552

Total

16,527,151

Industrials  4.7%

2,862

Advanced

Drainage

Systems,

Inc.

449,792

1,203

AECOM

124,234

8,352

Air

Lease

Corporation

378,262

2,692

Amentum

Holdings,

Inc.

k

86,817

1,664

AMETEK,

Inc.

285,725

318

Armstrong

World

Industries,

Inc.

41,795

1,287

Automatic

Data

Processing,

Inc.

356,152

633

Axon

Enterprise,

Inc.

k

252,947

1,449

AZEK

Company,

Inc.

k

67,813

12,894

Badger

Infrastructure

Solutions,

Ltd.

350,558

1,904

Barrett

Business

Services,

Inc.

71,419

247

Brady

Corporation

18,928

1,838

BWX

Technologies,

Inc.

199,791

1,579

Caterpillar,

Inc.

617,578

38,251

CNH

Industrial

NV

424,586

24,281

CSX

Corporation

838,423

4,739

Dayforce,

Inc.

f,k

290,264

8,752

Delta

Air

Lines,

Inc.

444,514

6,234

ExlService

Holdings,

Inc.

k

237,827

1,786

Expeditors

International

of

Washington,

Inc.

234,680

14,692

Fastenal

Company

1,049,303

1,765

Ferguson

Enterprises,

Inc.

350,476

9,098

Flowserve

Corporation

470,276

6,187

Fluor

Corporation

k

295,182

1,678

General

Dynamics

Corporation

507,092

228

Graco,

Inc.

19,952

6,379

Helios

Technologies,

Inc.

304,278

2,419

Honeywell

International,

Inc.

500,032

7,895

Howmet

Aerospace,

Inc.

791,474

172

IES

Holdings,

Inc.

k

34,335

1,754

Ingersoll

Rand,

Inc.

172,173

2,692

Jacobs

Solutions,

Inc.

352,383

17,789

Janus

International

Group,

Inc.

k

179,847

1,983

JB

Hunt

Transport

Services,

Inc.

341,730

5,553

Knight-Swift

Transportation

Holdings,

Inc.

299,584

2,391

Korn

Ferry

179,899

1,969

L3Harris

Technologies,

Inc.

468,366

1,152

Landstar

System,

Inc.

217,578

865

Leidos

Holdings,

Inc.

140,995

1,056

Lincoln

Electric

Holdings,

Inc.

202,773

1,931

Masco

Corporation

162,088

14,412

Masterbrand,

Inc.

k

267,198

2,218

Miller

Industries,

Inc.

135,298

1,350

Moog,

Inc.

272,727

636

Northrop

Grumman

Corporation

335,853

1,346

Old

Dominion

Freight

Line,

Inc.

267,369

1,562

Owens

Corning,

Inc.

275,724

295

Parker-Hannifin

Corporation

186,387

892

Pentair

plc

87,229

1,177

Quanta

Services,

Inc.

350,923

4,351

Robert

Half,

Inc.

293,301

903

Rockwell

Automation,

Inc.

242,419

9,195

Schneider

National,

Inc.

262,425

564

Simpson

Manufacturing

Company,

Inc.

107,876

2,901

Tennant

Company

278,612

7,289

Timken

Company

614,390

1,172

Trane

Technologies

plc

455,592

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Shares

Common

Stock  34.3%

Value

Industrials  4.7%

-

continued

7,889

Uber

Technologies,

Inc.

k

$

592,937

173

Union

Pacific

Corporation

42,641

5,455

United

Parcel

Service,

Inc.

743,735

754

United

Rentals,

Inc.

610,536

292

Verisk

Analytics,

Inc.

78,244

299

Waste

Management,

Inc.

62,072

3,827

WNS

Holdings,

Ltd.

k

201,721

Total

19,577,130

Information

Technology  7.8%

582

Adobe,

Inc.

k

301,348

4,411

Advanced

Micro

Devices,

Inc.

k

723,757

3,979

Amphenol

Corporation

259,272

22,398

Apple,

Inc.

5,218,734

3,609

Applied

Materials,

Inc.

729,198

180

Arista

Networks,

Inc.

k

69,088

1,889

ASGN,

Inc.

k

176,111

2,053

Autodesk,

Inc.

k

565,560

5,525

Broadcom,

Inc.

953,062

1,882

CDW

Corporation

425,897

7,552

Ciena

Corporation

k

465,128

17,289

Cisco

Systems,

Inc.

920,121

6,213

Cohu,

Inc.

k

159,674

1,782

Datadog,

Inc.

k

205,037

5,802

DocuSign,

Inc.

k

360,246

1,860

Enphase

Energy,

Inc.

k

210,217

1,254

Fabrinet

k

296,496

4,231

Fortinet,

Inc.

k

328,114

1,439

Guidewire

Software,

Inc.

k

263,251

658

Insight

Enterprises,

Inc.

k

141,727

5,356

International

Business

Machines

Corporation

1,184,104

6,097

JFrog,

Ltd.

k

177,057

315

KLA

Corporation

243,939

760

Littelfuse,

Inc.

201,590

12,725

Microsoft

Corporation

5,475,567

733

MongoDB,

Inc.

k

198,167

691

Motorola

Solutions,

Inc.

310,694

468

NetApp,

Inc.

57,803

42,135

NVIDIA

Corporation

5,116,874

2,384

ON

Semiconductor

Corporation

k

173,102

862

Onto

Innovation,

Inc.

k

178,917

1,629

Plexus

Corporation

k

222,701

2,116

Qorvo,

Inc.

k

218,583

8,098

QUALCOMM,

Inc.

1,377,065

23

RingCentral,

Inc.

k

727

3,066

Salesforce,

Inc.

839,195

13,382

Samsung

Electronics

Company,

Ltd.

625,459

42

Semtech

Corporation

k

1,918

1,241

ServiceNow,

Inc.

k

1,109,938

2,454

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

426,186

1,606

TD

SYNNEX

Corporation

192,848

8,090

Trimble,

Inc.

k

502,308

19,454

TTM

Technologies,

Inc.

k

355,036

559

Universal

Display

Corporation

117,334

6,924

Varonis

Systems,

Inc.

k

391,206

588

VeriSign,

Inc.

k

111,696

Total

32,582,052

Materials  1.3%

1,490

Albemarle

Corporation

f

141,118

4,533

Alcoa

Corporation

174,883

Shares

Common

Stock  34.3%

Value

Materials  1.3%

-

continued

2,685

Ball

Corporation

$

182,338

1,502

Celanese

Corporation

204,212

5,847

CF

Industries

Holdings,

Inc.

501,673

4,874

Corteva,

Inc.

286,542

11

Eagle

Materials,

Inc.

3,164

4,045

Eastman

Chemical

Company

452,838

2,213

Ecolab,

Inc.

565,045

2,404

Greif,

Inc.

150,635

4,698

Ingevity

Corporation

k

183,222

16,336

Ivanhoe

Mines,

Ltd.

k

243,026

187

Linde

plc

89,173

4,797

Nucor

Corporation

721,181

3,620

Steel

Dynamics,

Inc.

456,410

14,473

Tronox

Holdings

plc

211,740

2,130

United

States

Lime

&

Minerals,

Inc.

208,016

1,471

United

States

Steel

Corporation

51,970

3,609

West

Fraser

Timber

Company,

Ltd.

351,372

Total

5,178,558

Real

Estate  1.1%

3,627

Agree

Realty

Corporation

273,222

1,389

Alexandria

Real

Estate

Equities,

Inc.

164,944

1,672

AvalonBay

Communities,

Inc.

376,618

2,275

CBRE

Group,

Inc.

k

283,192

4,348

Crown

Castle,

Inc.

515,803

20,530

Cushman

and

Wakefield

plc

k

279,824

790

EastGroup

Properties,

Inc.

147,588

402

Equinix,

Inc.

356,827

11,556

Essential

Properties

Realty

Trust,

Inc.

394,637

1,052

Extra

Space

Storage,

Inc.

189,560

19,601

Healthcare

Realty

Trust,

Inc.

355,758

9,140

National

Storage

Affiliates

Trust

440,548

741

Sabra

Health

Care

REIT,

Inc.

13,790

2,063

SBA

Communications

Corporation

496,564

909

STAG

Industrial,

Inc.

35,533

5,723

Terreno

Realty

Corporation

382,468

Total

4,706,876

Utilities  1.2%

5,369

Alliant

Energy

Corporation

325,845

701

American

Water

Works

Company,

Inc.

102,514

364

California

Water

Service

Group

19,736

9,331

CenterPoint

Energy,

Inc.

274,518

842

Clearway

Energy,

Inc.,

Class

C

25,833

1,944

Constellation

Energy

Corporation

505,479

5,222

Duke

Energy

Corporation

602,097

4,941

Entergy

Corporation

650,285

208

Evergy,

Inc.

12,898

1,610

NextEra

Energy

Partners,

LP

44,468

10,226

NiSource,

Inc.

354,331

1,532

Northwestern

Energy

Group,

Inc.

87,661

3,171

Portland

General

Electric

Company

151,891

5,831

Public

Service

Enterprise

Group,

Inc.

520,183

2,107

Spire,

Inc.

141,780

9,440

UGI

Corporation

236,189

5,145

Vistra

Energy

Corporation

609,888

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Shares

Common

Stock  34.3%

Value

Utilities  1.2%

-

continued

6,190

Xcel

Energy,

Inc.

$

404,207

Total

5,069,803

Total

Common

Stock

(cost

$95,173,560)

143,021,954

Shares

Registered

Investment

Companies  

13.1%

Value

U.S.

Affiliated  

12.6%  

2,531,500

Thrivent

Core

Emerging

Markets

Debt

Fund

21,213,972

2,754,102

Thrivent

Core

International

Equity

Fund

31,341,684

Total

52,555,656

U.S.

Unaffiliated  

0.5%  

3,584

abrdn

Asia-Pacific

Income

Fund,

Inc.

62,362

10,774

abrdn

Income

Credit

Strategies

Fund

71,324

2,000

abrdn

Total

Dynamic

Dividend

Fund

18,200

6,822

AllianceBernstein

Global

High

Income

Fund,

Inc.

77,361

10,040

Allspring

Income

Opportunities

Fund

71,585

1,230

BlackRock

Capital

Allocation

Term

Trust

20,233

1,607

BlackRock

Core

Bond

Trust

19,348

6,759

BlackRock

Corporate

High

Yield

Fund,

Inc.

67,996

8,080

BlackRock

Credit

Allocation

Income

Trust

91,142

692

BlackRock

Debt

Strategies

Fund,

Inc.

7,633

1,386

BlackRock

Enhanced

Equity

Dividend

Trust

11,989

7,310

BlackRock

Enhanced

Global

Dividend

Trust

82,311

3,981

BlackRock

Enhanced

International

Dividend

Trust

23,090

265

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

3,498

2,286

BlackRock

Income

Trust,

Inc.

28,415

3,116

BlackRock

Multi-Sector

Income

Trust

47,363

5,915

Blackstone

Strategic

Credit

2027

Term

Fund

72,873

5,639

Cornerstone

Strategic

Value

Fund,

Inc.

43,308

6,837

Eaton

Vance

Limited

Duration

Income

Fund

71,857

3,089

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

26,936

322

Invesco

Dynamic

Credit

Opportunities

Fund

h

3,354

3,300

iShares

Preferred

and

Income

Securities

ETF

f

109,659

12,530

Nuveen

Credit

Strategies

Income

Fund

72,549

5,508

Nuveen

Preferred

Income

Opportunities

Fund

44,450

6,703

PGIM

Global

High

Yield

Fund,

Inc.

85,664

6,566

PGIM

High

Yield

Bond

Fund,

Inc.

91,530

2,226

Pimco

Dynamic

Income

Fund

f

45,121

Shares

Registered

Investment

Companies  13.1%

Value

U.S.

Unaffiliated  

0.5%  -

continued

4,141

PIMCO

High

Income

Fund

$

20,705

3,003

PIMCO

Income

Strategy

Fund

II

22,883

1,943

SPDR

S&P

Biotech

ETF

f

191,968

658

Tri-Continental

Corporation

21,740

2,676

Vanguard

Short-Term

Corporate

Bond

ETF

212,528

5,433

Virtus

Convertible

&

Income

Fund

f

19,015

4,926

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

64,235

1,132

Virtus

Equity

&

Convertible

Income

Fund

26,047

11,034

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

62,232

1,294

Western

Asset

Diversified

Income

Fund

20,290

16,927

Western

Asset

High

Income

Opportunity

Fund,

Inc.

68,554

Total

2,101,348

Total

Registered

Investment

Companies

(cost

$51,612,317)

54,657,004

Shares

Collateral

Held

for

Securities

Loaned

1.1%

Value

4,783,009

Thrivent

Cash

Management

Trust

4,783,009

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,783,009)

4,783,009

Shares

Preferred

Stock

0.8%

Value

Basic

Materials  0.1%

3,654

Albemarle

Corporation,

Convertible,

7.250%

164,430

Total

164,430

Communications

Services  0.1%

7,800

AT&T,

Inc.,

4.750%

i

163,878

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

i

67,865

Total

231,743

Financials  0.5%

2,750

AEGON

Funding

Company,

LLC,

5.100%

61,187

2,700

Allstate

Corporation,

5.100%

i

66,393

2,257

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

153,453

5,075

Bank

of

America

Corporation,

4.250%

i

103,784

3,100

Bank

of

America

Corporation,

4.375%

i

65,224

1,550

Bank

of

America

Corporation,

4.750%

i

35,355

3,100

Bank

of

America

Corporation,

5.000%

i

72,571

183

Bank

of

America

Corporation,

Convertible,

7.250%

i

232,961

5,525

Capital

One

Financial

Corporation,

5.000%

i

118,511

550

Citizens

Financial

Group,

Inc.,

7.375%

i

14,861

2,875

Equitable

Holdings,

Inc.,

5.250%

f,i

66,614

4,400

J.P.

Morgan

Chase

&

Company,

4.200%

i

93,060

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

Shares

Preferred

Stock  0.8%

Value

Financials  0.5%

-

continued

3,100

J.P.

Morgan

Chase

&

Company,

4.625%

i

$

70,990

3,350

J.P.

Morgan

Chase

&

Company,

4.750%

i

79,294

3,500

KeyCorp,

6.200%

b,i

85,750

2,850

Morgan

Stanley,

4.250%

i

58,995

2,630

Morgan

Stanley,

5.850%

b,i

65,513

3,100

Morgan

Stanley,

7.125%

b,i

78,430

2,850

Public

Storage,

4.125%

i

57,770

1,300

Public

Storage,

4.625%

i

28,496

325

Public

Storage,

4.700%

i

7,303

825

Regions

Financial

Corporation,

5.700%

b,f,i

20,138

775

Synovus

Financial

Corporation,

8.397%

b,i

20,406

2,850

U.S.

Bancorp,

4.000%

i

56,288

5,000

Wells

Fargo

&

Company,

4.250%

i

101,350

3,100

Wells

Fargo

&

Company,

4.375%

i

64,356

2,400

Wells

Fargo

&

Company,

4.750%

i

52,056

239

Wells

Fargo

&

Company,

Convertible,

7.500%

i

306,446

Total

2,237,555

Technology  <0.1%

2,191

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

k

132,578

Total

132,578

Utilities  0.1%

3,900

CMS

Energy

Corporation,

4.200%

i

77,181

4,360

NextEra

Energy,

Inc.,

Convertible,

6.926%

f

205,879

328

NextEra

Energy,

Inc.,

Convertible,

7.299%

18,270

2,925

Southern

Company,

4.950%

69,439

Total

370,769

Total

Preferred

Stock

(cost

$3,257,993)

3,137,075

Shares

or

Principal

Amount

Short-Term

Investments

6.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

600,000

4.913%,

10/16/2024

l,m

598,760

900,000

4.931%,

11/8/2024

l,m

895,593

1,300,000

5.085%,

11/13/2024

l,m

1,292,818

100,000

4.675%,

11/15/2024

l,m

99,423

100,000

4.950%,

11/29/2024

l,m

99,247

Thrivent

Core

Short-Term

Reserve

Fund

2,312,485

5.250%

23,124,849

U.S.

Treasury

Bills

100,000

5.106%,

10/24/2024

l,n

99,698

Total

Short-Term

Investments

(cost

$26,201,151)

26,210,388

Total

Investments

(cost

$376,338,411)

102.5%

$427,410,812

Other

Assets

and

Liabilities,

Net

(2.5%)

(10,549,539)

Total

Net

Assets

100.0%

$416,861,273

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$67,164,340

or

16.1%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2024.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

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.

h

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

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

Defaulted

security.  Interest

is

not

being

accrued.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Balanced

Income

Plus

Portfolio

as

of

September

30,

2024

was

$249,802

or

0.06%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

35,474

Credit

Suisse

Group

AG 

1/31/2014

23,139

Pretium

Mortgage

Credit

Partners,

LLC,

6/27/2060

6/16/2021

252,133

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

x

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Balanced

Income

Plus

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,607,556

Common

Stock

1,037,670

Total

lending

$4,645,226

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,783,009

Net

amounts

due

to

counterparty

$137,783

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

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:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Balanced

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

20,726,838

–

20,726,838

–

Basic

Materials

2,252,234

–

2,252,234

–

Capital

Goods

4,962,606

–

4,962,606

–

Collateralized

Mortgage

Obligations

20,955,216

–

20,455,216

500,000

Commercial

Mortgage-Backed

Securities

2,134,822

–

2,134,822

–

Communications

Services

5,913,803

–

5,913,803

–

Consumer

Cyclical

8,103,520

–

8,103,520

–

Consumer

Non-Cyclical

8,772,406

–

8,772,406

–

Energy

6,864,377

–

6,864,377

–

Financials

22,100,487

–

22,100,487

–

Foreign

Government

131,715

–

131,715

–

Mortgage-Backed

Securities

56,416,679

–

56,416,679

–

Technology

6,739,690

–

6,739,690

–

Transportation

1,697,144

–

1,697,144

–

U.S.

Government

&

Agencies

20,673,253

–

20,673,253

–

Utilities

7,156,592

–

7,156,592

–

Common

Stock

Communications

Services

10,028,283

10,028,283

–

–

Consumer

Discretionary

15,245,103

15,245,103

–

–

Consumer

Staples

7,166,078

7,166,078

–

–

Energy

6,352,902

6,352,902

–

–

Financials

20,588,018

20,588,018

–

–

Health

Care

16,527,151

16,527,151

–

–

Industrials

19,577,130

19,226,572

350,558

–

Information

Technology

32,582,052

31,956,593

625,459

–

Materials

5,178,558

4,935,532

243,026

–

Real

Estate

4,706,876

4,706,876

–

–

Utilities

5,069,803

5,069,803

–

–

Preferred

Stock

Basic

Materials

164,430

164,430

–

–

Communications

Services

231,743

231,743

–

–

Financials

2,237,555

2,237,555

–

–

Technology

132,578

132,578

–

–

Utilities

370,769

146,620

224,149

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,101,348

2,097,994

–

3,354

Short-Term

Investments

3,085,539

–

3,085,539

–

Subtotal

Investments

in

Securities

$346,947,298

$146,813,831

$199,630,113

$503,354

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

52,555,656

Affiliated

Short-Term

Investments

23,124,849

Collateral

Held

for

Securities

Loaned

4,783,009

Subtotal

Other

Investments

$80,463,514

Total

Investments

at

Value

$427,410,812

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

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

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Balanced

Income

Plus

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

634,883

634,883

–

–

Total

Asset

Derivatives

$634,883

$634,883

$–

$–

Liability

Derivatives

Futures

Contracts

1,200,937

1,031,553

169,384

–

Total

Rate

of

Return

Swaps

45,773

–

45,773

–

Credit

Default

Swaps

14,023

–

14,023

–

Total

Liability

Derivatives

$1,260,733

$1,031,553

$229,180

$–

The

following

table

presents

Balanced

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$3,051,341

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

15

December

2024

$

1,714,495

(

$

276)

CBOT

2-Yr.

U.S.

Treasury

Note

106

December

2024

22,027,574

46,098

CBOT

5-Yr.

U.S.

Treasury

Note

53

December

2024

5,819,961

3,828

CBOT

U.S.

Long

Bond

6

December

2024

748,704

(

3,579)

CME

E-mini

S&P

500

Index

25

December

2024

7,081,656

186,157

CME

Ultra

Long

Term

U.S.

Treasury

Bond

54

December

2024

7,241,642

(

54,579)

ICE

mini

MSCI

EAFE

Index

33

December

2024

4,007,868

97,002

ICE

US

mini

MSCI

Emerging

Markets

Index

80

December

2024

4,389,002

301,798

Total

Futures

Long

Contracts

$

53,030,902

$

576,449

CME

E-mini

Russell

2000

Index

(102)

December

2024

(

$

10,982,406)

(

$

488,514)

CME

E-mini

S&P

Mid-Cap

400

Index

(41)

December

2024

(

12,463,522)

(

445,738)

CME

Euro

Foreign

Exchange

Currency

(34)

December

2024

(

4,706,896)

(

38,867)

Eurex

Euro

STOXX

50

Index

(86)

December

2024

(

4,656,419)

(

169,384)

Total

Futures

Short

Contracts

(

$

32,809,243)

($1,142,503)

Total

Futures

Contracts

$

20,221,659

($566,054)

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Balanced

Income

Plus

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$99,698

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

42,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2029

$

950,000

$

–

(

$

14,023)

(

$

14,023)

Total

Credit

Default

Swaps

$–

($14,023)

($14,023)

1

As

the

buyer

of

protection,

Balanced

Income

Plus

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Balanced

Income

Plus

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Balanced

Income

Plus

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Balanced

Income

Plus

Portfolio's

total

rate

of

return

swap

contracts

held

as

of

September

30,

2024.

Total

Rate

of

Return

Swaps                

Reference

Entity

Fund

Pays

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

499,420

(

$

45,773)

$

–

(

$

45,773)

Total

Rate

of

Return

Swaps

(

$

45,773)

$

–

($45,773)

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$20,750

$918

$1,455

$21,214

2,532

5.1%

Core

International

Equity

30,269

–

2,400

31,342

2,754

7.5

Total

U.S.

Affiliated

Registered

Investment

Companies

51,019

52,556

12.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

33,139

102,148

112,162

23,125

2,312

5.6

Total

Affiliated

Short-Term

Investments

33,139

23,125

5.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

6,134

53,993

55,344

4,783

4,783

1.1

Total

Collateral

Held

for

Securities

Loaned

6,134

4,783

1.1

Total

Value

$90,292

$80,464

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($319)

$1,320

$

–

$917

Core

International

Equity

85

3,388

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

0

(0)

–

1,078

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,995

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

30

Total

Affiliated

Income

from

Securities

Loaned,

Net

$30

Total

Value

($234)

$4,708

$

–

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

70.9%

Value

Asset-Backed

Securities  6.3%

720

East

CLO,

Ltd.

$

1,100,000

9.532%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

a,b

$

1,105,317

Affirm

Asset

Securitization

Trust

800,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

816,357

110,997

7.110%, 

11/15/2028,

Ser.

2023-X1,

Class

A

a

111,443

1,000,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

1,013,048

Anchorage

Capital

CLO

21,

Ltd.

875,000

7.944%, 

(TSFR3M

+

2.662%),

10/20/2034,

Ser.

2021-21A,

Class

C

a,b

876,686

Barings

CLO,

Ltd.

400,000

8.694%, 

(TSFR3M

+

3.412%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

a,b

401,230

Business

Jet

Securities,

LLC

619,083

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

610,088

1,114,547

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

1,148,809

CarVal

CLO,

Ltd.

1,250,000

8.982%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

1,254,948

Cascade

Funding

Mortgage

Trust,

LLC

324,718

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

320,113

Dryden

36

Senior

Loan

Fund

750,000

7.613%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

a,b

750,668

FirstKey

Homes

Trust

900,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

867,710

Hotwire

Funding,

LLC

1,000,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,025,926

HTAP

632,599

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

632,654

HTAP

Issuer

Trust

450,000

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

445,394

Madison

Park

Funding

XVIII,

Ltd.

500,000

7.444%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

500,497

MetroNet

Infrastructure

Issuer,

LLC

1,000,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

1,030,838

Neuberger

Berman

CLO,

Ltd.

1,225,000

8.563%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

1,226,215

OZLM

VIII,

Ltd.

1,000,000

7.197%, 

(TSFR3M

+

1.912%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

a,b

1,000,730

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Asset-Backed

Securities  6.3%

-

continued

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

$

697,060

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

$

703,610

Pagaya

AI

Technology

in

Housing

Trust

1,100,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

a

1,081,720

Preston

Ridge

Partners

Mortgage

Trust,

LLC

329,467

6.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

a,c

325,121

Pretium

Mortgage

Credit

Partners,

LLC

1,250,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,c

1,194,755

866,686

7.021%, 

2/25/2054,

Ser.

2024-NPL2,

Class

A1

a,c

873,520

870,304

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,c

882,395

966,468

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,c

980,794

958,105

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

*,c

928,727

1,009,331

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,c

985,467

991,278

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,c

1,003,036

Progress

Residential

Trust

1,500,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

1,454,565

RCKT

Mortgage

Trust

675,218

6.147%, 

6/25/2044,

Ser.

2024-CES4,

Class

A1A

a,c

686,031

RCO

VII

Mortgage,

LLC

753,112

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,c

758,503

Renaissance

Home

Equity

Loan

Trust

1,130,711

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

c

429,342

Saxon

Asset

Securities

Trust

399,056

3.009%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

351,461

Sculptor

CLO,

Ltd.

625,000

7.944%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

a,b

625,839

Silver

Point

CLO

2,

Ltd.

1,200,000

7.982%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

1,206,350

Stanwich

Mortgage

Loan

Company,

LLC

71,824

2.735%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a,c

72,102

Symphony

CLO

XX,

Ltd.

700,000

8.332%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

701,419

TCW

CLO,

Ltd.

750,000

6.390%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b,d

750,130

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Asset-Backed

Securities  6.3%

-

continued

Unlock

HEA

Trust

$

913,604

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

$

912,381

864,081

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

867,817

425,000

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

423,487

VCAT

Asset

Securitization,

LLC

180,073

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

a,c

179,768

Vericrest

Opportunity

Loan

Transferee

984,945

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a,c

959,203

1,193,393

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a,c

1,167,662

812,511

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a,c

770,883

231,576

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a,c

223,705

1,280,469

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,c

1,201,596

275,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

254,894

Whitebox

CLO

I,

Ltd.

250,000

6.659%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

250,357

Whitebox

CLO

III,

Ltd.

725,000

7.763%, 

(TSFR3M

+

2.462%),

10/15/2034,

Ser.

2021-3A,

Class

C

a,b

725,452

Whitebox

CLO

IV,

Ltd.

800,000

7.882%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

806,947

Wind

River

CLO,

Ltd.

725,000

7.544%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

725,513

Total

40,603,223

Basic

Materials  1.0%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

62,000

8.625%, 

6/15/2029

a

65,884

ATI,

Inc.

172,000

7.250%, 

8/15/2030

183,152

Axalta

Coating

Systems

Dutch

Holding

B

BV

105,000

7.250%, 

2/15/2031

a

112,129

Cascades,

Inc./Cascades

USA,

Inc.

210,000

5.125%, 

1/15/2026

a

207,975

Chemours

Company

288,000

5.750%, 

11/15/2028

a

273,575

Cleveland-Cliffs,

Inc.

84,000

5.875%, 

6/1/2027

84,186

160,000

4.625%, 

3/1/2029

a

151,047

76,000

4.875%, 

3/1/2031

a

70,629

76,000

6.250%, 

10/1/2040

67,945

Consolidated

Energy

Finance

SA

289,000

5.625%, 

10/15/2028

a

244,289

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Basic

Materials  1.0%

-

continued

Ecolab,

Inc.

$

119,000

2.125%, 

2/1/2032

$

103,406

First

Quantum

Minerals,

Ltd.

97,000

6.875%, 

10/15/2027

a

95,903

FMC

Corporation

77,000

5.150%, 

5/18/2026

77,704

FMG

Resources

August

2006,

Pty.

Ltd.

76,000

5.875%, 

4/15/2030

a

76,976

Glencore

Funding,

LLC

88,000

5.893%, 

4/4/2054

a

92,557

147,000

4.000%, 

3/27/2027

a

145,624

168,000

6.125%, 

10/6/2028

a

178,003

Hecla

Mining

Company

120,000

7.250%, 

2/15/2028

122,379

Hudbay

Minerals,

Inc.

127,000

4.500%, 

4/1/2026

a

125,617

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

92,000

9.000%, 

7/1/2028

a

93,012

INEOS

Finance

plc

227,000

7.500%, 

4/15/2029

a

237,189

International

Flavors

&

Fragrances,

Inc.

133,000

1.230%, 

10/1/2025

a

128,363

Mercer

International,

Inc.

93,000

5.125%, 

2/1/2029

79,345

Methanex

Corporation

117,000

5.125%, 

10/15/2027

115,773

78,000

5.250%, 

12/15/2029

e

77,002

Mineral

Resources,

Ltd.

124,000

9.250%, 

10/1/2028

a

132,034

Mosaic

Company

129,000

5.375%, 

11/15/2028

133,623

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

130,000

5.350%, 

3/15/2034

136,236

Novelis

Corporation

34,000

3.250%, 

11/15/2026

a

32,809

80,000

4.750%, 

1/30/2030

a

77,560

110,000

3.875%, 

8/15/2031

a

100,558

Nutrien,

Ltd.

188,000

4.000%, 

12/15/2026

186,603

OCI

NV

108,000

4.625%, 

10/15/2025

a

107,854

Peabody

Energy

Corporation,

Convertible

143,000

3.250%, 

3/1/2028

213,785

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

164,000

5.375%, 

11/1/2026

a

161,963

Sherwin-Williams

Company

89,000

4.800%, 

9/1/2031

90,773

Smurfit

Kappa

Treasury,

ULC

136,000

5.777%, 

4/3/2054

a

145,592

SNF

Group

SACA

286,000

3.375%, 

3/15/2030

a

257,742

SunCoke

Energy,

Inc.

309,000

4.875%, 

6/30/2029

a

280,169

Taseko

Mines,

Ltd.

162,000

8.250%, 

5/1/2030

a

170,015

Tronox,

Inc.

81,000

4.625%, 

3/15/2029

a,e

75,664

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Basic

Materials  1.0%

-

continued

United

States

Steel

Corporation

$

100,000

6.875%, 

3/1/2029

$

101,440

United

States

Steel

Corporation,

Convertible

155,000

5.000%, 

11/1/2026

413,075

Westlake

Corporation

98,000

3.600%, 

8/15/2026

96,648

Total

6,123,807

Capital

Goods  1.8%

Advanced

Drainage

Systems,

Inc.

155,000

6.375%, 

6/15/2030

a

158,328

Amcor

Finance

USA,

Inc.

88,000

5.625%, 

5/26/2033

92,635

Array

Technologies,

Inc.,

Convertible

167,000

1.000%, 

12/1/2028

123,987

Boeing

Company

88,000

6.858%, 

5/1/2054

a

96,590

266,000

5.930%, 

5/1/2060

254,793

255,000

4.875%, 

5/1/2025

254,028

166,000

2.196%, 

2/4/2026

159,856

147,000

3.250%, 

3/1/2028

138,605

145,000

5.150%, 

5/1/2030

145,348

44,000

6.528%, 

5/1/2034

a

47,224

Bombardier,

Inc.

46,000

7.875%, 

4/15/2027

a

46,129

122,000

6.000%, 

2/15/2028

a

122,806

121,000

7.250%, 

7/1/2031

a

127,919

217,000

7.000%, 

6/1/2032

a,e

226,968

Brand

Industrial

Services,

Inc.

184,000

10.375%, 

8/1/2030

a

197,037

Builders

FirstSource,

Inc.

185,000

5.000%, 

3/1/2030

a

181,429

Camelot

Return

Merger

Sub,

Inc.

114,000

8.750%, 

8/1/2028

a,e

115,359

Canpack

SA/Canpack

US,

LLC

236,000

3.875%, 

11/15/2029

a

220,981

Carrier

Global

Corporation

147,000

2.722%, 

2/15/2030

135,904

Chart

Industries,

Inc.

189,000

7.500%, 

1/1/2030

a

199,192

Clydesdale

Acquisition

Holdings,

Inc.

39,000

6.625%, 

4/15/2029

a

39,370

Crown

Cork

&

Seal

Company,

Inc.

123,000

7.375%, 

12/15/2026

129,614

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

164,000

6.625%, 

12/15/2030

a

169,100

EquipmentShare.com,

Inc.

81,000

8.625%, 

5/15/2032

a

84,977

ESAB

Corporation

64,000

6.250%, 

4/15/2029

a

65,732

Fluor

Corporation,

Convertible

339,000

1.125%, 

8/15/2029

413,919

GFL

Environmental,

Inc.

233,000

4.000%, 

8/1/2028

a

223,771

219,000

3.500%, 

9/1/2028

a

208,498

Greenbrier

Companies,

Inc.,

Convertible

218,000

2.875%, 

4/15/2028

e

239,146

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Capital

Goods  1.8%

-

continued

H&E

Equipment

Services,

Inc.

$

248,000

3.875%, 

12/15/2028

a

$

232,833

Herc

Holdings,

Inc.

49,000

5.500%, 

7/15/2027

a

48,940

124,000

6.625%, 

6/15/2029

a

128,436

Honeywell

International,

Inc.

176,000

5.250%, 

3/1/2054

183,562

Howmet

Aerospace,

Inc.

132,000

6.750%, 

1/15/2028

141,040

Huntington

Ingalls

Industries,

Inc.

147,000

4.200%, 

5/1/2030

144,555

Ingersoll

Rand,

Inc.

146,000

5.176%, 

6/15/2029

151,032

43,000

5.700%, 

8/14/2033

46,071

John

Bean

Technologies

Corporation,

Convertible

228,000

25.000%, 

5/15/2026

213,568

John

Deere

Capital

Corporation

82,000

4.700%, 

6/10/2030

84,488

172,000

4.400%, 

9/8/2031

173,215

91,000

3.900%, 

6/7/2032

88,849

46,000

5.150%, 

9/8/2033

48,585

L3Harris

Technologies,

Inc.

78,000

5.400%, 

1/15/2027

80,057

Lockheed

Martin

Corporation

120,000

5.200%, 

2/15/2064

124,209

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

48,000

6.750%, 

4/1/2032

a

49,758

MIWD

Holdco

II,

LLC

158,000

5.500%, 

2/1/2030

a

153,470

Mueller

Water

Products,

Inc.

161,000

4.000%, 

6/15/2029

a

153,572

Nesco

Holdings

II,

Inc.

185,000

5.500%, 

4/15/2029

a

170,529

New

Enterprise

Stone

and

Lime

Company,

Inc.

233,000

5.250%, 

7/15/2028

a

227,524

Northrop

Grumman

Corporation

177,000

5.200%, 

6/1/2054

180,224

42,000

4.700%, 

3/15/2033

42,628

OI

European

Group

BV

161,000

4.750%, 

2/15/2030

a

152,234

Otis

Worldwide

Corporation

122,000

2.056%, 

4/5/2025

120,307

Owens-Brockway

Glass

Container,

Inc.

140,000

6.625%, 

5/13/2027

a

140,658

Pactiv

Evergreen

Group

74,000

4.375%, 

10/15/2028

a

70,880

Parker-Hannifin

Corporation

79,000

4.250%, 

9/15/2027

79,254

Patrick

Industries,

Inc.,

Convertible

122,000

1.750%, 

12/1/2028

183,732

Republic

Services,

Inc.

79,000

3.950%, 

5/15/2028

78,575

90,000

5.000%, 

12/15/2033

92,764

Resideo

Funding,

Inc.

158,000

6.500%, 

7/15/2032

a

162,189

Reworld

Holding

Corporation

72,000

4.875%, 

12/1/2029

a

67,776

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Capital

Goods  1.8%

-

continued

Roller

Bearing

Company

of

America,

Inc.

$

217,000

4.375%, 

10/15/2029

a

$

208,185

RTX

Corporation

133,000

5.750%, 

1/15/2029

140,864

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

121,000

6.125%, 

2/1/2028

a

123,026

Smyrna

Ready

Mix

Concrete,

LLC

224,000

8.875%, 

11/15/2031

a

241,627

Spirit

AeroSystems,

Inc.

242,000

9.750%, 

11/15/2030

a

269,830

SRM

Escrow

Issuer,

LLC

140,000

6.000%, 

11/1/2028

a

140,517

Standard

Industries,

Inc./NY

76,000

4.750%, 

1/15/2028

a

74,441

76,000

3.375%, 

1/15/2031

a

67,704

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

64,000

7.250%, 

1/15/2031

a

67,795

Textron,

Inc.

147,000

3.650%, 

3/15/2027

144,709

Trane

Technologies

Financing,

Ltd.

131,000

5.100%, 

6/13/2034

136,520

TransDigm,

Inc.

272,000

7.125%, 

12/1/2031

a

287,684

227,000

6.625%, 

3/1/2032

a

236,385

Trivium

Packaging

Finance

121,000

5.500%, 

8/15/2026

a

120,529

United

Rentals

North

America,

Inc.

240,000

4.000%, 

7/15/2030

226,816

Veralto

Corporation

82,000

5.350%, 

9/18/2028

85,394

Waste

Connections,

Inc.

46,000

3.200%, 

6/1/2032

42,056

WESCO

Distribution,

Inc.

81,000

6.375%, 

3/15/2029

a

83,682

57,000

6.625%, 

3/15/2032

a

59,371

Total

11,391,894

Collateralized

Mortgage

Obligations  5.8%

A&D

Mortgage

Trust

234,643

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,c

238,503

Alternative

Loan

Trust

358,225

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

200,211

Banc

of

America

Alternative

Loan

Trust

677,102

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

605,283

Banc

of

America

Mortgage

Securities

Trust

218,788

6.397%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

206,874

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

20,143

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

19,123

CAFL

Issuer,

LLC

570,913

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,c

565,026

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Collateralized

Mortgage

Obligations  5.8%

-

continued

CHL

Mortgage

Pass-Through

Trust

$

87,588

6.402%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

$

84,581

547,893

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

246,595

CHNGE

Mortgage

Trust

931,012

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

894,203

764,602

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

762,538

819,310

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

821,622

498,248

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,c

497,128

477,249

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

481,511

518,039

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,c

515,800

CIM

Trust

903,308

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,c

911,667

Citigroup

Mortgage

Loan

Trust,

Inc.

224,663

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

219,600

49,785

6.524%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

50,349

657,939

5.206%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

590,414

COLT

Mortgage

Loan

Trust

742,575

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,c

751,955

Countrywide

Alternative

Loan

Trust

317,616

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

262,928

126,356

4.305%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

104,357

176,960

4.450%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

147,015

176,816

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

143,148

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

257,642

4.686%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

212,982

Credit

Suisse

Mortgage

Trust

433,458

6.567%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

434,341

364,490

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

317,906

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

476,939

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

436,470

Federal

Home

Loan

Mortgage

Corporation

1,126,909

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

109,129

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,316,349

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

1,295,112

1,088,348

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

905,145

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Collateralized

Mortgage

Obligations  5.8%

-

continued

$

4,031,865

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

$

326,695

41,208

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

f

287

334,043

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

7,237

360,415

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

9,695

516,850

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

f

14,163

182,122

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

f

4,623

390,333

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

f

10,268

606,726

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

f

17,413

836,903

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

70,302

519,896

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

37,543

776,371

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

33,879

Federal

National

Mortgage

Association

-

REMIC

882,049

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

883,979

627,481

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

14,706

393,996

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

9,155

552,200

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

f

8,451

438,058

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

f

11,530

1,227,506

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

34,131

849,259

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

21,894

306,762

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

7,775

776,076

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

18,282

188,400

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

f

3,191

487,223

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

14,239

173,575

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

f

5,330

334,606

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

f

4,076

800,641

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

62,620

First

Horizon

Alternative

Mortgage

Securities

Trust

106,852

7.008%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

104,979

96,215

6.158%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

89,692

Flagstar

Mortgage

Trust

344,280

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

311,681

GCAT

Trust

694,028

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

668,475

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Collateralized

Mortgage

Obligations  5.8%

-

continued

$

430,271

5.730%, 

8/25/2067,

Ser.

2022-NQM4,

Class

A3

a,c

$

428,460

294,576

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

296,923

GMAC

Mortgage

Corporation

Loan

Trust

373,532

3.868%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

319,573

Government

National

Mortgage

Association

69,377

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

f

1,071

GS

Mortgage-Backed

Securities

Trust

673,612

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

671,323

Home

RE,

Ltd.

1,000,000

9.880%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

1,041,238

850,000

8.780%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

860,667

IndyMac

IMJA

Mortgage

Loan

Trust

562,494

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

257,406

J.P.

Morgan

Mortgage

Trust

448,995

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

381,374

639,301

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

635,391

57,602

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

59,612

263,556

5.203%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

189,674

LHOME

Mortgage

Trust

600,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

609,728

500,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

509,802

Merrill

Lynch

Alternative

Note

Asset

Trust

504,227

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

181,617

MFA

Trust

1,000,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

1,013,568

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,164,489

5.429%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

958,070

NYMT

Loan

Trust

650,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,c

659,308

750,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

761,023

Preston

Ridge

Partners

Mortgage

Trust,

LLC

777,728

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

766,037

639,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

596,899

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Collateralized

Mortgage

Obligations  5.8%

-

continued

$

550,000

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,c,d,g

$

550,000

PRKCM

Trust

881,904

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

890,065

787,907

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,c

808,210

Residential

Accredit

Loans,

Inc.

Trust

273,691

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

243,295

194,319

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

157,654

195,527

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

164,232

Residential

Asset

Securitization

Trust

288,186

4.948%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

275,714

Residential

Funding

Mortgage

Security

I

Trust

450,499

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

363,528

ROC

Securities

Trust

Series

406,177

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

405,346

Saluda

Grade

Alternative

Mortgage

Trust

1,200,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

1,217,965

Sequoia

Mortgage

Trust

353,142

3.912%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

248,304

Structured

Adjustable

Rate

Mortgage

Loan

Trust

131,065

5.238%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

112,753

Toorak

Mortgage

Trust

1,000,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,c

1,013,589

Triangle

Re,

Ltd.

1,100,000

8.680%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

1,119,445

TVC

Mortgage

Trust

900,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,c

913,116

Verus

Securitization

Trust

758,427

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

683,086

496,671

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,c

500,306

WaMu

Mortgage

Pass-Through

Certificates

94,028

6.599%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

92,503

Washington

Mutual

Mortgage

Pass-Through

Certificates

239,720

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

205,369

Total

37,001,051

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Commercial

Mortgage-Backed

Securities  0.7%

BANK5

2023-5YR1

$

1,000,000

6.624%, 

4/15/2056,

Ser.

2023-5YR1,

Class

AS

b

$

1,043,842

BBCMS

Mortgage

Trust

3,982,616

1.325%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

291,904

Benchmark

Mortgage

Trust

1,000,000

6.064%, 

8/15/2057,

Ser.

2024-V9,

Class

AS

b

1,044,352

Silver

Hill

Trust

165,322

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

160,600

Velocity

Commercial

Capital

Loan

Trust

527,082

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

536,842

379,938

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

388,503

721,833

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

752,941

Total

4,218,984

Communications

Services  2.3%

AMC

Networks,

Inc.

40,000

10.250%, 

1/15/2029

a

41,106

AMC

Networks,

Inc.,

Convertible

37,000

4.250%, 

2/15/2029

a

34,040

American

Tower

Corporation

161,000

4.400%, 

2/15/2026

160,838

96,000

1.450%, 

9/15/2026

90,890

127,000

5.500%, 

3/15/2028

131,525

88,000

5.800%, 

11/15/2028

92,446

126,000

3.800%, 

8/15/2029

122,588

AT&T,

Inc.

445,000

3.550%, 

9/15/2055

325,488

288,000

4.300%, 

2/15/2030

287,650

88,000

5.400%, 

2/15/2034

92,336

Bell

Telephone

Company

of

Canada

188,000

5.550%, 

2/15/2054

196,378

87,000

5.100%, 

5/11/2033

88,893

Cable

One,

Inc.,

Convertible

113,000

1.125%, 

3/15/2028

90,923

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

319,000

5.125%, 

5/1/2027

a

313,965

34,000

5.000%, 

2/1/2028

a

33,074

460,000

4.750%, 

3/1/2030

a

423,125

224,000

4.250%, 

2/1/2031

a

197,507

109,000

4.750%, 

2/1/2032

a

96,059

250,000

4.250%, 

1/15/2034

a

205,065

CenterPoint

Energy,

Inc.,

Convertible

7,588

3.369%, 

9/15/2029

284,322

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

80,000

6.150%, 

11/10/2026

82,224

147,000

5.050%, 

3/30/2029

146,232

142,000

6.550%, 

6/1/2034

147,705

Clear

Channel

Outdoor

Holdings,

Inc.

39,000

7.875%, 

4/1/2030

a

40,782

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Communications

Services  2.3%

-

continued

Clear

Channel

Worldwide

Holdings,

Inc.

$

291,000

5.125%, 

8/15/2027

a

$

286,084

Comcast

Corporation

264,000

5.650%, 

6/1/2054

281,933

210,000

3.400%, 

4/1/2030

201,466

Crown

Castle,

Inc.

133,000

2.900%, 

3/15/2027

128,667

55,000

4.900%, 

9/1/2029

55,904

Deutsche

Telekom

International

Finance

BV

244,000

8.750%, 

6/15/2030

294,642

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

418,000

5.875%, 

8/15/2027

a

410,406

Frontier

Communications

Holdings,

LLC

147,000

5.875%, 

10/15/2027

a

147,598

76,000

8.625%, 

3/15/2031

a

81,935

GCI,

LLC

225,000

4.750%, 

10/15/2028

a

216,067

Gray

Television,

Inc.

125,000

7.000%, 

5/15/2027

a,e

122,863

217,000

10.500%, 

7/15/2029

a,e

226,648

Iliad

Holding

SASU

201,000

8.500%, 

4/15/2031

a

216,197

Intelsat

Jackson

Holdings

SA

207,000

6.500%, 

3/15/2030

a

198,052

Lamar

Media

Corporation

154,000

3.625%, 

1/15/2031

140,748

LCPR

Senior

Secured

Financing

DAC

328,000

6.750%, 

10/15/2027

a

300,129

Level

3

Financing,

Inc.

77,888

10.500%, 

4/15/2029

a

84,902

77,888

11.000%, 

11/15/2029

a

86,267

138,000

10.500%, 

5/15/2030

a

148,523

McGraw-Hill

Education,

Inc.

228,000

5.750%, 

8/1/2028

a

225,319

Meta

Platforms,

Inc.

162,000

5.550%, 

8/15/2064

173,027

87,000

3.850%, 

8/15/2032

84,574

160,000

4.750%, 

8/15/2034

163,311

News

Corporation

127,000

3.875%, 

5/15/2029

a

120,119

Nexstar

Media,

Inc.

93,000

5.625%, 

7/15/2027

a

92,119

76,000

4.750%, 

11/1/2028

a,e

72,614

Optics

Bidco

SPA

178,000

6.000%, 

9/30/2034

a

180,193

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

104,000

4.625%, 

3/15/2030

a

98,820

Paramount

Global

190,000

6.375%, 

3/30/2062

b

175,747

Playtika

Holding

Corporation

248,000

4.250%, 

3/15/2029

a

227,604

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b

49,094

132,000

5.000%, 

2/15/2029

134,706

220,000

5.300%, 

2/15/2034

223,819

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Communications

Services  2.3%

-

continued

Scripps

Escrow

II,

Inc.

$

75,000

3.875%, 

1/15/2029

a

$

55,879

Sinclair

Television

Group,

Inc.

70,000

4.125%, 

12/1/2030

a,e

54,600

Sirius

XM

Radio,

Inc.

296,000

5.000%, 

8/1/2027

a

291,198

200,000

4.000%, 

7/15/2028

a

188,689

Sprint

Capital

Corporation

286,000

6.875%, 

11/15/2028

312,260

136,000

8.750%, 

3/15/2032

168,629

Take-Two

Interactive

Software,

Inc.

108,000

5.600%, 

6/12/2034

113,315

TEGNA,

Inc.

255,000

4.625%, 

3/15/2028

243,321

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

a

195,500

T-Mobile

USA,

Inc.

89,000

5.500%, 

1/15/2055

92,194

167,000

5.250%, 

6/15/2055

166,174

165,000

3.375%, 

4/15/2029

158,360

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

246,000

4.750%, 

4/15/2028

a

228,202

Univision

Communications,

Inc.

34,000

8.500%, 

7/31/2031

a

34,076

31,000

8.000%, 

8/15/2028

a

31,696

268,000

4.500%, 

5/1/2029

a

239,411

114,000

7.375%, 

6/30/2030

a

110,329

Urban

One,

Inc.

49,000

7.375%, 

2/1/2028

a

35,369

Verizon

Communications,

Inc.

103,000

5.500%, 

2/23/2054

107,977

147,000

3.150%, 

3/22/2030

138,524

194,000

2.355%, 

3/15/2032

167,139

150,000

4.780%, 

2/15/2035

a

149,785

Viasat,

Inc.

129,000

6.500%, 

7/15/2028

a,e

101,227

Virgin

Media

Finance

plc

97,000

5.000%, 

7/15/2030

a

85,314

Virgin

Media

Secured

Finance

plc

206,000

5.500%, 

5/15/2029

a

197,574

VMED

O2

UK

Financing

I

plc

91,000

4.750%, 

7/15/2031

a

80,992

80,000

7.750%, 

4/15/2032

a

82,118

Vodafone

Group

plc

114,000

5.125%, 

6/4/2081

b

93,903

147,000

5.750%, 

6/28/2054

152,181

83,000

5.875%, 

6/28/2064

85,606

220,000

7.000%, 

4/4/2079

b

232,082

VZ

Secured

Financing

BV

253,000

5.000%, 

1/15/2032

a

232,822

Walt

Disney

Company

80,000

3.800%, 

3/22/2030

78,707

Warnermedia

Holdings,

Inc.

316,000

4.054%, 

3/15/2029

299,358

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

86,000

7.750%, 

8/15/2028

a

86,081

54,000

8.250%, 

10/1/2031

a,d

54,898

Zegona

Finance

plc

141,000

8.625%, 

7/15/2029

a

150,518

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Communications

Services  2.3%

-

continued

Ziggo

Bond

Company

BV

$

95,000

5.125%, 

2/28/2030

a,e

$

87,570

Ziggo

BV

86,000

4.875%, 

1/15/2030

a

81,719

Total

14,840,555

Consumer

Cyclical  3.2%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

111,000

4.375%, 

1/15/2028

a

107,838

59,000

5.625%, 

9/15/2029

a

59,853

Adient

Global

Holdings,

Ltd.

129,000

8.250%, 

4/15/2031

a,e

136,869

Alimentation

Couche-Tard,

Inc.

144,000

5.617%, 

2/12/2054

a

147,699

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

410,000

4.625%, 

6/1/2028

a

384,744

Allison

Transmission,

Inc.

158,000

3.750%, 

1/30/2031

a

143,653

Amazon.com,

Inc.

98,000

1.500%, 

6/3/2030

85,739

American

Axle

&

Manufacturing,

Inc.

85,000

6.875%, 

7/1/2028

84,860

225,000

5.000%, 

10/1/2029

e

206,579

American

Honda

Finance

Corporation

194,000

5.050%, 

7/10/2031

199,688

135,000

4.900%, 

1/10/2034

137,315

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

43,000

7.000%, 

4/15/2030

a,e

39,945

Arko

Corporation

185,000

5.125%, 

11/15/2029

a

171,838

Asbury

Automotive

Group,

Inc.

136,000

5.000%, 

2/15/2032

a

128,966

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

180,000

4.625%, 

8/1/2029

a

172,789

17,000

4.625%, 

4/1/2030

a

16,288

Aston

Martin

Capital

Holdings,

Ltd.

102,000

10.000%, 

3/31/2029

a

100,090

Beazer

Homes

USA,

Inc.

134,000

7.500%, 

3/15/2031

a

139,044

Best

Buy

Company,

Inc.

98,000

1.950%, 

10/1/2030

85,281

Booking

Holdings,

Inc.,

Convertible

143,000

0.750%, 

5/1/2025

319,923

Boyd

Gaming

Corporation

270,000

4.750%, 

6/15/2031

a

257,808

Boyne

USA,

Inc.

128,000

4.750%, 

5/15/2029

a

123,050

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

114,000

4.875%, 

2/15/2030

a

107,319

Burlington

Stores,

Inc.,

Convertible

156,000

2.250%, 

4/15/2025

194,298

120,000

1.250%, 

12/15/2027

169,020

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Cyclical  3.2%

-

continued

Caesars

Entertainment,

Inc.

$

276,000

4.625%, 

10/15/2029

a,e

$

262,536

97,000

6.500%, 

2/15/2032

a

100,338

Carnival

Corporation

152,000

7.625%, 

3/1/2026

a

153,407

345,000

5.750%, 

3/1/2027

a

349,400

198,000

4.000%, 

8/1/2028

a

191,232

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

39,000

5.375%, 

4/15/2027

38,890

206,000

5.250%, 

7/15/2029

202,403

Choice

Hotels

International,

Inc.

83,000

3.700%, 

12/1/2029

e

78,783

Churchill

Downs,

Inc.

107,000

4.750%, 

1/15/2028

a

104,913

116,000

6.750%, 

5/1/2031

a

119,788

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

181,000

6.750%, 

5/15/2028

a

186,566

Crocs,

Inc.

76,000

4.250%, 

3/15/2029

a

71,850

Cushman

&

Wakefield

US

Borrower,

LLC

39,000

6.750%, 

5/15/2028

a

39,354

Dana,

Inc.

78,000

5.625%, 

6/15/2028

76,477

114,000

4.250%, 

9/1/2030

102,359

117,000

4.500%, 

2/15/2032

103,761

eG

Global

Finance

plc

39,000

12.000%, 

11/30/2028

a,e

43,526

Expedia

Group,

Inc.

146,000

3.250%, 

2/15/2030

137,675

Expedia

Group,

Inc.,

Convertible

187,000

Zero

Coupon, 

2/15/2026

178,491

Ford

Motor

Company,

Convertible

332,000

Zero

Coupon, 

3/15/2026

324,862

Ford

Motor

Credit

Company,

LLC

200,000

5.850%, 

5/17/2027

203,610

168,000

2.900%, 

2/10/2029

152,496

148,000

7.122%, 

11/7/2033

160,003

Forestar

Group,

Inc.

80,000

3.850%, 

5/15/2026

a

78,220

Gap,

Inc.

56,000

3.625%, 

10/1/2029

a

50,652

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

109,000

7.750%, 

5/31/2032

a

111,550

General

Motors

Financial

Company,

Inc.

83,000

1.200%, 

10/15/2024

82,865

43,000

2.900%, 

2/26/2025

42,643

111,000

2.750%, 

6/20/2025

109,217

135,000

5.800%, 

6/23/2028

140,060

104,000

5.800%, 

1/7/2029

108,171

193,000

4.900%, 

10/6/2029

193,219

196,000

5.700%, 

9/30/2030

b,h

191,812

63,000

5.750%, 

2/8/2031

65,138

194,000

5.950%, 

4/4/2034

200,777

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

78,000

3.500%, 

3/1/2029

a

73,185

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Cyclical  3.2%

-

continued

Goodyear

Tire

&

Rubber

Company

$

78,000

4.875%, 

3/15/2027

$

76,181

185,000

5.000%, 

7/15/2029

e

170,150

Hanesbrands,

Inc.

91,000

4.875%, 

5/15/2026

a

90,202

Harley-Davidson

Financial

Services,

Inc.

134,000

5.950%, 

6/11/2029

a

137,244

Hilton

Domestic

Operating

Company,

Inc.

238,000

4.875%, 

1/15/2030

234,843

39,000

4.000%, 

5/1/2031

a

36,467

219,000

3.625%, 

2/15/2032

a

197,850

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

278,000

5.000%, 

6/1/2029

a

264,115

Home

Depot,

Inc.

81,000

5.300%, 

6/25/2054

85,128

81,000

5.400%, 

6/25/2064

85,762

137,000

3.250%, 

4/15/2032

128,200

Hyundai

Capital

America

2,000

5.500%, 

3/30/2026

a

2,030

147,000

3.000%, 

2/10/2027

a,e

142,339

89,000

6.500%, 

1/16/2029

a

95,476

International

Game

Technology

plc

193,000

5.250%, 

1/15/2029

a

192,255

Jacobs

Entertainment,

Inc.

158,000

6.750%, 

2/15/2029

a

153,665

Jaguar

Land

Rover

Automotive

plc

93,000

5.500%, 

7/15/2029

a

91,893

KB

Home

240,000

4.800%, 

11/15/2029

236,804

10,000

4.000%, 

6/15/2031

9,249

L

Brands,

Inc.

370,000

6.625%, 

10/1/2030

a

377,192

Las

Vegas

Sands

Corporation

89,000

5.900%, 

6/1/2027

91,395

Light

&

Wonder

International,

Inc.

178,000

7.250%, 

11/15/2029

a

184,163

Live

Nation

Entertainment,

Inc.

87,000

4.750%, 

10/15/2027

a

85,770

Live

Nation

Entertainment,

Inc.,

Convertible

124,000

2.000%, 

2/15/2025

e

134,123

337,000

3.125%, 

1/15/2029

e

414,422

Lowe's

Companies,

Inc.

219,000

4.500%, 

4/15/2030

221,817

Macy's

Retail

Holdings,

LLC

151,000

5.875%, 

4/1/2029

a,e

149,037

78,000

6.125%, 

3/15/2032

a

75,601

Marriott

International,

Inc./MD

83,000

4.900%, 

4/15/2029

84,699

146,000

4.625%, 

6/15/2030

147,362

Marriott

Vacations

Worldwide

Corporation,

Convertible

123,000

Zero

Coupon, 

1/15/2026

114,143

283,000

3.250%, 

12/15/2027

260,643

Mattamy

Group

Corporation

116,000

5.250%, 

12/15/2027

a

115,317

McDonald's

Corporation

94,000

4.950%, 

8/14/2033

97,694

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Cyclical  3.2%

-

continued

Melco

Resorts

Finance,

Ltd.

$

217,000

5.375%, 

12/4/2029

a

$

202,717

122,000

7.625%, 

4/17/2032

a

125,761

Meritage

Homes

Corporation,

Convertible

142,000

1.750%, 

5/15/2028

a

161,667

Michaels

Companies,

Inc.

115,000

5.250%, 

5/1/2028

a

84,883

NCL

Corporation,

Ltd.

91,000

5.875%, 

3/15/2026

a

91,006

178,000

5.875%, 

2/15/2027

a

178,630

Nordstrom,

Inc.

92,000

4.375%, 

4/1/2030

e

84,402

130,000

4.250%, 

8/1/2031

114,505

PENN

Entertainment,

Inc.

195,000

4.125%, 

7/1/2029

a,e

177,666

PetSmart,

Inc./PetSmart

Finance

Corporation

221,000

4.750%, 

2/15/2028

a

211,877

70,000

7.750%, 

2/15/2029

a

69,102

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

253,000

5.750%, 

4/15/2026

a

254,155

QVC,

Inc.

49,000

6.875%, 

4/15/2029

a

40,694

Rakuten

Group,

Inc.

117,000

11.250%, 

2/15/2027

a

127,943

140,000

9.750%, 

4/15/2029

a

152,775

Royal

Caribbean

Cruises,

Ltd.

365,000

4.250%, 

7/1/2026

a

360,881

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

33,000

6.625%, 

3/1/2030

a

32,751

SeaWorld

Parks

and

Entertainment,

Inc.

189,000

5.250%, 

8/15/2029

a

184,437

Service

Corporation

International/

US

78,000

3.375%, 

8/15/2030

70,690

Six

Flags

Entertainment

Corporation

38,000

7.250%, 

5/15/2031

a,e

39,357

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

39,000

6.625%, 

5/1/2032

a

40,389

Six

Flags

Theme

Parks,

Inc.

53,000

7.000%, 

7/1/2025

a,e

53,042

Sonic

Automotive,

Inc.

95,000

4.875%, 

11/15/2031

a

87,706

Staples,

Inc.

155,000

10.750%, 

9/1/2029

a

150,397

Station

Casinos,

LLC

216,000

4.625%, 

12/1/2031

a

200,299

Tenneco,

Inc.

258,000

8.000%, 

11/17/2028

a

239,406

Toyota

Motor

Credit

Corporation

88,000

5.550%, 

11/20/2030

94,025

87,000

4.800%, 

1/5/2034

88,710

Tractor

Supply

Company

88,000

5.250%, 

5/15/2033

91,575

Uber

Technologies,

Inc.

121,000

5.350%, 

9/15/2054

120,008

150,000

4.800%, 

9/15/2034

149,792

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Cyclical  3.2%

-

continued

Uber

Technologies,

Inc.,

Convertible

$

149,000

Zero

Coupon, 

12/15/2025

$

164,272

327,000

0.875%, 

12/1/2028

a

409,404

Vail

Resorts,

Inc.,

Convertible

155,000

Zero

Coupon, 

1/1/2026

146,087

VICI

Properties,

LP/VICI

Note

Company,

Inc.

326,000

5.750%, 

2/1/2027

a

331,618

Victoria's

Secret

&

Company

187,000

4.625%, 

7/15/2029

a

165,160

Viking

Cruises,

Ltd.

399,000

5.875%, 

9/15/2027

a

398,721

Volkswagen

Group

of

America

Finance,

LLC

56,000

3.350%, 

5/13/2025

a

55,463

Wabash

National

Corporation

117,000

4.500%, 

10/15/2028

a

107,185

Walgreens

Boots

Alliance,

Inc.

137,000

3.200%, 

4/15/2030

e

111,146

57,000

4.800%, 

11/18/2044

e

42,652

WASH

Multifamily

Acquisition,

Inc.

122,000

5.750%, 

4/15/2026

a

121,337

Wyndham

Hotels

&

Resorts,

Inc.

201,000

4.375%, 

8/15/2028

a

193,888

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

190,000

7.125%, 

2/15/2031

a

204,991

Yum!

Brands,

Inc.

272,000

4.750%, 

1/15/2030

a

268,798

ZF

North

America

Capital,

Inc.

150,000

7.125%, 

4/14/2030

a

155,485

Total

20,491,411

Consumer

Non-Cyclical  3.2%

1375209

B.C.,

Ltd.

78,000

9.000%, 

1/30/2028

a,e

77,307

AbbVie,

Inc.

220,000

5.500%, 

3/15/2064

234,904

132,000

5.350%, 

3/15/2044

139,242

AdaptHealth,

LLC

349,000

4.625%, 

8/1/2029

a

323,208

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

250,000

4.625%, 

1/15/2027

a

243,215

261,000

3.500%, 

3/15/2029

a

243,362

Altria

Group,

Inc.

88,000

6.200%, 

11/1/2028

93,684

Amgen,

Inc.

128,000

5.150%, 

3/2/2028

131,803

Anheuser-Busch

InBev

Worldwide,

Inc.

195,000

4.750%, 

1/23/2029

200,080

266,000

5.000%, 

6/15/2034

277,217

ANI

Pharmaceuticals,

Inc.,

Convertible

171,000

2.250%, 

9/1/2029

a

180,084

Archer-Daniels-Midland

Company

88,000

4.500%, 

8/15/2033

88,412

AstraZeneca

Finance,

LLC

195,000

1.750%, 

5/28/2028

180,040

131,000

5.000%, 

2/26/2034

136,804

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Non-Cyclical  3.2%

-

continued

B&G

Foods,

Inc.

$

152,000

8.000%, 

9/15/2028

a

$

159,000

BAT

Capital

Corporation

97,000

6.343%, 

8/2/2030

104,990

93,000

7.750%, 

10/19/2032

110,036

Bausch

+

Lomb

Corporation

48,000

8.375%, 

10/1/2028

a

50,760

Bausch

Health

Companies,

Inc.

124,000

5.500%, 

11/1/2025

a,e

121,137

290,000

4.875%, 

6/1/2028

a

226,925

Becton,

Dickinson

and

Company

71,000

4.693%, 

2/13/2028

71,913

147,000

2.823%, 

5/20/2030

135,620

BellRing

Brands,

Inc.

162,000

7.000%, 

3/15/2030

a

169,544

BioMarin

Pharmaceutical,

Inc.,

Convertible

267,000

1.250%, 

5/15/2027

e

253,783

Bio-Rad

Laboratories,

Inc.

133,000

3.300%, 

3/15/2027

129,803

Bristol-Myers

Squibb

Company

176,000

5.550%, 

2/22/2054

186,452

89,000

5.750%, 

2/1/2031

96,390

43,000

5.900%, 

11/15/2033

47,518

Bunge,

Ltd.

Finance

Corporation

48,000

4.650%, 

9/17/2034

47,896

Campbell

Soup

Company

286,000

5.400%, 

3/21/2034

299,913

Cargill,

Inc.

172,000

2.125%, 

11/10/2031

a

149,384

Catalent

Pharma

Solutions,

Inc.

97,000

3.125%, 

2/15/2029

a

95,283

Central

Garden

&

Pet

Company

174,000

4.125%, 

10/15/2030

161,759

Charles

River

Laboratories

International,

Inc.

94,000

4.000%, 

3/15/2031

a

86,654

Chefs'

Warehouse,

Inc.,

Convertible

126,000

2.375%, 

12/15/2028

147,414

Cheplapharm

Arzneimittel

GmbH

40,000

5.500%, 

1/15/2028

a

38,795

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

68,000

4.625%, 

11/15/2028

a

66,223

CHS/Community

Health

Systems,

Inc.

191,000

5.625%, 

3/15/2027

a

187,957

59,000

8.000%, 

12/15/2027

a

59,189

98,000

6.000%, 

1/15/2029

a

95,137

127,000

5.250%, 

5/15/2030

a

116,879

111,000

4.750%, 

2/15/2031

a

97,574

109,000

10.875%, 

1/15/2032

a

120,116

Cigna

Group

88,000

5.600%, 

2/15/2054

90,872

110,000

2.400%, 

3/15/2030

99,611

Coca-Cola

Company

88,000

5.300%, 

5/13/2054

93,732

Concentra

Escrow

Issuer

Corporation

66,000

6.875%, 

7/15/2032

a

69,400

Constellation

Brands,

Inc.

90,000

4.800%, 

1/15/2029

91,637

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Non-Cyclical  3.2%

-

continued

$

195,000

3.150%, 

8/1/2029

$

185,004

32,000

4.900%, 

5/1/2033

32,334

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

348,000

4.750%, 

1/15/2029

a

340,332

CVS

Health

Corporation

176,000

6.050%, 

6/1/2054

183,619

81,000

5.000%, 

2/20/2026

81,553

77,000

4.300%, 

3/25/2028

76,793

267,000

4.780%, 

3/25/2038

251,917

282,000

6.000%, 

6/1/2044

291,469

Diageo

Capital

plc

97,000

2.000%, 

4/29/2030

86,454

130,000

5.625%, 

10/5/2033

140,095

Edgewell

Personal

Care

Company

200,000

5.500%, 

6/1/2028

a

198,828

Eli

Lilly

&

Company

176,000

5.000%, 

2/9/2054

178,934

176,000

4.700%, 

2/27/2033

181,063

Embecta

Corporation

91,000

6.750%, 

2/15/2030

a

86,176

Encompass

Health

Corporation

101,000

4.500%, 

2/1/2028

99,134

Endo

Finance

Holdings,

Inc.

78,000

8.500%, 

4/15/2031

a,e

83,580

Energizer

Holdings,

Inc.

151,000

4.375%, 

3/31/2029

a

142,997

Envista

Holdings

Corporation,

Convertible

16,000

2.375%, 

6/1/2025

17,371

163,000

1.750%, 

8/15/2028

147,209

Fortrea

Holdings,

Inc.

70,000

7.500%, 

7/1/2030

a,e

70,460

GE

HealthCare

Technologies,

Inc.

136,000

6.377%, 

11/22/2052

159,025

General

Mills,

Inc.

35,000

4.950%, 

3/29/2033

35,902

Gilead

Sciences,

Inc.

89,000

5.250%, 

10/15/2033

93,869

HCA,

Inc.

80,000

5.950%, 

9/15/2054

84,041

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

76,000

7.875%, 

9/1/2025

a

75,718

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

144,000

4.875%, 

6/1/2029

a

90,602

Insulet

Corporation,

Convertible

374,000

0.375%, 

9/1/2026

446,369

Integer

Holdings

Corporation,

Convertible

291,000

2.125%, 

2/15/2028

458,761

Jazz

Investments

I,

Ltd.,

Convertible

520,000

2.000%, 

6/15/2026

518,180

249,000

3.125%, 

9/15/2030

a

259,333

Jazz

Securities

DAC

51,000

4.375%, 

1/15/2029

a

49,323

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

231,000

2.500%, 

1/15/2027

221,004

114,000

3.625%, 

1/15/2032

104,224

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Non-Cyclical  3.2%

-

continued

Johnson

&

Johnson

$

176,000

5.250%, 

6/1/2054

$

190,623

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

78,000

9.000%, 

2/15/2029

a

81,113

Keurig

Dr

Pepper,

Inc.

107,000

3.200%, 

5/1/2030

100,985

172,000

5.300%, 

3/15/2034

179,929

Kraft

Heinz

Foods

Company

87,000

6.750%, 

3/15/2032

98,379

Kroger

Company

80,000

4.500%, 

1/15/2029

80,820

LifePoint

Health,

Inc.

90,000

9.875%, 

8/15/2030

a

99,090

98,000

11.000%, 

10/15/2030

a

110,582

Mattel,

Inc.

272,000

3.375%, 

4/1/2026

a

265,891

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

176,000

6.250%, 

4/1/2029

a

181,338

Medtronic

Global

Holdings

SCA

86,000

4.500%, 

3/30/2033

86,479

Mozart

Debt

Merger

Sub,

Inc.

269,000

3.875%, 

4/1/2029

a

254,680

60,000

5.250%, 

10/1/2029

a

58,871

MPH

Acquisition

Holdings,

LLC

76,000

5.500%, 

9/1/2028

a

54,800

Nestle

Capital

Corporation

150,000

5.100%, 

3/12/2054

a

156,278

Newell

Brands,

Inc.

81,000

6.375%, 

9/15/2027

e

81,924

80,000

6.625%, 

9/15/2029

80,996

Novartis

Capital

Corporation

204,000

4.700%, 

9/18/2054

199,643

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

106,000

4.125%, 

4/30/2028

a

101,928

299,000

5.125%, 

4/30/2031

a,e

281,694

Owens

&

Minor,

Inc.

133,000

6.625%, 

4/1/2030

a,e

129,103

PepsiCo,

Inc.

167,000

5.250%, 

7/17/2054

176,657

Performance

Food

Group,

Inc.

117,000

4.250%, 

8/1/2029

a

111,261

Perrigo

Finance

Unlimited

Company

136,000

4.900%, 

6/15/2030

132,455

Philip

Morris

International,

Inc.

168,000

4.875%, 

2/15/2028

171,747

93,000

5.625%, 

11/17/2029

98,758

88,000

5.125%, 

2/13/2031

91,467

93,000

5.750%, 

11/17/2032

99,955

132,000

5.250%, 

2/13/2034

137,084

Post

Holdings,

Inc.

117,000

4.625%, 

4/15/2030

a

111,953

195,000

4.500%, 

9/15/2031

a

182,171

Post

Holdings,

Inc.,

Convertible

281,000

2.500%, 

8/15/2027

334,109

Roche

Holdings,

Inc.

130,000

5.218%, 

3/8/2054

a,e

136,585

93,000

1.930%, 

12/13/2028

a

85,598

136,000

2.076%, 

12/13/2031

a

117,478

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Consumer

Non-Cyclical  3.2%

-

continued

Royalty

Pharma

plc

$

222,000

1.200%, 

9/2/2025

$

215,033

123,000

5.150%, 

9/2/2029

126,160

Scotts

Miracle-Gro

Company

58,000

4.500%, 

10/15/2029

55,773

Simmons

Foods,

Inc.

318,000

4.625%, 

3/1/2029

a

301,707

Sotera

Health

Holdings,

LLC

80,000

7.375%, 

6/1/2031

a

83,081

Spectrum

Brands,

Inc.,

Convertible

163,000

3.375%, 

6/1/2029

a

168,744

Star

Parent,

Inc.

84,000

9.000%, 

10/1/2030

a

90,181

Sysco

Corporation

84,000

5.950%, 

4/1/2030

90,189

Takeda

Pharmaceutical

Company,

Ltd.

230,000

5.650%, 

7/5/2054

241,552

161,000

5.000%, 

11/26/2028

165,065

Tenet

Healthcare

Corporation

505,000

5.125%, 

11/1/2027

503,091

281,000

4.375%, 

1/15/2030

269,601

Teva

Pharmaceutical

Finance

Netherlands

III

BV

188,000

3.150%, 

10/1/2026

180,707

Topgolf

Callaway

Brands

Corporation,

Convertible

122,000

2.750%, 

5/1/2026

123,952

Unilever

Capital

Corporation

100,000

5.000%, 

12/8/2033

105,147

US

Acute

Care

Solutions,

LLC

76,000

9.750%, 

5/15/2029

a

78,718

Varex

Imaging

Corporation,

Convertible

30,000

4.000%, 

6/1/2025

29,792

Viterra

Finance

BV

178,000

3.200%, 

4/21/2031

a

162,803

Winnebago

Industries,

Inc.,

Convertible

172,000

3.250%, 

1/15/2030

a

168,646

Wyeth,

LLC

215,000

6.500%, 

2/1/2034

247,666

Zoetis,

Inc.

131,000

5.600%, 

11/16/2032

140,285

Total

20,510,648

Energy  2.8%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

164,000

5.375%, 

6/15/2029

a

162,276

Apache

Corporation

131,000

4.375%, 

10/15/2028

128,523

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

84,000

6.250%, 

4/1/2028

a

84,417

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

162,000

8.250%, 

12/31/2028

a

165,965

78,000

5.875%, 

6/30/2029

a

77,056

Baytex

Energy

Corporation

174,000

8.500%, 

4/30/2030

a

180,336

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Energy  2.8%

-

continued

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

$

124,000

7.000%, 

7/15/2029

a

$

128,909

BP

Capital

Markets

America,

Inc.

235,000

4.234%, 

11/6/2028

235,843

127,000

4.812%, 

2/13/2033

128,698

BP

Capital

Markets

plc

165,000

4.875%, 

3/22/2030

b,h

163,210

177,000

6.450%, 

12/1/2033

b,h

186,192

Buckeye

Partners,

LP

111,000

4.500%, 

3/1/2028

a

107,649

152,000

6.875%, 

7/1/2029

a

155,735

California

Resources

Corporation

93,000

8.250%, 

6/15/2029

a

94,774

Cheniere

Energy

Partners,

LP

97,000

4.500%, 

10/1/2029

95,674

97,000

3.250%, 

1/31/2032

86,739

114,000

5.950%, 

6/30/2033

120,629

Cheniere

Energy,

Inc.

77,000

5.650%, 

4/15/2034

a

79,665

Civitas

Resources,

Inc.

118,000

8.375%, 

7/1/2028

a

122,657

125,000

8.750%, 

7/1/2031

a

132,317

CNX

Resources

Corporation

101,000

6.000%, 

1/15/2029

a

101,547

CNX

Resources

Corporation,

Convertible

202,000

2.250%, 

5/1/2026

515,100

Columbia

Pipelines

Holding

Company,

LLC

78,000

6.055%, 

8/15/2026

a

79,905

175,000

6.042%, 

8/15/2028

a

182,978

Comstock

Resources,

Inc.

156,000

6.750%, 

3/1/2029

a

151,825

183,000

5.875%, 

1/15/2030

a

171,121

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

217,000

5.500%, 

6/15/2031

a

212,839

Crescent

Energy

Finance,

LLC

241,000

7.625%, 

4/1/2032

a

241,076

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

175,000

8.625%, 

3/15/2029

a

184,126

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

64,000

8.500%, 

10/1/2030

a

66,871

Diamondback

Energy,

Inc.

208,000

5.750%, 

4/18/2054

209,596

DT

Midstream,

Inc.

130,000

4.125%, 

6/15/2029

a

124,350

Enbridge,

Inc.

190,000

7.375%, 

1/15/2083

b

195,734

182,000

7.625%, 

1/15/2083

b

194,406

132,000

5.950%, 

4/5/2054

139,606

44,000

5.700%, 

3/8/2033

46,374

Enerflex,

Ltd.

58,000

9.000%, 

10/15/2027

a

59,833

Energy

Transfer,

LP

89,000

5.950%, 

5/15/2054

91,087

297,000

8.000%, 

5/15/2054

b

319,563

88,000

6.050%, 

9/1/2054

91,163

210,000

6.500%, 

11/15/2026

b,h

209,498

87,000

4.400%, 

3/15/2027

87,139

54,000

7.125%, 

5/15/2030

b,h

55,162

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Energy  2.8%

-

continued

$

87,000

6.400%, 

12/1/2030

$

94,777

90,000

5.600%, 

9/1/2034

93,503

Enterprise

Products

Operating,

LLC

115,000

5.550%, 

2/16/2055

118,796

97,000

4.150%, 

10/16/2028

96,943

215,000

8.343%, 

(TSFR3M

+

3.248%),

8/16/2077

b

214,995

EQM

Midstream

Partners,

LP

350,000

4.750%, 

1/15/2031

a

338,908

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

124,000

8.875%, 

4/15/2030

130,352

186,000

7.875%, 

5/15/2032

189,375

Harvest

Midstream

I,

LP

195,000

7.500%, 

9/1/2028

a

199,548

Hess

Midstream

Operations,

LP

175,000

4.250%, 

2/15/2030

a

167,099

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

259,000

5.750%, 

2/1/2029

a

251,966

78,000

6.000%, 

4/15/2030

a

76,029

34,000

6.250%, 

4/15/2032

a

33,093

Howard

Midstream

Energy

Partners,

LLC

217,000

7.375%, 

7/15/2032

a

224,747

ITT

Holdings,

LLC

140,000

6.500%, 

8/1/2029

a

132,629

Kinder

Morgan,

Inc.

162,000

5.950%, 

8/1/2054

168,119

Kodiak

Gas

Services,

LLC

98,000

7.250%, 

2/15/2029

a

101,420

Laredo

Petroleum,

Inc.

136,000

7.750%, 

7/31/2029

a

135,311

MEG

Energy

Corporation

110,000

5.875%, 

2/1/2029

a

107,609

MPLX,

LP

243,000

1.750%, 

3/1/2026

234,014

43,000

5.000%, 

3/1/2033

43,024

123,000

5.500%, 

6/1/2034

126,368

Nabors

Industries,

Inc.

78,000

7.375%, 

5/15/2027

a

78,174

199,000

9.125%, 

1/31/2030

a

205,228

National

Fuel

Gas

Company

195,000

5.500%, 

1/15/2026

e

196,759

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

65,000

8.125%, 

2/15/2029

a

66,648

97,000

8.375%, 

2/15/2032

a

99,964

Noble

Finance

II,

LLC

78,000

8.000%, 

4/15/2030

a

80,480

Northern

Oil

and

Gas,

Inc.

174,000

8.750%, 

6/15/2031

a

181,310

Northern

Oil

and

Gas,

Inc.,

Convertible

291,000

3.625%, 

4/15/2029

332,177

NuStar

Logistics,

LP

158,000

6.375%, 

10/1/2030

163,944

Occidental

Petroleum

Corporation

58,000

5.000%, 

8/1/2027

58,798

174,000

8.875%, 

7/15/2030

205,246

ONEOK,

Inc.

168,000

5.700%, 

11/1/2054

167,044

87,000

5.650%, 

11/1/2028

90,931

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Energy  2.8%

-

continued

$

113,000

4.750%, 

10/15/2031

$

113,000

Ovintiv,

Inc.

103,000

5.650%, 

5/15/2028

106,253

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

127,000

6.000%, 

2/15/2028

125,363

Permian

Resources

Operating,

LLC,

Convertible

88,000

3.250%, 

4/1/2028

208,701

Pioneer

Natural

Resources

Company

120,000

1.900%, 

8/15/2030

105,207

Plains

All

American

Pipeline,

LP

110,000

9.490%, 

(TSFR3M

+

4.372%),

11/1/2024

b,h

109,526

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

206,000

4.650%, 

10/15/2025

205,673

Prairie

Acquiror,

LP

130,000

9.000%, 

8/1/2029

a

134,223

Precision

Drilling

Corporation

77,000

6.875%, 

1/15/2029

a

76,840

Range

Resources

Corporation

140,000

4.750%, 

2/15/2030

a

135,045

Rockies

Express

Pipeline,

LLC

203,000

4.950%, 

7/15/2029

a

194,146

Saturn

Oil

&

Gas,

Inc.

91,000

9.625%, 

6/15/2029

a

89,902

Schlumberger

Holdings

Corporation

61,000

4.300%, 

5/1/2029

a

61,011

SM

Energy

Company

135,000

6.500%, 

7/15/2028

134,852

53,000

7.000%, 

8/1/2032

a

53,205

South

Bow

USA

Infrastructure

Holdings,

LLC

46,000

5.584%, 

10/1/2034

a

46,442

Southwestern

Energy

Company

135,000

4.750%, 

2/1/2032

129,144

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

78,000

5.875%, 

3/1/2027

77,867

Suncor

Energy,

Inc.

87,000

7.150%, 

2/1/2032

98,155

Sunoco,

LP

234,000

7.000%, 

5/1/2029

a

244,487

Sunoco,

LP/Sunoco

Finance

Corporation

114,000

5.875%, 

3/15/2028

114,570

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

209,000

5.500%, 

1/15/2028

a

202,349

117,000

7.375%, 

2/15/2029

a

118,319

Talos

Production,

Inc.

83,000

9.000%, 

2/1/2029

a

85,462

Targa

Resources

Partners,

LP

233,000

4.875%, 

2/1/2031

231,285

Teine

Energy,

Ltd.

190,000

6.875%, 

4/15/2029

a

187,059

TGNR

Intermediate

Holdings,

LLC

185,000

5.500%, 

10/15/2029

a

175,772

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Energy  2.8%

-

continued

TotalEnergies

Capital

SA

$

264,000

5.488%, 

4/5/2054

$

272,829

TransCanada

Trust

313,000

5.875%, 

8/15/2076

b

310,758

Transocean,

Inc.

61,200

8.750%, 

2/15/2030

a

63,809

UGI

Corporation,

Convertible

108,000

5.000%, 

6/1/2028

a

114,863

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

138,000

7.125%, 

3/15/2029

a

142,133

Valaris,

Ltd.

172,000

8.375%, 

4/30/2030

a

177,161

Venture

Global

Calcasieu

Pass,

LLC

273,000

3.875%, 

8/15/2029

a

257,994

160,000

4.125%, 

8/15/2031

a

148,757

Venture

Global

LNG,

Inc.

290,000

8.125%, 

6/1/2028

a

302,331

118,000

9.000%, 

9/30/2029

a,b,h

119,608

355,000

8.375%, 

6/1/2031

a

374,854

170,000

9.875%, 

2/1/2032

a

188,903

Viridien

SA

39,000

8.750%, 

4/1/2027

a

38,008

Williams

Companies,

Inc.

164,000

4.900%, 

3/15/2029

166,630

98,000

2.600%, 

3/15/2031

86,600

Total

17,902,587

Financials  8.3%

Acrisure,

LLC/Acrisure

Finance,

Inc.

54,000

4.250%, 

2/15/2029

a

51,013

76,000

7.500%, 

11/6/2030

a

78,211

AerCap

Holdings

NV

200,000

5.875%, 

10/10/2079

b

199,996

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

150,000

6.950%, 

3/10/2055

b

155,518

150,000

6.500%, 

7/15/2025

151,533

150,000

5.750%, 

6/6/2028

156,336

254,000

3.000%, 

10/29/2028

239,938

Agree,

LP

91,000

5.625%, 

6/15/2034

95,198

Air

Lease

Corporation

114,000

2.300%, 

2/1/2025

112,870

180,000

4.650%, 

6/15/2026

b,h

175,462

98,000

3.125%, 

12/1/2030

89,677

Aircastle,

Ltd.

205,000

5.250%, 

6/15/2026

a,b,h

203,461

98,000

2.850%, 

1/26/2028

a

91,669

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

78,000

4.250%, 

10/15/2027

a

74,670

92,000

6.750%, 

4/15/2028

a

93,490

108,000

7.000%, 

1/15/2031

a

110,980

Ally

Financial,

Inc.

255,000

4.700%, 

5/15/2026

b,h

222,217

254,000

8.000%, 

11/1/2031

287,558

122,000

6.700%, 

2/14/2033

124,769

American

Express

Company

190,000

3.550%, 

9/15/2026

b,h

180,059

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

$

5,000

6.338%, 

10/30/2026

b

$

5,099

222,000

2.550%, 

3/4/2027

214,317

American

Homes

4

Rent,

LP

97,000

2.375%, 

7/15/2031

83,311

American

International

Group,

Inc.

176,000

5.125%, 

3/27/2033

181,375

AmWINS

Group,

Inc.

65,000

6.375%, 

2/15/2029

a

66,586

192,000

4.875%, 

6/30/2029

a

184,108

Aon

North

America,

Inc.

176,000

5.750%, 

3/1/2054

186,443

Apollo

Debt

Solutions

BDC

137,000

6.700%, 

7/29/2031

a,e

141,139

Arbor

Realty

Trust,

Inc.,

Convertible

17,000

7.500%, 

8/1/2025

17,276

Ares

Capital

Corporation

57,000

4.250%, 

3/1/2025

56,755

191,000

2.150%, 

7/15/2026

181,503

108,000

5.875%, 

3/1/2029

110,595

Ares

Strategic

Income

Fund

120,000

5.600%, 

2/15/2030

a,d

119,051

Arthur

J.

Gallagher

&

Company

132,000

5.750%, 

7/15/2054

137,785

Assurant,

Inc.

128,000

6.100%, 

2/27/2026

129,428

Aviation

Capital

Group,

LLC

96,000

4.875%, 

10/1/2025

a

95,902

Avolon

Holdings

Funding,

Ltd.

195,000

4.250%, 

4/15/2026

a

192,983

180,000

5.750%, 

3/1/2029

a

185,550

Banco

Santander

Mexico

SA

67,000

5.375%, 

4/17/2025

a

67,100

Banco

Santander

SA

82,000

4.750%, 

11/12/2026

b,e,h

78,062

Bank

of

America

Corporation

160,000

6.100%, 

3/17/2025

b,h

160,221

279,000

1.319%, 

6/19/2026

b

272,127

225,000

6.125%, 

4/27/2027

b,h

230,063

145,000

1.734%, 

7/22/2027

b

138,430

186,000

4.376%, 

4/27/2028

b

186,295

294,000

3.593%, 

7/21/2028

b

288,585

127,000

4.948%, 

7/22/2028

b

129,232

145,000

5.819%, 

9/15/2029

b

152,596

392,000

3.974%, 

2/7/2030

b

385,174

328,000

2.687%, 

4/22/2032

b

292,533

144,000

2.572%, 

10/20/2032

b

126,264

179,000

2.972%, 

2/4/2033

b

160,302

134,000

5.468%, 

1/23/2035

b

140,915

339,000

5.425%, 

8/15/2035

b

347,510

92,000

3.846%, 

3/8/2037

b

85,044

Bank

of

Montreal

130,000

5.203%, 

2/1/2028

134,054

92,000

3.088%, 

1/10/2037

b

79,394

Bank

of

New

York

Mellon

Corporation

95,000

6.317%, 

10/25/2029

b

102,186

127,000

4.596%, 

7/26/2030

b

128,848

91,000

6.474%, 

10/25/2034

b

102,849

Bank

of

Nova

Scotia

110,000

4.900%, 

6/4/2025

b,h

108,500

Barclays

plc

124,000

6.125%, 

12/15/2025

b,h

123,582

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

$

134,000

2.852%, 

5/7/2026

b

$

132,238

85,000

5.501%, 

8/9/2028

b

87,196

145,000

4.972%, 

5/16/2029

b

146,613

200,000

4.942%, 

9/10/2030

b

201,653

110,000

6.224%, 

5/9/2034

b

118,510

88,000

7.119%, 

6/27/2034

b

97,991

BlackRock

Funding,

Inc.

88,000

5.250%, 

3/14/2054

91,184

Blackstone

Mortgage

Trust,

Inc.,

Convertible

26,000

5.500%, 

3/15/2027

24,635

Blue

Owl

Capital

Corporation

II

86,000

8.450%, 

11/15/2026

a

90,296

Blue

Owl

Credit

Income

Corporation

136,000

4.700%, 

2/8/2027

133,443

Blue

Owl

Technology

Finance

Corporation

48,000

4.750%, 

12/15/2025

a

47,348

147,000

3.750%, 

6/17/2026

a

141,474

Blue

Owl

Technology

Finance

Corporation

II

44,000

6.750%, 

4/4/2029

a

44,206

BNP

Paribas

SA

141,000

2.819%, 

11/19/2025

a,b

140,461

122,000

3.132%, 

1/20/2033

a,b

108,928

BPCE

SA

114,000

2.375%, 

1/14/2025

a

113,071

Brixmor

Operating

Partnership,

LP

159,000

2.250%, 

4/1/2028

146,605

Burford

Capital

Global

Finance,

LLC

186,000

9.250%, 

7/1/2031

a

200,155

Camden

Property

Trust

84,000

4.900%, 

1/15/2034

84,525

Canadian

Imperial

Bank

of

Commerce

80,000

5.926%, 

10/2/2026

82,656

Capital

One

Financial

Corporation

110,000

3.950%, 

9/1/2026

b,h

103,636

135,000

3.273%, 

3/1/2030

b

126,926

Capital

One

NA

171,000

2.280%, 

1/28/2026

b

169,316

Castlelake

Aviation

Finance

DAC

75,000

5.000%, 

4/15/2027

a

75,192

Centene

Corporation

361,000

3.000%, 

10/15/2030

323,177

176,000

2.625%, 

8/1/2031

150,915

Charles

Schwab

Corporation

290,000

5.375%, 

6/1/2025

b,h

289,514

169,000

0.900%, 

3/11/2026

160,988

240,000

4.000%, 

6/1/2026

b,h

230,205

84,000

5.875%, 

8/24/2026

86,429

126,000

2.000%, 

3/20/2028

117,412

87,000

6.136%, 

8/24/2034

b

95,105

Citigroup,

Inc.

325,000

3.875%, 

2/18/2026

b,h

312,805

338,000

1.122%, 

1/28/2027

b

323,365

194,000

1.462%, 

6/9/2027

b

184,830

172,000

3.070%, 

2/24/2028

b

167,168

90,000

7.375%, 

5/15/2028

b,h

94,479

175,000

7.625%, 

11/15/2028

b,h

186,965

391,000

4.075%, 

4/23/2029

b

387,164

107,000

7.125%, 

8/15/2029

b,h

111,381

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

$

87,000

6.174%, 

5/25/2034

b

$

92,829

150,000

7.000%, 

8/15/2034

b,h

160,516

Citizens

Financial

Group,

Inc.

205,000

4.000%, 

10/6/2026

b,h

193,754

72,000

5.718%, 

7/23/2032

b

74,668

CNA

Financial

Corporation

176,000

5.125%, 

2/15/2034

179,977

Coinbase

Global,

Inc.,

Convertible

205,000

0.500%, 

6/1/2026

200,592

283,000

0.250%, 

4/1/2030

a

255,973

Comerica,

Inc.

120,000

5.625%, 

7/1/2025

b,h

119,217

48,000

5.982%, 

1/30/2030

b

49,482

Commonwealth

Bank

of

Australia

117,000

2.688%, 

3/11/2031

a

103,008

Cooperatieve

Rabobank

UA

111,000

1.339%, 

6/24/2026

a,b

108,179

COPT

Defense

Properties,

LP

192,000

2.250%, 

3/15/2026

185,446

COPT

Defense

Properties,

LP,

Convertible

69,000

5.250%, 

9/15/2028

a

79,419

Corebridge

Financial,

Inc.

173,000

6.375%, 

9/15/2054

b

174,780

136,000

6.875%, 

12/15/2052

b

140,782

87,000

6.050%, 

9/15/2033

92,758

100,000

5.750%, 

1/15/2034

105,401

Credit

Acceptance

Corporation

146,000

9.250%, 

12/15/2028

a

156,133

Credit

Agricole

SA

98,000

3.250%, 

1/14/2030

a

90,850

Credit

Suisse

Group

AG

110,000

7.250%, 

12/29/2049

*,i

11,000

110,000

7.500%, 

12/29/2049

*,i

11,000

Dai-ichi

Life

Insurance

Company,

Ltd.

243,000

5.100%, 

10/28/2024

a,b,h

242,871

Deutsche

Bank

AG/New

York,

NY

332,000

2.129%, 

11/24/2026

b

321,504

150,000

2.311%, 

11/16/2027

b

142,704

124,000

6.819%, 

11/20/2029

b

133,482

136,000

3.742%, 

1/7/2033

b

119,033

Discover

Bank

196,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

202,393

Discover

Financial

Services

46,000

6.700%, 

11/29/2032

50,540

Diversified

Healthcare

Trust

93,000

Zero

Coupon, 

1/15/2026

a

85,614

Drawbridge

Special

Opportunities

Fund,

LP

264,000

3.875%, 

2/15/2026

a

257,218

Elevance

Health,

Inc.

176,000

5.650%, 

6/15/2054

185,734

257,000

2.550%, 

3/15/2031

230,048

Encore

Capital

Group,

Inc.,

Convertible

205,000

4.000%, 

3/15/2029

206,537

Extra

Space

Storage,

LP

84,000

5.900%, 

1/15/2031

89,103

96,000

2.400%, 

10/15/2031

82,588

Fairfax

Financial

Holdings,

Ltd.

132,000

6.350%, 

3/22/2054

a

141,069

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

Federal

Realty

OP,

LP,

Convertible

$

119,000

3.250%, 

1/15/2029

a

$

125,565

Fifth

Third

Bancorp

225,000

4.500%, 

9/30/2025

b,h

222,413

86,000

4.772%, 

7/28/2030

b

86,664

Fifth

Third

Bank

NA

237,000

3.850%, 

3/15/2026

234,474

First

Horizon

Bank

146,000

5.750%, 

5/1/2030

e

148,242

FirstCash,

Inc.

190,000

5.625%, 

1/1/2030

a

188,258

Five

Corners

Funding

Trust

III

100,000

5.791%, 

2/15/2033

a

107,304

Fortress

Transportation

and

Infrastructure

Investors,

LLC

79,000

5.500%, 

5/1/2028

a

78,670

145,000

7.000%, 

5/1/2031

a

152,831

108,000

7.000%, 

6/15/2032

a

113,368

Freedom

Mortgage

Corporation

79,000

7.625%, 

5/1/2026

a

79,705

Freedom

Mortgage

Holdings,

LLC

176,000

9.250%, 

2/1/2029

a

182,942

76,000

9.125%, 

5/15/2031

a

78,136

FS

KKR

Capital

Corporation

96,000

3.400%, 

1/15/2026

93,589

97,000

2.625%, 

1/15/2027

e

91,230

GGAM

Finance,

Ltd.

81,000

8.000%, 

6/15/2028

a

86,820

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

239,000

3.750%, 

12/15/2027

a

222,793

goeasy,

Ltd.

128,000

9.250%, 

12/1/2028

a

137,813

79,000

7.625%, 

7/1/2029

a

81,845

Goldman

Sachs

BDC,

Inc.

80,000

6.375%, 

3/11/2027

82,460

Goldman

Sachs

Group,

Inc.

183,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2025

b,h

183,525

111,000

3.500%, 

4/1/2025

110,313

166,000

0.855%, 

2/12/2026

b

163,344

124,000

3.650%, 

8/10/2026

b,h

117,544

188,000

4.125%, 

11/10/2026

b,h

180,087

173,000

1.948%, 

10/21/2027

b

164,923

92,000

2.640%, 

2/24/2028

b

88,429

185,000

4.482%, 

8/23/2028

b

185,978

196,000

3.814%, 

4/23/2029

b

192,157

98,000

3.800%, 

3/15/2030

95,338

98,000

2.615%, 

4/22/2032

b

86,604

97,000

2.383%, 

7/21/2032

b

84,123

98,000

6.125%, 

11/10/2034

b,h

98,425

165,000

5.330%, 

7/23/2035

b

170,921

Hartford

Financial

Services

Group,

Inc.

98,000

2.800%, 

8/19/2029

91,381

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

20,000

Zero

Coupon, 

5/1/2025

a

21,190

81,000

3.750%, 

8/15/2028

a

111,496

Health

Care

Service

Corporation

134,000

5.450%, 

6/15/2034

a

139,351

HSBC

Holdings

plc

141,000

2.633%, 

11/7/2025

b

140,579

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

$

273,000

4.583%, 

6/19/2029

b

$

273,350

117,000

2.804%, 

5/24/2032

b

103,519

HUB

International,

Ltd.

225,000

7.250%, 

6/15/2030

a

234,423

Huntington

Bancshares,

Inc./OH

260,000

4.450%, 

10/15/2027

b,h

247,998

214,000

5.709%, 

2/2/2035

b

222,786

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

125,000

6.250%, 

5/15/2026

124,025

214,000

5.250%, 

5/15/2027

205,064

ING

Groep

NV

200,000

1.726%, 

4/1/2027

b

191,937

100,000

6.083%, 

9/11/2027

b

103,075

Intercontinental

Exchange,

Inc.

137,000

4.350%, 

6/15/2029

138,099

Intesa

Sanpaolo

SPA

97,000

4.198%, 

6/1/2032

a,b

86,449

Invitation

Homes

Operating

Partnership,

LP

145,000

2.000%, 

8/15/2031

121,698

J.P.

Morgan

Chase

&

Company

136,000

4.600%, 

2/1/2025

b,h

134,820

114,000

4.000%, 

4/1/2025

b,h

112,486

190,000

3.650%, 

6/1/2026

b,h

183,814

277,000

1.045%, 

11/19/2026

b

266,178

195,000

1.578%, 

4/22/2027

b

186,804

294,000

4.005%, 

4/23/2029

b

290,863

97,000

2.069%, 

6/1/2029

b

89,743

392,000

4.493%, 

3/24/2031

b

394,102

92,000

2.963%, 

1/25/2033

b

82,791

83,000

4.912%, 

7/25/2033

b

84,774

94,000

5.717%, 

9/14/2033

b

99,665

83,000

5.350%, 

6/1/2034

b

86,852

98,000

6.254%, 

10/23/2034

b

108,995

44,000

5.336%, 

1/23/2035

b

45,991

147,000

5.766%, 

4/22/2035

b

158,410

J.P.

Morgan

Chase

Bank

NA

158,000

5.110%, 

12/8/2026

161,553

Jane

Street

Group/JSG

Finance,

Inc.

123,000

4.500%, 

11/15/2029

a

118,390

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

78,000

5.000%, 

8/15/2028

a

74,163

Jefferson

Capital

Holdings,

LLC

65,000

6.000%, 

8/15/2026

a

65,007

162,000

9.500%, 

2/15/2029

a

172,966

KeyBank

NA/Cleveland,

OH

147,000

3.900%, 

4/13/2029

140,593

166,000

5.000%, 

1/26/2033

164,492

Kilroy

Realty,

LP

127,000

4.250%, 

8/15/2029

121,599

63,000

6.250%, 

1/15/2036

64,505

Kite

Realty

Group,

LP,

Convertible

9,000

0.750%, 

4/1/2027

a

10,077

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

81,000

4.250%, 

2/1/2027

a

79,009

212,000

4.750%, 

6/15/2029

a

207,055

Liberty

Mutual

Group,

Inc.

44,000

4.125%, 

12/15/2051

a,b

41,624

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

Lincoln

National

Corporation

$

235,000

7.721%, 

(TSFR3M

+

2.619%),

11/18/2024

b

$

186,919

Lloyds

Banking

Group

plc

310,000

1.627%, 

5/11/2027

b

296,206

M&T

Bank

Corporation

290,000

3.500%, 

9/1/2026

b,h

257,455

Macquarie

Airfinance

Holdings,

Ltd.

134,000

6.400%, 

3/26/2029

a

139,466

96,000

5.150%, 

3/17/2030

a

96,209

37,000

6.500%, 

3/26/2031

a

39,057

Macquarie

Group,

Ltd.

195,000

1.629%, 

9/23/2027

a,b

184,416

Manufacturers

&

Traders

Trust

Company

177,000

4.700%, 

1/27/2028

177,932

Marsh

&

McLennan

Companies,

Inc.

88,000

2.375%, 

12/15/2031

77,012

MetLife,

Inc.

240,000

3.850%, 

9/15/2025

b,h

236,125

130,000

5.875%, 

3/15/2028

b,h

132,283

182,000

6.400%, 

12/15/2036

192,970

Metropolitan

Life

Global

Funding

I

159,000

2.950%, 

4/9/2030

a

148,265

Mid-America

Apartments,

LP

196,000

4.200%, 

6/15/2028

195,502

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

1.538%, 

7/20/2027

b

190,395

Mizuho

Financial

Group,

Inc.

200,000

1.554%, 

7/9/2027

b

190,274

200,000

2.564%, 

9/13/2031

171,644

88,000

5.748%, 

7/6/2034

b

93,862

Molina

Healthcare,

Inc.

200,000

4.375%, 

6/15/2028

a

194,435

Morgan

Stanley

226,000

2.188%, 

4/28/2026

b

222,461

196,000

1.593%, 

5/4/2027

b

187,550

193,000

1.512%, 

7/20/2027

b

183,537

65,000

5.123%, 

2/1/2029

b

66,641

294,000

3.622%, 

4/1/2031

b

282,289

92,000

2.943%, 

1/21/2033

b

82,179

85,000

4.889%, 

7/20/2033

b

86,062

88,000

5.250%, 

4/21/2034

b

90,885

102,000

5.424%, 

7/21/2034

b

106,371

72,000

5.831%, 

4/19/2035

b

77,339

185,000

2.484%, 

9/16/2036

b

154,798

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

153,000

4.625%, 

8/1/2029

123,063

Nasdaq,

Inc.

80,000

5.350%, 

6/28/2028

83,111

Nationstar

Mortgage

Holdings,

Inc.

38,000

5.500%, 

8/15/2028

a

37,617

120,000

5.125%, 

12/15/2030

a

115,116

NatWest

Group

plc

98,000

4.892%, 

5/18/2029

b

99,020

146,000

3.754%, 

11/1/2029

b

145,777

225,000

6.475%, 

6/1/2034

b

236,771

Navient

Corporation

47,000

5.000%, 

3/15/2027

46,584

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

$

52,000

4.500%, 

9/30/2028

a

$

48,801

New

Mountain

Finance

Corporation,

Convertible

25,000

7.500%, 

10/15/2025

25,187

New

York

Life

Global

Funding

83,000

4.550%, 

1/28/2033

a

83,354

89,000

5.000%, 

1/9/2034

a

91,974

Nippon

Life

Insurance

Company

425,000

5.950%, 

4/16/2054

a,b

443,837

480,000

5.100%, 

10/16/2044

a,b

479,781

NNN

REIT,

Inc.

98,000

2.500%, 

4/15/2030

88,078

Nomura

Holdings,

Inc.

145,000

2.172%, 

7/14/2028

132,905

200,000

5.783%, 

7/3/2034

210,119

Omega

Healthcare

Investors,

Inc.

95,000

4.750%, 

1/15/2028

94,840

98,000

3.375%, 

2/1/2031

89,293

OneMain

Finance

Corporation

300,000

3.500%, 

1/15/2027

286,746

347,000

3.875%, 

9/15/2028

321,849

Panther

Escrow

Issuer,

LLC

226,000

7.125%, 

6/1/2031

a

237,053

Park

Intermediate

Holdings,

LLC

210,000

4.875%, 

5/15/2029

a

203,757

Pebblebrook

Hotel

Trust,

Convertible

369,000

1.750%, 

12/15/2026

338,373

PNC

Bank

NA

98,000

2.700%, 

10/22/2029

89,768

PNC

Financial

Services

Group,

Inc.

131,000

6.200%, 

9/15/2027

b,h

133,358

77,000

5.582%, 

6/12/2029

b

80,148

180,000

6.250%, 

3/15/2030

b,h

182,789

195,000

5.492%, 

5/14/2030

b

203,769

87,000

6.875%, 

10/20/2034

b

99,613

PRA

Group,

Inc.

123,000

8.375%, 

2/1/2028

a

127,343

Prologis

Targeted

US

Logistics

Fund,

LP

128,000

5.250%, 

4/1/2029

a

131,828

81,000

5.250%, 

1/15/2035

a

82,838

Prologis,

LP

107,000

5.250%, 

3/15/2054

108,656

Provident

Financing

Trust

I

112,000

7.405%, 

3/15/2038

120,396

Prudential

Financial,

Inc.

90,000

5.125%, 

3/1/2052

b

89,309

138,000

6.750%, 

3/1/2053

b

149,790

309,000

6.500%, 

3/15/2054

b

330,245

120,000

3.700%, 

10/1/2050

b

110,804

Realty

Income

Corporation

80,000

4.875%, 

6/1/2026

80,693

163,000

3.200%, 

1/15/2027

159,351

112,000

3.950%, 

8/15/2027

111,315

Redwood

Trust,

Inc.,

Convertible

27,000

7.750%, 

6/15/2027

26,919

Regency

Centers,

LP

135,000

5.250%, 

1/15/2034

139,354

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

Regions

Financial

Corporation

$

85,000

2.250%, 

5/18/2025

$

83,502

145,000

5.750%, 

6/15/2025

b,h

144,372

54,000

5.502%, 

9/6/2035

b

54,952

Reinsurance

Group

of

America,

Inc.

87,000

6.000%, 

9/15/2033

93,236

170,000

5.750%, 

9/15/2034

179,080

Rexford

Industrial

Realty,

LP,

Convertible

148,000

4.375%, 

3/15/2027

a

153,624

96,000

4.125%, 

3/15/2029

a,e

101,664

RGA

Global

Funding

83,000

5.500%, 

1/11/2031

a

86,751

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

39,000

4.750%, 

10/15/2027

38,524

76,000

4.500%, 

2/15/2029

a

73,536

RLJ

Lodging

Trust,

LP

70,000

4.000%, 

9/15/2029

a

64,437

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

240,000

3.625%, 

3/1/2029

a

225,666

46,000

3.875%, 

3/1/2031

a

42,354

111,000

4.000%, 

10/15/2033

a

99,155

Ryan

Specialty,

LLC

40,000

4.375%, 

2/1/2030

a

38,548

Santander

Holdings

USA,

Inc.

196,000

3.450%, 

6/2/2025

193,934

90,000

2.490%, 

1/6/2028

b

85,309

Santander

UK

Group

Holdings

plc

200,000

1.673%, 

6/14/2027

b

190,242

Service

Properties

Trust

103,000

8.375%, 

6/15/2029

102,884

127,000

8.625%, 

11/15/2031

a

138,107

Simon

Property

Group,

LP

159,000

2.650%, 

7/15/2030

145,785

87,000

6.250%, 

1/15/2034

96,190

SLM

Corporation

100,000

4.200%, 

10/29/2025

98,859

Societe

Generale

SA

141,000

2.625%, 

10/16/2024

a

140,834

133,000

1.488%, 

12/14/2026

a,b

127,391

200,000

8.500%, 

3/25/2034

a,b,h

203,579

Standard

Chartered

plc

131,000

2.608%, 

1/12/2028

a,b

125,018

111,000

5.688%, 

5/14/2028

a,b

113,988

Starwood

Property

Trust,

Inc.,

Convertible

209,000

6.750%, 

7/15/2027

223,065

State

Street

Corporation

88,000

6.700%, 

3/15/2029

b,h

91,167

91,000

4.421%, 

5/13/2033

b

90,471

Sumitomo

Life

Insurance

Company

265,000

3.375%, 

4/15/2081

a,b

239,215

Sumitomo

Mitsui

Financial

Group,

Inc.

131,000

2.174%, 

1/14/2027

125,165

200,000

5.716%, 

9/14/2028

210,012

147,000

2.142%, 

9/23/2030

128,710

132,000

5.766%, 

1/13/2033

141,933

Summit

Hotel

Properties,

Inc.,

Convertible

198,000

1.500%, 

2/15/2026

186,405

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

Synchrony

Financial

$

65,000

5.935%, 

8/2/2030

b,e

$

66,779

82,000

7.250%, 

2/2/2033

85,190

Synovus

Bank

87,000

5.625%, 

2/15/2028

87,470

Toronto-Dominion

Bank

125,000

8.125%, 

10/31/2082

b

134,102

124,000

5.523%, 

7/17/2028

129,718

91,000

4.456%, 

6/8/2032

90,408

69,000

5.146%, 

9/10/2034

b

69,659

Truist

Bank

99,000

2.250%, 

3/11/2030

87,332

Truist

Financial

Corporation

160,000

6.047%, 

6/8/2027

b

164,183

80,000

1.887%, 

6/7/2029

b

73,185

315,000

5.100%, 

3/1/2030

b,h

309,416

155,000

5.153%, 

8/5/2032

b

158,753

129,000

5.711%, 

1/24/2035

b

135,900

U.S.

Bancorp

127,000

4.548%, 

7/22/2028

b

128,001

42,000

5.836%, 

6/12/2034

b

44,844

125,000

5.678%, 

1/23/2035

b

132,500

UBS

Group

AG

200,000

4.875%, 

2/12/2027

a,b,h

191,383

191,000

3.869%, 

1/12/2029

a,b

186,884

UDR,

Inc.

193,000

3.000%, 

8/15/2031

175,913

UniCredit

SPA

76,000

5.861%, 

6/19/2032

a,b

76,475

United

Wholesale

Mortgage,

LLC

212,000

5.500%, 

4/15/2029

a

206,488

UnitedHealth

Group,

Inc.

264,000

5.375%, 

4/15/2054

274,444

185,000

4.200%, 

5/15/2032

183,546

USB

Realty

Corporation

146,000

6.710%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,h

112,896

Ventas

Realty,

LP,

Convertible

176,000

3.750%, 

6/1/2026

213,576

Vornado

Realty,

LP

58,000

3.400%, 

6/1/2031

50,003

Wells

Fargo

&

Company

280,000

3.900%, 

3/15/2026

b,h

272,134

169,000

2.188%, 

4/30/2026

b

166,248

89,000

3.526%, 

3/24/2028

b

87,315

196,000

3.584%, 

5/22/2028

b

192,199

127,000

4.808%, 

7/25/2028

b

128,483

180,000

7.625%, 

9/15/2028

b,e,h

196,026

196,000

4.478%, 

4/4/2031

b

196,222

62,000

5.389%, 

4/24/2034

b

64,306

88,000

5.557%, 

7/25/2034

b

92,327

101,000

6.491%, 

10/23/2034

b

112,864

357,000

5.499%, 

1/23/2035

b

374,239

Welltower

OP,

LLC,

Convertible

286,000

2.750%, 

5/15/2028

a

394,133

Westpac

Banking

Corporation

147,000

4.110%, 

7/24/2034

b

142,163

Willis

North

America,

Inc.

88,000

5.900%, 

3/5/2054

92,328

196,000

4.500%, 

9/15/2028

195,904

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Financials  8.3%

-

continued

XHR,

LP

$

109,000

4.875%, 

6/1/2029

a

$

104,475

Total

53,450,542

Foreign

Government  <0.1%

NBN

Company,

Ltd.

171,000

2.625%, 

5/5/2031

a

152,207

Saudi

Arabian

Oil

Company

130,000

5.750%, 

7/17/2054

a

131,628

Total

283,835

Mortgage-Backed

Securities  22.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

325,724

2.000%, 

1/1/2052

273,131

5,410,579

2.500%, 

5/1/2051

4,726,801

3,760,194

3.500%, 

5/1/2052

3,527,336

2,463,302

4.000%, 

5/1/2052

2,386,000

4,783,817

5.000%, 

7/1/2053

4,815,543

5,828,093

5.500%, 

7/1/2053

5,941,010

322,895

5.000%, 

8/1/2053

326,521

1,151,954

5.500%, 

9/1/2053

1,183,461

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

2,551,616

2.500%, 

7/1/2030

2,459,120

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

2,922,857

3.500%, 

5/1/2040

2,845,070

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

5,803,398

3.000%, 

1/1/2052

5,257,769

469,680

2.000%, 

2/1/2051

393,934

761,834

2.000%, 

2/1/2051

638,972

2,873,727

2.500%, 

2/1/2051

2,511,220

3,495,976

2.500%, 

2/1/2051

3,036,556

6,664,048

2.000%, 

3/1/2051

5,519,630

3,818,343

4.000%, 

3/1/2051

3,706,641

6,368,002

3.000%, 

3/1/2052

5,731,836

5,240,059

2.000%, 

4/1/2051

4,340,182

3,702,151

3.000%, 

4/1/2051

3,353,760

3,890,340

3.000%, 

5/1/2050

3,553,128

901,124

2.000%, 

5/1/2051

751,734

2,154,942

3.000%, 

5/1/2051

1,974,904

2,297,873

3.000%, 

6/1/2050

2,113,499

1,085,981

4.000%, 

6/1/2052

1,044,414

2,936,012

5.000%, 

6/1/2053

2,961,074

5,098,810

2.500%, 

7/1/2051

4,480,898

2,502,307

3.500%, 

7/1/2051

2,361,268

3,052,373

4.000%, 

7/1/2052

2,935,703

1,089,232

2.500%, 

8/1/2050

960,264

4,661,217

3.500%, 

8/1/2050

4,408,815

4,339,288

3.500%, 

8/1/2052

4,046,285

2,671,005

4.500%, 

8/1/2052

2,638,776

441,543

5.000%, 

8/1/2053

445,314

1,284,564

3.500%, 

9/1/2052

1,207,625

3,349,757

3.500%, 

9/1/2052

3,148,187

387,097

5.000%, 

9/1/2052

387,897

2,818,461

4.500%, 

9/1/2053

2,776,045

782,401

4.500%, 

9/1/2053

775,521

4,102,886

4.000%, 

10/1/2052

3,957,699

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Mortgage-Backed

Securities  22.0%

-

continued

$

858,498

2.000%, 

11/1/2051

$

718,358

1,674,236

3.500%, 

11/1/2052

1,576,513

3,600,354

2.000%, 

12/1/2050

3,005,874

11,925,093

4.500%, 

12/1/2052

11,835,033

150,000

5.500%, 

10/1/2041

d

151,737

400,000

4.000%, 

10/1/2048

d

384,113

1,500,000

4.500%, 

10/1/2048

d

1,474,541

1,775,000

5.000%, 

10/1/2048

d

1,773,821

1,200,000

3.500%, 

10/1/2049

d

1,117,401

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,710,438

2.500%, 

3/1/2062

4,757,875

2,206,791

3.500%, 

7/1/2061

2,019,378

2,106,229

4.000%, 

12/1/2061

2,007,504

Total

140,725,691

Technology  2.4%

Advanced

Micro

Devices,

Inc.

90,000

3.924%, 

6/1/2032

87,816

Akamai

Technologies,

Inc.,

Convertible

143,000

0.125%, 

5/1/2025

158,873

207,000

0.375%, 

9/1/2027

213,417

167,000

1.125%, 

2/15/2029

169,255

Analog

Devices,

Inc.

48,000

2.100%, 

10/1/2031

41,799

Apple,

Inc.

183,000

1.650%, 

2/8/2031

159,959

444,000

3.750%, 

9/12/2047

382,561

Automatic

Data

Processing,

Inc.

180,000

4.450%, 

9/9/2034

180,417

Block,

Inc.

266,000

6.500%, 

5/15/2032

a

276,991

Block,

Inc.,

Convertible

91,000

0.125%, 

3/1/2025

88,953

248,000

0.250%, 

11/1/2027

213,776

Boost

Newco

Borrower,

LLC

197,000

7.500%, 

1/15/2031

a

211,390

Broadcom,

Inc.

89,000

4.000%, 

4/15/2029

a

87,662

84,000

4.800%, 

10/15/2034

d

83,930

Cadence

Design

Systems,

Inc.

72,000

4.700%, 

9/10/2034

72,449

Cisco

Systems,

Inc.

176,000

5.350%, 

2/26/2064

186,898

Clarivate

Science

Holdings

Corporation

86,000

3.875%, 

7/1/2028

a

82,532

Cloud

Software

Group,

Inc.

422,000

6.500%, 

3/31/2029

a

419,876

Consensus

Cloud

Solutions,

Inc.

40,000

6.000%, 

10/15/2026

a

39,891

CoreLogic,

Inc.

48,000

4.500%, 

5/1/2028

a

45,302

CSG

Systems

International,

Inc.,

Convertible

259,000

3.875%, 

9/15/2028

258,094

Dayforce,

Inc.,

Convertible

277,000

0.250%, 

3/15/2026

e

260,242

Dell

International,

LLC/EMC

Corporation

62,000

5.300%, 

10/1/2029

64,577

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Technology  2.4%

-

continued

Dell,

Inc.

$

118,000

6.500%, 

4/15/2038

$

129,674

Dye

&

Durham,

Ltd.

121,000

8.625%, 

4/15/2029

a

128,003

Euronet

Worldwide,

Inc.,

Convertible

140,000

0.750%, 

3/15/2049

137,200

Fiserv,

Inc.

172,000

5.350%, 

3/15/2031

179,914

43,000

5.600%, 

3/2/2033

45,538

172,000

5.450%, 

3/15/2034

179,766

138,000

5.150%, 

8/12/2034

141,503

Gen

Digital,

Inc.

7,000

6.750%, 

9/30/2027

a

7,192

97,000

7.125%, 

9/30/2030

a,e

101,782

Global

Payments,

Inc.

106,000

5.950%, 

8/15/2052

109,413

52,000

2.650%, 

2/15/2025

51,512

137,000

4.950%, 

8/15/2027

139,254

98,000

3.200%, 

8/15/2029

91,813

Global

Payments,

Inc.,

Convertible

306,000

1.500%, 

3/1/2031

a

292,230

Hewlett

Packard

Enterprise

Company

115,000

4.850%, 

10/15/2031

114,762

IBM

International

Capital

Private,

Ltd.

137,000

5.300%, 

2/5/2054

138,705

II-VI,

Inc.

83,000

5.000%, 

12/15/2029

a

81,155

InterDigital,

Inc.,

Convertible

271,000

3.500%, 

6/1/2027

501,776

Iron

Mountain,

Inc.

334,000

4.875%, 

9/15/2027

a

331,484

220,000

4.500%, 

2/15/2031

a

208,691

Jabil,

Inc.

88,000

5.450%, 

2/1/2029

90,589

Marvell

Technology,

Inc.

98,000

2.950%, 

4/15/2031

88,513

Mastercard,

Inc.

90,000

2.000%, 

11/18/2031

77,774

97,000

4.875%, 

5/9/2034

100,342

Microchip

Technology,

Inc.

55,000

5.050%, 

3/15/2029

56,482

Microchip

Technology,

Inc.,

Convertible

277,000

0.750%, 

6/1/2030

a

274,646

Micron

Technology,

Inc.

101,000

5.300%, 

1/15/2031

104,946

MKS

Instruments,

Inc.,

Convertible

486,000

1.250%, 

6/1/2030

a

484,299

Moody's

Corporation

94,000

4.250%, 

8/8/2032

92,586

NCR

Atleos

Corporation

65,000

9.500%, 

4/1/2029

a

71,556

NCR

Voyix

Corporation

114,000

5.000%, 

10/1/2028

a

111,892

86,000

5.125%, 

4/15/2029

a

84,154

Neptune

Bidco

US,

Inc.

164,000

9.290%, 

4/15/2029

a

160,646

Newfold

Digital

Holdings

Group,

Inc.

48,000

11.750%, 

10/15/2028

a

47,246

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Technology  2.4%

-

continued

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

$

56,000

2.700%, 

5/1/2025

$

55,228

98,000

4.300%, 

6/18/2029

97,507

ON

Semiconductor

Corporation,

Convertible

219,000

Zero

Coupon, 

5/1/2027

320,835

174,000

0.500%, 

3/1/2029

175,914

Open

Text

Corporation

199,000

3.875%, 

12/1/2029

a

184,989

Open

Text

Holdings,

Inc.

200,000

4.125%, 

2/15/2030

a

187,732

Oracle

Corporation

163,000

5.375%, 

9/27/2054

162,900

312,000

6.900%, 

11/9/2052

376,079

93,000

6.150%, 

11/9/2029

100,607

245,000

2.950%, 

4/1/2030

227,819

133,000

6.250%, 

11/9/2032

147,165

PayPal

Holdings,

Inc.

176,000

5.500%, 

6/1/2054

185,220

Pitney

Bowes,

Inc.

40,000

6.875%, 

3/15/2027

a,e

39,756

Progress

Software

Corporation,

Convertible

114,000

1.000%, 

4/15/2026

e

141,075

53,000

3.500%, 

3/1/2030

a,e

63,680

PTC,

Inc.

69,000

4.000%, 

2/15/2028

a

66,936

RingCentral,

Inc.

167,000

8.500%, 

8/15/2030

a

178,664

Rocket

Software,

Inc.

96,000

9.000%, 

11/28/2028

a

100,184

S&P

Global,

Inc.

90,000

2.900%, 

3/1/2032

81,853

Salesforce.com,

Inc.

249,000

1.950%, 

7/15/2031

216,181

Seagate

HDD

Cayman

29,000

9.625%, 

12/1/2032

33,673

Semtech

Corporation,

Convertible

161,000

1.625%, 

11/1/2027

227,654

Sensata

Technologies

BV

85,000

4.000%, 

4/15/2029

a

81,029

Sensata

Technologies,

Inc.

44,000

3.750%, 

2/15/2031

a

40,284

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

100,000

4.625%, 

11/1/2026

a

98,969

19,000

6.750%, 

8/15/2032

a

19,837

SS&C

Technologies,

Inc.

229,000

5.500%, 

9/30/2027

a

228,901

Texas

Instruments,

Inc.

88,000

5.150%, 

2/8/2054

90,416

UKG,

Inc.

88,000

6.875%, 

2/1/2031

a

90,930

Verint

Systems,

Inc.,

Convertible

114,000

0.250%, 

4/15/2026

105,963

Verisk

Analytics,

Inc.

300,000

5.250%, 

6/5/2034

309,867

Viavi

Solutions,

Inc.

224,000

3.750%, 

10/1/2029

a

203,260

Viavi

Solutions,

Inc.,

Convertible

101,000

1.625%, 

3/15/2026

99,990

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Technology  2.4%

-

continued

Vishay

Intertechnology,

Inc.,

Convertible

$

368,000

2.250%, 

9/15/2030

$

336,904

VMware,

LLC

194,000

1.400%, 

8/15/2026

183,792

237,000

4.700%, 

5/15/2030

238,774

123,000

2.200%, 

8/15/2031

105,650

Western

Digital

Corporation,

Convertible

385,000

3.000%, 

11/15/2028

a

570,570

Xerox

Holdings

Corporation

20,000

5.000%, 

8/15/2025

a

19,815

300,000

5.500%, 

8/15/2028

a

256,140

Xerox

Holdings

Corporation,

Convertible

185,000

3.750%, 

3/15/2030

a

145,318

Xilinx,

Inc.

52,000

2.375%, 

6/1/2030

47,215

Ziff

Davis,

Inc.,

Convertible

23,000

1.750%, 

11/1/2026

21,232

99,000

3.625%, 

3/1/2028

a

94,607

Total

15,504,812

Transportation  0.6%

Air

Canada

152,000

3.875%, 

8/15/2026

a

148,015

Air

Transport

Services

Group,

Inc.,

Convertible

199,000

3.875%, 

8/15/2029

186,881

American

Airlines

Group,

Inc.

67,000

3.750%, 

3/1/2025

a

66,312

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

381,500

5.500%, 

4/20/2026

a

380,412

77,920

5.750%, 

4/20/2029

a

77,791

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

101,000

5.375%, 

3/1/2029

a,e

94,405

Burlington

Northern

Santa

Fe,

LLC

88,000

5.500%, 

3/15/2055

94,917

Canadian

Pacific

Railway

Company

185,000

1.750%, 

12/2/2026

176,018

Delta

Air

Lines,

Inc.

181,000

4.375%, 

4/19/2028

e

179,222

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

92,790

4.500%, 

10/20/2025

a

92,226

ERAC

USA

Finance,

LLC

123,000

3.850%, 

11/15/2024

a

122,765

179,000

5.200%, 

10/30/2034

a

186,622

Hawaiian

Brand

Intellectual

Property,

Ltd./HawaiianMiles

Loyalty,

Ltd.

69,300

11.000%, 

4/15/2029

a

69,577

JetBlue

Airways

Corporation,

Convertible

229,000

2.500%, 

9/1/2029

a

287,853

Mileage

Plus

Holdings,

LLC

136,401

6.500%, 

6/20/2027

a

138,096

Norfolk

Southern

Corporation

136,000

4.450%, 

3/1/2033

135,621

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Transportation  0.6%

-

continued

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

$

111,000

1.200%, 

11/15/2025

a

$

106,871

51,000

5.750%, 

5/24/2026

a

51,924

96,000

1.700%, 

6/15/2026

a

91,607

Rand

Parent,

LLC

110,000

8.500%, 

2/15/2030

a

112,183

RXO,

Inc.

111,000

7.500%, 

11/15/2027

a

114,475

Ryder

System,

Inc.

81,000

2.850%, 

3/1/2027

78,321

Southwest

Airlines

Company

100,000

5.125%, 

6/15/2027

101,844

Southwest

Airlines

Company,

Convertible

305,000

1.250%, 

5/1/2025

307,266

Stena

International

SA

129,000

7.250%, 

1/15/2031

a

135,557

United

Airlines,

Inc.

219,000

4.375%, 

4/15/2026

a

215,485

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

52,000

7.875%, 

5/1/2027

a

50,753

88,000

6.375%, 

2/1/2030

a,e

75,604

Total

3,878,623

U.S.

Government

&

Agencies  7.9%

U.S.

Treasury

Bonds

7,300,000

3.625%, 

5/15/2053

6,643,285

5,000,000

4.750%, 

11/15/2053

5,522,852

U.S.

Treasury

Notes

2,800,000

5.000%, 

10/31/2025

2,830,844

10,000,000

4.250%, 

12/31/2025

10,045,312

16,900,000

4.375%, 

7/31/2026

17,103,328

7,400,000

4.125%, 

7/31/2028

7,543,664

732,000

3.375%, 

5/15/2033

711,670

Total

50,400,955

Utilities  2.6%

AEP

Texas,

Inc.

92,000

4.700%, 

5/15/2032

92,327

AES

Corporation

100,000

7.600%, 

1/15/2055

b

105,204

156,000

3.950%, 

7/15/2030

a

148,772

Algonquin

Power

&

Utilities

Corporation

110,000

4.750%, 

1/18/2082

b

102,782

Alliant

Energy

Corporation,

Convertible

122,000

3.875%, 

3/15/2026

127,429

Ameren

Corporation

98,000

1.750%, 

3/15/2028

90,102

American

Electric

Power

Company,

Inc.

161,000

6.950%, 

12/15/2054

b

171,330

98,000

2.300%, 

3/1/2030

88,057

44,000

5.625%, 

3/1/2033

46,422

American

Water

Capital

Corporation

129,000

5.450%, 

3/1/2054

135,489

American

Water

Capital

Corporation,

Convertible

198,000

3.625%, 

6/15/2026

202,752

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Utilities  2.6%

-

continued

Arizona

Public

Service

Company

$

87,000

5.550%, 

8/1/2033

$

90,703

Atmos

Energy

Corporation

84,000

5.000%, 

12/15/2054

d

82,044

Calpine

Corporation

191,000

4.500%, 

2/15/2028

a

186,490

CenterPoint

Energy,

Inc.

93,000

7.000%, 

2/15/2055

b,e

96,602

95,000

1.450%, 

6/1/2026

90,589

146,000

2.650%, 

6/1/2031

129,245

CenterPoint

Energy,

Inc.,

Convertible

171,000

4.250%, 

8/15/2026

173,137

CMS

Energy

Corporation,

Convertible

153,000

3.375%, 

5/1/2028

163,863

Consolidated

Edison

Company

of

New

York,

Inc.

264,000

5.700%, 

5/15/2054

285,912

Constellation

Energy

Generation,

LLC

132,000

5.750%, 

3/15/2054

139,659

90,000

5.800%, 

3/1/2033

96,540

Dominion

Energy,

Inc.

138,000

6.875%, 

2/1/2055

b

146,566

138,000

7.000%, 

6/1/2054

b

150,672

165,000

4.350%, 

1/15/2027

b,h

160,702

98,000

3.375%, 

4/1/2030

92,882

DTE

Energy

Company

138,000

4.220%, 

11/1/2024

137,877

80,000

4.875%, 

6/1/2028

81,679

Duke

Energy

Carolinas,

LLC

272,000

5.400%, 

1/15/2054

282,979

Duke

Energy

Corporation

180,000

3.250%, 

1/15/2082

b

166,053

121,000

5.800%, 

6/15/2054

127,731

100,000

6.450%, 

9/1/2054

b

103,830

187,000

2.450%, 

6/1/2030

168,691

93,000

4.500%, 

8/15/2032

91,961

95,000

5.750%, 

9/15/2033

102,172

Duke

Energy

Corporation,

Convertible

308,000

4.125%, 

4/15/2026

326,018

Duke

Energy

Ohio,

Inc.

88,000

5.550%, 

3/15/2054

92,008

Edison

International

88,000

7.875%, 

6/15/2054

b

92,437

118,000

4.950%, 

4/15/2025

117,909

138,000

5.000%, 

12/15/2026

b,h

134,838

167,000

5.450%, 

6/15/2029

173,440

Enel

Finance

International

NV

200,000

1.625%, 

7/12/2026

a

190,314

200,000

5.125%, 

6/26/2029

a

204,856

Entergy

Corporation

97,000

1.900%, 

6/15/2028

89,018

Evergy,

Inc.,

Convertible

260,000

4.500%, 

12/15/2027

a

286,260

Eversource

Energy

154,000

4.600%, 

7/1/2027

154,964

Exelon

Corporation

349,000

5.600%, 

3/15/2053

363,205

98,000

4.050%, 

4/15/2030

96,503

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Utilities  2.6%

-

continued

Fells

Point

Funding

Trust

$

165,000

3.046%, 

1/31/2027

a

$

159,828

FirstEnergy

Corporation,

Convertible

283,000

4.000%, 

5/1/2026

296,159

Georgia

Power

Company

54,000

4.950%, 

5/17/2033

55,511

ITC

Holdings

Corporation

93,000

4.950%, 

9/22/2027

a

94,391

Jersey

Central

Power

&

Light

Company

185,000

2.750%, 

3/1/2032

a

161,981

MidAmerican

Energy

Company

357,000

5.300%, 

2/1/2055

368,998

National

Rural

Utilities

Cooperative

Finance

Corporation

89,000

4.850%, 

2/7/2029

91,290

NextEra

Energy

Capital

Holdings,

Inc.

100,000

3.800%, 

3/15/2082

b

95,249

214,000

6.750%, 

6/15/2054

b

230,926

87,000

6.051%, 

3/1/2025

87,366

98,000

2.250%, 

6/1/2030

87,594

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

123,000

3.000%, 

3/1/2027

a

160,700

NextEra

Energy

Operating

Partners,

LP

296,000

3.875%, 

10/15/2026

a

288,332

NextEra

Energy

Partners,

LP,

Convertible

355,000

Zero

Coupon, 

11/15/2025

a,e

331,570

66,000

2.500%, 

6/15/2026

a,e

62,037

NiSource,

Inc.

49,000

6.375%, 

3/31/2055

b

49,917

102,000

6.950%, 

11/30/2054

b

105,370

98,000

2.950%, 

9/1/2029

91,820

Northern

States

Power

Company/

MN

88,000

5.400%, 

3/15/2054

92,929

NRG

Energy,

Inc.

111,000

2.000%, 

12/2/2025

a

107,097

128,000

10.250%, 

3/15/2028

a,b,h

144,379

73,000

3.375%, 

2/15/2029

a

68,050

135,000

5.250%, 

6/15/2029

a

134,552

NRG

Energy,

Inc.,

Convertible

147,000

2.750%, 

6/1/2048

325,826

Oncor

Electric

Delivery

Company,

LLC

116,000

5.550%, 

6/15/2054

a

123,431

Pacific

Gas

and

Electric

Company

88,000

6.750%, 

1/15/2053

100,335

172,000

5.550%, 

5/15/2029

178,662

176,000

6.950%, 

3/15/2034

200,031

PG&E

Corporation

51,000

7.375%, 

3/15/2055

b

53,493

163,000

5.000%, 

7/1/2028

161,576

PG&E

Corporation,

Convertible

520,000

4.250%, 

12/1/2027

a

563,160

Pinnacle

West

Capital

Corporation,

Convertible

90,000

4.750%, 

6/15/2027

a

97,380

PPL

Capital

Funding,

Inc.

129,000

5.250%, 

9/1/2034

132,822

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Principal

Amount

Long-Term

Fixed

Income  70.9%

Value

Utilities  2.6%

-

continued

PPL

Capital

Funding,

Inc.,

Convertible

$

192,000

2.875%, 

3/15/2028

$

203,136

Public

Service

Enterprise

Group,

Inc.

87,000

5.875%, 

10/15/2028

91,757

98,000

1.600%, 

8/15/2030

83,770

San

Diego

Gas

&

Electric

Company

88,000

5.550%, 

4/15/2054

92,998

Sempra

100,000

6.400%, 

10/1/2054

b

100,188

240,000

4.875%, 

10/15/2025

b,h

237,424

Southern

California

Edison

Company

176,000

5.450%, 

6/1/2031

186,226

46,000

5.950%, 

11/1/2032

50,063

Southern

Company

112,000

5.700%, 

10/15/2032

120,024

193,000

4.850%, 

3/15/2035

194,556

111,000

4.000%, 

1/15/2051

b

109,432

317,000

3.750%, 

9/15/2051

b

306,805

Southern

Company,

Convertible

330,000

3.875%, 

12/15/2025

366,960

156,000

4.500%, 

6/15/2027

a

170,664

TerraForm

Power

Operating,

LLC

315,000

5.000%, 

1/31/2028

a

311,643

TXNM

Energy,

Inc.,

Convertible

98,000

5.750%, 

6/1/2054

a

106,245

Virginia

Electric

and

Power

Company

119,000

5.350%, 

1/15/2054

121,687

Vistra

Corporation

76,000

8.000%, 

10/15/2026

a,b,h

79,613

190,000

7.000%, 

12/15/2026

a,b,h

193,953

Vistra

Operations

Company,

LLC

489,000

5.000%, 

7/31/2027

a

486,611

WEC

Energy

Group,

Inc.,

Convertible

176,000

4.375%, 

6/1/2027

a

191,480

128,000

4.375%, 

6/1/2029

a

141,632

Xcel

Energy,

Inc.

98,000

4.000%, 

6/15/2028

96,792

138,000

4.600%, 

6/1/2032

136,714

Total

16,464,150

Total

Long-Term

Fixed

Income

(cost

$454,051,930)

453,792,768

Shares

Common

Stock

14.5%

Value

Communications

Services  0.9%

3,340

Alphabet,

Inc.,

Class

A

553,939

10,470

Alphabet,

Inc.,

Class

C

1,750,479

3,430

Cogent

Communications

Holdings

260,406

8,509

Comcast

Corporation

355,421

31

Electronic

Arts,

Inc.

4,447

131

Liberty

Media

Corporation-Liberty

Formula

One

Group

j

10,143

3,197

Meta

Platforms,

Inc.

1,830,091

354

Netflix,

Inc.

j

251,081

7,153

QuinStreet,

Inc.

j

136,837

27

Tripadvisor,

Inc.

j

391

12,658

Verizon

Communications,

Inc.

568,471

Shares

Common

Stock  14.5%

Value

Communications

Services  0.9%

-

continued

12,964

Warner

Brothers

Discovery,

Inc.

j

$

106,953

Total

5,828,659

Consumer

Discretionary  1.5%

8,378

Amazon.com,

Inc.

j

1,561,073

2,267

Aptiv

plc

j

163,247

1,698

Best

Buy

Company,

Inc.

175,403

67

Booking

Holdings,

Inc.

282,212

1,012

Boot

Barn

Holdings,

Inc.

j

169,287

1,778

Brunswick

Corporation

149,032

4,871

Champion

Homes,

Inc.

j

462,014

2,649

Chipotle

Mexican

Grill,

Inc.

j

152,635

3,583

Columbia

Sportswear

Company

298,070

8,325

Cooper-Standard

Holdings,

Inc.

j

115,468

1,312

Crocs,

Inc.

j

189,991

944

D.R.

Horton,

Inc.

180,087

991

Deckers

Outdoor

Corporation

j

158,015

823

DoorDash,

Inc.

j

117,467

2,721

eBay,

Inc.

177,164

1,277

Expedia

Group,

Inc.

j

189,022

1,679

Garmin,

Ltd.

295,554

843

Grand

Canyon

Education,

Inc.

j

119,580

1,632

Hilton

Worldwide

Holdings,

Inc.

376,176

1,458

Home

Depot,

Inc.

590,782

1,263

Lowe's

Companies,

Inc.

342,084

861

Lululemon

Athletica,

Inc.

j

233,632

789

McDonald's

Corporation

240,258

61

NVR,

Inc.

j

598,520

195

O'Reilly

Automotive,

Inc.

j

224,562

50

Ross

Stores,

Inc.

7,525

4,363

SharkNinja,

Inc.

474,302

1,930

Sony

Group

Corporation

ADR

e

186,380

7,843

Stoneridge,

Inc.

j

87,763

2,354

Tesla,

Inc.

j

615,877

1,085

Texas

Roadhouse,

Inc.

191,611

3,496

Wyndham

Hotels

&

Resorts,

Inc.

273,177

6,691

Yum

China

Holding,

Inc.

301,229

Total

9,699,199

Consumer

Staples  0.7%

2,984

Altria

Group,

Inc.

152,303

4,109

BJ's

Wholesale

Club

Holdings,

Inc.

j

338,910

511

Casey's

General

Stores,

Inc.

191,988

2,684

Coca-Cola

Company

192,872

324

Colgate-Palmolive

Company

33,635

75

Costco

Wholesale

Corporation

66,489

18,519

Coty,

Inc.

j

173,893

1,043

e.l.f.

Beauty,

Inc.

j

113,718

1,150

J

&

J

Snack

Foods

Corporation

197,938

1,463

J.M.

Smucker

Company

177,169

2,082

John

B.

Sanfilippo

&

Son,

Inc.

196,354

12,028

Kenvue,

Inc.

278,208

289

Keurig

Dr

Pepper,

Inc.

10,832

2,558

Lamb

Weston

Holdings,

Inc.

165,605

1,081

Lancaster

Colony

Corporation

190,872

6,370

Philip

Morris

International,

Inc.

773,318

2,706

Pilgrim's

Pride

Corporation

j

124,611

1,031

Procter

&

Gamble

Company

178,569

4,045

Sysco

Corporation

315,753

2,536

Turning

Point

Brands,

Inc.

109,428

3,226

Tyson

Foods,

Inc.

192,141

7,872

Walmart,

Inc.

635,664

Total

4,810,270

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Shares

Common

Stock  14.5%

Value

Energy  0.7%

794

Archrock,

Inc.

$

16,071

1,808

Baker

Hughes

Company

65,359

273

Civitas

Resources,

Inc.

13,833

3,312

ConocoPhillips

348,687

13,244

Devon

Energy

Corporation

518,105

11,369

Enterprise

Products

Partners,

LP

330,952

1,976

EOG

Resources,

Inc.

242,910

7,045

Expand

Energy

Corporation

579,451

6,814

Exxon

Mobil

Corporation

798,737

10,664

Halliburton

Company

309,789

1,150

Marathon

Petroleum

Corporation

187,347

2,093

Matador

Resources

Company

103,436

3,508

Noble

Corporation

plc

126,779

18,783

NOV,

Inc.

299,965

1,111

Schlumberger

NV

46,606

2,122

Shell

plc

ADR

139,946

4,755

TechnipFMC

plc

124,724

271

Williams

Companies,

Inc.

12,371

Total

4,265,068

Financials  2.1%

931

Allstate

Corporation

176,564

10,645

Ally

Financial,

Inc.

378,856

534

American

Express

Company

144,821

2,937

American

International

Group,

Inc.

215,076

836

Ameriprise

Financial,

Inc.

392,761

3,869

Arch

Capital

Group,

Ltd.

j

432,864

16,544

Bank

of

America

Corporation

656,466

65

Bank

of

Marin

Bancorp

1,306

3,998

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

147,446

3,069

Bank

of

New

York

Mellon

Corporation

220,538

518

Bank

OZK

22,269

660

Berkshire

Hathaway,

Inc.

j

303,772

9,304

Bridgewater

Bancshares,

Inc.

j

131,838

633

Brookline

Bancorp,

Inc.

6,387

1,192

Brown

&

Brown,

Inc.

123,491

1,634

Capital

One

Financial

Corporation

244,659

504

Cboe

Global

Markets,

Inc.

103,254

370

Central

Pacific

Financial

Corporation

10,919

5,953

Charles

Schwab

Corporation

385,814

1,443

Chubb,

Ltd.

416,147

516

Citigroup,

Inc.

32,302

396

Community

Trust

Bancorp,

Inc.

19,665

1,747

Discover

Financial

Services

245,087

708

Ellington

Credit

Company

4,942

124

Enterprise

Financial

Services

Corporation

6,356

12,198

F.N.B.

Corporation

172,114

241

FactSet

Research

Systems,

Inc.

110,824

72

Federal

Agricultural

Mortgage

Corporation

13,494

128

Financial

Institutions,

Inc.

3,260

70

First

Citizens

BancShares,

Inc./NC

128,866

1,778

First

Horizon

Corporation

27,612

90

First

Mid-Illinois

Bancshares,

Inc.

3,502

574

Fiserv,

Inc.

j

103,119

262

Fulton

Financial

Corporation

4,750

4,626

Glacier

Bancorp,

Inc.

211,408

312

Great

Southern

Bancorp,

Inc.

17,881

957

Hanmi

Financial

Corporation

17,800

41

Hartford

Financial

Services

Group,

Inc.

4,822

306

Heritage

Financial

Corporation

6,662

Shares

Common

Stock  14.5%

Value

Financials  2.1%

-

continued

330

Hometrust

Bancshares,

Inc.

$

11,246

293

Hope

Bancorp,

Inc.

3,680

1,490

Houlihan

Lokey,

Inc.

235,450

115

Independent

Bank

Corporation/MI

3,835

4,111

Intercontinental

Exchange,

Inc.

660,391

4,273

J.P.

Morgan

Chase

&

Company

901,005

13,306

KeyCorp

222,875

1,474

Kinsale

Capital

Group,

Inc.

686,250

1,741

Marsh

&

McLennan

Companies,

Inc.

388,400

523

Mastercard,

Inc.

258,257

3,334

MetLife,

Inc.

274,988

668

MidWestOne

Financial

Group,

Inc.

19,058

180

Moody's

Corporation

85,426

44

MSCI,

Inc.

25,649

5,240

Nasdaq,

Inc.

382,572

2,652

Northern

Trust

Corporation

238,760

1,198

OceanFirst

Financial

Corporation

22,271

360

OFG

Bancorp

16,171

2,354

PayPal

Holdings,

Inc.

j

183,683

58

PNC

Financial

Services

Group,

Inc.

10,721

211

Popular,

Inc.

21,157

988

Progressive

Corporation

250,715

2,626

Prosperity

Bancshares,

Inc.

189,256

6,140

Radian

Group,

Inc.

212,997

2,054

RLI

Corporation

318,329

272

S&P

Global,

Inc.

140,521

374

SEI

Investments

Company

25,877

2,005

Tradeweb

Markets,

Inc.

247,958

2,725

Triumph

Financial,

Inc.

j

216,746

108

Truist

Financial

Corporation

4,619

77

TrustCo

Bank

Corporation

NY

2,546

181

U.S.

Bancorp

8,277

1,511

Visa,

Inc.

415,449

529

Webster

Financial

Corporation

24,657

12,669

Wells

Fargo

&

Company

715,672

5,481

Western

Alliance

Bancorp

474,052

66

Willis

Towers

Watson

plc

19,439

5,026

Zions

Bancorp

NA

237,328

Total

13,805,997

Health

Care  1.6%

2,134

Abbott

Laboratories

243,297

903

AbbVie,

Inc.

178,325

2,256

Agilent

Technologies,

Inc.

334,971

630

Align

Technology,

Inc.

j

160,222

804

Amgen,

Inc.

259,057

2,917

AMN

Healthcare

Services,

Inc.

j

123,652

6,727

Avantor,

Inc.

j

174,028

526

Biogen,

Inc.

j

101,960

1,077

Boston

Scientific

Corporation

j

90,253

695

Charles

River

Laboratories

International,

Inc.

j

136,894

310

Chemed

Corporation

186,301

766

Cigna

Group

265,373

1,113

Danaher

Corporation

309,436

2,568

Edwards

Lifesciences

Corporation

j

169,462

876

Elevance

Health,

Inc.

455,520

796

Eli

Lilly

&

Company

705,208

1,816

Encompass

Health

Corporation

175,498

4,812

Gilead

Sciences,

Inc.

403,438

2,832

Haemonetics

Corporation

j

227,636

1,081

Humana,

Inc.

342,396

462

IDEXX

Laboratories,

Inc.

j

233,412

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Shares

Common

Stock  14.5%

Value

Health

Care  1.6%

-

continued

492

Intuitive

Surgical,

Inc.

j

$

241,705

3,806

Johnson

&

Johnson

616,800

1,482

Labcorp

Holdings,

Inc.

331,197

2,835

Medtronic

plc

255,235

5,836

Merck

&

Company,

Inc.

662,736

126

Mettler-Toledo

International,

Inc.

j

188,962

321

Molina

Healthcare,

Inc.

j

110,604

14,314

Option

Care

Health,

Inc.

j

448,028

881

Penumbra,

Inc.

j

171,187

1,771

Pfizer,

Inc.

51,253

1,293

Repligen

Corporation

j

192,424

3,761

Sanofi

SA

ADR

216,746

1,188

Sarepta

Therapeutics,

Inc.

j

148,369

6,993

Stevanato

Group

SPA

139,860

503

Stryker

Corporation

181,714

425

Thermo

Fisher

Scientific,

Inc.

262,892

2,316

Twist

Bioscience

Corporation

j

104,637

34

United

Therapeutics

Corporation

j

12,184

208

UnitedHealth

Group,

Inc.

121,614

539

Vertex

Pharmaceuticals,

Inc.

j

250,678

11,677

Viemed

Healthcare,

Inc.

j

85,592

2,601

Zimmer

Biomet

Holdings,

Inc.

280,778

951

Zoetis,

Inc.

185,806

Total

10,537,340

Industrials  2.2%

2,600

Advanced

Drainage

Systems,

Inc.

408,616

815

AECOM

84,165

6,550

Air

Lease

Corporation

296,649

1,623

Amentum

Holdings,

Inc.

j

52,342

1,129

AMETEK,

Inc.

193,861

216

Armstrong

World

Industries,

Inc.

28,389

873

Automatic

Data

Processing,

Inc.

241,585

573

Axon

Enterprise,

Inc.

j

228,971

983

AZEK

Company,

Inc.

j

46,004

10,111

Badger

Infrastructure

Solutions,

Ltd.

274,895

1,494

Barrett

Business

Services,

Inc.

56,040

168

Brady

Corporation

12,874

1,441

BWX

Technologies,

Inc.

156,637

829

Caterpillar,

Inc.

324,238

23,077

CNH

Industrial

NV

256,155

15,654

CSX

Corporation

540,533

3,717

Dayforce,

Inc.

j

227,666

5,280

Delta

Air

Lines,

Inc.

268,171

4,889

ExlService

Holdings,

Inc.

j

186,515

1,621

Expeditors

International

of

Washington,

Inc.

212,999

9,698

Fastenal

Company

692,631

1,199

Ferguson

Enterprises,

Inc.

238,085

5,490

Flowserve

Corporation

283,778

4,852

Fluor

Corporation

j

231,489

1,012

General

Dynamics

Corporation

305,826

154

Graco,

Inc.

13,477

5,002

Helios

Technologies,

Inc.

238,595

1,459

Honeywell

International,

Inc.

301,590

6,202

Howmet

Aerospace,

Inc.

621,751

135

IES

Holdings,

Inc.

j

26,949

1,190

Ingersoll

Rand,

Inc.

116,810

1,623

Jacobs

Solutions,

Inc.

212,451

13,950

Janus

International

Group,

Inc.

j

141,035

1,195

JB

Hunt

Transport

Services,

Inc.

205,934

4,355

Knight-Swift

Transportation

Holdings,

Inc.

234,952

1,875

Korn

Ferry

141,075

Shares

Common

Stock  14.5%

Value

Industrials  2.2%

-

continued

1,188

L3Harris

Technologies,

Inc.

$

282,590

903

Landstar

System,

Inc.

170,550

588

Leidos

Holdings,

Inc.

95,844

958

Lincoln

Electric

Holdings,

Inc.

183,955

1,310

Masco

Corporation

109,961

11,302

Masterbrand,

Inc.

j

209,539

1,739

Miller

Industries,

Inc.

106,079

1,058

Moog,

Inc.

213,737

291

Northrop

Grumman

Corporation

153,668

1,223

Old

Dominion

Freight

Line,

Inc.

242,937

1,059

Owens

Corning,

Inc.

186,935

200

Parker-Hannifin

Corporation

126,364

605

Pentair

plc

59,163

1,069

Quanta

Services,

Inc.

318,722

3,412

Robert

Half,

Inc.

230,003

819

Rockwell

Automation,

Inc.

219,869

7,211

Schneider

National,

Inc.

205,802

442

Simpson

Manufacturing

Company,

Inc.

84,541

2,275

Tennant

Company

218,491

6,237

Timken

Company

525,717

795

Trane

Technologies

plc

309,040

3,492

Uber

Technologies,

Inc.

j

262,459

117

Union

Pacific

Corporation

28,838

2,973

United

Parcel

Service,

Inc.

405,339

683

United

Rentals,

Inc.

553,046

198

Verisk

Analytics,

Inc.

53,056

203

Waste

Management,

Inc.

42,143

3,001

WNS

Holdings,

Ltd.

j

158,183

Total

13,860,304

Information

Technology  3.1%

399

Adobe,

Inc.

j

206,594

2,032

Advanced

Micro

Devices,

Inc.

j

333,411

2,698

Amphenol

Corporation

175,802

12,603

Apple,

Inc.

2,936,499

1,899

Applied

Materials,

Inc.

383,693

122

Arista

Networks,

Inc.

j

46,826

1,481

ASGN,

Inc.

j

138,074

1,392

Autodesk,

Inc.

j

383,468

3,258

Broadcom,

Inc.

562,005

866

CDW

Corporation

195,976

6,499

Ciena

Corporation

j

400,273

10,839

Cisco

Systems,

Inc.

576,852

4,872

Cohu,

Inc.

j

125,210

1,618

Datadog,

Inc.

j

186,167

5,264

DocuSign,

Inc.

j

326,842

1,690

Enphase

Energy,

Inc.

j

191,004

983

Fabrinet

j

232,421

1,950

Fortinet,

Inc.

j

151,222

1,128

Guidewire

Software,

Inc.

j

206,356

516

Insight

Enterprises,

Inc.

j

111,141

2,967

International

Business

Machines

Corporation

655,944

4,781

JFrog,

Ltd.

j

138,840

214

KLA

Corporation

165,724

596

Littelfuse,

Inc.

158,089

7,029

Microsoft

Corporation

3,024,579

665

MongoDB,

Inc.

j

179,783

469

Motorola

Solutions,

Inc.

210,876

317

NetApp,

Inc.

39,153

23,121

NVIDIA

Corporation

2,807,814

2,163

ON

Semiconductor

Corporation

j

157,055

676

Onto

Innovation,

Inc.

j

140,311

1,278

Plexus

Corporation

j

174,715

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Shares

Common

Stock  14.5%

Value

Information

Technology  3.1%

-

continued

1,919

Qorvo,

Inc.

j

$

198,233

4,602

QUALCOMM,

Inc.

782,570

35

RingCentral,

Inc.

j

1,107

1,605

Salesforce,

Inc.

439,305

8,075

Samsung

Electronics

Company,

Ltd.

377,416

428

Semtech

Corporation

j

19,542

648

ServiceNow,

Inc.

j

579,565

1,481

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

257,205

969

TD

SYNNEX

Corporation

116,358

7,242

Trimble,

Inc.

j

449,656

15,256

TTM

Technologies,

Inc.

j

278,422

438

Universal

Display

Corporation

91,936

5,907

Varonis

Systems,

Inc.

j

333,745

399

VeriSign,

Inc.

j

75,794

Total

19,723,573

Materials  0.6%

1,353

Albemarle

Corporation

e

128,143

3,554

Alcoa

Corporation

137,113

2,438

Ball

Corporation

165,565

1,364

Celanese

Corporation

185,449

3,528

CF

Industries

Holdings,

Inc.

302,702

2,939

Corteva,

Inc.

172,784

7

Eagle

Materials,

Inc.

2,014

2,441

Eastman

Chemical

Company

273,270

1,500

Ecolab,

Inc.

382,995

1,885

Greif,

Inc.

118,114

3,684

Ingevity

Corporation

j

143,676

12,811

Ivanhoe

Mines,

Ltd.

j

190,585

127

Linde

plc

60,561

2,597

Nucor

Corporation

390,433

3,286

Steel

Dynamics,

Inc.

414,299

11,350

Tronox

Holdings

plc

166,051

1,670

United

States

Lime

&

Minerals,

Inc.

163,092

501

United

States

Steel

Corporation

17,700

2,830

West

Fraser

Timber

Company,

Ltd.

275,529

Total

3,690,075

Real

Estate  0.5%

2,844

Agree

Realty

Corporation

214,238

1,261

Alexandria

Real

Estate

Equities,

Inc.

149,744

1,069

AvalonBay

Communities,

Inc.

240,792

1,372

CBRE

Group,

Inc.

j

170,787

2,624

Crown

Castle,

Inc.

311,285

16,099

Cushman

and

Wakefield

plc

j

219,429

536

EastGroup

Properties,

Inc.

100,136

184

Equinix,

Inc.

163,324

7,837

Essential

Properties

Realty

Trust,

Inc.

267,634

955

Extra

Space

Storage,

Inc.

172,081

11,827

Healthcare

Realty

Trust,

Inc.

214,660

397

Kite

Realty

Group

Trust

10,544

7,168

National

Storage

Affiliates

Trust

345,498

503

Sabra

Health

Care

REIT,

Inc.

9,361

1,872

SBA

Communications

Corporation

450,590

617

STAG

Industrial,

Inc.

24,119

4,327

Terreno

Realty

Corporation

289,173

Total

3,353,395

Utilities  0.6%

4,874

Alliant

Energy

Corporation

295,803

Shares

Common

Stock  14.5%

Value

Utilities  0.6%

-

continued

475

American

Water

Works

Company,

Inc.

$

69,464

247

California

Water

Service

Group

13,392

8,469

CenterPoint

Energy,

Inc.

249,158

571

Clearway

Energy,

Inc.,

Class

C

17,518

1,173

Constellation

Energy

Corporation

305,004

3,151

Duke

Energy

Corporation

363,310

2,981

Entergy

Corporation

392,330

141

Evergy,

Inc.

8,744

1,092

NextEra

Energy

Partners,

LP

30,161

9,283

NiSource,

Inc.

321,656

1,202

Northwestern

Energy

Group,

Inc.

68,779

2,486

Portland

General

Electric

Company

119,079

3,518

Public

Service

Enterprise

Group,

Inc.

313,841

1,652

Spire,

Inc.

111,163

6,401

UGI

Corporation

160,153

3,895

Vistra

Energy

Corporation

461,713

4,198

Xcel

Energy,

Inc.

274,129

Total

3,575,397

Total

Common

Stock

(cost

$62,618,658)

93,149,277

Shares

Registered

Investment

Companies  

10.4%

Value

U.S.

Affiliated  

9.4%  

6,138,516

Thrivent

Core

Emerging

Markets

Debt

Fund

51,440,765

734,413

Thrivent

Core

International

Equity

Fund

8,357,622

Total

59,798,387

U.S.

Unaffiliated  

1.0%  

9,010

abrdn

Asia-Pacific

Income

Fund,

Inc.

156,774

27,032

abrdn

Income

Credit

Strategies

Fund

178,952

5,029

abrdn

Total

Dynamic

Dividend

Fund

45,764

17,145

AllianceBernstein

Global

High

Income

Fund,

Inc.

194,424

25,224

Allspring

Income

Opportunities

Fund

179,847

3,096

BlackRock

Capital

Allocation

Term

Trust

50,929

4,039

BlackRock

Core

Bond

Trust

48,630

16,974

BlackRock

Corporate

High

Yield

Fund,

Inc.

170,759

20,300

BlackRock

Credit

Allocation

Income

Trust

228,984

1,742

BlackRock

Debt

Strategies

Fund,

Inc.

19,214

3,546

BlackRock

Enhanced

Equity

Dividend

Trust

30,673

17,320

BlackRock

Enhanced

Global

Dividend

Trust

195,023

9,813

BlackRock

Enhanced

International

Dividend

Trust

56,915

700

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

9,240

5,735

BlackRock

Income

Trust,

Inc.

71,286

7,761

BlackRock

Multi-Sector

Income

Trust

117,967

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Registered

Investment

Companies  10.4%

Value

U.S.

Unaffiliated  

1.0%  -

continued

14,848

Blackstone

Strategic

Credit

2027

Term

Fund

$

182,927

14,179

Cornerstone

Strategic

Value

Fund,

Inc.

108,895

19,134

Eaton

Vance

Limited

Duration

Income

Fund

201,098

7,811

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

68,112

922

Invesco

Dynamic

Credit

Opportunities

Fund

g

9,595

6,532

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

e

737,985

19,000

iShares

Preferred

and

Income

Securities

ETF

e

631,370

31,444

Nuveen

Credit

Strategies

Income

Fund

182,061

13,841

Nuveen

Preferred

Income

Opportunities

Fund

111,697

16,839

PGIM

Global

High

Yield

Fund,

Inc.

215,202

16,516

PGIM

High

Yield

Bond

Fund,

Inc.

230,233

5,565

Pimco

Dynamic

Income

Fund

112,803

10,417

PIMCO

High

Income

Fund

52,085

7,552

PIMCO

Income

Strategy

Fund

II

57,546

1,172

SPDR

S&P

Biotech

ETF

e

115,794

1,661

Tri-Continental

Corporation

54,879

4,786

Vanguard

Intermediate-Term

Corporate

Bond

ETF

e

400,828

6,728

Vanguard

Short-Term

Corporate

Bond

ETF

534,338

13,572

Virtus

Convertible

&

Income

Fund

e

47,502

12,463

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

162,518

2,846

Virtus

Equity

&

Convertible

Income

Fund

65,486

27,753

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

156,527

3,255

Western

Asset

Diversified

Income

Fund

51,038

42,572

Western

Asset

High

Income

Opportunity

Fund,

Inc.

172,417

Total

6,418,317

Total

Registered

Investment

Companies

(cost

$70,617,154)

66,216,704

Shares

Collateral

Held

for

Securities

Loaned

1.4%

Value

9,071,137

Thrivent

Cash

Management

Trust

9,071,137

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,071,137)

9,071,137

Shares

Preferred

Stock

1.3%

Value

Basic

Materials  0.1%

6,977

Albemarle

Corporation,

Convertible,

7.250%

313,965

Total

313,965

Communications

Services  0.1%

21,875

AT&T,

Inc.,

4.750%

h

459,594

11,250

Telephone

and

Data

Systems,

Inc.,

6.000%

h

218,137

Total

677,731

Shares

Preferred

Stock  1.3%

Value

Financials  1.0%

7,525

AEGON

Funding

Company,

LLC,

5.100%

$

167,431

7,500

Allstate

Corporation,

5.100%

h

184,425

4,529

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

307,927

16,000

Bank

of

America

Corporation,

4.250%

h

327,200

10,000

Bank

of

America

Corporation,

4.375%

h

210,400

5,000

Bank

of

America

Corporation,

4.750%

h

114,050

10,000

Bank

of

America

Corporation,

5.000%

h

234,100

412

Bank

of

America

Corporation,

Convertible,

7.250%

h

524,480

14,875

Capital

One

Financial

Corporation,

5.000%

h

319,069

1,775

Citizens

Financial

Group,

Inc.,

7.375%

h

47,960

6,200

Equitable

Holdings,

Inc.,

5.250%

e,h

143,654

17,000

J.P.

Morgan

Chase

&

Company,

4.200%

h

359,550

10,000

J.P.

Morgan

Chase

&

Company,

4.625%

h

229,000

9,925

J.P.

Morgan

Chase

&

Company,

4.750%

h

234,925

10,750

KeyCorp,

6.200%

b,h

263,375

9,050

Morgan

Stanley,

4.250%

h

187,335

7,800

Morgan

Stanley,

5.850%

b,h

194,298

5,100

Morgan

Stanley,

7.125%

b,h

129,030

9,350

Public

Storage,

4.125%

h

189,524

3,775

Public

Storage,

4.625%

h

82,748

958

Public

Storage,

4.700%

h

21,526

2,700

Regions

Financial

Corporation,

5.700%

b,e,h

65,907

2,675

Synovus

Financial

Corporation,

8.397%

b,h

70,433

9,000

U.S.

Bancorp,

4.000%

h

177,750

15,500

Wells

Fargo

&

Company,

4.250%

h

314,185

10,000

Wells

Fargo

&

Company,

4.375%

h

207,600

7,600

Wells

Fargo

&

Company,

4.750%

h

164,844

499

Wells

Fargo

&

Company,

Convertible,

7.500%

h

639,818

Total

6,112,544

Technology  <0.1%

4,307

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

j

260,617

Total

260,617

Utilities  0.1%

14,250

CMS

Energy

Corporation,

4.200%

h

282,008

8,451

NextEra

Energy,

Inc.,

Convertible,

6.926%

399,056

592

NextEra

Energy,

Inc.,

Convertible,

7.299%

32,974

6,200

Southern

Company,

4.950%

147,188

Total

861,226

Total

Preferred

Stock

(cost

$8,630,269)

8,226,083

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

or

Principal

Amount

Short-Term

Investments

3.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

5.180%,

10/4/2024

k,l

$

399,793

500,000

5.170%,

10/9/2024

k,l

499,419

700,000

4.855%,

10/16/2024

k,l

698,553

500,000

4.910%,

11/8/2024

k,l

497,552

900,000

5.085%,

11/13/2024

k,l

895,028

100,000

4.620%,

11/22/2024

k,l

99,335

Thrivent

Core

Short-Term

Reserve

Fund

1,849,241

5.250%

18,492,409

U.S.

Treasury

Bills

300,000

5.106%,

10/24/2024

k,m

299,095

100,000

4.790%,

11/21/2024

k,m

99,344

Total

Short-Term

Investments

(cost

$21,978,867)

21,980,528

Total

Investments

(cost

$626,968,015)

101.9%

$652,436,497

Other

Assets

and

Liabilities,

Net

(1.9%)

(11,960,331)

Total

Net

Assets

100.0%

$640,476,166

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$141,340,116

or

22.1%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

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

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2024.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

All

or

a

portion

of

the

security

is

on

loan.

f

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.

g

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

h

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.

i

Defaulted

security.  Interest

is

not

being

accrued.

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.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Diversified

Income

Plus

Portfolio

as

of

September

30,

2024

was

$950,727

or

0.15%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

121,941

Credit

Suisse

Group

AG 

12/4/2013

110,000

Pretium

Mortgage

Credit

Partners,

LLC,

6/27/2060

6/16/2021

958,105

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Diversified

Income

Plus

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

6,301,214

Common

Stock

2,483,485

Total

lending

$8,784,699

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,071,137

Net

amounts

due

to

counterparty

$286,438

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

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

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Diversified

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

40,603,223

–

40,603,223

–

Basic

Materials

6,123,807

–

6,123,807

–

Capital

Goods

11,391,894

–

11,391,894

–

Collateralized

Mortgage

Obligations

37,001,051

–

36,451,051

550,000

Commercial

Mortgage-Backed

Securities

4,218,984

–

4,218,984

–

Communications

Services

14,840,555

–

14,840,555

–

Consumer

Cyclical

20,491,411

–

20,491,411

–

Consumer

Non-Cyclical

20,510,648

–

20,510,648

–

Energy

17,902,587

–

17,902,587

–

Financials

53,450,542

–

53,450,542

–

Foreign

Government

283,835

–

283,835

–

Mortgage-Backed

Securities

140,725,691

–

140,725,691

–

Technology

15,504,812

–

15,504,812

–

Transportation

3,878,623

–

3,878,623

–

U.S.

Government

&

Agencies

50,400,955

–

50,400,955

–

Utilities

16,464,150

–

16,464,150

–

Common

Stock

Communications

Services

5,828,659

5,828,659

–

–

Consumer

Discretionary

9,699,199

9,699,199

–

–

Consumer

Staples

4,810,270

4,810,270

–

–

Energy

4,265,068

4,265,068

–

–

Financials

13,805,997

13,805,997

–

–

Health

Care

10,537,340

10,537,340

–

–

Industrials

13,860,304

13,585,409

274,895

–

Information

Technology

19,723,573

19,346,157

377,416

–

Materials

3,690,075

3,499,490

190,585

–

Real

Estate

3,353,395

3,353,395

–

–

Utilities

3,575,397

3,575,397

–

–

Preferred

Stock

Basic

Materials

313,965

313,965

–

–

Communications

Services

677,731

677,731

–

–

Financials

6,112,544

6,112,544

–

–

Technology

260,617

260,617

–

–

Utilities

861,226

429,196

432,030

–

Registered

Investment

Companies

U.S.

Unaffiliated

6,418,317

6,408,722

–

9,595

Short-Term

Investments

3,488,119

–

3,488,119

–

Subtotal

Investments

in

Securities

$565,074,564

$106,509,156

$458,005,813

$559,595

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

59,798,387

Affiliated

Short-Term

Investments

18,492,409

Collateral

Held

for

Securities

Loaned

9,071,137

Subtotal

Other

Investments

$87,361,933

Total

Investments

at

Value

$652,436,497

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

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

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Diversified

Income

Plus

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,379,226

1,379,226

–

–

Total

Asset

Derivatives

$1,379,226

$1,379,226

$–

$–

Liability

Derivatives

Futures

Contracts

1,163,168

873,640

289,528

–

Total

Rate

of

Return

Swaps

9,068

–

9,068

–

Credit

Default

Swaps

112,330

–

112,330

–

Total

Liability

Derivatives

$1,284,566

$873,640

$410,926

$–

The

following

table

presents

Diversified

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$3,142,080

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

34

December

2024

$

7,065,448

$

14,786

CME

E-mini

S&P

500

Index

140

December

2024

39,642,996

1,056,754

ICE

mini

MSCI

EAFE

Index

61

December

2024

7,408,484

179,306

ICE

US

mini

MSCI

Emerging

Markets

Index

22

December

2024

1,206,975

82,995

Total

Futures

Long

Contracts

$

55,323,903

$

1,333,841

CME

E-mini

Russell

2000

Index

(146)

December

2024

(

$

15,719,915)

(

$

699,245)

CME

E-mini

S&P

Mid-Cap

400

Index

(10)

December

2024

(

3,040,507)

(

108,093)

CME

Euro

Foreign

Exchange

Currency

(58)

December

2024

(

8,029,410)

(

66,302)

Eurex

Euro

STOXX

50

Index

(147)

December

2024

(

7,959,228)

(

289,528)

Ultra

10-Yr.

U.S.

Treasury

Note

(30)

December

2024

(

3,594,292)

45,385

Total

Futures

Short

Contracts

(

$

38,343,352)

($1,117,783)

Total

Futures

Contracts

$

16,980,551

$216,058

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

1

As

the

buyer

of

protection,

Diversified

Income

Plus

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Diversified

Income

Plus

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Diversified

Income

Plus

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Diversified

Income

Plus

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$398,439

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

42,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2029

$

7,610,000

$

–

(

$

112,330)

(

$

112,330)

Total

Credit

Default

Swaps

$–

($112,330)

($112,330)

The

following

table

presents

Diversified

Income

Plus

Portfolio's

total

rate

of

return

swap

contracts

held

as

of

September

30,

2024.

Total

Rate

of

Return

Swaps                

Reference

Entity

Fund

Pays

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

98,942

(

$

9,068)

$

–

(

$

9,068)

Total

Rate

of

Return

Swaps

(

$

9,068)

$

–

($9,068)

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$51,034

$2,223

$4,240

$51,441

6,139

8.1%

Core

International

Equity

7,432

–

–

8,358

734

1.3

Total

U.S.

Affiliated

Registered

Investment

Companies

58,466

59,799

9.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

33,619

193,117

208,244

18,492

1,849

2.9

Total

Affiliated

Short-Term

Investments

33,619

18,492

2.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

15,475

107,300

113,704

9,071

9,071

1.4

Total

Collateral

Held

for

Securities

Loaned

15,475

9,071

1.4

Total

Value

$107,560

$87,362

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($963)

$3,387

$

–

$2,223

Core

International

Equity

–

925

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

0

(0)

–

915

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$3,138

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

58

Total

Affiliated

Income

from

Securities

Loaned,

Net

$58

Total

Value

($963)

$4,312

$

–

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Shares

Common

Stock

97.6%

Value

Belgium  <0.1%  

483

Titan

Cement

International

SA

$

19,177

Total

19,177

Brazil  4.5%  

5,528

B3

SA

-

Brasil

Bolsa

Balcao

10,898

4,934

Banco

Bradesco

SA

ADR

13,125

58,100

Banco

do

Brasil

SA

290,943

11,700

BRF

SA

a

50,922

26,748

Centrais

Eletricas

Brasileiras

SA

ADR

193,388

40,369

Companhia

Energetica

de

Minas

Gerais

ADR

83,160

890

Companhia

Paranaense

de

Energia

-

COPEL

ADR

5,563

38,100

Cury

Construtora

e

Incorporadora

SA

157,290

2,184

Embraer

SA

ADR

a

77,248

15,740

Gerdau

SA

ADR

55,090

32,500

Iochpe-Maxion

SA

65,028

68,951

Itau

Unibanco

Holding

SA

ADR

458,524

12,793

Jalles

Machado

SA

15,100

24,200

JBS

SA

140,419

57,200

Klabin

SA

221,757

14,430

Petroleo

Brasileiro

SA

ADR

207,936

33,800

Telefonica

Brasil

SA

348,814

71,800

TIM

SA/Brazil

247,518

40,526

Vale

SA

ADR

473,343

1,800

WEG

SA

18,047

Total

3,134,113

Cayman

Islands  15.3%  

32,000

AAC

Technologies

Holdings,

Inc.

130,462

125,800

Alibaba

Group

Holding,

Ltd.

1,671,729

159,000

China

Feihe,

Ltd.

b

119,348

24,000

China

Medical

System

Holdings,

Ltd.

27,489

175,000

China

Mengniu

Dairy

Company,

Ltd.

410,489

142,500

China

Resources

Land,

Ltd.

512,617

95,000

Consun

Pharmaceutical

Group,

Ltd.

86,265

169,000

Geely

Automobile

Holdings,

Ltd.

259,246

29,959

JD.com,

Inc.

600,914

8,207

JOYY,

Inc.

ADR

a

297,422

36,000

Kingboard

Holdings,

Ltd.

90,560

99,000

Longfor

Group

Holdings,

Ltd.

b

186,550

30,300

Meituan

a,b

643,432

9,500

NetDragon

Websoft

Holdings,

Ltd.

14,144

766

NetEase,

Inc.

ADR

71,629

18,172

NU

Holdings,

Ltd./Cayman

Islands

a

248,048

1,890

PDD

Holdings,

Inc.

ADR

a

254,791

70,000

Seazen

Group,

Ltd.

a

22,501

698,500

Shui

On

Land,

Ltd.

73,133

195,000

Sino

Biopharmaceutical,

Ltd.

91,998

29,800

Sunny

Optical

Technology

(Group)

Company,

Ltd.

215,615

62,000

Tencent

Holdings,

Ltd.

3,447,503

1,665

Tencent

Music

Entertainment

Group

ADR

20,063

1,632

Trip.com

Group,

Ltd.

ADR

a

96,990

293,400

Xiaomi

Corporation

a,b

826,418

76,500

Zhongsheng

Group

Holdings,

Ltd.

138,860

Total

10,558,216

Shares

Common

Stock  97.6%

Value

Chile  0.6%  

693

Banco

de

Chile

ADR

$

17,540

2,166

Banco

de

Credito

e

Inversiones

SA

67,409

23,325

Cencosud

SA

47,075

486,633

Colbun

SA

65,909

5,573

Embotelladora

Andina

SA

18,817

10,963,991

Latam

Airlines

Group

SA

141,058

15,617

S.A.C.I.

Falabella

a

57,869

Total

415,677

China  11.0%  

1,158,500

Agricultural

Bank

of

China,

Ltd.

788,892

338,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

265,226

202,300

Bank

of

China,

Ltd.,

Class

A

143,429

713,300

Bank

of

Communications

Company,

Ltd.,

Class

A

746,951

25,000

Bank

of

Communications

Company,

Ltd.,

Class

H

19,015

30,400

Baoshan

Iron

&

Steel

Company,

Ltd.

29,907

1,000,200

BOE

Technology

Group

Company,

Ltd.

632,900

294,000

CGN

Power

Company,

Ltd.

b

112,931

58,000

China

Construction

Bank

Corporation,

Class

H

43,251

95,000

China

Life

Insurance

Company,

Ltd.

187,102

10,200

China

Pacific

Insurance

(Group)

Company,

Ltd.

36,119

2,904,000

China

Tower

Corporation,

Ltd.

b

381,574

118,900

China

United

Network

Communications,

Ltd.

90,277

179,100

China

Vanke

Company,

Ltd.,

Class

H

a

168,634

466,000

CRRC

Corporation,

Ltd.

303,309

42,100

Foxconn

Industrial

Internet

Company,

Ltd.

149,997

14,000

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

b

94,097

116,500

Great

Wall

Motor

Company,

Ltd.,

Class

H

213,972

48,600

Haier

Smart

Home

Company,

Ltd.,

Class

H

190,369

220,900

Huaxia

Bank

Company,

Ltd.

233,115

25,200

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

22,063

72,000

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

295,945

129,000

Jiangxi

Copper

Company,

Ltd.,

Class

H

259,158

82,000

Lenovo

Group,

Ltd.

109,924

32,600

Livzon

Pharmaceutical

Group,

Inc.

188,229

30,900

Midea

Group

Company,

Ltd.

332,960

37,000

New

China

Life

Insurance

Company,

Ltd.

114,310

848,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

401,773

19,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

119,311

9,200

Poly

Developments

and

Holdings

Group

Company,

Ltd.

14,167

451,600

Shenwan

Hongyuan

Group

Company,

Ltd.

365,217

9,400

Shenzhou

International

Group

Holdings,

Ltd.

83,218

118,000

Sinopharm

Group

Company,

Ltd.

311,313

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Shares

Common

Stock  97.6%

Value

China  11.0%  -

continued

83,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

$

61,313

30,800

ZTE

Corporation

78,925

Total

7,588,893

Colombia  0.3%  

1,282

Bancolombia

SA

11,046

5,694

Bancolombia

SA

ADR

178,678

Total

189,724

Czech

Republic  <0.1%  

42

Philip

Morris

CR

28,371

Total

28,371

Egypt  <0.1%  

17,222

Commercial

International

Bank

Egypt

SAE

GDR

29,243

Total

29,243

Greece  0.2%  

2,776

Hellenic

Telecommunications

Organization

SA

47,901

9,247

HELLENiQ

ENERGY

Holdings

SA

71,829

2,202

OPAP

SA

39,121

Total

158,851

Hong

Kong  1.4%  

167,000

China

Overseas

Land

&

Investment,

Ltd.

334,542

328,000

CSPC

Pharmaceutical

Group,

Ltd.

251,188

138,000

Weichai

Power

Company,

Ltd.,

Class

H

252,228

136,000

Yuexiu

Property

Company,

Ltd.

109,621

Total

947,579

Hungary  0.8%  

29,834

MOL

Hungarian

Oil

&

Gas

plc

223,162

4,865

OTP

Bank

Nyrt

254,466

3,074

Richter

Gedeon

Nyrt

94,653

Total

572,281

India  21.1%  

556

ABB

India,

Ltd.

53,436

795

Apar

Industries,

Ltd.

90,460

24,240

Axis

Bank,

Ltd.

356,375

5,837

Bajaj

Auto,

Ltd.

859,333

145,926

Bharat

Petroleum

Corporation,

Ltd.

643,056

21,315

Bharti

Airtel,

Ltd.

434,537

182

Bosch,

Ltd.

81,853

35,073

Chambal

Fertilisers

and

Chemicals,

Ltd.

221,457

33,519

Cipla,

Ltd.

662,257

85,432

Coal

India,

Ltd.

519,159

505

CRISIL,

Ltd.

28,095

3,321

Cummins

India,

Ltd.

150,991

2,278

Dixon

Technologies

India,

Ltd.

374,821

10,622

HCL

Technologies,

Ltd.

227,525

14,694

HDFC

Asset

Management

Company,

Ltd.

b

753,464

10,601

HDFC

Bank,

Ltd.

218,321

12,377

Hero

MotoCorp,

Ltd.

843,970

62,026

Hindalco

Industries,

Ltd.

560,645

3,896

Hindustan

Aeronautics,

Ltd.

205,583

Shares

Common

Stock  97.6%

Value

India  21.1%  -

continued

13,844

Hindustan

Petroleum

Corporation,

Ltd.

$

72,640

37,588

ICICI

Bank,

Ltd.

ADR

1,122,002

449

Info

Edge

India,

Ltd.

43,383

12,466

Infosys,

Ltd.

ADR

277,618

11,832

Jindal

Saw,

Ltd.

105,119

741

KEI

Industries,

Ltd.

37,946

6,942

Kotak

Mahindra

Bank,

Ltd.

153,450

8,735

KPIT

Technologies,

Ltd.

169,585

14,419

LT

Foods,

Ltd.

68,550

517

Lupin,

Ltd.

13,518

3,173

Mahindra

&

Mahindra,

Ltd.

117,110

1,279

Maruti

Suzuki

India,

Ltd.

201,953

6,860

Nippon

Life

India

Asset

Management,

Ltd.

b

53,374

137,738

Oil

&

Natural

Gas

Corporation,

Ltd.

490,078

1,249

PB

Fintech,

Ltd.

a

24,075

4,724

Persistent

Systems,

Ltd.

307,130

3,689

Pidilite

Industries,

Ltd.

148,030

46,830

Power

Finance

Corporation,

Ltd.

273,005

32,996

REC,

Ltd.

218,436

11,425

Reliance

Industries,

Ltd.

401,965

46,514

State

Bank

of

India

436,721

20,311

Tata

Consultancy

Services,

Ltd.

1,034,205

28,240

Tata

Motors,

Ltd.

328,016

4,592

Tech

Mahindra,

Ltd.

86,467

7,243

Trent,

Ltd.

655,286

1,320

UltraTech

Cement,

Ltd.

185,861

6,245

United

Spirits,

Ltd.

118,439

14,711

Zydus

Lifesciences,

Ltd.

187,570

Total

14,616,870

Indonesia  1.6%  

1,669,000

Bank

Central

Asia

Tbk

PT

1,138,205

Total

1,138,205

Kuwait  0.4%  

12,514

HumanSoft

Holding

Company

KSCC

111,636

26,461

Kuwait

Finance

House

KSCP

62,121

8,602

Mobile

Telecommunications

Company

KSCP

13,390

24,671

National

Bank

of

Kuwait

KSC

71,397

Total

258,544

Luxembourg  <0.1%  

788

Reinet

Investments

SCA

21,839

Total

21,839

Malaysia  0.7%  

37,700

Hong

Leong

Bank

Bhd

197,386

55,896

Sports

Toto

Bhd

21,859

13,500

Ta

Ann

Holdings

Bhd

12,768

362,000

YTL

Corporation

Bhd

221,478

Total

453,491

Mexico  1.0%  

4,330

Coca-Cola

FEMSA

SAB

de

CV

ADR

384,158

234

Fomento

Economico

Mexicano

SAB

de

CV

ADR

23,098

10,510

Grupo

Financiero

Banorte

SAB

de

CV

ADR

74,803

25,300

Grupo

Mexico

SAB

de

CV

141,341

8,758

Grupo

Televisa

SAB

ADR

22,420

31,500

Megacable

Holdings

SAB

de

CV

65,560

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Shares

Common

Stock  97.6%

Value

Mexico  1.0%  -

continued

2,600

Wal-Mart

de

Mexico

SAB

de

CV

$

7,845

Total

719,225

Netherlands  0.1%  

4,326

NEPI

Rockcastle

NV

36,529

4,326

NEPI

Rockcastle

NV,

DRIP

a,c

42

Total

36,571

Philippines  0.1%  

18,690

Bank

of

the

Philippine

Islands

45,271

Total

45,271

Poland  1.8%  

9,622

Asseco

Poland

SA

217,572

1,844

Bank

Polska

Kasa

Opieki

SA

70,403

397

Budimex

SA

61,603

3,573

KGHM

Polska

Miedz

SA

147,751

7,545

Orlen

SA

109,515

22,905

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

333,776

28,091

Powszechny

Zaklad

Ubezpieczen

SA

307,091

Total

1,247,711

Qatar  0.2%  

53,236

Commercial

Bank

PSQC

64,293

9,364

Gulf

Warehousing

Company

8,926

6,493

Qatar

National

Bank

QPSC

30,266

Total

103,485

Russian

Federation  <0.1%  

22,154

LUKOIL

PJSC

c,d

0

78,093

NovaTek

PJSC

c,d

0

136,926

Sberbank

of

Russia

PJSC

c,d

0

Total

0

Saudi

Arabia  2.8%  

25,381

Al

Rajhi

Bank

591,461

257

Al

Rajhi

Company

for

Co-operative

Insurance

a

13,164

71,066

Arab

National

Bank

362,290

2,641

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

208,808

1,908

Eastern

Province

Cement

Company

16,410

47

Elm

Company

14,591

8,187

Maharah

Human

Resources

Company

15,373

18,936

Saudi

Arabian

Oil

Company

b

136,935

991

Saudi

Aramco

Base

Oil

Company

35,085

702

Saudi

Basic

Industries

Corporation

14,016

29,056

Saudi

National

Bank

266,660

17,224

Saudi

Telecom

Company

200,717

698

Theeb

Rent

A

Car

Company

14,574

2,244

Yanbu

National

Petrochemical

Company

25,556

Total

1,915,640

South

Africa  2.1%  

1,453

Absa

Group,

Ltd.

14,754

28,358

AECI,

Ltd.

169,493

8,545

Aspen

Pharmacare

Holdings,

Ltd.

96,442

3,039

Barloworld,

Ltd.

15,193

78

Capitec

Bank

Holdings,

Ltd.

13,744

4,412

Coronation

Fund

Managers,

Ltd.

9,982

Shares

Common

Stock  97.6%

Value

South

Africa  2.1%  -

continued

33,630

DataTec,

Ltd.

$

73,916

21,036

FirstRand,

Ltd.

100,916

650

Gold

Fields,

Ltd.

ADR

9,978

9,157

Harmony

Gold

Mining

Company,

Ltd.

ADR

93,127

3,412

Kumba

Iron

Ore,

Ltd.

79,190

12,059

Mr

Price

Group,

Ltd.

188,800

1,010

Naspers,

Ltd.

244,938

25,065

Pepkor

Holdings,

Ltd.

b

34,919

21,071

Standard

Bank

Group

295,077

5,090

Super

Group,

Ltd.

7,117

3,616

Vodacom

Group

22,911

Total

1,470,497

South

Korea  6.9%  

1,069

Caregen

Company,

Ltd.

15,809

212

Celltrion,

Inc.

31,565

651

CJ

Corporation

58,998

3,295

Green

Cross

Holdings

Corporation

38,899

9,305

GS

Holdings

Corporation

301,438

103

Hanmi

Pharm

Company,

Ltd.

25,321

8,168

Hanon

Systems

26,561

2,332

HD

Hyundai

Company,

Ltd.

136,094

1,139

Hyundai

Motor

Company

212,131

9,085

KT

Corporation

278,057

5,361

KT&G

Corporation

444,448

172

LG

Chem,

Ltd.

46,686

305

Samsung

Biologics

Company,

Ltd.

a,b

226,861

2,757

Samsung

C&T

Corporation

288,769

34,973

Samsung

Electronics

Company,

Ltd.

1,634,596

5,053

SD

Biosensor,

Inc.

a

35,292

2,476

SK

Hynix,

Inc.

331,380

854

SK,

Inc.

99,863

5,184

Yuhan

Corporation

565,432

Total

4,798,200

Taiwan  19.9%  

9,965

ASE

Technology

Holding

Company,

Ltd.

ADR

97,258

315,000

Asia

Cement

Corporation

474,171

6,000

Asustek

Computer,

Inc.

104,234

275,472

Chang

Hwa

Commercial

Bank,

Ltd.

155,709

141,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

230,179

8,000

Chicony

Electronics

Company,

Ltd.

41,248

67,000

Chipbond

Technology

Corporation

140,990

1,669

Chunghwa

Telecom

Company,

Ltd.

ADR

66,209

145,000

Compal

Electronics,

Inc.

152,156

35,000

Delta

Electronics,

Inc.

417,587

10,000

Dynapack

International

Technology

Corporation

32,766

51,000

Far

Eastern

New

Century

Corporation

61,535

32,000

Far

EasTone

Telecommunications

Company,

Ltd.

91,583

59,000

Feng

Hsin

Steel

Company,

Ltd.

158,298

2,000

Fusheng

Precision

Company,

Ltd.

18,306

101,000

Hon

Hai

Precision

Industry

Company,

Ltd.

594,674

100,000

Inventec

Corporation

135,882

51,000

KGI

Financial

Holding

Company,

Ltd.

26,558

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Shares

Common

Stock  97.6%

Value

Taiwan  19.9%  -

continued

56,000

Lite-On

Technology

Corporation

$

175,744

22,000

MediaTek,

Inc.

810,822

95,000

Nan

Ya

Plastics

Corporation

137,714

189,000

Pegatron

Corporation

613,234

140,000

Pou

Chen

Corporation

159,265

6,000

Powertech

Technology,

Inc.

25,859

6,000

President

Chain

Store

Corporation

55,806

25,000

Quanta

Computer,

Inc.

208,356

8,000

Realtek

Semiconductor

Corporation

118,741

122,000

Synnex

Technology

International

Corporation

278,043

15,000

Systex

Corporation

60,123

300,586

Taichung

Commercial

Bank

Company,

Ltd.

174,624

87,000

Taiwan

Mobile

Company,

Ltd.

316,087

4,000

Taiwan

Secom

Company,

Ltd.

17,362

209,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

6,317,265

31,704

Topco

Scientific

Company,

Ltd.

281,872

175,000

Uni-President

Enterprises

Corporation

478,822

19,000

Wah

Lee

Industrial

Corporation

76,873

35,000

WPG

Holdings,

Ltd.

82,814

396,996

Yuanta

Financial

Holding

Company,

Ltd.

396,876

Total

13,785,645

Thailand  1.3%  

56,800

Central

Pattana

pcl

NVDR

117,520

162,500

Kasikornbank

pcl

NVDR

756,570

Total

874,090

Turkey  1.0%  

3,677

Ford

Otomotiv

Sanayi

AS

98,706

41,513

Haci

Omer

Sabanci

Holding

AS

118,175

9,981

KOC

Holding

AS

54,929

21,617

Tekfen

Holding

AS

a

32,870

42,964

Turk

Hava

Yollari

Anonim

Ortakligi

a

357,383

Total

662,063

United

Arab

Emirates  2.1%  

5,709

Abu

Dhabi

Commercial

Bank

PJSC

13,087

113,012

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

111,276

173,143

Deyaar

Development

PJSC

32,207

227,410

Dubai

Islamic

Bank

PJSC

390,143

205,480

Emaar

Properties

PJSC

487,520

78,956

Emirates

NBD

Bank

PJSC

436,369

Total

1,470,602

United

Kingdom  0.4%  

9,548

AngloGold

Ashanti

plc

253,925

Total

253,925

Total

Common

Stock

(cost

$54,814,339)

67,513,999

Shares

Preferred

Stock

2.0%

Brazil  0.8%  

74,200

Companhia

de

Saneamento

do

Parana

81,314

5,070

Itausa

SA

10,340

Shares

Preferred

Stock  2.0%

Value

Brazil  0.8%  -

continued

70,300

Petroleo

Brasileiro

SA

$

465,595

Total

557,249

South

Korea  1.2%  

1,239

Hyundai

Motor

Company,

2nd

Preferred

166,563

2,142

Hyundai

Motor

Company,

Preferred

278,629

9,458

Samsung

Electronics

Company,

Ltd.

367,319

Total

812,511

Total

Preferred

Stock

(cost

$1,257,423)

1,369,760

Shares

or

Principal

Amount

Short-Term

Investments

1.0%

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.855%,

 10/16/2024

e,f

99,793

Thrivent

Core

Short-Term

Reserve

Fund

62,343

5.250%

623,431

Total

Short-Term

Investments

(cost

$723,228)

723,224

Total

Investments

(cost

$56,794,990)

100.6%

$69,606,983

Other

Assets

and

Liabilities,

Net

(0.6%)

(408,874)

Total

Net

Assets

100.0%

$69,198,109

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$3,569,903

or

5.2%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

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.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Berhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

DRIP

-

Dividend

Reinvestment

Plan

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

pcl

-

Public

Company

Limited

plc

-

Public

Limited

Company

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Reference

Description:

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Emerging

Markets

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

6,521,699

477,743

6,043,956

–

Consumer

Discretionary

9,827,921

351,781

9,476,140

–

Consumer

Staples

2,720,420

407,256

2,313,164

–

Energy^

3,012,369

207,936

2,804,433

0

Financials^

14,990,796

2,067,160

12,923,636

0

Health

Care

3,220,222

–

3,220,222

–

Industrials

2,719,122

77,248

2,641,874

–

Information

Technology

17,375,927

374,876

17,001,051

–

Materials

4,347,511

631,538

3,715,973

–

Real

Estate

2,095,583

–

2,095,541

42

Utilities

682,429

282,111

400,318

–

Preferred

Stock

Consumer

Discretionary

445,192

–

445,192

–

Energy

465,595

–

465,595

–

Financials

10,340

–

10,340

–

Information

Technology

367,319

–

367,319

–

Utilities

81,314

–

81,314

–

Short-Term

Investments

99,793

–

99,793

–

Subtotal

Investments

in

Securities

$68,983,552

$4,877,649

$64,105,861

$42

Other

Investments  *

Total

Affiliated

Short-Term

Investments

623,431

Subtotal

Other

Investments

$623,431

Total

Investments

at

Value

$69,606,983

*

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

the

table

above

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.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Emerging

Markets

Equity

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

142,252

142,252

–

–

Total

Asset

Derivatives

$142,252

$142,252

$–

$–

The

following

table

presents

Emerging

Markets

Equity

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$99,793

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

US

mini

MSCI

Emerging

Markets

Index

39

December

2024

$

2,144,513

$

142,252

Total

Futures

Long

Contracts

$

2,144,513

$

142,252

Total

Futures

Contracts

$

2,144,513

$142,252

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

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

Emerging

Markets

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$391

$11,051

$10,819

$623

62

0.9%

Total

Affiliated

Short-Term

Investments

391

623

0.9

Total

Value

$391

$623

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$12

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$12

Total

Value

$–

$–

$

–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Shares

Common

Stock

88.6%

Value

Communications

Services  7.6%

10,858

Alphabet,

Inc.,

Class

A

$

1,800,799

9,345

Alphabet,

Inc.,

Class

C

1,562,391

8

Cable

One,

Inc.

2,798

467

Electronic

Arts,

Inc.

66,987

81

John

Wiley

and

Sons,

Inc.

3,908

1,876

Lumen

Technologies,

Inc.

a

13,320

287

New

York

Times

Company

15,977

365

Omnicom

Group,

Inc.

37,737

54

Scholastic

Corporation

1,729

7,781

Verizon

Communications,

Inc.

349,445

3,370

Walt

Disney

Company

324,160

4,255

Warner

Brothers

Discovery,

Inc.

a

35,104

519

ZoomInfo

Technologies,

Inc.

a

5,356

Total

4,219,711

Consumer

Discretionary  8.1%

504

Aptiv

plc

a

36,293

457

Aramark

17,700

148

Autoliv,

Inc.

13,819

48

AutoNation,

Inc.

a

8,588

379

Best

Buy

Company,

Inc.

39,151

63

Booking

Holdings,

Inc.

265,364

432

BorgWarner,

Inc.

15,677

57

Buckle,

Inc.

2,506

217

Capri

Holdings,

Ltd.

a

9,209

289

CarMax,

Inc.

a

22,363

53

Choice

Hotels

International,

Inc.

6,906

66

Columbia

Sportswear

Company

5,491

222

Darden

Restaurants,

Inc.

36,437

282

Deckers

Outdoor

Corporation

a

44,965

64

Domino's

Pizza,

Inc.

27,529

40

Ethan

Allen

Interiors,

Inc.

1,276

160

Foot

Locker,

Inc.

4,134

748

GameStop

Corporation

a

17,152

410

Gap,

Inc.

9,040

282

Garmin,

Ltd.

49,640

647

Hanesbrands,

Inc.

a

4,755

244

Harley-Davidson,

Inc.

9,401

242

Hasbro,

Inc.

17,501

464

Hilton

Worldwide

Holdings,

Inc.

106,952

1,833

Home

Depot,

Inc.

742,732

40

Jack

in

the

Box,

Inc.

1,862

215

Kohl's

Corporation

4,537

81

La-Z-Boy,

Inc.

3,477

493

LKQ

Corporation

19,681

1,053

Lowe's

Companies,

Inc.

285,205

1,679

Lucid

Group,

Inc.

a,b

5,927

449

Marriott

International,

Inc./MD

111,621

643

Mattel,

Inc.

a

12,249

1,332

McDonald's

Corporation

405,607

67

Meritage

Homes

Corporation

13,740

100

Mohawk

Industries,

Inc.

a

16,068

725

Newell

Brands,

Inc.

5,568

2,238

NIKE,

Inc.

197,839

202

Nordstrom,

Inc.

4,543

67

ODP

Corporation

a

1,993

72

Pool

Corporation

27,130

107

PVH

Corporation

10,789

1,343

Rivian

Automotive,

Inc.

a

15,068

450

Royal

Caribbean

Cruises,

Ltd.

79,812

79

Signet

Jewelers,

Ltd.

8,148

2,092

Starbucks

Corporation

203,949

5,306

Tesla,

Inc.

a

1,388,209

257

Topgolf

Callaway

Brands

Corporation

a

2,822

Shares

Common

Stock  88.6%

Value

Consumer

Discretionary  8.1%

-

continued

200

Tractor

Supply

Company

$

58,186

88

Ulta

Beauty,

Inc.

a

34,243

344

Under

Armour,

Inc.,

Class

A

a

3,065

318

Under

Armour,

Inc.,

Class

C

a

2,658

70

Vail

Resorts,

Inc.

12,200

613

VF

Corporation

12,229

100

Whirlpool

Corporation

10,700

238

Williams-Sonoma,

Inc.

36,871

149

Wolverine

World

Wide,

Inc.

2,596

Total

4,513,173

Consumer

Staples  5.5%

914

Archer-Daniels-Midland

Company

54,602

262

Bunge

Global

SA

25,320

359

Campbell

Soup

Company

17,562

454

Church

&

Dwight

Company,

Inc.

47,543

229

Clorox

Company

37,306

7,565

Coca-Cola

Company

543,621

1,445

Colgate-Palmolive

Company

150,005

886

Conagra

Brands,

Inc.

28,813

300

Darling

Ingredients,

Inc.

a

11,148

427

Estee

Lauder

Companies,

Inc.

42,568

1,032

General

Mills,

Inc.

76,213

172

Hain

Celestial

Group,

Inc.

a

1,484

550

Hormel

Foods

Corporation

17,435

120

Ingredion,

Inc.

16,492

196

J.M.

Smucker

Company

23,736

506

Kellanova

40,839

1,999

Keurig

Dr

Pepper,

Inc.

74,923

623

Kimberly-Clark

Corporation

88,640

1,681

Kraft

Heinz

Company

59,020

1,259

Kroger

Company

72,141

269

Lamb

Weston

Holdings,

Inc.

17,415

464

McCormick

&

Company,

Inc.

38,187

2,487

Mondelez

International,

Inc.

183,217

2,541

PepsiCo,

Inc.

432,097

4,363

Procter

&

Gamble

Company

755,672

920

Sysco

Corporation

71,815

855

Target

Corporation

133,260

103

United

Natural

Foods,

Inc.

a

1,733

Total

3,062,807

Energy  1.2%

1,859

Baker

Hughes

Company

67,203

423

Cheniere

Energy,

Inc.

76,072

87

Core

Laboratories,

Inc.

1,612

1,644

Halliburton

Company

47,758

295

HF

Sinclair

Corporation

13,148

651

Marathon

Petroleum

Corporation

106,054

715

NOV,

Inc.

11,419

1,075

ONEOK,

Inc.

97,965

784

Phillips

66

103,057

391

Targa

Resources

Corporation

57,872

814

TechnipFMC

plc

21,351

604

Valero

Energy

Corporation

81,558

Total

685,069

Financials  10.6%

488

Allstate

Corporation

92,549

499

Ally

Financial,

Inc.

17,759

1,064

American

Express

Company

288,557

185

Ameriprise

Financial,

Inc.

86,915

404

Arthur

J.

Gallagher

&

Company

113,673

73

Bank

of

Hawaii

Corporation

4,582

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Shares

Common

Stock  88.6%

Value

Financials  10.6%

-

continued

1,364

Bank

of

New

York

Mellon

Corporation

$

98,017

275

BlackRock,

Inc.

261,115

130

Cathay

General

Bancorp

5,584

2,793

Charles

Schwab

Corporation

181,014

713

Chubb,

Ltd.

205,622

847

Citizens

Financial

Group,

Inc.

34,786

664

CME

Group,

Inc.

146,512

241

Comerica,

Inc.

14,438

462

Discover

Financial

Services

64,814

605

Equitable

Holdings,

Inc.

25,428

70

FactSet

Research

Systems,

Inc.

32,190

1,028

Fidelity

National

Information

Services,

Inc.

86,095

535

Franklin

Resources,

Inc.

10,780

549

Hartford

Financial

Services

Group,

Inc.

64,568

2,666

Huntington

Bancshares,

Inc./OH

39,190

1,057

Intercontinental

Exchange,

Inc.

169,796

100

International

Bancshares

Corporation

5,979

637

Invesco,

Ltd.

11,186

1,718

KeyCorp

28,777

302

Lincoln

National

Corporation

9,516

354

Loews

Corporation

27,984

306

M&T

Bank

Corporation

54,505

70

MarketAxess

Holdings,

Inc.

17,934

912

Marsh

&

McLennan

Companies,

Inc.

203,458

1,535

Mastercard,

Inc.

757,983

303

Moody's

Corporation

143,801

2,253

Morgan

Stanley

234,853

799

Nasdaq,

Inc.

58,335

377

Northern

Trust

Corporation

33,941

585

Old

National

Bancorp

10,916

1,837

PayPal

Holdings,

Inc.

a

143,341

736

PNC

Financial

Services

Group,

Inc.

136,050

434

Principal

Financial

Group,

Inc.

37,281

1,081

Progressive

Corporation

274,315

663

Prudential

Financial,

Inc.

80,289

1,697

Regions

Financial

Corporation

39,591

592

S&P

Global,

Inc.

305,839

558

State

Street

Corporation

49,366

730

Synchrony

Financial

36,412

415

T.

Rowe

Price

Group,

Inc.

45,206

423

Travelers

Companies,

Inc.

99,033

2,464

Truist

Financial

Corporation

105,385

2,910

Visa,

Inc.

800,105

188

Voya

Financial,

Inc.

14,893

632

Western

Union

Company

7,540

189

Willis

Towers

Watson

plc

55,666

280

Zions

Bancorp

NA

13,222

Total

5,886,686

Health

Care  8.4%

3,264

AbbVie,

Inc.

644,575

540

Agilent

Technologies,

Inc.

80,179

132

Align

Technology,

Inc.

a

33,570

992

Amgen,

Inc.

319,632

536

Becton,

Dickinson

and

Company

129,230

267

Biogen,

Inc.

a

51,755

346

BioMarin

Pharmaceutical,

Inc.

a

24,320

288

Bio-Techne

Corporation

23,020

3,744

Bristol-Myers

Squibb

Company

193,715

Shares

Common

Stock  88.6%

Value

Health

Care  8.4%

-

continued

449

Cardinal

Health,

Inc.

$

49,623

332

Cencora,

Inc.

74,727

987

Centene

Corporation

a

74,301

524

Cigna

Group

181,535

364

Cooper

Companies,

Inc.

a

40,164

1,232

Danaher

Corporation

342,521

97

DaVita,

Inc.

a

15,901

392

Dentsply

Sirona,

Inc.

10,608

735

Dexcom,

Inc.

a

49,274

1,111

Edwards

Lifesciences

Corporation

a

73,315

430

Elevance

Health,

Inc.

223,600

2,304

Gilead

Sciences,

Inc.

193,167

363

HCA

Healthcare,

Inc.

147,534

242

Henry

Schein,

Inc.

a

17,642

434

Hologic,

Inc.

a

35,354

223

Humana,

Inc.

70,633

153

IDEXX

Laboratories,

Inc.

a

77,299

294

Illumina,

Inc.

a

38,341

129

Insulet

Corporation

a

30,025

338

IQVIA

Holding,

Inc.

a

80,096

111

Jazz

Pharmaceuticals,

Inc.

a

12,367

157

Labcorp

Holdings,

Inc.

35,086

4,678

Merck

&

Company,

Inc.

531,234

39

Mettler-Toledo

International,

Inc.

a

58,488

160

Patterson

Companies,

Inc.

3,494

143

Pediatrix

Medical

Group,

Inc.

a

1,657

206

Quest

Diagnostics,

Inc.

31,981

270

ResMed,

Inc.

65,912

199

Select

Medical

Holdings

Corporation

6,939

183

STERIS

plc

44,385

296

Teladoc

Health,

Inc.

a

2,717

284

Veeva

Systems,

Inc.

a

59,603

477

Vertex

Pharmaceuticals,

Inc.

a

221,843

109

Waters

Corporation

a

39,228

136

West

Pharmaceutical

Services,

Inc.

40,822

379

Zimmer

Biomet

Holdings,

Inc.

40,913

843

Zoetis,

Inc.

164,705

Total

4,687,030

Industrials  8.1%

1,021

3M

Company

139,571

227

A.O.

Smith

Corporation

20,391

158

ACCO

Brands

Corporation

864

57

Acuity

Brands,

Inc.

15,697

117

AGCO

Corporation

11,450

198

Air

Lease

Corporation

8,967

161

Allegion

plc

23,464

72

Applied

Industrial

Technologies,

Inc.

16,065

47

ArcBest

Corporation

5,097

757

Automatic

Data

Processing,

Inc.

209,485

33

Avis

Budget

Group,

Inc.

2,890

217

Broadridge

Financial

Solutions,

Inc.

46,662

228

Builders

FirstSource,

Inc.

a

44,200

217

C.H.

Robinson

Worldwide,

Inc.

23,950

1,494

Carrier

Global

Corporation

120,252

904

Caterpillar,

Inc.

353,572

1,610

CNH

Industrial

NV

17,871

1,597

Copart,

Inc.

a

83,683

3,619

CSX

Corporation

124,964

253

Cummins,

Inc.

81,919

484

Deere

&

Company

201,988

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Shares

Common

Stock  88.6%

Value

Industrials  8.1%

-

continued

293

Delta

Air

Lines,

Inc.

$

14,881

76

Deluxe

Corporation

1,481

254

Dover

Corporation

48,702

738

Eaton

Corporation

plc

244,603

88

EMCOR

Group,

Inc.

37,887

261

Expeditors

International

of

Washington,

Inc.

34,295

97

Exponent,

Inc.

11,182

1,060

Fastenal

Company

75,705

373

Ferguson

Enterprises,

Inc.

74,067

240

Flowserve

Corporation

12,406

652

Fortive

Corporation

51,462

234

Fortune

Brands

Innovations,

Inc.

20,950

312

Graco,

Inc.

27,303

85

Granite

Construction,

Inc.

6,739

34

Heidrick

&

Struggles

International,

Inc.

1,321

78

HNI

Corporation

4,200

36

ICF

International,

Inc.

6,004

140

IDEX

Corporation

30,030

552

Illinois

Tool

Works,

Inc.

144,663

748

Ingersoll

Rand,

Inc.

73,424

107

Interface,

Inc.

2,030

153

JB

Hunt

Transport

Services,

Inc.

26,367

1,245

Johnson

Controls

International

plc

96,624

59

Kelly

Services,

Inc.

1,263

297

Knight-Swift

Transportation

Holdings,

Inc.

16,023

59

Lennox

International,

Inc.

35,653

106

Lincoln

Electric

Holdings,

Inc.

20,354

95

ManpowerGroup,

Inc.

6,984

406

Masco

Corporation

34,080

370

MDU

Resources

Group,

Inc.

10,142

99

Middleby

Corporation

a

13,774

418

Norfolk

Southern

Corporation

103,873

161

Owens

Corning,

Inc.

28,420

965

PACCAR,

Inc.

95,226

238

Parker-Hannifin

Corporation

150,373

95

Paycom

Software,

Inc.

15,824

307

Pentair

plc

30,022

270

Quanta

Services,

Inc.

80,501

201

Robert

Half,

Inc.

13,549

212

Rockwell

Automation,

Inc.

56,914

81

Ryder

System,

Inc.

11,810

289

Sensata

Technologies

Holding

plc

10,364

98

Snap-On,

Inc.

28,392

274

Southwest

Airlines

Company

8,119

282

Stanley

Black

&

Decker,

Inc.

31,057

143

Steelcase,

Inc.

1,929

33

Tennant

Company

3,169

495

Tetra

Tech,

Inc.

23,344

121

Timken

Company

10,199

419

Trane

Technologies

plc

162,878

359

TransUnion

37,587

179

U-Haul

Holding

Company

12,888

1,126

Union

Pacific

Corporation

277,536

1,344

United

Parcel

Service,

Inc.

183,241

123

United

Rentals,

Inc.

99,597

455

Veralto

Corporation

50,896

82

W.W.

Grainger,

Inc.

85,182

327

Wabtec

Corporation

59,439

447

Xylem,

Inc.

60,358

Total

4,470,288

Shares

Common

Stock  88.6%

Value

Information

Technology  33.0%

1,158

Accenture

plc

$

409,330

820

Adobe,

Inc.

a

424,580

2,988

Advanced

Micro

Devices,

Inc.

a

490,271

281

Akamai

Technologies,

Inc.

a

28,367

917

Analog

Devices,

Inc.

211,066

160

ANSYS,

Inc.

a

50,981

1,531

Applied

Materials,

Inc.

309,339

89

ASGN,

Inc.

a

8,298

291

Atlassian

Corporation

a

46,214

396

Autodesk,

Inc.

a

109,090

504

Cadence

Design

Systems,

Inc.

a

136,599

7,447

Cisco

Systems,

Inc.

396,329

323

Cognex

Corporation

13,082

919

Cognizant

Technology

Solutions

Corporation

70,928

1,497

Corning,

Inc.

67,590

520

Dell

Technologies,

Inc.

61,641

109

F5,

Inc.

a

24,002

46

Fair

Isaac

Corporation

a

89,402

187

First

Solar,

Inc.

a

46,645

737

Flex,

Ltd.

a

24,638

1,206

Fortinet,

Inc.

a

93,525

1,061

Gen

Digital,

Inc.

29,103

145

Guidewire

Software,

Inc.

a

26,526

2,394

Hewlett

Packard

Enterprise

Company

48,981

1,807

HP,

Inc.

64,817

89

HubSpot,

Inc.

a

47,312

7,863

Intel

Corporation

184,466

1,698

International

Business

Machines

Corporation

375,394

517

Intuit,

Inc.

321,057

82

Itron,

Inc.

a

8,758

323

Keysight

Technologies,

Inc.

a

51,334

242

Lam

Research

Corporation

197,491

998

Microchip

Technology,

Inc.

80,129

13,052

Microsoft

Corporation

5,616,276

307

Motorola

Solutions,

Inc.

138,036

45,474

NVIDIA

Corporation

5,522,363

473

NXP

Semiconductors

NV

113,525

296

Okta,

Inc.

a

22,005

789

ON

Semiconductor

Corporation

a

57,289

3,060

Oracle

Corporation

521,424

219

PTC,

Inc.

a

39,565

143

RingCentral,

Inc.

a

4,523

198

Roper

Industries,

Inc.

110,175

1,792

Salesforce,

Inc.

490,488

365

Seagate

Technology

Holdings

plc

39,979

379

ServiceNow,

Inc.

a

338,974

297

Skyworks

Solutions,

Inc.

29,335

282

Synopsys,

Inc.

a

142,802

565

TE

Connectivity

plc

85,309

189

Teradata

Corporation

a

5,734

1,681

Texas

Instruments,

Inc.

347,244

455

Trimble,

Inc.

a

28,251

301

Twilio,

Inc.

a

19,631

390

Workday,

Inc.

a

95,320

216

Xerox

Holdings

Corporation

2,242

95

Zebra

Technologies

Corporation

a

35,180

Total

18,352,955

Materials  2.5%

410

Air

Products

and

Chemicals,

Inc.

122,074

216

Albemarle

Corporation

b

20,457

149

Avery

Dennison

Corporation

32,893

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Shares

Common

Stock  88.6%

Value

Materials  2.5%

-

continued

415

Axalta

Coating

Systems,

Ltd.

a

$

15,019

577

Ball

Corporation

39,184

63

Compass

Minerals

International,

Inc.

757

1,269

CRH

plc

117,687

474

Ecolab,

Inc.

121,027

98

H.B.

Fuller

Company

7,779

470

International

Flavors

&

Fragrances,

Inc.

49,317

612

International

Paper

Company

29,896

890

Linde

plc

424,406

480

LyondellBasell

Industries

NV

46,032

63

Minerals

Technologies,

Inc.

4,866

594

Mosaic

Company

15,907

2,127

Newmont

Corporation

113,688

435

PPG

Industries,

Inc.

57,620

43

Radius

Recycling,

Inc.

797

267

Sealed

Air

Corporation

9,692

446

Sherwin-Williams

Company

170,225

184

Sonoco

Products

Company

10,052

Total

1,409,375

Real

Estate  2.7%

863

American

Tower

Corporation

200,699

211

Anywhere

Real

Estate,

Inc.

a

1,072

262

AvalonBay

Communities,

Inc.

59,016

273

BXP,

Inc.

21,966

563

CBRE

Group,

Inc.

a

70,082

206

COPT

Defense

Properties

6,248

800

Crown

Castle,

Inc.

94,904

600

Digital

Realty

Trust,

Inc.

97,098

175

Equinix,

Inc.

155,335

630

Equity

Residential

46,910

134

Federal

Realty

Investment

Trust

15,406

1,308

Healthpeak

Properties,

Inc.

29,914

1,306

Host

Hotels

&

Resorts,

Inc.

22,986

541

Iron

Mountain,

Inc.

64,287

88

Jones

Lang

LaSalle,

Inc.

a

23,743

383

Macerich

Company

6,986

148

PotlatchDeltic

Corporation

6,668

1,711

Prologis,

Inc.

216,065

199

SBA

Communications

Corporation

47,899

604

Simon

Property

Group,

Inc.

102,088

577

UDR,

Inc.

26,161

748

Ventas,

Inc.

47,969

1,105

Welltower,

Inc.

141,473

Total

1,504,975

Utilities  0.9%

359

American

Water

Works

Company,

Inc.

52,500

279

Atmos

Energy

Corporation

38,700

134

Avista

Corporation

5,192

552

CMS

Energy

Corporation

38,988

639

Consolidated

Edison,

Inc.

66,539

480

Essential

Utilities,

Inc.

18,514

651

Eversource

Energy

44,301

1,849

Exelon

Corporation

74,977

176

New

Jersey

Resources

Corporation

8,307

829

NiSource,

Inc.

28,725

99

Ormat

Technologies,

Inc.

7,617

1,170

Sempra

97,847

Shares

Common

Stock  88.6%

Value

Utilities  0.9%

-

continued

388

UGI

Corporation

$

9,708

Total

491,915

Total

Common

Stock

(cost

$34,597,259)

49,283,984

Shares

Registered

Investment

Companies  

10.5%

Value

U.S.

Unaffiliated  

10.5%

53,682

iShares

MSCI

KLD

400

Social

ETF

5,840,065

Total

5,840,065

Total

Registered

Investment

Companies

(cost

$4,786,789)

5,840,065

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

25,150

Thrivent

Cash

Management

Trust

25,150

Total

Collateral

Held

for

Securities

Loaned

(cost

$25,150)

25,150

Shares

or

Principal

Amount

Short-Term

Investments

0.9%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

5.085%,

11/13/2024

c,d

99,448

Thrivent

Core

Short-Term

Reserve

Fund

37,213

5.250%

372,127

Total

Short-Term

Investments

(cost

$471,520)

471,575

Total

Investments

(cost

$39,880,718)

100.0%

$55,620,774

Other

Assets

and

Liabilities,

Net

<0.1%

13,114

Total

Net

Assets

100.0%

$55,633,888

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

ESG

Index

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

24,237

Total

lending

$24,237

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$25,150

Net

amounts

due

to

counterparty

$913

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

4,219,711

4,219,711

–

–

Consumer

Discretionary

4,513,173

4,513,173

–

–

Consumer

Staples

3,062,807

3,062,807

–

–

Energy

685,069

685,069

–

–

Financials

5,886,686

5,886,686

–

–

Health

Care

4,687,030

4,687,030

–

–

Industrials

4,470,288

4,470,288

–

–

Information

Technology

18,352,955

18,352,955

–

–

Materials

1,409,375

1,409,375

–

–

Real

Estate

1,504,975

1,504,975

–

–

Utilities

491,915

491,915

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

5,840,065

5,840,065

–

–

Short-Term

Investments

99,448

–

99,448

–

Subtotal

Investments

in

Securities

$55,223,497

$55,124,049

$99,448

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

372,127

Collateral

Held

for

Securities

Loaned

25,150

Subtotal

Other

Investments

$397,277

Total

Investments

at

Value

$55,620,774

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

ESG

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

11,055

11,055

–

–

Total

Asset

Derivatives

$11,055

$11,055

$–

$–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

The

following

table

presents

ESG

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$99,448

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

Micro

E-mini

S&P

500

Index

18

December

2024

$

512,228

$

11,055

Total

Futures

Long

Contracts

$

512,228

$

11,055

Total

Futures

Contracts

$

512,228

$11,055

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$272

$7,589

$7,489

$372

37

0.7%

Total

Affiliated

Short-Term

Investments

272

372

0.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

17

311

303

25

25

<0.1

Total

Collateral

Held

for

Securities

Loaned

17

25

<0.1

Total

Value

$289

$397

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$15

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$15

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Shares

Common

Stock

76.7%

Value

Communications

Services  4.9%

141,252

Alphabet,

Inc.,

Class

C

$

23,615,922

15,799

Altice

USA,

Inc.

a

38,866

6,529

AMC

Networks,

Inc.

a

56,737

423,845

Auto

Trader

Group

plc

b

4,927,283

3,870

Bandwidth,

Inc.

a

67,764

813

CAR

Group,

Ltd.

21,029

49,112

Cargurus,

Inc.

a

1,474,833

558

Charter

Communications,

Inc.

a

180,837

2,140

Cogeco

Communications,

Inc.

c

113,135

98,115

Comcast

Corporation

4,098,264

25,229

E.W.

Scripps

Company

a

56,639

4,093

Electronic

Arts,

Inc.

587,100

2,094

Entravision

Communications

Corporation

4,335

7,600

Fuji

Media

Holdings,

Inc.

91,405

64,000

HKT

Trust

and

HKT,

Ltd.

81,801

11,395

iHeartMedia,

Inc.

a

21,081

36,492

Imax

Corporation

a

748,451

13,996

Integral

Ad

Science

Holding

Corporation

a

151,297

7,698

Ipsos

SA

484,495

6,235

Iridium

Communications,

Inc.

189,856

90,600

KDDI

Corporation

2,902,598

4,979

Liberty

Global,

Ltd.,

Class

A

a

105,107

6,122

Liberty

Latin

America,

Ltd.,

Class

A

a

58,649

1,103

Liberty

Media

Corporation-Liberty

Live

Group

a

56,617

13,122

Lumen

Technologies,

Inc.

a

93,166

7,383

Magnite,

Inc.

a

102,255

37,656

Meta

Platforms,

Inc.

21,555,801

147,340

MFE-MediaForEurope

NV

509,849

44,820

MONY

Group

plc

126,900

6,134

New

York

Times

Company

341,480

49,100

Nintendo

Company,

Ltd.

2,624,464

2,712,900

Nippon

Telegraph

and

Telephone

Corporation

2,781,225

1,454

Omnicom

Group,

Inc.

150,329

30,955

Pinterest,

Inc.

a

1,002,013

17,425

QuinStreet,

Inc.

a

333,340

7,481

Scout24

SE

b

644,099

1,670

Sinclair,

Inc.

25,551

3,542

Sirius

XM

Holdings,

Inc.

83,768

20,600

SoftBank

Group

Corporation

1,221,914

4,800

TBS

Holdings,

Inc.

131,378

1,808

TechTarget,

Inc.

a

44,206

3,964

Telephone

and

Data

Systems,

Inc.

92,163

176,230

Telstra

Corporation,

Ltd.

471,683

11,510

Trade

Desk,

Inc.

a

1,262,071

43,700

TV

Asahi

Holdings

Corporation

609,141

150,395

Verizon

Communications,

Inc.

6,754,239

191,238

Warner

Brothers

Discovery,

Inc.

a

1,577,713

Total

82,672,849

Consumer

Discretionary  8.9%

3,539

Adidas

AG

937,789

110

Adient

plc

a

2,483

9,851

Amadeus

IT

Holding

SA

713,436

100,323

Amazon.com,

Inc.

a

18,693,185

15,003

American

Axle

&

Manufacturing

Holdings,

Inc.

a

92,719

10,939

American

Eagle

Outfitters,

Inc.

244,924

33,357

Aptiv

plc

a

2,402,038

2,601

Aramark

100,737

32,702

Aristocrat

Leisure,

Ltd.

1,320,323

Shares

Common

Stock  76.7%

Value

Consumer

Discretionary  8.9%

-

continued

2,754

Autoliv,

Inc.

$

257,141

7,281

Bayerische

Motoren

Werke

AG

643,908

7,929

Berkeley

Group

Holdings

plc

501,521

34,555

Best

Buy

Company,

Inc.

3,569,531

872

Booking

Holdings,

Inc.

3,672,969

5,392

Boot

Barn

Holdings,

Inc.

a

901,974

7,136

BorgWarner,

Inc.

258,965

3,589

Breville

Group,

Ltd.

84,468

1,856

Bright

Horizons

Family

Solutions,

Inc.

a

260,081

580

Carvana

Company

a

100,984

154

Cavco

Industries,

Inc.

a

65,949

15,567

Champion

Homes,

Inc.

a

1,476,530

12,266

Cheesecake

Factory,

Inc.

497,386

924

Chewy,

Inc.

a

27,064

68,750

Chipotle

Mexican

Grill,

Inc.

a

3,961,375

15,076

Columbia

Sportswear

Company

1,254,172

11,744

Compagnie

Financiere

Richemont

SA

1,864,998

37,265

Compagnie

Generale

des

Etablissements

Michelin

SCA

1,513,457

182,872

Compass

Group

plc

5,862,827

15,694

D.R.

Horton,

Inc.

2,993,944

11,189

Dana,

Inc.

118,156

469

Darden

Restaurants,

Inc.

76,977

5,532

Deckers

Outdoor

Corporation

a

882,077

7,129

Delivery

Hero

AG

a,b

288,508

5,049

Dollarama,

Inc.

517,201

23,207

DoorDash,

Inc.

a

3,312,335

206

Dorman

Products,

Inc.

a

23,303

59,446

eBay,

Inc.

3,870,529

472

El

Pollo

Loco

Holdings,

Inc.

a

6,466

1,448

Etsy,

Inc.

a

80,407

26,081

Expedia

Group,

Inc.

a

3,860,510

900

Fast

Retailing

Company,

Ltd.

298,617

10,302

Ferrari

NV

4,827,539

2,046

Ford

Motor

Company

21,606

1,832

Fox

Factory

Holding

Corporation

a

76,028

398

Frontdoor,

Inc.

a

19,100

11,842

Gap,

Inc.

261,116

20,635

Gentex

Corporation

612,653

2,777

Genuine

Parts

Company

387,891

4,171

Goodyear

Tire

&

Rubber

Company

a

36,913

4,285

Grand

Canyon

Education,

Inc.

a

607,827

1,302

Group

1

Automotive,

Inc.

498,718

4,423

H&R

Block,

Inc.

281,082

16,366

Hanesbrands,

Inc.

a

120,290

2,344

Hasbro,

Inc.

169,518

16,000

Heiwa

Corporation

237,469

692

Hermes

International

SCA

1,703,954

2,841

Hilton

Worldwide

Holdings,

Inc.

654,850

14,811

Home

Depot,

Inc.

6,001,417

103,000

Honda

Motor

Company,

Ltd.

1,099,663

18,799

Industria

de

Diseno

Textil

SA

1,113,401

2,061

Installed

Building

Products,

Inc.

507,562

22,321

InterContinental

Hotels

Group

plc

2,430,765

10,331

JB

Hi-Fi,

Ltd.

568,582

66

KB

Home

5,656

4,769

Latham

Group,

Inc.

a

32,429

15,951

Laureate

Education,

Inc.

264,946

1,352

LCI

Industries

162,970

7,010

Lear

Corporation

765,141

2,106

Leggett

&

Platt,

Inc.

28,684

1,190

Lennar

Corporation

223,101

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Shares

Common

Stock  76.7%

Value

Consumer

Discretionary  8.9%

-

continued

9,753

LKQ

Corporation

$

389,340

215,316

Lottery

Corporation,

Ltd.

759,036

16,373

Lowe's

Companies,

Inc.

4,434,627

2,136

Lululemon

Athletica,

Inc.

a

579,604

6,010

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,608,933

275

M/I

Homes,

Inc.

a

47,124

4,506

Mattel,

Inc.

a

85,839

11,392

Melco

Resorts

&

Entertainment,

Ltd.

ADR

a

88,744

16,362

Mercedes-Benz

Group

AG

1,060,246

4,833

Modine

Manufacturing

Company

a

641,774

2,370

Mohawk

Industries,

Inc.

a

380,812

24,515

Next

plc

3,211,384

92

NVR,

Inc.

a

902,686

302

OneSpaWorld

Holdings,

Ltd.

4,986

24,300

Oriental

Land

Company,

Ltd.

628,578

7,091

Pandora

AS

1,168,725

3,795

Patrick

Industries,

Inc.

540,294

25,087

Pirelli

&

C.

SPA

b

152,347

2,323

Pool

Corporation

875,306

4,902

Premier

Investments,

Ltd.

104,079

189

PVH

Corporation

19,057

48,394

Qurate

Retail,

Inc.

a

29,525

385

Ralph

Lauren

Corporation

74,640

2,344

Revolve

Group,

Inc.

a

58,084

10,694

Ross

Stores,

Inc.

1,609,554

11,100

Sekisui

Chemical

Company,

Ltd.

173,557

77,800

Sekisui

House,

Ltd.

2,160,171

2,360

Service

Corporation

International/

US

186,275

15,104

SharkNinja,

Inc.

1,641,956

14,073

Six

Flags

Entertainment

Corporation

567,283

205,500

Sony

Group

Corporation

3,992,371

25,044

Sony

Group

Corporation

ADR

2,418,499

64,375

Stellantis

NV

891,469

1,794

Steven

Madden,

Ltd.

87,888

2,138

Stitch

Fix,

Inc.

a

6,029

23,484

Stoneridge,

Inc.

a

262,786

1,260

Strategic

Education,

Inc.

116,613

7,920

Tapestry,

Inc.

372,082

27,257

Tesla,

Inc.

a

7,131,249

4,503

Texas

Roadhouse,

Inc.

795,230

265

TopBuild

Corporation

a

107,805

200,400

Toyota

Motor

Corporation

3,601,992

2,915

Travel

+

Leisure

Company

134,323

449

Ulta

Beauty,

Inc.

a

174,715

2,860

Upbound

Group,

Inc.

91,491

2,671

Urban

Outfitters,

Inc.

a

102,326

1,924

Valvoline,

Inc.

a

80,519

10,788

VF

Corporation

215,221

55

Visteon

Corporation

a

5,238

26,021

Wesfarmers,

Ltd.

1,263,599

42

Wingstop,

Inc.

17,475

47,227

Wyndham

Hotels

&

Resorts,

Inc.

3,690,318

17,200

Yamada

Holdings

Company,

Ltd.

53,931

105,569

Yum

China

Holding,

Inc.

4,752,716

Total

148,883,286

Consumer

Staples  3.8%

3,907

AAK

AB

128,113

3,100

Ain

Holdings,

Inc.

117,900

45,769

Alimentation

Couche-Tard,

Inc.

2,530,332

1,407

Anheuser-Busch

InBev

NV

93,238

Shares

Common

Stock  76.7%

Value

Consumer

Staples  3.8%

-

continued

10,300

Arcs

Company,

Ltd.

$

184,625

3,285

BellRing

Brands,

Inc.

a

199,465

2,085

Carlsberg

AS

248,275

16,776

Coca-Cola

European

Partners

plc

1,321,110

38,720

Coles

Group,

Ltd.

482,702

240,381

Coty,

Inc.

a

2,257,178

26,992

Danone

SA

1,966,087

9,190

e.l.f.

Beauty,

Inc.

a

1,001,986

47,150

Imperial

Brands

plc

1,371,552

12,776

J

&

J

Snack

Foods

Corporation

2,199,005

24,602

J.M.

Smucker

Company

2,979,302

52,600

Japan

Tobacco,

Inc.

1,533,750

173,512

Kenvue,

Inc.

4,013,333

516

Kimberly-Clark

Corporation

73,416

109,877

Koninklijke

Ahold

Delhaize

NV

3,795,273

4,358

Kroger

Company

249,713

37,141

Lamb

Weston

Holdings,

Inc.

2,404,508

3,633

Lancaster

Colony

Corporation

641,479

15,087

Loblaw

Companies,

Ltd.

2,008,848

5,257

L'Oreal

SA

2,357,962

6,639

McCormick

&

Company,

Inc.

546,390

17,379

Metro,

Inc./CN

1,098,548

26,552

Nestle

SA

2,668,275

58,295

Philip

Morris

International,

Inc.

7,077,013

319

PriceSmart,

Inc.

29,278

67,011

Sysco

Corporation

5,230,879

240,802

Tesco

plc

1,156,167

7,428

Tyson

Foods,

Inc.

442,412

24,442

Unilever

plc

1,584,658

2,128

US

Foods

Holding

Corporation

a

130,872

113,486

Walmart,

Inc.

9,163,994

276

WD-40

Company

71,175

Total

63,358,813

Energy  3.6%

31,321

Archrock,

Inc.

633,937

19,174

Baker

Hughes

Company

693,140

96,453

Canadian

Natural

Resources,

Ltd.

3,202,857

249

Cenovus

Energy,

Inc.

4,165

43,445

ConocoPhillips

4,573,890

25,056

Coterra

Energy,

Inc.

600,091

93,248

Devon

Energy

Corporation

3,647,862

44,113

Enbridge,

Inc.

1,791,984

266,500

Eneos

Holdings,

Inc.

1,459,132

1,749

Eni

SPA

26,615

165,171

Enterprise

Products

Partners,

LP

4,808,128

6,928

Expand

Energy

Corporation

569,828

5,704

Expro

Group

Holdings

NV

a

97,938

75,737

Exxon

Mobil

Corporation

8,877,891

1,454

Gulfport

Energy

Corporation

a

220,063

183,452

Halliburton

Company

5,329,281

9,171

Hess

Midstream,

LP

323,461

9,412

Imperial

Oil,

Ltd.

662,170

2,206

Kodiak

Gas

Services,

Inc.

63,974

8,284

Koninklijke

Vopak

NV

384,459

16,074

Marathon

Petroleum

Corporation

2,618,615

14,704

Matador

Resources

Company

726,672

28,413

Neste

Oil

Oyj

552,011

12,838

Noble

Corporation

plc

c

463,965

8,127

Ovintiv,

Inc.

311,345

3,266

Par

Pacific

Holdings,

Inc.

a

57,482

3,507

Phillips

66

460,995

21,116

Santos,

Ltd.

102,315

336,345

Shell

plc

10,911,633

27,572

Shell

plc

ADR

1,818,373

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Shares

Common

Stock  76.7%

Value

Energy  3.6%

-

continued

7,005

SM

Energy

Company

$

279,990

3,000

Solaris

Energy

Infrastructure,

Inc.

38,280

72,524

Suncor

Energy,

Inc.

2,676,918

178

Targa

Resources

Corporation

26,346

55,563

TechnipFMC

plc

1,457,417

Total

60,473,223

Financials  12.9%

2,053

1st

Source

Corporation

122,934

27,115

AB

Industrivarden,

Class

A

1,002,805

38,578

AGNC

Investment

Corporation

403,526

26,482

Allianz

SE

8,710,452

19,301

Allstate

Corporation

3,660,435

1,461

Ally

Financial,

Inc.

51,997

2,766

Amalgamated

Financial

Corporation

86,769

10,722

American

Express

Company

2,907,806

38,112

American

International

Group,

Inc.

2,790,942

6,624

Ameriprise

Financial,

Inc.

3,112,021

637

Ameris

Bancorp

39,742

687

AMERISAFE,

Inc.

33,203

6,970

Annaly

Capital

Management,

Inc.

139,888

2,765

Arthur

J.

Gallagher

&

Company

777,988

3,504

Artisan

Partners

Asset

Management,

Inc.

151,793

7,540

Associated

Banc-Corp

162,412

1,033

Assurant,

Inc.

205,422

1,290

Assured

Guaranty,

Ltd.

102,581

716

Atlantic

Union

Bankshares

Corporation

26,972

79,841

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,677,927

494

Axis

Capital

Holdings,

Ltd.

39,327

1,831

Axos

Financial,

Inc.

a

115,133

12,946

Azimut

Holding

SPA

334,825

1,639

Banca

Generali

SPA

73,521

225,122

Banca

Monte

dei

Paschi

di

Siena

SPA

1,301,068

334,670

Banco

Bilbao

Vizcaya

Argentaria

SA

3,615,203

448,581

Banco

Santander

SA

2,298,473

51,469

Bank

Leumi

Le-Israel

BM

504,033

183,380

Bank

of

America

Corporation

7,276,518

51

Bank

of

Hawaii

Corporation

3,201

774

Bank

of

Marin

Bancorp

15,550

19,055

Bank

of

Montreal

1,719,452

50,623

Bank

of

New

York

Mellon

Corporation

3,637,769

32,553

Bank

of

Nova

Scotia

1,773,693

5,086

Bank

OZK

218,647

1,379

BankFinancial

Corporation

16,796

346

BankUnited,

Inc.

12,608

1,176

Bar

Harbor

Bankshares

36,268

443

BayCom

Corporation

10,508

2,593

BCB

Bancorp,

Inc.

31,998

2,610

Berkshire

Hills

Bancorp,

Inc.

70,287

2,747

Block,

Inc.

a

184,406

18,406

Blue

Owl

Capital,

Inc.

356,340

45,761

BNP

Paribas

SA

3,140,203

132

BOK

Financial

Corporation

13,810

64,244

BPER

Banca

SPA

361,966

2,130

Brighthouse

Financial,

Inc.

a

95,914

1,392

BrightSpire

Capital,

Inc.

7,795

11,077

Brookline

Bancorp,

Inc.

111,767

7,668

Brown

&

Brown,

Inc.

794,405

Shares

Common

Stock  76.7%

Value

Financials  12.9%

-

continued

2,483

Business

First

Bancshares,

Inc.

$

63,739

2,536

Byline

Bancorp,

Inc.

67,889

2,248

Cadence

Bank

71,599

306

Camden

National

Corporation

12,644

16,564

Canadian

Imperial

Bank

of

Commerce

1,015,677

161

Capital

City

Bank

Group,

Inc.

5,682

24,566

Capital

One

Financial

Corporation

3,678,267

6,296

Capitol

Federal

Financial,

Inc.

36,769

25,937

Carlyle

Group,

Inc.

1,116,847

1,271

Cathay

General

Bancorp

54,589

1,523

Cboe

Global

Markets,

Inc.

312,017

89,174

Charles

Schwab

Corporation

5,779,367

14,668

Chubb,

Ltd.

4,230,105

3,725

Cincinnati

Financial

Corporation

507,047

1,506

Citizens

Financial

Group,

Inc.

61,851

2,606

CNB

Financial

Corporation

62,700

3,656

CNO

Financial

Group,

Inc.

128,326

5,956

Columbia

Banking

System,

Inc.

155,511

1,942

Comerica,

Inc.

116,345

1,769

Commerce

Bancshares,

Inc.

105,079

34,018

Commonwealth

Bank

of

Australia

3,173,047

352

Community

Financial

System,

Inc.

20,441

2,297

Community

Trust

Bancorp,

Inc.

114,069

1,911

ConnectOne

Bancorp,

Inc.

47,871

60,633

Credit

Agricole

SA

927,255

838

Cullen/Frost

Bankers,

Inc.

93,739

2,835

Customers

Bancorp,

Inc.

a

131,686

5,640

CVB

Financial

Corporation

100,505

152,400

Daiwa

Securities

Group,

Inc.

1,080,922

156,070

DBS

Group

Holdings,

Ltd.

4,621,906

26,226

Deutsche

Boerse

AG

6,157,055

1,613

Dime

Community

Bancshares,

Inc.

46,454

24,158

Discover

Financial

Services

3,389,126

117,214

DNB

Bank

ASA

2,403,714

2,945

Eagle

Bancorp,

Inc.

66,498

2,677

East

West

Bancorp,

Inc.

221,495

609

Employers

Holdings,

Inc.

29,214

1,443

Enova

International,

Inc.

a

120,909

196

Enterprise

Bancorp,

Inc./MA

6,264

1,681

Enterprise

Financial

Services

Corporation

86,168

12,237

Equitable

Holdings,

Inc.

514,321

1,235

Equity

Bancshares,

Inc.

50,487

2,404

EXOR

NV

257,719

11,039

F.N.B.

Corporation

155,760

4,948

FactSet

Research

Systems,

Inc.

2,275,338

12,125

Federated

Hermes,

Inc.

445,836

3,445

Fidelity

National

Information

Services,

Inc.

288,519

2,805

Fifth

Third

Bancorp

120,166

1,832

Financial

Institutions,

Inc.

46,661

1,261

First

Bancorp/Puerto

Rico

26,695

3,552

First

Bancshares,

Inc.

114,126

1,479

First

Busey

Corporation

38,484

1,010

First

Citizens

BancShares,

Inc./NC

1,859,360

4,008

First

Financial

Bancorp

101,122

1,184

First

Financial

Bankshares,

Inc.

43,820

1,325

First

Financial

Corporation

58,101

6,889

First

Foundation,

Inc.

42,987

735

First

Hawaiian,

Inc.

17,015

15,600

First

Horizon

Corporation

242,268

1,385

First

Internet

Bancorp

47,450

2,909

First

Interstate

BancSystem,

Inc.

89,248

1,323

First

Merchants

Corporation

49,216

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Shares

Common

Stock  76.7%

Value

Financials  12.9%

-

continued

1,696

First

Mid-Illinois

Bancshares,

Inc.

$

65,991

3,881

First

of

Long

Island

Corporation

49,948

3,510

Flushing

Financial

Corporation

51,176

7,515

Fulton

Financial

Corporation

136,247

10,409

Glacier

Bancorp,

Inc.

475,691

2,287

Global

Payments,

Inc.

234,235

25,477

Great-West

Lifeco,

Inc.

868,793

1,530

Green

Dot

Corporation

a

17,916

10,006

Groupe

Bruxelles

Lambert

SA

779,712

6,103

Hamilton

Lane,

Inc.

1,027,684

2,819

Hancock

Whitney

Corporation

144,248

3,171

Hanmi

Financial

Corporation

58,981

716

Hanover

Insurance

Group,

Inc.

106,047

4,066

Hartford

Financial

Services

Group,

Inc.

478,202

1,556

Heartland

Financial

USA,

Inc.

88,225

1,486

Heritage

Commerce

Corporation

14,682

3,153

Heritage

Financial

Corporation

68,641

2,121

Home

BancShares,

Inc.

57,458

1,314

Hometrust

Bancshares,

Inc.

44,781

59,200

Hong

Kong

Exchanges

&

Clearing,

Ltd.

2,418,342

6,417

Hope

Bancorp,

Inc.

80,598

312

Horace

Mann

Educators

Corporation

10,904

5,434

Horizon

Bancorp,

Inc.

84,499

8,787

Houlihan

Lokey,

Inc.

1,388,522

97,597

HSBC

Holdings

plc

875,546

5,042

Huntington

Bancshares,

Inc./OH

74,117

5,282

iA

Financial

Corporation,

Inc.

437,807

11,272

IG

Group

Holdings

plc

138,721

1,675

Independent

Bank

Corporation/MA

99,043

2,054

Independent

Bank

Corporation/MI

68,501

214,564

Insurance

Australia

Group,

Ltd.

1,090,422

18,566

Intercontinental

Exchange,

Inc.

2,982,442

75

International

Bancshares

Corporation

4,484

16,507

Invesco,

Ltd.

289,863

363

Investar

Holding

Corporation

7,042

147,366

Investor

AB,

Class

B

4,541,262

45,884

J.P.

Morgan

Chase

&

Company

9,675,100

5,189

Jack

Henry

&

Associates,

Inc.

916,066

13,405

Janus

Henderson

Group

plc

510,328

18,400

Japan

Post

Bank

Company,

Ltd.

172,726

205,300

Japan

Post

Holdings

Company,

Ltd.

1,968,652

1,013

Jefferies

Financial

Group,

Inc.

62,350

8,899

Kearny

Financial

Corporation/MD

61,136

204,758

KeyCorp

3,429,697

3,306

Kinsale

Capital

Group,

Inc.

1,539,174

9,571

Laurentian

Bank

of

Canada

192,913

1,050

LendingTree,

Inc.

a

60,932

4,816

M&T

Bank

Corporation

857,826

2,951

Macquarie

Group,

Ltd.

472,193

159,510

Man

Group

plc

452,159

96,849

Manulife

Financial

Corporation

2,862,253

872

MarketAxess

Holdings,

Inc.

223,406

6,655

Marsh

&

McLennan

Companies,

Inc.

1,484,664

20,044

Mediobanca

SPA

342,480

2,569

Mercantile

Bank

Corporation

112,317

43,293

MetLife,

Inc.

3,570,807

1,152

Metropolitan

Bank

Holding

Corporation

a

60,572

9,621

MFA

Financial,

Inc.

122,379

47,243

MGIC

Investment

Corporation

1,209,421

Shares

Common

Stock  76.7%

Value

Financials  12.9%

-

continued

738

Mid

Penn

Bancorp,

Inc.

$

22,015

4,554

Midland

States

Bancorp,

Inc.

101,919

1,593

MidWestOne

Financial

Group,

Inc.

45,448

133,200

Mitsubishi

HC

Capital,

Inc.

946,003

188,900

Mitsubishi

UFJ

Financial

Group,

Inc.

1,939,739

2,269

Mizrahi

Tefahot

Bank,

Ltd.

88,679

117,600

Mizuho

Financial

Group,

Inc.

2,430,890

352

Morningstar,

Inc.

112,330

4,460

Mr.

Cooper

Group,

Inc.

a

411,123

25,900

MS

and

AD

Insurance

Group

Holdings,

Inc.

608,758

1,841

MSCI,

Inc.

1,073,174

905

Muenchener

Rueckversicherungs-

Gesellschaft

AG

498,696

214

MVB

Financial

Corporation

4,143

9,376

Nasdaq,

Inc.

684,542

79,262

National

Australia

Bank,

Ltd.

2,052,111

4,079

National

Bank

of

Canada

385,265

52

Nelnet,

Inc.

5,891

2,215

New

York

Community

Bancorp,

Inc.

24,874

16,564

NMI

Holdings,

Inc.

a

682,271

112,800

Nomura

Holdings,

Inc.

588,702

47,959

Nordea

Bank

Abp

566,169

10,174

Northern

Trust

Corporation

915,965

3,994

Northfield

Bancorp,

Inc.

46,330

2,862

Northwest

Bancshares,

Inc.

38,294

6,649

OceanFirst

Financial

Corporation

123,605

3,021

OFG

Bancorp

135,703

4,315

Old

National

Bancorp

80,518

2,889

Old

Republic

International

Corporation

102,328

4,726

Old

Second

Bancorp,

Inc.

73,678

5,345

OneMain

Holdings,

Inc.

251,589

440

Orrstown

Financial

Services,

Inc.

15,822

191

Pacific

Premier

Bancorp,

Inc.

4,806

628

Palomar

Holdings,

Inc.

a

59,453

7,213

Paragon

Banking

Group

plc

74,914

27

Park

National

Corporation

4,535

48,068

PayPal

Holdings,

Inc.

a

3,750,746

862

PCB

Bancorp

16,197

690

PennyMac

Financial

Services,

Inc.

78,639

3,305

Peoples

Bancorp,

Inc./OH

99,447

1,142

Pinnacle

Financial

Partners,

Inc.

111,882

22

Piper

Sandler

Companies

6,244

13,457

Plus500,

Ltd.

450,504

2,878

Popular,

Inc.

288,577

9,182

Power

Corporation

of

Canada

289,626

1,207

Principal

Financial

Group,

Inc.

103,681

1,329

Prosperity

Bancshares,

Inc.

95,781

2,020

Prudential

Financial,

Inc.

244,622

35,689

QBE

Insurance

Group,

Ltd.

407,515

6,336

Radian

Group,

Inc.

219,796

3,130

Regions

Financial

Corporation

73,023

339

Reinsurance

Group

of

America,

Inc.

73,858

6,286

Rithm

Capital

Corporation

71,346

3,956

RLI

Corporation

613,101

28,465

Royal

Bank

of

Canada

3,552,732

8,339

SEI

Investments

Company

576,975

8,075

Selective

Insurance

Group,

Inc.

753,398

443

ServisFirst

Bancshares,

Inc.

35,639

3,701

Shore

Bancshares,

Inc.

51,777

224

Simmons

First

National

Corporation

4,825

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Shares

Common

Stock  76.7%

Value

Financials  12.9%

-

continued

38,800

Singapore

Exchange,

Ltd.

$

343,797

966

Skyward

Specialty

Insurance

Group,

Inc.

a

39,345

51,706

Societe

Generale

SA

1,288,478

15,100

Sompo

Holdings,

Inc.

340,366

84

Southern

First

Bancshares,

Inc.

a

2,863

592

Southern

Missouri

Bancorp,

Inc.

33,442

1,913

Southside

Bancshares,

Inc.

63,952

1,077

SouthState

Corporation

104,663

619

Stellar

Bancorp,

Inc.

16,026

4,018

StepStone

Group,

Inc.

228,343

476

Stifel

Financial

Corporation

44,696

120,900

Sumitomo

Mitsui

Financial

Group,

Inc.

2,583,225

125,675

Svenska

Handelsbanken

AB

1,290,927

4,586

Svolder

AB

28,179

18,449

Swedbank

AB

391,592

2,052

Synovus

Financial

Corporation

91,252

10,491

Texas

Capital

Bancshares,

Inc.

a

749,687

3,874

TMX

Group,

Ltd.

121,423

26,100

Tokio

Marine

Holdings,

Inc.

962,423

43,351

Toronto-Dominion

Bank

2,741,231

150

Towne

Bank/Portsmouth,

VA

4,959

19,157

TPG,

Inc.

1,102,677

11,508

Tradeweb

Markets,

Inc.

1,423,194

9,635

Triumph

Financial,

Inc.

a

766,368

1,177

TrustCo

Bank

Corporation

NY

38,923

21,100

U.S.

Bancorp

964,903

46,912

UBS

Group

AG

1,451,647

516

UMB

Financial

Corporation

54,237

1,478

United

Bankshares,

Inc.

54,834

966

United

Community

Banks,

Inc.

28,091

2,257

Univest

Financial

Corporation

63,512

4,360

Unum

Group

259,158

11,895

Valley

National

Bancorp

107,769

9,567

Virtu

Financial,

Inc.

291,411

24,304

Visa,

Inc.

6,682,385

4,167

Voya

Financial,

Inc.

330,110

326

WaFd,

Inc.

11,361

528

Walker

&

Dunlop,

Inc.

59,976

6,648

Webster

Financial

Corporation

309,863

138,758

Wells

Fargo

&

Company

7,838,439

953

Wendel

SA

97,511

2,547

Westamerica

Bancorporation

125,873

6,749

Western

Alliance

Bancorp

583,721

16,244

Western

Union

Company

193,791

85,867

Westpac

Banking

Corporation

1,876,404

252

Willis

Towers

Watson

plc

74,222

6,820

Wintrust

Financial

Corporation

740,175

21,246

Worldline

SA

a,b

154,812

411

WSFS

Financial

Corporation

20,957

5,997

Zions

Bancorp

NA

283,178

2,159

Zurich

Insurance

Group

AG

1,304,381

Total

217,299,475

Health

Care  9.5%

1,908

ACELYRIN,

Inc.

a

9,406

580

ADMA

Biologics,

Inc.

a

11,594

2,563

Agilent

Technologies,

Inc.

380,554

1,259

Agios

Pharmaceuticals,

Inc.

a

55,937

2,833

Align

Technology,

Inc.

a

720,489

13,361

Amgen,

Inc.

4,305,048

1,170

Anika

Therapeutics,

Inc.

a

28,899

2,726

Arcellx,

Inc.

a

227,648

1,651

Argenx

SE

ADR

a

894,974

Shares

Common

Stock  76.7%

Value

Health

Care  9.5%

-

continued

311

Arvinas,

Inc.

a

$

7,660

3,496

Ascendis

Pharma

AS

ADR

a

521,988

37,500

Astellas

Pharma,

Inc.

433,401

57,706

AstraZeneca

plc

8,989,826

735

Astria

Therapeutics,

Inc.

a

8,092

135,208

Avantor,

Inc.

a

3,497,831

10,990

Baxter

International,

Inc.

417,290

7,405

Biogen,

Inc.

a

1,435,385

4,749

Bio-Techne

Corporation

379,588

3,290

Bruker

Corporation

227,207

4,159

CareDx,

Inc.

a

129,865

5,467

Caribou

Biosciences,

Inc.

a

10,715

1,192

Castle

Biosciences,

Inc.

a

33,996

3,862

Cencora,

Inc.

869,259

3,971

Centene

Corporation

a

298,937

1,678

Charles

River

Laboratories

International,

Inc.

a

330,516

2,356

Chemed

Corporation

1,415,885

9,936

Cigna

Group

3,442,228

1,779

Cochlear,

Ltd.

346,193

4,145

Cooper

Companies,

Inc.

a

457,359

611

CRISPR

Therapeutics

AG

a,c

28,705

14,189

CSL,

Ltd.

2,802,795

20,000

Daiichi

Sankyo

Company,

Ltd.

660,647

13,191

Danaher

Corporation

3,667,362

2,687

Definitive

Healthcare

Corporation

a

12,011

7,461

Denali

Therapeutics,

Inc.

a

217,339

16,952

Dentsply

Sirona,

Inc.

458,721

13,682

Dexcom,

Inc.

a

917,241

128

Doximity,

Inc.

a

5,577

4,384

Editas

Medicine,

Inc.

a

14,949

4,822

Edwards

Lifesciences

Corporation

a

318,204

32,536

Elanco

Animal

Health,

Inc.

a

477,954

11,361

Elevance

Health,

Inc.

5,907,720

8,748

Eli

Lilly

&

Company

7,750,203

425

Enanta

Pharmaceuticals,

Inc.

a

4,403

5,580

Encompass

Health

Corporation

539,251

5,200

Erasca,

Inc.

a

14,196

417

Exelixis,

Inc.

a

10,821

6,417

Fate

Therapeutics,

Inc.

a

22,460

73,030

Gilead

Sciences,

Inc.

6,122,835

12,268

Globus

Medical,

Inc.

a

877,653

6,399

GoodRx

Holdings,

Inc.

a,c

44,409

6,680

Haemonetics

Corporation

a

536,938

6,194

Halozyme

Therapeutics,

Inc.

a

354,545

8,159

HealthEquity,

Inc.

a

667,814

5,728

Henry

Schein,

Inc.

a

417,571

17,800

Hoya

Corporation

2,465,363

8,109

Humana,

Inc.

2,568,445

2,908

ICON

plc

a

835,497

2,957

IDEXX

Laboratories,

Inc.

a

1,493,936

1,321

Illumina,

Inc.

a

172,272

2,676

Inspire

Medical

Systems,

Inc.

a

564,770

388

Integra

LifeSciences

Holdings

Corporation

a

7,050

1,550

Intellia

Therapeutics,

Inc.

a

31,853

9,907

Intuitive

Surgical,

Inc.

a

4,867,012

1,401

IQVIA

Holding,

Inc.

a

331,995

425

iTeos

Therapeutics,

Inc.

a

4,339

48,838

Johnson

&

Johnson

7,914,686

535

Kymera

Therapeutics,

Inc.

a

25,322

25,751

Labcorp

Holdings,

Inc.

5,754,834

4,274

Laboratorios

Farmaceuticos

ROVI

SA

340,733

6,851

Legend

Biotech

Corporation

ADR

a

333,849

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Shares

Common

Stock  76.7%

Value

Health

Care  9.5%

-

continued

60

Ligand

Pharmaceuticals,

Inc.

a

$

6,005

28

Medpace

Holdings,

Inc.

a

9,346

28,256

Medtronic

plc

2,543,888

48,467

Merck

&

Company,

Inc.

5,503,913

2,700

Merck

KGaA

476,634

314

Mettler-Toledo

International,

Inc.

a

470,906

6,592

Molina

Healthcare,

Inc.

a

2,271,340

1,938

Myriad

Genetics,

Inc.

a

53,082

4,746

Natera,

Inc.

a

602,505

331

Neurocrine

Biosciences,

Inc.

a

38,138

99,928

Novartis

AG

11,505,948

50,026

Novo

Nordisk

AS

5,933,660

1,865

Novocure,

Ltd.

a

29,150

7,600

Ono

Pharmaceutical

Company,

Ltd.

102,017

22,588

Option

Care

Health,

Inc.

a

707,004

6,100

Otsuka

Holdings

Company,

Ltd.

346,475

21,124

Paragon

28,

Inc.

a

141,108

3,039

Penumbra,

Inc.

a

590,508

389

Phibro

Animal

Health

Corporation

8,760

908

Prestige

Consumer

Healthcare,

Inc.

a

65,467

2,523

Pro

Medicus,

Ltd.

310,541

2,429

Prothena

Corporation

plc

a

40,637

2,004

PTC

Therapeutics,

Inc.

a

74,348

695

QIAGEN

NV

31,671

887

Quest

Diagnostics,

Inc.

137,707

66,434

Recordati

SPA

3,759,257

8,213

Relay

Therapeutics,

Inc.

a

58,148

10,030

Repligen

Corporation

a

1,492,665

21,442

Roche

Holding

AG,

Participation

Certificates

6,861,810

3,843

Rocket

Pharmaceuticals,

Inc.

a

70,980

25,501

Royalty

Pharma

plc

721,423

7,334

RxSight,

Inc.

a

362,520

1,827

Sage

Therapeutics,

Inc.

a

13,191

52,853

Sanofi

SA

ADR

3,045,918

4,051

Sarepta

Therapeutics,

Inc.

a

505,929

1,191

Sartorius

Stedim

Biotech

249,371

33,508

scPharmaceuticals,

Inc.

a

152,796

455

Siegfried

Holding

AG

612,794

8,401

Sonova

Holding

AG

3,026,002

22,566

Stevanato

Group

SPA

451,320

113,500

Takeda

Pharmaceutical

Company,

Ltd.

3,270,343

1,159

Teleflex,

Inc.

286,644

783

Tenet

Healthcare

Corporation

a

130,135

20,500

Terumo

Corporation

388,362

3,200

Toho

Holdings

Company,

Ltd.

101,704

9,396

Twist

Bioscience

Corporation

a

424,511

5,183

Veeva

Systems,

Inc.

a

1,087,756

11,964

Vericel

Corporation

a

505,479

5,429

Viatris,

Inc.

63,031

1,481

West

Pharmaceutical

Services,

Inc.

444,537

3,464

Xencor,

Inc.

a

69,661

2,205

Xenon

Pharmaceuticals,

Inc.

a

86,811

1,412

Zentalis

Pharmaceuticals,

Inc.

a

5,196

33,790

Zimmer

Biomet

Holdings,

Inc.

3,647,631

22,108

Zoetis,

Inc.

4,319,461

Total

158,668,194

Industrials  10.5%

4,622

A.O.

Smith

Corporation

415,194

4,596

AAR

Corporation

a

300,395

Shares

Common

Stock  76.7%

Value

Industrials  10.5%

-

continued

109,876

ABB,

Ltd.

$

6,374,526

619

ABM

Industries,

Inc.

32,658

282

Acuity

Brands,

Inc.

77,660

3,012

Addtech

AB

90,297

6,689

Advanced

Drainage

Systems,

Inc.

1,051,243

10,069

AECOM

1,039,826

4,942

Aena

SME

SA

b

1,085,639

5,426

AGCO

Corporation

530,988

5,924

Alfa

Laval

AB

284,802

1,773

Allison

Transmission

Holdings,

Inc.

170,332

31,400

Amada

Company,

Ltd.

320,585

21,090

Amentum

Holdings,

Inc.

a

680,153

1,706

AMETEK,

Inc.

292,937

1,440

Applied

Industrial

Technologies,

Inc.

321,307

1,745

Arcosa,

Inc.

165,356

4,059

Armstrong

World

Industries,

Inc.

533,474

131,115

Assa

Abloy

AB

4,417,253

210,768

Atlas

Copco

AB,

Class

A

4,084,771

13,729

Atlas

Copco

AB,

Class

B

235,560

8,785

Atmus

Filtration

Technologies,

Inc.

329,701

66,065

Aurizon

Holdings,

Ltd.

160,721

8,241

AZEK

Company,

Inc.

a

385,679

18,521

Badger

Infrastructure

Solutions,

Ltd.

503,543

11,488

Barnes

Group,

Inc.

464,230

5,194

Beacon

Roofing

Supply,

Inc.

a

448,917

2,732

Booz

Allen

Hamilton

Holding

Corporation

444,660

7,554

Brady

Corporation

578,863

51,550

Brambles,

Ltd.

676,632

14,036

BWX

Technologies,

Inc.

1,525,713

26,004

Canadian

National

Railway

Company

3,045,032

5,908

Canadian

Pacific

Kansas

City,

Ltd.

505,289

1,310

Carlisle

Companies,

Inc.

589,173

5,980

Casella

Waste

Systems,

Inc.

a

594,950

13,726

Caterpillar,

Inc.

5,368,513

8,590

CECO

Environmental

Corporation

a

242,238

187,500

CK

Hutchison

Holdings,

Ltd.

1,063,072

3,606

Clean

Harbors,

Inc.

a

871,606

299,573

CNH

Industrial

NV

3,325,260

149,000

ComfortDelGro

Corporation,

Ltd.

175,137

22,041

Compagnie

de

Saint-Gobain

SA

2,010,198

8,376

Computershare,

Ltd.

146,017

9,500

COMSYS

Holdings

Corporation

207,389

785

CSW

Industrials,

Inc.

287,616

85,387

CSX

Corporation

2,948,413

1,908

Cummins,

Inc.

617,791

347

Curtiss-Wright

Corporation

114,055

14,400

Dai

Nippon

Printing

Company,

Ltd.

257,116

2,900

Daikin

Industries,

Ltd.

407,047

68,540

Delta

Air

Lines,

Inc.

3,481,147

2,232

DNOW,

Inc.

a

28,860

4,460

Donaldson

Company,

Inc.

328,702

29

Dover

Corporation

5,560

20,656

Eiffage

SA

1,994,664

2,523

EMCOR

Group,

Inc.

1,086,227

93

ESCO

Technologies,

Inc.

11,995

52,420

ExlService

Holdings,

Inc.

a

1,999,823

45,078

Experian

plc

2,374,246

76,113

Fastenal

Company

5,435,990

2,177

Ferguson

Enterprises,

Inc.

432,287

106,286

Flowserve

Corporation

5,493,923

9,535

Fluor

Corporation

a

454,915

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Shares

Common

Stock  76.7%

Value

Industrials  10.5%

-

continued

14,499

General

Dynamics

Corporation

$

4,381,598

925

Gibraltar

Industries,

Inc.

a

64,685

11,899

Graco,

Inc.

1,041,282

647

Griffon

Corporation

45,290

11,255

Helios

Technologies,

Inc.

536,864

416

Herc

Holdings,

Inc.

66,323

12,238

Hexcel

Corporation

756,676

78,000

Hitachi,

Ltd.

2,068,352

18,943

Honeywell

International,

Inc.

3,915,708

21,110

Howmet

Aerospace,

Inc.

2,116,278

557

Huntington

Ingalls

Industries,

Inc.

147,260

1,549

IDEX

Corporation

332,261

31,300

Inaba

Denki

Sangyo

Company,

Ltd.

839,412

2,067

Ingersoll

Rand,

Inc.

202,897

1,767

Interface,

Inc.

33,520

1,942

Intertek

Group

plc

134,265

12,800

ITOCHU

Corporation

689,857

3,009

ITT

Corporation

449,876

21,090

Jacobs

Solutions,

Inc.

2,760,681

38,505

Janus

International

Group,

Inc.

a

389,286

23,800

Jardine

Matheson

Holdings,

Ltd.

929,628

19,169

JB

Hunt

Transport

Services,

Inc.

3,303,394

9,200

Kawasaki

Kisen

Kaisha,

Ltd.

143,423

2,367

Kirby

Corporation

a

289,792

24,300

Komatsu,

Ltd.

680,272

5,952

Korn

Ferry

447,828

3,527

Kratos

Defense

&

Security

Solutions,

Inc.

a

82,179

15,424

L3Harris

Technologies,

Inc.

3,668,907

1,803

Landstar

System,

Inc.

340,533

36,584

Legrand

SA

4,206,743

1,185

Leidos

Holdings,

Inc.

193,155

31,629

Logista

Integral

SA

952,079

2,081

ManpowerGroup,

Inc.

152,995

4,523

Masco

Corporation

379,661

28,201

Masterbrand,

Inc.

a

522,847

11,000

MEITEC

Group

Holdings,

Inc.

244,761

87,300

Mitsubishi

Corporation

1,814,081

22,600

Mitsubishi

Heavy

Industries,

Ltd.

337,734

2,600

Mitsubishi

Logistics

Corporation

95,279

28,800

Mitsui

&

Company,

Ltd.

644,084

9,391

MSC

Industrial

Direct

Company,

Inc.

808,189

20,518

Mueller

Water

Products,

Inc.

445,241

6,500

Nippon

Express

Holdings,

Inc.

342,334

2,800

Nishimatsu

Construction

Company,

Ltd.

99,730

15,100

Nitto

Kogyo

Corporation

318,541

5,996

Northrop

Grumman

Corporation

3,166,308

18,751

nVent

Electric

plc

1,317,445

4,629

Old

Dominion

Freight

Line,

Inc.

919,505

1,783

Otis

Worldwide

Corporation

185,325

4,953

Owens

Corning,

Inc.

874,304

1,824

PACCAR,

Inc.

179,992

636

Parker-Hannifin

Corporation

401,838

9,824

Pentair

plc

960,689

31,846

Qube

Holdings,

Ltd.

86,430

25,200

Recruit

Holdings

Company,

Ltd.

1,530,961

5,032

Regal

Rexnord

Corporation

834,708

110,393

RELX

plc

5,212,359

852

Republic

Services,

Inc.

171,116

9,303

Robert

Half,

Inc.

627,115

2,484

Rockwell

Automation,

Inc.

666,855

1,300

Rush

Enterprises,

Inc.

68,679

Shares

Common

Stock  76.7%

Value

Industrials  10.5%

-

continued

8,367

Russel

Metals,

Inc.

$

253,896

2,598

Saia,

Inc.

a

1,136,001

2,000

Sankyu,

Inc.

67,545

16,627

Schneider

Electric

SE

4,383,016

8,643

Schneider

National,

Inc.

246,671

296,900

Seatrium,

Ltd.

a

411,269

50,000

Secom

Company,

Ltd.

1,849,453

2,841

Siemens

AG

574,758

3,107

Simpson

Manufacturing

Company,

Inc.

594,276

3,292

SkyWest,

Inc.

a

279,886

31,000

Sojitz

Corporation

734,503

6,144

SS&C

Technologies

Holdings,

Inc.

455,946

68,700

Sumitomo

Corporation

1,542,731

107,500

Techtronic

Industries

Company,

Ltd.

1,604,806

89

Tennant

Company

8,548

9,808

Thomson

Reuters

Corporation

1,672,969

5,314

Timken

Company

447,917

58,700

TOPPAN

Holdings,

Inc.

1,747,048

9,876

Toromont

Industries,

Ltd.

964,050

8,900

Toyota

Industries

Corporation

690,129

1,204

Trane

Technologies

plc

468,031

300

TransDigm

Group,

Inc.

428,139

9,888

TransUnion

1,035,274

28,359

Trelleborg

AB

1,091,564

39,300

Tsubakimoto

Chain

Company

518,259

70,765

Uber

Technologies,

Inc.

a

5,318,697

54

UniFirst

Corporation/MA

10,727

11,129

United

Airlines

Holdings,

Inc.

a

635,021

46,192

United

Parcel

Service,

Inc.

6,297,817

270

United

Rentals,

Inc.

218,627

3,494

Verra

Mobility

Corporation

a

97,168

28

Viad

Corporation

a

1,003

7,898

Vinci

SA

923,251

846

Wabtec

Corporation

153,777

5,557

Waste

Connections,

Inc.

993,703

1,791

Watsco,

Inc.

880,957

18,535

Werner

Enterprises,

Inc.

715,266

9,284

WNS

Holdings,

Ltd.

a

489,360

13,241

Wolters

Kluwer

NV

2,233,386

1,338

WSP

Global,

Inc.

237,713

7,500

Yamato

Holdings

Company,

Ltd.

85,407

138,300

Yangzijiang

Shipbuilding

Holdings,

Ltd.

263,959

6,800

Yuasa

Trading

Company,

Ltd.

237,152

20,931

Zigup

plc

107,826

Total

176,654,778

Information

Technology  14.2%

2,941

A10

Networks,

Inc.

42,468

4,875

ACI

Worldwide,

Inc.

a

248,137

41,549

Advanced

Micro

Devices,

Inc.

a

6,817,360

16,900

Advantest

Corporation

794,828

5,459

Agilysys,

Inc.

a

594,867

1,509

Ambarella,

Inc.

a

85,115

25,826

Amphenol

Corporation

1,682,822

113,451

Apple,

Inc.

26,434,083

23,817

Applied

Materials,

Inc.

4,812,225

375

AppLovin

Corporation

a

48,956

2,731

Arista

Networks,

Inc.

a

1,048,212

4,932

ASGN,

Inc.

a

459,810

3,234

ASM

International

NV

2,133,667

10,903

ASML

Holding

NV

9,069,792

741

Atlassian

Corporation

a

117,678

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Shares

Common

Stock  76.7%

Value

Information

Technology  14.2%

-

continued

1,171

Autodesk,

Inc.

a

$

322,587

19,876

Broadcom,

Inc.

3,428,610

18,190

CDW

Corporation

4,116,397

13,466

Check

Point

Software

Technologies,

Ltd.

a

2,596,379

92,722

Cisco

Systems,

Inc.

4,934,665

3,304

Clearwater

Analytics

Holdings,

Inc.

a

83,426

8,543

Coherent

Corporation

a

759,558

1,866

CommScope

Holding

Company,

Inc.

a

11,401

4,132

CommVault

Systems,

Inc.

a

635,708

457

Consensus

Cloud

Solutions,

Inc.

a

10,762

977

Constellation

Software,

Inc./

Canada

3,167,988

2,215

Credo

Technology

Group

Holding,

Ltd.

a

68,222

2,962

CrowdStrike

Holdings,

Inc.

a

830,752

4,149

CyberArk

Software,

Ltd.

a

1,209,890

21,795

Dassault

Systemes

SE

865,716

1,480

Datadog,

Inc.

a

170,289

7,496

Descartes

Systems

Group,

Inc.

a

771,788

5,000

DISCO

Corporation

1,317,139

40

DocuSign,

Inc.

a

2,484

4,505

Dolby

Laboratories,

Inc.

344,768

17,103

Dynatrace

Holdings,

LLC

a

914,497

255

Elastic

NV

a

19,574

1,117

F5,

Inc.

a

245,963

3,547

Fabrinet

a

838,653

7,321

Flex,

Ltd.

a

244,741

39,829

Fortinet,

Inc.

a

3,088,739

31,600

FUJIFILM

Holdings

NPV

818,027

17,900

Fujitsu,

Ltd.

368,014

1,940

Gartner,

Inc.

a

983,114

24,164

Gitlab,

Inc.

a

1,245,413

3,605

Globant

SA

a

714,295

12,623

Guidewire

Software,

Inc.

a

2,309,252

41,450

Halma

plc

1,449,321

2,337

Hewlett

Packard

Enterprise

Company

47,815

1,890

HubSpot,

Inc.

a

1,004,724

44,847

International

Business

Machines

Corporation

9,914,775

713

IPG

Photonics

Corporation

a

52,990

1,264

Itron,

Inc.

a

135,008

2,948

Jabil,

Inc.

353,259

41,415

JFrog,

Ltd.

a

1,202,692

3,200

Keyence

Corporation

1,533,639

2,774

Keysight

Technologies,

Inc.

a

440,872

21,086

Knowles

Corporation

a

380,181

174,300

Kyocera

Corporation

2,037,080

1,136

Lam

Research

Corporation

927,067

5,800

Lasertec

Corporation

967,015

29,980

Lattice

Semiconductor

Corporation

a

1,591,039

2,608

Littelfuse,

Inc.

691,772

11,605

Marvell

Technology,

Inc.

836,953

69,972

Microsoft

Corporation

30,108,952

8,612

MKS

Instruments,

Inc.

936,211

3,481

MongoDB,

Inc.

a

941,088

1,662

Monolithic

Power

Systems,

Inc.

1,536,519

755

Motorola

Solutions,

Inc.

339,471

45,600

Murata

Manufacturing

Company,

Ltd.

902,366

3,337

Napco

Security

Technologies,

Inc.

135,015

1,116

nCino,

Inc.

a

35,254

Shares

Common

Stock  76.7%

Value

Information

Technology  14.2%

-

continued

17,600

NEC

Corporation

$

1,699,568

4,049

NetApp,

Inc.

500,092

3,400

Nippon

Electric

Glass

Company,

Ltd.

79,955

7,800

Nomura

Research

Institute,

Ltd.

289,471

460

Nova,

Ltd.

a

97,087

3,500

NS

Solutions

Corporation

90,842

5,900

NSD

Company,

Ltd.

130,644

15,400

NTT

Data

Group

Corporation

277,165

240,444

NVIDIA

Corporation

29,199,519

1,739

Okta,

Inc.

a

129,277

3,562

Onto

Innovation,

Inc.

a

739,329

5,500

Otsuka

Corporation

135,833

1,249

Palo

Alto

Networks,

Inc.

a

426,908

132

PC

Connection,

Inc.

9,957

10,903

PDF

Solutions,

Inc.

a

345,407

362

Procore

Technologies,

Inc.

a

22,343

8,138

PTC,

Inc.

a

1,470,211

3,923

Q2

Holdings,

Inc.

a

312,938

57,326

QUALCOMM,

Inc.

9,748,286

6,300

Rakus

Company,

Ltd.

98,127

84,100

Renesas

Electronics

Corporation

1,220,515

7,100

Rohm

Company,

Ltd.

79,986

25,000

Rorze

Corporation

349,482

20,585

Salesforce,

Inc.

5,634,320

104,809

Samsung

Electronics

Company,

Ltd.

4,898,648

20,331

SAP

SE

4,650,371

3,900

SCREEN

Holdings

Company,

Ltd.

274,254

12,900

SCSK

Corporation

267,471

8,634

ServiceNow,

Inc.

a

7,722,163

1,000

SHIFT,

Inc.

a

95,091

6,053

Shopify,

Inc.

a

485,087

3,960

Silicon

Laboratories,

Inc.

a

457,657

5,315

SolarWinds

Corporation

69,361

1,722

Synopsys,

Inc.

a

872,004

19,223

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

3,338,458

15,489

TD

SYNNEX

Corporation

1,859,919

2,519

TE

Connectivity

plc

380,344

35,517

Technology

One,

Ltd.

584,520

351

Teledyne

Technologies,

Inc.

a

153,619

1,959

Tenable

Holdings,

Inc.

a

79,379

15,000

Tokyo

Electron,

Ltd.

2,675,036

29,792

Trimble,

Inc.

a

1,849,785

19,549

TTM

Technologies,

Inc.

a

356,769

1,528

Tyler

Technologies,

Inc.

a

891,924

4,200

Unisys

Corporation

a

23,856

14,464

Varonis

Systems,

Inc.

a

817,216

2,327

VeriSign,

Inc.

a

442,037

833

Viavi

Solutions,

Inc.

a

7,514

7,511

Vontier

Corporation

253,421

4,813

Western

Digital

Corporation

a

328,680

948

Wisetech

Global,

Ltd.

89,772

7,040

Workiva,

Inc.

a

557,005

924

Xerox

Holdings

Corporation

9,591

Total

237,908,123

Materials  3.7%

51,967

Acerinox

SA

558,832

17,722

Agnico

Eagle

Mines,

Ltd.

1,427,640

19,844

Air

Liquide

SA

3,832,086

9,553

Alcoa

Corporation

368,555

562

AptarGroup,

Inc.

90,027

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Shares

Common

Stock  76.7%

Value

Materials  3.7%

-

continued

27,500

Asahi

Kasei

Corporation

$

208,488

3,639

Avient

Corporation

183,114

33,717

Axalta

Coating

Systems,

Ltd.

a

1,220,218

22,077

Barrick

Gold

Corporation

439,108

603

Berry

Plastics

Group,

Inc.

40,992

139,482

BHP

Group,

Ltd.

4,330,367

20,777

BlueScope

Steel,

Ltd.

317,158

6,569

Buzzi

SPA

262,117

7,739

CCL

Industries,

Inc.

471,796

4,621

Celanese

Corporation

628,271

53,134

CF

Industries

Holdings,

Inc.

4,558,897

12,988

Chemours

Company

263,916

38,192

Corteva,

Inc.

2,245,308

31,365

Deterra

Royalties,

Ltd.

87,244

3,117

DuPont

de

Nemours,

Inc.

277,756

1,441

Eagle

Materials,

Inc.

414,504

39,579

Eastman

Chemical

Company

4,430,869

11,125

Element

Solutions,

Inc.

302,155

10,827

Evonik

Industries

AG

253,454

31,363

Evraz

plc

a,d

4

16,278

First

Quantum

Minerals,

Ltd.

a

221,943

15,195

Fortescue,

Ltd.

214,318

1,005

Givaudan

SA

5,513,980

183,405

Glencore

plc

1,050,298

78,080

Granges

AB

936,519

787

Greif,

Inc.

49,313

18,216

Hecla

Mining

Company

121,501

6,586

Heidelberg

Materials

AG

717,479

35,621

Hexpol

AB

368,381

46,409

Holcim

AG

4,544,967

1,340

Huntsman

Corporation

32,428

3,012

Ingevity

Corporation

a

117,468

2,400

Innospec,

Inc.

271,416

255

International

Flavors

&

Fragrances,

Inc.

26,757

1,842

Kaiser

Aluminum

Corporation

133,582

76,221

Kinross

Gold

Corporation

713,429

3,824

Knife

River

Corporation

a

341,827

1,447

Koppers

Holdings,

Inc.

52,859

30,600

Kyoei

Steel,

Ltd.

371,708

356

LyondellBasell

Industries

NV

34,140

1,663

Martin

Marietta

Materials,

Inc.

895,110

13,548

Mineral

Resources,

Ltd.

483,033

1,986

Minerals

Technologies,

Inc.

153,379

13,100

Mitsubishi

Chemical

Group

Corporation

84,265

11,330

Mosaic

Company

303,417

47,255

Northern

Star

Resources,

Ltd.

517,642

45,578

Nucor

Corporation

6,852,196

3,138

O-I

Glass,

Inc.

a

41,171

6,616

Orica,

Ltd.

84,512

3,888

Orion

SA

69,245

52

Packaging

Corporation

of

America

11,201

52,703

Perseus

Mining,

Ltd.

94,204

1,186

PPG

Industries,

Inc.

157,098

1,779

Radius

Recycling,

Inc.

32,983

795

Ranpak

Holdings

Corporation

a

5,191

31,575

Rio

Tinto

plc

2,241,438

9,496

Rio

Tinto,

Ltd.

839,875

197

Royal

Gold,

Inc.

27,639

5,256

RPM

International,

Inc.

635,976

1,298

Sensient

Technologies

Corporation

104,126

49,300

Shin-Etsu

Chemical

Company,

Ltd.

2,060,267

3,780

Sonoco

Products

Company

206,501

108,245

SSAB

AB,

Class

A

566,781

Shares

Common

Stock  76.7%

Value

Materials  3.7%

-

continued

835

Steel

Dynamics,

Inc.

$

105,277

809

Stepan

Company

62,495

11,053

Summit

Materials,

Inc.

a

431,399

926

Symrise

AG

128,149

12,200

Taiyo

Holdings

Company,

Ltd.

315,958

4,229

Teck

Resources,

Ltd.

220,923

27,500

Toagosei

Company,

Ltd.

310,995

8,338

Trinseo

plc

42,607

15,154

Tronox

Holdings

plc

221,703

4,714

United

States

Steel

Corporation

166,546

704

Vidrala

SA

79,776

1,921

Vulcan

Materials

Company

481,076

6,215

West

Fraser

Timber

Company,

Ltd.

605,092

6,693

Yara

International

ASA

211,454

Total

62,897,889

Real

Estate  2.2%

13,941

Agree

Realty

Corporation

1,050,175

10,612

AvalonBay

Communities,

Inc.

2,390,353

24,131

British

Land

Company

plc

140,606

2,131

Brixmor

Property

Group,

Inc.

59,370

31,281

CBRE

Group,

Inc.

a

3,893,859

23,696

Compass,

Inc.

a

144,783

11,098

CoStar

Group,

Inc.

a

837,233

40,346

Crown

Castle,

Inc.

4,786,246

789

CTO

Realty

Growth,

Inc.

15,007

6,369

Cushman

and

Wakefield

plc

a

86,809

746

DiamondRock

Hospitality

Company

6,513

13,196

Douglas

Elliman,

Inc.

a

24,149

4,263

EastGroup

Properties,

Inc.

796,414

10,928

EPR

Properties

535,909

3,806

Equinix,

Inc.

3,378,320

34,100

Equity

Commonwealth

a

678,590

35,789

Essential

Properties

Realty

Trust,

Inc.

1,222,194

861

Essex

Property

Trust,

Inc.

254,357

3,359

First

Industrial

Realty

Trust,

Inc.

188,037

8,669

Four

Corners

Property

Trust,

Inc.

254,088

6,184

Getty

Realty

Corporation

196,713

3,402

Goodman

Group

86,781

200,468

Healthcare

Realty

Trust,

Inc.

3,638,494

100,000

Henderson

Land

Development

Company,

Ltd.

316,675

1,740

Howard

Hughes

Holdings,

Inc.

a

134,728

12,647

Independence

Realty

Trust,

Inc.

259,263

5,893

Industrial

Logistics

Properties

Trust

28,051

15,065

Invitation

Homes,

Inc.

531,192

9,100

Mitsubishi

Estate

Company,

Ltd.

143,728

10,672

National

Storage

Affiliates

Trust

514,390

16,278

NetSTREIT

Corporation

269,075

8,179

Pebblebrook

Hotel

Trust

108,208

5,233

Phillips

Edison

and

Company,

Inc.

197,336

2,803

Plymouth

Industrial

REIT,

Inc.

63,348

7,830

PSP

Swiss

Property

AG

1,147,212

1,046

RE/MAX

Holdings,

Inc.

a

13,023

6,995

Rexford

Industrial

Realty,

Inc.

351,918

1,282

RMR

Group,

Inc.

32,537

35,505

Sabra

Health

Care

REIT,

Inc.

660,748

2,553

SBA

Communications

Corporation

614,507

3,113

Simon

Property

Group,

Inc.

526,159

26,787

STAG

Industrial,

Inc.

1,047,104

3,597

Sun

Communities,

Inc.

486,135

75,500

Sun

Hung

Kai

Properties,

Ltd.

818,031

11,466

Tanger,

Inc.

380,442

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Shares

Common

Stock  76.7%

Value

Real

Estate  2.2%

-

continued

8,791

Terreno

Realty

Corporation

$

587,503

14,814

UDR,

Inc.

671,667

4,319

Uniti

Group,

Inc.

24,359

13,449

Vonovia

SE

490,978

66,000

Wharf

Real

Estate

Investment

Company,

Ltd.

230,494

9,040

Zillow

Group,

Inc.,

Class

A

a

559,847

6,255

Zillow

Group,

Inc.,

Class

C

a

399,382

Total

36,273,040

Utilities  2.5%

72,902

A2A

SPA

168,401

8,732

ACEA

SPA

170,878

18,017

AES

Corporation

361,421

9,588

Alliant

Energy

Corporation

581,896

4,961

American

Water

Works

Company,

Inc.

725,497

153,417

APA

Group

821,044

15,344

ATCO,

Ltd.

543,442

1,487

Black

Hills

Corporation

90,885

1,012

California

Water

Service

Group

54,871

44,743

Canadian

Utilities,

Ltd.

1,187,677

17,730

Clearway

Energy,

Inc.,

Class

A

504,773

14,016

Clearway

Energy,

Inc.,

Class

C

430,011

15,000

CLP

Holdings,

Ltd.

131,136

17,132

Constellation

Energy

Corporation

4,454,663

38,501

Contact

Energy,

Ltd.

199,836

4,449

DTE

Energy

Company

571,296

40,909

Duke

Energy

Corporation

4,716,808

54,294

E.ON

SE

808,544

11,386

EDP

Renovaveis

SA

198,673

159,978

Enel

SPA

1,277,875

154,810

Engie

SA

2,677,011

38,703

Entergy

Corporation

5,093,702

4,502

Eversource

Energy

306,361

117,026

Fortum

Oyj

c

1,925,701

12,016

Hawaiian

Electric

Industries,

Inc.

a

116,315

25,956

Hydro

One,

Ltd.

899,713

236,679

Italgas

SPA

c

1,430,746

29,958

NextEra

Energy

Partners,

LP

c

827,440

22,553

NiSource,

Inc.

781,462

69,498

Origin

Energy,

Ltd.

481,417

45,671

Public

Service

Enterprise

Group,

Inc.

4,074,310

16,911

TransAlta

Corporation

175,306

7,034

TXNM

Energy,

Inc.

307,878

47,014

UGI

Corporation

1,176,290

31,376

Vistra

Energy

Corporation

3,719,311

12,632

Xcel

Energy,

Inc.

824,870

Total

42,817,460

Total

Common

Stock

(cost

$933,753,506)

1,287,907,130

Shares

Registered

Investment

Companies  

5.5%

Value

U.S.

Affiliated  

4.7%  

4,528,980

Thrivent

Core

Emerging

Markets

Equity

Fund

46,195,594

2,845,051

Thrivent

Core

Small

Cap

Value

Fund

32,803,440

Total

78,999,034

U.S.

Unaffiliated  

0.8%  

5,285

Invesco

QQQ

Trust

Series

1

2,579,450

Shares

Registered

Investment

Companies  5.5%

Value

U.S.

Unaffiliated  

0.8%  -

continued

14,928

SPDR

S&P

500

ETF

Trust

$

8,565,089

20,755

SPDR

S&P

Biotech

ETF

c

2,050,594

Total

13,195,133

Total

Registered

Investment

Companies

(cost

$79,759,684)

92,194,167

Shares

Collateral

Held

for

Securities

Loaned

0.4%

Value

5,871,185

Thrivent

Cash

Management

Trust

5,871,185

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,871,185)

5,871,185

Shares

Preferred

Stock

0.1%

Value

Consumer

Discretionary  <0.1%

1,414

Bayerische

Motoren

Werke

AG

117,344

2,489

Dr.

Ing.

h.c.

F.

Porsche

AG

b

198,907

Total

316,251

Consumer

Staples  0.1%

4,649

Henkel

AG

&

Company

KGaA

437,006

Total

437,006

Total

Preferred

Stock

(cost

$709,369)

753,257

Shares

or

Principal

Amount

Short-Term

Investments

17.5%

Value

Federal

Home

Loan

Bank

Discount

Notes

3,000,000

4.500%,

10/2/2024

e

2,999,225

31,100,000

4.683%,

10/9/2024

e,f

31,063,846

2,000,000

4.872%,

10/16/2024

e,f

1,995,867

800,000

5.195%,

10/18/2024

e,f

798,140

2,500,000

5.057%,

10/30/2024

e,f

2,490,312

700,000

5.050%,

11/1/2024

e,f

697,188

2,800,000

4.910%,

11/8/2024

e,f

2,786,289

5,800,000

5.085%,

11/13/2024

e,f

5,767,958

3,000,000

4.950%,

11/15/2024

e,f

2,982,673

2,800,000

4.934%,

11/22/2024

e,f

2,781,368

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

56,355,000

4.417%,

10/1/2024

e

56,347,721

25,000,000

4.745%,

10/18/2024

e

24,941,875

Federal

National

Mortgage

Association

Discount

Notes

10,000,000

4.560%,

10/2/2024

e

9,997,417

30,000,000

4.720%,

10/7/2024

e

29,972,875

60,000,000

4.720%,

10/8/2024

e

59,938,000

U.S.

Treasury

Bills

53,660,000

4.423%,

10/1/2024

e

53,660,000

300,000

4.997%,

11/14/2024

e,g

298,291

5,000,000

4.497%,

12/19/2024

e

4,950,570

Total

Short-Term

Investments

(cost

$294,487,636)

294,469,615

Total

Investments

(cost

$1,314,581,380)

100.2%

$1,681,195,354

Other

Assets

and

Liabilities,

Net

(0.2%)

(2,813,177)

Total

Net

Assets

100.0%

$1,678,382,177

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$7,451,595

or

0.4%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

g

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

Global

Stock

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

5,630,717

Total

lending

$5,630,717

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,871,185

Net

amounts

due

to

counterparty

$240,468

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

82,672,849

64,930,450

17,742,399

–

Consumer

Discretionary

148,883,286

98,524,442

50,358,844

–

Consumer

Staples

63,358,813

40,032,508

23,326,305

–

Energy

60,473,223

38,698,964

21,774,259

–

Financials

217,299,475

123,677,879

93,621,596

–

Health

Care

158,668,194

105,684,318

52,983,876

–

Industrials

176,654,778

103,599,855

73,054,923

–

Information

Technology

237,908,123

194,399,693

43,508,430

–

Materials

62,897,889

28,751,653

34,146,232

4

Real

Estate

36,273,040

32,898,535

3,374,505

–

Utilities

42,817,460

29,720,060

13,097,400

–

Registered

Investment

Companies

U.S.

Unaffiliated

13,195,133

13,195,133

–

–

Preferred

Stock

Consumer

Discretionary

316,251

–

316,251

–

Consumer

Staples

437,006

–

437,006

–

Short-Term

Investments

294,469,615

–

294,469,615

–

Subtotal

Investments

in

Securities

$1,596,325,135

$874,113,490

$722,211,641

$4

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

78,999,034

Collateral

Held

for

Securities

Loaned

5,871,185

Subtotal

Other

Investments

$84,870,219

Total

Investments

at

Value

$1,681,195,354

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Global

Stock

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

12,055,280

12,055,280

–

–

Total

Asset

Derivatives

$12,055,280

$12,055,280

$–

$–

Liability

Derivatives

Futures

Contracts

6,487,295

6,487,295

–

–

Total

Rate

of

Return

Swaps

311,774

–

311,774

–

Total

Liability

Derivatives

$6,799,069

$6,487,295

$311,774

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

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

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$19,007,816

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

7

December

2024

$

774,344

$

12,876

CME

E-mini

S&P

500

Index

1,335

December

2024

378,010,936

10,090,251

CME

E-mini

S&P

Mid-Cap

400

Index

1

December

2024

306,642

8,218

ICE

mini

MSCI

EAFE

Index

417

December

2024

50,692,509

1,178,121

ICE

US

mini

MSCI

Emerging

Markets

Index

203

December

2024

11,137,092

765,814

Total

Futures

Long

Contracts

$

440,921,523

$

12,055,280

CME

E-mini

Russell

2000

Index

(716)

December

2024

(

$

77,092,184)

(

$

3,429,176)

CME

E-mini

S&P

Mid-Cap

400

Index

(270)

December

2024

(

81,954,081)

(

3,058,119)

Total

Futures

Short

Contracts

(

$

159,046,265)

($6,487,295)

Total

Futures

Contracts

$

281,875,258

$5,567,985

The

following

table

presents

Global

Stock

Portfolio's

total

rate

of

return

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$258,519

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Rate

of

Return

Swaps                

Reference

Entity

Fund

Pays

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

3,401,710

(

$

311,774)

$

–

(

$

311,774)

Total

Rate

of

Return

Swaps

(

$

311,774)

$

–

($311,774)

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$39,493

$–

$–

$46,196

4,529

2.7%

Core

Small

Cap

Value

31,248

–

3,001

32,803

2,845

2.0

Total

U.S.

Affiliated

Registered

Investment

Companies

70,741

78,999

4.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,993

72,877

70,999

5,871

5,871

0.4

Total

Collateral

Held

for

Securities

Loaned

3,993

5,871

0.4

Total

Value

$74,734

$84,870

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$6,703

$

–

$–

Core

Small

Cap

Value

Fund

6

4,550

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

36

Total

Affiliated

Income

from

Securities

Loaned,

Net

$36

Total

Value

$6

$11,253

$

–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Principal

Amount

Long-Term

Fixed

Income

99.7%

Value

Asset-Backed

Securities  5.1%

ECMC

Group

Student

Loan

Trust

$

1,500,000

6.413%, 

(SOFR30A

+

1.150%),

11/25/2024,

Ser.

2024-1A,

Class

A

a,b

$

1,502,344

303,889

6.395%, 

(SOFR30A

+

1.114%),

1/27/2070,

Ser.

2020-3A,

Class

A1B

a,b

303,078

Finance

of

America

HECM

Buyout

227,337

2.695%, 

2/25/2032,

Ser.

2022-HB1,

Class

A

a,b

223,830

GMAC

Mortgage

Corporation

Loan

Trust

24,359

5.469%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

12,884

Goodgreen

783,967

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

730,487

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

910,952

1.650%, 

3/25/2051,

Ser.

2021-1

855,084

Missouri

Higher

Education

Loan

Auth.

705,481

1.530%, 

1/25/2061,

Ser.

2021-1

649,493

Navient

Student

Loan

Trust

857,291

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

a

761,517

New

Hampshire

Higher

Education

Loan

Corporation

406,964

6.169%, 

(TSFR1M

+

1.314%),

9/25/2060,

Ser.

2020-1,

Class

A1B

b

407,393

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

27,639

5.408%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

25,616

RMF

Buyout

Issuance

Trust

133,412

1.259%, 

11/25/2031,

Ser.

2021-HB1,

Class

A

a,b

132,136

Sunnova

Hestia

I

Issuer,

LLC

1,220,560

5.750%, 

12/20/2050,

Ser.

2023-GRID1,

Class

1A

a,c

1,258,458

Sunnova

Hestia

II

Issuer,

LLC

1,655,121

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

1,703,741

Total

8,566,061

Collateralized

Mortgage

Obligations  6.4%

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

1,632,713

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

1,346,931

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

171,696

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

168,926

1,250,000

5.000%, 

2/25/2054,

Ser.

5460,

Class

LN

1,251,172

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Collateralized

Mortgage

Obligations  6.4%

-

continued

$

1,424,545

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

$

1,146,010

1,552,059

4.000%, 

8/25/2052,

Ser.

5256,

Class

AY

1,470,845

81,273

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

79,363

567,954

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

516,208

Federal

Home

Loan

Mortgage

Corporation

-

SCRT

1,140,483

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

934,586

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,800,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

c

1,565,055

Federal

National

Mortgage

Association

-

REMIC

687,243

5.000%, 

3/25/2054,

Ser.

2024-9,

Class

ZC

676,895

293,267

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

276,858

334,898

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

320,473

1,080,305

3.500%, 

4/25/2045,

Ser.

2015-18,

Class

DY

1,029,090

Total

10,782,412

Commercial

Mortgage-Backed

Securities  5.7%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,500,000

5.069%, 

10/25/2028,

Ser.

K510,

Class

A2

b,c

1,554,698

1,750,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

b

1,827,390

1,700,000

4.720%, 

5/25/2029,

Ser.

K524,

Class

A2

b,c

1,746,671

1,250,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

1,275,404

1,250,000

4.543%, 

7/25/2029,

Ser.

K526,

Class

A2

b,c

1,275,587

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

1,875,000

4.489%, 

12/25/2034,

Ser.

K165,

Class

A2

1,908,067

Total

9,587,817

Mortgage-Backed

Securities  47.4%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

697,980

2.000%, 

1/1/2052

585,280

1,570,791

3.000%, 

2/1/2050

1,435,285

994,140

2.000%, 

5/1/2051

833,736

1,177,813

2.500%, 

5/1/2051

1,028,963

623,237

3.500%, 

5/1/2052

584,641

849,414

4.000%, 

5/1/2052

822,759

58,156

5.000%, 

7/1/2053

58,542

881,510

3.500%, 

8/1/2052

826,263

292,640

3.500%, 

9/1/2047

276,150

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Mortgage-Backed

Securities  47.4%

-

continued

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

$

264,298

2.500%, 

7/1/2030

$

254,717

Federal

National

Mortgage

Association

Conventional

10-Yr.

Pass

Through

1,619,561

2.000%, 

3/1/2033

1,548,923

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

976,870

3.500%, 

5/1/2040

950,872

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,954,409

3.000%, 

1/1/2052

1,770,658

39,140

2.000%, 

2/1/2051

32,828

74,664

2.000%, 

2/1/2051

62,623

755,380

2.500%, 

2/1/2051

660,092

1,287,991

2.500%, 

2/1/2051

1,118,731

3,789,011

2.000%, 

3/1/2051

3,133,617

2,077,835

2.000%, 

3/1/2051

1,721,008

932,386

4.000%, 

3/1/2051

905,110

1,643,920

2.000%, 

3/1/2052

1,378,078

2,094,737

3.000%, 

3/1/2052

1,885,472

1,048,012

2.000%, 

4/1/2051

868,036

1,246,643

3.000%, 

4/1/2051

1,129,327

4,473,087

2.000%, 

4/1/2052

3,735,307

1,300,114

3.000%, 

5/1/2050

1,187,421

76,896

2.000%, 

5/1/2051

64,148

1,047,261

3.000%, 

5/1/2051

959,766

1,711,712

2.000%, 

6/1/2050

1,428,107

839,607

3.000%, 

6/1/2050

772,240

221,629

4.000%, 

6/1/2052

213,146

1,912,054

2.500%, 

7/1/2051

1,680,337

423,778

3.500%, 

7/1/2051

399,892

610,475

4.000%, 

7/1/2052

587,141

750,535

3.500%, 

8/1/2050

709,894

1,375,293

3.500%, 

8/1/2052

1,282,429

1,175,242

4.500%, 

8/1/2052

1,161,062

2,284,300

6.000%, 

8/1/2054

2,397,235

753,695

3.500%, 

9/1/2052

708,342

412,896

3.500%, 

9/1/2052

388,165

1,207,912

4.500%, 

9/1/2053

1,189,734

437,224

4.500%, 

9/1/2053

433,379

1,282,152

4.000%, 

10/1/2052

1,236,781

2,500,000

2.500%, 

10/1/2054

d

2,157,716

86,485

2.000%, 

11/1/2051

72,367

511,572

3.500%, 

11/1/2052

481,712

328,966

2.000%, 

12/1/2050

274,648

2,068,458

2.500%, 

12/1/2051

1,804,682

4,011,566

4.500%, 

12/1/2052

3,981,270

1,750,000

6.000%, 

10/1/2041

d

1,788,551

341,973

3.500%, 

12/1/2047

322,711

6,200,000

4.000%, 

10/1/2048

d

5,953,757

500,000

4.500%, 

10/1/2048

d

491,514

3,690,000

5.000%, 

10/1/2048

d

3,687,550

1,560,000

5.000%, 

11/1/2048

d

1,559,208

1,750,000

3.000%, 

10/1/2049

d

1,570,486

825,000

3.500%, 

10/1/2049

d

768,213

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

1,520,399

2.500%, 

3/1/2062

1,266,780

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Mortgage-Backed

Securities  47.4%

-

continued

$

515,455

3.500%, 

7/1/2061

$

471,680

648,071

4.000%, 

12/1/2061

617,693

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6,200,000

5.000%, 

10/1/2054

d

6,209,927

1,400,000

5.500%, 

10/1/2054

d

1,413,482

Total

79,300,184

U.S.

Government

&

Agencies  35.1%

Federal

Home

Loan

Bank

2,050,000

5.900%, 

3/10/2043

2,058,426

Tennessee

Valley

Authority

420,000

4.375%, 

8/1/2034

428,255

1,115,000

5.250%, 

9/15/2039

1,213,559

U.S.

Treasury

Bonds

7,615,000

1.375%, 

8/15/2050

4,194,497

U.S.

Treasury

Notes

17,000,000

3.750%, 

8/31/2026

17,024,570

24,700,000

3.875%, 

9/30/2029

25,013,574

8,750,000

3.875%, 

8/15/2034

8,811,523

Total

58,744,404

Total

Long-Term

Fixed

Income

(cost

$166,781,577)

166,980,878

Shares

or

Principal

Amount

Short-Term

Investments

16.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

5.085%,

11/13/2024

e,f

298,343

Thrivent

Core

Short-Term

Reserve

Fund

2,694,309

5.250%

26,943,083

Total

Short-Term

Investments

(cost

$27,219,677)

27,241,426

Total

Investments

(cost

$194,001,254)

116.0%

$194,222,304

Other

Assets

and

Liabilities,

Net

(16.0%)

(26,739,002)

Total

Net

Assets

100.0%

$167,483,302

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$7,988,138

or

4.8%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

The

interest

rate

shown

reflects

the

yield.

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

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.

Definitions:

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SCRT

-

Seasoned

Credit

Risk

Transfer

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

Reference

Rate

Index:

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

8,566,061

–

8,566,061

–

Collateralized

Mortgage

Obligations

10,782,412

–

10,782,412

–

Commercial

Mortgage-Backed

Securities

9,587,817

–

9,587,817

–

Mortgage-Backed

Securities

79,300,184

–

79,300,184

–

U.S.

Government

&

Agencies

58,744,404

–

58,744,404

–

Short-Term

Investments

298,343

–

298,343

–

Subtotal

Investments

in

Securities

$167,279,221

$–

$167,279,221

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

26,943,083

Subtotal

Other

Investments

$26,943,083

Total

Investments

at

Value

$194,222,304

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Government

Bond

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

60,885

60,885

–

–

Total

Asset

Derivatives

$60,885

$60,885

$–

$–

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$298,343

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

140

December

2024

$

29,093,022

$

60,885

Total

Futures

Long

Contracts

$

29,093,022

$

60,885

Total

Futures

Contracts

$

29,093,022

$60,885

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

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

Government

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$18,380

$49,691

$41,128

$26,943

2,694

16.1%

Total

Affiliated

Short-Term

Investments

18,380

26,943

16.1

Total

Value

$18,380

$26,943

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$1,071

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,071

Total

Value

$–

$–

$

–

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

a

Shares

Common

Stock

98.2%

Value

Biotechnology  15.7%

71,667

AbbVie,

Inc.

$

14,152,799

31,043

Amgen,

Inc.

10,002,365

4,470

Biogen,

Inc.

a

866,465

54,691

Gilead

Sciences,

Inc.

4,585,293

12,258

Moderna,

Inc.

a

819,202

4,744

Regeneron

Pharmaceuticals,

Inc.

a

4,987,083

10,633

Sarepta

Therapeutics,

Inc.

a

1,327,955

16,384

Vertex

Pharmaceuticals,

Inc.

a

7,619,871

Total

44,361,033

Health

Care

Distributors  2.2%

17,762

Cencora,

Inc.

3,997,871

4,696

McKesson

Corporation

2,321,796

Total

6,319,667

Health

Care

Equipment  19.5%

103,940

Abbott

Laboratories

11,850,199

7,266

ABIOMED,

Inc.,

CVR

a,b

6,670

111,986

Baxter

International,

Inc.

4,252,108

109,146

Boston

Scientific

Corporation

a

9,146,435

52,514

Dexcom,

Inc.

a

3,520,539

26,520

Edwards

Lifesciences

Corporation

a

1,750,055

10,150

Globus

Medical,

Inc.

a

726,131

6,416

IDEXX

Laboratories,

Inc.

a

3,241,492

3,364

Inspire

Medical

Systems,

Inc.

a

709,972

18,758

Intuitive

Surgical,

Inc.

a

9,215,243

71,599

Medtronic

plc

6,446,058

11,208

Stryker

Corporation

4,049,002

Total

54,913,904

Health

Care

Facilities  2.3%

29,274

Encompass

Health

Corporation

2,829,040

9,052

HCA

Healthcare,

Inc.

3,679,004

Total

6,508,044

Health

Care

Services  3.3%

9,940

Cigna

Group

3,443,614

26,164

CVS

Health

Corporation

1,645,192

11,853

Labcorp

Holdings,

Inc.

2,648,908

45,346

Option

Care

Health,

Inc.

a

1,419,330

Total

9,157,044

Health

Care

Supplies  1.6%

4,830

Align

Technology,

Inc.

a

1,228,365

19,780

Cooper

Companies,

Inc.

a

2,182,525

12,507

Haemonetics

Corporation

a

1,005,313

Total

4,416,203

Life

Sciences

Tools

&

Services  10.7%

77,654

Avantor,

Inc.

a

2,008,909

27,235

Bio-Techne

Corporation

2,176,894

45,264

Danaher

Corporation

12,584,297

4,937

Illumina,

Inc.

a

643,834

18,128

IQVIA

Holding,

Inc.

a

4,295,792

13,877

Thermo

Fisher

Scientific,

Inc.

8,583,896

Total

30,293,622

Managed

Health

Care  13.8%

11,187

Centene

Corporation

a

842,157

7,828

Elevance

Health,

Inc.

4,070,560

17,566

HealthEquity,

Inc.

a

1,437,777

7,480

Humana,

Inc.

2,369,215

7,135

Molina

Healthcare,

Inc.

a

2,458,436

Shares

Common

Stock  98.2%

Value

Managed

Health

Care  13.8%

-

continued

47,504

UnitedHealth

Group,

Inc.

$

27,774,639

Total

38,952,784

Pharmaceuticals  29.1%

34,538

Eli

Lilly

&

Company

30,598,596

132,794

Johnson

&

Johnson

21,520,596

113,897

Merck

&

Company,

Inc.

12,934,143

249,002

Pfizer,

Inc.

7,206,118

62,481

Sanofi

SA

ADR

3,600,780

144,991

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

2,612,738

18,153

Zoetis,

Inc.

3,546,733

Total

82,019,704

Total

Common

Stock

(cost

$179,461,179)

276,942,005

Shares

Registered

Investment

Companies  

0.6%

Value

U.S.

Unaffiliated  

0.6%

15,961

SPDR

S&P

Biotech

ETF

1,576,947

Total

1,576,947

Total

Registered

Investment

Companies

(cost

$1,562,701)

1,576,947

Shares

Short-Term

Investments

0.4%

Value

Thrivent

Core

Short-Term

Reserve

Fund

115,820

5.250%

1,158,201

Total

Short-Term

Investments

(cost

$1,158,201)

1,158,201

Total

Investments

(cost

$182,182,081)

99.2%

$279,677,153

Other

Assets

and

Liabilities,

Net

0.8%

2,290,794

Total

Net

Assets

100.0%

$281,967,947

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.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CVR

-

Contingent

Value

Right

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

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.

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

44,361,033

44,361,033

–

–

Health

Care

Distributors

6,319,667

6,319,667

–

–

Health

Care

Equipment

54,913,904

54,907,234

–

6,670

Health

Care

Facilities

6,508,044

6,508,044

–

–

Health

Care

Services

9,157,044

9,157,044

–

–

Health

Care

Supplies

4,416,203

4,416,203

–

–

Life

Sciences

Tools

&

Services

30,293,622

30,293,622

–

–

Managed

Health

Care

38,952,784

38,952,784

–

–

Pharmaceuticals

82,019,704

82,019,704

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,576,947

1,576,947

–

–

Subtotal

Investments

in

Securities

$278,518,952

$278,512,282

$–

$6,670

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,158,201

Subtotal

Other

Investments

$1,158,201

Total

Investments

at

Value

$279,677,153

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Healthcare

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$330

$22,914

$22,086

$1,158

116

0.4%

Total

Affiliated

Short-Term

Investments

330

1,158

0.4

Total

Value

$330

$1,158

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$31

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$31

Total

Value

$–

$–

$

–

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Bank

Loans

3.0%

a

Value

Basic

Materials  0.1%

Grinding

Media,

Inc.,

Term

Loan

$

1,205,859

9.569%, 

(TSFR3M

+

4.000%),

10/12/2028

b,c

$

1,202,845

Total

1,202,845

Capital

Goods  0.2%

Brand

Industrial

Services,

Inc.,

Term

Loan

1,580,080

9.748%, 

(TSFR3M

+

4.500%),

8/1/2030

b

1,534,163

Total

1,534,163

Communications

Services  0.4%

Cengage

Learning,

Inc.,

Term

Loan

1,547,107

9.538%, 

(TSFR6M

+

4.250%),

3/24/2031

b

1,549,551

NEP

Group,

Inc.,

Term

Loan

1,202,281

9.615%,PIK

1.500%,

(TSFR3M

+

4.750%),

8/19/2026

b,d

1,149,681

Sinclair

Television

Group,

Inc.,

Term

Loan

532,869

8.514%, 

(TSFR3M

+

3.000%),

4/3/2028

b

391,547

Total

3,090,779

Consumer

Cyclical  0.2%

Marriott

Ownership

Resorts,

Inc.,

Term

Loan

1,072,313

7.095%, 

(TSFR1M

+

2.250%),

4/1/2031

b

1,068,967

Six

Flags

Entertainment

Corporation,

Term

Loan

539,647

6.845%, 

(TSFR1M

+

2.000%),

5/1/2031

b

538,163

Total

1,607,130

Consumer

Non-Cyclical  0.7%

Amneal

Pharmaceuticals,

LLC,

Term

Loan

1,517,315

10.345%, 

(TSFR1M

+

5.500%),

5/4/2028

b

1,533,126

B&G

Foods,

Inc.,

Term

Loan

1,685,000

8.557%, 

(TSFR3M

+

3.500%),

10/10/2029

b

1,669,212

Chobani,

LLC,

Term

Loan

529,995

8.595%, 

(TSFR1M

+

3.750%),

10/25/2027

b

531,187

ModivCare,

Inc.,

Term

Loan

561,000

10.082%, 

(TSFR6M

+

4.750%),

7/1/2031

b

528,742

Triton

Water

Holdings,

Inc.,

Term

Loan

1,333,663

8.115%, 

(TSFR3M

+

3.250%),

3/31/2028

b

1,330,809

Total

5,593,076

Financials  0.6%

Acrisure,

LLC,

Term

Loan

539,648

7.961%, 

(TSFR1M

+

3.000%),

2/16/2027

b

537,251

Principal

Amount

Bank

Loans  3.0%

a

Value

Financials  0.6%

-

continued

$

270,322

8.211%, 

(TSFR1M

+

3.250%),

11/6/2030

b

$

267,452

Osaic

Holdings,

Inc.,

Term

Loan

1,120,192

8.845%, 

(TSFR1M

+

4.000%),

8/16/2028

b

1,107,120

TIH

Insurance

Holdings,

LLC,

Term

Loan

1,889,000

7.854%, 

(TSFR3M

+

3.250%),

5/6/2031

b

1,884,277

USI,

Inc./NY,

Term

Loan

1,122,000

0.000%, 

(TSFR1M

+

2.750%),

11/23/2029

b,e,f

1,118,264

Total

4,914,364

Technology  0.2%

CoreLogic,

Inc.,

Term

Loan

1,542,300

8.460%, 

(TSFR1M

+

3.500%),

6/2/2028

b

1,524,672

Total

1,524,672

Transportation  0.6%

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

1,965,000

10.294%, 

(TSFR3M

+

4.750%),

4/20/2028

b

2,018,212

Air

Canada,

Term

Loan

1,603,940

7.253%, 

(TSFR3M

+

2.500%),

3/21/2031

b

1,605,945

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,686,000

6.604%, 

(TSFR3M

+

2.000%),

4/10/2031

b

1,681,785

Total

5,305,942

Total

Bank

Loans

(cost

$24,790,578)

24,772,971

Principal

Amount

Long-Term

Fixed

Income

92.2%

Value

Basic

Materials  5.3%

ACN

113

874

712,

Pty.

Ltd.

3,195,300

11.500%, 

2/15/2018

*,g,h

3,195

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

640,000

8.625%, 

6/15/2029

i

680,091

ATI,

Inc.

953,000

7.250%, 

8/15/2030

1,014,790

Avient

Corporation

1,685,000

6.250%, 

11/1/2031

i

1,727,341

Axalta

Coating

Systems

Dutch

Holding

B

BV

1,386,000

7.250%, 

2/15/2031

i

1,480,098

Baffinland

Iron

Mines

Corporation/

Baffinland

Iron

Mines,

LP

315,000

8.750%, 

7/15/2026

i

283,064

Cascades,

Inc./Cascades

USA,

Inc.

1,534,000

5.125%, 

1/15/2026

i

1,519,206

Cerdia

Finanz

GmbH

1,100,000

9.375%, 

10/3/2031

f,i

1,122,000

Chemours

Company

3,347,000

5.750%, 

11/15/2028

i

3,179,361

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Basic

Materials  5.3%

-

continued

Cleveland-Cliffs,

Inc.

$

1,515,000

4.875%, 

3/1/2031

i

$

1,407,926

1,685,000

7.000%, 

3/15/2032

i

1,703,519

Consolidated

Energy

Finance

SA

3,093,000

5.625%, 

10/15/2028

i

2,614,484

First

Quantum

Minerals,

Ltd.

2,420,000

6.875%, 

10/15/2027

i

2,392,631

Hecla

Mining

Company

895,000

7.250%, 

2/15/2028

912,744

Hudbay

Minerals,

Inc.

675,000

4.500%, 

4/1/2026

i

667,648

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

2,040,000

9.000%, 

7/1/2028

i

2,062,444

INEOS

Finance

plc

1,870,000

7.500%, 

4/15/2029

i

1,953,939

Mercer

International,

Inc.

791,000

5.500%, 

1/15/2026

776,396

Methanex

Corporation

1,186,000

4.250%, 

12/1/2024

1,181,712

Mineral

Resources,

Ltd.

1,623,000

9.250%, 

10/1/2028

i

1,728,152

Novelis

Corporation

2,050,000

4.750%, 

1/30/2030

i

1,987,487

OCI

NV

2,971,000

4.625%, 

10/15/2025

i

2,966,974

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

1,652,000

5.375%, 

11/1/2026

i

1,631,483

SNF

Group

SACA

1,074,000

3.125%, 

3/15/2027

i

1,022,558

1,133,000

3.375%, 

3/15/2030

i

1,021,055

SunCoke

Energy,

Inc.

2,707,000

4.875%, 

6/30/2029

i

2,454,426

Taseko

Mines,

Ltd.

1,585,000

8.250%, 

5/1/2030

i

1,663,420

Tronox,

Inc.

785,000

4.625%, 

3/15/2029

i,j

733,290

United

States

Steel

Corporation

1,666,000

6.875%, 

3/1/2029

1,689,992

Total

43,581,426

Capital

Goods  10.1%

AAR

Escrow

Issuer,

LLC

791,000

6.750%, 

3/15/2029

i

822,645

Abengoa

Abenewco

2

Bis

SA

3,963,662

0.000%,PIK

1.500%,

4/26/2024

*,d,g,h

19,818

Advanced

Drainage

Systems,

Inc.

1,780,000

5.000%, 

9/30/2027

i

1,759,023

AECOM

1,560,000

5.125%, 

3/15/2027

1,566,777

Amsted

Industries,

Inc.

890,000

5.625%, 

7/1/2027

i

887,619

2,240,000

4.625%, 

5/15/2030

i

2,139,507

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

811,000

4.125%, 

8/15/2026

i,j

731,072

769,000

5.250%, 

8/15/2027

i,j

573,209

Boeing

Company

541,000

6.298%, 

5/1/2029

i

569,179

421,000

6.388%, 

5/1/2031

i

447,665

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Capital

Goods  10.1%

-

continued

Bombardier,

Inc.

$

336,000

7.875%, 

4/15/2027

i

$

336,943

2,250,000

6.000%, 

2/15/2028

i

2,264,875

2,242,000

7.000%, 

6/1/2032

i,j

2,344,988

Builders

FirstSource,

Inc.

795,000

5.000%, 

3/1/2030

i

779,654

Canpack

SA/Canpack

US,

LLC

3,166,000

3.875%, 

11/15/2029

i

2,964,521

Chart

Industries,

Inc.

2,631,000

7.500%, 

1/1/2030

i

2,772,879

Clean

Harbors,

Inc.

3,740,000

5.125%, 

7/15/2029

i

3,693,040

Clydesdale

Acquisition

Holdings,

Inc.

297,000

6.625%, 

4/15/2029

i

299,817

1,100,000

6.875%, 

1/15/2030

i

1,123,356

594,000

8.750%, 

4/15/2030

i,j

603,173

Cornerstone

Building

Brands,

Inc.

814,000

6.125%, 

1/15/2029

i,j

720,269

410,000

9.500%, 

8/15/2029

i

421,092

CP

Atlas

Buyer,

Inc.

745,000

7.000%, 

12/1/2028

i,j

689,770

Crown

Cork

&

Seal

Company,

Inc.

2,265,000

7.375%, 

12/15/2026

2,386,803

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

2,400,000

6.625%, 

12/15/2030

i

2,474,628

EquipmentShare.com,

Inc.

788,000

8.625%, 

5/15/2032

i

826,689

GFL

Environmental,

Inc.

4,440,000

4.000%, 

8/1/2028

i

4,264,144

H&E

Equipment

Services,

Inc.

3,472,000

3.875%, 

12/15/2028

i

3,259,665

Herc

Holdings,

Inc.

831,000

5.500%, 

7/15/2027

i

829,979

1,280,000

6.625%, 

6/15/2029

i

1,325,792

Mauser

Packaging

Solutions

Holding

Company

1,515,000

9.250%, 

4/15/2027

i

1,553,442

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

475,000

6.750%, 

4/1/2032

i

492,397

MIWD

Holdco

II,

LLC

1,369,000

5.500%, 

2/1/2030

i

1,329,749

Mueller

Water

Products,

Inc.

1,300,000

4.000%, 

6/15/2029

i

1,240,025

Nesco

Holdings

II,

Inc.

2,640,000

5.500%, 

4/15/2029

i

2,433,493

New

Enterprise

Stone

and

Lime

Company,

Inc.

3,553,000

5.250%, 

7/15/2028

i

3,469,503

OI

European

Group

BV

1,700,000

4.750%, 

2/15/2030

i

1,607,437

Owens-Brockway

Glass

Container,

Inc.

1,217,000

6.625%, 

5/13/2027

i

1,222,724

640,000

7.375%, 

6/1/2032

i

653,617

Pactiv

Evergreen

Group

876,000

4.375%, 

10/15/2028

i

839,067

Resideo

Funding,

Inc.

1,636,000

6.500%, 

7/15/2032

i

1,679,374

Reworld

Holding

Corporation

965,000

4.875%, 

12/1/2029

i

908,393

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Capital

Goods  10.1%

-

continued

Roller

Bearing

Company

of

America,

Inc.

$

1,672,000

4.375%, 

10/15/2029

i

$

1,604,084

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

732,000

6.125%, 

2/1/2028

i

744,255

Smyrna

Ready

Mix

Concrete,

LLC

2,200,000

8.875%, 

11/15/2031

i

2,373,126

Spirit

AeroSystems,

Inc.

1,080,000

4.600%, 

6/15/2028

1,031,926

820,000

9.750%, 

11/15/2030

i

914,300

SRM

Escrow

Issuer,

LLC

1,369,000

6.000%, 

11/1/2028

i

1,374,053

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

628,000

7.250%, 

1/15/2031

i

665,240

TransDigm,

Inc.

787,000

6.750%, 

8/15/2028

i

810,050

2,691,000

7.125%, 

12/1/2031

i

2,846,167

1,465,000

6.625%, 

3/1/2032

i

1,525,566

Trivium

Packaging

Finance

1,210,000

5.500%, 

8/15/2026

i

1,205,286

1,011,000

8.500%, 

8/15/2027

i,j

1,013,444

United

Rentals

North

America,

Inc.

2,100,000

3.875%, 

2/15/2031

1,953,381

WESCO

Distribution,

Inc.

1,587,000

7.250%, 

6/15/2028

i

1,625,074

789,000

6.375%, 

3/15/2029

i

815,123

552,000

6.625%, 

3/15/2032

i

574,964

Total

82,403,851

Communications

Services  12.6%

Altice

Financing

SA

1,392,000

5.750%, 

8/15/2029

i

1,118,665

Altice

France

SA

1,207,000

5.125%, 

7/15/2029

i,j

848,784

2,796,000

5.500%, 

10/15/2029

i

1,958,149

AMC

Networks,

Inc.

1,538,000

10.250%, 

1/15/2029

i

1,580,526

C&W

Senior

Finance,

Ltd.

525,000

6.875%, 

9/15/2027

i

523,175

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

3,265,000

5.000%, 

2/1/2028

i

3,176,053

3,380,000

5.375%, 

6/1/2029

i

3,257,283

529,000

6.375%, 

9/1/2029

i

529,627

4,710,000

4.750%, 

3/1/2030

i

4,332,431

1,916,000

4.250%, 

2/1/2031

i

1,689,394

843,000

4.750%, 

2/1/2032

i

742,917

Clear

Channel

Outdoor

Holdings,

Inc.

952,000

7.500%, 

6/1/2029

i

819,919

Clear

Channel

Worldwide

Holdings,

Inc.

2,605,000

5.125%, 

8/15/2027

i

2,560,996

Connect

Finco

SARL/Connect

US

Finco,

LLC

871,000

9.000%, 

9/15/2029

i

842,897

CSC

Holdings,

LLC

1,031,000

5.375%, 

2/1/2028

i

868,481

855,000

11.750%, 

1/31/2029

i

826,435

1,462,000

6.500%, 

2/1/2029

i

1,210,789

3,061,000

5.750%, 

1/15/2030

i

1,584,484

1,240,000

4.125%, 

12/1/2030

i

903,657

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Communications

Services  12.6%

-

continued

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

$

5,300,000

5.875%, 

8/15/2027

i

$

5,203,711

DISH

DBS

Corporation

759,000

5.875%, 

11/15/2024

754,606

1,308,000

5.250%, 

12/1/2026

i

1,208,753

749,000

7.375%, 

7/1/2028

j

561,332

1,271,000

5.750%, 

12/1/2028

i,j

1,110,499

1,144,000

5.125%, 

6/1/2029

767,540

DISH

Network

Corporation

1,128,000

11.750%, 

11/15/2027

i

1,183,870

Frontier

Communications

Holdings,

LLC

898,000

5.875%, 

10/15/2027

i

901,652

1,590,000

5.000%, 

5/1/2028

i

1,575,658

1,747,000

6.750%, 

5/1/2029

i

1,759,314

561,000

8.750%, 

5/15/2030

i

597,838

GCI,

LLC

3,576,000

4.750%, 

10/15/2028

i

3,434,022

Gray

Television,

Inc.

862,000

7.000%, 

5/15/2027

i,j

847,262

2,630,000

10.500%, 

7/15/2029

i

2,746,938

1,435,000

5.375%, 

11/15/2031

i,j

897,479

iHeartCommunications,

Inc.

477,000

6.375%, 

5/1/2026

j

417,544

555,000

5.250%, 

8/15/2027

i,j

378,751

Iliad

Holding

SASU

1,474,000

6.500%, 

10/15/2026

i,j

1,490,068

2,081,000

8.500%, 

4/15/2031

i

2,238,336

Intelsat

Jackson

Holdings

SA

1,081,000

6.500%, 

3/15/2030

i

1,034,273

Lamar

Media

Corporation

1,222,000

3.625%, 

1/15/2031

1,116,844

LCPR

Senior

Secured

Financing

DAC

3,397,000

6.750%, 

10/15/2027

i

3,108,350

Level

3

Financing,

Inc.

1,533,000

4.250%, 

7/1/2028

i

1,218,735

562,000

4.875%, 

6/15/2029

i,j

472,080

400,000

11.000%, 

11/15/2029

i

443,030

1,450,000

10.500%, 

5/15/2030

i,j

1,560,563

McGraw-Hill

Education,

Inc.

1,081,000

5.750%, 

8/1/2028

i

1,068,286

983,000

8.000%, 

8/1/2029

i,j

986,526

News

Corporation

1,309,000

3.875%, 

5/15/2029

i

1,238,081

Nexstar

Media,

Inc.

960,000

5.625%, 

7/15/2027

i

950,906

843,000

4.750%, 

11/1/2028

i,j

805,440

Optics

Bidco

SPA

1,504,000

6.000%, 

9/30/2034

i

1,522,528

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

918,000

4.625%, 

3/15/2030

i

872,274

Paramount

Global

477,000

6.375%, 

3/30/2062

b

441,219

Playtika

Holding

Corporation

2,293,000

4.250%, 

3/15/2029

i

2,104,415

Sable

International

Finance,

Ltd.

1,122,000

7.125%, 

10/15/2032

f,i

1,126,208

Scripps

Escrow

II,

Inc.

478,000

3.875%, 

1/15/2029

i

356,137

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Communications

Services  12.6%

-

continued

Sinclair

Television

Group,

Inc.

$

557,000

4.125%, 

12/1/2030

i,j

$

434,460

Sirius

XM

Radio,

Inc.

720,000

3.125%, 

9/1/2026

i

695,634

365,000

5.000%, 

8/1/2027

i

359,078

1,649,000

4.000%, 

7/15/2028

i

1,555,740

890,000

3.875%, 

9/1/2031

i

775,430

TEGNA,

Inc.

789,000

4.750%, 

3/15/2026

i

778,912

2,086,000

4.625%, 

3/15/2028

1,990,462

Telenet

Finance

Luxembourg

Notes

SARL

600,000

5.500%, 

3/1/2028

i

586,500

Telesat

Canada/Telesat,

LLC

527,000

4.875%, 

6/1/2027

i

243,413

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

1,381,000

4.750%, 

4/15/2028

i

1,281,086

557,000

6.500%, 

2/15/2029

i

483,672

Univision

Communications,

Inc.

1,400,000

8.500%, 

7/31/2031

i

1,403,127

320,000

8.000%, 

8/15/2028

i

327,189

1,927,000

4.500%, 

5/1/2029

i

1,721,434

Urban

One,

Inc.

473,000

7.375%, 

2/1/2028

i

341,420

Viasat,

Inc.

1,263,000

6.500%, 

7/15/2028

i,j

991,086

Virgin

Media

Finance

plc

1,971,000

5.000%, 

7/15/2030

i

1,733,543

Virgin

Media

Secured

Finance

plc

2,335,000

5.500%, 

5/15/2029

i

2,239,494

VZ

Secured

Financing

BV

2,661,000

5.000%, 

1/15/2032

i

2,448,768

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

485,000

7.750%, 

8/15/2028

i

485,456

669,000

8.250%, 

10/1/2031

f,i

680,127

Zayo

Group

Holdings,

Inc.

683,000

4.000%, 

3/1/2027

i,j

610,905

Zegona

Finance

plc

1,483,000

8.625%, 

7/15/2029

i

1,583,103

Ziggo

Bond

Company

BV

987,000

5.125%, 

2/28/2030

i,j

909,805

Total

102,535,574

Consumer

Cyclical  16.5%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

3,006,000

5.625%, 

9/15/2029

i

3,049,435

1,525,000

4.000%, 

10/15/2030

i

1,406,265

Adient

Global

Holdings,

Ltd.

1,256,000

8.250%, 

4/15/2031

i,j

1,332,616

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

820,000

6.000%, 

6/1/2029

i,j

732,796

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

1,125,000

4.625%, 

6/1/2028

i

1,055,701

1,160,000

4.625%, 

6/1/2028

i

1,090,584

Allison

Transmission,

Inc.

1,299,000

3.750%, 

1/30/2031

i

1,181,044

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Consumer

Cyclical  16.5%

-

continued

American

Axle

&

Manufacturing,

Inc.

$

4,003,000

5.000%, 

10/1/2029

j

$

3,675,273

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

436,000

7.000%, 

4/15/2030

i,j

405,023

Anywhere

Real

Estate

Group,

LLC/

Realogy

Co-Issuer

Corporation

591,000

5.750%, 

1/15/2029

i,j

492,954

Arches

Buyer,

Inc.

1,732,000

6.125%, 

12/1/2028

i

1,483,047

Arko

Corporation

1,788,000

5.125%, 

11/15/2029

i,j

1,660,787

Asbury

Automotive

Group,

Inc.

540,000

5.000%, 

2/15/2032

i

512,071

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

800,000

4.625%, 

8/1/2029

i

767,952

1,410,000

4.625%, 

4/1/2030

i

1,350,908

Aston

Martin

Capital

Holdings,

Ltd.

780,000

10.000%, 

3/31/2029

i

765,397

Beazer

Homes

USA,

Inc.

553,000

7.500%, 

3/15/2031

i

573,816

Boyd

Gaming

Corporation

2,210,000

4.750%, 

6/15/2031

i

2,110,207

Boyne

USA,

Inc.

1,275,000

4.750%, 

5/15/2029

i

1,225,697

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

135,000

6.250%, 

9/15/2027

i

134,798

1,607,000

5.000%, 

6/15/2029

i

1,540,160

350,000

4.875%, 

2/15/2030

i

329,488

Caesars

Entertainment,

Inc.

5,104,000

4.625%, 

10/15/2029

i,j

4,855,016

944,000

6.500%, 

2/15/2032

i

976,487

Carnival

Corporation

797,000

7.625%, 

3/1/2026

i

804,376

2,612,000

5.750%, 

3/1/2027

i

2,645,309

1,764,000

4.000%, 

8/1/2028

i

1,703,703

2,090,000

6.000%, 

5/1/2029

i,j

2,117,587

Carvana

Company

477,000

0.000%,PIK

12.000%,

12/1/2028

d,i

500,947

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

2,136,000

5.250%, 

7/15/2029

2,098,705

Choice

Hotels

International,

Inc.

842,000

3.700%, 

12/1/2029

j

799,219

Churchill

Downs,

Inc.

1,065,000

4.750%, 

1/15/2028

i

1,044,225

899,000

6.750%, 

5/1/2031

i

928,360

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

2,335,000

6.750%, 

5/15/2028

i

2,406,811

Crocs,

Inc.

562,000

4.250%, 

3/15/2029

i

531,312

Dana,

Inc.

1,400,000

4.250%, 

9/1/2030

1,257,039

1,265,000

4.500%, 

2/15/2032

1,121,864

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Consumer

Cyclical  16.5%

-

continued

Ford

Motor

Company

$

2,900,000

3.250%, 

2/12/2032

$

2,469,713

Gap,

Inc.

1,155,000

3.625%, 

10/1/2029

i

1,044,693

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

1,120,000

7.750%, 

5/31/2032

i

1,146,204

General

Motors

Financial

Company,

Inc.

1,606,000

5.750%, 

9/30/2027

b,j,k

1,570,580

Genting

New

York,

LLC/GENNY

Capital,

Inc.

899,000

7.250%, 

10/1/2029

i

909,636

Goodyear

Tire

&

Rubber

Company

1,790,000

5.000%, 

7/15/2029

j

1,646,313

Group

1

Automotive,

Inc.

614,000

6.375%, 

1/15/2030

i

623,754

Hanesbrands,

Inc.

898,000

4.875%, 

5/15/2026

i

890,127

604,000

9.000%, 

2/15/2031

i

651,957

Hilton

Domestic

Operating

Company,

Inc.

1,651,000

4.875%, 

1/15/2030

1,629,101

2,475,000

3.625%, 

2/15/2032

i

2,235,973

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

2,086,000

5.000%, 

6/1/2029

i

1,981,813

International

Game

Technology

plc

1,530,000

6.250%, 

1/15/2027

i

1,561,755

835,000

5.250%, 

1/15/2029

i

831,775

Jacobs

Entertainment,

Inc.

1,182,000

6.750%, 

2/15/2029

i

1,149,572

KB

Home

1,208,000

6.875%, 

6/15/2027

1,258,581

1,123,000

4.000%, 

6/15/2031

1,038,704

L

Brands,

Inc.

1,559,000

5.250%, 

2/1/2028

1,557,155

829,000

6.625%, 

10/1/2030

i

845,115

811,000

6.875%, 

11/1/2035

845,064

Light

&

Wonder

International,

Inc.

1,500,000

7.250%, 

11/15/2029

i

1,551,936

Live

Nation

Entertainment,

Inc.

858,000

4.750%, 

10/15/2027

i

845,868

Macy's

Retail

Holdings,

LLC

2,770,000

5.875%, 

4/1/2029

i,j

2,733,984

Mattamy

Group

Corporation

1,800,000

4.625%, 

3/1/2030

i

1,723,325

Melco

Resorts

Finance,

Ltd.

900,000

5.375%, 

12/4/2029

i

840,762

775,000

7.625%, 

4/17/2032

i

798,894

MGM

China

Holdings,

Ltd.

281,000

7.125%, 

6/26/2031

i

289,181

MGM

Resorts

International

1,124,000

6.125%, 

9/15/2029

1,137,990

Michaels

Companies,

Inc.

1,756,000

5.250%, 

5/1/2028

i

1,296,120

NCL

Corporation,

Ltd.

2,417,000

5.875%, 

3/15/2026

i

2,417,149

2,704,000

5.875%, 

2/15/2027

i

2,713,567

Nordstrom,

Inc.

825,000

4.250%, 

8/1/2031

726,667

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Consumer

Cyclical  16.5%

-

continued

Parkland

Corporation

$

809,000

6.625%, 

8/15/2032

i

$

821,281

PENN

Entertainment,

Inc.

1,890,000

4.125%, 

7/1/2029

i,j

1,721,991

PetSmart,

Inc./PetSmart

Finance

Corporation

1,592,000

4.750%, 

2/15/2028

i

1,526,279

1,574,000

7.750%, 

2/15/2029

i

1,553,798

Phinia,

Inc.

281,000

6.625%, 

10/15/2032

i

283,320

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

1,989,000

5.750%, 

4/15/2026

i

1,998,078

2,220,000

3.375%, 

8/31/2027

i

2,109,393

QVC,

Inc.

450,000

6.875%, 

4/15/2029

i,j

373,717

Rakuten

Group,

Inc.

281,000

11.250%, 

2/15/2027

i

307,283

281,000

9.750%, 

4/15/2029

i

306,641

Real

Hero

Merger

Sub

2,

Inc.

1,396,000

6.250%, 

2/1/2029

i,j

1,214,316

Royal

Caribbean

Cruises,

Ltd.

3,333,000

4.250%, 

7/1/2026

i

3,295,390

1,300,000

5.375%, 

7/15/2027

i

1,311,653

614,000

6.000%, 

2/1/2033

i

629,463

S&S

Holdings,

LLC

733,000

8.375%, 

10/1/2031

f,i

738,029

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

584,000

6.625%, 

3/1/2030

i

579,591

SeaWorld

Parks

and

Entertainment,

Inc.

1,852,000

5.250%, 

8/15/2029

i

1,807,288

Service

Corporation

International/

US

1,010,000

5.750%, 

10/15/2032

1,016,614

Six

Flags

Theme

Parks,

Inc.

265,000

7.000%, 

7/1/2025

i,j

265,208

Sonic

Automotive,

Inc.

979,000

4.875%, 

11/15/2031

i

903,836

Staples,

Inc.

1,600,000

10.750%, 

9/1/2029

i

1,552,481

355,847

12.750%, 

1/15/2030

i,j

292,295

Station

Casinos,

LLC

800,000

4.500%, 

2/15/2028

i

772,503

700,000

4.625%, 

12/1/2031

i

649,119

Tenneco,

Inc.

2,258,000

8.000%, 

11/17/2028

i

2,095,263

Victoria's

Secret

&

Company

1,814,000

4.625%, 

7/15/2029

i

1,602,138

Victra

Holdings,

LLC/Victra

Finance

Corporation

365,000

8.750%, 

9/15/2029

i

383,232

Viking

Cruises,

Ltd.

4,049,000

5.875%, 

9/15/2027

i

4,046,171

Wabash

National

Corporation

1,244,000

4.500%, 

10/15/2028

i

1,139,646

Walgreens

Boots

Alliance,

Inc.

540,000

3.200%, 

4/15/2030

438,094

WASH

Multifamily

Acquisition,

Inc.

1,055,000

5.750%, 

4/15/2026

i

1,049,263

Wyndham

Hotels

&

Resorts,

Inc.

1,638,000

4.375%, 

8/15/2028

i

1,580,042

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Consumer

Cyclical  16.5%

-

continued

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

$

1,117,000

7.125%, 

2/15/2031

i

$

1,205,129

ZF

North

America

Capital,

Inc.

1,053,000

6.875%, 

4/14/2028

i

1,062,914

Total

134,261,466

Consumer

Non-Cyclical  10.9%

1375209

B.C.,

Ltd.

1,574,000

9.000%, 

1/30/2028

i,j

1,560,015

AdaptHealth,

LLC

3,819,000

4.625%, 

8/1/2029

i

3,536,761

Albertson's

Companies,

Inc.

3,250,000

5.875%, 

2/15/2028

i

3,264,511

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

1,650,000

4.625%, 

1/15/2027

i

1,605,222

1,911,000

3.500%, 

3/15/2029

i

1,781,858

Bausch

+

Lomb

Corporation

472,000

8.375%, 

10/1/2028

i

499,140

Bausch

Health

Companies,

Inc.

1,240,000

5.500%, 

11/1/2025

i,j

1,211,366

2,297,000

4.875%, 

6/1/2028

i

1,797,402

648,000

11.000%, 

9/30/2028

i,j

604,260

BellRing

Brands,

Inc.

1,257,000

7.000%, 

3/15/2030

i

1,315,536

Catalent

Pharma

Solutions,

Inc.

947,000

3.125%, 

2/15/2029

i

930,239

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

733,000

9.500%, 

10/15/2029

f,i

733,696

Central

Garden

&

Pet

Company

1,404,000

4.125%, 

10/15/2030

1,305,228

Cheplapharm

Arzneimittel

GmbH

290,000

5.500%, 

1/15/2028

i

281,264

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

1,501,000

4.625%, 

11/15/2028

i

1,461,766

CHS/Community

Health

Systems,

Inc.

2,108,000

5.625%, 

3/15/2027

i

2,074,416

455,000

6.000%, 

1/15/2029

i

441,709

650,000

6.125%, 

4/1/2030

i

555,765

888,000

5.250%, 

5/15/2030

i

817,231

2,699,000

4.750%, 

2/15/2031

i

2,372,548

1,121,000

10.875%, 

1/15/2032

i

1,235,325

Concentra

Escrow

Issuer

Corporation

245,000

6.875%, 

7/15/2032

i

257,621

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

2,944,000

4.750%, 

1/15/2029

i

2,879,127

DaVita,

Inc.

1,230,000

6.875%, 

9/1/2032

i

1,270,658

Edgewell

Personal

Care

Company

1,910,000

5.500%, 

6/1/2028

i

1,898,812

Embecta

Corporation

1,650,000

5.000%, 

2/15/2030

i

1,519,242

Encompass

Health

Corporation

1,238,000

4.500%, 

2/1/2028

1,215,125

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Consumer

Non-Cyclical  10.9%

-

continued

Endo

Finance

Holdings,

Inc.

$

1,125,000

8.500%, 

4/15/2031

i,j

$

1,205,475

Energizer

Holdings,

Inc.

2,670,000

4.750%, 

6/15/2028

i

2,590,833

Fiesta

Purchaser,

Inc.

1,123,000

9.625%, 

9/15/2032

i

1,162,459

Fortrea

Holdings,

Inc.

1,200,000

7.500%, 

7/1/2030

i,j

1,207,878

Grifols

SA

900,000

4.750%, 

10/15/2028

i

843,002

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

1,433,000

4.875%, 

6/1/2029

i

901,615

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

733,000

9.000%, 

2/15/2029

i

762,254

Lamb

Weston

Holdings,

Inc.

562,000

4.375%, 

1/31/2032

i,j

521,299

LifePoint

Health,

Inc.

811,000

5.375%, 

1/15/2029

i,j

766,309

895,000

9.875%, 

8/15/2030

i

985,399

1,010,000

11.000%, 

10/15/2030

i

1,139,670

1,082,000

10.000%, 

6/1/2032

i,j

1,189,515

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

1,582,000

6.250%, 

4/1/2029

i

1,629,984

ModivCare

Escrow

Issuer,

Inc.

1,380,000

5.000%, 

10/1/2029

i,j

859,340

Mozart

Debt

Merger

Sub,

Inc.

1,953,000

3.875%, 

4/1/2029

i

1,849,031

1,322,000

5.250%, 

10/1/2029

i

1,297,124

MPH

Acquisition

Holdings,

LLC

424,000

5.500%, 

9/1/2028

i

305,727

Newell

Brands,

Inc.

306,000

6.375%, 

9/15/2027

j

309,490

796,000

6.625%, 

9/15/2029

805,908

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

805,000

4.125%, 

4/30/2028

i

774,078

2,110,000

5.125%, 

4/30/2031

i,j

1,987,876

Owens

&

Minor,

Inc.

1,064,000

6.625%, 

4/1/2030

i,j

1,032,822

Performance

Food

Group,

Inc.

1,404,000

4.250%, 

8/1/2029

i

1,335,128

1,685,000

6.125%, 

9/15/2032

i

1,721,826

Perrigo

Finance

Unlimited

Company

1,092,000

4.900%, 

6/15/2030

1,063,536

742,000

6.125%, 

9/30/2032

747,728

Post

Holdings,

Inc.

1,100,000

4.500%, 

9/15/2031

i

1,027,629

1,100,000

6.250%, 

10/15/2034

f,i

1,106,934

Prime

Healthcare

Services,

Inc.

1,230,000

9.375%, 

9/1/2029

i

1,268,725

Sigma

Holdco

BV

652,000

7.875%, 

5/15/2026

i

648,267

Simmons

Foods,

Inc.

3,523,000

4.625%, 

3/1/2029

i

3,342,496

Spectrum

Brands,

Inc.

196,000

3.875%, 

3/15/2031

i

171,597

Star

Parent,

Inc.

816,000

9.000%, 

10/1/2030

i

876,040

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Consumer

Non-Cyclical  10.9%

-

continued

Surgery

Center

Holdings,

Inc.

$

950,000

7.250%, 

4/15/2032

i,j

$

991,584

Tenet

Healthcare

Corporation

4,497,000

5.125%, 

11/1/2027

4,480,002

1,900,000

6.750%, 

5/15/2031

1,980,505

Teva

Pharmaceutical

Finance

Netherlands

III

BV

5,246,000

3.150%, 

10/1/2026

5,042,491

US

Acute

Care

Solutions,

LLC

562,000

9.750%, 

5/15/2029

i

582,097

Total

88,939,516

Energy  13.0%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

734,000

7.500%, 

10/1/2029

f,i

743,725

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

2,126,000

5.375%, 

6/15/2029

i

2,103,650

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

1,330,000

6.250%, 

4/1/2028

i

1,336,609

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

1,571,000

8.250%, 

12/31/2028

i

1,609,449

800,000

5.875%, 

6/30/2029

i

790,318

Baytex

Energy

Corporation

1,219,000

8.500%, 

4/30/2030

i

1,263,391

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

1,281,000

7.000%, 

7/15/2029

i

1,331,708

Borr

IHC,

Ltd./Borr

Finance,

LLC

1,021,220

10.000%, 

11/15/2028

i

1,059,515

Buckeye

Partners,

LP

2,043,000

4.500%, 

3/1/2028

i

1,981,327

California

Resources

Corporation

961,000

8.250%, 

6/15/2029

i

979,334

Civitas

Resources,

Inc.

1,656,000

8.375%, 

7/1/2028

i

1,721,361

1,339,000

8.750%, 

7/1/2031

i

1,417,382

CNX

Resources

Corporation

818,000

7.375%, 

1/15/2031

i,j

854,789

Comstock

Resources,

Inc.

3,310,000

5.875%, 

1/15/2030

i

3,095,140

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

3,075,000

5.500%, 

6/15/2031

i

3,016,040

Crescent

Energy

Finance,

LLC

1,844,000

7.625%, 

4/1/2032

i

1,844,583

562,000

7.375%, 

1/15/2033

i

553,133

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

946,000

8.625%, 

3/15/2029

i

995,330

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

629,000

8.500%, 

10/1/2030

i

657,216

DT

Midstream,

Inc.

843,000

4.125%, 

6/15/2029

i

806,364

610,000

4.375%, 

6/15/2031

i

577,428

Enerflex,

Ltd.

570,000

9.000%, 

10/15/2027

i

588,016

Energy

Transfer,

LP

1,950,000

8.000%, 

5/15/2054

b

2,098,140

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Energy  13.0%

-

continued

EQM

Midstream

Partners,

LP

$

5,019,000

4.750%, 

1/15/2031

i

$

4,859,936

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

1,280,000

8.875%, 

4/15/2030

1,345,571

2,320,000

7.875%, 

5/15/2032

2,362,099

Gulfport

Energy

Corporation

843,000

6.750%, 

9/1/2029

i

852,860

Harvest

Midstream

I,

LP

2,707,000

7.500%, 

9/1/2028

i

2,770,141

Hess

Midstream

Operations,

LP

1,605,000

4.250%, 

2/15/2030

i

1,532,532

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

851,000

5.750%, 

2/1/2029

i

827,889

1,065,000

6.000%, 

2/1/2031

i

1,033,812

1,750,000

6.250%, 

4/15/2032

i

1,703,315

Howard

Midstream

Energy

Partners,

LLC

2,240,000

7.375%, 

7/15/2032

i

2,319,970

ITT

Holdings,

LLC

1,995,000

6.500%, 

8/1/2029

i

1,889,968

Kraken

Oil

&

Gas

Partners,

LLC

1,025,000

7.625%, 

8/15/2029

i

1,023,622

Laredo

Petroleum,

Inc.

1,609,000

7.750%, 

7/31/2029

i,j

1,600,854

MEG

Energy

Corporation

988,000

5.875%, 

2/1/2029

i

966,522

Mesquite

Energy,

Inc.

3,740,000

0.000%, 

2/15/2023

*,g,h

60,775

Moss

Creek

Resources

Holdings,

Inc.

809,000

8.250%, 

9/1/2031

i

798,834

Nabors

Industries,

Inc.

1,268,000

9.125%, 

1/31/2030

i

1,307,686

562,000

8.875%, 

8/15/2031

i

534,617

Nabors

Industries,

Ltd.

1,268,000

7.500%, 

1/15/2028

i,j

1,188,050

New

Fortress

Energy,

Inc.

632,000

8.750%, 

3/15/2029

i,j

475,826

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

628,000

8.125%, 

2/15/2029

i

643,918

942,000

8.375%, 

2/15/2032

i

970,783

Noble

Finance

II,

LLC

1,629,000

8.000%, 

4/15/2030

i

1,680,792

Northern

Oil

and

Gas,

Inc.

1,522,000

8.750%, 

6/15/2031

i

1,585,945

NuStar

Logistics,

LP

1,226,000

6.375%, 

10/1/2030

1,272,125

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

1,255,000

6.000%, 

2/15/2028

1,238,827

Permian

Resources

Operating,

LLC

1,189,000

7.000%, 

1/15/2032

i

1,236,955

Prairie

Acquiror,

LP

1,261,000

9.000%, 

8/1/2029

i

1,301,960

Precision

Drilling

Corporation

1,667,000

6.875%, 

1/15/2029

i

1,663,534

Range

Resources

Corporation

1,745,000

4.750%, 

2/15/2030

i

1,683,239

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Energy  13.0%

-

continued

Rockies

Express

Pipeline,

LLC

$

1,610,000

4.950%, 

7/15/2029

i

$

1,539,781

Saturn

Oil

&

Gas,

Inc.

936,000

9.625%, 

6/15/2029

i

924,707

SM

Energy

Company

450,000

7.000%, 

8/1/2032

i

451,739

Southwestern

Energy

Company

1,037,000

4.750%, 

2/1/2032

992,015

Sunoco,

LP/Sunoco

Finance

Corporation

1,200,000

4.500%, 

5/15/2029

1,153,655

850,000

4.500%, 

4/30/2030

814,469

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

3,265,000

5.500%, 

1/15/2028

i

3,161,097

Talos

Production,

Inc.

472,000

9.000%, 

2/1/2029

i

486,000

Teine

Energy,

Ltd.

1,602,000

6.875%, 

4/15/2029

i

1,577,202

TGNR

Intermediate

Holdings,

LLC

1,703,000

5.500%, 

10/15/2029

i

1,618,051

Transocean,

Inc.

1,430,000

8.250%, 

5/15/2029

i

1,417,599

1,430,000

8.500%, 

5/15/2031

i

1,420,918

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

800,000

6.875%, 

9/1/2027

806,762

Valaris,

Ltd.

1,539,000

8.375%, 

4/30/2030

i

1,585,176

Venture

Global

Calcasieu

Pass,

LLC

2,490,000

3.875%, 

8/15/2029

i

2,353,129

Venture

Global

LNG,

Inc.

1,076,000

8.125%, 

6/1/2028

i

1,121,751

1,060,000

9.500%, 

2/1/2029

i

1,194,095

1,800,000

9.000%, 

9/30/2029

b,i,k

1,824,532

2,247,000

7.000%, 

1/15/2030

i

2,295,573

3,872,000

8.375%, 

6/1/2031

i

4,088,545

Weatherford

International,

Ltd.

743,000

8.625%, 

4/30/2030

i

774,222

Total

105,757,923

Financials  11.5%

Acrisure,

LLC/Acrisure

Finance,

Inc.

1,160,000

6.000%, 

8/1/2029

i,j

1,118,787

AerCap

Holdings

NV

2,404,000

5.875%, 

10/10/2079

b

2,403,954

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

842,000

6.950%, 

3/10/2055

b

872,975

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

2,083,000

6.750%, 

10/15/2027

i

2,075,189

855,000

6.750%, 

4/15/2028

i

868,845

843,000

5.875%, 

11/1/2029

i,j

809,501

390,000

7.000%, 

1/15/2031

i

400,761

Ally

Financial,

Inc.

541,000

2.200%, 

11/2/2028

486,717

836,000

6.700%, 

2/14/2033

854,975

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Financials  11.5%

-

continued

AmWINS

Group,

Inc.

$

630,000

6.375%, 

2/15/2029

i

$

645,370

1,872,000

4.875%, 

6/30/2029

i

1,795,049

Avolon

Holdings

Funding,

Ltd.

1,048,000

2.528%, 

11/18/2027

i

978,628

Baldwin

Insurance

Group

Holdings,

LLC/Baldwin

Insurance

Group

Holdings

Finance

842,000

7.125%, 

5/15/2031

i

885,957

Bank

of

America

Corporation

405,000

4.300%, 

1/28/2025

b,k

401,491

Barclays

plc

1,199,000

6.125%, 

12/15/2025

b,k

1,194,960

BNP

Paribas

SA

421,000

4.625%, 

1/12/2027

b,i,k

398,950

Burford

Capital

Global

Finance,

LLC

1,832,000

9.250%, 

7/1/2031

i

1,971,417

Castlelake

Aviation

Finance

DAC

1,951,000

5.000%, 

4/15/2027

i

1,955,991

Centene

Corporation

920,000

3.375%, 

2/15/2030

847,795

Citigroup,

Inc.

405,000

6.250%, 

8/15/2026

b,k

411,168

Constellation

Insurance,

Inc.

384,000

6.800%, 

1/24/2030

i

386,477

Credit

Acceptance

Corporation

1,436,000

9.250%, 

12/15/2028

i

1,535,666

Diversified

Healthcare

Trust

734,000

Zero

Coupon, 

1/15/2026

i

675,703

Drawbridge

Special

Opportunities

Fund,

LP

3,809,000

3.875%, 

2/15/2026

i

3,711,156

Encore

Capital

Group,

Inc.

384,000

9.250%, 

4/1/2029

i

413,165

FirstCash,

Inc.

1,610,000

4.625%, 

9/1/2028

i

1,554,306

842,000

5.625%, 

1/1/2030

i

834,278

Fortress

Transportation

and

Infrastructure

Investors,

LLC

1,839,000

7.000%, 

5/1/2031

i

1,938,319

1,121,000

7.000%, 

6/15/2032

i

1,176,715

Freedom

Mortgage

Corporation

805,000

7.625%, 

5/1/2026

i

812,185

Freedom

Mortgage

Holdings,

LLC

1,925,000

9.250%, 

2/1/2029

i

2,000,934

GGAM

Finance,

Ltd.

911,000

8.000%, 

2/15/2027

i

952,006

791,000

8.000%, 

6/15/2028

i

847,839

634,000

6.875%, 

4/15/2029

i

659,538

Global

Aircraft

Leasing

Company,

Ltd.

2,050,000

8.750%, 

9/1/2027

i

2,080,246

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

2,320,000

3.750%, 

12/15/2027

i

2,162,681

goeasy,

Ltd.

1,257,000

9.250%, 

12/1/2028

i

1,353,365

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC

531,000

8.000%, 

6/15/2027

i

562,532

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Financials  11.5%

-

continued

Howard

Hughes

Corporation

$

512,000

4.125%, 

2/1/2029

i

$

477,520

HSBC

Holdings

plc

871,000

6.875%, 

9/11/2029

b,k

897,223

HUB

International,

Ltd.

2,343,000

5.625%, 

12/1/2029

i,j

2,297,995

380,000

7.250%, 

6/15/2030

i

395,914

624,000

7.375%, 

1/31/2032

i

644,339

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

2,629,000

5.250%, 

5/15/2027

2,519,217

Intesa

Sanpaolo

SPA

541,000

4.198%, 

6/1/2032

b,i

482,155

J.P.

Morgan

Chase

&

Company

406,000

4.600%, 

2/1/2025

b,k

402,478

1,966,000

4.000%, 

4/1/2025

b,k

1,939,886

406,000

3.650%, 

6/1/2026

b,k

392,781

Jane

Street

Group/JSG

Finance,

Inc.

477,000

4.500%, 

11/15/2029

i

459,122

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

601,000

5.000%, 

8/15/2028

i

571,437

Jefferson

Capital

Holdings,

LLC

627,000

6.000%, 

8/15/2026

i

627,069

1,571,000

9.500%, 

2/15/2029

i

1,677,343

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

788,000

4.250%, 

2/1/2027

i

768,633

1,267,000

4.750%, 

6/15/2029

i

1,237,445

Liberty

Mutual

Group,

Inc.

252,000

4.125%, 

12/15/2051

b,i

238,393

Macquarie

Airfinance

Holdings,

Ltd.

1,940,000

6.400%, 

3/26/2029

i

2,019,139

825,000

6.500%, 

3/26/2031

i

870,860

Midcap

Financial

Issuer

Trust

812,000

6.500%, 

5/1/2028

i

786,702

Molina

Healthcare,

Inc.

1,505,000

4.375%, 

6/15/2028

i

1,463,120

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

2,197,000

4.625%, 

8/1/2029

j

1,767,119

Nationstar

Mortgage

Holdings,

Inc.

818,000

6.500%, 

8/1/2029

i

831,765

881,000

5.125%, 

12/15/2030

i

845,143

NatWest

Group

plc

541,000

8.125%, 

11/10/2033

b,k

590,194

Navient

Corporation

512,000

5.500%, 

3/15/2029

496,676

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

501,000

4.500%, 

9/30/2028

i

470,181

OneMain

Finance

Corporation

2,310,000

7.125%, 

3/15/2026

2,358,314

1,678,000

3.500%, 

1/15/2027

1,603,868

811,000

3.875%, 

9/15/2028

752,218

1,298,000

4.000%, 

9/15/2030

1,156,100

Park

Intermediate

Holdings,

LLC

1,273,000

4.875%, 

5/15/2029

i

1,235,155

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Financials  11.5%

-

continued

PNC

Financial

Services

Group,

Inc.

$

842,000

3.400%, 

9/15/2026

b,k

$

769,008

PRA

Group,

Inc.

1,598,000

8.375%, 

2/1/2028

i

1,654,427

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

842,000

4.500%, 

2/15/2029

i

814,705

RLJ

Lodging

Trust,

LP

681,000

4.000%, 

9/15/2029

i

626,879

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

2,812,000

3.875%, 

3/1/2031

i

2,589,121

945,000

4.000%, 

10/15/2033

i

844,155

Ryan

Specialty,

LLC

1,685,000

5.875%, 

8/1/2032

i

1,713,074

Service

Properties

Trust

1,041,000

8.375%, 

6/15/2029

1,039,830

865,000

8.625%, 

11/15/2031

i

940,652

SLM

Corporation

494,000

4.200%, 

10/29/2025

488,361

Synchrony

Financial

403,000

7.250%, 

2/2/2033

418,676

United

Wholesale

Mortgage,

LLC

1,975,000

5.500%, 

4/15/2029

i

1,923,652

Wells

Fargo

&

Company

405,000

3.900%, 

3/15/2026

b,k

393,622

World

Acceptance

Corporation

406,000

7.000%, 

11/1/2026

i,j

396,340

XHR,

LP

419,000

6.375%, 

8/15/2025

i

418,956

840,000

4.875%, 

6/1/2029

i

805,130

Total

94,147,683

Technology  7.1%

Amentum

Holdings,

Inc.

1,228,000

7.250%, 

8/1/2032

i

1,281,581

AthenaHealth

Group,

Inc.

2,292,000

6.500%, 

2/15/2030

i,j

2,201,662

Block,

Inc.

1,623,000

6.500%, 

5/15/2032

i

1,690,059

Boost

Newco

Borrower,

LLC

1,224,000

7.500%, 

1/15/2031

i

1,313,410

Central

Parent,

Inc./CDK

Global,

Inc.

842,000

7.250%, 

6/15/2029

i

861,037

Clarivate

Science

Holdings

Corporation

541,000

3.875%, 

7/1/2028

i

519,183

541,000

4.875%, 

7/1/2029

i

520,355

Cloud

Software

Group,

Inc.

3,424,000

6.500%, 

3/31/2029

i

3,406,765

1,482,000

9.000%, 

9/30/2029

i

1,508,098

CommScope,

LLC

422,000

6.000%, 

3/1/2026

i,j

410,395

Consensus

Cloud

Solutions,

Inc.

396,000

6.000%, 

10/15/2026

i

394,917

CoreLogic,

Inc.

475,000

4.500%, 

5/1/2028

i

448,304

Dye

&

Durham,

Ltd.

1,190,000

8.625%, 

4/15/2029

i

1,258,876

Entegris,

Inc.

1,623,000

5.950%, 

6/15/2030

i

1,653,116

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Technology  7.1%

-

continued

Everi

Holdings,

Inc.

$

1,065,000

5.000%, 

7/15/2029

i

$

1,060,146

Gen

Digital,

Inc.

61,000

6.750%, 

9/30/2027

i

62,676

944,000

7.125%, 

9/30/2030

i,j

990,541

II-VI,

Inc.

902,000

5.000%, 

12/15/2029

i

881,948

Iron

Mountain,

Inc.

4,225,000

5.250%, 

3/15/2028

i

4,208,016

890,000

5.000%, 

7/15/2028

i

878,294

1,560,000

5.250%, 

7/15/2030

i

1,540,303

1,840,000

4.500%, 

2/15/2031

i

1,745,418

McAfee

Corporation

1,245,000

7.375%, 

2/15/2030

i,j

1,214,320

MSCI,

Inc.

1,052,000

3.250%, 

8/15/2033

i

926,081

NCR

Atleos

Corporation

633,000

9.500%, 

4/1/2029

i

696,850

NCR

Voyix

Corporation

1,124,000

5.000%, 

10/1/2028

i

1,103,214

660,000

5.125%, 

4/15/2029

i

645,835

Neptune

Bidco

US,

Inc.

1,629,000

9.290%, 

4/15/2029

i

1,595,687

Newfold

Digital

Holdings

Group,

Inc.

475,000

11.750%, 

10/15/2028

i

467,538

Open

Text

Corporation

2,284,000

3.875%, 

12/1/2029

i

2,123,185

Open

Text

Holdings,

Inc.

1,578,000

4.125%, 

2/15/2030

i

1,481,204

Pitney

Bowes,

Inc.

396,000

6.875%, 

3/15/2027

i

393,586

PTC,

Inc.

1,445,000

4.000%, 

2/15/2028

i

1,401,780

RingCentral,

Inc.

1,570,000

8.500%, 

8/15/2030

i

1,679,660

Rocket

Software,

Inc.

953,000

9.000%, 

11/28/2028

i

994,537

Seagate

HDD

Cayman

2,483,000

4.091%, 

6/1/2029

2,384,366

Sensata

Technologies

BV

956,000

4.000%, 

4/15/2029

i

911,333

Sensata

Technologies,

Inc.

450,000

3.750%, 

2/15/2031

i

411,996

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

1,360,000

4.625%, 

11/1/2026

i

1,345,985

198,000

6.750%, 

8/15/2032

i

206,719

SS&C

Technologies,

Inc.

2,253,000

5.500%, 

9/30/2027

i

2,252,024

UKG,

Inc.

1,571,000

6.875%, 

2/1/2031

i

1,623,316

Unisys

Corporation

1,690,000

6.875%, 

11/1/2027

i

1,630,588

Viavi

Solutions,

Inc.

2,112,000

3.750%, 

10/1/2029

i

1,916,453

Xerox

Holdings

Corporation

167,000

5.000%, 

8/15/2025

i

165,459

1,775,000

5.500%, 

8/15/2028

i

1,515,494

Total

57,922,310

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Transportation  1.7%

American

Airlines

Group,

Inc.

$

534,000

3.750%, 

3/1/2025

i

$

528,518

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

935,667

5.500%, 

4/20/2026

i

932,998

411,000

5.750%, 

4/20/2029

i

410,319

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

1,004,000

5.375%, 

3/1/2029

i,j

938,440

Delta

Air

Lines,

Inc.

877,000

7.000%, 

5/1/2025

i

886,238

Hawaiian

Brand

Intellectual

Property,

Ltd./HawaiianMiles

Loyalty,

Ltd.

716,925

11.000%, 

4/15/2029

i

719,793

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

1,645,000

9.875%, 

9/20/2031

i

1,732,752

Rand

Parent,

LLC

1,564,000

8.500%, 

2/15/2030

i

1,595,034

RXO,

Inc.

2,176,000

7.500%, 

11/15/2027

i

2,244,131

Stena

International

SA

1,255,000

7.250%, 

1/15/2031

i

1,318,794

United

Airlines,

Inc.

759,000

4.375%, 

4/15/2026

i

746,817

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

461,000

7.875%, 

5/1/2027

i

449,944

1,441,000

6.375%, 

2/1/2030

i,j

1,238,013

Total

13,741,791

Utilities  3.5%

AES

Corporation

541,000

7.600%, 

1/15/2055

b

569,154

Alpha

Generation,

LLC

719,000

6.750%, 

10/15/2032

i

729,136

Calpine

Corporation

1,290,000

4.500%, 

2/15/2028

i

1,259,542

Dominion

Energy,

Inc.

541,000

7.000%, 

6/1/2054

b

590,678

Duke

Energy

Corporation

550,000

6.450%, 

9/1/2054

b

571,065

Edison

International

1,345,000

5.000%, 

12/15/2026

b,k

1,314,186

Leeward

Renewable

Energy

Operations,

LLC

1,065,000

4.250%, 

7/1/2029

i

1,004,210

Lightning

Power,

LLC

1,230,000

7.250%, 

8/15/2032

i

1,293,391

NextEra

Energy

Operating

Partners,

LP

1,596,000

3.875%, 

10/15/2026

i

1,554,653

NiSource,

Inc.

365,000

6.375%, 

3/31/2055

b

371,827

NRG

Energy,

Inc.

1,340,000

5.250%, 

6/15/2029

i

1,335,551

PG&E

Corporation

2,479,000

5.000%, 

7/1/2028

2,457,338

Sunnova

Energy

Corporation

541,000

5.875%, 

9/1/2026

i

505,125

Talen

Energy

Supply,

LLC

1,478,000

8.625%, 

6/1/2030

i

1,610,757

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Principal

Amount

Long-Term

Fixed

Income  92.2%

Value

Utilities  3.5%

-

continued

Terraform

Global

Operating,

LLC

$

3,070,000

6.125%, 

3/1/2026

i

$

3,071,510

TerraForm

Power

Operating,

LLC

3,745,000

5.000%, 

1/31/2028

i

3,705,088

Vistra

Corporation

4,065,000

7.000%, 

12/15/2026

b,i,k

4,149,568

Vistra

Operations

Company,

LLC

2,437,000

5.000%, 

7/31/2027

i

2,425,093

Total

28,517,872

Total

Long-Term

Fixed

Income

(cost

$752,462,278)

751,809,412

Shares

Collateral

Held

for

Securities

Loaned

8.3%

Value

67,935,355

Thrivent

Cash

Management

Trust

67,935,355

Total

Collateral

Held

for

Securities

Loaned

(cost

$67,935,355)

67,935,355

Shares

Registered

Investment

Companies  

1.8%

Value

U.S.

Unaffiliated  

1.8%

384,768

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

14,486,515

Total

14,486,515

Total

Registered

Investment

Companies

(cost

$13,806,663)

14,486,515

Shares

Short-Term

Investments

2.2%

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,793,873

5.250%

17,938,729

Total

Short-Term

Investments

(cost

$17,929,135)

17,938,729

Total

Investments

(cost

$876,924,009)

107.5%

$876,942,982

Other

Assets

and

Liabilities,

Net

(7.5%)

(61,438,887)

Total

Net

Assets

100.0%

$815,504,095

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

September

30,

2024.

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

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

September

30,

2024.

e

All

or

a

portion

of

the

loan

is

unfunded.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

i

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$646,122,984

or

79.2%

of

total

net

assets.

j

All

or

a

portion

of

the

security

is

on

loan.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

High

Yield

Portfolio

as

of

September

30,

2024

was

$83,788

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

4/26/2024

4/26/2019

$

563,723

ACN

113

874

712,

Pty.

Ltd.,

2/15/2018

2/9/2011

3,026,704

Mesquite

Energy,

Inc.,

2/15/2023

6/30/2020

–

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

High

Yield

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

58,637,030

Total

lending

$58,637,030

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$67,935,355

Net

amounts

due

to

counterparty

$9,298,325

Definitions:

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

High

Yield

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

1,202,845

–

–

1,202,845

Capital

Goods

1,534,163

–

1,534,163

–

Communications

Services

3,090,779

–

3,090,779

–

Consumer

Cyclical

1,607,130

–

1,607,130

–

Consumer

Non-Cyclical

5,593,076

–

5,593,076

–

Financials

4,914,364

–

4,914,364

–

Technology

1,524,672

–

1,524,672

–

Transportation

5,305,942

–

5,305,942

–

Long-Term

Fixed

Income

Basic

Materials

43,581,426

–

43,581,426

–

Capital

Goods

82,403,851

–

82,403,851

–

Communications

Services

102,535,574

–

102,535,574

–

Consumer

Cyclical

134,261,466

–

134,261,466

–

Consumer

Non-Cyclical

88,939,516

–

88,939,516

–

Energy

105,757,923

–

105,757,923

–

Financials

94,147,683

–

94,147,683

–

Technology

57,922,310

–

57,922,310

–

Transportation

13,741,791

–

13,741,791

–

Utilities

28,517,872

–

28,517,872

–

Registered

Investment

Companies

U.S.

Unaffiliated

14,486,515

14,486,515

–

–

Subtotal

Investments

in

Securities

$791,068,898

$14,486,515

$775,379,538

$1,202,845

Other

Investments  *

Total

Affiliated

Short-Term

Investments

17,938,729

Collateral

Held

for

Securities

Loaned

67,935,355

Subtotal

Other

Investments

$85,874,084

Total

Investments

at

Value

$876,942,982

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$20,508

$159,897

$162,466

$17,939

1,794

2.2%

Total

Affiliated

Short-Term

Investments

20,508

17,939

2.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

60,748

209,555

202,368

67,935

67,935

8.3

Total

Collateral

Held

for

Securities

Loaned

60,748

67,935

8.3

Total

Value

$81,256

$85,874

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$964

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$964

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

285

Total

Affiliated

Income

from

Securities

Loaned,

Net

$285

Total

Value

$–

$–

$

–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Principal

Amount

Long-Term

Fixed

Income

96.7%

Value

Asset-Backed

Securities  <0.1%

GMAC

Mortgage

Corporation

Loan

Trust

$

97,437

5.469%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,b

$

51,535

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

128,980

5.408%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

b,c

119,539

Total

171,074

Basic

Materials  2.0%

Alcoa

Nederland

Holding

BV

240,000

5.500%, 

12/15/2027

c

240,903

Anglo

American

Capital

plc

2,050,000

4.750%, 

4/10/2027

c

2,059,917

Celanese

US

Holdings,

LLC

2,800,000

6.550%, 

11/15/2030

3,018,087

FMC

Corporation

4,400,000

5.650%, 

5/18/2033

d

4,550,643

Freeport-McMoRan,

Inc.

320,000

4.125%, 

3/1/2028

317,586

Glencore

Funding,

LLC

1,275,000

5.893%, 

4/4/2054

c

1,341,024

1,800,000

3.375%, 

9/23/2051

c

1,270,690

2,700,000

2.500%, 

9/1/2030

c

2,420,629

International

Flavors

&

Fragrances,

Inc.

1,700,000

1.832%, 

10/15/2027

c

1,574,362

3,650,000

2.300%, 

11/1/2030

c

3,201,134

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

1,700,000

5.350%, 

3/15/2034

1,781,545

Olin

Corporation

320,000

5.125%, 

9/15/2027

318,159

Sherwin-Williams

Company

1,375,000

4.800%, 

9/1/2031

1,402,387

Smurfit

Kappa

Treasury,

ULC

2,350,000

5.777%, 

4/3/2054

c

2,515,750

1,800,000

5.438%, 

4/3/2034

c

1,875,967

Total

27,888,783

Capital

Goods  5.3%

BAE

Systems

plc

625,000

5.500%, 

3/26/2054

c

655,009

2,050,000

3.400%, 

4/15/2030

c

1,941,674

1,600,000

1.900%, 

2/15/2031

c

1,366,642

Boeing

Company

1,750,000

5.805%, 

5/1/2050

1,690,708

1,825,000

6.858%, 

5/1/2054

c

2,003,138

4,150,000

5.930%, 

5/1/2060

3,975,151

2,150,000

7.008%, 

5/1/2064

c

2,368,823

900,000

6.528%, 

5/1/2034

c

965,939

3,500,000

5.705%, 

5/1/2040

3,414,919

Carrier

Global

Corporation

1,550,000

2.700%, 

2/15/2031

1,399,870

CNH

Industrial

Capital,

LLC

2,900,000

4.550%, 

4/10/2028

2,915,462

GFL

Environmental,

Inc.

3,700,000

6.750%, 

1/15/2031

c

3,880,679

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Capital

Goods  5.3%

-

continued

Howmet

Aerospace,

Inc.

$

4,750,000

3.000%, 

1/15/2029

$

4,503,568

1,900,000

5.950%, 

2/1/2037

2,077,720

Ingersoll

Rand,

Inc.

700,000

5.400%, 

8/14/2028

729,528

1,000,000

5.700%, 

8/14/2033

1,071,417

John

Deere

Capital

Corporation

2,700,000

5.100%, 

4/11/2034

2,827,079

Lockheed

Martin

Corporation

1,600,000

5.900%, 

11/15/2063

1,850,260

Northrop

Grumman

Corporation

1,550,000

4.700%, 

3/15/2033

1,573,169

Regal

Rexnord

Corporation

2,850,000

6.050%, 

4/15/2028

2,963,197

2,800,000

6.300%, 

2/15/2030

2,978,025

Republic

Services,

Inc.

5,100,000

4.875%, 

4/1/2029

5,242,536

RTX

Corporation

1,000,000

3.030%, 

3/15/2052

698,821

1,150,000

6.400%, 

3/15/2054

1,357,814

2,850,000

6.000%, 

3/15/2031

3,099,681

1,150,000

6.100%, 

3/15/2034

1,269,575

925,000

4.450%, 

11/16/2038

880,998

Spirit

AeroSystems,

Inc.

3,750,000

4.600%, 

6/15/2028

3,583,075

Teledyne

Technologies,

Inc.

2,250,000

2.250%, 

4/1/2028

2,100,579

Textron,

Inc.

2,060,000

3.650%, 

3/15/2027

2,027,898

Waste

Connections,

Inc.

4,400,000

5.000%, 

3/1/2034

4,516,313

Total

71,929,267

Collateralized

Mortgage

Obligations  <0.1%

Wachovia

Mortgage

Loan

Trust,

LLC

41,617

6.624%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

40,761

Total

40,761

Communications

Services  7.4%

American

Tower

Corporation

1,810,000

3.125%, 

1/15/2027

1,761,845

2,350,000

1.875%, 

10/15/2030

2,024,431

1,400,000

5.650%, 

3/15/2033

1,478,912

AT&T,

Inc.

2,250,000

3.650%, 

6/1/2051

1,725,366

1,981,000

4.300%, 

2/15/2030

1,978,591

2,250,000

2.750%, 

6/1/2031

2,034,304

4,487,000

2.550%, 

12/1/2033

3,782,036

3,550,000

5.400%, 

2/15/2034

3,724,917

1,700,000

4.500%, 

3/9/2048

1,507,348

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

3,650,000

5.375%, 

6/1/2029

c

3,517,480

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

2,650,000

6.100%, 

6/1/2029

2,742,908

2,200,000

6.550%, 

6/1/2034

2,288,381

2,450,000

6.384%, 

10/23/2035

2,501,757

2,500,000

3.500%, 

6/1/2041

1,756,303

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Communications

Services  7.4%

-

continued

$

3,150,000

6.484%, 

10/23/2045

$

3,038,786

Comcast

Corporation

2,700,000

5.300%, 

6/1/2034

2,844,382

2,650,000

4.600%, 

10/15/2038

2,575,777

1,200,000

4.650%, 

7/15/2042

1,134,262

Crown

Castle,

Inc.

2,200,000

3.800%, 

2/15/2028

2,159,566

2,200,000

4.300%, 

2/15/2029

2,179,889

Discovery

Communications,

LLC

1,100,000

4.900%, 

3/11/2026

1,099,150

Meta

Platforms,

Inc.

2,000,000

5.600%, 

5/15/2053

2,168,387

2,000,000

4.800%, 

5/15/2030

2,080,435

2,250,000

4.950%, 

5/15/2033

2,361,699

Netflix,

Inc.

2,731,000

5.875%, 

11/15/2028

2,910,340

1,800,000

6.375%, 

5/15/2029

1,966,442

4,300,000

4.875%, 

6/15/2030

c

4,436,466

Rogers

Communications,

Inc.

1,850,000

5.000%, 

2/15/2029

1,887,928

1,100,000

5.300%, 

2/15/2034

1,119,095

Sprint

Capital

Corporation

230,000

6.875%, 

11/15/2028

251,118

6,200,000

8.750%, 

3/15/2032

7,687,507

T-Mobile

USA,

Inc.

4,400,000

3.400%, 

10/15/2052

3,220,734

2,150,000

4.850%, 

1/15/2029

2,195,233

1,800,000

3.500%, 

4/15/2031

1,693,723

1,800,000

3.000%, 

2/15/2041

1,382,395

Verizon

Communications,

Inc.

1,250,000

5.500%, 

2/23/2054

1,310,399

1,600,000

4.000%, 

3/22/2050

1,333,314

1,591,000

1.680%, 

10/30/2030

1,360,966

2,240,000

4.780%, 

2/15/2035

c

2,236,783

3,700,000

3.400%, 

3/22/2041

3,021,744

Videotron,

Ltd.

3,100,000

3.625%, 

6/15/2029

c,d

2,957,980

Vodafone

Group

plc

2,100,000

5.750%, 

6/28/2054

2,174,018

Warnermedia

Holdings,

Inc.

3,050,000

4.279%, 

3/15/2032

2,709,413

Total

100,322,510

Consumer

Cyclical  8.9%

Amazon.com,

Inc.

1,800,000

3.100%, 

5/12/2051

1,337,158

American

Honda

Finance

Corporation

3,150,000

4.400%, 

9/5/2029

3,163,516

3,700,000

5.050%, 

7/10/2031

3,808,478

BMW

US

Capital,

LLC

3,150,000

4.850%, 

8/13/2031

c

3,166,444

BorgWarner,

Inc.

1,775,000

4.950%, 

8/15/2029

1,804,535

2,600,000

5.400%, 

8/15/2034

2,654,635

D.R.

Horton,

Inc.

2,700,000

5.000%, 

10/15/2034

2,737,542

Daimler

Trucks

Finance

North

America,

LLC

2,700,000

5.400%, 

9/20/2028

c

2,796,301

4,500,000

2.375%, 

12/14/2028

c

4,160,125

Expedia

Group,

Inc.

4,400,000

3.250%, 

2/15/2030

4,149,102

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Consumer

Cyclical  8.9%

-

continued

Ford

Motor

Company

$

1,700,000

3.250%, 

2/12/2032

$

1,447,763

Ford

Motor

Credit

Company,

LLC

2,375,000

5.125%, 

11/5/2026

2,386,423

2,100,000

5.850%, 

5/17/2027

2,137,901

1,750,000

6.800%, 

5/12/2028

1,833,400

2,300,000

7.350%, 

3/6/2030

2,490,803

3,400,000

6.050%, 

3/5/2031

3,489,989

General

Motors

Company

2,425,000

6.800%, 

10/1/2027

2,567,618

General

Motors

Financial

Company,

Inc.

3,550,000

5.750%, 

2/8/2031

3,670,489

4,550,000

6.400%, 

1/9/2033

4,851,759

1,650,000

6.100%, 

1/7/2034

1,718,463

GLP

Capital,

LP

2,500,000

3.250%, 

1/15/2032

2,211,623

Harley-Davidson

Financial

Services,

Inc.

1,044,000

6.500%, 

3/10/2028

c

1,088,001

2,150,000

5.950%, 

6/11/2029

c

2,202,046

Home

Depot,

Inc.

750,000

4.850%, 

6/25/2031

777,441

1,050,000

4.950%, 

6/25/2034

1,091,608

2,180,000

4.250%, 

4/1/2046

1,982,597

Hyatt

Hotels

Corporation

2,200,000

5.750%, 

4/23/2030

2,302,652

Hyundai

Capital

America

2,750,000

1.800%, 

1/10/2028

c

2,520,273

5,600,000

6.200%, 

9/21/2030

c,d

6,039,574

Kohl's

Corporation

3,150,000

4.625%, 

5/1/2031

2,652,774

Las

Vegas

Sands

Corporation

1,050,000

6.000%, 

8/15/2029

1,091,164

Lowe's

Companies,

Inc.

1,700,000

5.625%, 

4/15/2053

1,769,477

4,250,000

2.625%, 

4/1/2031

d

3,819,312

Marriott

International,

Inc./MD

4,900,000

4.625%, 

6/15/2030

4,945,715

McDonald's

Corporation

2,175,000

4.450%, 

3/1/2047

1,984,475

Nissan

Motor

Acceptance

Company,

LLC

1,700,000

7.050%, 

9/15/2028

c

1,800,975

PACCAR

Financial

Corporation

1,500,000

4.600%, 

1/31/2029

d

1,538,124

Tapestry,

Inc.

1,150,000

7.000%, 

11/27/2026

1,189,823

Target

Corporation

2,750,000

2.950%, 

1/15/2052

1,949,324

1,250,000

4.500%, 

9/15/2034

1,250,113

Toll

Brothers

Finance

Corporation

2,300,000

3.800%, 

11/1/2029

2,231,750

Toyota

Motor

Credit

Corporation

4,500,000

4.550%, 

5/17/2030

4,576,723

VICI

Properties,

LP/VICI

Note

Company,

Inc.

640,000

4.500%, 

9/1/2026

c

637,042

180,000

4.250%, 

12/1/2026

c

178,249

3,000,000

5.750%, 

2/1/2027

c

3,051,699

1,800,000

3.750%, 

2/15/2027

c

1,755,573

180,000

4.625%, 

12/1/2029

c

176,578

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Consumer

Cyclical  8.9%

-

continued

Walmart,

Inc.

$

2,200,000

4.500%, 

9/9/2052

$

2,137,452

ZF

North

America

Capital,

Inc.

2,650,000

6.750%, 

4/23/2030

c

2,672,575

2,650,000

6.875%, 

4/23/2032

c

2,659,336

Total

120,656,512

Consumer

Non-Cyclical  9.7%

Abbott

Laboratories

2,500,000

6.000%, 

4/1/2039

2,887,398

AbbVie,

Inc.

1,050,000

5.400%, 

3/15/2054

1,113,375

1,050,000

5.050%, 

3/15/2034

1,096,745

5,100,000

4.550%, 

3/15/2035

5,101,265

3,100,000

4.300%, 

5/14/2036

3,018,675

Amgen,

Inc.

4,000,000

5.650%, 

3/2/2053

4,207,715

2,400,000

5.250%, 

3/2/2033

2,498,581

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

2,210,000

4.700%, 

2/1/2036

2,218,900

Anheuser-Busch

InBev

Worldwide,

Inc.

2,750,000

3.500%, 

6/1/2030

2,669,387

586,000

4.600%, 

4/15/2048

557,016

2,200,000

4.439%, 

10/6/2048

2,036,033

AstraZeneca

Finance,

LLC

1,600,000

4.850%, 

2/26/2029

1,650,105

AstraZeneca

plc

3,400,000

2.125%, 

8/6/2050

d

2,056,296

3,000,000

1.375%, 

8/6/2030

2,579,647

BAT

Capital

Corporation

3,500,000

2.259%, 

3/25/2028

3,256,408

2,500,000

6.343%, 

8/2/2030

2,705,932

1,150,000

5.834%, 

2/20/2031

1,219,837

1,900,000

7.750%, 

10/19/2032

2,248,051

Becton,

Dickinson

and

Company

3,041,000

3.794%, 

5/20/2050

2,461,921

1,550,000

5.081%, 

6/7/2029

1,601,993

Bristol-Myers

Squibb

Company

1,150,000

6.250%, 

11/15/2053

1,332,139

Bunge,

Ltd.

Finance

Corporation

775,000

4.650%, 

9/17/2034

773,322

Cargill,

Inc.

1,750,000

3.125%, 

5/25/2051

c

1,260,720

Conagra

Brands,

Inc.

1,550,000

5.300%, 

11/1/2038

1,556,152

Constellation

Brands,

Inc.

640,000

3.500%, 

5/9/2027

628,746

1,350,000

4.800%, 

1/15/2029

1,374,548

2,700,000

4.900%, 

5/1/2033

2,728,167

CVS

Health

Corporation

2,500,000

5.625%, 

2/21/2053

2,467,042

950,000

4.250%, 

4/1/2050

766,795

1,900,000

5.125%, 

2/21/2030

1,948,305

2,150,000

5.550%, 

6/1/2031

2,242,753

2,800,000

2.125%, 

9/15/2031

2,365,980

Eli

Lilly

&

Company

1,600,000

5.100%, 

2/9/2064

1,634,554

2,250,000

4.700%, 

2/27/2033

2,314,729

HCA,

Inc.

3,000,000

5.625%, 

9/1/2028

3,114,712

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Consumer

Non-Cyclical  9.7%

-

continued

Imperial

Brands

Finance

plc

$

1,700,000

3.500%, 

7/26/2026

c

$

1,666,182

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

3,000,000

4.375%, 

2/2/2052

2,382,718

1,200,000

5.500%, 

1/15/2030

1,215,485

1,600,000

3.625%, 

1/15/2032

1,462,799

3,400,000

3.000%, 

5/15/2032

2,948,413

Kenvue,

Inc.

1,750,000

5.050%, 

3/22/2053

1,798,096

1,600,000

5.000%, 

3/22/2030

1,671,506

Kraft

Heinz

Foods

Company

1,770,000

4.375%, 

6/1/2046

1,566,522

Mattel,

Inc.

1,500,000

3.375%, 

4/1/2026

c

1,466,310

Medtronic,

Inc.

3,200,000

4.375%, 

3/15/2035

3,181,784

Nestle

Holdings,

Inc.

2,400,000

4.850%, 

3/14/2033

c

2,486,828

PepsiCo,

Inc.

1,625,000

5.250%, 

7/17/2054

1,718,969

Pfizer

Investment

Enterprises,

Private

Ltd.

2,325,000

5.300%, 

5/19/2053

2,405,082

2,000,000

5.340%, 

5/19/2063

2,054,526

1,167,000

4.750%, 

5/19/2033

1,189,521

Philip

Morris

International,

Inc.

4,500,000

5.500%, 

9/7/2030

4,763,845

1,850,000

5.125%, 

2/13/2031

1,922,889

2,435,000

5.750%, 

11/17/2032

2,617,092

3,750,000

5.250%, 

2/13/2034

3,894,426

Reynolds

American,

Inc.

1,560,000

5.850%, 

8/15/2045

1,560,725

Roche

Holdings,

Inc.

3,800,000

2.607%, 

12/13/2051

c

2,515,022

1,550,000

4.985%, 

3/8/2034

c

1,616,084

Smithfield

Foods,

Inc.

1,200,000

3.000%, 

10/15/2030

c

1,075,549

Sysco

Corporation

1,000,000

6.600%, 

4/1/2040

1,133,215

Takeda

Pharmaceutical

Company,

Ltd.

2,800,000

3.175%, 

7/9/2050

2,010,213

2,600,000

5.300%, 

7/5/2034

2,713,426

Viterra

Finance

BV

2,750,000

5.250%, 

4/21/2032

c

2,787,818

Total

131,518,989

Energy  6.9%

BP

Capital

Markets

America,

Inc.

4,500,000

3.001%, 

3/17/2052

3,089,015

BP

Capital

Markets

plc

1,600,000

6.450%, 

12/1/2033

b,e

1,683,092

Canadian

Natural

Resources,

Ltd.

700,000

2.950%, 

7/15/2030

639,985

Cheniere

Energy

Partners,

LP

6,310,000

4.500%, 

10/1/2029

6,223,720

2,000,000

4.000%, 

3/1/2031

1,892,777

1,900,000

5.950%, 

6/30/2033

2,010,477

Cheniere

Energy,

Inc.

1,100,000

5.650%, 

4/15/2034

c

1,138,071

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Energy  6.9%

-

continued

Columbia

Pipelines

Holding

Company,

LLC

$

750,000

5.097%, 

10/1/2031

c

$

756,464

Diamondback

Energy,

Inc.

550,000

5.150%, 

1/30/2030

564,283

550,000

5.400%, 

4/18/2034

561,467

Energy

Transfer,

LP

1,100,000

8.000%, 

5/15/2054

b

1,183,566

1,950,000

6.050%, 

9/1/2054

2,020,099

1,500,000

6.500%, 

11/15/2026

b,e

1,496,412

2,400,000

4.200%, 

4/15/2027

2,392,044

2,900,000

3.750%, 

5/15/2030

2,770,293

1,100,000

5.550%, 

5/15/2034

1,138,953

Enterprise

Products

Operating,

LLC

1,350,000

8.343%, 

(TSFR3M

+

3.248%),

8/16/2077

b

1,349,966

EQM

Midstream

Partners,

LP

3,100,000

7.500%, 

6/1/2030

c

3,404,528

1,525,000

4.750%, 

1/15/2031

c

1,476,669

Halliburton

Company

2,800,000

4.850%, 

11/15/2035

2,795,840

Hess

Corporation

1,600,000

4.300%, 

4/1/2027

1,599,619

Marathon

Oil

Corporation

3,100,000

5.300%, 

4/1/2029

3,214,462

MPLX,

LP

1,750,000

4.800%, 

2/15/2029

1,777,241

1,050,000

5.500%, 

6/1/2034

1,078,751

National

Fuel

Gas

Company

2,186,000

5.500%, 

1/15/2026

2,205,724

ONEOK,

Inc.

900,000

5.650%, 

11/1/2028

940,665

5,400,000

6.350%, 

1/15/2031

5,851,320

Ovintiv,

Inc.

1,600,000

5.650%, 

5/15/2028

1,650,530

Phillips

66

Company

2,750,000

4.950%, 

12/1/2027

2,814,193

Pioneer

Natural

Resources

Company

1,800,000

2.150%, 

1/15/2031

1,581,301

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,950,000

3.800%, 

9/15/2030

1,858,508

Schlumberger

Holdings

Corporation

2,250,000

3.900%, 

5/17/2028

c

2,225,132

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.

1,525,000

7.625%, 

3/1/2055

b,c

1,580,435

South

Bow

USA

Infrastructure

Holdings,

LLC

1,925,000

5.026%, 

10/1/2029

c

1,930,025

Southwestern

Energy

Company

4,300,000

5.375%, 

3/15/2030

4,286,960

1,500,000

4.750%, 

2/1/2032

1,434,930

Targa

Resources

Corporation

2,100,000

6.125%, 

3/15/2033

2,253,596

725,000

5.500%, 

2/15/2035

746,664

TotalEnergies

Capital

SA

4,000,000

5.488%, 

4/5/2054

4,133,774

800,000

5.150%, 

4/5/2034

832,062

TransCanada

PipeLines,

Ltd.

1,750,000

4.625%, 

3/1/2034

1,726,682

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Energy  6.9%

-

continued

Western

Gas

Partners,

LP

$

3,700,000

4.650%, 

7/1/2026

$

3,700,470

Williams

Companies,

Inc.

1,700,000

5.300%, 

8/15/2052

1,649,122

2,450,000

7.500%, 

1/15/2031

2,792,135

2,000,000

4.850%, 

3/1/2048

1,824,061

Total

94,276,083

Financials  36.8%

AerCap

Holdings

NV

2,450,000

5.875%, 

10/10/2079

b

2,449,953

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,300,000

6.950%, 

3/10/2055

b

1,347,824

1,500,000

4.625%, 

10/15/2027

1,508,256

2,800,000

3.875%, 

1/23/2028

2,752,234

4,100,000

6.150%, 

9/30/2030

4,415,577

1,900,000

3.400%, 

10/29/2033

1,681,032

Air

Lease

Corporation

4,100,000

4.650%, 

6/15/2026

b,e

3,996,629

1,850,000

3.625%, 

4/1/2027

1,812,890

2,000,000

3.000%, 

2/1/2030

1,843,451

Aircastle,

Ltd.

800,000

2.850%, 

1/26/2028

c

748,319

Allianz

SE

1,000,000

5.600%, 

9/3/2054

b,c

1,031,262

Ally

Financial,

Inc.

2,640,000

5.750%, 

11/20/2025

2,651,405

1,750,000

8.000%, 

11/1/2031

1,981,206

American

Express

Company

1,800,000

6.489%, 

10/30/2031

b

1,989,884

2,000,000

5.284%, 

7/26/2035

b

2,082,412

American

Homes

4

Rent,

LP

1,550,000

2.375%, 

7/15/2031

1,331,256

ANZ

Bank

New

Zealand,

Ltd.

1,700,000

5.548%, 

8/11/2032

b,c

1,736,331

1,500,000

5.898%, 

7/10/2034

b,c

1,551,581

Aon

North

America,

Inc.

1,600,000

5.450%, 

3/1/2034

1,679,873

Ares

Capital

Corporation

2,850,000

3.875%, 

1/15/2026

2,808,487

1,800,000

2.875%, 

6/15/2027

1,702,669

2,600,000

5.875%, 

3/1/2029

2,662,469

Associated

Banc-Corp

2,650,000

4.250%, 

1/15/2025

2,636,534

Australia

&

New

Zealand

Banking

Group,

Ltd.

2,200,000

2.950%, 

7/22/2030

b,c

2,161,581

Avolon

Holdings

Funding,

Ltd.

4,400,000

4.375%, 

5/1/2026

c

4,356,028

2,600,000

5.750%, 

11/15/2029

c

2,683,506

Banco

Santander

SA

3,600,000

5.294%, 

8/18/2027

3,682,280

1,800,000

4.379%, 

4/12/2028

1,791,554

1,600,000

5.439%, 

7/15/2031

1,673,030

Bank

of

America

Corporation

2,950,000

3.705%, 

4/24/2028

b

2,907,289

1,750,000

5.202%, 

4/25/2029

b

1,799,363

3,500,000

5.819%, 

9/15/2029

b

3,683,344

1,825,000

3.974%, 

2/7/2030

b

1,793,219

2,720,000

3.194%, 

7/23/2030

b

2,574,463

3,500,000

2.572%, 

10/20/2032

b

3,068,923

3,800,000

4.571%, 

4/27/2033

b

3,781,748

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  36.8%

-

continued

$

1,600,000

5.468%, 

1/23/2035

b

$

1,682,567

4,400,000

5.425%, 

8/15/2035

b

4,510,452

1,800,000

4.244%, 

4/24/2038

b

1,705,998

Bank

of

Montreal

3,150,000

5.511%, 

6/4/2031

3,318,104

Bank

of

New

York

Mellon

Corporation

2,175,000

5.802%, 

10/25/2028

b

2,279,855

2,800,000

4.543%, 

2/1/2029

b

2,832,767

Barclays

plc

3,100,000

6.125%, 

12/15/2025

b,e

3,089,555

2,800,000

5.829%, 

5/9/2027

b

2,853,247

825,000

5.674%, 

3/12/2028

b

847,601

2,150,000

4.837%, 

9/10/2028

b

2,168,085

1,150,000

9.625%, 

12/15/2029

b,e

1,294,801

2,600,000

2.645%, 

6/24/2031

b

2,324,298

BBVA

Bancomer

SA/Texas

750,000

5.250%, 

9/10/2029

c

759,975

Berkshire

Hathaway

Finance

Corporation

6,000,000

2.850%, 

10/15/2050

4,216,855

950,000

4.250%, 

1/15/2049

879,710

Blackstone

Private

Credit

Fund

1,600,000

7.050%, 

9/29/2025

1,630,040

1,700,000

4.950%, 

9/26/2027

c

1,684,779

Blackstone

Secured

Lending

Fund

1,175,000

5.875%, 

11/15/2027

1,194,786

Blue

Owl

Credit

Income

Corporation

3,000,000

4.700%, 

2/8/2027

2,943,600

850,000

6.600%, 

9/15/2029

c,d

871,990

Blue

Owl

Technology

Finance

Corporation

1,500,000

3.750%, 

6/17/2026

c

1,443,612

Blue

Owl

Technology

Finance

Corporation

II

2,100,000

6.750%, 

4/4/2029

c

2,109,832

BNP

Paribas

SA

1,650,000

8.500%, 

8/14/2028

b,c,e

1,770,191

BPCE

SA

1,750,000

6.612%, 

10/19/2027

b,c

1,816,693

1,650,000

6.508%, 

1/18/2035

b,c

1,735,479

Brixmor

Operating

Partnership,

LP

1,500,000

2.250%, 

4/1/2028

1,383,067

Centene

Corporation

160,000

4.250%, 

12/15/2027

157,144

480,000

4.625%, 

12/15/2029

469,719

3,605,000

3.375%, 

2/15/2030

3,322,067

3,000,000

2.500%, 

3/1/2031

2,578,592

2,200,000

2.625%, 

8/1/2031

1,886,440

Charles

Schwab

Corporation

1,800,000

5.375%, 

6/1/2025

b,e

1,796,982

2,300,000

6.196%, 

11/17/2029

b

2,458,675

3,100,000

4.000%, 

12/1/2030

b,e

2,772,305

Citigroup,

Inc.

1,990,000

4.450%, 

9/29/2027

1,992,772

2,500,000

4.075%, 

4/23/2029

b

2,475,475

2,400,000

7.125%, 

8/15/2029

b,e

2,498,258

2,450,000

5.174%, 

2/13/2030

b

2,516,740

5,150,000

3.057%, 

1/25/2033

b

4,599,820

Citizens

Financial

Group,

Inc.

1,600,000

5.841%, 

1/23/2030

b

1,664,433

1,425,000

5.718%, 

7/23/2032

b

1,477,797

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  36.8%

-

continued

Comerica,

Inc.

$

1,600,000

5.625%, 

7/1/2025

b,d,e

$

1,589,555

COPT

Defense

Properties,

LP

1,675,000

2.250%, 

3/15/2026

1,617,825

Corebridge

Financial,

Inc.

1,550,000

6.375%, 

9/15/2054

b

1,565,949

1,050,000

3.650%, 

4/5/2027

1,032,936

1,650,000

3.850%, 

4/5/2029

1,607,294

Corebridge

Global

Funding

1,650,000

5.900%, 

9/19/2028

c

1,735,644

2,050,000

5.200%, 

6/24/2029

c

2,115,415

Credit

Suisse

Group

AG

2,450,000

5.250%, 

N/A

*,f

245,000

2,500,000

7.250%, 

N/A

*,f

250,000

1,950,000

7.500%, 

N/A

*,f

195,000

Deutsche

Bank

AG/New

York,

NY

2,200,000

2.311%, 

11/16/2027

b

2,092,996

2,550,000

4.999%, 

9/11/2030

b

2,563,761

Discover

Bank

3,490,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

3,603,838

Elevance

Health,

Inc.

1,750,000

5.125%, 

2/15/2053

1,717,169

1,250,000

6.100%, 

10/15/2052

1,388,610

2,000,000

4.750%, 

2/15/2033

2,022,980

EPR

Properties

1,976,000

4.950%, 

4/15/2028

1,958,406

3,700,000

3.750%, 

8/15/2029

3,459,929

Extra

Space

Storage,

LP

2,000,000

5.500%, 

7/1/2030

2,090,730

2,600,000

5.900%, 

1/15/2031

2,757,947

Fairfax

Financial

Holdings,

Ltd.

2,650,000

6.100%, 

3/15/2055

c

2,759,383

Fifth

Third

Bancorp

1,550,000

4.895%, 

9/6/2030

b

1,569,668

First

Horizon

Bank

2,000,000

5.750%, 

5/1/2030

d

2,030,708

First-Citizens

Bank

&

Trust

Company

4,350,000

6.125%, 

3/9/2028

4,548,544

FS

KKR

Capital

Corporation

4,098,000

4.250%, 

2/14/2025

c,d

4,073,633

4,750,000

6.875%, 

8/15/2029

4,945,305

Glitnir

HoldCo

ehf.,

Convertible

362

Zero

Coupon, 

12/31/2030

g,h

0

Goldman

Sachs

BDC,

Inc.

950,000

6.375%, 

3/11/2027

979,208

Goldman

Sachs

Group,

Inc.

2,200,000

4.950%, 

2/10/2025

b,e

2,182,439

3,750,000

3.814%, 

4/23/2029

b

3,676,480

4,600,000

4.223%, 

5/1/2029

b

4,573,178

4,700,000

3.102%, 

2/24/2033

b

4,228,743

Highwoods

Realty,

LP

1,050,000

4.125%, 

3/15/2028

1,018,409

2,100,000

4.200%, 

4/15/2029

2,029,317

HSBC

Holdings

plc

2,970,000

4.041%, 

3/13/2028

b

2,939,428

Huntington

Bancshares,

Inc./OH

3,500,000

5.709%, 

2/2/2035

b

3,643,695

ING

Groep

NV

2,600,000

6.083%, 

9/11/2027

b

2,679,946

Intercontinental

Exchange,

Inc.

1,200,000

4.950%, 

6/15/2052

1,193,635

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  36.8%

-

continued

$

1,350,000

4.350%, 

6/15/2029

$

1,360,827

Invitation

Homes

Operating

Partnership,

LP

1,000,000

2.300%, 

11/15/2028

916,168

1,750,000

5.450%, 

8/15/2030

1,823,914

1,500,000

2.000%, 

8/15/2031

1,258,948

J.P.

Morgan

Chase

&

Company

1,100,000

5.040%, 

1/23/2028

b

1,118,399

2,700,000

6.875%, 

6/1/2029

b,d,e

2,895,186

3,350,000

5.299%, 

7/24/2029

b

3,466,255

2,300,000

6.087%, 

10/23/2029

b

2,451,873

2,600,000

4.995%, 

7/22/2030

b

2,673,387

2,200,000

2.956%, 

5/13/2031

b

2,023,447

1,200,000

2.580%, 

4/22/2032

b

1,070,202

2,400,000

2.545%, 

11/8/2032

b

2,111,145

3,300,000

4.586%, 

4/26/2033

b

3,300,699

3,700,000

4.912%, 

7/25/2033

b

3,779,102

2,500,000

5.717%, 

9/14/2033

b

2,650,658

900,000

5.336%, 

1/23/2035

b

940,724

Jackson

National

Life

Global

Funding

1,375,000

5.550%, 

7/2/2027

c

1,412,352

KeyBank

NA/Cleveland,

OH

2,225,000

4.150%, 

8/8/2025

2,208,460

KeyCorp

2,900,000

2.250%, 

4/6/2027

2,742,985

1,850,000

6.401%, 

3/6/2035

b

2,011,428

Kilroy

Realty,

LP

2,050,000

4.250%, 

8/15/2029

1,962,820

900,000

6.250%, 

1/15/2036

921,497

Kimco

Realty

OP,

LLC

1,750,000

6.400%, 

3/1/2034

1,948,172

Lloyds

Banking

Group

plc

910,000

4.650%, 

3/24/2026

908,195

2,000,000

5.985%, 

8/7/2027

b

2,052,805

2,000,000

5.462%, 

1/5/2028

b

2,044,813

2,050,000

5.721%, 

6/5/2030

b

2,148,172

M&T

Bank

Corporation

2,200,000

3.500%, 

9/1/2026

b,e

1,953,110

Macquarie

Airfinance

Holdings,

Ltd.

1,550,000

5.150%, 

3/17/2030

c

1,553,371

375,000

6.500%, 

3/26/2031

c

395,845

Massachusetts

Mutual

Life

Insurance

Company

4,600,000

3.200%, 

12/1/2061

c

3,046,921

Met

Tower

Global

Funding

2,150,000

5.250%, 

4/12/2029

c

2,246,911

Metropolitan

Life

Global

Funding

I

4,450,000

4.300%, 

8/25/2029

c

4,463,242

Mitsubishi

UFJ

Financial

Group,

Inc.

2,750,000

5.133%, 

7/20/2033

b

2,834,153

Mizuho

Financial

Group,

Inc.

2,100,000

1.979%, 

9/8/2031

b

1,814,709

Morgan

Stanley

1,500,000

5.123%, 

2/1/2029

b

1,537,863

1,300,000

5.449%, 

7/20/2029

b

1,350,828

2,650,000

5.656%, 

4/18/2030

b

2,787,576

3,350,000

3.622%, 

4/1/2031

b

3,216,554

2,350,000

1.794%, 

2/13/2032

b

1,989,214

2,250,000

2.943%, 

1/21/2033

b

2,009,805

1,050,000

4.889%, 

7/20/2033

b

1,063,121

3,600,000

6.342%, 

10/18/2033

b

4,003,326

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  36.8%

-

continued

$

1,400,000

6.627%, 

11/1/2034

b

$

1,583,464

1,600,000

5.466%, 

1/18/2035

b

1,672,946

2,100,000

5.297%, 

4/20/2037

b

2,115,889

Morgan

Stanley

Direct

Lending

Fund

2,750,000

6.150%, 

5/17/2029

c

2,786,075

Nationwide

Building

Society

2,800,000

6.557%, 

10/18/2027

b,c

2,915,264

Nationwide

Mutual

Insurance

Company

2,725,000

4.350%, 

4/30/2050

c

2,206,609

NatWest

Group

plc

1,000,000

3.754%, 

11/1/2029

b

998,473

1,050,000

8.125%, 

11/10/2033

b,e

1,145,479

3,600,000

3.032%, 

11/28/2035

b

3,201,901

New

York

Life

Global

Funding

3,150,000

4.550%, 

1/28/2033

c

3,163,422

NNN

REIT,

Inc.

1,100,000

5.600%, 

10/15/2033

1,151,093

Omega

Healthcare

Investors,

Inc.

2,333,000

4.750%, 

1/15/2028

2,329,063

1,625,000

3.625%, 

10/1/2029

1,531,488

PNC

Financial

Services

Group,

Inc.

2,300,000

6.615%, 

10/20/2027

b

2,403,666

3,500,000

6.250%, 

3/15/2030

b,e

3,554,222

4,000,000

5.068%, 

1/24/2034

b

4,055,418

2,100,000

6.875%, 

10/20/2034

b

2,404,456

Prologis,

LP

1,750,000

1.750%, 

2/1/2031

1,501,391

Prudential

Financial,

Inc.

1,750,000

6.500%, 

3/15/2054

b

1,870,321

2,250,000

3.700%, 

10/1/2050

b

2,077,584

Public

Storage

Operating

Company

1,250,000

5.125%, 

1/15/2029

1,303,193

Realty

Income

Corporation

1,550,000

3.400%, 

1/15/2030

1,473,326

3,225,000

3.200%, 

2/15/2031

2,988,208

Regency

Centers,

LP

1,560,000

3.600%, 

2/1/2027

1,534,901

2,250,000

3.700%, 

6/15/2030

2,164,713

1,250,000

5.250%, 

1/15/2034

1,290,315

2,200,000

5.100%, 

1/15/2035

2,238,983

Regions

Financial

Corporation

1,900,000

5.722%, 

6/6/2030

b

1,968,265

1,400,000

5.502%, 

9/6/2035

b

1,424,684

RGA

Global

Funding

4,500,000

6.000%, 

11/21/2028

c

4,772,420

1,100,000

5.500%, 

1/11/2031

c

1,149,718

Royal

Bank

of

Canada

2,650,000

7.500%, 

5/2/2084

b

2,829,956

Santander

Holdings

USA,

Inc.

1,025,000

6.124%, 

5/31/2027

b

1,047,015

Simon

Property

Group,

LP

1,350,000

6.650%, 

1/15/2054

1,607,524

Societe

Generale

SA

2,850,000

10.000%, 

11/14/2028

b,c,e

3,063,283

Standard

Chartered

plc

1,050,000

5.688%, 

5/14/2028

b,c

1,078,263

State

Street

Corporation

1,350,000

6.700%, 

3/15/2029

b,e

1,398,582

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  36.8%

-

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

$

3,350,000

5.808%, 

9/14/2033

d

$

3,628,759

Toronto-Dominion

Bank

1,750,000

5.146%, 

9/10/2034

b

1,766,708

Truist

Financial

Corporation

1,400,000

6.047%, 

6/8/2027

b

1,436,598

1,762,000

5.125%, 

12/15/2027

b,e

1,730,928

1,350,000

5.435%, 

1/24/2030

b

1,397,331

U.S.

Bancorp

2,850,000

5.775%, 

6/12/2029

b

2,986,899

1,100,000

5.384%, 

1/23/2030

b

1,142,358

1,000,000

5.678%, 

1/23/2035

b

1,059,998

UBS

Group

AG

2,850,000

4.875%, 

2/12/2027

b,c,e

2,727,205

6,100,000

3.869%, 

1/12/2029

b,c

5,968,559

2,300,000

6.850%, 

9/10/2029

b,c,e

2,327,386

250,000

3.091%, 

5/14/2032

b,c

225,438

7,550,000

6.537%, 

8/12/2033

b,c

8,335,517

1,650,000

9.250%, 

11/13/2033

b,c,e

1,945,901

UnitedHealth

Group,

Inc.

1,700,000

5.875%, 

2/15/2053

1,881,805

3,600,000

4.950%, 

5/15/2062

3,482,112

1,240,000

4.750%, 

7/15/2045

1,202,215

1,975,000

4.450%, 

12/15/2048

1,795,902

Ventas

Realty,

LP

3,800,000

5.000%, 

1/15/2035

3,805,861

Wells

Fargo

&

Company

3,200,000

3.526%, 

3/24/2028

b

3,139,405

2,100,000

5.707%, 

4/22/2028

b

2,168,439

2,000,000

6.303%, 

10/23/2029

b

2,139,910

2,850,000

5.198%, 

1/23/2030

b

2,938,113

3,250,000

4.478%, 

4/4/2031

b

3,253,680

3,300,000

4.897%, 

7/25/2033

b

3,337,828

2,600,000

6.491%, 

10/23/2034

b

2,905,422

Westpac

Banking

Corporation

1,900,000

2.894%, 

2/4/2030

b

1,883,845

3,150,000

2.963%, 

11/16/2040

d

2,383,383

Willis

North

America,

Inc.

2,600,000

4.650%, 

6/15/2027

2,620,655

Total

499,144,638

Foreign

Government  0.5%

Dominican

Republic

Government

International

Bond

950,000

6.000%, 

7/19/2028

c

972,741

4,050,000

6.000%, 

2/22/2033

c

4,135,425

Saudi

Arabian

Oil

Company

1,525,000

5.875%, 

7/17/2064

c

1,543,306

Total

6,651,472

Mortgage-Backed

Securities  0.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

9,035,803

5.500%, 

7/1/2053

9,210,868

Total

9,210,868

Technology  6.2%

Apple,

Inc.

1,900,000

2.700%, 

8/5/2051

1,308,870

2,250,000

3.950%, 

8/8/2052

1,982,941

1,420,000

3.750%, 

9/12/2047

1,223,507

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Technology  6.2%

-

continued

Broadcom,

Inc.

$

1,000,000

5.150%, 

11/15/2031

$

1,037,753

2,332,000

3.469%, 

4/15/2034

c

2,099,957

2,850,000

3.137%, 

11/15/2035

c

2,437,135

4,550,000

3.187%, 

11/15/2036

c

3,856,295

2,200,000

4.926%, 

5/15/2037

c

2,198,096

Cisco

Systems,

Inc.

1,350,000

4.950%, 

2/26/2031

1,411,069

1,600,000

5.050%, 

2/26/2034

1,680,321

Dell

International,

LLC/EMC

Corporation

464,000

8.350%, 

7/15/2046

627,455

Equinix

Europe

2

Financing

Corporation,

LLC

3,300,000

5.500%, 

6/15/2034

3,462,794

Equinix,

Inc.

2,200,000

2.000%, 

5/15/2028

2,028,434

Fiserv,

Inc.

2,500,000

2.650%, 

6/1/2030

2,277,863

3,000,000

5.600%, 

3/2/2033

3,177,073

3,200,000

5.150%, 

8/12/2034

3,281,220

Foundry

JV

Holdco,

LLC

1,500,000

6.150%, 

1/25/2032

c

1,559,928

Global

Payments,

Inc.

1,100,000

5.300%, 

8/15/2029

1,130,700

1,700,000

5.400%, 

8/15/2032

1,744,953

Hewlett

Packard

Enterprise

Company

2,025,000

5.000%, 

10/15/2034

2,004,793

Marvell

Technology,

Inc.

1,400,000

4.875%, 

6/22/2028

1,413,579

2,100,000

2.950%, 

4/15/2031

1,896,698

Mastercard,

Inc.

1,750,000

4.850%, 

3/9/2033

1,818,844

2,550,000

4.550%, 

1/15/2035

2,561,633

Microchip

Technology,

Inc.

1,100,000

5.050%, 

3/15/2029

1,129,632

Microsoft

Corporation

2,000,000

2.500%, 

9/15/2050

1,355,131

NXP

BV/NXP

Funding,

LLC

1,300,000

5.550%, 

12/1/2028

1,349,571

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,400,000

3.150%, 

5/1/2027

1,360,912

1,150,000

4.300%, 

6/18/2029

1,144,217

1,200,000

3.250%, 

5/11/2041

936,517

Oracle

Corporation

3,300,000

5.550%, 

2/6/2053

3,377,057

2,600,000

3.950%, 

3/25/2051

2,092,488

4,200,000

6.150%, 

11/9/2029

4,543,544

3,300,000

6.250%, 

11/9/2032

3,651,471

2,700,000

4.300%, 

7/8/2034

2,613,126

2,650,000

4.000%, 

7/15/2046

2,198,281

PayPal

Holdings,

Inc.

2,700,000

5.150%, 

6/1/2034

2,816,394

Roper

Technologies,

Inc.

2,700,000

4.900%, 

10/15/2034

2,718,917

Texas

Instruments,

Inc.

2,400,000

5.000%, 

3/14/2053

2,418,809

VMware,

LLC

2,600,000

2.200%, 

8/15/2031

2,233,255

Total

84,161,233

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Transportation  2.1%

Air

Canada

$

1,600,000

3.875%, 

8/15/2026

c

$

1,558,058

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

711,667

5.500%, 

4/20/2026

c

709,637

1,100,000

5.750%, 

4/20/2029

c

1,098,177

Burlington

Northern

Santa

Fe,

LLC

2,000,000

4.700%, 

9/1/2045

1,917,912

2,200,000

4.050%, 

6/15/2048

1,918,150

Canadian

Pacific

Railway

Company

1,900,000

4.700%, 

5/1/2048

1,781,671

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

3,600,000

4.750%, 

10/20/2028

c

3,595,737

ERAC

USA

Finance,

LLC

3,030,000

4.200%, 

11/1/2046

c

2,659,116

FedEx

Corporation

1,750,000

3.250%, 

5/15/2041

1,363,149

Mileage

Plus

Holdings,

LLC

2,475,000

6.500%, 

6/20/2027

c

2,505,774

Norfolk

Southern

Corporation

4,500,000

4.450%, 

3/1/2033

4,487,471

Southwest

Airlines

Company

1,625,000

2.625%, 

2/10/2030

1,472,258

United

Airlines

Pass

Through

Trust

793,587

3.750%, 

9/3/2026

777,086

United

Airlines,

Inc.

2,273,000

4.375%, 

4/15/2026

c

2,236,515

300,000

4.625%, 

4/15/2029

c

289,818

Total

28,370,529

U.S.

Government

&

Agencies  1.9%

U.S.

Treasury

Bonds

2,700,000

4.250%, 

2/15/2054

2,751,469

13,050,000

4.625%, 

5/15/2054

14,155,172

2,000,000

3.875%, 

2/15/2043

1,929,375

5,500,000

4.375%, 

8/15/2043

5,655,332

U.S.

Treasury

Notes

1,000,000

4.000%, 

2/15/2034

1,017,187

Total

25,508,535

Utilities  8.3%

AES

Corporation

1,300,000

7.600%, 

1/15/2055

b

1,367,653

American

Electric

Power

Company,

Inc.

2,075,000

7.050%, 

12/15/2054

b,d

2,181,437

1,750,000

5.625%, 

3/1/2033

1,846,334

American

Water

Capital

Corporation

1,700,000

3.450%, 

5/1/2050

1,302,808

Arizona

Public

Service

Company

2,550,000

5.550%, 

8/1/2033

2,658,548

Berkshire

Hathaway

Energy

Company

1,825,000

4.450%, 

1/15/2049

1,620,210

CenterPoint

Energy,

Inc.

1,275,000

7.000%, 

2/15/2055

b,d

1,324,388

2,250,000

2.950%, 

3/1/2030

2,077,776

2,150,000

2.650%, 

6/1/2031

1,903,260

Commonwealth

Edison

Company

1,050,000

5.650%, 

6/1/2054

1,128,917

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Utilities  8.3%

-

continued

Consolidated

Edison

Company

of

New

York,

Inc.

$

2,376,000

3.850%, 

6/15/2046

$

1,956,784

2,750,000

4.125%, 

5/15/2049

2,339,384

Constellation

Energy

Generation,

LLC

2,100,000

5.800%, 

3/1/2033

2,252,593

Consumers

Energy

Company

1,350,000

4.600%, 

5/30/2029

1,377,300

Dominion

Energy,

Inc.

1,550,000

6.875%, 

2/1/2055

b

1,646,210

1,000,000

4.350%, 

1/15/2027

b,e

973,950

DTE

Energy

Company

2,150,000

5.100%, 

3/1/2029

2,213,984

1,550,000

5.850%, 

6/1/2034

1,663,715

Duke

Energy

Corporation

4,300,000

3.250%, 

1/15/2082

b

3,966,824

2,250,000

3.500%, 

6/15/2051

1,661,581

4,000,000

5.000%, 

8/15/2052

3,787,447

1,500,000

6.450%, 

9/1/2054

b

1,557,450

2,200,000

3.750%, 

9/1/2046

1,747,784

Edison

International

4,100,000

5.750%, 

6/15/2027

4,231,133

Enel

Finance

America,

LLC

2,250,000

2.875%, 

7/12/2041

c

1,619,958

Essential

Utilities,

Inc.

1,500,000

4.800%, 

8/15/2027

1,520,025

Eversource

Energy

1,900,000

5.450%, 

3/1/2028

1,969,815

Exelon

Corporation

1,800,000

4.100%, 

3/15/2052

1,486,376

FirstEnergy

Corporation

3,480,000

3.900%, 

7/15/2027

3,443,851

2,800,000

4.850%, 

7/15/2047

2,566,060

FirstEnergy

Transmission,

LLC

3,300,000

2.866%, 

9/15/2028

c

3,121,339

2,150,000

5.450%, 

7/15/2044

c

2,175,769

Georgia

Power

Company

800,000

5.250%, 

3/15/2034

838,707

Indiana

Michigan

Power

Company

1,000,000

5.625%, 

4/1/2053

1,055,116

National

Rural

Utilities

Cooperative

Finance

Corporation

1,600,000

4.400%, 

11/1/2048

1,408,025

Nevada

Power

Company

825,000

6.000%, 

3/15/2054

912,437

NextEra

Energy

Capital

Holdings,

Inc.

2,050,000

6.750%, 

6/15/2054

b

2,212,139

NiSource,

Inc.

875,000

6.375%, 

3/31/2055

b

891,366

1,050,000

5.200%, 

7/1/2029

1,087,224

1,350,000

3.600%, 

5/1/2030

1,296,285

1,170,000

4.375%, 

5/15/2047

1,026,838

Oncor

Electric

Delivery

Company,

LLC

1,740,000

3.750%, 

4/1/2045

1,436,710

Pacific

Gas

and

Electric

Company

1,000,000

5.900%, 

10/1/2054

1,035,752

1,900,000

3.300%, 

12/1/2027

1,833,680

4,300,000

4.550%, 

7/1/2030

4,266,783

1,850,000

5.800%, 

5/15/2034

1,955,173

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Utilities  8.3%

-

continued

PG&E

Corporation

$

1,400,000

7.375%, 

3/15/2055

b

$

1,468,422

PPL

Electric

Utilities

Corporation

1,350,000

4.850%, 

2/15/2034

1,380,660

Public

Service

Company

of

Colorado

1,800,000

4.500%, 

6/1/2052

1,610,578

Public

Service

Enterprise

Group,

Inc.

3,750,000

5.200%, 

4/1/2029

3,887,174

San

Diego

Gas

&

Electric

Company

2,200,000

4.150%, 

5/15/2048

1,882,474

Sempra

2,700,000

3.250%, 

6/15/2027

2,632,032

Southern

Company

2,500,000

5.700%, 

10/15/2032

2,679,108

1,700,000

4.000%, 

1/15/2051

b

1,675,984

1,650,000

3.750%, 

9/15/2051

b

1,596,936

Southern

Company

Gas

Capital

Corporation

2,550,000

4.950%, 

9/15/2034

2,576,627

Virginia

Electric

and

Power

Company

1,000,000

5.550%, 

8/15/2054

1,051,083

2,200,000

5.000%, 

1/15/2034

2,253,808

Total

112,641,784

Total

Long-Term

Fixed

Income

(cost

$1,332,092,780)

1,312,493,038

Shares

Collateral

Held

for

Securities

Loaned

1.4%

Value

19,135,519

Thrivent

Cash

Management

Trust

19,135,519

Total

Collateral

Held

for

Securities

Loaned

(cost

$19,135,519)

19,135,519

Shares

Common

Stock

<0.1%

Value

Financials  <0.1%

2,247

Glitnir

HoldCo

ehf.

h,i

0

Total

0

Total

Common

Stock

(cost

$–)

0

Shares

or

Principal

Amount

Short-Term

Investments

2.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

5.170%,

10/9/2024

j,k

699,186

400,000

5.200%,

10/23/2024

j,k

398,812

Thrivent

Core

Short-Term

Reserve

Fund

3,072,478

5.250%

30,724,779

Total

Short-Term

Investments

(cost

$31,822,703)

31,822,777

Total

Investments

(cost

$1,383,051,002)

100.5%

$1,363,451,334

Other

Assets

and

Liabilities,

Net

(0.5%)

(6,348,006)

Total

Net

Assets

100.0%

$1,357,103,328

a

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$238,542,873

or

17.6%

of

total

net

assets.

d

All

or

a

portion

of

the

security

is

on

loan.

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

Defaulted

security.  Interest

is

not

being

accrued.

g

Principal

amount

is

displayed

in

Euros.

h

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

i

Non-income

producing

security.

j

The

interest

rate

shown

reflects

the

yield.

k

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Income

Portfolio

as

of

September

30,

2024

was

$690,000

or

0.05%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

8/4/2020

$

2,450,000

Credit

Suisse

Group

AG 

7/9/2018

1,950,000

Credit

Suisse

Group

AG 

5/17/2021

2,765,679

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

18,483,154

Total

lending

$18,483,154

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$19,135,519

Net

amounts

due

to

counterparty

$652,365

Definitions:

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

171,074

–

171,074

–

Basic

Materials

27,888,783

–

27,888,783

–

Capital

Goods

71,929,267

–

71,929,267

–

Collateralized

Mortgage

Obligations

40,761

–

40,761

–

Communications

Services

100,322,510

–

100,322,510

–

Consumer

Cyclical

120,656,512

–

120,656,512

–

Consumer

Non-Cyclical

131,518,989

–

131,518,989

–

Energy

94,276,083

–

94,276,083

–

Financials^

499,144,638

–

499,144,638

–

Foreign

Government

6,651,472

–

6,651,472

–

Mortgage-Backed

Securities

9,210,868

–

9,210,868

–

Technology

84,161,233

–

84,161,233

–

Transportation

28,370,529

–

28,370,529

–

U.S.

Government

&

Agencies

25,508,535

–

25,508,535

–

Utilities

112,641,784

–

112,641,784

–

Common

Stock

Financials^

0

–

–

0

Short-Term

Investments

1,097,998

–

1,097,998

–

Subtotal

Investments

in

Securities

$1,313,591,036

$–

$1,313,591,036

$0

Other

Investments  *

Total

Affiliated

Short-Term

Investments

30,724,779

Collateral

Held

for

Securities

Loaned

19,135,519

Subtotal

Other

Investments

$49,860,298

Total

Investments

at

Value

$1,363,451,334

*

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

the

table

above

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.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Income

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

66,222

66,222

–

–

Total

Liability

Derivatives

$66,222

$66,222

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$1,097,998

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

54

December

2024

$

6,738,340

(

$

32,215)

Ultra

10-Yr.

U.S.

Treasury

Note

225

December

2024

26,650,805

(

34,007)

Total

Futures

Long

Contracts

$

33,389,145

(

$

66,222)

Total

Futures

Contracts

$

33,389,145

($66,222)

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$32,285

$316,895

$318,455

$30,725

3,072

2.3%

Total

Affiliated

Short-Term

Investments

32,285

30,725

2.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

26,192

120,757

127,813

19,136

19,136

1.4

Total

Collateral

Held

for

Securities

Loaned

26,192

19,136

1.4

Total

Value

$58,477

$49,861

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$-

$

–

$557

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$557

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

114

Total

Affiliated

Income

from

Securities

Loaned,

Net

$114

Total

Value

$–

$-

$

–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Shares

Common

Stock

96.2%

Value

Australia  6.2%  

23,315

ALS,

Ltd.

$

231,132

29,701

Amotiv,

Ltd.

213,310

267,144

AMP,

Ltd.

245,407

3,032

Ampol,

Ltd.

63,957

10,002

Ansell,

Ltd.

219,430

451,174

APA

Group

2,414,555

24,695

Arena

REIT

70,829

95,602

Aristocrat

Leisure,

Ltd.

3,859,872

235,175

Aurizon

Holdings,

Ltd.

572,128

222,106

Australia

and

New

Zealand

Banking

Group,

Ltd.

4,667,748

386,825

BHP

Group,

Ltd.

12,009,393

86,376

BlueScope

Steel,

Ltd.

1,318,519

145,229

Brambles,

Ltd.

1,906,238

10,184

Breville

Group,

Ltd.

239,682

34,483

BWP

Trust

89,277

2,290

CAR

Group,

Ltd.

59,234

64,826

Challenger,

Ltd.

289,447

33,458

Charter

Hall

Retail

REIT

83,239

5,012

Cochlear,

Ltd.

975,334

109,085

Coles

Group,

Ltd.

1,359,905

51,798

Collins

Foods,

Ltd.

312,521

95,898

Commonwealth

Bank

of

Australia

8,944,937

27,224

Computershare,

Ltd.

474,591

40,414

CSL,

Ltd.

7,983,096

170,244

Deterra

Royalties,

Ltd.

473,548

20,169

FleetPartners

Group,

Ltd.

a

43,032

44,364

Fortescue,

Ltd.

625,734

9,977

Goodman

Group

254,503

1,006

GrainCorp,

Ltd.

6,375

50,280

Growthpoint

Properties

Australia,

Ltd.

92,525

18,011

Helia

Group,

Ltd.

50,297

3,507

HUB24,

Ltd.

141,167

219,790

Incitec

Pivot,

Ltd.

470,404

77,429

Independence

Group

NL

310,958

126,011

Inghams

Group,

Ltd.

256,342

608,771

Insurance

Australia

Group,

Ltd.

3,093,796

21,609

IRESS,

Ltd.

a

147,586

35,343

JB

Hi-Fi,

Ltd.

1,945,156

15,661

Jumbo

Interactive,

Ltd.

148,423

608,408

Lottery

Corporation,

Ltd.

2,144,773

8,339

Macquarie

Group,

Ltd.

1,334,333

38,496

Mineral

Resources,

Ltd.

1,372,514

220,983

National

Australia

Bank,

Ltd.

5,721,300

6,673

Netwealth

Group,

Ltd.

114,188

13,043

Nick

Scali,

Ltd.

149,852

138,190

Northern

Star

Resources,

Ltd.

1,513,763

19,317

Orica,

Ltd.

246,754

202,904

Origin

Energy,

Ltd.

1,405,530

386,582

Perseus

Mining,

Ltd.

690,996

16,243

PEXA

Group,

Ltd.

a

165,524

6,819

Pinnacle

Investment

Management

Group,

Ltd.

84,694

39,751

Premier

Investments,

Ltd.

843,989

4,967

Pro

Medicus,

Ltd.

611,359

104,367

QBE

Insurance

Group,

Ltd.

1,191,715

90,356

Qube

Holdings,

Ltd.

245,226

145,275

Reliance

Worldwide

Corporation,

Ltd.

586,890

26,944

Rio

Tinto,

Ltd.

2,383,066

59,489

Santos,

Ltd.

288,248

57,509

Stanmore

Resources,

Ltd.

126,372

85,053

Steadfast

Group,

Ltd.

332,918

42,216

Super

Retail

Group,

Ltd.

528,771

Shares

Common

Stock  96.2%

Value

Australia  6.2%  -

continued

147,059

Technology

One,

Ltd.

$

2,420,220

496,795

Telstra

Corporation,

Ltd.

1,329,682

178,937

Ventia

Services

Group,

Pty.

Ltd.

561,646

105,583

Viva

Energy

Group,

Ltd.

b

212,988

118,320

Waypoint

REIT,

Ltd.

215,161

73,828

Wesfarmers,

Ltd.

3,585,142

251,031

Westpac

Banking

Corporation

5,485,641

17,246

Whitehaven

Coal,

Ltd.

85,529

2,689

Wisetech

Global,

Ltd.

254,638

18,214

Worley,

Ltd.

185,622

Total

93,082,671

Austria  <0.1%  

8,579

ams

OSRAM

AG

a

120,071

4,409

EVN

AG

139,138

Total

259,209

Belgium  0.2%  

4,113

Anheuser-Busch

InBev

NV

272,558

7,691

Bekaert

SA

316,125

29,345

Groupe

Bruxelles

Lambert

SA

2,286,693

1,706

Melexis

NV

141,155

11,833

Proximus

SADP

92,203

801

Titan

Cement

International

SA

31,802

Total

3,140,536

Bermuda  0.2%  

250,000

Cafe

de

Coral

Holdings,

Ltd.

278,025

69,600

Jardine

Matheson

Holdings,

Ltd.

2,718,576

18,509

Odfjell

Drilling,

Ltd.

89,472

1,493

Stolt-Nielsen,

Ltd.

55,176

34,500

Yue

Yuen

Industrial

Holdings,

Ltd.

65,405

Total

3,206,654

Brazil  0.4%  

11,200

B3

SA

-

Brasil

Bolsa

Balcao

22,080

10,044

Banco

Bradesco

SA

ADR

26,717

123,200

Banco

do

Brasil

SA

616,939

24,500

BRF

SA

a

106,631

58,676

Centrais

Eletricas

Brasileiras

SA

ADR

424,228

84,888

Companhia

Energetica

de

Minas

Gerais

ADR

174,869

1,612

Companhia

Paranaense

de

Energia

-

COPEL

ADR

10,075

80,000

Cury

Construtora

e

Incorporadora

SA

330,268

4,565

Embraer

SA

ADR

a

161,464

31,038

Gerdau

SA

ADR

108,633

68,000

Iochpe-Maxion

SA

136,057

144,089

Itau

Unibanco

Holding

SA

ADR

958,192

23,045

Jalles

Machado

SA

27,200

45,100

JBS

SA

261,691

119,500

Klabin

SA

463,285

28,779

Petroleo

Brasileiro

SA

ADR

414,706

71,300

Telefonica

Brasil

SA

735,812

145,200

TIM

SA/Brazil

500,552

85,219

Vale

SA

ADR

995,358

3,800

WEG

SA

38,100

Total

6,512,857

Canada  8.8%  

47,299

Agnico

Eagle

Mines,

Ltd.

3,810,290

129,347

Alimentation

Couche-Tard,

Inc.

7,150,930

43,793

ATCO,

Ltd.

1,551,026

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Shares

Common

Stock  96.2%

Value

Canada  8.8%  -

continued

56,639

Bank

of

Montreal

$

5,110,890

89,976

Bank

of

Nova

Scotia

4,902,460

63,011

Barrick

Gold

Corporation

1,253,278

43,176

Canadian

Imperial

Bank

of

Commerce

2,647,481

73,489

Canadian

National

Railway

Company

8,605,459

272,584

Canadian

Natural

Resources,

Ltd.

9,051,534

16,655

Canadian

Pacific

Kansas

City,

Ltd.

1,424,440

126,130

Canadian

Utilities,

Ltd.

3,348,048

21,958

CCL

Industries,

Inc.

1,338,635

707

Cenovus

Energy,

Inc.

11,825

6,110

Cogeco

Communications,

Inc.

c

323,018

2,761

Constellation

Software,

Inc./Canada

8,952,728

14,268

Dollarama,

Inc.

1,461,561

124,667

Enbridge,

Inc.

5,064,294

46,253

First

Quantum

Minerals,

Ltd.

a

630,637

71,822

Great-West

Lifeco,

Inc.

2,449,207

75,780

Hydro

One,

Ltd.

2,626,763

14,985

iA

Financial

Corporation,

Inc.

1,242,056

26,600

Imperial

Oil,

Ltd.

1,871,411

216,256

Kinross

Gold

Corporation

2,024,156

27,408

Laurentian

Bank

of

Canada

552,436

42,806

Loblaw

Companies,

Ltd.

5,699,660

267,210

Manulife

Financial

Corporation

7,897,064

48,961

Metro,

Inc./CN

3,094,884

11,648

National

Bank

of

Canada

1,100,163

25,950

Power

Corporation

of

Canada

818,534

80,757

Royal

Bank

of

Canada

10,079,324

23,881

Russel

Metals,

Inc.

724,667

17,199

Shopify,

Inc.

a

1,378,328

204,960

Suncor

Energy,

Inc.

7,565,236

12,069

Teck

Resources,

Ltd.

630,485

27,719

Thomson

Reuters

Corporation

4,728,083

10,950

TMX

Group,

Ltd.

343,207

28,834

Toromont

Industries,

Ltd.

2,814,644

122,899

Toronto-Dominion

Bank

7,771,321

48,029

TransAlta

Corporation

497,886

3,771

WSP

Global,

Inc.

669,966

Total

133,218,015

Cayman

Islands  1.5%  

66,500

AAC

Technologies

Holdings,

Inc.

271,115

261,500

Alibaba

Group

Holding,

Ltd.

3,475,017

13,500

ASMPT,

Ltd.

164,107

308,000

China

Feihe,

Ltd.

b

231,190

47,000

China

Medical

System

Holdings,

Ltd.

53,833

374,000

China

Mengniu

Dairy

Company,

Ltd.

877,274

296,500

China

Resources

Land,

Ltd.

1,066,602

154,000

Consun

Pharmaceutical

Group,

Ltd.

139,839

352,000

Geely

Automobile

Holdings,

Ltd.

539,968

61,733

JD.com,

Inc.

1,238,232

16,935

JOYY,

Inc.

ADR

a

613,724

75,000

Kingboard

Holdings,

Ltd.

188,666

204,500

Longfor

Group

Holdings,

Ltd.

b

385,348

63,352

Meituan

a,b

1,345,304

32,371

Melco

Resorts

&

Entertainment,

Ltd.

ADR

a

252,170

17,000

NetDragon

Websoft

Holdings,

Ltd.

25,311

1,456

NetEase,

Inc.

ADR

136,151

37,974

NU

Holdings,

Ltd./Cayman

Islands

a

518,345

3,929

PDD

Holdings,

Inc.

ADR

a

529,669

Shares

Common

Stock  96.2%

Value

Cayman

Islands  1.5%  -

continued

126,000

Seazen

Group,

Ltd.

a

$

40,502

1,130,500

Shui

On

Land,

Ltd.

118,365

389,000

Sino

Biopharmaceutical,

Ltd.

183,525

78,000

Stella

International

Holdings,

Ltd.

147,738

61,600

Sunny

Optical

Technology

(Group)

Company,

Ltd.

445,701

130,024

Tencent

Holdings,

Ltd.

7,229,970

3,364

Tencent

Music

Entertainment

Group

ADR

40,536

3,410

Trip.com

Group,

Ltd.

ADR

a

202,656

124,000

VSTECS

Holdings,

Ltd.

74,188

188,000

Wharf

Real

Estate

Investment

Company,

Ltd.

656,559

614,800

Xiaomi

Corporation

a,b

1,731,704

166,000

Zhongsheng

Group

Holdings,

Ltd.

301,319

Total

23,224,628

Chile  0.1%  

1,247

Banco

de

Chile

ADR

31,561

4,271

Banco

de

Credito

e

Inversiones

SA

132,921

48,739

Cencosud

SA

98,367

880,936

Colbun

SA

119,313

11,406

Embotelladora

Andina

SA

38,511

22,382,948

Latam

Airlines

Group

SA

287,969

32,633

S.A.C.I.

Falabella

a

120,922

Total

829,564

China  1.0%  

2,379,500

Agricultural

Bank

of

China,

Ltd.

1,620,343

674,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

528,883

409,100

Bank

of

China,

Ltd.,

Class

A

290,048

1,463,600

Bank

of

Communications

Company,

Ltd.,

Class

A

1,532,649

50,000

Bank

of

Communications

Company,

Ltd.,

Class

H

38,031

60,700

Baoshan

Iron

&

Steel

Company,

Ltd.

59,716

2,063,800

BOE

Technology

Group

Company,

Ltd.

1,305,917

614,000

CGN

Power

Company,

Ltd.

b

235,850

111,000

China

Construction

Bank

Corporation,

Class

H

82,773

200,000

China

Life

Insurance

Company,

Ltd.

393,898

21,200

China

Pacific

Insurance

(Group)

Company,

Ltd.

75,071

6,036,000

China

Tower

Corporation,

Ltd.

b

793,107

243,800

China

United

Network

Communications,

Ltd.

185,109

374,200

China

Vanke

Company,

Ltd.,

Class

H

a

352,333

953,000

CRRC

Corporation,

Ltd.

620,287

85,000

Foxconn

Industrial

Internet

Company,

Ltd.

302,844

24,800

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

b

166,687

244,000

Great

Wall

Motor

Company,

Ltd.,

Class

H

448,147

98,400

Haier

Smart

Home

Company,

Ltd.,

Class

H

385,439

461,700

Huaxia

Bank

Company,

Ltd.

487,231

51,700

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

45,265

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock  96.2%

Value

China  1.0%  -

continued

150,500

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

$

618,607

258,000

Jiangxi

Copper

Company,

Ltd.,

Class

H

518,315

170,000

Lenovo

Group,

Ltd.

227,891

68,100

Livzon

Pharmaceutical

Group,

Inc.

393,202

63,400

Midea

Group

Company,

Ltd.

683,160

77,400

New

China

Life

Insurance

Company,

Ltd.

239,124

1,772,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

839,553

39,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

248,041

19,100

Poly

Developments

and

Holdings

Group

Company,

Ltd.

29,412

943,600

Shenwan

Hongyuan

Group

Company,

Ltd.

763,106

18,000

Shenzhou

International

Group

Holdings,

Ltd.

159,353

246,400

Sinopharm

Group

Company,

Ltd.

650,063

145,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

107,114

64,200

ZTE

Corporation

164,514

Total

15,591,083

Colombia  <0.1%  

2,269

Bancolombia

SA

19,550

11,589

Bancolombia

SA

ADR

363,663

Total

383,213

Cyprus  <0.1%  

18,642

Ros

Agro

plc

GDR

a,d

0

Total

0

Czech

Republic  <0.1%  

75

Philip

Morris

CR

50,663

Total

50,663

Denmark  1.6%  

18,581

ALK-Abello

AS

a

477,214

5,926

Carlsberg

AS

705,648

3,073

ChemoMetec

AS

186,766

3,677

DFDS

AS

94,048

8,288

H

Lundbeck

AS,

Class

A

45,725

30,799

H

Lundbeck

AS,

Class

B

199,147

2,865

Jyske

Bank

AS

222,985

2,636

NKT

AS

a

249,434

142,079

Novo

Nordisk

AS

16,852,206

20,148

Pandora

AS

3,320,755

2,324

Per

Aarsleff

Holding

AS

140,206

395

Ringkjoebing

Landbobank

AS

62,218

1,451

Royal

Unibrew

AS

a

121,735

13,797

Scandinavian

Tobacco

Group

AS

b

211,800

13,511

Sydbank

AS

665,037

Total

23,554,924

Egypt  <0.1%  

34,851

Commercial

International

Bank

Egypt

SAE

GDR

59,177

Total

59,177

Finland  0.7%  

3,476

Cargotec

Oyj

203,062

327,675

Fortum

Oyj

c

5,392,000

Shares

Common

Stock  96.2%

Value

Finland  0.7%  -

continued

6,493

Huhtamaki

Oyj

$

252,102

6,310

Kalmar

Oyj

a

205,132

15,787

Kemira

Oyj

393,994

36,386

Kojamo

Oyj

a

417,075

1,586

Konecranes

Oyj

119,160

80,736

Neste

Oil

Oyj

1,568,547

135,199

Nordea

Bank

Abp

1,596,060

8,940

Puuilo

Oyj

96,083

12,524

Tokmanni

Group

Corporation

154,328

Total

10,397,543

France  7.5%  

55,942

Air

Liquide

SA

10,802,991

129,503

BNP

Paribas

SA

8,886,733

62,631

Compagnie

de

Saint-Gobain

SA

5,712,115

105,890

Compagnie

Generale

des

Etablissements

Michelin

SCA

4,300,549

172,031

Credit

Agricole

SA

2,630,855

78,911

Danone

SA

5,747,847

61,902

Dassault

Systemes

SE

2,458,801

60,353

Eiffage

SA

5,828,039

437,505

Engie

SA

7,565,441

6,822

FORVIA

SE

70,184

28,030

Groupe

Eurotunnel

SA

499,963

1,966

Hermes

International

SCA

4,841,001

20,280

Ipsos

SA

1,276,379

3,372

La

Francaise

des

Jeux

SAEM

b

138,757

103,956

Legrand

SA

11,953,754

14,937

L'Oreal

SA

6,699,807

17,076

LVMH

Moet

Hennessy

Louis

Vuitton

SE

13,095,199

3,383

Sartorius

Stedim

Biotech

708,330

46,842

Schneider

Electric

SE

12,347,943

151,428

Societe

Generale

SA

3,773,482

1,060

SOITEC

a

106,168

2,025

Sopra

Steria

Group

425,797

8,533

Valeo

SE

103,249

22,410

Vinci

SA

2,619,657

4,985

Wendel

SA

510,064

60,372

Worldline

SA

a,b

439,908

Total

113,543,013

Germany  5.2%  

10,057

Adidas

AG

2,664,975

3,566

Aixtron

SE

63,555

74,944

Allianz

SE

24,650,560

20,689

Bayerische

Motoren

Werke

AG

1,829,667

20,257

Delivery

Hero

AG

a,b

819,793

3,438

Dermapharm

Holding

SE

133,781

74,408

Deutsche

Boerse

AG

17,468,701

154,044

E.ON

SE

2,294,018

30,719

Evonik

Industries

AG

719,114

2,312

Freenet

AG

68,825

1,115

Gerresheimer

AG

99,526

19,228

Heidelberg

Materials

AG

2,094,700

1,225

Hugo

Boss

AG

56,100

2,608

Jenoptik

AG

80,502

3,068

LEG

Immobilien

SE

321,201

46,492

Mercedes-Benz

Group

AG

3,012,649

7,606

Merck

KGaA

1,342,696

2,571

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,416,738

13,902

SAF-Holland

SE

259,020

57,277

SAP

SE

13,101,140

19,176

Scout24

SE

b

1,651,015

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock  96.2%

Value

Germany  5.2%  -

continued

8,008

Siemens

AG

$

1,620,085

3,158

Siltronic

AG

240,718

4,743

SMA

Solar

Technology

AG

95,531

2,900

Stroeer

SE

&

Company

KGaA

185,642

1,960

SUSS

MicroTec

SE

151,110

2,631

Symrise

AG

364,103

23,591

TAG

Immobilien

AG

a

437,268

6,979

TeamViewer

SE

a,b

89,104

37,889

Vonovia

SE

1,383,200

Total

78,715,037

Greece  <0.1%  

5,668

Hellenic

Telecommunications

Organization

SA

97,804

18,346

HELLENiQ

ENERGY

Holdings

SA

142,508

4,495

OPAP

SA

79,858

Total

320,170

Hong

Kong  1.4%  

335,000

China

Overseas

Land

&

Investment,

Ltd.

671,088

532,500

CK

Hutchison

Holdings,

Ltd.

3,019,124

43,000

CLP

Holdings,

Ltd.

375,924

669,440

CSPC

Pharmaceutical

Group,

Ltd.

512,668

283,000

Henderson

Land

Development

Company,

Ltd.

896,189

183,000

HKT

Trust

and

HKT,

Ltd.

233,900

166,800

Hong

Kong

Exchanges

&

Clearing,

Ltd.

6,813,841

37,500

Kerry

Properties,

Ltd.

79,199

216,500

Sun

Hung

Kai

Properties,

Ltd.

2,345,746

314,500

Techtronic

Industries

Company,

Ltd.

4,694,989

352,000

United

Laboratories

International

Holdings,

Ltd.

453,195

32,300

VTech

Holdings,

Ltd.

224,576

275,000

Weichai

Power

Company,

Ltd.,

Class

H

502,628

281,000

Yuexiu

Property

Company,

Ltd.

226,496

Total

21,049,563

Hungary  0.1%  

62,345

MOL

Hungarian

Oil

&

Gas

plc

466,349

9,648

OTP

Bank

Nyrt

504,642

6,463

Richter

Gedeon

Nyrt

199,006

Total

1,169,997

India  2.0%  

1,104

ABB

India,

Ltd.

106,102

1,847

Apar

Industries,

Ltd.

210,163

50,653

Axis

Bank,

Ltd.

744,698

12,197

Bajaj

Auto,

Ltd.

1,795,662

304,939

Bharat

Petroleum

Corporation,

Ltd.

1,343,783

43,981

Bharti

Airtel,

Ltd.

896,617

376

Bosch,

Ltd.

169,102

73,291

Chambal

Fertilisers

and

Chemicals,

Ltd.

462,772

70,183

Cipla,

Ltd.

1,386,651

172,730

Coal

India,

Ltd.

1,049,657

1,021

CRISIL,

Ltd.

56,803

6,864

Cummins

India,

Ltd.

312,076

4,548

Dixon

Technologies

India,

Ltd.

748,325

21,476

HCL

Technologies,

Ltd.

460,019

30,719

HDFC

Asset

Management

Company,

Ltd.

b

1,575,178

Shares

Common

Stock  96.2%

Value

India  2.0%  -

continued

22,152

HDFC

Bank,

Ltd.

$

456,205

25,929

Hero

MotoCorp,

Ltd.

1,768,062

127,137

Hindalco

Industries,

Ltd.

1,149,176

7,986

Hindustan

Aeronautics,

Ltd.

421,403

28,565

Hindustan

Petroleum

Corporation,

Ltd.

149,881

78,633

ICICI

Bank,

Ltd.

ADR

2,347,195

926

Info

Edge

India,

Ltd.

89,471

25,205

Infosys,

Ltd.

ADR

561,315

24,592

Jindal

Saw,

Ltd.

218,482

1,440

KEI

Industries,

Ltd.

73,742

13,839

Kotak

Mahindra

Bank,

Ltd.

305,906

17,833

KPIT

Technologies,

Ltd.

346,217

30,131

LT

Foods,

Ltd.

143,248

1,075

Lupin,

Ltd.

28,108

6,414

Mahindra

&

Mahindra,

Ltd.

236,731

2,638

Maruti

Suzuki

India,

Ltd.

416,538

13,330

Nippon

Life

India

Asset

Management,

Ltd.

b

103,713

284,208

Oil

&

Natural

Gas

Corporation,

Ltd.

1,011,226

2,560

PB

Fintech,

Ltd.

a

49,345

9,418

Persistent

Systems,

Ltd.

612,309

7,459

Pidilite

Industries,

Ltd.

299,310

95,989

Power

Finance

Corporation,

Ltd.

559,588

66,212

REC,

Ltd.

438,329

23,417

Reliance

Industries,

Ltd.

823,880

97,200

State

Bank

of

India

912,612

42,539

Tata

Consultancy

Services,

Ltd.

2,166,022

57,847

Tata

Motors,

Ltd.

671,910

9,544

Tech

Mahindra,

Ltd.

179,713

15,135

Trent,

Ltd.

1,369,288

2,744

UltraTech

Cement,

Ltd.

386,366

12,123

United

Spirits,

Ltd.

229,916

30,741

Zydus

Lifesciences,

Ltd.

391,958

Total

30,234,773

Indonesia  0.2%  

3,421,000

Bank

Central

Asia

Tbk

PT

2,333,014

Total

2,333,014

Israel  0.9%  

98,492

Amot

Investments,

Ltd.

425,758

1,724

Azrieli

Group,

Ltd.

120,224

150,952

Bank

Leumi

Le-Israel

BM

1,478,263

1,405

Camtek,

Ltd./Israel

114,108

37,449

Check

Point

Software

Technologies,

Ltd.

a

7,220,542

1,643

First

International

Bank

of

Israel,

Ltd.

68,064

1,246

Hilan,

Ltd.

65,377

2,074

Israel

Corporation,

Ltd.

451,483

317

Isras

Holdings,

Ltd.

a

29,098

4,712

Ituran

Location

and

Control,

Ltd.

125,056

5,646

Magic

Software

Enterprises,

Ltd.

67,257

47,335

Mivne

Real

Estate

(KD),

Ltd.

121,328

6,398

Mizrahi

Tefahot

Bank,

Ltd.

250,051

4,257

Nova,

Ltd.

a

898,481

324,322

Oil

Refineries,

Ltd.

83,711

8,222

One

Software

Technologies,

Ltd.

111,139

56,488

Plus500,

Ltd.

1,891,064

Total

13,521,004

Italy  2.2%  

275,493

A2A

SPA

636,380

24,934

ACEA

SPA

487,939

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock  96.2%

Value

Italy  2.2%  -

continued

80,454

Anima

Holding

SPA

b

$

489,277

21,120

Arnoldo

Mondadori

Editore

SPA

57,246

56,703

Azimut

Holding

SPA

1,466,522

7,050

Banca

Generali

SPA

316,245

17,128

Banca

IFIS

SPA

418,024

752,607

Banca

Monte

dei

Paschi

di

Siena

SPA

4,349,608

24,505

Banca

Popolare

di

Sondrio

SPA

187,926

200,929

BPER

Banca

SPA

1,132,083

3,754

Brunello

Cucinelli

SPA

405,283

36,117

Buzzi

SPA

1,441,145

453,896

Enel

SPA

3,625,638

5,115

Eni

SPA

77,838

2,720

Fila

SPA

28,431

70,070

Iren

SPA

158,966

782,224

Italgas

SPA

4,728,615

56,926

Mediobanca

SPA

972,662

108,268

OVS

SPA

b

348,892

107,426

Pirelli

&

C.

SPA

b

652,373

196,640

Recordati

SPA

11,127,139

604

Reply

SPA

91,083

Total

33,199,315

Japan  18.5%  

48,000

Advantest

Corporation

2,257,501

8,700

Ain

Holdings,

Inc.

330,881

124,600

Amada

Company,

Ltd.

1,272,128

3,200

Amvis

Holdings,

Inc.

42,643

3,100

Anycolor,

Inc.

a

54,139

9,900

Aozora

Bank,

Ltd.

185,019

29,600

Arcs

Company,

Ltd.

530,573

10,400

Artience

Company,

Ltd.

281,523

77,600

Asahi

Kasei

Corporation

588,316

103,600

Astellas

Pharma,

Inc.

1,197,344

6,400

BayCurrent,

Inc.

235,019

4,000

BIPROGY,

Inc.

135,934

4,800

BML,

Inc.

89,142

300

C.

Uyemura

&

Company,

Ltd.

24,150

8,900

Canon

Electronics,

Inc.

142,653

11,500

Central

Glass

Company,

Ltd.

273,913

3,800

Chiba

Bank,

Ltd.

30,888

8,300

Chudenko

Corporation

195,398

12,400

Chugin

Financial

Group,

Inc.

124,659

10,700

Chugoku

Electric

Power

Company,

Inc.

73,275

41,300

COMSYS

Holdings

Corporation

901,595

7,800

Cover

Corporation

a

97,630

157

CRE

Logistics

REIT,

Inc.

163,152

40,800

Dai

Nippon

Printing

Company,

Ltd.

728,495

58,400

Daiichi

Sankyo

Company,

Ltd.

1,929,090

8,300

Daikin

Industries,

Ltd.

1,164,996

180

Daiwa

House

REIT

Investment

Corporation

295,306

488,700

Daiwa

Securities

Group,

Inc.

3,466,186

1,800

DIC

Corporation

40,802

14,500

DISCO

Corporation

3,819,702

39,600

Doutor

Nichires

Holdings

Company,

Ltd.

634,707

14,300

DTS

Corporation

404,045

820,700

Eneos

Holdings,

Inc.

4,493,469

2,400

Fast

Retailing

Company,

Ltd.

796,313

12,700

Ferrotec

Holdings

Corporation

206,495

48,400

Fuji

Media

Holdings,

Inc.

582,106

89,300

FUJIFILM

Holdings

NPV

2,311,703

51,200

Fujitsu,

Ltd.

1,052,643

Shares

Common

Stock  96.2%

Value

Japan  18.5%  -

continued

2,800

Fuyo

General

Lease

Company,

Ltd.

$

215,959

14,500

Glory,

Ltd.

260,613

1,600

Godo

Steel,

Ltd.

46,255

7,800

Gree,

Inc.

25,487

6,500

Gunze,

Ltd.

255,606

5,200

Hanwa

Company,

Ltd.

181,175

30,400

Haseko

Corporation

398,742

60,800

Heiwa

Corporation

902,381

35,600

Hino

Motors,

Ltd.

a

115,454

220,400

Hitachi,

Ltd.

5,844,421

290,800

Honda

Motor

Company,

Ltd.

3,104,681

49,400

Hoya

Corporation

6,842,075

17,800

Hyakugo

Bank,

Ltd.

68,237

8,100

Iida

Group

Holdings

Company,

Ltd.

125,092

91,900

Inaba

Denki

Sangyo

Company,

Ltd.

2,464,600

41,000

INFRONEER

Holdings,

Inc.

336,872

1,300

Internet

Initiative

Japan,

Inc.

27,427

38,200

ITOCHU

Corporation

2,058,793

5,200

Iwatani

Corporation

75,066

6,200

JAC

Recruitment

Company,

Ltd.

33,184

2,500

Jaccs

Company,

Ltd.

67,664

5,000

Japan

Elevator

Service

Holdings

Company,

Ltd.

108,963

52,500

Japan

Post

Bank

Company,

Ltd.

492,831

579,900

Japan

Post

Holdings

Company,

Ltd.

5,560,748

6,300

Japan

Post

Insurance

Company,

Ltd.

115,707

148,300

Japan

Tobacco,

Inc.

4,324,243

6,100

JEOL,

Ltd.

238,976

16,300

JGC

Corporation

142,978

3,200

J-Oil

Mills,

Inc.

47,053

7,800

Juroku

Financial

Group,

Inc.

216,351

5,600

JVCKENWOOD

Corporation

52,921

7,500

Kakaku.com,

Inc.

130,554

24,400

Kamigumi

Company,

Ltd.

558,075

1,700

Kasumigaseki

Capital

Company,

Ltd.

178,092

30,500

Kawasaki

Kisen

Kaisha,

Ltd.

475,480

258,700

KDDI

Corporation

8,288,103

114

KDX

Realty

Investment

Corporation

120,119

26,600

Keiyo

Bank,

Ltd.

130,765

9,000

Keyence

Corporation

4,313,360

17,100

Koei

Tecmo

Holdings

Company,

Ltd.

197,168

33,400

Kokuyo

Company,

Ltd.

592,998

71,000

Komatsu,

Ltd.

1,987,626

12,900

KOMEDA

Holdings

Company,

Ltd.

248,591

17,800

Kumagai

Gumi

Company,

Ltd.

447,673

1,600

Kuraray

Company,

Ltd.

23,775

1,100

Kurita

Water

Industries,

Ltd.

47,594

481,700

Kyocera

Corporation

5,629,728

91,600

Kyoei

Steel,

Ltd.

1,112,695

3,600

KYORIN

Pharmaceutical

Company,

Ltd.

38,321

4,000

Kyushu

Financial

Group,

Inc.

19,606

17,200

Lasertec

Corporation

2,867,699

15,700

Lintec

Corporation

363,083

23,500

LIXIL

Corporation

281,614

4,100

M&A

Research

Institute

Holdings,

Inc.

a

86,106

18,000

Mandom

Corporation

155,693

2,900

Maruichi

Steel

Tube,

Ltd.

68,419

100

Maruwa

Company,

Ltd./Aichi

29,562

28,600

Matsui

Securities

Company,

Ltd.

156,759

4,900

Mazda

Motor

Corporation

37,439

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock  96.2%

Value

Japan  18.5%  -

continued

1,900

McDonald's

Holdings

Company

(Japan),

Ltd.

$

90,530

11,000

Mebuki

Financial

Group,

Inc.

44,529

30,700

Medipal

Holdings

Corporation

535,074

6,300

MegaChips

Corporation

229,310

50,400

MEITEC

Group

Holdings,

Inc.

1,121,451

11,400

Menicon

Company,

Ltd.

116,928

12,600

MIRAIT

ONE

Corporation

187,308

38,900

Mitsubishi

Chemical

Group

Corporation

250,222

255,500

Mitsubishi

Corporation

5,309,253

25,800

Mitsubishi

Estate

Company,

Ltd.

407,493

4

Mitsubishi

Estate

Logistics

REIT

Investment

Corporation

10,290

421,800

Mitsubishi

HC

Capital,

Inc.

2,995,677

66,100

Mitsubishi

Heavy

Industries,

Ltd.

987,798

17,300

Mitsubishi

Logistics

Corporation

633,974

3,200

Mitsubishi

Research

Institute,

Inc.

93,066

12,200

Mitsubishi

Shokuhin

Company,

Ltd.

450,442

539,000

Mitsubishi

UFJ

Financial

Group,

Inc.

5,534,776

85,400

Mitsui

&

Company,

Ltd.

1,909,889

3,400

Mitsui

DM

Sugar

Holdings

Company,

Ltd.

79,859

328,700

Mizuho

Financial

Group,

Inc.

6,794,503

4,500

MOS

Food

Services,

Inc.

112,264

73,300

MS

and

AD

Insurance

Group

Holdings,

Inc.

1,722,857

130,200

Murata

Manufacturing

Company,

Ltd.

2,576,492

4,000

Nanto

Bank,

Ltd.

84,545

50,300

NEC

Corporation

4,857,288

17,400

NEC

Networks

&

System

Integration

Corporation

336,835

8,000

Net

One

Systems

Company,

Ltd.

199,778

3,200

Nextage

Company,

Ltd.

41,127

1,700

Nifco,

Inc./Japan

43,516

20,800

Nikkon

Holdings

Company,

Ltd.

274,873

37,300

Nikon

Corporation

386,320

138,600

Nintendo

Company,

Ltd.

7,408,365

26,200

Nippon

Electric

Glass

Company,

Ltd.

616,126

32,200

Nippon

Express

Holdings,

Inc.

1,695,871

7,498,400

Nippon

Telegraph

and

Telephone

Corporation

7,687,250

18,900

Nippon

Television

Holdings,

Inc.

296,383

30,400

Nipro

Corporation

303,170

11,200

Nishimatsu

Construction

Company,

Ltd.

398,920

7,900

Nisshin

Oillio

Group,

Ltd.

291,119

43,700

Nitto

Kogyo

Corporation

921,870

4,900

NOK

Corporation

77,344

271,600

Nomura

Holdings,

Inc.

1,417,476

11,900

Nomura

Real

Estate

Holdings,

Inc.

320,623

22,200

Nomura

Research

Institute,

Ltd.

823,879

9,900

NS

Solutions

Corporation

256,954

28,600

NSD

Company,

Ltd.

633,290

69,900

NTN

Corporation

126,528

44,800

NTT

Data

Group

Corporation

806,297

3,800

OBIC

Business

Consultants

Company,

Ltd.

197,414

2,300

Ogaki

Kyoritsu

Bank,

Ltd.

29,412

25,500

Ohsho

Food

Service

Corporation

507,221

10,900

Okamura

Corporation

151,323

1,700

Okinawa

Cellular

Telephone

Company

46,862

Shares

Common

Stock  96.2%

Value

Japan  18.5%  -

continued

16,700

Okinawa

Electric

Power

Company,

Inc.

$

121,033

13,700

Okumura

Corporation

416,651

22,000

Ono

Pharmaceutical

Company,

Ltd.

295,313

72,500

Oriental

Land

Company,

Ltd.

1,875,386

15,200

Otsuka

Corporation

375,393

17,900

Otsuka

Holdings

Company,

Ltd.

1,016,704

6,800

Pigeon

Corporation

79,649

10,600

Plus

Alpha

Consulting

Company,

Ltd.

161,608

9,500

Raito

Kogyo

Company,

Ltd.

144,029

2,700

RAIZNEXT

Corporation

31,319

32,300

Rakus

Company,

Ltd.

503,098

73,584

Recruit

Holdings

Company,

Ltd.

4,470,405

232,600

Renesas

Electronics

Corporation

3,375,647

8,800

Resona

Holdings,

Inc.

61,662

4,900

Resorttrust,

Inc.

98,574

1,500

Restar

Corporation

28,417

3,100

Retail

Partners

Company,

Ltd.

29,614

42,600

Rohm

Company,

Ltd.

479,918

1,700

Rohto

Pharmaceutical

Company,

Ltd.

42,550

88,000

Rorze

Corporation

1,230,176

30,100

Sankyo

Company,

Ltd.

443,644

16,000

Sankyu,

Inc.

540,364

15,700

Sanyo

Chemical

Industries,

Ltd.

456,000

3,700

Sato

Holdings

Corporation

54,306

5,500

SBI

Holdings,

Inc.

127,284

5,100

SBI

Sumishin

Net

Bank,

Ltd.

96,139

13,100

SCREEN

Holdings

Company,

Ltd.

921,211

36,700

SCSK

Corporation

760,944

145,200

Secom

Company,

Ltd.

5,370,812

8,700

Sega

Sammy

Holdings,

Inc.

174,302

48,700

Sekisui

Chemical

Company,

Ltd.

761,461

222,100

Sekisui

House,

Ltd.

6,166,760

5,900

SHIFT,

Inc.

a

561,035

137,900

Shin-Etsu

Chemical

Company,

Ltd.

5,762,896

14,600

Ship

Healthcare

Holdings,

Inc.

238,567

22,000

Shizuoka

Financial

Group,

Inc.

191,890

2,600

Siix

Corporation

20,100

50,900

SKY

Perfect

JSAT

Holdings,

Inc.

318,540

8,200

Socionext,

Inc.

163,104

58,800

SoftBank

Group

Corporation

3,487,794

41,000

Sohgo

Security

Services

Company,

Ltd.

298,385

109,300

Sojitz

Corporation

2,589,717

43,200

Sompo

Holdings,

Inc.

973,763

585,000

Sony

Group

Corporation

11,365,143

887

Star

Asia

Investment

Corporation

329,109

7,500

Starts

Corporation,

Inc.

182,749

900

Strike

Company,

Ltd.

27,496

6,300

Sumco

Corporation

68,140

195,900

Sumitomo

Corporation

4,399,141

10,400

Sumitomo

Dainippon

Pharma

Company,

Ltd.

a

43,396

341,400

Sumitomo

Mitsui

Financial

Group,

Inc.

7,294,566

8,700

Sumitomo

Mitsui

Trust

Group,

Inc.

208,234

5,700

Sumitomo

Realty

&

Development

Company,

Ltd.

192,948

900

Suzuken

Company,

Ltd./Aichi

Japan

31,589

142,400

Systena

Corporation

369,547

2,000

Taiheiyo

Cement

Corporation

47,131

35,100

Taiyo

Holdings

Company,

Ltd.

909,026

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Shares

Common

Stock  96.2%

Value

Japan  18.5%  -

continued

17,300

Takamatsu

Construction

Group

Company,

Ltd.

$

356,277

1,700

Takasago

Thermal

Engineering

Company,

Ltd.

61,315

5,000

Takashimaya

Company,

Ltd.

40,141

310,900

Takeda

Pharmaceutical

Company,

Ltd.

8,958,145

26,100

TBS

Holdings,

Inc.

714,366

58,700

Terumo

Corporation

1,112,041

2,400

T-Gaia

Corporation

61,534

4,200

THK

Company,

Ltd.

74,295

79,900

Toagosei

Company,

Ltd.

903,581

23,000

Toho

Holdings

Company,

Ltd.

730,994

37,700

Tohoku

Electric

Power

Company,

Inc.

361,301

5,200

Tokai

Corporation/Gifu

78,169

30,800

Tokai

Tokyo

Financial

Holdings,

Inc.

104,670

73,800

Tokio

Marine

Holdings,

Inc.

2,721,334

41,400

Tokyo

Electron,

Ltd.

7,383,099

4,000

Tokyo

Seimitsu

Company,

Ltd.

212,931

3,100

Tokyotokeiba

Company,

Ltd.

94,970

28,000

Tokyu

Construction

Company,

Ltd.

138,266

15,400

Tokyu

Fudosan

Holdings

Corporation

107,148

177,500

TOPPAN

Holdings,

Inc.

5,282,811

19,700

Tosoh

Corporation

263,777

11,100

Totetsu

Kogyo

Company,

Ltd.

264,922

2,900

Toyo

Suisan

Kaisha,

Ltd.

190,400

24,500

Toyota

Industries

Corporation

1,899,793

573,800

Toyota

Motor

Corporation

10,313,489

4,500

Transcosmos,

Inc.

111,167

7,000

TRE

Holdings

Corporation

80,798

114,600

Tsubakimoto

Chain

Company

1,511,259

400

Tsuruha

Holdings,

Inc.

25,301

140,600

TV

Asahi

Holdings

Corporation

1,959,846

20,900

UBE

Corporation

392,239

500

ULVAC,

Inc.

26,818

4,600

U-Next

Holdings

Company,

Ltd.

176,298

19,400

USS

Company,

Ltd.

184,144

5,700

UT

Group

Company,

Ltd.

110,097

7,600

Valor

Holdings

Company,

Ltd.

117,060

228,700

Yamada

Holdings

Company,

Ltd.

717,090

44,400

Yamato

Holdings

Company,

Ltd.

505,611

5,300

Yamazen

Corporation

50,409

10,500

Yokogawa

Bridge

Holdings

Corporation

195,362

20,800

Yuasa

Trading

Company,

Ltd.

725,407

1,900

Zeria

Pharmaceutical

Company,

Ltd.

30,153

Total

278,055,956

Jersey  0.8%  

126,995

Experian

plc

6,688,792

536,027

Glencore

plc

3,069,645

673,403

Man

Group

plc

1,908,877

171,869

TP

ICAP

Group

plc

543,431

Total

12,210,745

Kuwait  <0.1%  

22,654

HumanSoft

Holding

Company

KSCC

202,094

51,056

Kuwait

Finance

House

KSCP

119,861

17,976

Mobile

Telecommunications

Company

KSCP

27,981

Shares

Common

Stock  96.2%

Value

Kuwait  <0.1%  -

continued

50,215

National

Bank

of

Kuwait

KSC

$

145,321

Total

495,257

Luxembourg  <0.1%  

72,103

B&M

European

Value

Retail

SA

401,570

15,634

Grand

City

Properties

SA

a

220,291

1,647

Reinet

Investments

SCA

45,646

Total

667,507

Malaysia  0.1%  

78,600

Hong

Leong

Bank

Bhd

411,527

100,511

Sports

Toto

Bhd

39,307

24,200

Ta

Ann

Holdings

Bhd

22,889

752,300

YTL

Corporation

Bhd

460,269

Total

933,992

Mexico  0.1%  

9,049

Coca-Cola

FEMSA

SAB

de

CV

ADR

802,828

489

Fomento

Economico

Mexicano

SAB

de

CV

ADR

48,269

19,033

Grupo

Financiero

Banorte

SAB

de

CV

ADR

135,464

51,100

Grupo

Mexico

SAB

de

CV

285,475

18,302

Grupo

Televisa

SAB

ADR

46,853

64,300

Megacable

Holdings

SAB

de

CV

133,825

5,400

Wal-Mart

de

Mexico

SAB

de

CV

16,293

Total

1,469,007

Netherlands  4.6%  

3,049

Aalberts

NV

123,948

9,420

Alfen

NV

a,b

138,058

9,702

ASM

International

NV

6,401,001

30,716

ASML

Holding

NV

25,551,474

20,467

Cementir

Holding

NV

223,211

6,773

EXOR

NV

726,094

29,273

Ferrari

NV

13,717,389

305,327

Koninklijke

Ahold

Delhaize

NV

10,546,331

33,357

Koninklijke

Vopak

NV

1,548,093

515,290

MFE-MediaForEurope

NV

1,783,086

9,041

NEPI

Rockcastle

NV

76,342

9,041

NEPI

Rockcastle

NV,

DRIP

a,d

88

182,834

Stellantis

NV

2,531,897

36,918

Wolters

Kluwer

NV

6,227,034

Total

69,594,046

New

Zealand  0.1%  

109,581

Contact

Energy,

Ltd.

568,769

16,988

Infratil,

Ltd.

132,402

Total

701,171

Norway  0.5%  

94,870

Aker

Solutions

ASA

365,418

330,130

DNB

Bank

ASA

6,769,994

60,782

DNO

International

ASA

65,723

50,374

Europris

ASA

b

321,917

18,855

Yara

International

ASA

595,692

Total

8,118,744

Philippines  <0.1%  

37,270

Bank

of

the

Philippine

Islands

90,276

Total

90,276

Poland  0.2%  

19,171

Asseco

Poland

SA

433,493

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock  96.2%

Value

Poland  0.2%  -

continued

3,754

Bank

Polska

Kasa

Opieki

SA

$

143,327

834

Budimex

SA

129,413

7,314

KGHM

Polska

Miedz

SA

302,449

15,404

Orlen

SA

223,587

48,166

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

701,884

58,703

Powszechny

Zaklad

Ubezpieczen

SA

641,741

Total

2,575,894

Portugal  0.1%  

91,417

CTT-Correios

de

Portugal

SA

446,756

109,736

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

294,999

2,138

Semapa-Sociedade

de

Investimento

e

Gestao,

SGPS

SA

34,329

Total

776,084

Qatar  <0.1%  

88,932

Commercial

Bank

PSQC

107,403

16,866

Gulf

Warehousing

Company

16,077

12,803

Qatar

National

Bank

QPSC

59,679

Total

183,159

Russian

Federation  <0.1%  

169,404

Gazprom

PJSC

ADR

a,d

17

14,886

GMK

Norilskiy

Nickel

PAO

ADR

a,d

1

6,112

LUKOIL

PJSC

d,e

0

6,042

Mechel

PJSC

ADR

a,d

1

444

Novatek

PJSC

GDR

a,d

0

684

Polyus

PJSC

a,d

0

1

Polyus

PJSC

GDR

a,d

0

329,720

Sberbank

of

Russia

PJSC

d,e

0

17,590

Sovcomflot

OAO

d,e

0

67,366

Surgutneftegas

PJSC

ADR

a,d

7

Total

26

Saudi

Arabia  0.3%  

52,721

Al

Rajhi

Bank

1,228,573

525

Al

Rajhi

Company

for

Co-operative

Insurance

a

26,890

148,820

Arab

National

Bank

758,676

5,553

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

439,041

3,451

Eastern

Province

Cement

Company

29,682

99

Elm

Company

30,735

16,714

Maharah

Human

Resources

Company

31,384

39,571

Saudi

Arabian

Oil

Company

b

286,156

1,959

Saudi

Aramco

Base

Oil

Company

69,355

1,477

Saudi

Basic

Industries

Corporation

29,489

61,099

Saudi

National

Bank

560,733

35,588

Saudi

Telecom

Company

414,719

1,467

Theeb

Rent

A

Car

Company

30,631

4,688

Yanbu

National

Petrochemical

Company

53,390

Total

3,989,454

Singapore  1.3%  

1,306,800

ComfortDelGro

Corporation,

Ltd.

1,536,037

442,950

DBS

Group

Holdings,

Ltd.

13,117,661

11,916

Kenon

Holdings,

Ltd.

336,250

843,800

Seatrium,

Ltd.

a

1,168,840

38,100

Singapore

Airport

Terminal

Services,

Ltd.

107,025

Shares

Common

Stock  96.2%

Value

Singapore  1.3%  -

continued

110,000

Singapore

Exchange,

Ltd.

$

974,682

20,400

United

Overseas

Land,

Ltd.

88,158

19,300

Venture

Corporation,

Ltd.

210,637

830,600

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,585,281

272,500

Yanlord

Land

Group,

Ltd.

a

127,013

Total

19,251,584

South

Africa  0.2%  

2,957

Absa

Group,

Ltd.

30,026

56,166

AECI,

Ltd.

335,699

17,393

Aspen

Pharmacare

Holdings,

Ltd.

196,304

5,162

Barloworld,

Ltd.

25,806

163

Capitec

Bank

Holdings,

Ltd.

28,723

7,314

Coronation

Fund

Managers,

Ltd.

16,548

59,599

DataTec,

Ltd.

130,993

40,588

FirstRand,

Ltd.

194,713

1,358

Gold

Fields,

Ltd.

ADR

20,845

19,256

Harmony

Gold

Mining

Company,

Ltd.

ADR

195,834

7,175

Kumba

Iron

Ore,

Ltd.

166,527

25,358

Mr

Price

Group,

Ltd.

397,015

2,102

Naspers,

Ltd.

509,762

52,376

Pepkor

Holdings,

Ltd.

b

72,966

45,261

Standard

Bank

Group

633,831

9,021

Super

Group,

Ltd.

12,614

7,605

Vodacom

Group

48,185

Total

3,016,391

South

Korea  0.7%  

1,948

Caregen

Company,

Ltd.

28,808

403

Celltrion,

Inc.

60,004

1,353

CJ

Corporation

122,618

5,798

Green

Cross

Holdings

Corporation

68,448

18,620

GS

Holdings

Corporation

603,200

215

Hanmi

Pharm

Company,

Ltd.

52,855

14,876

Hanon

Systems

48,375

4,848

HD

Hyundai

Company,

Ltd.

282,927

2,203

Hyundai

Motor

Company

410,292

18,136

KT

Corporation

555,073

11,142

KT&G

Corporation

923,715

282

LG

Chem,

Ltd.

76,543

620

Samsung

Biologics

Company,

Ltd.

a,b

461,159

5,612

Samsung

C&T

Corporation

587,803

73,306

Samsung

Electronics

Company,

Ltd.

3,426,235

9,714

SD

Biosensor,

Inc.

a

67,847

4,915

SK

Hynix,

Inc.

657,808

1,622

SK,

Inc.

189,670

10,697

Yuhan

Corporation

1,166,748

Total

9,790,128

Spain  2.1%  

155,431

Acerinox

SA

1,671,443

13,966

Aena

SME

SA

b

3,067,994

27,992

Amadeus

IT

Holding

SA

2,027,255

969,485

Banco

Bilbao

Vizcaya

Argentaria

SA

10,472,659

1,264,561

Banco

Santander

SA

6,479,453

32,355

EDP

Renovaveis

SA

564,558

53,419

Industria

de

Diseno

Textil

SA

3,163,825

14,697

Laboratorios

Farmaceuticos

ROVI

SA

1,171,680

8,997

Let's

GOWEX

SA

a,d,f

1

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Shares

Common

Stock  96.2%

Value

Spain  2.1%  -

continued

92,549

Logista

Integral

SA

$

2,785,861

10,259

Melia

Hotels

International

SA

74,283

2,006

Vidrala

SA

227,316

Total

31,706,328

Sweden  4.1%  

22,842

AAK

AB

749,006

76,601

AB

Industrivarden,

Class

A

2,832,965

49,792

AcadeMedia

AB

b

330,938

2,987

AddLife

AB

47,870

13,309

Addtech

AB

398,991

16,938

Alfa

Laval

AB

814,311

7,589

Alleima

AB

53,404

71,526

Arjo

AB

314,659

369,382

Assa

Abloy

AB

12,444,446

595,649

Atlas

Copco

AB,

Class

A

11,543,923

40,083

Atlas

Copco

AB,

Class

B

687,738

39,398

Attendo

AB

b

185,432

33,461

Betsson

AB

410,526

17,509

Billerud

AB

200,886

8,817

BioGaia

AB

97,495

18,540

Biotage

AB

340,830

4,745

Catena

AB

271,123

13,469

Cibus

Nordic

Real

Estate

AB

publ

233,778

31,769

Cloetta

AB

76,515

80,206

Corem

Property

Group

AB

81,880

33,540

Dios

Fastigheter

AB

289,058

9,849

Fabege

AB

97,613

253,317

Granges

AB

3,038,374

4,332

Hemnet

Group

AB

159,445

12,236

Hexatronic

Group

AB

a

62,274

147,869

Hexpol

AB

1,529,215

416,469

Investor

AB,

Class

B

12,833,998

23,116

Inwido

AB

427,723

9,449

Lindab

International

AB

264,164

32,471

NCC

AB

543,078

19,506

Nyfosa

AB

231,289

2,121

Pandox

AB

42,396

7,957

Platzer

Fastigheter

Holding

AB

86,506

2,546

Sdiptech

AB

a

74,756

334,402

SSAB

AB,

Class

A

1,750,959

356,934

Svenska

Handelsbanken

AB

3,666,407

15,380

Svolder

AB

94,505

3,365

Sweco

AB

57,014

51,974

Swedbank

AB

1,103,183

75,798

Trelleborg

AB

2,917,534

22,902

Wihlborgs

Fastigheter

AB

264,304

Total

61,650,511

Switzerland  9.2%  

310,520

ABB,

Ltd.

18,015,014

1,203

Belimo

Holding

AG

858,833

766

Burckhardt

Compression

Holding

AG

549,541

33,371

Compagnie

Financiere

Richemont

SA

5,299,458

1,754

DKSH

Holding

AG

139,511

2,261

Flughafen

Zurich

AG

543,930

2,852

Givaudan

SA

15,647,632

131,872

Holcim

AG

12,914,603

1,115

Huber+Suhner

AG

115,530

259

INFICON

Holding

AG

374,287

75,247

Nestle

SA

7,561,754

282,403

Novartis

AG

32,516,555

25,650

PSP

Swiss

Property

AG

3,758,107

Shares

Common

Stock  96.2%

Value

Switzerland  9.2%  -

continued

60,597

Roche

Holding

AG,

Participation

Certificates

$

19,392,085

92

Schweiter

Technologies

AG

46,430

6,556

SGS

SA

732,052

2,005

Siegfried

Holding

AG

2,700,336

23,861

Sonova

Holding

AG

8,594,624

1,537

Swiss

Prime

Site

AG

172,258

1,730

Tecan

Group

AG

568,513

133,101

UBS

Group

AG

4,118,684

6,136

Zurich

Insurance

Group

AG

3,707,126

Total

138,326,863

Taiwan  1.9%  

21,801

ASE

Technology

Holding

Company,

Ltd.

ADR

212,778

649,000

Asia

Cement

Corporation

976,943

13,000

Asustek

Computer,

Inc.

225,841

572,232

Chang

Hwa

Commercial

Bank,

Ltd.

323,450

291,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

475,049

15,000

Chicony

Electronics

Company,

Ltd.

77,341

136,000

Chipbond

Technology

Corporation

286,189

4,060

Chunghwa

Telecom

Company,

Ltd.

ADR

161,060

282,000

Compal

Electronics,

Inc.

295,916

73,000

Delta

Electronics,

Inc.

870,968

20,000

Dynapack

International

Technology

Corporation

65,532

99,000

Far

Eastern

New

Century

Corporation

119,449

65,000

Far

EasTone

Telecommunications

Company,

Ltd.

186,029

113,000

Feng

Hsin

Steel

Company,

Ltd.

303,180

4,000

Fusheng

Precision

Company,

Ltd.

36,613

205,000

Hon

Hai

Precision

Industry

Company,

Ltd.

1,207,012

225,000

Inventec

Corporation

305,734

105,000

KGI

Financial

Holding

Company,

Ltd.

54,679

124,000

Lite-On

Technology

Corporation

389,148

46,000

MediaTek,

Inc.

1,695,355

197,000

Nan

Ya

Plastics

Corporation

285,575

386,000

Pegatron

Corporation

1,252,424

272,000

Pou

Chen

Corporation

309,430

10,000

Powertech

Technology,

Inc.

43,099

11,000

President

Chain

Store

Corporation

102,311

52,000

Quanta

Computer,

Inc.

433,380

17,000

Realtek

Semiconductor

Corporation

252,324

244,000

Synnex

Technology

International

Corporation

556,087

27,000

Systex

Corporation

108,221

600,320

Taichung

Commercial

Bank

Company,

Ltd.

348,752

173,000

Taiwan

Mobile

Company,

Ltd.

628,540

7,000

Taiwan

Secom

Company,

Ltd.

30,384

439,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

13,253,203

64,947

Topco

Scientific

Company,

Ltd.

577,426

367,000

Uni-President

Enterprises

Corporation

1,004,159

38,000

Wah

Lee

Industrial

Corporation

153,745

71,000

WPG

Holdings,

Ltd.

167,994

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Shares

Common

Stock  96.2%

Value

Taiwan  1.9%  -

continued

819,827

Yuanta

Financial

Holding

Company,

Ltd.

$

819,580

Total

28,594,900

Thailand  0.1%  

116,400

Central

Pattana

pcl

NVDR

240,833

335,400

Kasikornbank

pcl

NVDR

1,561,561

Total

1,802,394

Turkey  0.1%  

7,732

Ford

Otomotiv

Sanayi

AS

207,559

87,293

Haci

Omer

Sabanci

Holding

AS

248,497

20,857

KOC

Holding

AS

114,783

45,170

Tekfen

Holding

AS

a

68,684

90,345

Turk

Hava

Yollari

Anonim

Ortakligi

a

751,508

Total

1,391,031

United

Arab

Emirates  0.2%  

11,373

Abu

Dhabi

Commercial

Bank

PJSC

26,071

230,713

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

227,169

311,867

Deyaar

Development

PJSC

58,011

478,629

Dubai

Islamic

Bank

PJSC

821,132

430,233

Emaar

Properties

PJSC

1,020,767

168,728

Emirates

NBD

Bank

PJSC

932,516

Total

3,085,666

United

Kingdom  10.8%  

123,241

abrdn

plc

269,014

19,953

AngloGold

Ashanti

plc

530,641

163,156

AstraZeneca

plc

25,417,531

1,232,701

Auto

Trader

Group

plc

b

14,330,396

91,656

Balfour

Beatty

plc

527,901

1,844

Bank

of

Georgia

Group

plc

90,601

9,163

Bellway

plc

381,480

22,186

Berkeley

Group

Holdings

plc

1,403,298

30,954

Big

Yellow

Group

plc

524,750

49,896

Breedon

Group

plc

285,513

93,964

British

Land

Company

plc

547,506

3,952

Burberry

Group

plc

37,060

29,210

Bytes

Technology

Group

plc

202,909

5,661

Carnival

plc

a

93,308

47,291

Coca-Cola

European

Partners

plc

3,724,166

516,896

Compass

Group

plc

16,571,546

11,548

Computacenter

plc

382,146

1,520

CVS

Group

plc

22,910

955

Diploma

plc

56,770

105,739

Domino's

Pizza

Group

plc

424,285

80,786

Dowlais

Group

plc

63,213

15,836

Dunelm

Group

plc

244,475

99,833

Evraz

plc

a,d

13

49,025

FirstGroup

plc

95,760

13,533

Future

plc

182,927

482

Games

Workshop

Group

plc

69,343

5,261

Genus

plc

141,370

61,602

Grainger

plc

202,191

16,188

Greggs

plc

676,114

131,130

Halma

plc

4,585,030

109,681

Harbour

Energy

plc

391,199

5,530

Hikma

Pharmaceuticals

plc

141,511

8,841

Hill

&

Smith

plc

242,947

47,484

Howden

Joinery

Group

plc

577,040

277,188

HSBC

Holdings

plc

2,486,664

91,926

IG

Group

Holdings

plc

1,131,300

24,197

IMI

plc

588,717

Shares

Common

Stock  96.2%

Value

United

Kingdom  10.8%  -

continued

137,665

Imperial

Brands

plc

$

4,004,553

11,361

Inchcape

plc

121,383

16,456

IntegraFin

Holdings

plc

81,861

62,924

InterContinental

Hotels

Group

plc

6,852,445

9,121

Intertek

Group

plc

630,604

13,580

J

D

Wetherspoon

plc

a

134,625

53,677

Jupiter

Fund

Management

plc

62,219

100,673

Marks

&

Spencer

Group

plc

502,405

127,982

MONY

Group

plc

362,360

4,364

Morgan

Sindall

Group

plc

179,701

71,234

Next

plc

9,331,419

63,783

Paragon

Banking

Group

plc

662,449

4,013

Pearson

plc

54,554

93,855

Pets

at

Home

Group

plc

383,215

9,296

Playtech

plc

a

93,461

8,961

Polar

Capital

Holdings

plc

64,215

312,398

RELX

plc

14,750,307

91,501

Rio

Tinto

plc

6,495,449

5,344

RS

Group

plc

58,084

950,539

Shell

plc

30,837,184

13,207

Spectris

plc

482,661

7,607

TBC

Bank

Group

plc

269,510

704,808

Tesco

plc

3,384,006

52,158

Tritax

Big

Box

REIT

plc

111,324

71,583

Unilever

plc

4,640,969

2,532

Whitbread

plc

106,290

134,570

Wickes

Group

plc

315,209

11,836

YouGov

plc

69,489

95,685

Zigup

plc

492,920

Total

163,178,416

Virgin

Islands,

British  <0.1%  

4,449

VK

IPJSC

GDR

a,d

0

Total

0

Total

Common

Stock

(cost

$1,179,484,282)

1,449,252,153

Shares

Collateral

Held

for

Securities

Loaned

0.4%

5,577,168

Thrivent

Cash

Management

Trust

5,577,168

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,577,168)

5,577,168

Shares

Preferred

Stock

0.3%

Brazil  0.1%  

143,100

Companhia

de

Saneamento

do

Parana

156,820

10,395

Itausa

SA

21,199

147,778

Petroleo

Brasileiro

SA

978,731

Total

1,156,750

Germany  0.1%  

4,026

Bayerische

Motoren

Werke

AG

334,107

7,072

Dr.

Ing.

h.c.

F.

Porsche

AG

b

565,153

13,097

Henkel

AG

&

Company

KGaA

1,231,118

Total

2,130,378

Russian

Federation  <0.1%  

765,300

Surgutneftegas

PJSC

d,e

1

17,100

Transneft

PJSC

d,e

0

Total

1

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Shares

Preferred

Stock  0.3%

Value

South

Korea  0.1%  

2,354

Hyundai

Motor

Company,

2nd

Preferred

$

316,457

4,521

Hyundai

Motor

Company,

Preferred

588,085

19,107

Samsung

Electronics

Company,

Ltd.

742,057

Total

1,646,599

Total

Preferred

Stock

(cost

$5,458,410)

4,933,728

Shares

or

Principal

Amount

Short-Term

Investments

3.1%

Federal

Home

Loan

Bank

Discount

Notes

1,400,000

5.170%,

 10/9/2024

g,h

1,398,372

600,000

4.855%,

 10/16/2024

g,h

598,760

400,000

4.956%,

 11/15/2024

g,h

397,690

300,000

5.105%,

 11/22/2024

g,h

298,003

100,000

4.950%,

 11/29/2024

g,h

99,247

Thrivent

Core

Short-Term

Reserve

Fund

4,385,764

5.250%

43,857,637

Total

Short-Term

Investments

(cost

$46,649,313)

46,649,709

Total

Investments

(cost

$1,237,169,173)

100.0%

$1,506,412,758

Other

Assets

and

Liabilities,

Net

0.0%

447,801

Total

Net

Assets

100.0%

$1,506,860,559

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$31,382,157

or

2.1%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

f

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

g

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

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

5,260,415

Total

lending

$5,260,415

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,577,168

Net

amounts

due

to

counterparty

$316,753

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Berhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

DRIP

-

Dividend

Reinvestment

Plan

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

pcl

-

Public

Company

Limited

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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^

67,209,595

998,324

66,211,270

1

Consumer

Discretionary

178,358,380

984,495

177,373,885

–

Consumer

Staples^

78,815,395

4,575,263

74,240,132

0

Energy^

70,005,426

414,706

69,590,696

24

Financials^

308,075,265

4,304,850

303,770,415

0

Health

Care

163,284,384

–

163,284,384

–

Industrials

238,642,203

2,880,040

235,762,163

–

Information

Technology

165,258,678

9,498,019

155,760,659

–

Materials^

116,463,507

3,975,311

112,488,181

15

Real

Estate

22,146,664

–

22,146,576

88

Utilities

40,992,656

609,172

40,383,484

–

Preferred

Stock

Consumer

Discretionary

1,803,802

–

1,803,802

–

Consumer

Staples

1,231,118

–

1,231,118

–

Energy^

978,732

–

978,731

1

Financials

21,199

–

21,199

–

Information

Technology

742,057

–

742,057

–

Utilities

156,820

–

156,820

–

Short-Term

Investments

2,792,072

–

2,792,072

–

Subtotal

Investments

in

Securities

$1,456,977,953

$28,240,180

$1,428,737,644

$129

Other

Investments  *

Total

Affiliated

Short-Term

Investments

43,857,637

Collateral

Held

for

Securities

Loaned

5,577,168

Subtotal

Other

Investments

$49,434,805

Total

Investments

at

Value

$1,506,412,758

*

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

the

table

above

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.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

International

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,428,708

1,428,708

–

–

Total

Asset

Derivatives

$1,428,708

$1,428,708

$–

$–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

International

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$2,792,072

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

ICE

mini

MSCI

EAFE

Index

506

December

2024

$

61,808,078

$

1,133,262

ICE

US

mini

MSCI

Emerging

Markets

Index

81

December

2024

4,453,989

295,446

Total

Futures

Long

Contracts

$

66,262,067

$

1,428,708

Total

Futures

Contracts

$

66,262,067

$1,428,708

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$53,314

$139,023

$148,479

$43,858

4,386

2.9%

Total

Affiliated

Short-Term

Investments

53,314

43,858

2.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

9,592

79,231

83,246

5,577

5,577

0.4

Total

Collateral

Held

for

Securities

Loaned

9,592

5,577

0.4

Total

Value

$62,906

$49,435

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$2,226

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,226

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

40

Total

Affiliated

Income

from

Securities

Loaned,

Net

$40

Total

Value

$–

$–

$

–

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Shares

Common

Stock

96.6%

Value

Australia  7.3%  

2,884

Ampol,

Ltd.

$

60,835

15,533

APA

Group

83,128

6,875

Aristocrat

Leisure,

Ltd.

277,574

2,347

ASX,

Ltd.

103,514

36,402

Australia

and

New

Zealand

Banking

Group,

Ltd.

765,019

61,385

BHP

Group,

Ltd.

1,905,762

5,364

BlueScope

Steel,

Ltd.

81,881

16,856

Brambles,

Ltd.

221,248

4,337

CAR

Group,

Ltd.

112,182

793

Cochlear,

Ltd.

154,318

16,212

Coles

Group,

Ltd.

202,106

20,260

Commonwealth

Bank

of

Australia

1,889,762

6,479

Computershare,

Ltd.

112,947

5,849

CSL,

Ltd.

1,155,370

13,018

DEXUS

Property

Group

67,923

18,426

Endeavour

Group,

Ltd.

63,719

20,497

Fortescue,

Ltd.

289,100

20,689

Goodman

Group

527,755

23,186

GPT

Group

79,500

28,689

Insurance

Australia

Group,

Ltd.

145,799

26,940

Lottery

Corporation,

Ltd.

94,969

4,393

Macquarie

Group,

Ltd.

702,929

33,334

Medibank,

Private

Ltd.

84,100

2,127

Mineral

Resources,

Ltd.

75,835

47,760

Mirvac

Group

70,645

37,438

National

Australia

Bank,

Ltd.

969,278

13,913

Northern

Star

Resources,

Ltd.

152,406

5,884

Orica,

Ltd.

75,162

20,852

Origin

Energy,

Ltd.

144,443

34,608

Pilbara

Minerals,

Ltd.

a

77,843

695

Pro

Medicus,

Ltd.

85,543

9,778

Qantas

Airways,

Ltd.

a

49,912

18,185

QBE

Insurance

Group,

Ltd.

207,646

2,225

Ramsay

Health

Care,

Ltd.

63,866

640

REA

Group,

Ltd.

88,564

2,737

Reece,

Ltd.

53,675

4,493

Rio

Tinto,

Ltd.

397,384

39,310

Santos,

Ltd.

190,473

62,880

Scentre

Group

158,073

4,312

SEEK,

Ltd.

73,813

2,463

Seven

Group

Holdings,

Ltd.

72,738

5,524

Sonic

Healthcare,

Ltd.

103,899

54,821

South32,

Ltd.

140,611

28,894

Stockland

104,216

15,400

Suncorp

Group,

Ltd.

192,303

48,948

Telstra

Corporation,

Ltd.

131,011

37,427

Transurban

Group

338,155

9,821

Treasury

Wine

Estates,

Ltd.

81,077

46,835

Vicinity

Centres

71,359

2,840

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

68,026

13,735

Wesfarmers,

Ltd.

666,982

41,910

Westpac

Banking

Corporation

915,836

2,018

Wisetech

Global,

Ltd.

191,097

22,982

Woodside

Energy

Group,

Ltd.

396,145

14,786

Woolworths,

Ltd.

339,770

Total

15,929,226

Austria  0.2%  

4,076

Erste

Group

Bank

AG

223,359

1,783

OMV

AG

76,277

824

Verbund

AG

68,176

Shares

Common

Stock  96.6%

Value

Austria  0.2%  -

continued

1,297

Voestalpine

AG

$

33,702

Total

401,514

Belgium  0.8%  

1,934

Ageas

SA

NV

103,197

10,876

Anheuser-Busch

InBev

NV

720,723

260

D'ieteren

Group

55,056

346

Elia

System

Operator

SA

39,544

1,005

Groupe

Bruxelles

Lambert

SA

78,314

2,778

KBC

Groep

NV

221,012

5

Lotus

Bakeries

NV

67,096

187

Sofina

SA

52,848

897

Syensqo

SA

b

79,213

1,530

UCB

SA

276,192

2,167

Warehouses

De

Pauw

CVA

57,826

Total

1,751,021

Bermuda  0.1%  

16,474

Aegon,

Ltd.

105,815

7,500

CK

Infrastructure

Holdings,

Ltd.

51,022

13,400

Hongkong

Land

Holdings,

Ltd.

49,237

1,900

Jardine

Matheson

Holdings,

Ltd.

74,214

Total

280,288

Cayman

Islands  0.4%  

678

Futu

Holdings,

Ltd.

ADR

a

64,851

25,446

Grab

Holdings,

Ltd.

a

96,695

29,200

Sands

China,

Ltd.

a

73,534

4,480

Sea,

Ltd.

ADR

a

422,374

16,000

SITC

International

Holdings

Company,

Ltd.

42,917

101,033

WH

Group,

Ltd.

c

79,574

20,000

Wharf

Real

Estate

Investment

Company,

Ltd.

69,847

Total

849,792

Denmark  3.3%  

35

A.P.

Moller

-

Maersk

AS,

Class

A

56,725

55

A.P.

Moller

-

Maersk

AS,

Class

B

92,553

1,160

Carlsberg

AS

138,129

1,527

Coloplast

AS

199,038

8,349

Danske

Bank

AS

251,127

1,204

Demant

AS

a

46,873

2,072

DSV

AS

426,438

760

Genmab

AS

a

184,250

38,982

Novo

Nordisk

AS

4,623,714

4,265

Novonesis

(Novozymes)

B

307,060

2,290

Orsted

AS

a,c

151,672

996

Pandora

AS

164,159

113

Rockwool

International

AS

53,049

4,103

Tryg

AS

97,302

12,223

Vestas

Wind

Systems

AS

a

268,951

773

Zealand

Pharma

AS

a

94,052

Total

7,155,092

Finland  1.0%  

1,722

Elisa

Oyj

91,291

5,430

Fortum

Oyj

d

89,353

3,306

Kesko

Oyj

70,532

4,114

KONE

Oyj

246,106

7,525

Metso

Oyj

80,461

5,121

Neste

Oil

Oyj

99,491

64,547

Nokia

Oyj

281,824

38,188

Nordea

Bank

Abp

450,819

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Shares

Common

Stock  96.6%

Value

Finland  1.0%  -

continued

1,306

Orion

Oyj

$

71,561

6,078

Sampo

Oyj

283,481

7,043

Stora

Enso

Oyj

90,109

6,460

UPM-Kymmene

Oyj

216,245

6,088

Wartsila

Corporation

136,230

Total

2,207,503

France  10.2%  

2,347

Accor

SA

102,024

419

Aeroports

de

Paris

SA

53,811

6,998

Air

Liquide

SA

1,351,388

4,186

Alstom

SA

a

86,972

743

Amundi

SA

c

55,537

681

Arkema

SA

64,864

21,982

AXA

SA

846,240

501

BioMerieux

60,045

12,318

BNP

Paribas

SA

845,284

8,623

Bollore

SA

57,560

2,293

Bouygues

SA

76,749

3,844

Bureau

Veritas

SA

127,531

1,880

Capgemini

SE

405,894

6,565

Carrefour

SA

111,943

5,490

Compagnie

de

Saint-Gobain

SA

500,703

8,221

Compagnie

Generale

des

Etablissements

Michelin

SCA

333,882

676

Covivio

SA/France

41,139

12,819

Credit

Agricole

SA

196,040

7,814

Danone

SA

569,169

235

Dassault

Aviation

SA

48,525

8,100

Dassault

Systemes

SE

321,739

3,021

Edenred

SE

114,422

890

Eiffage

SA

85,944

22,107

Engie

SA

382,279

3,598

EssilorLuxottica

SA

852,455

553

Eurazeo

SE

45,491

557

Gecina

SA

64,133

3,661

Groupe

Eurotunnel

SA

65,300

383

Hermes

International

SCA

943,084

457

Ipsen

SA

56,293

901

Kering

SA

259,356

2,604

Klepierre

SA

85,323

1,233

La

Francaise

des

Jeux

SAEM

c

50,737

3,174

Legrand

SA

364,974

2,912

L'Oreal

SA

1,306,142

3,329

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,552,935

22,538

Orange

SA

258,126

2,453

Pernod-Ricard

SA

371,121

2,770

Publicis

Groupe

SA

303,139

268

Remy

Cointreau

SA,

DRIP

a,b

0

2,327

Renault

SA

101,162

2,730

Rexel

SA

79,134

4,137

Safran

SA

973,533

13,795

Sanofi

SA

1,588,350

353

Sartorius

Stedim

Biotech

73,911

6,618

Schneider

Electric

SE

1,744,560

293

SEB

SA

33,445

8,747

Societe

Generale

SA

217,969

1,071

Sodexo

SA

87,804

653

Teleperformance

SE

67,553

1,145

Thales

SA

181,977

26,119

TotalEnergies

SE

1,696,049

8,341

Veolia

Environnement

SA

274,614

6,055

Vinci

SA

707,810

Shares

Common

Stock  96.6%

Value

France  10.2%  -

continued

8,726

Vivendi

SE

$

100,944

Total

22,347,108

Germany  8.3%  

1,961

Adidas

AG

519,640

4,741

Allianz

SE

1,559,409

10,803

BASF

SE

572,591

11,891

Bayer

AG

402,294

3,860

Bayerische

Motoren

Werke

AG

341,366

991

Bechtle

AG

44,330

1,201

Beiersdorf

AG

180,774

1,563

Brenntag

AG

116,667

487

Carl

Zeiss

Meditec

AG

38,636

12,188

Commerzbank

AG

224,801

1,331

Continental

AG

86,254

2,288

Covestro

AG

a,c

142,590

755

CTS

Eventim

AG

&

Company

KGaA

78,615

5,977

Daimler

Truck

Holding

AG

224,421

2,237

Delivery

Hero

AG

a,c

90,530

22,936

Deutsche

Bank

AG

397,061

2,300

Deutsche

Boerse

AG

539,969

7,242

Deutsche

Lufthansa

AG

53,043

42,249

Deutsche

Telekom

AG

1,240,824

12,346

DHL

Group

550,715

27,174

E.ON

SE

404,674

3,102

Evonik

Industries

AG

72,616

2,486

Fresenius

Medical

Care

AG

105,634

5,113

Fresenius

SE

&

Company

KGaA

a

195,065

1,877

GEA

Group

AG

92,061

730

Hannover

Rueckversicherung

SE

208,386

1,653

Heidelberg

Materials

AG

180,078

1,258

Henkel

AG

&

Company

KGaA

106,946

15,807

Infineon

Technologies

AG

554,952

878

Knorr-Bremse

AG

78,234

897

LEG

Immobilien

SE

93,910

9,064

Mercedes-Benz

Group

AG

587,341

1,564

Merck

KGaA

276,095

651

MTU

Aero

Engines

AG

203,456

1,619

Muenchener

Rueckversicherungs-

Gesellschaft

AG

892,143

699

Nemetschek

SE

72,654

1,278

PUMA

SE

53,441

62

Rational

AG

63,299

527

Rheinmetall

AG

286,492

7,653

RWE

AG

278,821

12,639

SAP

SE

2,890,956

908

Scout24

SE

c

78,177

9,199

Siemens

AG

1,861,034

7,740

Siemens

Energy

AG

a

285,760

3,413

Siemens

Healthineers

AG

c

204,987

1,607

Symrise

AG

222,392

781

Talanx

AG

65,834

8,964

Vonovia

SE

327,246

2,714

Zalando

SE

a,c

89,703

Total

18,236,917

Hong

Kong  1.7%  

134,800

AIA

Group,

Ltd.

1,177,189

45,000

BOC

Hong

Kong

(Holdings),

Ltd.

142,572

23,500

CK

Asset

Holdings,

Ltd.

102,309

32,500

CK

Hutchison

Holdings,

Ltd.

184,266

20,000

CLP

Holdings,

Ltd.

174,848

26,000

Galaxy

Entertainment

Group,

Ltd.

128,393

9,200

Hang

Seng

Bank,

Ltd.

114,468

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Shares

Common

Stock  96.6%

Value

Hong

Kong  1.7%  -

continued

18,000

Henderson

Land

Development

Company,

Ltd.

$

57,001

46,000

HKT

Trust

and

HKT,

Ltd.

58,795

135,162

Hong

Kong

and

China

Gas

Company,

Ltd.

110,398

14,600

Hong

Kong

Exchanges

&

Clearing,

Ltd.

596,415

30,960

Link

REIT

154,344

19,000

MTR

Corporation,

Ltd.

71,025

17,000

Power

Assets

Holdings,

Ltd.

108,366

46,571

Sino

Land

Company,

Ltd.

50,860

17,500

Sun

Hung

Kai

Properties,

Ltd.

189,610

5,000

Swire

Pacific,

Ltd.

42,637

16,500

Techtronic

Industries

Company,

Ltd.

246,319

13,000

Wharf

Holdings,

Ltd.

36,913

Total

3,746,728

Ireland  0.4%  

21,973

AIB

Group

plc

125,868

12,312

Bank

of

Ireland

Group

plc

137,495

1,196

DCC

plc

81,650

5,222

James

Hardie

Industries

plc

a

207,509

1,870

Kerry

Group

plc

193,786

1,871

Kingspan

Group

plc

175,480

Total

921,788

Isle

of

Man  <0.1%  

7,734

Entain

plc

79,019

Total

79,019

Israel  0.8%  

500

Azrieli

Group,

Ltd.

34,868

15,377

Bank

Hapoalim

BM

154,125

18,432

Bank

Leumi

Le-Israel

BM

180,503

1,075

Check

Point

Software

Technologies,

Ltd.

a

207,271

522

CyberArk

Software,

Ltd.

a

152,220

323

Elbit

Systems,

Ltd.

64,276

1,208

Global-e

Online,

Ltd.

a

46,436

9,366

ICL

Group,

Ltd.

39,865

14,973

Israel

Discount

Bank,

Ltd.

83,887

1,875

Mizrahi

Tefahot

Bank,

Ltd.

73,280

452

Monday.com,

Ltd.

a

125,552

768

NICE,

Ltd.

a

133,525

13,561

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

244,369

640

Wix.com,

Ltd.

a

106,989

Total

1,647,166

Italy  2.1%  

1,507

Amplifon

SPA

43,372

15,589

Banco

BPM

SPA

105,327

7,451

Davide

Campari-Milano

NV

63,159

264

DiaSorin

SPA

30,869

98,444

Enel

SPA

786,353

27,828

Eni

SPA

423,475

7,395

Finecobank

Banca

Fineco

SPA

126,913

12,345

Generali

357,298

4,068

Infrastrutture

Wireless

Italiane

SPA

c

50,034

177,033

Intesa

Sanpaolo

SPA

757,826

4,898

Leonardo

SPA

109,624

6,049

Mediobanca

SPA

103,356

2,661

Moncler

SPA

169,178

7,148

Nexi

SPA

a,c

48,565

Shares

Common

Stock  96.6%

Value

Italy  2.1%  -

continued

5,533

Poste

Italiane

SPA

c

$

77,701

3,272

Prysmian

SPA

238,066

1,266

Recordati

SPA

71,638

24,407

Snam

SPA

124,323

117,366

Telecom

Italia

SPA

a

32,631

17,030

Terna

Rete

Elettrica

Nazionale

SPA

153,387

17,832

UniCredit

SPA

782,855

Total

4,655,950

Japan  21.8%  

9,300

Advantest

Corporation

437,391

7,900

Aeon

Company,

Ltd.

214,566

2,400

AGC,

Inc.

77,880

6,300

Aisin

Corporation

70,003

5,600

Ajinomoto

Company,

Inc.

216,731

1,900

All

Nippon

Airways

Company,

Ltd.

40,685

17,421

Asahi

Group

Holdings,

Ltd.

228,337

15,200

Asahi

Kasei

Corporation

115,237

8,300

Asics

Corporation

174,368

21,900

Astellas

Pharma,

Inc.

253,106

7,200

Bandai

Namco

Holdings,

Inc.

164,291

6,900

Bridgestone

Corporation

266,464

2,800

Brother

Industries,

Ltd.

54,915

11,300

Canon,

Inc.

372,169

4,200

Capcom

Company,

Ltd.

97,961

9,400

Central

Japan

Railway

Company

217,047

6,400

Chiba

Bank,

Ltd.

52,021

7,800

Chubu

Electric

Power

Company,

Inc.

91,667

8,100

Chugai

Pharmaceutical

Company,

Ltd.

392,616

12,700

Concordia

Financial

Group,

Ltd.

70,891

4,600

Dai

Nippon

Printing

Company,

Ltd.

82,134

3,900

Daifuku

Company,

Ltd.

75,495

11,000

Dai-Ichi

Mutual

Life

Insurance

Company,

Ltd.

285,421

22,400

Daiichi

Sankyo

Company,

Ltd.

739,925

3,200

Daikin

Industries,

Ltd.

449,155

700

Daito

Trust

Construction

Company,

Ltd.

85,264

6,800

Daiwa

House

Industry

Company,

Ltd.

214,037

16,100

Daiwa

Securities

Group,

Inc.

114,192

22,900

Denso

Corporation

344,219

2,500

Dentsu

Group,

Inc.

77,055

1,100

DISCO

Corporation

289,770

11,000

East

Japan

Railway

Company

218,306

3,100

Eisai

Company,

Ltd.

115,552

34,900

Eneos

Holdings,

Inc.

191,083

11,400

FANUC

Corporation

334,823

2,300

Fast

Retailing

Company,

Ltd.

763,134

1,600

Fuji

Electric

Company,

Ltd.

96,949

13,600

FUJIFILM

Holdings

NPV

352,062

20,100

Fujitsu,

Ltd.

413,244

3,400

Hamamatsu

Photonics

KK

44,364

2,800

Hankyu

Hanshin

Holdings,

Inc.

86,496

200

Hikari

Tsushin,

Inc.

44,544

1,300

Hitachi

Construction

Machinery

Company,

Ltd.

31,863

56,100

Hitachi,

Ltd.

1,487,623

54,300

Honda

Motor

Company,

Ltd.

579,725

1,300

Hoshizaki

Corporation

45,274

4,200

Hoya

Corporation

581,715

4,500

Hulic

Company,

Ltd.

45,808

1,400

IBIDEN

Company,

Ltd.

43,270

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Shares

Common

Stock  96.6%

Value

Japan  21.8%  -

continued

11,800

Idemitsu

Kosan

Company,

Ltd.

$

85,566

11,400

Inpex

Corporation

154,342

7,300

Isuzu

Motors,

Ltd.

99,537

14,400

ITOCHU

Corporation

776,089

1,700

Japan

Airlines

Company,

Ltd.

29,732

12,000

Japan

Exchange

Group,

Inc.

155,956

17,500

Japan

Post

Bank

Company,

Ltd.

164,277

23,300

Japan

Post

Holdings

Company,

Ltd.

223,427

2,300

Japan

Post

Insurance

Company,

Ltd.

42,242

15

Japan

Real

Estate

Investment

Corporation

59,634

14,500

Japan

Tobacco,

Inc.

422,802

7,000

JFE

Holdings,

Inc.

94,110

4,800

Kajima

Corporation

89,967

8,500

Kansai

Electric

Power

Company,

Inc.

140,869

5,600

Kao

Corporation

276,789

4,800

Kawasaki

Kisen

Kaisha,

Ltd.

74,830

18,600

KDDI

Corporation

595,898

1,600

Keisei

Electric

Railway

Company,

Ltd.

47,701

2,400

Keyence

Corporation

1,150,229

8,200

Kikkoman

Corporation

93,288

9,400

Kirin

Holdings

Company,

Ltd.

143,255

1,800

Kobe

Bussan

Company,

Ltd.

56,139

1,700

Kokusai

Electric

Corporation

38,333

11,200

Komatsu,

Ltd.

313,541

1,200

Konami

Group

Corporation

122,374

12,100

Kubota

Corporation

172,769

15,500

Kyocera

Corporation

181,152

2,900

Kyowa

Hakko

Kirin

Company,

Ltd.

51,175

1,000

Lasertec

Corporation

166,727

32,400

LY

Corporation

94,439

5,200

M3,

Inc.

52,073

2,900

Makita

Corporation

97,967

17,200

Marubeni

Corporation

284,176

4,200

MatsukiyoCocokara

&

Company

69,196

6,900

Mazda

Motor

Corporation

52,720

1,000

McDonald's

Holdings

Company

(Japan),

Ltd.

47,648

2,800

MEIJI

Holdings

Company,

Ltd.

70,035

4,400

Minebea

Mitsumu,

Inc.

86,972

16,400

Mitsubishi

Chemical

Group

Corporation

105,492

40,500

Mitsubishi

Corporation

841,584

23,000

Mitsubishi

Electric

Corporation

373,082

13,800

Mitsubishi

Estate

Company,

Ltd.

217,961

9,800

Mitsubishi

HC

Capital,

Inc.

69,601

38,800

Mitsubishi

Heavy

Industries,

Ltd.

579,827

134,400

Mitsubishi

UFJ

Financial

Group,

Inc.

1,380,100

31,100

Mitsui

&

Company,

Ltd.

695,522

2,100

Mitsui

Chemicals,

Inc.

56,095

32,300

Mitsui

Fudosan

Company,

Ltd.

304,358

4,200

Mitsui

O.S.K.

Lines,

Ltd.

145,407

29,230

Mizuho

Financial

Group,

Inc.

604,209

3,000

MonotaRO

Company,

Ltd.

50,025

15,600

MS

and

AD

Insurance

Group

Holdings,

Inc.

366,665

20,500

Murata

Manufacturing

Company,

Ltd.

405,669

3,000

NEC

Corporation

289,699

4,100

NEXON

Company,

Ltd.

81,475

10,200

Nidec

Corporation

214,742

Shares

Common

Stock  96.6%

Value

Japan  21.8%  -

continued

12,600

Nintendo

Company,

Ltd.

$

673,488

95

Nippon

Building

Fund,

Inc.

87,051

11,500

Nippon

Paint

Holdings

Company,

Ltd.

87,583

27

Nippon

Prologis

REIT,

Inc.

46,249

2,100

Nippon

Sanso

Holdings

Corporation

77,076

10,500

Nippon

Steel

Corporation

235,327

361,700

Nippon

Telegraph

and

Telephone

Corporation

370,810

5,600

Nippon

Yusen

Kabushiki

Kaisha

205,697

28,300

Nissan

Motor

Company,

Ltd.

80,390

2,400

Nissin

Foods

Holdings

Company,

Ltd.

67,066

1,000

Nitori

Holdings

Company,

Ltd.

148,882

8,500

Nitto

Denko

Corporation

143,040

36,400

Nomura

Holdings,

Inc.

189,971

1,300

Nomura

Real

Estate

Holdings,

Inc.

35,026

4,600

Nomura

Research

Institute,

Ltd.

170,714

7,600

NTT

Data

Group

Corporation

136,782

7,900

Obayashi

Corporation

100,675

4,000

OBIC

Company,

Ltd.

140,337

14,300

Olympus

Corporation

271,833

2,100

OMRON

Corporation

96,011

4,500

Ono

Pharmaceutical

Company,

Ltd.

60,405

500

Oracle

Corporation

Japan

51,622

13,200

Oriental

Land

Company,

Ltd.

341,450

14,000

ORIX

Corporation

327,584

4,500

Osaka

Gas

Company,

Ltd.

101,484

2,800

Otsuka

Corporation

69,151

5,100

Otsuka

Holdings

Company,

Ltd.

289,676

4,600

Pan

Pacific

International

Holdings

Company

119,526

28,200

Panasonic

Holdings

Corporation

247,730

18,200

Rakuten

Group,

Inc.

a

117,434

18,000

Recruit

Holdings

Company,

Ltd.

1,093,543

20,400

Renesas

Electronics

Corporation

296,058

25,300

Resona

Holdings,

Inc.

177,280

6,600

Ricoh

Company,

Ltd.

71,627

4,200

Rohm

Company,

Ltd.

47,316

3,300

SBI

Holdings,

Inc.

76,370

1,000

SCREEN

Holdings

Company,

Ltd.

70,321

1,900

SCSK

Corporation

39,395

5,000

Secom

Company,

Ltd.

184,945

3,500

Seiko

Epson

Corporation

64,745

4,600

Sekisui

Chemical

Company,

Ltd.

71,924

7,200

Sekisui

House,

Ltd.

199,913

26,800

Seven

&

I

Holdings

Company,

Ltd.

403,545

3,900

SG

Holdings

Company,

Ltd.

41,829

2,900

Shimadzu

Corporation

96,995

900

Shimano,

Inc.

171,331

21,800

Shin-Etsu

Chemical

Company,

Ltd.

911,031

9,300

Shionogi

&

Company,

Ltd.

133,308

4,800

Shiseido

Company,

Ltd.

130,544

5,300

Shizuoka

Financial

Group,

Inc.

46,228

700

SMC

Corporation

313,054

346,000

SoftBank

Corporation

451,734

12,500

SoftBank

Group

Corporation

741,453

11,400

Sompo

Holdings,

Inc.

256,965

75,500

Sony

Group

Corporation

1,466,783

7,300

Subaru

Corporation

129,145

4,200

Sumco

Corporation

45,427

12,600

Sumitomo

Corporation

282,946

8,600

Sumitomo

Electric

Industries,

Ltd.

139,644

3,000

Sumitomo

Metal

Mining

Company,

Ltd.

90,031

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Shares

Common

Stock  96.6%

Value

Japan  21.8%  -

continued

45,300

Sumitomo

Mitsui

Financial

Group,

Inc.

$

967,908

7,900

Sumitomo

Mitsui

Trust

Group,

Inc.

189,086

3,500

Sumitomo

Realty

&

Development

Company,

Ltd.

118,477

1,700

Suntory

Beverage

and

Food,

Ltd.

64,012

19,000

Suzuki

Motor

Corporation

213,938

6,100

Sysmex

Corporation

120,742

5,900

T&D

Holdings,

Inc.

104,022

2,000

Taisei

Corporation

87,825

19,300

Takeda

Pharmaceutical

Company,

Ltd.

556,102

23,500

TDK

Corporation

300,197

16,200

Terumo

Corporation

306,901

2,600

TIS,

Inc.

66,369

1,400

Toho

Company,

Ltd.

56,783

22,700

Tokio

Marine

Holdings,

Inc.

837,050

18,500

Tokyo

Electric

Power

Company

Holdings,

Inc.

a

82,049

5,400

Tokyo

Electron,

Ltd.

963,013

4,400

Tokyo

Gas

Company,

Ltd.

102,490

6,100

Tokyu

Corporation

78,994

2,900

TOPPAN

Holdings,

Inc.

86,311

16,800

Toray

Industries,

Inc.

99,218

1,700

TOTO,

Ltd.

63,236

1,800

Toyota

Industries

Corporation

139,577

124,300

Toyota

Motor

Corporation

2,234,170

7,700

Toyota

Tsusho

Corporation

140,785

1,500

Trend

Micro,

Inc.

89,063

4,900

Unicharm

Corporation

176,526

5,300

West

Japan

Railway

Company

100,654

3,150

Yakult

Honsha

Company,

Ltd.

72,950

10,200

Yamaha

Motor

Company,

Ltd.

91,862

2,900

Yaskawa

Electric

Corporation

101,519

2,800

Yokogawa

Electric

Corporation

71,750

1,200

Zensho

Holdings

Company,

Ltd.

66,487

1,600

ZOZO,

Inc.

58,127

Total

47,644,030

Jersey  0.7%  

11,118

Experian

plc

585,582

125,523

Glencore

plc

718,828

13,055

WPP

plc

133,728

Total

1,438,138

Luxembourg  0.2%  

5,677

ArcelorMittal

SA

148,650

1,635

Eurofins

Scientific

SE

103,661

2,421

InPost

SA

a

45,709

5,716

Tenaris

SA

90,724

Total

388,744

Netherlands  5.9%  

5,546

ABN

AMRO

Bank

NV

c

100,226

263

Adyen

NV

a,c

411,759

2,348

AerCap

Holdings

NV

222,403

7,192

Airbus

SE

1,052,596

2,065

Akzo

Nobel

NV

145,874

719

Argenx

SE

a

388,757

568

ASM

International

NV

374,744

4,836

ASML

Holding

NV

4,022,885

1,918

ASR

Nederland

NV

94,025

933

BE

Semiconductor

Industries

NV

118,995

972

Euronext

NV

c

105,508

1,204

EXOR

NV

129,074

Shares

Common

Stock  96.6%

Value

Netherlands  5.9%  -

continued

1,526

Ferrari

NV

$

715,087

6,316

Ferrovial

SE

271,444

1,569

Heineken

Holding

NV

118,539

3,486

Heineken

NV

309,453

690

IMCD

NV

119,864

39,983

ING

Groep

NV

725,414

1,475

JDE

Peet's

BV

30,802

47,779

Koninklijke

(Royal)

KPN

NV

195,144

11,339

Koninklijke

Ahold

Delhaize

NV

391,662

9,670

Koninklijke

Philips

NV

a

317,037

3,277

NN

Group

NV

163,510

1,279

OCI

NV

36,464

17,158

Prosus

NV

749,845

2,679

QIAGEN

NV

121,102

1,314

Randstad

Holding

NV

65,288

25,614

Stellantis

NV

354,704

8,195

STMicroelectronics

NV

244,739

9,960

Universal

Music

Group

NV

260,566

3,008

Wolters

Kluwer

NV

507,365

Total

12,864,875

New

Zealand  0.3%  

18,003

Auckland

International

Airport,

Ltd.

85,437

7,068

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

156,670

8,194

Mercury

NZ,

Ltd.

33,658

15,666

Meridian

Energy,

Ltd.

59,064

21,958

Spark

New

Zealand,

Ltd.

42,268

1,752

Xero,

Ltd.

a

181,097

Total

558,194

Norway  0.5%  

3,825

Aker

BP

ASA

81,866

10,839

DNB

Bank

ASA

222,276

10,141

Equinor

ASA

256,554

2,421

Gjensidige

Forsikring

ASA

45,286

1,065

Kongsberg

Gruppen

ASA

104,029

5,633

Mowi

ASA

101,188

17,022

Norsk

Hydro

ASA

109,962

8,485

Orkla

ASA

80,026

799

SalMar

ASA

41,907

7,453

Telenor

ASA

95,344

2,004

Yara

International

ASA

63,313

Total

1,201,751

Portugal  0.2%  

37,982

EDP

SA

173,229

5,625

Galp

Energia

SGPS

SA

105,285

3,428

Jeronimo

Martins

SGPS

SA

67,312

Total

345,826

Singapore  1.2%  

65,229

CapitaLand

Integrated

Commercial

Trust

107,216

28,300

Capitaland

Investment,

Ltd.

68,423

45,154

Capland

Ascendas

REIT

99,988

24,130

DBS

Group

Holdings,

Ltd.

714,593

73,200

Genting

Singapore,

Ltd.

49,618

17,600

Keppel,

Ltd.

90,406

40,963

Oversea-Chinese

Banking

Corporation,

Ltd.

479,512

10,800

Sembcorp

Industries,

Ltd.

46,426

18,000

Singapore

Airlines,

Ltd.

95,020

10,400

Singapore

Exchange,

Ltd.

92,152

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Shares

Common

Stock  96.6%

Value

Singapore  1.2%  -

continued

18,900

Singapore

Technologies

Engineering,

Ltd.

$

68,262

90,000

Singapore

Telecommunications,

Ltd.

226,297

15,300

United

Overseas

Bank,

Ltd.

381,918

23,300

Wilmar

International,

Ltd.

60,431

Total

2,580,262

Spain  2.6%  

299

Acciona

SA

42,421

2,223

ACS

Actividades

de

Construccion

y

Servicios

SA

102,607

908

Aena

SME

SA

c

199,466

5,453

Amadeus

IT

Holding

SA

394,921

69,758

Banco

Bilbao

Vizcaya

Argentaria

SA

753,546

65,847

Banco

de

Sabadell

SA

139,842

187,540

Banco

Santander

SA

960,932

43,986

CaixaBank

SA

262,506

6,413

Cellnex

Telecom

SA

c

260,002

3,777

EDP

Renovaveis

SA

65,904

3,844

Endesa

SA

83,979

3,610

Grifols

SA

a

41,027

73,924

Iberdrola

SA

1,142,804

13,203

Industria

de

Diseno

Textil

SA

781,968

4,912

Redeia

Corporacion

SA

95,495

14,735

Repsol

SA

194,345

48,041

Telefonica

SA

235,021

Total

5,756,786

Supranational  0.1%  

1,430

Unibail-Rodamco-Westfield

125,244

Total

125,244

Sweden  3.2%  

1,471

AB

Industrivarden,

Class

A

54,402

1,937

AB

Industrivarden,

Class

C

71,327

3,146

Addtech

AB

94,314

3,502

Alfa

Laval

AB

168,362

12,132

Assa

Abloy

AB

408,726

32,511

Atlas

Copco

AB,

Class

A

630,077

18,892

Atlas

Copco

AB,

Class

B

324,146

4,368

Beijer

Ref

AB

71,913

3,311

Boliden

AB

112,372

7,977

Epiroc

AB,

Class

A

172,778

4,720

Epiroc

AB,

Class

B

89,504

4,521

EQT

AB

155,197

7,375

Essity

AB

230,127

2,179

Evolution

Gaming

Group

AB

c

214,311

8,022

Fastighets

AB

Balder

a

70,548

2,769

Getinge

AB

59,594

6,856

Hennes

&

Mauritz

AB

116,769

25,130

Hexagon

AB

270,677

923

Holmen

AB

39,961

4,124

Husqvarna

AB

28,887

3,307

Indutrade

AB

102,914

1,792

Investment

AB

Latour

55,988

20,950

Investor

AB,

Class

B

645,600

920

L

E

Lundbergforetagen

AB

52,687

2,822

Lifco

AB

92,939

18,343

NIBE

Industrier

AB

100,532

3,877

Saab

AB

82,621

2,659

Sagax

AB

75,725

12,905

Sandvik

AB

288,777

5,953

Securitas

AB

75,573

Shares

Common

Stock  96.6%

Value

Sweden  3.2%  -

continued

19,207

Skandinaviska

Enskilda

Banken

AB

$

294,025

4,118

Skanska

AB

85,841

4,126

SKF

AB

82,185

7,335

Svenska

Cellulosa

AB

SCA

106,939

17,654

Svenska

Handelsbanken

AB

181,341

10,276

Swedbank

AB

218,115

2,359

Swedish

Orphan

Biovitrum

AB

a

75,955

6,494

Tele2

AB

73,471

33,578

Telefonaktiebolaget

LM

Ericsson

253,731

28,556

Telia

Company

AB

92,339

2,606

Trelleborg

AB

100,307

2,424

Volvo

AB,

Class

A

64,727

19,226

Volvo

AB,

Class

B

508,570

8,774

Volvo

Car

AB

a

24,155

Total

7,119,049

Switzerland  9.7%  

19,142

ABB,

Ltd.

1,110,535

2,039

Adecco

SA

69,539

6,048

Alcon,

Inc.

605,285

1,108

Avolta

AG

46,897

398

Bachem

Holding

AG

33,552

527

Baloise

Holding

AG

107,768

365

Banque

Cantonale

Vaudoise

37,699

43

Barry

Callebaut

AG

79,612

256

BKW

FMB

Energie

46,423

1

Chocoladefabriken

Lindt

and

Spruengli

AG

127,371

2,612

Clariant

AG

39,588

2,655

Coca-Cola

HBC

AG

94,657

6,507

Compagnie

Financiere

Richemont

SA

1,033,339

2,251

DSM-Firmenich

AG

310,655

85

EMS-CHEMIE

Holding

AG

71,420

720

Galderma

Group

AG

a

66,866

405

Geberit

AG

264,387

112

Givaudan

SA

614,493

449

Helvetia

Holding

AG

77,646

6,309

Holcim

AG

617,858

2,493

Julius

Baer

Group,

Ltd.

150,338

585

Kuehne

&

Nagel

International

AG

159,833

12

Lindt

&

Spruengli

AG

154,799

1,886

Logitech

International

SA

168,912

874

Lonza

Group

AG

554,626

31,712

Nestle

SA

3,186,816

23,856

Novartis

AG

2,746,837

275

Partners

Group

Holding

AG

414,611

387

Roche

Holding

AG,

Bearer

Shares

132,492

8,504

Roche

Holding

AG,

Participation

Certificates

2,721,427

4,956

Sandoz

Group

AG

206,531

284

Schindler

Holding

AG

80,772

493

Schindler

Holding

AG,

Participation

Certificates

144,698

1,862

SGS

SA

207,913

3,702

SIG

Group

AG

82,536

1,845

Sika

AG

611,554

613

Sonova

Holding

AG

220,800

1,351

Straumann

Holding

AG

220,990

350

Swatch

Group

AG,

Bearer

Shares

74,954

620

Swatch

Group

AG,

Registered

Shares

26,571

348

Swiss

Life

Holding

AG

291,192

936

Swiss

Prime

Site

AG

104,901

3,651

Swiss

Re

AG

505,223

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Shares

Common

Stock  96.6%

Value

Switzerland  9.7%  -

continued

313

Swisscom

AG

$

204,548

728

Temenos

AG

50,970

39,809

UBS

Group

AG

1,231,852

327

VAT

Group

AG

c

167,227

1,771

Zurich

Insurance

Group

AG

1,069,967

Total

21,349,480

United

Kingdom  13.6%  

11,781

3i

Group

plc

521,881

3,151

Admiral

Group

plc

117,454

15,380

Anglo

American

plc

499,938

4,773

Antofagasta

plc

128,656

5,293

Ashtead

Group

plc

410,107

4,063

Associated

British

Foods

plc

126,980

18,764

AstraZeneca

plc

2,923,181

10,907

Auto

Trader

Group

plc

c

126,796

32,403

Aviva

PLC

209,867

36,625

BAE

Systems

plc

608,052

178,684

Barclays

plc

536,872

16,683

Barratt

Developments

plc

107,032

1,237

Berkeley

Group

Holdings

plc

78,242

200,071

BP

plc

1,043,479

24,173

British

American

Tobacco

plc

881,303

78,296

BT

Group

plc

155,188

4,091

Bunzl

plc

193,746

63,472

Centrica

plc

99,279

2,499

Coca-Cola

European

Partners

plc

196,796

20,613

Compass

Group

plc

660,847

1,606

Croda

International

plc

90,743

26,930

Diageo

plc

940,664

2,224

Endeavour

Mining

plc

52,632

50,169

GSK

plc

1,021,494

88,428

Haleon

plc

462,700

4,595

Halma

plc

160,667

4,306

Hargreaves

Lansdown

plc

64,173

2,014

Hikma

Pharmaceuticals

plc

51,538

224,140

HSBC

Holdings

plc

2,010,768

9,829

Imperial

Brands

plc

285,917

16,137

Informa

plc

177,467

1,952

InterContinental

Hotels

Group

plc

212,574

1,953

Intertek

Group

plc

135,026

20,135

J

Sainsbury

plc

79,681

31,368

JD

Sports

Fashion

plc

64,679

22,261

Kingfisher

plc

96,073

8,565

Land

Securities

Group

plc

74,663

72,377

Legal

&

General

Group

plc

219,360

755,281

Lloyds

TSB

Group

plc

593,873

5,787

London

Stock

Exchange

Group

plc

792,305

27,364

M&G

plc

75,904

15,871

Melrose

Industries

plc

96,997

5,343

Mondi

plc

101,920

58,240

National

Grid

plc

805,053

80,452

NatWest

Group

plc

372,442

1,450

Next

plc

189,945

7,283

Pearson

plc

99,008

3,869

Persimmon

plc

85,141

8,486

Phoenix

Group

Holdings

plc

63,563

33,281

Prudential

plc

308,756

33,281

Prudential

plc,

DRIP

a,b

4

8,449

Reckitt

Benckiser

Group

plc

516,946

22,599

RELX

plc

1,067,043

30,556

Rentokil

Initial

plc

149,415

13,644

Rio

Tinto

plc

968,557

102,942

Rolls-Royce

Holdings

plc

a

728,572

12,159

Sage

Group

plc

167,019

Shares

Common

Stock  96.6%

Value

United

Kingdom  13.6%  -

continued

9,756

Schroders

plc

$

45,714

15,550

SEGRO

plc

182,254

3,258

Severn

Trent

plc

115,345

76,271

Shell

plc

2,474,368

10,583

Smith

&

Nephew

plc

164,258

4,200

Smiths

Group

plc

94,387

891

Spirax

Group

plc

89,817

13,235

SSE

plc

333,581

26,253

Standard

Chartered

plc

278,439

42,837

Taylor

Wimpey

plc

94,228

83,830

Tesco

plc

402,494

30,197

Unilever

plc

1,957,774

8,253

United

Utilities

Group

plc

115,710

273,547

Vodafone

Group

plc

274,149

2,180

Whitbread

plc

91,513

8,062

Wise

plc

a

72,491

Total

29,795,500

Total

Common

Stock

(cost

$150,979,014)

211,376,991

Shares

Preferred

Stock

0.4%

Germany  0.4%  

713

Bayerische

Motoren

Werke

AG

59,170

1,378

Dr.

Ing.

h.c.

F.

Porsche

AG

c

110,122

2,049

Henkel

AG

&

Company

KGaA

192,606

1,853

Porsche

Automobil

Holding

SE

84,899

317

Sartorius

AG

89,134

2,496

Volkswagen

AG

265,107

Total

801,038

Total

Preferred

Stock

(cost

$904,088)

801,038

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

88,995

Thrivent

Cash

Management

Trust

88,995

Total

Collateral

Held

for

Securities

Loaned

(cost

$88,995)

88,995

Shares

or

Principal

Amount

Short-Term

Investments

2.5%

Federal

Home

Loan

Bank

Discount

Notes

100,000

5.180%,

 10/4/2024

e,f

99,948

100,000

4.630%,

 11/22/2024

e,f

99,335

Federal

National

Mortgage

Association

Discount

Notes

100,000

4.985%,

 11/8/2024

e,f

99,510

Thrivent

Core

Short-Term

Reserve

Fund

526,787

5.250%

5,267,872

Total

Short-Term

Investments

(cost

$5,566,634)

5,566,665

Total

Investments

(cost

$157,538,731)

99.5%

$217,833,689

Other

Assets

and

Liabilities,

Net

0.5%

1,084,645

Total

Net

Assets

100.0%

$218,918,334

a

Non-income

producing

security.

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

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

September

30,

2024,

the

value

of

these

investments

was

$2,815,224

or

1.3%

of

total

net

assets.

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.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

International

Index

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

83,922

Total

lending

$83,922

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$88,995

Net

amounts

due

to

counterparty

$5,073

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

DRIP

-

Dividend

Reinvestment

Plan

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

9,093,878

422,374

8,671,504

–

Consumer

Discretionary

22,811,270

46,436

22,764,834

–

Consumer

Staples^

18,297,504

196,796

18,100,708

0

Energy

7,620,357

–

7,620,357

–

Financials

43,656,967

64,851

43,592,112

4

Health

Care

28,161,498

244,369

27,917,129

–

Industrials

36,823,637

393,312

36,430,325

–

Information

Technology

18,629,326

592,032

18,037,294

–

Materials

14,463,359

–

14,384,146

79,213

Real

Estate

4,616,864

–

4,616,864

–

Utilities

7,202,331

–

7,202,331

–

Preferred

Stock

Consumer

Discretionary

519,298

–

519,298

–

Consumer

Staples

192,606

–

192,606

–

Health

Care

89,134

–

89,134

–

Short-Term

Investments

298,793

–

298,793

–

Subtotal

Investments

in

Securities

$212,476,822

$1,960,170

$210,437,435

$79,217

Other

Investments  *

Total

Affiliated

Short-Term

Investments

5,267,872

Collateral

Held

for

Securities

Loaned

88,995

Subtotal

Other

Investments

$5,356,867

Total

Investments

at

Value

$217,833,689

*

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

the

table

above

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.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

International

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

103,550

103,550

–

–

Total

Asset

Derivatives

$103,550

$103,550

$–

$–

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$298,793

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

48

December

2024

$

5,867,170

$

103,550

Total

Futures

Long

Contracts

$

5,867,170

$

103,550

Total

Futures

Contracts

$

5,867,170

$103,550

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$2,283

$10,749

$7,764

$5,268

527

2.4%

Total

Affiliated

Short-Term

Investments

2,283

5,268

2.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

648

5,687

6,246

89

89

<0.1

Total

Collateral

Held

for

Securities

Loaned

648

89

<0.1

Total

Value

$2,931

$5,357

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$137

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$137

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

$–

$–

$

–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Shares

Common

Stock

97.4%

Value

Communications

Services  11.5%

1,103,651

Alphabet,

Inc.,

Class

C

$

184,519,411

278,108

Meta

Platforms,

Inc.

159,200,143

Total

343,719,554

Consumer

Discretionary  15.5%

950,187

Amazon.com,

Inc.

a

177,048,344

334,339

Best

Buy

Company,

Inc.

34,537,219

517,151

Chipotle

Mexican

Grill,

Inc.

a

29,798,241

160,549

DoorDash,

Inc.

a

22,915,159

529,002

eBay,

Inc.

34,443,320

248,931

Expedia

Group,

Inc.

a

36,846,767

142,427

Home

Depot,

Inc.

57,711,420

257,747

Tesla,

Inc.

a

67,434,347

Total

460,734,817

Consumer

Staples  1.3%

465,926

Walmart,

Inc.

37,623,524

Total

37,623,524

Energy  1.0%

1,068,539

Halliburton

Company

31,041,058

Total

31,041,058

Financials  7.5%

104,034

American

Express

Company

28,214,021

63,899

Ameriprise

Financial,

Inc.

30,020,389

47,424

FactSet

Research

Systems,

Inc.

21,807,927

142,585

J.P.

Morgan

Chase

&

Company

30,065,473

776,504

KeyCorp

13,006,442

456,369

PayPal

Holdings,

Inc.

a

35,610,473

233,981

Visa,

Inc.

64,333,076

Total

223,057,801

Health

Care  11.0%

83,713

Amgen,

Inc.

26,973,166

125,515

Danaher

Corporation

34,895,680

83,989

Eli

Lilly

&

Company

74,409,215

278,429

Gilead

Sciences,

Inc.

23,343,487

57,316

Humana,

Inc.

18,154,270

94,014

Intuitive

Surgical,

Inc.

a

46,186,258

97,902

Labcorp

Holdings,

Inc.

21,879,139

269,838

Medtronic

plc

24,293,515

63,722

Molina

Healthcare,

Inc.

a

21,956,052

183,353

Zoetis,

Inc.

35,823,509

Total

327,914,291

Industrials  6.0%

79,726

Caterpillar,

Inc.

31,182,433

559,318

Fastenal

Company

39,946,492

57,668

Northrop

Grumman

Corporation

30,452,741

676,024

Uber

Technologies,

Inc.

a

50,809,964

199,554

United

Parcel

Service,

Inc.

27,207,192

Total

179,598,822

Information

Technology  41.5%

400,988

Advanced

Micro

Devices,

Inc.

a

65,794,111

1,077,145

Apple,

Inc.

250,974,785

230,514

Applied

Materials,

Inc.

46,575,354

191,329

Broadcom,

Inc.

33,004,252

169,049

CDW

Corporation

38,255,789

386,996

Fortinet,

Inc.

a

30,011,540

166,237

International

Business

Machines

Corporation

36,751,676

667,766

Microsoft

Corporation

287,339,710

Shares

Common

Stock  97.4%

Value

Information

Technology  41.5%

-

continued

2,290,358

NVIDIA

Corporation

$

278,141,075

240,065

QUALCOMM,

Inc.

40,823,053

192,410

Salesforce,

Inc.

52,664,541

82,589

ServiceNow,

Inc.

a

73,866,776

Total

1,234,202,662

Materials  1.0%

188,544

Nucor

Corporation

28,345,705

Total

28,345,705

Real

Estate  1.1%

36,294

Equinix,

Inc.

32,215,643

Total

32,215,643

Total

Common

Stock

(cost

$1,512,986,402)

2,898,453,877

Shares

Short-Term

Investments

2.6%

Value

Thrivent

Core

Short-Term

Reserve

Fund

7,718,112

5.250%

77,181,116

Total

Short-Term

Investments

(cost

$77,181,116)

77,181,116

Total

Investments

(cost

$1,590,167,518)

100.0%

$2,975,634,993

Other

Assets

and

Liabilities,

Net

<0.1%

281,524

Total

Net

Assets

100.0%

$2,975,916,517

a

Non-income

producing

security.

Definitions:

plc

-

Public

Limited

Company

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

343,719,554

343,719,554

–

–

Consumer

Discretionary

460,734,817

460,734,817

–

–

Consumer

Staples

37,623,524

37,623,524

–

–

Energy

31,041,058

31,041,058

–

–

Financials

223,057,801

223,057,801

–

–

Health

Care

327,914,291

327,914,291

–

–

Industrials

179,598,822

179,598,822

–

–

Information

Technology

1,234,202,662

1,234,202,662

–

–

Materials

28,345,705

28,345,705

–

–

Real

Estate

32,215,643

32,215,643

–

–

Subtotal

Investments

in

Securities

$2,898,453,877

$2,898,453,877

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

77,181,116

Subtotal

Other

Investments

$77,181,116

Total

Investments

at

Value

$2,975,634,993

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$57,373

$254,601

$234,793

$77,181

7,718

2.6%

Total

Affiliated

Short-Term

Investments

57,373

77,181

2.6

Total

Value

$57,373

$77,181

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$2,400

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,400

Total

Value

$–

$–

$

–

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Shares

Common

Stock

99.2%

Value

Communications

Services  8.7%

229,897

Alphabet,

Inc.,

Class

A

$

38,128,417

188,465

Alphabet,

Inc.,

Class

C

31,509,463

281,348

AT&T,

Inc.

6,189,656

3,809

Charter

Communications,

Inc.

a

1,234,421

151,580

Comcast

Corporation

6,331,497

9,434

Electronic

Arts,

Inc.

1,353,213

8,814

Fox

Corporation,

Class

A

373,097

5,176

Fox

Corporation,

Class

B

200,829

14,738

Interpublic

Group

of

Companies,

Inc.

466,163

6,146

Live

Nation

Entertainment,

Inc.

a

672,926

10,120

Match

Group,

Inc.

a

382,941

85,725

Meta

Platforms,

Inc.

49,072,419

16,839

Netflix,

Inc.

a

11,943,397

14,845

News

Corporation,

Class

A

395,322

4,405

News

Corporation,

Class

B

123,120

7,677

Omnicom

Group,

Inc.

793,725

23,335

Paramount

Global

b

247,818

6,397

Take-Two

Interactive

Software,

Inc.

a

983,283

19,229

T-Mobile

US,

Inc.

3,968,096

165,174

Verizon

Communications,

Inc.

7,417,964

71,162

Walt

Disney

Company

6,845,073

87,550

Warner

Brothers

Discovery,

Inc.

a

722,287

Total

169,355,127

Consumer

Discretionary  10.0%

17,265

Airbnb,

Inc.

a

2,189,375

366,527

Amazon.com,

Inc.

a

68,294,976

10,428

Aptiv

plc

a

750,920

670

AutoZone,

Inc.

a

2,110,527

7,703

Best

Buy

Company,

Inc.

795,720

1,315

Booking

Holdings,

Inc.

5,538,938

8,937

BorgWarner,

Inc.

324,324

8,488

Caesars

Entertainment,

Inc.

a

354,289

6,124

CarMax,

Inc.

a

473,875

39,639

Carnival

Corporation

a

732,529

53,736

Chipotle

Mexican

Grill,

Inc.

a

3,096,268

11,514

D.R.

Horton,

Inc.

2,196,526

4,648

Darden

Restaurants,

Inc.

762,876

5,983

Deckers

Outdoor

Corporation

a

953,989

1,372

Domino's

Pizza,

Inc.

590,152

19,187

eBay,

Inc.

1,249,266

4,891

Expedia

Group,

Inc.

a

723,966

153,202

Ford

Motor

Company

1,617,813

6,034

Garmin,

Ltd.

1,062,165

44,101

General

Motors

Company

1,977,489

5,467

Genuine

Parts

Company

763,630

5,142

Hasbro,

Inc.

371,869

9,669

Hilton

Worldwide

Holdings,

Inc.

2,228,704

38,909

Home

Depot,

Inc.

15,765,927

13,870

Las

Vegas

Sands

Corporation

698,216

9,484

Lennar

Corporation

1,778,060

10,330

LKQ

Corporation

412,374

22,360

Lowe's

Companies,

Inc.

6,056,206

4,512

Lululemon

Athletica,

Inc.

a

1,224,331

9,168

Marriott

International,

Inc./MD

2,279,165

28,147

McDonald's

Corporation

8,571,043

9,059

MGM

Resorts

International

a

354,116

2,055

Mohawk

Industries,

Inc.

a

330,197

47,143

NIKE,

Inc.

4,167,441

17,253

Norwegian

Cruise

Line

Holdings,

Ltd.

a

353,859

122

NVR,

Inc.

a

1,197,040

2,276

O'Reilly

Automotive,

Inc.

a

2,621,042

Shares

Common

Stock  99.2%

Value

Consumer

Discretionary  10.0%

-

continued

1,501

Pool

Corporation

$

565,577

8,143

PulteGroup,

Inc.

1,168,765

1,572

Ralph

Lauren

Corporation

304,764

13,089

Ross

Stores,

Inc.

1,970,025

9,293

Royal

Caribbean

Cruises,

Ltd.

1,648,206

44,465

Starbucks

Corporation

4,334,893

9,034

Tapestry,

Inc.

424,417

108,870

Tesla,

Inc.

a

28,483,658

44,345

TJX

Companies,

Inc.

5,212,311

4,233

Tractor

Supply

Company

1,231,507

1,872

Ulta

Beauty,

Inc.

a

728,433

3,670

Wynn

Resorts,

Ltd.

351,880

11,033

Yum!

Brands,

Inc.

1,541,420

Total

192,935,059

Consumer

Staples  5.8%

66,949

Altria

Group,

Inc.

3,417,077

18,761

Archer-Daniels-Midland

Company

1,120,782

7,193

Brown-Forman

Corporation

353,896

5,558

Bunge

Global

SA

537,125

7,732

Campbell

Soup

Company

378,249

9,606

Church

&

Dwight

Company,

Inc.

1,005,940

4,860

Clorox

Company

791,743

152,201

Coca-Cola

Company

10,937,164

32,062

Colgate-Palmolive

Company

3,328,356

18,797

Conagra

Brands,

Inc.

611,278

6,148

Constellation

Brands,

Inc.

1,584,278

17,396

Costco

Wholesale

Corporation

15,421,902

8,629

Dollar

General

Corporation

729,755

7,928

Dollar

Tree,

Inc.

a

557,497

9,144

Estee

Lauder

Companies,

Inc.

911,565

21,841

General

Mills,

Inc.

1,612,958

5,794

Hershey

Company

1,111,173

11,403

Hormel

Foods

Corporation

361,475

4,177

J.M.

Smucker

Company

505,835

10,527

Kellanova

849,634

75,148

Kenvue,

Inc.

1,738,173

41,504

Keurig

Dr

Pepper,

Inc.

1,555,570

13,215

Kimberly-Clark

Corporation

1,880,230

34,632

Kraft

Heinz

Company

1,215,930

26,056

Kroger

Company

1,493,009

5,638

Lamb

Weston

Holdings,

Inc.

365,004

9,888

McCormick

&

Company,

Inc.

813,782

6,894

Molson

Coors

Beverage

Company

396,543

52,415

Mondelez

International,

Inc.

3,861,413

27,674

Monster

Beverage

Corporation

a

1,443,753

53,897

PepsiCo,

Inc.

9,165,185

61,008

Philip

Morris

International,

Inc.

7,406,371

92,369

Procter

&

Gamble

Company

15,998,311

19,296

Sysco

Corporation

1,506,246

18,153

Target

Corporation

2,829,327

11,215

Tyson

Foods,

Inc.

667,965

28,115

Walgreens

Boots

Alliance,

Inc.

251,910

170,432

Walmart,

Inc.

13,762,384

Total

112,478,788

Energy  3.3%

14,515

APA

Corporation

355,037

38,980

Baker

Hughes

Company

1,409,127

66,740

Chevron

Corporation

9,828,800

45,565

ConocoPhillips

4,797,083

29,007

Coterra

Energy,

Inc.

694,718

24,571

Devon

Energy

Corporation

961,217

7,352

Diamondback

Energy,

Inc.

1,267,485

22,311

EOG

Resources,

Inc.

2,742,691

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Shares

Common

Stock  99.2%

Value

Energy  3.3%

-

continued

23,308

EQT

Corporation

$

854,005

174,329

Exxon

Mobil

Corporation

20,434,845

34,640

Halliburton

Company

1,006,292

10,845

Hess

Corporation

1,472,751

75,766

Kinder

Morgan,

Inc.

1,673,671

21,949

Marathon

Oil

Corporation

584,502

13,132

Marathon

Petroleum

Corporation

2,139,334

26,420

Occidental

Petroleum

Corporation

1,361,687

22,918

ONEOK,

Inc.

2,088,517

16,424

Phillips

66

2,158,935

55,719

Schlumberger

NV

2,337,412

8,596

Targa

Resources

Corporation

1,272,294

12,571

Valero

Energy

Corporation

1,697,462

47,829

Williams

Companies,

Inc.

2,183,394

Total

63,321,259

Financials  12.8%

19,777

Aflac,

Inc.

2,211,069

10,361

Allstate

Corporation

1,964,964

22,037

American

Express

Company

5,976,434

25,268

American

International

Group,

Inc.

1,850,376

3,852

Ameriprise

Financial,

Inc.

1,809,708

8,524

Aon

plc

2,949,219

14,696

Arch

Capital

Group,

Ltd.

a

1,644,188

8,597

Arthur

J.

Gallagher

&

Company

2,418,938

2,032

Assurant,

Inc.

404,084

264,891

Bank

of

America

Corporation

10,510,875

28,956

Bank

of

New

York

Mellon

Corporation

2,080,778

71,876

Berkshire

Hathaway,

Inc.

a

33,081,648

5,464

BlackRock,

Inc.

5,188,123

28,255

Blackstone,

Inc.

4,326,688

9,291

Brown

&

Brown,

Inc.

962,548

14,983

Capital

One

Financial

Corporation

2,243,405

4,105

Cboe

Global

Markets,

Inc.

840,991

58,618

Charles

Schwab

Corporation

3,799,033

14,740

Chubb,

Ltd.

4,250,869

6,131

Cincinnati

Financial

Corporation

834,552

74,858

Citigroup,

Inc.

4,686,111

17,590

Citizens

Financial

Group,

Inc.

722,421

14,129

CME

Group,

Inc.

3,117,564

2,724

Corpay,

Inc.

a

851,958

9,852

Discover

Financial

Services

1,382,137

979

Erie

Indemnity

Company

528,484

1,698

Everest

Group,

Ltd.

665,327

1,493

FactSet

Research

Systems,

Inc.

686,556

21,407

Fidelity

National

Information

Services,

Inc.

1,792,836

26,556

Fifth

Third

Bancorp

1,137,659

22,590

Fiserv,

Inc.

a

4,058,293

12,108

Franklin

Resources,

Inc.

243,976

3,524

Global

Life,

Inc.

373,227

9,983

Global

Payments,

Inc.

1,022,459

12,391

Goldman

Sachs

Group,

Inc.

6,134,908

11,497

Hartford

Financial

Services

Group,

Inc.

1,352,162

56,991

Huntington

Bancshares,

Inc./OH

837,768

22,529

Intercontinental

Exchange,

Inc.

3,619,059

17,658

Invesco,

Ltd.

310,074

111,640

J.P.

Morgan

Chase

&

Company

23,540,410

2,860

Jack

Henry

&

Associates,

Inc.

504,904

36,418

KeyCorp

610,001

26,463

KKR

&

Company,

Inc.

3,455,539

7,150

Loews

Corporation

565,207

6,553

M&T

Bank

Corporation

1,167,220

Shares

Common

Stock  99.2%

Value

Financials  12.8%

-

continued

1,481

MarketAxess

Holdings,

Inc.

$

379,432

19,296

Marsh

&

McLennan

Companies,

Inc.

4,304,745

32,373

Mastercard,

Inc.

15,985,787

23,083

MetLife,

Inc.

1,903,886

6,145

Moody's

Corporation

2,916,356

48,881

Morgan

Stanley

5,095,355

3,086

MSCI,

Inc.

1,798,922

16,238

Nasdaq,

Inc.

1,185,536

7,912

Northern

Trust

Corporation

712,317

40,114

PayPal

Holdings,

Inc.

a

3,130,095

15,598

PNC

Financial

Services

Group,

Inc.

2,883,290

8,360

Principal

Financial

Group,

Inc.

718,124

22,980

Progressive

Corporation

5,831,405

14,008

Prudential

Financial,

Inc.

1,696,369

7,273

Raymond

James

Financial,

Inc.

890,652

35,908

Regions

Financial

Corporation

837,734

12,564

S&P

Global,

Inc.

6,490,814

11,717

State

Street

Corporation

1,036,603

15,508

Synchrony

Financial

773,539

8,734

T.

Rowe

Price

Group,

Inc.

951,395

8,944

Travelers

Companies,

Inc.

2,093,969

52,546

Truist

Financial

Corporation

2,247,392

61,230

U.S.

Bancorp

2,800,048

65,545

Visa,

Inc.

18,021,598

11,796

W.R.

Berkley

Corporation

669,187

133,558

Wells

Fargo

&

Company

7,544,691

3,985

Willis

Towers

Watson

plc

1,173,702

Total

246,787,693

Health

Care  11.5%

68,271

Abbott

Laboratories

7,783,577

69,308

AbbVie,

Inc.

13,686,944

11,449

Agilent

Technologies,

Inc.

1,699,948

2,755

Align

Technology,

Inc.

a

700,652

21,084

Amgen,

Inc.

6,793,476

20,018

Baxter

International,

Inc.

760,083

11,342

Becton,

Dickinson

and

Company

2,734,556

5,716

Biogen,

Inc.

a

1,107,989

6,183

Bio-Techne

Corporation

494,207

57,784

Boston

Scientific

Corporation

a

4,842,299

79,552

Bristol-Myers

Squibb

Company

4,116,021

9,568

Cardinal

Health,

Inc.

1,057,455

7,101

Catalent,

Inc.

a

430,108

6,845

Cencora,

Inc.

1,540,673

20,641

Centene

Corporation

a

1,553,855

2,026

Charles

River

Laboratories

International,

Inc.

a

399,061

10,969

Cigna

Group

3,800,100

7,814

Cooper

Companies,

Inc.

a

862,197

49,360

CVS

Health

Corporation

3,103,757

25,221

Danaher

Corporation

7,011,942

1,811

DaVita,

Inc.

a

296,877

15,724

Dexcom,

Inc.

a

1,054,137

23,637

Edwards

Lifesciences

Corporation

a

1,559,806

9,099

Elevance

Health,

Inc.

4,731,480

30,953

Eli

Lilly

&

Company

27,422,501

17,919

GE

HealthCare

Technologies,

Inc.

1,681,698

48,852

Gilead

Sciences,

Inc.

4,095,752

7,291

HCA

Healthcare,

Inc.

2,963,281

4,972

Henry

Schein,

Inc.

a

362,459

9,114

Hologic,

Inc.

a

742,426

4,724

Humana,

Inc.

1,496,280

3,230

IDEXX

Laboratories,

Inc.

a

1,631,861

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Shares

Common

Stock  99.2%

Value

Health

Care  11.5%

-

continued

6,272

Incyte

Corporation

a

$

414,579

2,751

Insulet

Corporation

a

640,295

13,918

Intuitive

Surgical,

Inc.

a

6,837,496

6,796

IQVIA

Holding,

Inc.

a

1,610,448

94,457

Johnson

&

Johnson

15,307,701

3,294

Labcorp

Holdings,

Inc.

736,143

5,089

McKesson

Corporation

2,516,103

50,327

Medtronic

plc

4,530,940

99,462

Merck

&

Company,

Inc.

11,294,905

833

Mettler-Toledo

International,

Inc.

a

1,249,250

13,273

Moderna,

Inc.

a

887,035

2,299

Molina

Healthcare,

Inc.

a

792,143

222,351

Pfizer,

Inc.

6,434,838

4,368

Quest

Diagnostics,

Inc.

678,132

4,164

Regeneron

Pharmaceuticals,

Inc.

a

4,377,363

5,765

ResMed,

Inc.

1,407,352

4,840

Revvity,

Inc.

618,310

5,421

Solventum

Corporation

a

377,952

3,869

STERIS

plc

938,387

13,453

Stryker

Corporation

4,860,031

1,849

Teleflex,

Inc.

457,295

14,989

Thermo

Fisher

Scientific,

Inc.

9,271,746

36,233

UnitedHealth

Group,

Inc.

21,184,710

2,333

Universal

Health

Services,

Inc.

534,280

10,128

Vertex

Pharmaceuticals,

Inc.

a

4,710,330

46,832

Viatris,

Inc.

543,720

2,329

Waters

Corporation

a

838,184

2,847

West

Pharmaceutical

Services,

Inc.

854,556

7,991

Zimmer

Biomet

Holdings,

Inc.

862,628

17,777

Zoetis,

Inc.

3,473,270

Total

221,757,580

Industrials  8.4%

21,556

3M

Company

2,946,705

4,707

A.O.

Smith

Corporation

422,830

3,419

Allegion

plc

498,285

4,914

Amentum

Holdings,

Inc.

a

158,477

9,085

AMETEK,

Inc.

1,559,985

16,002

Automatic

Data

Processing,

Inc.

4,428,234

2,817

Axon

Enterprise,

Inc.

a

1,125,673

22,968

Boeing

Company

a

3,492,055

4,580

Broadridge

Financial

Solutions,

Inc.

984,837

4,570

Builders

FirstSource,

Inc.

a

885,940

4,602

C.H.

Robinson

Worldwide,

Inc.

507,923

32,943

Carrier

Global

Corporation

2,651,582

19,026

Caterpillar,

Inc.

7,441,449

13,444

Cintas

Corporation

2,767,851

34,361

Copart,

Inc.

a

1,800,516

76,073

CSX

Corporation

2,626,801

5,378

Cummins,

Inc.

1,741,343

6,204

Dayforce,

Inc.

a

379,995

10,056

Deere

&

Company

4,196,671

25,162

Delta

Air

Lines,

Inc.

1,277,978

5,394

Dover

Corporation

1,034,246

15,621

Eaton

Corporation

plc

5,177,424

22,471

Emerson

Electric

Company

2,457,653

4,855

Equifax,

Inc.

1,426,690

5,538

Expeditors

International

of

Washington,

Inc.

727,693

22,469

Fastenal

Company

1,604,736

8,843

FedEx

Corporation

2,420,152

13,747

Fortive

Corporation

1,085,051

10,783

GE

Vernova,

Inc.

a

2,749,449

Shares

Common

Stock  99.2%

Value

Industrials  8.4%

-

continued

2,360

Generac

Holdings,

Inc.

a

$

374,957

10,119

General

Dynamics

Corporation

3,057,962

42,547

General

Electric

Company

8,023,513

25,551

Honeywell

International,

Inc.

5,281,647

16,015

Howmet

Aerospace,

Inc.

1,605,504

2,107

Hubbell,

Inc.

902,533

1,538

Huntington

Ingalls

Industries,

Inc.

406,616

2,970

IDEX

Corporation

637,065

10,601

Illinois

Tool

Works,

Inc.

2,778,204

15,832

Ingersoll

Rand,

Inc.

1,554,069

4,914

Jacobs

Solutions,

Inc.

643,243

3,162

JB

Hunt

Transport

Services,

Inc.

544,908

26,211

Johnson

Controls

International

plc

2,034,236

7,444

L3Harris

Technologies,

Inc.

1,770,704

5,286

Leidos

Holdings,

Inc.

861,618

8,324

Lockheed

Martin

Corporation

4,865,877

8,564

Masco

Corporation

718,862

2,135

Nordson

Corporation

560,715

8,872

Norfolk

Southern

Corporation

2,204,692

5,394

Northrop

Grumman

Corporation

2,848,410

7,400

Old

Dominion

Freight

Line,

Inc.

1,469,936

15,717

Otis

Worldwide

Corporation

1,633,625

20,569

PACCAR,

Inc.

2,029,749

5,044

Parker-Hannifin

Corporation

3,186,900

12,576

Paychex,

Inc.

1,687,573

1,910

Paycom

Software,

Inc.

318,149

6,494

Pentair

plc

635,048

5,781

Quanta

Services,

Inc.

1,723,605

8,010

Republic

Services,

Inc.

1,608,728

4,452

Rockwell

Automation,

Inc.

1,195,184

11,022

Rollins,

Inc.

557,493

52,196

RTX

Corporation

6,324,067

2,067

Snap-On,

Inc.

598,831

23,510

Southwest

Airlines

Company

696,601

6,041

Stanley

Black

&

Decker,

Inc.

665,295

7,352

Textron,

Inc.

651,240

8,855

Trane

Technologies

plc

3,442,204

2,201

TransDigm

Group,

Inc.

3,141,113

82,437

Uber

Technologies,

Inc.

a

6,195,965

23,904

Union

Pacific

Corporation

5,891,858

12,903

United

Airlines

Holdings,

Inc.

a

736,245

28,743

United

Parcel

Service,

Inc.

3,918,821

2,612

United

Rentals,

Inc.

2,115,015

9,696

Veralto

Corporation

1,084,595

5,588

Verisk

Analytics,

Inc.

1,497,361

1,743

W.W.

Grainger,

Inc.

1,810,646

6,874

Wabtec

Corporation

1,249,487

14,330

Waste

Management,

Inc.

2,974,908

9,531

Xylem,

Inc.

1,286,971

Total

162,580,772

Information

Technology  31.7%

24,578

Accenture

plc

8,687,831

17,399

Adobe,

Inc.

a

9,008,854

63,507

Advanced

Micro

Devices,

Inc.

a

10,420,229

5,945

Akamai

Technologies,

Inc.

a

600,148

47,254

Amphenol

Corporation

3,079,071

19,471

Analog

Devices,

Inc.

4,481,640

3,429

ANSYS,

Inc.

a

1,092,582

596,584

Apple,

Inc.

139,004,072

32,488

Applied

Materials,

Inc.

6,564,200

10,108

Arista

Networks,

Inc.

a

3,879,653

8,454

Autodesk,

Inc.

a

2,328,908

182,650

Broadcom,

Inc.

31,507,125

10,744

Cadence

Design

Systems,

Inc.

a

2,911,946

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Shares

Common

Stock  99.2%

Value

Information

Technology  31.7%

-

continued

5,242

CDW

Corporation

$

1,186,265

158,084

Cisco

Systems,

Inc.

8,413,230

19,449

Cognizant

Technology

Solutions

Corporation

1,501,074

30,219

Corning,

Inc.

1,364,388

9,060

CrowdStrike

Holdings,

Inc.

a

2,541,058

11,288

Dell

Technologies,

Inc.

1,338,080

5,314

Enphase

Energy,

Inc.

a

600,588

2,234

EPAM

Systems,

Inc.

a

444,633

2,287

F5,

Inc.

a

503,597

962

Fair

Isaac

Corporation

a

1,869,666

4,200

First

Solar,

Inc.

a

1,047,648

24,911

Fortinet,

Inc.

a

1,931,848

3,023

Gartner,

Inc.

a

1,531,935

21,254

Gen

Digital,

Inc.

582,997

5,531

GoDaddy,

Inc.

a

867,150

50,997

Hewlett

Packard

Enterprise

Company

1,043,399

38,397

HP,

Inc.

1,377,300

167,430

Intel

Corporation

3,927,908

36,144

International

Business

Machines

Corporation

7,990,716

10,969

Intuit,

Inc.

6,811,749

4,451

Jabil,

Inc.

533,363

12,916

Juniper

Networks,

Inc.

503,466

6,848

Keysight

Technologies,

Inc.

a

1,088,353

5,274

KLA

Corporation

4,084,238

5,116

Lam

Research

Corporation

4,175,065

21,052

Microchip

Technology,

Inc.

1,690,265

43,509

Micron

Technology,

Inc.

4,512,318

291,659

Microsoft

Corporation

125,500,868

1,913

Monolithic

Power

Systems,

Inc.

1,768,568

6,547

Motorola

Solutions,

Inc.

2,943,728

8,066

NetApp,

Inc.

996,232

965,262

NVIDIA

Corporation

117,221,417

9,995

NXP

Semiconductors

NV

2,398,900

16,808

ON

Semiconductor

Corporation

a

1,220,429

62,718

Oracle

Corporation

10,687,147

79,017

Palantir

Technologies,

Inc.

a

2,939,432

12,705

Palo

Alto

Networks,

Inc.

a

4,342,569

4,714

PTC,

Inc.

a

851,631

3,722

Qorvo,

Inc.

a

384,483

43,712

QUALCOMM,

Inc.

7,433,226

4,206

Roper

Industries,

Inc.

2,340,387

38,022

Salesforce,

Inc.

10,407,002

8,239

Seagate

Technology

Holdings

plc

902,418

8,083

ServiceNow,

Inc.

a

7,229,354

6,267

Skyworks

Solutions,

Inc.

618,992

19,760

Super

Micro

Computer,

Inc.

a

8,228,064

6,012

Synopsys,

Inc.

a

3,044,417

11,925

TE

Connectivity

plc

1,800,556

1,836

Teledyne

Technologies,

Inc.

a

803,544

6,403

Teradyne,

Inc.

857,554

35,826

Texas

Instruments,

Inc.

7,400,577

9,582

Trimble,

Inc.

a

594,946

1,675

Tyler

Technologies,

Inc.

a

977,731

3,293

VeriSign,

Inc.

a

625,538

12,812

Western

Digital

Corporation

a

874,931

2,024

Zebra

Technologies

Corporation

a

749,528

Total

613,172,725

Materials  2.2%

8,724

Air

Products

and

Chemicals,

Inc.

2,597,484

4,612

Albemarle

Corporation

b

436,803

56,713

Amcor

plc

642,558

Shares

Common

Stock  99.2%

Value

Materials  2.2%

-

continued

3,160

Avery

Dennison

Corporation

$

697,602

11,911

Ball

Corporation

808,876

4,287

Celanese

Corporation

582,861

7,079

CF

Industries

Holdings,

Inc.

607,378

27,163

Corteva,

Inc.

1,596,913

27,503

Dow,

Inc.

1,502,489

16,382

DuPont

de

Nemours,

Inc.

1,459,800

4,587

Eastman

Chemical

Company

513,515

9,937

Ecolab,

Inc.

2,537,214

4,898

FMC

Corporation

322,974

56,380

Freeport-McMoRan,

Inc.

2,814,490

10,032

International

Flavors

&

Fragrances,

Inc.

1,052,658

13,630

International

Paper

Company

665,825

18,862

Linde

plc

8,994,533

10,205

LyondellBasell

Industries

NV

978,660

2,398

Martin

Marietta

Materials,

Inc.

1,290,723

12,503

Mosaic

Company

334,830

45,023

Newmont

Corporation

2,406,479

9,312

Nucor

Corporation

1,399,966

3,499

Packaging

Corporation

of

America

753,685

9,154

PPG

Industries,

Inc.

1,212,539

9,106

Sherwin-Williams

Company

3,475,487

19,360

Smurfit

WestRock

plc

956,771

5,631

Steel

Dynamics,

Inc.

709,956

5,181

Vulcan

Materials

Company

1,297,478

Total

42,650,547

Real

Estate  2.3%

6,109

Alexandria

Real

Estate

Equities,

Inc.

725,444

18,328

American

Tower

Corporation

4,262,360

5,573

AvalonBay

Communities,

Inc.

1,255,318

5,701

BXP,

Inc.

458,703

4,184

Camden

Property

Trust

516,850

11,819

CBRE

Group,

Inc.

a

1,471,229

16,081

CoStar

Group,

Inc.

a

1,213,151

17,052

Crown

Castle,

Inc.

2,022,879

12,076

Digital

Realty

Trust,

Inc.

1,954,259

3,726

Equinix,

Inc.

3,307,309

13,387

Equity

Residential

996,796

2,520

Essex

Property

Trust,

Inc.

744,458

8,316

Extra

Space

Storage,

Inc.

1,498,460

2,952

Federal

Realty

Investment

Trust

339,391

27,615

Healthpeak

Properties,

Inc.

631,555

27,563

Host

Hotels

&

Resorts,

Inc.

485,109

22,355

Invitation

Homes,

Inc.

788,237

11,510

Iron

Mountain,

Inc.

1,367,733

26,451

Kimco

Realty

Corporation

614,192

4,586

Mid-America

Apartment

Communities,

Inc.

728,715

36,331

Prologis,

Inc.

4,587,879

6,180

Public

Storage

2,248,717

34,171

Realty

Income

Corporation

2,167,125

6,410

Regency

Centers

Corporation

462,994

4,217

SBA

Communications

Corporation

1,015,032

12,026

Simon

Property

Group,

Inc.

2,032,635

11,777

UDR,

Inc.

533,969

16,211

Ventas,

Inc.

1,039,611

41,089

VICI

Properties,

Inc.

1,368,675

22,707

Welltower,

Inc.

2,907,177

28,538

Weyerhaeuser

Company

966,297

Total

44,712,259

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Shares

Common

Stock  99.2%

Value

Utilities  2.5%

27,896

AES

Corporation

$

559,594

10,064

Alliant

Energy

Corporation

610,784

10,469

Ameren

Corporation

915,619

20,880

American

Electric

Power

Company,

Inc.

2,142,288

7,646

American

Water

Works

Company,

Inc.

1,118,151

6,091

Atmos

Energy

Corporation

844,883

25,572

CenterPoint

Energy,

Inc.

752,328

11,721

CMS

Energy

Corporation

827,854

13,570

Consolidated

Edison,

Inc.

1,413,044

12,270

Constellation

Energy

Corporation

3,190,445

32,918

Dominion

Energy,

Inc.

1,902,331

8,123

DTE

Energy

Company

1,043,074

30,292

Duke

Energy

Corporation

3,492,667

15,153

Edison

International

1,319,675

8,390

Entergy

Corporation

1,104,208

9,023

Evergy,

Inc.

559,516

14,024

Eversource

Energy

954,333

39,238

Exelon

Corporation

1,591,101

20,112

FirstEnergy

Corporation

891,967

80,617

NextEra

Energy,

Inc.

6,814,555

17,598

NiSource,

Inc.

609,771

8,098

NRG

Energy,

Inc.

737,728

83,870

PG&E

Corporation

1,658,110

4,456

Pinnacle

West

Capital

Corporation

394,757

28,948

PPL

Corporation

957,600

19,547

Public

Service

Enterprise

Group,

Inc.

1,743,788

24,844

Sempra

2,077,704

42,905

Southern

Company

3,869,173

13,481

Vistra

Energy

Corporation

1,598,038

12,402

WEC

Energy

Group,

Inc.

1,192,824

21,876

Xcel

Energy,

Inc.

1,428,503

Total

48,316,413

Total

Common

Stock

(cost

$555,252,783)

1,918,068,222

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

638,200

Thrivent

Cash

Management

Trust

638,200

Total

Collateral

Held

for

Securities

Loaned

(cost

$638,200)

638,200

Shares

or

Principal

Amount

Short-Term

Investments

1.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

4.630%,

11/22/2024

c,d

695,342

700,000

4.950%,

11/29/2024

c,d

694,727

Thrivent

Core

Short-Term

Reserve

Fund

2,232,293

5.250%

22,322,926

Total

Short-Term

Investments

(cost

$23,712,566)

23,712,995

Total

Investments

(cost

$579,603,549)

100.4%

$1,942,419,417

Other

Assets

and

Liabilities,

Net

(0.4%)

(7,588,706)

Total

Net

Assets

100.0%

$1,934,830,711

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

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

612,132

Total

lending

$612,132

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$638,200

Net

amounts

due

to

counterparty

$26,068

Definitions:

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

169,355,127

169,355,127

–

–

Consumer

Discretionary

192,935,059

192,935,059

–

–

Consumer

Staples

112,478,788

112,478,788

–

–

Energy

63,321,259

63,321,259

–

–

Financials

246,787,693

246,787,693

–

–

Health

Care

221,757,580

221,757,580

–

–

Industrials

162,580,772

162,580,772

–

–

Information

Technology

613,172,725

613,172,725

–

–

Materials

42,650,547

42,650,547

–

–

Real

Estate

44,712,259

44,712,259

–

–

Utilities

48,316,413

48,316,413

–

–

Short-Term

Investments

1,390,069

–

1,390,069

–

Subtotal

Investments

in

Securities

$1,919,458,291

$1,918,068,222

$1,390,069

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

22,322,926

Collateral

Held

for

Securities

Loaned

638,200

Subtotal

Other

Investments

$22,961,126

Total

Investments

at

Value

$1,942,419,417

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Large

Cap

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

35,723

35,723

–

–

Total

Asset

Derivatives

$35,723

$35,723

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$1,390,069

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

60

December

2024

$

17,407,027

$

35,723

Total

Futures

Long

Contracts

$

17,407,027

$

35,723

Total

Futures

Contracts

$

17,407,027

$35,723

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$3,008

$96,945

$77,630

$22,323

2,232

1.1%

Total

Affiliated

Short-Term

Investments

3,008

22,323

1.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

725

9,883

9,970

638

638

<0.1

Total

Collateral

Held

for

Securities

Loaned

725

638

<0.1

Total

Value

$3,733

$22,961

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$363

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$363

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

10

Total

Affiliated

Income

from

Securities

Loaned,

Net

$10

Total

Value

$–

$–

$

–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Shares

Common

Stock

98.1%

Value

Communications

Services  6.8%

256,228

Alphabet,

Inc.,

Class

C

$

42,838,759

982,449

Comcast

Corporation

41,036,895

83,368

Meta

Platforms,

Inc.

47,723,178

1,397,117

Verizon

Communications,

Inc.

62,744,525

1,685,197

Warner

Brothers

Discovery,

Inc.

a

13,902,875

Total

208,246,232

Consumer

Discretionary  7.2%

293,910

Aptiv

plc

a

21,164,459

8,689

Booking

Holdings,

Inc.

36,599,110

150,411

Columbia

Sportswear

Company

12,512,691

122,657

D.R.

Horton,

Inc.

23,399,276

167,765

Lowe's

Companies,

Inc.

45,439,150

250,449

Sony

Group

Corporation

ADR

b

24,185,860

242,512

Wyndham

Hotels

&

Resorts,

Inc.

18,949,888

863,793

Yum

China

Holding,

Inc.

38,887,961

Total

221,138,395

Consumer

Staples  8.7%

2,391,411

Coty,

Inc.

a

22,455,349

189,095

J.M.

Smucker

Company

22,899,404

1,557,009

Kenvue,

Inc.

36,013,618

333,736

Lamb

Weston

Holdings,

Inc.

21,606,069

578,594

Philip

Morris

International,

Inc.

70,241,312

525,772

Sysco

Corporation

41,041,762

646,597

Walmart,

Inc.

52,212,708

Total

266,470,222

Energy  8.7%

438,088

ConocoPhillips

46,121,905

712,678

Devon

Energy

Corporation

27,879,963

1,470,285

Enterprise

Products

Partners,

LP

42,799,996

751,707

Exxon

Mobil

Corporation

88,115,095

685,097

Halliburton

Company

19,902,068

150,159

Marathon

Petroleum

Corporation

24,462,403

275,897

Shell

plc

ADR

18,195,407

Total

267,476,837

Financials  18.7%

122,358

Allstate

Corporation

23,205,195

380,358

American

International

Group,

Inc.

27,853,616

1,823,622

Bank

of

America

Corporation

72,361,321

397,590

Bank

of

New

York

Mellon

Corporation

28,570,817

211,000

Capital

One

Financial

Corporation

31,593,030

771,439

Charles

Schwab

Corporation

49,996,962

146,874

Chubb,

Ltd.

42,356,993

230,426

Discover

Financial

Services

32,326,463

9,346

First

Citizens

BancShares,

Inc./NC

17,205,519

184,596

Intercontinental

Exchange,

Inc.

29,653,501

307,709

J.P.

Morgan

Chase

&

Company

64,883,520

1,200,386

KeyCorp

20,106,465

66,424

Marsh

&

McLennan

Companies,

Inc.

14,818,530

433,500

MetLife,

Inc.

35,755,080

1,411,885

Wells

Fargo

&

Company

79,757,384

Total

570,444,396

Health

Care  13.1%

44,840

Amgen,

Inc.

14,447,897

868,490

Avantor,

Inc.

a

22,467,836

68,440

Biogen,

Inc.

a

13,266,410

98,609

Cigna

Group

34,162,102

112,760

Elevance

Health,

Inc.

58,635,200

Shares

Common

Stock  98.1%

Value

Health

Care  13.1%

-

continued

435,204

Gilead

Sciences,

Inc.

$

36,487,503

447,798

Johnson

&

Johnson

72,570,144

127,268

Labcorp

Holdings,

Inc.

28,441,853

481,245

Merck

&

Company,

Inc.

54,650,182

487,149

Sanofi

SA

ADR

28,074,397

338,292

Zimmer

Biomet

Holdings,

Inc.

36,518,621

Total

399,722,145

Industrials  12.0%

210,438

Amentum

Holdings,

Inc.

a

6,786,625

55,507

Caterpillar,

Inc.

21,709,898

3,006,188

CNH

Industrial

NV

33,368,687

855,005

CSX

Corporation

29,523,323

689,168

Delta

Air

Lines,

Inc.

35,002,843

708,672

Flowserve

Corporation

36,631,256

130,366

General

Dynamics

Corporation

39,396,605

189,687

Honeywell

International,

Inc.

39,210,200

210,438

Jacobs

Solutions,

Inc.

27,546,334

155,530

JB

Hunt

Transport

Services,

Inc.

26,802,485

154,443

L3Harris

Technologies,

Inc.

36,737,356

253,909

United

Parcel

Service,

Inc.

34,617,953

Total

367,333,565

Information

Technology  8.6%

928,447

Cisco

Systems,

Inc.

49,411,949

274,006

International

Business

Machines

Corporation

60,577,246

321,724

QUALCOMM,

Inc.

54,709,166

1,048,262

Samsung

Electronics

Company,

Ltd.

48,994,524

193,309

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

33,571,974

125,058

TD

SYNNEX

Corporation

15,016,965

Total

262,281,824

Materials  4.2%

456,839

CF

Industries

Holdings,

Inc.

39,196,786

385,293

Corteva,

Inc.

22,651,376

316,025

Eastman

Chemical

Company

35,378,999

212,898

Nucor

Corporation

32,007,085

Total

129,234,246

Real

Estate  3.5%

68,435

AvalonBay

Communities,

Inc.

15,414,984

178,434

CBRE

Group,

Inc.

a

22,211,464

341,437

Crown

Castle,

Inc.

40,504,671

1,538,820

Healthcare

Realty

Trust,

Inc.

27,929,583

Total

106,060,702

Utilities  6.6%

153,447

Constellation

Energy

Corporation

39,899,289

408,418

Duke

Energy

Corporation

47,090,596

384,895

Entergy

Corporation

50,656,031

457,806

Public

Service

Enterprise

Group,

Inc.

40,840,873

198,771

Vistra

Energy

Corporation

23,562,314

Total

202,049,103

Total

Common

Stock

(cost

$2,151,370,508)

3,000,457,667

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Shares

Collateral

Held

for

Securities

Loaned

1.2%

Value

36,405,900

Thrivent

Cash

Management

Trust

$

36,405,900

Total

Collateral

Held

for

Securities

Loaned

(cost

$36,405,900)

36,405,900

Shares

Registered

Investment

Companies  

0.5%

Value

U.S.

Unaffiliated  

0.5%

151,953

SPDR

S&P

Biotech

ETF

b

15,012,957

Total

15,012,957

Total

Registered

Investment

Companies

(cost

$13,525,625)

15,012,957

Shares

Short-Term

Investments

1.3%

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,896,499

5.250%

38,964,993

Total

Short-Term

Investments

(cost

$38,960,236)

38,964,993

Total

Investments

(cost

$2,240,262,269)

101.1%

$3,090,841,517

Other

Assets

and

Liabilities,

Net

(1.1%)

(34,068,963)

Total

Net

Assets

100.0%

$3,056,772,554

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Value

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

35,791,950

Total

lending

$35,791,950

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$36,405,900

Net

amounts

due

to

counterparty

$613,950

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

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

208,246,232

208,246,232

–

–

Consumer

Discretionary

221,138,395

221,138,395

–

–

Consumer

Staples

266,470,222

266,470,222

–

–

Energy

267,476,837

267,476,837

–

–

Financials

570,444,396

570,444,396

–

–

Health

Care

399,722,145

399,722,145

–

–

Industrials

367,333,565

367,333,565

–

–

Information

Technology

262,281,824

213,287,300

48,994,524

–

Materials

129,234,246

129,234,246

–

–

Real

Estate

106,060,702

106,060,702

–

–

Utilities

202,049,103

202,049,103

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

15,012,957

15,012,957

–

–

Subtotal

Investments

in

Securities

$3,015,470,624

$2,966,476,100

$48,994,524

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

38,964,993

Collateral

Held

for

Securities

Loaned

36,405,900

Subtotal

Other

Investments

$75,370,893

Total

Investments

at

Value

$3,090,841,517

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$33,120

$322,404

$316,559

$38,965

3,896

1.3%

Total

Affiliated

Short-Term

Investments

33,120

38,965

1.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

132,792

96,386

36,406

36,406

1.2

Total

Collateral

Held

for

Securities

Loaned

–

36,406

1.2

Total

Value

$33,120

$75,371

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$1,827

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,827

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

61

Total

Affiliated

Income

from

Securities

Loaned,

Net

$61

Total

Value

$–

$–

$

–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Principal

Amount

Long-Term

Fixed

Income

99.1%

Value

Asset-Backed

Securities  15.5%

ACHV

ABS

Trust

$

796,726

5.900%, 

4/25/2031,

Ser.

2024-1PL,

Class

A

a

$

803,460

2,000,000

5.070%, 

10/27/2031,

Ser.

2024-2PL,

Class

A

a

2,007,544

Affirm

Asset

Securitization

Trust

13,630

1.750%, 

2/15/2027,

Ser.

2022-X1,

Class

A

a

13,609

2,200,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

2,244,982

971,219

7.110%, 

11/15/2028,

Ser.

2023-X1,

Class

A

a

975,124

1,900,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

1,924,791

670,345

6.270%, 

5/15/2029,

Ser.

2024-X1,

Class

A

a

672,557

AMSR

Trust

2,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

1,900,817

Annisa

CLO,

Ltd.

1,500,000

6.782%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

1,500,383

Auxilior

Term

Funding,

LLC

2,250,000

5.840%, 

3/15/2027,

Ser.

2024-1A,

Class

A2

a

2,274,047

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

2,025,000

2.020%, 

2/20/2027,

Ser.

2020-2A,

Class

A

a

1,962,322

3,210,000

5.780%, 

4/20/2028,

Ser.

2023-5A,

Class

A

a

3,295,921

2,450,000

5.250%, 

4/20/2029,

Ser.

2023-1A,

Class

A

a

2,505,827

Bankers

Healthcare

Group

Securitization

Trust

175,267

5.320%, 

10/17/2035,

Ser.

2022-C,

Class

A

a

175,227

Benefit

Street

Partners

CLO

IV,

Ltd.

2,500,000

7.182%, 

(TSFR3M

+

1.900%),

4/20/2034,

Ser.

2014-IVA,

Class

BR4

a,b

2,506,575

BHG

Securitization

Trust

438,897

0.900%, 

10/17/2034,

Ser.

2021-B,

Class

A

a

435,232

BRAVO

Residential

Funding

Trust

1,521,931

6.030%, 

(SOFR30A

+

0.750%),

10/25/2024,

Ser.

2021-HE2,

Class

A1

a,b

1,516,194

CarVal

CLO

I,

Ltd.

2,800,000

7.136%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

2,808,389

Cascade

Funding

Mortgage

Trust

420,175

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

409,871

Cascade

Funding

Mortgage

Trust,

LLC

324,717

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

320,113

Chesapeake

Funding

II,

LLC

730,000

1.230%, 

4/15/2033,

Ser.

2021-1A,

Class

C

a

720,644

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Asset-Backed

Securities  15.5%

-

continued

CIM

Trust

$

866,938

5.568%, 

7/25/2059,

Ser.

2021-NR2,

Class

A1

a,c

$

863,901

Commonbond

Student

Loan

Trust

195,682

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

184,277

271,192

5.469%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

267,133

Dryden

61

CLO,

Ltd.

1,750,000

7.071%, 

(TSFR3M

+

1.580%),

1/17/2032,

Ser.

2018-61A,

Class

B2R

a,b

1,750,746

ECMC

Group

Student

Loan

Trust

1,700,000

6.413%, 

(SOFR30A

+

1.150%),

11/25/2024,

Ser.

2024-1A,

Class

A

a,b

1,702,656

Education

Funding

Trust

918,107

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

856,491

Ford

Credit

Auto

Owner

Trust

1,000,000

4.110%, 

7/15/2030,

Ser.

2024-C,

Class

A4

997,574

Foundation

Finance

Trust

861,862

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

803,304

2,051,149

6.530%, 

6/15/2049,

Ser.

2023-2A,

Class

A

a

2,112,394

Genesis

Sales

Finance

Master

Trust

3,177,646

1.200%, 

12/21/2026,

Ser.

2021-AA,

Class

A

a

3,145,958

GM

Financial

Automobile

Leasing

Trust

750,000

4.220%, 

10/20/2028,

Ser.

2024-3,

Class

A4

d

749,762

GMAC

Mortgage

Corporation

Loan

Trust

29,231

5.469%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,e

15,460

GSAA

Home

Equity

Trust

214,602

6.919%, 

(TSFR1M

+

2.064%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

278,832

844,141

4.325%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

788,179

Hertz

Vehicle

Financing

III,

LLC

975,000

5.490%, 

6/25/2027,

Ser.

2023-1A,

Class

A

a

985,147

750,000

5.440%, 

1/25/2029,

Ser.

2024-1A,

Class

A

a

764,628

Home

Partners

of

America

Trust

2,017,869

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

1,909,518

John

Deere

Owner

Trust

1,800,000

4.150%, 

8/15/2031,

Ser.

2024-C,

Class

A4

1,796,806

Madison

Park

Funding

XXXIX,

Ltd.

2,500,000

6.821%, 

(TSFR3M

+

1.750%),

10/22/2034,

Ser.

2021-39A,

Class

BR

a,b

2,501,645

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Asset-Backed

Securities  15.5%

-

continued

Marlette

Funding

Trust

$

1,145,931

5.950%, 

7/17/2034,

Ser.

2024-1A,

Class

A

a

$

1,152,777

Merchants

Fleet

Funding,

LLC

1,100,000

5.820%, 

4/20/2037,

Ser.

2024-1A,

Class

A

a

1,117,836

National

Collegiate

Trust

454,870

5.264%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

443,611

Navient

Student

Loan

Trust

1,383,148

4.160%, 

10/15/2070,

Ser.

2022-BA,

Class

A

a

1,365,479

Oak

Street

Investment

2,023,622

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

1,939,773

Octane

Receivables

Trust

1,250,000

5.800%, 

7/20/2032,

Ser.

2024-2A,

Class

A2

a

1,267,077

OneMain

Financial

Issuance

Trust

3,500,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,353,588

OZLM

VIII,

Ltd.

2,000,000

7.197%, 

(TSFR3M

+

1.912%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

a,b

2,001,460

OZLM

XVII,

Ltd.

2,800,000

7.282%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

2,805,247

Pagaya

AI

Debt

Grantor

Trust

2,200,000

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

2,205,517

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

1,689,842

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

1,705,722

Pagaya

AI

Debt

Trust

158,211

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

a

158,774

Pagaya

AI

Technology

in

Housing

Trust

2,000,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

a

1,966,764

231,092

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

A

a

228,435

Palmer

Square

Loan

Funding,

Ltd.

764,087

6.794%, 

(TSFR3M

+

1.512%),

4/20/2029,

Ser.

2021-1A,

Class

A2

a,b

764,449

2,500,000

5.999%, 

(TSFR3M

+

1.050%),

10/15/2032,

Ser.

2024-1A,

Class

A1

a,b

2,501,500

1,250,000

6.399%, 

(TSFR3M

+

1.450%),

10/15/2032,

Ser.

2024-1A,

Class

A2

a,b

1,250,401

PPM

CLO

2,

Ltd.

3,750,000

6.786%, 

(TSFR3M

+

1.500%),

4/16/2037,

Ser.

2019-2A,

Class

AR

a,b

3,760,736

Pretium

Mortgage

Credit

Partners,

LLC

1,893,498

4.868%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A1

a,c

1,871,741

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Asset-Backed

Securities  15.5%

-

continued

$

991,278

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,c

$

1,003,036

Progress

Residential

Trust

2,368,857

1.524%, 

7/17/2038,

Ser.

2021-SFR6,

Class

A

a

2,256,388

2,250,000

1.942%, 

8/17/2040,

Ser.

2021-SFR7,

Class

B

a

2,038,382

RCKT

Mortgage

Trust

1,446,896

6.147%, 

6/25/2044,

Ser.

2024-CES4,

Class

A1A

a,c

1,470,066

RCO

VII

Mortgage,

LLC

1,129,668

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,c

1,137,755

Santander

Drive

Auto

Receivables

Trust

500,000

4.850%, 

1/16/2029,

Ser.

2024-4,

Class

A3

502,812

SCF

Equipment

Leasing,

LLC

1,959,585

6.560%, 

1/22/2030,

Ser.

2023-1A,

Class

A2

a

1,987,937

SFS

Auto

Receivables

Securitization

Trust

373,149

5.890%, 

3/22/2027,

Ser.

2023-1A,

Class

A2A

a

374,282

Sound

Point

CLO

XV,

Ltd.

116,502

7.045%, 

(TSFR3M

+

1.762%),

1/23/2029,

Ser.

2017-1A,

Class

BR

a,b

116,559

Terwin

Mortgage

Trust

835,402

6.469%, 

(TSFR1M

+

1.614%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,b

830,269

Towd

Point

Asset

Trust

1,101,973

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

1,048,152

Tricon

Residential

Trust

3,250,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

3,100,137

1,199,254

4.750%, 

6/17/2040,

Ser.

2024-SFR2,

Class

A

a

1,201,014

1,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

1,271,925

United

Auto

Credit

Securitization

Trust

585,528

6.170%, 

8/10/2026,

Ser.

2024-1,

Class

A

a

586,843

Upstart

Securitization

Trust

889,802

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

894,063

Vericrest

Opportunity

Loan

Transferee

1,269,674

4.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a,c

1,263,036

752,351

4.893%, 

2/27/2051,

Ser.

2021-NPL1,

Class

A1

a,c

746,892

451,220

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,c

448,715

1,630,400

4.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a,c

1,628,163

Veridian

Auto

Receivables

Trust

565,576

5.970%, 

8/17/2026,

Ser.

2023-1A,

Class

A2

a

566,468

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Asset-Backed

Securities  15.5%

-

continued

Verizon

Master

Trust

$

900,000

4.350%, 

8/20/2032,

Ser.

2024-7,

Class

A

a

$

902,720

Wind

River

CLO,

Ltd.

3,000,000

7.144%, 

(TSFR3M

+

1.862%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

a,b

2,999,517

Total

113,684,058

Basic

Materials  1.9%

Anglo

American

Capital

plc

1,050,000

4.875%, 

5/14/2025

a

1,049,168

Eastman

Chemical

Company

350,000

5.000%, 

8/1/2029

358,317

EIDP,

Inc.

406,000

4.500%, 

5/15/2026

408,520

FMC

Corporation

925,000

5.150%, 

5/18/2026

933,459

Freeport-McMoRan,

Inc.

1,890,000

4.550%, 

11/14/2024

1,887,611

Glencore

Funding,

LLC

1,500,000

5.338%, 

4/4/2027

a

1,536,365

1,475,000

6.125%, 

10/6/2028

a

1,562,826

International

Flavors

&

Fragrances,

Inc.

750,000

1.832%, 

10/15/2027

a

694,571

LYB

International

Finance

III,

LLC

1,079,000

1.250%, 

10/1/2025

1,043,115

Mosaic

Company

875,000

5.375%, 

11/15/2028

906,356

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

925,000

5.300%, 

3/15/2026

937,191

Steel

Dynamics,

Inc.

775,000

2.400%, 

6/15/2025

762,454

Syngenta

Finance

NV

2,235,000

4.892%, 

4/24/2025

a

2,229,200

Total

14,309,153

Capital

Goods  3.4%

AGCO

Corporation

1,100,000

5.450%, 

3/21/2027

1,122,361

Amphenol

Corporation

1,500,000

4.750%, 

3/30/2026

1,510,629

BAE

Systems

plc

935,000

5.000%, 

3/26/2027

a

950,101

Boeing

Company

750,000

4.875%, 

5/1/2025

747,141

1,750,000

2.196%, 

2/4/2026

1,685,231

650,000

6.259%, 

5/1/2027

a

671,397

750,000

6.298%, 

5/1/2029

a

789,065

Caterpillar

Financial

Services

Corporation

1,000,000

4.400%, 

10/15/2027

1,013,240

1,100,000

4.850%, 

2/27/2029

1,138,168

Honeywell

International,

Inc.

900,000

4.650%, 

7/30/2027

918,075

Howmet

Aerospace,

Inc.

1,100,000

3.000%, 

1/15/2029

1,042,932

Huntington

Ingalls

Industries,

Inc.

700,000

3.844%, 

5/1/2025

695,085

Ingersoll

Rand,

Inc.

250,000

5.400%, 

8/14/2028

260,546

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Capital

Goods  3.4%

-

continued

John

Deere

Capital

Corporation

$

1,000,000

4.900%, 

6/11/2027

$

1,025,007

1,100,000

4.950%, 

7/14/2028

1,136,504

Otis

Worldwide

Corporation

1,225,000

2.056%, 

4/5/2025

1,208,004

Quanta

Services,

Inc.

600,000

4.750%, 

8/9/2027

606,358

Regal

Rexnord

Corporation

850,000

6.050%, 

2/15/2026

863,114

Republic

Services,

Inc.

1,250,000

0.875%, 

11/15/2025

1,202,590

RTX

Corporation

1,100,000

5.750%, 

11/8/2026

1,134,022

Sonoco

Products

Company

850,000

4.450%, 

9/1/2026

850,152

Spirit

AeroSystems,

Inc.

1,425,000

4.600%, 

6/15/2028

f

1,361,569

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

1,990,444

Veralto

Corporation

1,100,000

5.500%, 

9/18/2026

1,124,620

Total

25,046,355

Collateralized

Mortgage

Obligations  9.0%

A&D

Mortgage

Trust

2,958,609

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,c

3,005,125

1,594,405

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

1,601,931

Banc

of

America

Funding

Trust

231,447

6.115%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

233,427

431,011

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

424,925

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

84,520

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

80,238

BRAVO

Residential

Funding

Trust

1,104,163

6.394%, 

10/25/2063,

Ser.

2023-NQM8,

Class

A1

a,c

1,121,815

CAFL

Issuer,

LLC

1,802,882

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,c

1,784,293

Cascade

Funding

Mortgage

Trust

623,148

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

a,b

617,223

CHNGE

Mortgage

Trust

1,254,615

6.000%, 

1/25/2058,

Ser.

2022-5,

Class

A1

a,b

1,287,334

1,406,859

3.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,332,364

1,959,807

7.065%, 

3/25/2058,

Ser.

2023-1,

Class

A1

a,b

1,978,483

2,190,617

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

2,104,007

1,994,338

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

1,999,966

1,908,996

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

1,926,045

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Collateralized

Mortgage

Obligations  9.0%

-

continued

Citigroup

Mortgage

Loan

Trust,

Inc.

$

465,985

5.334%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

b

$

441,724

COLT

Mortgage

Loan

Trust

1,463,285

6.596%, 

7/25/2068,

Ser.

2023-2,

Class

A1

a,c

1,486,241

1,969,042

5.443%, 

9/25/2069,

Ser.

2024-INV3,

Class

A1

a,c

1,986,511

1,932,963

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

1,730,804

Countrywide

Alternative

Loan

Trust

139,472

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

93,591

151,017

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

122,262

Credit

Suisse

Mortgage

Capital

Certificates

2,674,483

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,b

2,364,437

Deephaven

Residential

Mortgage

Trust

2,133,820

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,949,525

2,090,041

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,b

1,843,127

Flagstar

Mortgage

Trust

1,411,548

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

1,277,892

GCAT

Trust

1,602,285

6.007%, 

1/25/2059,

Ser.

2024-NQM1,

Class

A1

a,c

1,617,297

1,625,929

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

1,473,932

GS

Mortgage-Backed

Securities

Trust

275,267

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,b

260,460

J.P.

Morgan

Alternative

Loan

Trust

505,719

4.898%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

382,581

LHOME

Mortgage

Trust

1,100,000

8.000%, 

6/25/2028,

Ser.

2023-RTL2,

Class

A1

a,c

1,117,171

1,250,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,c

1,274,675

2,000,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,c

2,039,267

MFA

Trust

1,878,048

3.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a,c

1,841,883

2,250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

2,280,528

Mortgage

Equity

Conversion

Asset

Trust

595,070

4.400%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,b

586,094

480,149

4.360%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,b

477,683

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Collateralized

Mortgage

Obligations  9.0%

-

continued

NYMT

Loan

Trust

$

1,000,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,c

$

1,014,320

1,500,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

1,522,047

Palisades

Mortgage

Loan

Trust

676,320

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

671,761

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,058,691

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

2,027,746

1,509,068

5.363%, 

11/25/2025,

Ser.

2020-6,

Class

A1

a,c

1,513,610

1,107,705

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,c

1,115,796

Radnor

Re,

Ltd.

1,800,000

7.496%, 

(SOFR30A

+

2.000%),

9/25/2034,

Ser.

2024-1,

Class

M1A

a,b

1,800,058

ROC

Securities

Trust

Series

1,296,641

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

1,293,990

Toorak

Mortgage

Corporation,

Ltd.

2,094,792

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,b

1,948,363

Toorak

Mortgage

Trust

2,750,000

6.597%, 

2/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

2,790,861

TRK

Trust

1,374,016

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

1,210,827

TVC

Mortgage

Trust

1,500,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,c

1,521,860

Vericrest

Opportunity

Loan

Transferee

713,333

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a,c

710,425

Verus

Securitization

Trust

1,183,805

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

1,061,091

Wachovia

Mortgage

Loan

Trust,

LLC

25,223

6.624%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

24,704

Total

66,372,320

Commercial

Mortgage-Backed

Securities  0.5%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

2,250,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

e

2,295,727

Silver

Hill

Trust

1,257,885

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

1,221,953

Total

3,517,680

Communications

Services  2.8%

American

Tower

Corporation

1,000,000

4.400%, 

2/15/2026

998,995

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Communications

Services  2.8%

-

continued

$

500,000

1.450%, 

9/15/2026

$

473,383

1,200,000

5.500%, 

3/15/2028

1,242,756

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

484,000

4.908%, 

7/23/2025

483,208

500,000

6.150%, 

11/10/2026

513,901

1,025,000

6.100%, 

6/1/2029

1,060,936

Comcast

Corporation

550,000

5.100%, 

6/1/2029

572,792

Crown

Castle,

Inc.

740,000

4.800%, 

9/1/2028

748,425

750,000

4.900%, 

9/1/2029

762,330

NTT

Finance

Corporation

750,000

5.104%, 

7/2/2027

a

768,335

Rogers

Communications,

Inc.

1,100,000

5.000%, 

2/15/2029

1,122,552

Sprint

Capital

Corporation

2,770,000

6.875%, 

11/15/2028

3,024,333

Sprint

Corporation

1,000,000

7.625%, 

2/15/2025

1,003,140

Take-Two

Interactive

Software,

Inc.

750,000

5.400%, 

6/12/2029

777,158

T-Mobile

USA,

Inc.

1,400,000

3.500%, 

4/15/2025

1,390,015

1,875,000

4.850%, 

1/15/2029

1,914,448

Warnermedia

Holdings,

Inc.

1,900,000

3.638%, 

3/15/2025

1,886,665

1,800,000

3.755%, 

3/15/2027

1,740,506

Total

20,483,878

Consumer

Cyclical  6.2%

American

Honda

Finance

Corporation

1,100,000

4.900%, 

3/12/2027

1,121,720

1,000,000

4.900%, 

7/9/2027

1,021,959

1,200,000

5.650%, 

11/15/2028

1,267,717

D.R.

Horton,

Inc.

800,000

2.600%, 

10/15/2025

784,317

Daimler

Trucks

Finance

North

America,

LLC

1,100,000

5.600%, 

8/8/2025

a,f

1,108,956

Darden

Restaurants,

Inc.

1,000,000

4.350%, 

10/15/2027

1,000,000

Expedia

Group,

Inc.

3,150,000

6.250%, 

5/1/2025

a

3,158,063

Ford

Motor

Credit

Company,

LLC

1,100,000

3.375%, 

11/13/2025

1,078,997

600,000

5.125%, 

11/5/2026

602,886

1,125,000

5.800%, 

3/5/2027

1,145,559

1,500,000

5.113%, 

5/3/2029

1,485,873

General

Motors

Company

1,000,000

6.125%, 

10/1/2025

1,009,479

General

Motors

Financial

Company,

Inc.

1,420,000

2.900%, 

2/26/2025

1,408,200

925,000

2.750%, 

6/20/2025

910,141

550,000

5.400%, 

5/8/2027

561,637

1,100,000

5.350%, 

7/15/2027

1,125,333

1,500,000

5.800%, 

1/7/2029

1,560,164

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Consumer

Cyclical  6.2%

-

continued

Harley-Davidson

Financial

Services,

Inc.

$

1,450,000

5.950%, 

6/11/2029

a

$

1,485,101

Hyatt

Hotels

Corporation

1,650,000

5.750%, 

1/30/2027

1,690,397

Hyundai

Capital

America

1,140,000

1.800%, 

10/15/2025

a

1,107,633

750,000

6.250%, 

11/3/2025

a

763,811

750,000

1.650%, 

9/17/2026

a

711,158

1,100,000

5.300%, 

3/19/2027

a

1,122,957

Hyundai

Capital

Services,

Inc.

750,000

1.250%, 

2/8/2026

a,f

716,980

Las

Vegas

Sands

Corporation

935,000

5.900%, 

6/1/2027

960,161

Lennar

Corporation

1,100,000

4.750%, 

5/30/2025

1,098,133

Marriott

International,

Inc./MD

750,000

5.450%, 

9/15/2026

768,399

McDonald's

Corporation

700,000

4.800%, 

8/14/2028

718,592

1,125,000

5.000%, 

5/17/2029

1,165,767

Mercedes-Benz

Finance

North

America,

LLC

925,000

5.200%, 

8/3/2026

a

941,410

Nissan

Motor

Acceptance

Company,

LLC

1,300,000

5.300%, 

9/13/2027

a

1,297,691

O'Reilly

Automotive,

Inc.

1,100,000

5.750%, 

11/20/2026

1,134,005

PACCAR

Financial

Corporation

700,000

4.450%, 

8/6/2027

711,017

700,000

4.000%, 

9/26/2029

698,226

PulteGroup,

Inc.

1,750,000

5.500%, 

3/1/2026

1,768,829

Starbucks

Corporation

1,100,000

4.850%, 

2/8/2027

1,117,478

Tapestry,

Inc.

370,000

7.050%, 

11/27/2025

377,320

370,000

7.000%, 

11/27/2026

382,812

Toyota

Motor

Credit

Corporation

750,000

4.650%, 

1/5/2029

765,472

VICI

Properties,

LP/VICI

Note

Company,

Inc.

2,750,000

4.625%, 

6/15/2025

a

2,733,210

Volkswagen

Group

of

America

Finance,

LLC

1,100,000

5.300%, 

3/22/2027

a

1,120,223

Total

45,707,783

Consumer

Non-Cyclical  6.1%

AbbVie,

Inc.

675,000

4.800%, 

3/15/2027

688,090

Altria

Group,

Inc.

1,000,000

4.400%, 

2/14/2026

998,715

1,100,000

6.200%, 

11/1/2028

1,171,046

Amgen,

Inc.

825,000

5.150%, 

3/2/2028

849,511

AstraZeneca

Finance,

LLC

1,100,000

4.800%, 

2/26/2027

1,121,504

BAT

International

Finance

plc

2,500,000

1.668%, 

3/25/2026

2,401,975

1,100,000

5.931%, 

2/2/2029

1,161,867

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Consumer

Non-Cyclical  6.1%

-

continued

Becton,

Dickinson

and

Company

$

1,250,000

4.693%, 

2/13/2028

$

1,266,075

Bunge,

Ltd.

Finance

Corporation

1,300,000

4.100%, 

1/7/2028

1,299,384

Campbell

Soup

Company

370,000

5.300%, 

3/20/2026

375,253

Conagra

Brands,

Inc.

1,250,000

4.850%, 

11/1/2028

1,269,667

CVS

Health

Corporation

900,000

5.000%, 

2/20/2026

906,141

1,500,000

5.400%, 

6/1/2029

1,556,003

General

Mills,

Inc.

1,100,000

5.500%, 

10/17/2028

1,152,098

GSK

Consumer

Healthcare

Capital

US,

LLC

1,100,000

3.375%, 

3/24/2027

1,080,527

HCA,

Inc.

1,250,000

5.875%, 

2/15/2026

1,263,115

Illumina,

Inc.

500,000

4.650%, 

9/9/2026

503,111

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

2,000,000

2.500%, 

1/15/2027

1,913,456

Kenvue,

Inc.

915,000

5.050%, 

3/22/2028

946,819

Keurig

Dr

Pepper,

Inc.

1,500,000

5.100%, 

3/15/2027

1,533,942

Kraft

Heinz

Foods

Company

1,500,000

3.000%, 

6/1/2026

1,469,142

Mattel,

Inc.

2,000,000

3.375%, 

4/1/2026

a

1,955,080

McKesson

Corporation

1,500,000

0.900%, 

12/3/2025

1,442,278

Nestle

Holdings,

Inc.

1,475,000

5.000%, 

3/14/2028

a

1,519,222

Novartis

Capital

Corporation

1,900,000

3.800%, 

9/18/2029

1,887,775

PepsiCo,

Inc.

1,300,000

4.500%, 

7/17/2029

f

1,339,856

Pfizer

Investment

Enterprises,

Private

Ltd.

1,100,000

4.450%, 

5/19/2028

1,116,317

Philip

Morris

International,

Inc.

1,350,000

0.875%, 

5/1/2026

1,283,034

750,000

4.750%, 

2/12/2027

761,857

900,000

4.875%, 

2/15/2028

920,072

375,000

4.875%, 

2/13/2029

384,480

Royalty

Pharma

plc

2,675,000

1.200%, 

9/2/2025

2,591,055

500,000

5.150%, 

9/2/2029

512,845

Stryker

Corporation

1,500,000

3.500%, 

3/15/2026

1,484,381

Universal

Health

Services,

Inc.

1,650,000

1.650%, 

9/1/2026

1,562,988

Zoetis,

Inc.

1,150,000

5.400%, 

11/14/2025

1,160,849

Total

44,849,530

Energy  5.1%

Apache

Corporation

1,100,000

4.375%, 

10/15/2028

1,079,201

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Energy  5.1%

-

continued

BP

Capital

Markets

America,

Inc.

$

1,500,000

5.017%, 

11/17/2027

$

1,542,587

550,000

4.699%, 

4/10/2029

561,280

Canadian

Natural

Resources,

Ltd.

1,400,000

2.050%, 

7/15/2025

1,369,820

Cheniere

Energy

Partners,

LP

2,500,000

4.500%, 

10/1/2029

2,465,816

Columbia

Pipelines

Holding

Company,

LLC

925,000

6.055%, 

8/15/2026

a

947,588

740,000

6.042%, 

8/15/2028

a

773,736

Continental

Resources,

Inc.

2,650,000

2.268%, 

11/15/2026

a

2,511,684

Diamondback

Energy,

Inc.

750,000

5.200%, 

4/18/2027

765,447

Enbridge,

Inc.

1,100,000

5.900%, 

11/15/2026

1,135,934

Energy

Transfer,

LP

950,000

2.900%, 

5/15/2025

938,255

750,000

6.050%, 

12/1/2026

776,297

1,100,000

5.250%, 

7/1/2029

1,132,927

Helmerich

&

Payne,

Inc.

1,300,000

4.650%, 

12/1/2027

a

1,302,701

Kinder

Morgan,

Inc.

700,000

5.100%, 

8/1/2029

718,228

Marathon

Petroleum

Corporation

1,700,000

4.700%, 

5/1/2025

1,697,839

MPLX,

LP

1,500,000

4.875%, 

6/1/2025

1,498,639

1,100,000

1.750%, 

3/1/2026

1,059,321

National

Fuel

Gas

Company

750,000

5.200%, 

7/15/2025

750,493

1,370,000

5.500%, 

1/15/2026

1,382,361

Occidental

Petroleum

Corporation

1,500,000

5.875%, 

9/1/2025

1,506,634

500,000

5.000%, 

8/1/2027

506,881

ONEOK

Partners,

LP

721,000

4.900%, 

3/15/2025

720,330

ONEOK,

Inc.

500,000

5.550%, 

11/1/2026

511,331

1,000,000

4.250%, 

9/24/2027

1,000,956

500,000

5.650%, 

11/1/2028

522,592

Ovintiv,

Inc.

750,000

5.650%, 

5/15/2025

752,916

1,200,000

5.375%, 

1/1/2026

1,208,008

Phillips

66

Company

800,000

4.950%, 

12/1/2027

818,674

Pioneer

Natural

Resources

Company

1,700,000

1.125%, 

1/15/2026

1,634,726

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

750,000

4.650%, 

10/15/2025

748,808

Schlumberger

Holdings

Corporation

525,000

5.000%, 

5/29/2027

a

535,775

South

Bow

USA

Infrastructure

Holdings,

LLC

700,000

4.911%, 

9/1/2027

a

705,351

Transcontinental

Gas

Pipe

Line

Company,

LLC

600,000

7.850%, 

2/1/2026

620,573

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Energy  5.1%

-

continued

Western

Midstream

Operating,

LP

$

1,500,000

3.100%, 

2/1/2025

$

1,487,451

Total

37,691,160

Financials  32.3%

ABN

AMRO

Bank

NV

1,100,000

6.339%, 

9/18/2027

a,b

1,138,734

AEGON

Funding

Company,

LLC

1,125,000

5.500%, 

4/16/2027

a,f

1,149,832

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

262,000

1.650%, 

10/29/2024

261,266

1,300,000

6.500%, 

7/15/2025

1,313,282

1,200,000

1.750%, 

1/30/2026

1,155,788

250,000

2.450%, 

10/29/2026

240,074

900,000

6.100%, 

1/15/2027

931,913

665,000

6.450%, 

4/15/2027

696,650

1,075,000

4.625%, 

9/10/2029

1,075,532

Aircastle,

Ltd.

2,100,000

5.250%, 

8/11/2025

a

2,101,258

Ally

Financial,

Inc.

3,000,000

5.750%, 

11/20/2025

3,012,961

American

Express

Company

1,250,000

5.098%, 

2/16/2028

b

1,273,975

500,000

5.043%, 

7/26/2028

b

510,864

Aon

North

America,

Inc.

1,100,000

5.125%, 

3/1/2027

1,125,329

Apollo

Debt

Solutions

BDC

1,370,000

6.900%, 

4/13/2029

a

1,424,180

Ares

Capital

Corporation

924,000

4.250%, 

3/1/2025

920,024

1,350,000

3.875%, 

1/15/2026

1,330,336

800,000

2.150%, 

7/15/2026

760,220

1,125,000

5.950%, 

7/15/2029

1,154,753

Ares

Strategic

Income

Fund

875,000

5.600%, 

2/15/2030

a,d

868,077

Associated

Banc-Corp

700,000

6.455%, 

8/29/2030

b

719,637

Australia

&

New

Zealand

Banking

Group,

Ltd.

1,890,000

2.950%, 

7/22/2030

a,b

1,856,994

Australia

&

New

Zealand

Banking

Group,

Ltd./New

York,

NY

1,000,000

4.900%, 

7/16/2027

1,026,187

Aviation

Capital

Group,

LLC

1,500,000

4.875%, 

10/1/2025

a

1,498,467

Avolon

Holdings

Funding,

Ltd.

1,644,000

5.500%, 

1/15/2026

a

1,652,387

1,000,000

2.125%, 

2/21/2026

a

962,041

450,000

4.250%, 

4/15/2026

a

445,346

Banco

Santander

Mexico

SA

320,000

5.375%, 

4/17/2025

a

320,479

Banco

Santander

SA

1,600,000

5.147%, 

8/18/2025

1,603,875

1,000,000

1.849%, 

3/25/2026

961,317

600,000

4.175%, 

3/24/2028

b

594,268

1,000,000

5.365%, 

7/15/2028

b

1,023,540

1,000,000

5.588%, 

8/8/2028

1,040,991

Bank

of

America

Corporation

850,000

3.384%, 

4/2/2026

b

843,207

1,275,000

1.319%, 

6/19/2026

b

1,243,592

1,000,000

4.827%, 

7/22/2026

b

1,000,534

1,500,000

1.734%, 

7/22/2027

b

1,432,033

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Financials  32.3%

-

continued

Bank

of

Montreal

$

1,115,000

5.266%, 

12/11/2026

$

1,141,428

1,000,000

5.370%, 

6/4/2027

1,034,253

750,000

4.567%, 

9/10/2027

b

755,605

Bank

of

New

York

Mellon

Corporation

700,000

4.700%, 

9/20/2025

b,g

694,542

750,000

6.317%, 

10/25/2029

b

806,731

Bank

of

New

Zealand

1,800,000

4.846%, 

2/7/2028

a

1,831,583

Bank

of

Nova

Scotia

935,000

4.900%, 

6/4/2025

b,g

922,246

1,000,000

4.404%, 

9/8/2028

b

1,003,422

Barclays

plc

1,100,000

6.496%, 

9/13/2027

b

1,139,402

500,000

2.279%, 

11/24/2027

b

476,785

550,000

5.674%, 

3/12/2028

b

565,067

850,000

4.837%, 

9/10/2028

b

857,150

BlackRock

Funding,

Inc.

550,000

4.700%, 

3/14/2029

565,703

Blackstone

Private

Credit

Fund

1,750,000

2.700%, 

1/15/2025

1,736,734

850,000

4.700%, 

3/24/2025

847,875

600,000

4.950%, 

9/26/2027

a

594,628

Blackstone

Secured

Lending

Fund

1,025,000

5.875%, 

11/15/2027

1,042,260

Blue

Owl

Capital

Corporation

II

750,000

8.450%, 

11/15/2026

a

787,469

Blue

Owl

Credit

Income

Corporation

650,000

4.700%, 

2/8/2027

637,780

Blue

Owl

Technology

Finance

Corporation

750,000

4.750%, 

12/15/2025

a

739,806

750,000

3.750%, 

6/17/2026

a

721,806

Blue

Owl

Technology

Finance

Corporation

II

1,025,000

6.750%, 

4/4/2029

a

1,029,799

BNP

Paribas

SA

960,000

2.819%, 

11/19/2025

a,b

956,327

1,300,000

1.323%, 

1/13/2027

a,b

1,245,427

850,000

5.176%, 

1/9/2030

a,b

872,057

Boston

Properties,

LP

1,500,000

3.650%, 

2/1/2026

1,477,695

BPCE

SA

950,000

2.375%, 

1/14/2025

a

942,256

750,000

5.975%, 

1/18/2027

a,b

761,236

Camden

Property

Trust

600,000

5.850%, 

11/3/2026

620,686

Canadian

Imperial

Bank

of

Commerce

500,000

3.945%, 

8/4/2025

497,942

1,100,000

5.926%, 

10/2/2026

1,136,519

1,000,000

5.237%, 

6/28/2027

1,027,452

Capital

One

Financial

Corporation

750,000

2.636%, 

3/3/2026

b

741,674

1,500,000

4.985%, 

7/24/2026

b

1,500,101

Centene

Corporation

2,000,000

4.250%, 

12/15/2027

1,964,303

1,200,000

4.625%, 

12/15/2029

1,174,298

Charles

Schwab

Corporation

400,000

5.375%, 

6/1/2025

b,g

399,329

1,250,000

4.000%, 

6/1/2026

b,g

1,198,986

1,100,000

5.875%, 

8/24/2026

1,131,811

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Financials  32.3%

-

continued

Chubb

INA

Holdings,

LLC

$

1,250,000

4.650%, 

8/15/2029

$

1,279,039

Citibank

NA

625,000

5.438%, 

4/30/2026

637,138

400,000

4.929%, 

8/6/2026

405,893

Citigroup,

Inc.

500,000

4.000%, 

12/10/2025

b,g

489,527

1,000,000

3.290%, 

3/17/2026

b

991,781

925,000

3.106%, 

4/8/2026

b

915,883

1,150,000

1.122%, 

1/28/2027

b

1,100,206

650,000

5.174%, 

2/13/2030

b

667,707

Comerica,

Inc.

585,000

5.625%, 

7/1/2025

b,f,g

581,181

Cooperatieve

Rabobank

UA

1,625,000

1.339%, 

6/24/2026

a,b

1,583,696

COPT

Defense

Properties,

LP

450,000

2.250%, 

3/15/2026

434,640

Corebridge

Financial,

Inc.

1,000,000

3.650%, 

4/5/2027

983,749

Corebridge

Global

Funding

1,425,000

4.650%, 

8/20/2027

a

1,442,010

Credit

Agricole

SA

750,000

1.247%, 

1/26/2027

a,b

716,870

1,000,000

4.631%, 

9/11/2028

a,b

1,004,433

725,000

6.316%, 

10/3/2029

a,b

770,917

Credit

Suisse

Group

AG

990,000

7.500%, 

N/A

*,h

99,000

Danske

Bank

AS

500,000

6.466%, 

1/9/2026

a,b

501,656

Deutsche

Bank

AG

2,700,000

4.500%, 

4/1/2025

2,688,847

2,000,000

6.000%, 

10/30/2025

b,g

1,955,441

Deutsche

Bank

AG/New

York,

NY

1,100,000

2.129%, 

11/24/2026

b

1,065,223

1,100,000

5.414%, 

5/10/2029

1,142,851

700,000

4.999%, 

9/11/2030

b

703,777

Discover

Bank

1,285,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

1,326,914

Elevance

Health,

Inc.

750,000

5.350%, 

10/15/2025

756,268

EPR

Properties

1,875,000

4.950%, 

4/15/2028

1,858,305

Fifth

Third

Bancorp

1,900,000

2.375%, 

1/28/2025

1,884,557

Fifth

Third

Bank

NA

200,000

3.850%, 

3/15/2026

197,868

First

Horizon

Bank

1,480,000

5.750%, 

5/1/2030

f

1,502,724

First-Citizens

Bank

&

Trust

Company

1,200,000

6.125%, 

3/9/2028

1,254,771

FS

KKR

Capital

Corporation

1,100,000

4.250%, 

2/14/2025

a

1,093,459

2,000,000

3.400%, 

1/15/2026

1,949,777

GA

Global

Funding

Trust

1,200,000

1.625%, 

1/15/2026

a

1,155,179

GATX

Corporation

750,000

5.400%, 

3/15/2027

769,876

Goldman

Sachs

Bank

USA/New

York,

NY

1,100,000

5.283%, 

3/18/2027

b

1,114,211

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Financials  32.3%

-

continued

Goldman

Sachs

BDC,

Inc.

$

550,000

6.375%, 

3/11/2027

$

566,910

Goldman

Sachs

Group,

Inc.

272,000

4.250%, 

10/21/2025

270,988

1,700,000

0.855%, 

2/12/2026

b

1,672,796

1,250,000

3.615%, 

3/15/2028

b

1,229,799

1,100,000

4.482%, 

8/23/2028

b

1,105,814

1,100,000

6.484%, 

10/24/2029

b

1,184,522

Highwoods

Realty,

LP

1,059,000

4.200%, 

4/15/2029

1,023,355

HSBC

Holdings

plc

500,000

2.999%, 

3/10/2026

b

495,337

1,325,000

1.645%, 

4/18/2026

b

1,300,506

HSBC

USA,

Inc.

750,000

5.294%, 

3/4/2027

768,775

Huntington

National

Bank

1,000,000

5.699%, 

11/18/2025

b

1,000,072

ING

Groep

NV

500,000

4.625%, 

1/6/2026

a

501,155

1,250,000

1.726%, 

4/1/2027

b

1,199,607

1,000,000

4.017%, 

3/28/2028

b

992,681

J.P.

Morgan

Chase

&

Company

800,000

2.005%, 

3/13/2026

b

789,329

900,000

2.083%, 

4/22/2026

b

885,639

1,000,000

3.650%, 

6/1/2026

b,g

967,442

2,500,000

1.045%, 

11/19/2026

b

2,402,329

725,000

1.040%, 

2/4/2027

b

693,137

1,150,000

5.571%, 

4/22/2028

b

1,185,730

1,250,000

4.979%, 

7/22/2028

b,f

1,274,377

800,000

4.851%, 

7/25/2028

b

813,951

J.P.

Morgan

Chase

Bank

NA

750,000

5.110%, 

12/8/2026

766,864

KeyBank

NA/Cleveland,

OH

500,000

4.700%, 

1/26/2026

500,642

KeyCorp

550,000

6.324%, 

(SOFRINDX

+

1.250%),

5/23/2025

b

550,869

Kilroy

Realty,

LP

1,800,000

4.375%, 

10/1/2025

1,790,277

Lloyds

Banking

Group

plc

350,000

4.582%, 

12/10/2025

348,764

550,000

5.985%, 

8/7/2027

b

564,521

1,125,000

5.462%, 

1/5/2028

b

1,150,207

1,000,000

3.750%, 

3/18/2028

b

984,838

M&T

Bank

Corporation

750,000

3.500%, 

9/1/2026

b,g

665,833

Macquarie

Airfinance

Holdings,

Ltd.

360,000

6.400%, 

3/26/2029

a

374,686

700,000

5.150%, 

3/17/2030

a

701,523

Macquarie

Group,

Ltd.

1,250,000

1.201%, 

10/14/2025

a,b

1,248,175

Manufacturers

&

Traders

Trust

Company

1,000,000

5.400%, 

11/21/2025

1,006,231

1,000,000

4.650%, 

1/27/2026

999,199

MassMutual

Global

Funding

II

1,100,000

4.850%, 

1/17/2029

a,f

1,131,371

Met

Tower

Global

Funding

1,100,000

5.400%, 

6/20/2026

a

1,123,197

1,000,000

4.000%, 

10/1/2027

a,d

999,165

Metropolitan

Life

Global

Funding

I

1,100,000

5.400%, 

9/12/2028

a

1,147,838

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Financials  32.3%

-

continued

Mitsubishi

UFJ

Financial

Group,

Inc.

$

875,000

2.193%, 

2/25/2025

$

865,342

Morgan

Stanley

1,300,000

0.864%, 

10/21/2025

b

1,296,576

1,750,000

5.000%, 

11/24/2025

1,758,585

500,000

4.679%, 

7/17/2026

b

499,295

1,000,000

6.138%, 

10/16/2026

b

1,015,629

1,000,000

0.985%, 

12/10/2026

b

958,189

1,125,000

5.652%, 

4/13/2028

b

1,161,385

2,000,000

5.164%, 

4/20/2029

b

2,055,722

465,000

5.449%, 

7/20/2029

b

483,181

Morgan

Stanley

Direct

Lending

Fund

1,425,000

6.150%, 

5/17/2029

a

1,443,693

National

Australia

Bank,

Ltd./New

York

800,000

5.087%, 

6/11/2027

822,166

National

Bank

of

Canada

1,300,000

5.600%, 

7/2/2027

b

1,326,473

NatWest

Group

plc

750,000

5.847%, 

3/2/2027

b

763,317

400,000

3.754%, 

11/1/2029

b

399,389

New

York

Life

Global

Funding

1,100,000

4.900%, 

6/13/2028

a

1,128,803

500,000

5.000%, 

6/6/2029

a,f

518,734

Nomura

Holdings,

Inc.

1,890,000

2.648%, 

1/16/2025

1,875,668

750,000

2.329%, 

1/22/2027

713,760

1,300,000

5.594%, 

7/2/2027

1,339,221

Nordea

Bank

Abp

1,700,000

1.500%, 

9/30/2026

a

1,611,617

Northwestern

Mutual

Global

Funding

1,100,000

4.900%, 

6/12/2028

a

1,128,478

Omega

Healthcare

Investors,

Inc.

800,000

4.500%, 

1/15/2025

798,737

1,000,000

5.250%, 

1/15/2026

1,003,687

Peachtree

Corners

Funding

Trust

1,375,000

3.976%, 

2/15/2025

a

1,367,970

PNC

Financial

Services

Group,

Inc.

1,500,000

3.400%, 

9/15/2026

b,g

1,369,967

1,000,000

4.758%, 

1/26/2027

b

1,003,623

750,000

6.615%, 

10/20/2027

b

783,804

925,000

5.582%, 

6/12/2029

b

962,814

Pricoa

Global

Funding

I

1,500,000

5.550%, 

8/28/2026

a

1,540,034

Principal

Life

Global

Funding

II

900,000

0.875%, 

1/12/2026

a

861,020

1,100,000

5.000%, 

1/16/2027

a

1,120,222

Realty

Income

Corporation

500,000

4.875%, 

6/1/2026

504,331

Regions

Financial

Corporation

1,285,000

2.250%, 

5/18/2025

1,262,357

300,000

5.722%, 

6/6/2030

b

310,779

RGA

Global

Funding

1,500,000

5.448%, 

5/24/2029

a

1,561,588

Royal

Bank

of

Canada

900,000

5.069%, 

7/23/2027

b

913,741

1,100,000

5.200%, 

8/1/2028

1,142,934

750,000

4.950%, 

2/1/2029

773,435

Santander

Holdings

USA,

Inc.

350,000

3.450%, 

6/2/2025

346,311

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Financials  32.3%

-

continued

$

750,000

2.490%, 

1/6/2028

b

$

710,911

Santander

UK

Group

Holdings

plc

925,000

1.532%, 

8/21/2026

b

897,643

Simon

Property

Group,

LP

1,250,000

3.300%, 

1/15/2026

1,235,312

Societe

Generale

SA

1,800,000

2.625%, 

10/16/2024

a

1,797,877

1,400,000

1.488%, 

12/14/2026

a,b

1,340,961

Standard

Chartered

plc

1,000,000

2.608%, 

1/12/2028

a,b

954,336

750,000

5.688%, 

5/14/2028

a,b

770,188

State

Street

Corporation

1,000,000

5.751%, 

11/4/2026

b

1,013,317

1,300,000

5.684%, 

11/21/2029

b

1,372,133

Sumitomo

Mitsui

Financial

Group,

Inc.

750,000

0.948%, 

1/12/2026

718,441

1,200,000

2.174%, 

1/14/2027

1,146,552

1,100,000

5.716%, 

9/14/2028

1,155,067

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,100,000

5.650%, 

9/14/2026

a

1,128,620

Synchrony

Financial

1,920,000

4.500%, 

7/23/2025

1,908,886

500,000

5.935%, 

8/2/2030

b,f

513,681

Synovus

Bank

1,845,000

5.625%, 

2/15/2028

1,854,972

Toronto-Dominion

Bank

1,135,000

5.264%, 

12/11/2026

1,163,217

Truist

Financial

Corporation

675,000

4.950%, 

9/1/2025

b,g

668,667

650,000

4.260%, 

7/28/2026

b

647,414

1,100,000

1.267%, 

3/2/2027

b

1,048,922

U.S.

Bancorp

750,000

5.727%, 

10/21/2026

b

759,308

1,000,000

6.787%, 

10/26/2027

b

1,050,176

500,000

4.548%, 

7/22/2028

b

503,943

550,000

5.384%, 

1/23/2030

b

571,179

1,000,000

5.100%, 

7/23/2030

b

1,029,312

UBS

Group

AG

3,350,000

1.305%, 

2/2/2027

a,b

3,203,739

1,100,000

6.327%, 

12/22/2027

a,b

1,144,950

875,000

6.850%, 

9/10/2029

a,b,g

885,419

1,300,000

5.428%, 

2/8/2030

a,b

1,343,967

USB

Realty

Corporation

95,000

6.710%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,g

73,459

Wells

Fargo

&

Company

1,700,000

2.406%, 

10/30/2025

b

1,695,354

1,000,000

3.908%, 

4/25/2026

b

993,662

500,000

4.540%, 

8/15/2026

b

499,128

850,000

3.526%, 

3/24/2028

b

833,904

1,000,000

5.707%, 

4/22/2028

b

1,032,590

1,100,000

5.574%, 

7/25/2029

b

1,144,445

Wells

Fargo

Bank

NA

1,025,000

5.254%, 

12/11/2026

1,050,681

Westpac

Banking

Corporation

940,000

2.894%, 

2/4/2030

b

932,008

Westpac

New

Zealand,

Ltd.

1,500,000

5.132%, 

2/26/2027

a

1,532,544

1,100,000

4.902%, 

2/15/2028

a

1,119,931

Total

237,893,334

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Foreign

Government  0.4%

NBN

Company,

Ltd.

$

1,000,000

0.875%, 

10/8/2024

a

$

999,152

1,000,000

1.450%, 

5/5/2026

a

957,120

700,000

4.000%, 

10/1/2027

a,d

696,323

Total

2,652,595

Mortgage-Backed

Securities  0.7%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

54,138

5.764%, 

(RFUCCT1Y

+

1.513%),

1/1/2043

b

54,726

4,950,000

5.000%, 

10/1/2048

d

4,946,713

Total

5,001,439

Technology  3.3%

Applied

Materials,

Inc.

725,000

4.800%, 

6/15/2029

747,457

Broadcom,

Inc.

1,000,000

4.150%, 

2/15/2028

d

998,948

1,350,000

5.050%, 

7/12/2029

1,390,612

Cadence

Design

Systems,

Inc.

1,000,000

4.200%, 

9/10/2027

1,004,913

Cisco

Systems,

Inc.

375,000

4.850%, 

2/26/2029

387,819

Dell

International,

LLC/EMC

Corporation

1,750,000

5.850%, 

7/15/2025

1,763,348

Fiserv,

Inc.

1,100,000

5.150%, 

3/15/2027

1,124,710

1,100,000

5.450%, 

3/2/2028

1,141,199

Global

Payments,

Inc.

875,000

2.650%, 

2/15/2025

866,788

Hewlett

Packard

Enterprise

Company

725,000

5.900%, 

10/1/2024

725,000

350,000

4.450%, 

9/25/2026

350,705

Jabil,

Inc.

1,000,000

4.250%, 

5/15/2027

993,067

Microchip

Technology,

Inc.

350,000

5.050%, 

3/15/2029

359,428

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,342,000

2.700%, 

5/1/2025

1,323,499

Oracle

Corporation

1,055,000

2.500%, 

4/1/2025

1,042,831

1,750,000

2.950%, 

5/15/2025

1,730,757

1,100,000

4.500%, 

5/6/2028

1,113,535

875,000

4.200%, 

9/27/2029

873,230

Qorvo,

Inc.

2,300,000

4.375%, 

10/15/2029

2,228,379

Roper

Technologies,

Inc.

675,000

1.000%, 

9/15/2025

653,471

1,075,000

4.500%, 

10/15/2029

1,081,716

Seagate

HDD

Cayman

1,232,000

4.750%, 

1/1/2025

1,226,437

SK

Hynix,

Inc.

750,000

5.500%, 

1/16/2027

a

765,938

VeriSign,

Inc.

440,000

5.250%, 

4/1/2025

440,140

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Technology  3.3%

-

continued

VMware,

LLC

$

350,000

1.400%, 

8/15/2026

$

331,584

Total

24,665,511

Transportation  1.6%

Air

Canada

1,875,000

3.875%, 

8/15/2026

a

1,825,849

Delta

Air

Lines,

Inc.

1,000,000

7.000%, 

5/1/2025

a

1,010,534

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

895,834

4.500%, 

10/20/2025

a

890,382

ERAC

USA

Finance,

LLC

750,000

5.000%, 

2/15/2029

a

772,907

Mileage

Plus

Holdings,

LLC

550,000

6.500%, 

6/20/2027

a

556,838

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

1,000,000

2.700%, 

11/1/2024

a

997,670

1,000,000

3.950%, 

3/10/2025

a

994,842

800,000

1.200%, 

11/15/2025

a

770,242

Southwest

Airlines

Company

350,000

5.250%, 

5/4/2025

350,300

TTX

Company

1,500,000

5.500%, 

9/25/2026

a

1,532,101

United

Airlines,

Inc.

1,875,000

4.375%, 

4/15/2026

a

1,844,904

Total

11,546,569

U.S.

Government

&

Agencies  5.6%

U.S.

Treasury

Notes

2,000,000

3.500%, 

9/30/2026

1,994,453

25,780,000

3.500%, 

1/31/2028

25,721,593

12,950,000

4.000%, 

10/31/2029

13,189,777

Total

40,905,823

Utilities  4.7%

AES

Corporation

1,700,000

3.300%, 

7/15/2025

a

1,675,236

American

Electric

Power

Company,

Inc.

2,000,000

5.699%, 

8/15/2025

2,015,841

1,075,000

1.000%, 

11/1/2025

1,034,497

745,000

5.200%, 

1/15/2029

768,815

CenterPoint

Energy,

Inc.

900,000

5.250%, 

8/10/2026

914,629

Constellation

Energy

Generation,

LLC

1,100,000

5.600%, 

3/1/2028

1,148,064

Dominion

Energy,

Inc.

1,650,000

1.450%, 

4/15/2026

1,580,261

DTE

Energy

Company

750,000

4.220%, 

11/1/2024

749,332

900,000

4.950%, 

7/1/2027

915,190

950,000

5.100%, 

3/1/2029

978,272

Duke

Energy

Corporation

500,000

3.250%, 

1/15/2082

b

461,259

415,000

0.900%, 

9/15/2025

400,925

1,350,000

5.000%, 

12/8/2025

1,359,253

Enel

Finance

International

NV

1,000,000

6.800%, 

10/14/2025

a

1,024,136

Eversource

Energy

1,100,000

5.450%, 

3/1/2028

1,140,419

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Principal

Amount

Long-Term

Fixed

Income  99.1%

Value

Utilities  4.7%

-

continued

Exelon

Corporation

$

725,000

5.150%, 

3/15/2028

$

744,992

Georgia

Power

Company

1,100,000

5.004%, 

2/23/2027

1,124,173

1,100,000

4.650%, 

5/16/2028

1,119,939

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,494,198

National

Rural

Utilities

Cooperative

Finance

Corporation

1,100,000

5.100%, 

5/6/2027

1,128,335

1,100,000

4.800%, 

3/15/2028

1,124,681

862,000

8.427%, 

(TSFR3M

+

3.172%),

4/30/2043

b

862,427

NextEra

Energy

Capital

Holdings,

Inc.

1,000,000

5.749%, 

9/1/2025

1,010,122

NiSource,

Inc.

920,000

0.950%, 

8/15/2025

890,869

Pacific

Gas

and

Electric

Company

1,100,000

5.550%, 

5/15/2029

1,142,608

Sempra

1,750,000

3.300%, 

4/1/2025

1,734,936

Southern

California

Edison

Company

1,400,000

4.875%, 

2/1/2027

1,421,536

Southern

Company

900,000

4.000%, 

1/15/2051

b

887,286

750,000

3.750%, 

9/15/2051

b

725,880

Vistra

Operations

Company,

LLC

2,000,000

5.125%, 

5/13/2025

a

1,995,755

WEC

Energy

Group,

Inc.

1,100,000

5.600%, 

9/12/2026

1,127,817

Total

34,701,683

Total

Long-Term

Fixed

Income

(cost

$728,297,241)

729,028,871

Shares

Collateral

Held

for

Securities

Loaned

1.2%

Value

8,705,525

Thrivent

Cash

Management

Trust

8,705,525

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,705,525)

8,705,525

Shares

Preferred

Stock

0.3%

Value

Financials  0.3%

66,000

Citigroup

Capital

XIII,

11.887%

b

1,971,420

Total

1,971,420

Total

Preferred

Stock

(cost

$1,821,600)

1,971,420

Shares

or

Principal

Amount

Short-Term

Investments

1.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

2,500,000

4.665%,

10/9/2024

i

2,497,094

Shares

or

Principal

Amount

Short-Term

Investments  1.7%

Value

U.S.

Treasury

Bills

9,920,000

4.427%,

10/1/2024

i

$

9,920,000

Total

Short-Term

Investments

(cost

$12,417,408)

12,417,094

Total

Investments

(cost

$751,241,774)

102.3%

$752,122,910

Other

Assets

and

Liabilities,

Net

(2.3%)

(16,919,441)

Total

Net

Assets

100.0%

$735,203,469

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$298,892,608

or

40.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

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

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2024.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Limited

Maturity

Bond

Portfolio

as

of

September

30,

2024

was

$99,000

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

12/4/2013

$

990,000

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(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

Limited

Maturity

Bond

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

8,405,175

Total

lending

$8,405,175

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,705,525

Net

amounts

due

to

counterparty

$300,350

Definitions:

CLO

-

Collateralized

Loan

Obligation

plc

-

Public

Limited

Company

Ser.

-

Series

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

RFUCCT1Y

-

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

113,684,058

–

113,684,058

–

Basic

Materials

14,309,153

–

14,309,153

–

Capital

Goods

25,046,355

–

25,046,355

–

Collateralized

Mortgage

Obligations

66,372,320

–

66,372,320

–

Commercial

Mortgage-Backed

Securities

3,517,680

–

3,517,680

–

Communications

Services

20,483,878

–

20,483,878

–

Consumer

Cyclical

45,707,783

–

45,707,783

–

Consumer

Non-Cyclical

44,849,530

–

44,849,530

–

Energy

37,691,160

–

37,691,160

–

Financials

237,893,334

–

237,893,334

–

Foreign

Government

2,652,595

–

2,652,595

–

Mortgage-Backed

Securities

5,001,439

–

5,001,439

–

Technology

24,665,511

–

24,665,511

–

Transportation

11,546,569

–

11,546,569

–

U.S.

Government

&

Agencies

40,905,823

–

40,905,823

–

Utilities

34,701,683

–

34,701,683

–

Preferred

Stock

Financials

1,971,420

1,971,420

–

–

Short-Term

Investments

12,417,094

–

12,417,094

–

Subtotal

Investments

in

Securities

$743,417,385

$1,971,420

$741,445,965

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

8,705,525

Subtotal

Other

Investments

$8,705,525

Total

Investments

at

Value

$752,122,910

*

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

the

table

above

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

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$1,225

$37,209

$29,728

$8,706

8,706

1.2%

Total

Collateral

Held

for

Securities

Loaned

1,225

8,706

1.2

Total

Value

$1,225

$8,706

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

$–

$

–

$30

Total

Affiliated

Income

from

Securities

Loaned,

Net

$30

Total

Value

$–

$–

$

–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Shares

Common

Stock

97.0%

Value

Communications

Services  3.7%

30,315

Cargurus,

Inc.

a

$

910,360

38,720

Pinterest,

Inc.

a

1,253,366

10,899

Trade

Desk,

Inc.

a

1,195,075

Total

3,358,801

Consumer

Discretionary  11.9%

9,781

Champion

Homes,

Inc.

a

927,728

18,619

Chipotle

Mexican

Grill,

Inc.

a

1,072,827

6,989

Deckers

Outdoor

Corporation

a

1,114,396

6,843

DoorDash,

Inc.

a

976,701

2,697

Lululemon

Athletica,

Inc.

a

731,831

117

NVR,

Inc.

a

1,147,981

2,940

Pool

Corporation

1,107,792

8,410

Ross

Stores,

Inc.

1,265,789

12,761

SharkNinja,

Inc.

1,387,248

12,934

Wyndham

Hotels

&

Resorts,

Inc.

1,010,663

Total

10,742,956

Consumer

Staples  2.4%

5,360

e.l.f.

Beauty,

Inc.

a

584,401

5,661

J

&

J

Snack

Foods

Corporation

974,371

3,245

Lancaster

Colony

Corporation

572,970

Total

2,131,742

Energy  1.8%

10,914

Matador

Resources

Company

539,370

42,042

TechnipFMC

plc

1,102,762

Total

1,642,132

Financials  9.7%

3,480

Arthur

J.

Gallagher

&

Company

979,168

6,358

Houlihan

Lokey,

Inc.

1,004,691

5,036

Jack

Henry

&

Associates,

Inc.

889,055

2,555

Kinsale

Capital

Group,

Inc.

1,189,531

1,446

MSCI,

Inc.

842,917

9,725

Northern

Trust

Corporation

875,542

21,546

TPG,

Inc.

1,240,188

9,841

Tradeweb

Markets,

Inc.

1,217,036

6,341

Western

Alliance

Bancorp

548,433

Total

8,786,561

Health

Care  15.0%

3,560

Align

Technology,

Inc.

a

905,379

3,423

Arcellx,

Inc.

a

285,855

1,392

Argenx

SE

ADR

a

754,575

2,876

Ascendis

Pharma

AS

ADR

a

429,416

33,845

Avantor,

Inc.

a

875,570

4,861

Cencora,

Inc.

1,094,114

2,077

Chemed

Corporation

1,248,215

16,628

Dexcom,

Inc.

a

1,114,741

6,173

Edwards

Lifesciences

Corporation

a

407,356

3,673

ICON

plc

a

1,055,290

2,586

IDEXX

Laboratories,

Inc.

a

1,306,499

8,681

Legend

Biotech

Corporation

ADR

a

423,025

7,027

Repligen

Corporation

a

1,045,758

5,087

Sarepta

Therapeutics,

Inc.

a

635,315

5,892

Veeva

Systems,

Inc.

a

1,236,554

3,566

Zoetis,

Inc.

696,725

Total

13,514,387

Industrials  19.9%

8,460

Advanced

Drainage

Systems,

Inc.

1,329,574

9,672

BWX

Technologies,

Inc.

1,051,346

4,550

Clean

Harbors,

Inc.

a

1,099,780

Shares

Common

Stock  97.0%

Value

Industrials  19.9%

-

continued

2,897

EMCOR

Group,

Inc.

$

1,247,245

34,899

ExlService

Holdings,

Inc.

a

1,331,397

15,506

Fastenal

Company

1,107,439

19,176

Howmet

Aerospace,

Inc.

1,922,394

19,928

nVent

Electric

plc

1,400,141

5,871

Old

Dominion

Freight

Line,

Inc.

1,166,215

6,348

Regal

Rexnord

Corporation

1,053,006

3,132

Rockwell

Automation,

Inc.

840,817

1,758

Saia,

Inc.

a

768,703

12,501

TransUnion

1,308,855

6,978

Waste

Connections,

Inc.

1,247,806

2,245

Watsco,

Inc.

1,104,271

Total

17,978,989

Information

Technology  26.6%

23,403

Amphenol

Corporation

1,524,939

3,438

Arista

Networks,

Inc.

a

1,319,573

3,716

CrowdStrike

Holdings,

Inc.

a

1,042,227

2,979

CyberArk

Software,

Ltd.

a

868,706

21,565

Dynatrace

Holdings,

LLC

a

1,153,081

2,459

Gartner,

Inc.

a

1,246,123

18,765

Gitlab,

Inc.

a

967,148

4,546

Globant

SA

a

900,744

6,688

Guidewire

Software,

Inc.

a

1,223,503

2,384

HubSpot,

Inc.

a

1,267,334

23,570

JFrog,

Ltd.

a

684,473

1,431

Lam

Research

Corporation

1,167,810

22,310

Lattice

Semiconductor

Corporation

a

1,183,992

14,625

Marvell

Technology,

Inc.

1,054,755

4,387

MongoDB,

Inc.

a

1,186,025

2,043

Monolithic

Power

Systems,

Inc.

1,888,753

1,567

Palo

Alto

Networks,

Inc.

a

535,601

7,948

PTC,

Inc.

a

1,435,886

2,169

Synopsys,

Inc.

a

1,098,360

17,781

Trimble,

Inc.

a

1,104,022

1,930

Tyler

Technologies,

Inc.

a

1,126,580

Total

23,979,635

Materials  2.0%

1,882

Martin

Marietta

Materials,

Inc.

1,012,987

6,663

RPM

International,

Inc.

806,223

Total

1,819,210

Real

Estate  2.9%

6,602

CBRE

Group,

Inc.

a

821,817

13,505

CoStar

Group,

Inc.

a

1,018,817

3,233

SBA

Communications

Corporation

778,183

Total

2,618,817

Utilities  1.1%

8,705

Vistra

Energy

Corporation

1,031,891

Total

1,031,891

Total

Common

Stock

(cost

$69,726,791)

87,605,121

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Shares

Registered

Investment

Companies  

0.8%

Value

U.S.

Unaffiliated  

0.8%

6,980

SPDR

S&P

Biotech

ETF

b

$

689,624

Total

689,624

Total

Registered

Investment

Companies

(cost

$648,424)

689,624

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

662,760

Thrivent

Cash

Management

Trust

662,760

Total

Collateral

Held

for

Securities

Loaned

(cost

$662,760)

662,760

Shares

Short-Term

Investments

2.4%

Value

Thrivent

Core

Short-Term

Reserve

Fund

216,376

5.250%

2,163,762

Total

Short-Term

Investments

(cost

$2,163,761)

2,163,762

Total

Investments

(cost

$73,201,736)

100.9%

$91,121,267

Other

Assets

and

Liabilities,

Net

(0.9%)

(846,403)

Total

Net

Assets

100.0%

$90,274,864

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Growth

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

652,080

Total

lending

$652,080

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$662,760

Net

amounts

due

to

counterparty

$10,680

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

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

3,358,801

3,358,801

–

–

Consumer

Discretionary

10,742,956

10,742,956

–

–

Consumer

Staples

2,131,742

2,131,742

–

–

Energy

1,642,132

1,642,132

–

–

Financials

8,786,561

8,786,561

–

–

Health

Care

13,514,387

13,514,387

–

–

Industrials

17,978,989

17,978,989

–

–

Information

Technology

23,979,635

23,979,635

–

–

Materials

1,819,210

1,819,210

–

–

Real

Estate

2,618,817

2,618,817

–

–

Utilities

1,031,891

1,031,891

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

689,624

689,624

–

–

Subtotal

Investments

in

Securities

$88,294,745

$88,294,745

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,163,762

Collateral

Held

for

Securities

Loaned

662,760

Subtotal

Other

Investments

$2,826,522

Total

Investments

at

Value

$91,121,267

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(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

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$932

$21,565

$20,333

$2,164

216

2.4%

Total

Affiliated

Short-Term

Investments

932

2,164

2.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

183

15,092

14,612

663

663

0.7

Total

Collateral

Held

for

Securities

Loaned

183

663

0.7

Total

Value

$1,115

$2,827

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$58

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$58

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$–

$–

$

–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Shares

Common

Stock

99.2%

Value

Communications

Services  1.4%

51,969

Frontier

Communications

Parent,

Inc.

a

$

1,846,459

27,812

Iridium

Communications,

Inc.

846,875

38,400

New

York

Times

Company

2,137,728

7,123

Nexstar

Media

Group,

Inc.

1,177,788

15,608

TKO

Group

Holdings,

Inc.

a

1,930,866

33,267

Warner

Music

Group

Corporation

1,041,257

67,794

ZoomInfo

Technologies,

Inc.

a

699,634

Total

9,680,607

Consumer

Discretionary  14.2%

12,006

Abercrombie

&

Fitch

Company

a

1,679,639

61,892

Aramark

2,397,077

17,177

Autoliv,

Inc.

1,603,816

6,152

AutoNation,

Inc.

a

1,100,716

16,169

Boyd

Gaming

Corporation

1,045,326

15,558

Brunswick

Corporation

1,304,071

14,830

Burlington

Stores,

Inc.

a

3,907,408

27,672

Capri

Holdings,

Ltd.

a

1,174,400

8,489

Carter's,

Inc.

551,615

5,324

Choice

Hotels

International,

Inc.

b

693,717

17,248

Churchill

Downs,

Inc.

2,332,102

7,703

Columbia

Sportswear

Company

640,813

13,951

Crocs,

Inc.

a

2,020,244

13,607

Dick's

Sporting

Goods,

Inc.

2,839,781

8,795

Duolingo,

Inc.

a

2,480,366

12,938

Five

Below,

Inc.

a

1,143,072

25,176

Floor

&

Decor

Holdings,

Inc.

a

3,126,104

91,120

GameStop

Corporation

a,b

2,089,382

51,988

Gap,

Inc.

1,146,335

54,085

Gentex

Corporation

1,605,784

66,955

Goodyear

Tire

&

Rubber

Company

a

592,552

807

Graham

Holdings

Company

663,128

6,824

Grand

Canyon

Education,

Inc.

a

967,984

32,795

H&R

Block,

Inc.

2,084,122

27,830

Harley-Davidson,

Inc.

1,072,290

15,022

Hilton

Grand

Vacations,

Inc.

a

545,599

10,555

Hyatt

Hotels

Corporation

1,606,471

16,933

KB

Home

1,450,989

13,216

Lear

Corporation

1,442,526

20,844

Light

&

Wonder,

Inc.

a

1,891,176

6,282

Lithia

Motors,

Inc.

1,995,414

64,938

Macy's,

Inc.

1,018,877

7,577

Marriott

Vacations

Worldwide

Corporation

556,758

79,853

Mattel,

Inc.

a

1,521,200

4,381

Murphy

USA,

Inc.

2,159,263

22,683

Nordstrom,

Inc.

510,141

14,379

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

1,397,639

4,392

Penske

Automotive

Group,

Inc.

713,349

19,870

Planet

Fitness,

Inc.

a

1,613,841

12,311

Polaris,

Inc.

1,024,768

13,123

PVH

Corporation

1,323,192

3,510

RH

a

1,173,849

34,209

Service

Corporation

International/

US

2,700,116

31,139

Skechers

USA,

Inc.

a

2,083,822

24,490

Taylor

Morrison

Home

Corporation

a

1,720,667

40,796

Tempur

Sealy

International,

Inc.

2,227,462

15,665

Texas

Roadhouse,

Inc.

2,766,439

12,498

Thor

Industries,

Inc.

1,373,405

24,116

Toll

Brothers,

Inc.

3,725,681

7,043

TopBuild

Corporation

a

2,865,163

Shares

Common

Stock  99.2%

Value

Consumer

Discretionary  14.2%

-

continued

16,389

Travel

+

Leisure

Company

$

755,205

44,360

Under

Armour,

Inc.,

Class

A

a

395,248

30,421

Under

Armour,

Inc.,

Class

C

a

254,320

8,839

Vail

Resorts,

Inc.

1,540,549

30,275

Valvoline,

Inc.

a

1,267,009

6,486

Visteon

Corporation

a

617,727

40,109

Wendy's

Company

702,710

12,896

Whirlpool

Corporation

1,379,872

30,216

Williams-Sonoma,

Inc.

4,681,063

6,884

Wingstop,

Inc.

2,864,295

18,555

Wyndham

Hotels

&

Resorts,

Inc.

1,449,888

19,887

YETI

Holdings,

Inc.

a

815,964

Total

98,393,501

Consumer

Staples  4.3%

30,363

BellRing

Brands,

Inc.

a

1,843,641

31,177

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,571,479

2,072

Boston

Beer

Company,

Inc.

a

599,098

8,718

Casey's

General

Stores,

Inc.

3,275,440

36,686

Celsius

Holdings,

Inc.

a

1,150,473

1,384

Coca-Cola

Consolidated,

Inc.

1,821,898

85,631

Coty,

Inc.

a

804,075

37,360

Darling

Ingredients,

Inc.

a

1,388,298

13,248

e.l.f.

Beauty,

Inc.

a

1,444,429

46,013

Flowers

Foods,

Inc.

1,061,520

15,285

Ingredion,

Inc.

2,100,618

4,527

Lancaster

Colony

Corporation

799,332

36,611

Performance

Food

Group

Company

a

2,869,204

9,470

Pilgrim's

Pride

Corporation

a

436,093

11,118

Post

Holdings,

Inc.

a

1,286,909

23,523

Sprouts

Farmers

Markets,

Inc.

a

2,597,174

57,454

US

Foods

Holding

Corporation

a

3,533,421

Total

29,583,102

Energy  5.0%

79,145

Antero

Midstream

Corporation

1,191,132

68,682

Antero

Resources

Corporation

a

1,967,739

44,754

ChampionX

Corporation

1,349,333

14,537

Chord

Energy

Corporation

1,893,154

21,258

Civitas

Resources,

Inc.

1,077,143

35,528

CNX

Resources

Corporation

a

1,157,147

22,815

DT

Midstream,

Inc.

1,794,628

48,508

Expand

Energy

Corporation

3,989,783

38,105

HF

Sinclair

Corporation

1,698,340

27,270

Matador

Resources

Company

1,347,684

33,322

Murphy

Oil

Corporation

1,124,284

92,494

NOV,

Inc.

1,477,129

62,034

Ovintiv,

Inc.

2,376,523

23,394

PBF

Energy,

Inc.

724,044

149,087

Permian

Resources

Corporation

2,029,074

56,874

Range

Resources

Corporation

1,749,444

4,427

Texas

Pacific

Land

Corporation

3,916,744

15,651

Valaris,

Ltd.

a

872,543

23,833

Viper

Energy,

Inc.

1,075,107

17,187

Weatherford

International

plc

1,459,520

Total

34,270,495

Financials  16.5%

7,004

Affiliated

Managers

Group,

Inc.

1,245,311

64,420

Ally

Financial,

Inc.

2,292,708

16,952

American

Financial

Group,

Inc.

2,281,739

117,705

Annaly

Capital

Management,

Inc.

2,362,339

34,886

Associated

Banc-Corp

751,444

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Shares

Common

Stock  99.2%

Value

Financials  16.5%

-

continued

24,790

Bank

OZK

$

1,065,722

14,273

Brighthouse

Financial,

Inc.

a

642,713

42,859

Cadence

Bank

1,365,059

49,397

Carlyle

Group,

Inc.

2,127,035

24,847

CNO

Financial

Group,

Inc.

872,130

49,214

Columbia

Banking

System,

Inc.

1,284,978

27,561

Commerce

Bancshares,

Inc.

1,637,123

15,040

Cullen/Frost

Bankers,

Inc.

1,682,374

32,563

East

West

Bancorp,

Inc.

2,694,263

75,121

Equitable

Holdings,

Inc.

3,157,336

24,961

Essent

Group,

Ltd.

1,604,743

9,919

Euronet

Worldwide,

Inc.

a

984,262

8,376

Evercore,

Inc.

2,121,976

84,475

F.N.B.

Corporation

1,191,942

18,492

Federated

Hermes,

Inc.

679,951

61,032

Fidelity

National

Financial,

Inc.

3,787,646

24,171

First

American

Financial

Corporation

1,595,528

30,204

First

Financial

Bankshares,

Inc.

1,117,850

125,899

First

Horizon

Corporation

1,955,211

9,147

FirstCash

Holdings,

Inc.

1,050,076

26,640

Glacier

Bancorp,

Inc.

1,217,448

9,523

Hamilton

Lane,

Inc.

1,603,578

20,285

Hancock

Whitney

Corporation

1,037,983

8,453

Hanover

Insurance

Group,

Inc.

1,251,974

43,628

Home

BancShares,

Inc.

1,181,883

12,480

Houlihan

Lokey,

Inc.

1,972,090

25,569

Interactive

Brokers

Group,

Inc.

3,563,296

12,565

International

Bancshares

Corporation

751,261

29,933

Janus

Henderson

Group

plc

1,139,549

38,139

Jefferies

Financial

Group,

Inc.

2,347,455

14,228

Kemper

Corporation

871,465

5,198

Kinsale

Capital

Group,

Inc.

2,420,033

60,902

MGIC

Investment

Corporation

1,559,091

6,341

Morningstar,

Inc.

2,023,540

70,019

New

York

Community

Bancorp,

Inc.

786,313

74,936

Old

National

Bancorp

1,398,306

55,871

Old

Republic

International

Corporation

1,978,951

17,978

Pinnacle

Financial

Partners,

Inc.

1,761,305

7,947

Primerica,

Inc.

2,107,147

22,380

Prosperity

Bancshares,

Inc.

1,612,927

15,472

Reinsurance

Group

of

America,

Inc.

3,370,885

12,253

RenaissanceRe

Holdings,

Ltd.

3,337,717

9,779

RLI

Corporation

1,515,549

24,033

Ryan

Specialty

Holdings,

Inc.

1,595,551

23,192

SEI

Investments

Company

1,604,654

14,291

Selective

Insurance

Group,

Inc.

1,333,350

51,089

SLM

Corporation

1,168,405

17,903

SouthState

Corporation

1,739,814

74,589

Starwood

Property

Trust,

Inc.

1,520,124

24,084

Stifel

Financial

Corporation

2,261,488

33,823

Synovus

Financial

Corporation

1,504,109

10,854

Texas

Capital

Bancshares,

Inc.

a

775,627

10,422

UMB

Financial

Corporation

1,095,456

31,692

United

Bankshares,

Inc.

1,175,773

40,152

Unum

Group

2,386,635

100,491

Valley

National

Bancorp

910,448

23,099

Voya

Financial,

Inc.

1,829,903

40,273

Webster

Financial

Corporation

1,877,125

25,628

Western

Alliance

Bancorp

2,216,566

79,355

Western

Union

Company

946,705

Shares

Common

Stock  99.2%

Value

Financials  16.5%

-

continued

9,652

WEX,

Inc.

a

$

2,024,314

15,623

Wintrust

Financial

Corporation

1,695,564

34,699

Zions

Bancorp

NA

1,638,487

Total

113,661,303

Health

Care  9.8%

21,818

Acadia

Healthcare

Company,

Inc.

a

1,383,479

7,667

Amedisys,

Inc.

a

739,942

29,206

Arrowhead

Research

Corporation

a

565,720

159,716

Avantor,

Inc.

a

4,131,853

11,492

Azenta,

Inc.

a

556,673

44,727

BioMarin

Pharmaceutical,

Inc.

a

3,143,861

4,498

Bio-Rad

Laboratories,

Inc.

a

1,504,941

25,964

Bruker

Corporation

1,793,074

3,536

Chemed

Corporation

2,125,030

27,642

Cytokinetics,

Inc.

a

1,459,498

47,624

Dentsply

Sirona,

Inc.

1,288,705

29,406

Doximity,

Inc.

a

1,281,219

23,640

Encompass

Health

Corporation

2,284,570

13,121

Enovis

Corporation

a

564,859

13,322

Ensign

Group,

Inc.

1,915,970

40,396

Envista

Holdings

Corporation

a

798,225

67,015

Exelixis,

Inc.

a

1,739,039

26,542

Globus

Medical,

Inc.

a

1,898,815

12,023

Haemonetics

Corporation

a

966,409

29,760

Halozyme

Therapeutics,

Inc.

a

1,703,462

20,441

HealthEquity,

Inc.

a

1,673,096

37,424

Illumina,

Inc.

a

4,880,464

14,508

Jazz

Pharmaceuticals,

Inc.

a

1,616,336

16,312

Lantheus

Holdings,

Inc.

a

1,790,242

12,757

LivaNova

plc

a

670,253

10,373

Masimo

Corporation

a

1,383,032

5,972

Medpace

Holdings,

Inc.

a

1,993,454

46,326

Neogen

Corporation

a

778,740

23,723

Neurocrine

Biosciences,

Inc.

a

2,733,364

40,179

Option

Care

Health,

Inc.

a

1,257,603

9,125

Penumbra,

Inc.

a

1,773,079

32,048

Perrigo

Company

plc

840,619

36,692

R1

RCM,

Inc.

a

519,926

12,237

Repligen

Corporation

a

1,821,110

102,505

Roivant

Sciences,

Ltd.

a

1,182,908

22,405

Sarepta

Therapeutics,

Inc.

a

2,798,160

35,929

Sotera

Health

Company

a

600,014

22,511

Tenet

Healthcare

Corporation

a

3,741,328

10,452

United

Therapeutics

Corporation

a

3,745,474

Total

67,644,546

Industrials  22.4%

15,797

AAON,

Inc.

1,703,549

7,228

Acuity

Brands,

Inc.

1,990,519

16,574

Advanced

Drainage

Systems,

Inc.

2,604,770

31,496

AECOM

3,252,592

14,555

AGCO

Corporation

1,424,352

154,281

American

Airlines

Group,

Inc.

a,b

1,734,118

9,012

Applied

Industrial

Technologies,

Inc.

2,010,848

4,022

Avis

Budget

Group,

Inc.

352,287

10,369

Brink's

Company

1,199,071

21,478

BWX

Technologies,

Inc.

2,334,659

5,240

CACI

International,

Inc.

a

2,643,894

10,835

Carlisle

Companies,

Inc.

4,873,041

9,877

Chart

Industries,

Inc.

a

1,226,131

11,919

Clean

Harbors,

Inc.

a

2,880,942

206,186

CNH

Industrial

NV

2,288,665

8,356

Comfort

Systems

USA,

Inc.

3,261,765

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Shares

Common

Stock  99.2%

Value

Industrials  22.4%

-

continued

11,050

Concentrix

Corporation

$

566,313

45,323

Core

&

Main,

Inc.

a

2,012,341

11,425

Crane

Company

1,808,349

8,998

Curtiss-Wright

Corporation

2,957,553

28,287

Donaldson

Company,

Inc.

2,084,752

10,961

EMCOR

Group,

Inc.

4,719,039

9,454

EnerSys

964,781

13,348

ESAB

Corporation

1,419,026

37,919

ExlService

Holdings,

Inc.

a

1,446,610

11,919

Exponent,

Inc.

1,374,022

30,864

Flowserve

Corporation

1,595,360

40,241

Fluor

Corporation

a

1,919,898

29,157

Fortune

Brands

Innovations,

Inc.

2,610,426

8,288

FTI

Consulting,

Inc.

a

1,886,017

8,363

GATX

Corporation

1,107,679

38,511

Genpact,

Ltd.

1,510,016

39,687

Graco,

Inc.

3,473,009

28,067

GXO

Logistics,

Inc.

a

1,461,449

19,205

Hexcel

Corporation

1,187,445

8,378

Insperity,

Inc.

737,264

19,194

ITT

Corporation

2,869,695

31,257

KBR,

Inc.

2,035,768

13,603

Kirby

Corporation

a

1,665,415

38,027

Knight-Swift

Transportation

Holdings,

Inc.

2,051,557

8,329

Landstar

System,

Inc.

1,573,098

7,534

Lennox

International,

Inc.

4,552,721

13,315

Lincoln

Electric

Holdings,

Inc.

2,556,746

11,147

ManpowerGroup,

Inc.

819,527

14,458

MasTec,

Inc.

a

1,779,780

14,137

Maximus,

Inc.

1,317,003

47,900

MDU

Resources

Group,

Inc.

1,312,939

12,632

Middleby

Corporation

a

1,757,490

9,245

MSA

Safety,

Inc.

1,639,508

10,548

MSC

Industrial

Direct

Company,

Inc.

907,761

33,698

NEXTracker,

Inc.

a

1,263,001

39,050

nVent

Electric

plc

2,743,653

15,291

Oshkosh

Corporation

1,532,311

20,427

Owens

Corning,

Inc.

3,605,774

10,976

Parsons

Corporation

a

1,137,992

10,183

Paylocity

Holding

Corporation

a

1,679,890

43,287

RB

Global,

Inc.

3,484,171

6,826

RBC

Bearings,

Inc.

a

2,043,568

15,632

Regal

Rexnord

Corporation

2,593,036

10,169

Ryder

System,

Inc.

1,482,640

6,247

Saia,

Inc.

a

2,731,563

12,035

Science

Applications

International

Corporation

1,676,114

35,465

Sensata

Technologies

Holding

plc

1,271,775

9,905

Simpson

Manufacturing

Company,

Inc.

1,894,529

21,810

Stericycle,

Inc.

a

1,330,410

15,717

Terex

Corporation

831,587

62,841

Tetra

Tech,

Inc.

2,963,582

14,994

Timken

Company

1,263,844

24,404

Toro

Company

2,116,559

25,539

Trex

Company,

Inc.

a

1,700,387

14,312

UFP

Industries,

Inc.

1,877,878

4,738

Valmont

Industries,

Inc.

1,373,783

8,173

Watsco,

Inc.

4,020,135

6,437

Watts

Water

Technologies,

Inc.

1,333,682

10,510

WESCO

International,

Inc.

1,765,470

14,016

Woodward,

Inc.

2,403,884

Shares

Common

Stock  99.2%

Value

Industrials  22.4%

-

continued

27,344

XPO,

Inc.

a

$

2,939,753

Total

154,522,531

Information

Technology  9.1%

36,516

Allegro

MicroSystems,

Inc.

a

850,823

13,961

Altair

Engineering,

Inc.

a

1,333,415

26,627

Amkor

Technology,

Inc.

814,786

5,405

Appfolio,

Inc.

a

1,272,337

12,439

Arrow

Electronics,

Inc.

a

1,652,272

10,525

ASGN,

Inc.

a

981,246

6,241

Aspen

Technology,

Inc.

a

1,490,476

20,700

Avnet,

Inc.

1,124,217

9,587

Belden,

Inc.

1,122,925

9,377

Blackbaud,

Inc.

a

794,044

33,761

Ciena

Corporation

a

2,079,340

12,548

Cirrus

Logic,

Inc.

a

1,558,587

40,291

Cognex

Corporation

1,631,785

36,015

Coherent

Corporation

a

3,202,094

10,270

CommVault

Systems,

Inc.

a

1,580,039

11,542

Crane

NXT

Company

b

647,506

14,020

Dolby

Laboratories,

Inc.

1,072,951

55,738

Dropbox,

Inc.

a

1,417,417

69,988

Dynatrace

Holdings,

LLC

a

3,742,258

8,492

Fabrinet

a

2,007,848

6,442

IPG

Photonics

Corporation

a

478,769

54,318

Kyndryl

Holdings,

Inc.

a

1,248,228

32,367

Lattice

Semiconductor

Corporation

a

1,717,717

5,823

Littelfuse,

Inc.

1,544,551

15,952

Lumentum

Holdings,

Inc.

a

1,011,038

13,568

MACOM

Technology

Solutions

Holdings,

Inc.

a

1,509,576

14,389

Manhattan

Associates,

Inc.

a

4,048,777

15,808

MKS

Instruments,

Inc.

1,718,488

8,435

Novanta,

Inc.

a

1,509,190

11,602

Onto

Innovation,

Inc.

a

2,408,111

13,351

Power

Integrations,

Inc.

856,066

72,588

Pure

Storage,

Inc.

a

3,646,821

8,648

Qualys,

Inc.

a

1,110,922

25,298

Rambus,

Inc.

a

1,068,082

7,586

Silicon

Laboratories,

Inc.

a

876,714

9,279

Synaptics,

Inc.

a

719,865

17,869

TD

SYNNEX

Corporation

2,145,710

22,577

Teradata

Corporation

a

684,986

10,367

Universal

Display

Corporation

2,176,033

26,653

Vishay

Intertechnology,

Inc.

504,008

36,109

Vontier

Corporation

1,218,318

Total

62,578,336

Materials  6.5%

60,693

Alcoa

Corporation

2,341,536

15,597

AptarGroup,

Inc.

2,498,483

252,646

Arcadium

Lithium

plc

a

720,041

11,472

Ashland,

Inc.

997,720

21,452

Avient

Corporation

1,079,465

51,522

Axalta

Coating

Systems,

Ltd.

a

1,864,581

26,923

Berry

Plastics

Group,

Inc.

1,830,226

12,880

Cabot

Corporation

1,439,598

35,069

Chemours

Company

712,602

109,957

Cleveland-Cliffs,

Inc.

a

1,404,151

27,015

Commercial

Metals

Company

1,484,744

28,003

Crown

Holdings,

Inc.

2,684,928

7,898

Eagle

Materials,

Inc.

2,271,860

70,507

Graphic

Packaging

Holding

Company

2,086,302

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Shares

Common

Stock  99.2%

Value

Materials  6.5%

-

continued

6,063

Greif,

Inc.

$

379,908

13,300

Knife

River

Corporation

a

1,188,887

14,694

Louisiana-Pacific

Corporation

1,579,017

1,803

NewMarket

Corporation

995,058

27,604

Olin

Corporation

1,324,440

12,925

Reliance,

Inc.

3,738,039

15,444

Royal

Gold,

Inc.

2,166,793

30,258

RPM

International,

Inc.

3,661,218

10,012

Scotts

Miracle-Gro

Company

868,040

19,065

Silgan

Holdings,

Inc.

1,000,912

23,084

Sonoco

Products

Company

1,261,079

52,561

United

States

Steel

Corporation

1,856,980

7,855

Westlake

Corporation

1,180,528

Total

44,617,136

Real

Estate  7.4%

23,587

Agree

Realty

Corporation

1,776,809

73,920

American

Homes

4

Rent

2,837,789

70,795

Brixmor

Property

Group,

Inc.

1,972,349

26,412

COPT

Defense

Properties

801,076

35,742

Cousins

Properties,

Inc.

1,053,674

52,906

CubeSmart

2,847,930

11,430

EastGroup

Properties,

Inc.

2,135,353

17,789

EPR

Properties

872,373

43,819

Equity

Lifestyle

Properties,

Inc.

3,126,047

31,091

First

Industrial

Realty

Trust,

Inc.

1,740,474

64,463

Gaming

and

Leisure

Properties,

Inc.

3,316,621

85,287

Healthcare

Realty

Trust,

Inc.

1,547,959

52,794

Independence

Realty

Trust,

Inc.

1,082,277

11,151

Jones

Lang

LaSalle,

Inc.

a

3,008,651

24,820

Kilroy

Realty

Corporation

960,534

51,604

Kite

Realty

Group

Trust

1,370,602

20,646

Lamar

Advertising

Company

2,758,306

16,415

National

Storage

Affiliates

Trust

791,203

43,147

NNN

REIT,

Inc.

2,092,198

60,575

Omega

Healthcare

Investors,

Inc.

2,465,402

49,081

Park

Hotels

&

Resorts,

Inc.

692,042

16,870

PotlatchDeltic

Corporation

759,993

31,500

Rayonier,

Inc.

REIT

1,013,670

51,463

Rexford

Industrial

Realty,

Inc.

2,589,104

55,037

Sabra

Health

Care

REIT,

Inc.

1,024,239

42,784

STAG

Industrial,

Inc.

1,672,427

38,933

Vornado

Realty

Trust

1,533,960

51,414

WP

Carey,

Inc.

3,203,092

Total

51,046,154

Utilities  2.6%

13,568

ALLETE,

Inc.

870,930

16,386

Black

Hills

Corporation

1,001,512

59,151

Essential

Utilities,

Inc.

2,281,454

12,511

IDACORP,

Inc.

1,289,759

21,463

National

Fuel

Gas

Company

1,300,872

23,298

New

Jersey

Resources

Corporation

1,099,665

14,401

Northwestern

Energy

Group,

Inc.

824,025

47,190

OGE

Energy

Corporation

1,935,734

13,310

ONE

Gas,

Inc.

990,530

12,640

Ormat

Technologies,

Inc.

972,522

24,214

Portland

General

Electric

Company

1,159,851

14,143

Southwest

Gas

Holdings,

Inc.

1,043,188

13,567

Spire,

Inc.

912,923

21,253

TXNM

Energy,

Inc.

930,244

Shares

Common

Stock  99.2%

Value

Utilities  2.6%

-

continued

50,438

UGI

Corporation

$

1,261,959

Total

17,875,168

Total

Common

Stock

(cost

$453,606,162)

683,872,879

Shares

Collateral

Held

for

Securities

Loaned

0.6%

Value

4,416,800

Thrivent

Cash

Management

Trust

4,416,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,416,800)

4,416,800

Shares

or

Principal

Amount

Short-Term

Investments

1.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

5.050%,

11/15/2024

c,d

298,267

400,000

4.612%,

11/20/2024

c,d

397,439

Thrivent

Core

Short-Term

Reserve

Fund

671,678

5.250%

6,716,777

Total

Short-Term

Investments

(cost

$7,412,321)

7,412,483

Total

Investments

(cost

$465,435,283)

100.9%

$695,702,162

Other

Assets

and

Liabilities,

Net

(0.9%)

(6,090,533)

Total

Net

Assets

100.0%

$689,611,629

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Index

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

4,275,099

Total

lending

$4,275,099

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,416,800

Net

amounts

due

to

counterparty

$141,701

Definitions:

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

I

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Mid

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

9,680,607

9,680,607

–

–

Consumer

Discretionary

98,393,501

98,393,501

–

–

Consumer

Staples

29,583,102

29,583,102

–

–

Energy

34,270,495

34,270,495

–

–

Financials

113,661,303

113,661,303

–

–

Health

Care

67,644,546

67,644,546

–

–

Industrials

154,522,531

154,522,531

–

–

Information

Technology

62,578,336

62,578,336

–

–

Materials

44,617,136

44,617,136

–

–

Real

Estate

51,046,154

51,046,154

–

–

Utilities

17,875,168

17,875,168

–

–

Short-Term

Investments

695,706

–

695,706

–

Subtotal

Investments

in

Securities

$684,568,585

$683,872,879

$695,706

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

6,716,777

Collateral

Held

for

Securities

Loaned

4,416,800

Subtotal

Other

Investments

$11,133,577

Total

Investments

at

Value

$695,702,162

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Mid

Cap

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,753

1,753

–

–

Total

Asset

Derivatives

$1,753

$1,753

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$695,706

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

18

December

2024

$

5,665,727

$

1,753

Total

Futures

Long

Contracts

$

5,665,727

$

1,753

Total

Futures

Contracts

$

5,665,727

$1,753

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$4,339

$41,708

$39,330

$6,717

672

1.0%

Total

Affiliated

Short-Term

Investments

4,339

6,717

1.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,129

56,982

55,694

4,417

4,417

0.6

Total

Collateral

Held

for

Securities

Loaned

3,129

4,417

0.6

Total

Value

$7,468

$11,134

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$192

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$192

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

Value

$–

$–

$

–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Shares

Common

Stock

97.2%

Value

Consumer

Discretionary  11.5%

479,268

Champion

Homes,

Inc.

a

$

45,458,570

188,976

Crocs,

Inc.

a

27,365,614

142,909

Deckers

Outdoor

Corporation

a

22,786,840

243,256

Garmin,

Ltd.

42,820,354

124,203

Lululemon

Athletica,

Inc.

a

33,702,484

8,707

NVR,

Inc.

a

85,431,343

Total

257,565,205

Consumer

Staples  3.9%

376,767

BJ's

Wholesale

Club

Holdings,

Inc.

a

31,075,742

74,311

Casey's

General

Stores,

Inc.

27,919,386

466,674

Tyson

Foods,

Inc.

27,795,103

Total

86,790,231

Energy  4.7%

910,797

Devon

Energy

Corporation

35,630,379

591,915

Expand

Energy

Corporation

48,685,009

1,333,529

NOV,

Inc.

21,296,458

Total

105,611,846

Financials  15.9%

1,001,349

Ally

Financial,

Inc.

35,638,011

74,106

Ameriprise

Financial,

Inc.

34,815,740

557,585

Arch

Capital

Group,

Ltd.

a

62,382,610

117,504

Kinsale

Capital

Group,

Inc.

54,706,337

382,135

Northern

Trust

Corporation

34,403,614

891,495

Radian

Group,

Inc.

30,925,961

269,537

Tradeweb

Markets,

Inc.

33,333,641

452,489

Western

Alliance

Bancorp

39,135,774

648,222

Zions

Bancorp

NA

30,609,043

Total

355,950,731

Health

Care  7.6%

91,419

Align

Technology,

Inc.

a

23,249,680

422,986

AMN

Healthcare

Services,

Inc.

a

17,930,376

100,736

Charles

River

Laboratories

International,

Inc.

a

19,841,970

371,129

Edwards

Lifesciences

Corporation

a

24,490,803

114,717

Humana,

Inc.

36,335,463

869,844

Option

Care

Health,

Inc.

a

27,226,117

172,665

Sarepta

Therapeutics,

Inc.

a

21,564,132

Total

170,638,541

Industrials  21.7%

375,894

Advanced

Drainage

Systems,

Inc.

59,075,501

82,758

Axon

Enterprise,

Inc.

a

33,070,097

234,904

Expeditors

International

of

Washington,

Inc.

30,866,385

666,857

Fastenal

Company

47,626,927

485,591

Howmet

Aerospace,

Inc.

48,680,498

139,981

Lincoln

Electric

Holdings,

Inc.

26,879,152

177,042

Old

Dominion

Freight

Line,

Inc.

35,167,623

155,092

Quanta

Services,

Inc.

46,240,680

119,086

Rockwell

Automation,

Inc.

31,969,827

557,972

Timken

Company

47,031,460

99,188

United

Rentals,

Inc.

80,315,499

Total

486,923,649

Information

Technology  13.7%

617,183

Ciena

Corporation

a

38,012,301

234,178

Datadog,

Inc.

a

26,944,521

761,039

DocuSign,

Inc.

a

47,252,911

244,396

Enphase

Energy,

Inc.

a

27,621,636

Shares

Common

Stock  97.2%

Value

Information

Technology  13.7%

-

continued

96,120

MongoDB,

Inc.

a

$

25,986,042

311,437

ON

Semiconductor

Corporation

a

22,613,441

278,373

Qorvo,

Inc.

a

28,755,931

1,002,859

Trimble,

Inc.

a

62,267,515

507,606

Varonis

Systems,

Inc.

a

28,679,739

Total

308,134,037

Materials  5.8%

196,024

Albemarle

Corporation

b

18,565,433

353,407

Ball

Corporation

23,999,869

197,891

Celanese

Corporation

26,905,260

476,320

Steel

Dynamics,

Inc.

60,054,426

Total

129,524,988

Real

Estate  5.0%

182,381

Alexandria

Real

Estate

Equities,

Inc.

21,657,744

137,813

Extra

Space

Storage,

Inc.

24,832,524

270,979

SBA

Communications

Corporation

65,224,645

Total

111,714,913

Utilities  7.4%

707,450

Alliant

Energy

Corporation

42,935,141

1,221,901

CenterPoint

Energy,

Inc.

35,948,327

1,347,327

NiSource,

Inc.

46,684,881

341,771

Vistra

Energy

Corporation

40,513,534

Total

166,081,883

Total

Common

Stock

(cost

$1,466,356,608)

2,178,936,024

Shares

Collateral

Held

for

Securities

Loaned

0.4%

Value

8,594,600

Thrivent

Cash

Management

Trust

8,594,600

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,594,600)

8,594,600

Shares

Short-Term

Investments

3.0%

Value

Thrivent

Core

Short-Term

Reserve

Fund

6,682,987

5.250%

66,829,872

Total

Short-Term

Investments

(cost

$66,811,510)

66,829,872

Total

Investments

(cost

$1,541,762,718)

100.6%

$2,254,360,496

Other

Assets

and

Liabilities,

Net

(0.6%)

(13,680,421)

Total

Net

Assets

100.0%

$2,240,680,075

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Stock

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

8,306,067

Total

lending

$8,306,067

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,594,600

Net

amounts

due

to

counterparty

$288,533

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Mid

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

257,565,205

257,565,205

–

–

Consumer

Staples

86,790,231

86,790,231

–

–

Energy

105,611,846

105,611,846

–

–

Financials

355,950,731

355,950,731

–

–

Health

Care

170,638,541

170,638,541

–

–

Industrials

486,923,649

486,923,649

–

–

Information

Technology

308,134,037

308,134,037

–

–

Materials

129,524,988

129,524,988

–

–

Real

Estate

111,714,913

111,714,913

–

–

Utilities

166,081,883

166,081,883

–

–

Subtotal

Investments

in

Securities

$2,178,936,024

$2,178,936,024

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

66,829,872

Collateral

Held

for

Securities

Loaned

8,594,600

Subtotal

Other

Investments

$75,424,472

Total

Investments

at

Value

$2,254,360,496

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$55,087

$262,879

$251,136

$66,830

6,683

3.0%

Total

Affiliated

Short-Term

Investments

55,087

66,830

3.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,084

173,770

169,259

8,595

8,595

0.4

Total

Collateral

Held

for

Securities

Loaned

4,084

8,595

0.4

Total

Value

$59,171

$75,425

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$3,157

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$3,157

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

11

Total

Affiliated

Income

from

Securities

Loaned,

Net

$11

Total

Value

$–

$–

$

–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Shares

Common

Stock

97.5%

Value

Communications

Services  3.3%

44,101

Imax

Corporation

a

$

904,511

11,644

Verizon

Communications,

Inc.

522,932

27,899

Warner

Brothers

Discovery,

Inc.

a

230,167

Total

1,657,610

Consumer

Discretionary  9.8%

14,966

Cheesecake

Factory,

Inc.

606,871

4,196

D.R.

Horton,

Inc.

800,471

7,038

Lear

Corporation

768,198

17,106

Six

Flags

Entertainment

Corporation

689,543

9,648

Tapestry,

Inc.

453,263

8,420

Wyndham

Hotels

&

Resorts,

Inc.

657,939

22,626

Yum

China

Holding,

Inc.

1,018,622

Total

4,994,907

Consumer

Staples  5.1%

4,152

J

&

J

Snack

Foods

Corporation

714,642

6,822

J.M.

Smucker

Company

826,144

4,785

Lamb

Weston

Holdings,

Inc.

309,781

9,741

Sysco

Corporation

760,383

Total

2,610,950

Energy  6.5%

29,512

Coterra

Energy,

Inc.

706,812

16,181

Devon

Energy

Corporation

633,001

21,426

Enterprise

Products

Partners,

LP

623,711

8,458

Expand

Energy

Corporation

695,670

1,394

Marathon

Petroleum

Corporation

227,097

12,255

Noble

Corporation

plc

442,896

Total

3,329,187

Financials  18.6%

46,769

AGNC

Investment

Corporation

489,204

4,956

Allstate

Corporation

939,905

4,075

Capital

One

Financial

Corporation

610,150

23,301

Carlyle

Group,

Inc.

1,003,341

14,387

Charles

Schwab

Corporation

932,421

10,486

Equitable

Holdings,

Inc.

440,727

5,001

M&T

Bank

Corporation

890,778

9,870

Selective

Insurance

Group,

Inc.

920,871

12,461

Texas

Capital

Bancshares,

Inc.

a

890,463

25,823

U.S.

Bancorp

1,180,886

5,021

Voya

Financial,

Inc.

397,764

7,067

Wintrust

Financial

Corporation

766,981

Total

9,463,491

Health

Care  8.3%

25,447

Avantor,

Inc.

a

658,314

13,250

Baxter

International,

Inc.

503,103

7,003

Henry

Schein,

Inc.

a

510,519

2,593

Humana,

Inc.

821,307

4,870

Johnson

&

Johnson

789,232

2,948

Labcorp

Holdings,

Inc.

658,819

4,923

Sanofi

SA

ADR

283,712

Total

4,225,006

Industrials  16.8%

6,547

AGCO

Corporation

640,689

14,052

Barnes

Group,

Inc.

567,841

3,329

Booz

Allen

Hamilton

Holding

Corporation

541,828

1,106

Carlisle

Companies,

Inc.

497,424

16,618

Flowserve

Corporation

858,984

Shares

Common

Stock  97.5%

Value

Industrials  16.8%

-

continued

1,668

General

Dynamics

Corporation

$

504,070

14,961

Hexcel

Corporation

925,039

3,495

JB

Hunt

Transport

Services,

Inc.

602,293

11,750

MSC

Industrial

Direct

Company,

Inc.

1,011,205

11,333

Robert

Half,

Inc.

763,958

13,607

United

Airlines

Holdings,

Inc.

a

776,415

22,578

Werner

Enterprises,

Inc.

871,285

Total

8,561,031

Information

Technology  7.5%

8,223

Coherent

Corporation

a

731,107

3,379

CommVault

Systems,

Inc.

a

519,859

3,574

Jabil,

Inc.

428,273

25,749

Knowles

Corporation

a

464,255

7,906

MKS

Instruments,

Inc.

859,461

2,249

PTC,

Inc.

a

406,304

5,891

Western

Digital

Corporation

a

402,296

Total

3,811,555

Materials  7.9%

11,719

Alcoa

Corporation

452,119

12,289

Axalta

Coating

Systems,

Ltd.

a

444,739

5,629

Celanese

Corporation

765,319

8,929

CF

Industries

Holdings,

Inc.

766,108

5,684

Nucor

Corporation

854,533

7,637

West

Fraser

Timber

Company,

Ltd.

743,538

Total

4,026,356

Real

Estate  6.6%

1,333

AvalonBay

Communities,

Inc.

300,258

3,904

CBRE

Group,

Inc.

a

485,970

7,591

Crown

Castle,

Inc.

900,520

56,986

Healthcare

Realty

Trust,

Inc.

1,034,296

3,792

Simon

Property

Group,

Inc.

640,924

Total

3,361,968

Utilities  7.1%

11,658

Alliant

Energy

Corporation

707,524

2,350

Constellation

Energy

Corporation

611,047

5,419

DTE

Energy

Company

695,854

27,472

NiSource,

Inc.

951,905

5,392

Vistra

Energy

Corporation

639,167

Total

3,605,497

Total

Common

Stock

(cost

$41,485,138)

49,647,558

Shares

Short-Term

Investments

2.5%

Value

Thrivent

Core

Short-Term

Reserve

Fund

126,871

5.250%

1,268,710

Total

Short-Term

Investments

(cost

$1,268,710)

1,268,710

Total

Investments

(cost

$42,753,848)

100.0%

$50,916,268

Other

Assets

and

Liabilities,

Net

<0.1%

1,186

Total

Net

Assets

100.0%

$50,917,454

a

Non-income

producing

security.

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Mid

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,657,610

1,657,610

–

–

Consumer

Discretionary

4,994,907

4,994,907

–

–

Consumer

Staples

2,610,950

2,610,950

–

–

Energy

3,329,187

3,329,187

–

–

Financials

9,463,491

9,463,491

–

–

Health

Care

4,225,006

4,225,006

–

–

Industrials

8,561,031

8,561,031

–

–

Information

Technology

3,811,555

3,811,555

–

–

Materials

4,026,356

4,026,356

–

–

Real

Estate

3,361,968

3,361,968

–

–

Utilities

3,605,497

3,605,497

–

–

Subtotal

Investments

in

Securities

$49,647,558

$49,647,558

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,268,710

Subtotal

Other

Investments

$1,268,710

Total

Investments

at

Value

$50,916,268

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$156

$11,490

$10,377

$1,269

127

2.5%

Total

Affiliated

Short-Term

Investments

156

1,269

2.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

2,128

2,128

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$156

$1,269

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$27

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$27

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Shares

Registered

Investment

Companies  

40.8%

Value

U.S.

Affiliated  

40.4%

18,903,712

Thrivent

Core

Emerging

Markets

Debt

Fund

$

158,413,103

6,062,923

Thrivent

Core

Emerging

Markets

Equity

Fund

61,841,814

508,577

Thrivent

Core

Low

Volatility

Equity

Fund

6,219,900

10,991,303

Thrivent

Core

Mid

Cap

Value

Fund

128,818,074

13,038,805

Thrivent

Core

Small

Cap

Value

Fund

150,337,422

36,497,991

Thrivent

Global

Stock

Portfolio

556,105,296

26,799,078

Thrivent

High

Yield

Portfolio

113,963,080

37,821,046

Thrivent

Income

Portfolio

343,434,007

31,967,293

Thrivent

International

Allocation

Portfolio

330,193,363

5,170,077

Thrivent

International

Index

Portfolio

75,538,442

48,128,664

Thrivent

Large

Cap

Value

Portfolio

1,158,201,867

19,338,441

Thrivent

Limited

Maturity

Bond

Portfolio

190,410,162

18,434,671

Thrivent

Mid

Cap

Stock

Portfolio

398,564,954

9,583,847

Thrivent

Small

Cap

Stock

Portfolio

190,958,142

Total

3,862,999,626

U.S.

Unaffiliated  

0.4%

17,674

Invesco

QQQ

Trust

Series

1

8,626,149

46,500

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

1,750,725

59,713

SPDR

S&P

500

ETF

Trust

34,260,931

21,668

SPDR

S&P

Biotech

ETF

2,140,799

Total

46,778,604

Total

Registered

Investment

Companies

(cost

$2,975,940,235)

3,909,778,230

Shares

Common

Stock

27.4%

Value

Communications

Services  2.3%

83,796

Alphabet,

Inc.,

Class

A

13,897,567

519,528

Alphabet,

Inc.,

Class

C

86,859,886

77,676

Altice

USA,

Inc.

a

191,083

32,108

AMC

Networks,

Inc.

a

279,019

18,979

Bandwidth,

Inc.

a

332,322

177,194

Cargurus,

Inc.

a

5,321,136

1,036

Charter

Communications,

Inc.

a

335,747

4,717

Cogent

Communications

Holdings

358,115

57,936

Comcast

Corporation

2,419,987

124,324

E.W.

Scripps

Company

a

279,107

8,384

Electronic

Arts,

Inc.

1,202,601

10,294

Entravision

Communications

Corporation

21,309

56,021

iHeartMedia,

Inc.

a

103,639

68,845

Integral

Ad

Science

Holding

Corporation

a

744,214

24,022

Iridium

Communications,

Inc.

731,470

9,245

Liberty

Global,

Ltd.,

Class

A

a

195,162

30,097

Liberty

Latin

America,

Ltd.,

Class

A

a

288,329

5,422

Liberty

Media

Corporation-Liberty

Live

Group

a

278,311

64,355

Lumen

Technologies,

Inc.

a

456,920

36,308

Magnite,

Inc.

a

502,866

142,046

Meta

Platforms,

Inc.

81,312,812

8,892

Netflix,

Inc.

a

6,306,829

21,090

New

York

Times

Company

1,174,080

2,702

Omnicom

Group,

Inc.

279,360

Shares

Common

Stock  27.4%

Value

Communications

Services  2.3%

-

continued

91,386

Pinterest,

Inc.

a

$

2,958,165

83,500

QuinStreet,

Inc.

a

1,597,355

8,197

Sinclair,

Inc.

125,414

17,372

Sirius

XM

Holdings,

Inc.

410,848

8,891

TechTarget,

Inc.

a

217,385

19,458

Telephone

and

Data

Systems,

Inc.

452,398

30,872

Trade

Desk,

Inc.

a

3,385,115

93,759

Verizon

Communications,

Inc.

4,210,717

58,441

Warner

Brothers

Discovery,

Inc.

a

482,138

Total

217,711,406

Consumer

Discretionary  3.5%

541

Adient

plc

a

12,210

471,112

Amazon.com,

Inc.

a

87,782,299

73,576

American

Axle

&

Manufacturing

Holdings,

Inc.

a

454,700

53,780

American

Eagle

Outfitters,

Inc.

1,204,134

17,513

Aptiv

plc

a

1,261,111

12,755

Aramark

494,001

13,507

Autoliv,

Inc.

1,261,149

130,034

Best

Buy

Company,

Inc.

13,432,512

300

Booking

Holdings,

Inc.

1,263,636

24,180

Boot

Barn

Holdings,

Inc.

a

4,044,830

13,265

BorgWarner,

Inc.

481,387

7,736

Bright

Horizons

Family

Solutions,

Inc.

a

1,084,046

2,445

Brunswick

Corporation

204,940

2,842

Carvana

Company

a

494,821

756

Cavco

Industries,

Inc.

a

323,749

61,704

Champion

Homes,

Inc.

a

5,852,624

4,543

Chewy,

Inc.

a

133,065

246,799

Chipotle

Mexican

Grill,

Inc.

a

14,220,558

8,548

Columbia

Sportswear

Company

711,108

11,448

Cooper-Standard

Holdings,

Inc.

a

158,784

1,420

Crocs,

Inc.

a

205,630

4,254

D.R.

Horton,

Inc.

811,536

55,009

Dana,

Inc.

580,895

869

Darden

Restaurants,

Inc.

142,629

17,454

Deckers

Outdoor

Corporation

a

2,783,040

81,062

DoorDash,

Inc.

a

11,569,979

1,013

Dorman

Products,

Inc.

a

114,591

216,002

eBay,

Inc.

14,063,890

2,319

El

Pollo

Loco

Holdings,

Inc.

a

31,770

7,121

Etsy,

Inc.

a

395,429

98,362

Expedia

Group,

Inc.

a

14,559,543

3,797

Ford

Motor

Company

40,096

8,986

Fox

Factory

Holding

Corporation

a

372,919

1,961

Frontdoor,

Inc.

a

94,108

52,153

Gap,

Inc.

1,149,974

1,822

Garmin,

Ltd.

320,727

79,075

Gentex

Corporation

2,347,737

5,154

Genuine

Parts

Company

719,911

20,506

Goodyear

Tire

&

Rubber

Company

a

181,478

20,313

Grand

Canyon

Education,

Inc.

a

2,881,399

5,509

Group

1

Automotive,

Inc.

2,110,167

8,191

H&R

Block,

Inc.

520,538

80,465

Hanesbrands,

Inc.

a

591,418

11,519

Hasbro,

Inc.

833,054

46,225

Hilton

Worldwide

Holdings,

Inc.

10,654,863

74,402

Home

Depot,

Inc.

30,147,690

8,713

Installed

Building

Products,

Inc.

2,145,751

322

KB

Home

27,592

23,461

Latham

Group,

Inc.

a

159,535

78,219

Laureate

Education,

Inc.

1,299,218

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Shares

Common

Stock  27.4%

Value

Consumer

Discretionary  3.5%

-

continued

6,631

LCI

Industries

$

799,301

6,182

Lear

Corporation

674,765

10,354

Leggett

&

Platt,

Inc.

141,022

2,241

Lennar

Corporation

420,143

42,502

LKQ

Corporation

1,696,680

5,713

Lowe's

Companies,

Inc.

1,547,366

7,271

Lululemon

Athletica,

Inc.

a

1,972,986

1,352

M/I

Homes,

Inc.

a

231,679

22,096

Mattel,

Inc.

a

420,929

19,796

McDonald's

Corporation

6,028,080

20,417

Modine

Manufacturing

Company

a

2,711,173

11,650

Mohawk

Industries,

Inc.

a

1,871,922

339

NVR,

Inc.

a

3,326,200

1,479

OneSpaWorld

Holdings,

Ltd.

24,418

4,897

O'Reilly

Automotive,

Inc.

a

5,639,385

16,052

Patrick

Industries,

Inc.

2,285,323

6,883

Pool

Corporation

2,593,514

930

PVH

Corporation

93,772

237,335

Qurate

Retail,

Inc.

a

144,798

1,709

Ralph

Lauren

Corporation

331,324

11,497

Revolve

Group,

Inc.

a

284,896

28,489

Ross

Stores,

Inc.

4,287,879

7,494

Service

Corporation

International/

US

591,501

56,996

SharkNinja,

Inc.

6,196,035

8,670

Sony

Group

Corporation

ADR

837,262

8,798

Steven

Madden,

Ltd.

431,014

10,496

Stitch

Fix,

Inc.

a

29,599

109,930

Stoneridge,

Inc.

a

1,230,117

6,181

Strategic

Education,

Inc.

572,052

129,471

Tesla,

Inc.

a

33,873,498

20,539

Texas

Roadhouse,

Inc.

3,627,187

1,303

TopBuild

Corporation

a

530,073

14,297

Travel

+

Leisure

Company

658,806

834

Ulta

Beauty,

Inc.

a

324,526

14,062

Upbound

Group,

Inc.

449,843

13,097

Urban

Outfitters,

Inc.

a

501,746

9,466

Valvoline,

Inc.

a

396,152

53,053

VF

Corporation

1,058,407

269

Visteon

Corporation

a

25,620

77

Wingstop,

Inc.

32,038

65,193

Wyndham

Hotels

&

Resorts,

Inc.

5,094,181

29,879

Yum

China

Holding,

Inc.

1,345,153

Total

332,065,136

Consumer

Staples  0.7%

74,835

Altria

Group,

Inc.

3,819,578

16,157

BellRing

Brands,

Inc.

a

981,053

4,892

BJ's

Wholesale

Club

Holdings,

Inc.

a

403,492

554

Casey's

General

Stores,

Inc.

208,143

67,327

Coca-Cola

Company

4,838,118

8,121

Colgate-Palmolive

Company

843,041

1,876

Costco

Wholesale

Corporation

1,663,112

82,685

Coty,

Inc.

a

776,412

34,907

e.l.f.

Beauty,

Inc.

a

3,805,910

35,653

J

&

J

Snack

Foods

Corporation

6,136,594

6,538

J.M.

Smucker

Company

791,752

2,863

John

B.

Sanfilippo

&

Son,

Inc.

270,010

86,060

Kenvue,

Inc.

1,990,568

7,251

Keurig

Dr

Pepper,

Inc.

271,767

956

Kimberly-Clark

Corporation

136,020

8,108

Kroger

Company

464,588

11,557

Lamb

Weston

Holdings,

Inc.

748,200

13,592

Lancaster

Colony

Corporation

2,399,939

Shares

Common

Stock  27.4%

Value

Consumer

Staples  0.7%

-

continued

12,295

McCormick

&

Company,

Inc.

$

1,011,879

67,105

Philip

Morris

International,

Inc.

8,146,547

3,722

Pilgrim's

Pride

Corporation

a

171,398

1,567

PriceSmart,

Inc.

143,819

25,878

Procter

&

Gamble

Company

4,482,070

30,433

Sysco

Corporation

2,375,600

3,487

Turning

Point

Brands,

Inc.

150,464

17,256

Tyson

Foods,

Inc.

1,027,767

10,463

US

Foods

Holding

Corporation

a

643,475

218,225

Walmart,

Inc.

17,621,669

1,353

WD-40

Company

348,912

Total

66,671,897

Energy  0.6%

143,631

Archrock,

Inc.

2,907,091

80,880

Baker

Hughes

Company

2,923,812

6,851

Civitas

Resources,

Inc.

347,140

14,987

ConocoPhillips

1,577,831

1,634

Coterra

Energy,

Inc.

39,134

86,077

Devon

Energy

Corporation

3,367,332

50,829

Enterprise

Products

Partners,

LP

1,479,632

49,544

EOG

Resources,

Inc.

6,090,444

8,470

Expand

Energy

Corporation

696,658

28,042

Expro

Group

Holdings

NV

a

481,481

50,536

Exxon

Mobil

Corporation

5,923,830

6,178

Gulfport

Energy

Corporation

a

935,040

447,741

Halliburton

Company

13,006,876

45,110

Hess

Midstream,

LP

1,591,030

10,729

Kodiak

Gas

Services,

Inc.

311,141

5,166

Marathon

Petroleum

Corporation

841,593

54,123

Matador

Resources

Company

2,674,759

18,578

Noble

Corporation

plc

b

671,409

23,307

NOV,

Inc.

372,213

15,091

Ovintiv,

Inc.

578,136

16,063

Par

Pacific

Holdings,

Inc.

a

282,709

6,498

Phillips

66

854,162

27,873

Schlumberger

NV

1,169,272

9,571

Shell

plc

ADR

631,208

34,439

SM

Energy

Company

1,376,527

14,759

Solaris

Energy

Infrastructure,

Inc.

188,325

330

Targa

Resources

Corporation

48,843

204,850

TechnipFMC

plc

5,373,216

6,817

Williams

Companies,

Inc.

311,196

Total

57,052,040

Financials  3.5%

7,717

1st

Source

Corporation

462,094

10,019

Allstate

Corporation

1,900,103

19,956

Ally

Financial,

Inc.

710,234

11,088

Amalgamated

Financial

Corporation

347,831

41,304

American

Express

Company

11,201,645

13,130

American

International

Group,

Inc.

961,510

25,467

Ameriprise

Financial,

Inc.

11,964,651

3,125

Ameris

Bancorp

194,969

3,374

AMERISAFE,

Inc.

163,065

34,269

Annaly

Capital

Management,

Inc.

687,779

4,171

Arch

Capital

Group,

Ltd.

a

466,651

8,203

Arthur

J.

Gallagher

&

Company

2,308,078

17,225

Artisan

Partners

Asset

Management,

Inc.

746,187

30,761

Associated

Banc-Corp

662,592

5,065

Assurant,

Inc.

1,007,226

6,343

Assured

Guaranty,

Ltd.

504,395

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Shares

Common

Stock  27.4%

Value

Financials  3.5%

-

continued

3,509

Atlantic

Union

Bankshares

Corporation

$

132,184

2,427

Axis

Capital

Holdings,

Ltd.

193,213

8,978

Axos

Financial,

Inc.

a

564,537

123,718

Bank

of

America

Corporation

4,909,130

249

Bank

of

Hawaii

Corporation

15,630

5,419

Bank

of

Marin

Bancorp

108,868

5,497

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

202,729

33,785

Bank

of

New

York

Mellon

Corporation

2,427,790

32,798

Bank

OZK

1,409,986

6,780

BankFinancial

Corporation

82,580

1,697

BankUnited,

Inc.

61,839

5,783

Bar

Harbor

Bankshares

178,348

2,180

BayCom

Corporation

51,710

12,749

BCB

Bancorp,

Inc.

157,323

16,553

Berkshire

Hathaway,

Inc.

a

7,618,684

13,770

Berkshire

Hills

Bancorp,

Inc.

370,826

5,103

Block,

Inc.

a

342,564

90,491

Blue

Owl

Capital,

Inc.

1,751,906

647

BOK

Financial

Corporation

67,689

12,794

Bridgewater

Bancshares,

Inc.

a

181,291

10,470

Brighthouse

Financial,

Inc.

a

471,464

6,825

BrightSpire

Capital,

Inc.

38,220

57,997

Brookline

Bancorp,

Inc.

585,190

44,145

Brown

&

Brown,

Inc.

4,573,422

12,191

Business

First

Bancshares,

Inc.

312,943

11,554

Byline

Bancorp,

Inc.

309,301

11,038

Cadence

Bank

351,560

1,501

Camden

National

Corporation

62,021

790

Capital

City

Bank

Group,

Inc.

27,879

7,298

Capital

One

Financial

Corporation

1,092,730

30,955

Capitol

Federal

Financial,

Inc.

180,777

32,854

Carlyle

Group,

Inc.

1,414,693

6,261

Cathay

General

Bancorp

268,910

15,465

Cboe

Global

Markets,

Inc.

3,168,315

9,296

Central

Pacific

Financial

Corporation

274,325

26,624

Charles

Schwab

Corporation

1,725,501

12,982

Chubb,

Ltd.

3,743,879

6,924

Cincinnati

Financial

Corporation

942,495

12,938

Citigroup,

Inc.

809,919

2,795

Citizens

Financial

Group,

Inc.

114,791

11,598

CNB

Financial

Corporation

279,048

17,779

CNO

Financial

Group,

Inc.

624,043

29,297

Columbia

Banking

System,

Inc.

764,945

9,571

Comerica,

Inc.

573,399

8,674

Commerce

Bancshares,

Inc.

515,236

1,727

Community

Financial

System,

Inc.

100,287

18,342

Community

Trust

Bancorp,

Inc.

910,864

9,373

ConnectOne

Bancorp,

Inc.

234,794

4,160

Cullen/Frost

Bankers,

Inc.

465,338

10,690

Customers

Bancorp,

Inc.

a

496,550

27,660

CVB

Financial

Corporation

492,901

7,936

Dime

Community

Bancshares,

Inc.

228,557

10,575

Discover

Financial

Services

1,483,567

13,896

Eagle

Bancorp,

Inc.

313,772

12,457

East

West

Bancorp,

Inc.

1,030,692

17,749

Ellington

Credit

Company

123,888

2,991

Employers

Holdings,

Inc.

143,478

7,077

Enova

International,

Inc.

a

592,982

963

Enterprise

Bancorp,

Inc./MA

30,777

11,272

Enterprise

Financial

Services

Corporation

577,803

17,577

Equitable

Holdings,

Inc.

738,761

Shares

Common

Stock  27.4%

Value

Financials  3.5%

-

continued

6,087

Equity

Bancshares,

Inc.

$

248,837

71,172

F.N.B.

Corporation

1,004,237

18,759

FactSet

Research

Systems,

Inc.

8,626,326

99

Federal

Agricultural

Mortgage

Corporation

18,554

59,532

Federated

Hermes,

Inc.

2,188,992

6,351

Fidelity

National

Information

Services,

Inc.

531,896

5,297

Fifth

Third

Bancorp

226,923

12,198

Financial

Institutions,

Inc.

310,683

6,186

First

Bancorp/Puerto

Rico

130,958

13,271

First

Bancshares,

Inc.

426,397

7,275

First

Busey

Corporation

189,295

472

First

Citizens

BancShares,

Inc./NC

868,928

19,655

First

Financial

Bancorp

495,896

5,807

First

Financial

Bankshares,

Inc.

214,917

6,496

First

Financial

Corporation

284,850

33,787

First

Foundation,

Inc.

210,831

3,603

First

Hawaiian,

Inc.

83,409

118,265

First

Horizon

Corporation

1,836,655

6,794

First

Internet

Bancorp

232,762

14,307

First

Interstate

BancSystem,

Inc.

438,939

6,522

First

Merchants

Corporation

242,618

10,588

First

Mid-Illinois

Bancshares,

Inc.

411,979

19,031

First

of

Long

Island

Corporation

244,929

14,427

Fiserv,

Inc.

a

2,591,811

17,251

Flushing

Financial

Corporation

251,520

40,444

Fulton

Financial

Corporation

733,250

51,230

Glacier

Bancorp,

Inc.

2,341,211

4,247

Global

Payments,

Inc.

434,978

7,810

Great

Southern

Bancorp,

Inc.

447,591

7,501

Green

Dot

Corporation

a

87,837

27,249

Hamilton

Lane,

Inc.

4,588,459

13,390

Hancock

Whitney

Corporation

685,166

39,571

Hanmi

Financial

Corporation

736,021

3,518

Hanover

Insurance

Group,

Inc.

521,051

8,597

Hartford

Financial

Services

Group,

Inc.

1,011,093

7,651

Heartland

Financial

USA,

Inc.

433,812

7,287

Heritage

Commerce

Corporation

71,996

23,171

Heritage

Financial

Corporation

504,433

11,046

Home

BancShares,

Inc.

299,236

14,725

Hometrust

Bancshares,

Inc.

501,828

38,826

Hope

Bancorp,

Inc.

487,655

1,532

Horace

Mann

Educators

Corporation

53,543

23,559

Horizon

Bancorp,

Inc.

366,342

32,796

Houlihan

Lokey,

Inc.

5,182,424

9,372

Huntington

Bancshares,

Inc./OH

137,768

8,213

Independent

Bank

Corporation/MA

485,635

12,982

Independent

Bank

Corporation/MI

432,950

73,667

Intercontinental

Exchange,

Inc.

11,833,867

369

International

Bancshares

Corporation

22,062

56,139

Invesco,

Ltd.

985,801

1,778

Investar

Holding

Corporation

34,493

96,517

J.P.

Morgan

Chase

&

Company

20,351,575

16,419

Jack

Henry

&

Associates,

Inc.

2,898,610

50,674

Janus

Henderson

Group

plc

1,929,159

4,976

Jefferies

Financial

Group,

Inc.

306,273

40,385

Kearny

Financial

Corporation/MD

277,445

353,826

KeyCorp

5,926,585

13,221

Kinsale

Capital

Group,

Inc.

6,155,301

5,151

LendingTree,

Inc.

a

298,913

1,262

M&T

Bank

Corporation

224,787

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Shares

Common

Stock  27.4%

Value

Financials  3.5%

-

continued

3,399

MarketAxess

Holdings,

Inc.

$

870,824

33,141

Marsh

&

McLennan

Companies,

Inc.

7,393,426

13,121

Mastercard,

Inc.

6,479,150

9,484

Mercantile

Bank

Corporation

414,640

15,034

MetLife,

Inc.

1,240,004

5,656

Metropolitan

Bank

Holding

Corporation

a

297,392

47,302

MFA

Financial,

Inc.

601,681

167,493

MGIC

Investment

Corporation

4,287,821

3,617

Mid

Penn

Bancorp,

Inc.

107,895

16,440

Midland

States

Bancorp,

Inc.

367,927

25,390

MidWestOne

Financial

Group,

Inc.

724,377

4,501

Moody's

Corporation

2,136,130

1,729

Morningstar,

Inc.

551,758

21,929

Mr.

Cooper

Group,

Inc.

a

2,021,415

5,799

MSCI,

Inc.

3,380,411

1,053

MVB

Financial

Corporation

20,386

148,986

Nasdaq,

Inc.

10,877,468

255

Nelnet,

Inc.

28,886

10,894

New

York

Community

Bancorp,

Inc.

122,340

76,037

NMI

Holdings,

Inc.

a

3,131,964

30,329

Northern

Trust

Corporation

2,730,520

19,680

Northfield

Bancorp,

Inc.

228,288

14,076

Northwest

Bancshares,

Inc.

188,337

54,357

OceanFirst

Financial

Corporation

1,010,497

21,281

OFG

Bancorp

955,942

21,159

Old

National

Bancorp

394,827

14,205

Old

Republic

International

Corporation

503,141

21,804

Old

Second

Bancorp,

Inc.

339,924

26,224

OneMain

Holdings,

Inc.

1,234,364

2,163

Orrstown

Financial

Services,

Inc.

77,781

935

Pacific

Premier

Bancorp,

Inc.

23,525

3,081

Palomar

Holdings,

Inc.

a

291,678

134

Park

National

Corporation

22,509

181,892

PayPal

Holdings,

Inc.

a

14,193,033

4,238

PCB

Bancorp

79,632

3,391

PennyMac

Financial

Services,

Inc.

386,472

13,649

Peoples

Bancorp,

Inc./OH

410,698

5,414

Pinnacle

Financial

Partners,

Inc.

530,410

109

Piper

Sandler

Companies

30,935

1,463

PNC

Financial

Services

Group,

Inc.

270,436

16,829

Popular,

Inc.

1,687,444

2,239

Principal

Financial

Group,

Inc.

192,330

24,796

Progressive

Corporation

6,292,233

10,161

Prosperity

Bancshares,

Inc.

732,303

3,811

Prudential

Financial,

Inc.

461,512

37,805

Radian

Group,

Inc.

1,311,455

5,819

Regions

Financial

Corporation

135,757

1,665

Reinsurance

Group

of

America,

Inc.

362,754

30,920

Rithm

Capital

Corporation

350,942

19,543

RLI

Corporation

3,028,774

6,838

S&P

Global,

Inc.

3,532,648

44,278

SEI

Investments

Company

3,063,595

2,174

ServisFirst

Bancshares,

Inc.

174,898

18,206

Shore

Bancshares,

Inc.

254,702

1,098

Simmons

First

National

Corporation

23,651

4,751

Skyward

Specialty

Insurance

Group,

Inc.

a

193,508

414

Southern

First

Bancshares,

Inc.

a

14,109

2,580

Southern

Missouri

Bancorp,

Inc.

145,744

Shares

Common

Stock  27.4%

Value

Financials  3.5%

-

continued

9,412

Southside

Bancshares,

Inc.

$

314,643

5,266

SouthState

Corporation

511,750

3,050

Stellar

Bancorp,

Inc.

78,964

19,708

StepStone

Group,

Inc.

1,120,006

2,336

Stifel

Financial

Corporation

219,350

10,065

Synovus

Financial

Corporation

447,591

1,283

Texas

Capital

Bancshares,

Inc.

a

91,683

737

Towne

Bank/Portsmouth,

VA

24,365

60,743

TPG,

Inc.

3,496,367

35,733

Tradeweb

Markets,

Inc.

4,419,100

44,472

Triumph

Financial,

Inc.

a

3,537,303

2,698

Truist

Financial

Corporation

115,393

7,711

TrustCo

Bank

Corporation

NY

255,003

4,546

U.S.

Bancorp

207,889

2,347

UMB

Financial

Corporation

246,693

7,249

United

Bankshares,

Inc.

268,938

4,738

United

Community

Banks,

Inc.

137,781

11,937

Univest

Financial

Corporation

335,907

16,771

Unum

Group

996,868

58,617

Valley

National

Bancorp

531,070

46,920

Virtu

Financial,

Inc.

1,429,183

99,991

Visa,

Inc.

27,492,525

1,603

WaFd,

Inc.

55,865

2,594

Walker

&

Dunlop,

Inc.

294,652

39,924

Webster

Financial

Corporation

1,860,858

97,957

Wells

Fargo

&

Company

5,533,591

9,507

Westamerica

Bancorporation

469,836

29,757

Western

Alliance

Bancorp

2,573,683

79,658

Western

Union

Company

950,320

2,117

Willis

Towers

Watson

plc

623,520

4,475

Wintrust

Financial

Corporation

485,672

2,016

WSFS

Financial

Corporation

102,796

42,531

Zions

Bancorp

NA

2,008,314

Total

332,564,828

Health

Care  3.3%

53,501

Abbott

Laboratories

6,099,649

22,664

AbbVie,

Inc.

4,475,687

9,384

ACELYRIN,

Inc.

a

46,263

2,845

ADMA

Biologics,

Inc.

a

56,871

61,293

Agilent

Technologies,

Inc.

9,100,785

6,188

Agios

Pharmaceuticals,

Inc.

a

274,933

9,076

Align

Technology,

Inc.

a

2,308,208

35,664

Amgen,

Inc.

11,491,297

3,163

AMN

Healthcare

Services,

Inc.

a

134,080

5,751

Anika

Therapeutics,

Inc.

a

142,050

8,068

Arcellx,

Inc.

a

673,759

5,611

Argenx

SE

ADR

a

3,041,611

1,530

Arvinas,

Inc.

a

37,684

11,897

Ascendis

Pharma

AS

ADR

a

1,776,341

3,606

Astria

Therapeutics,

Inc.

a

39,702

109,367

Avantor,

Inc.

a

2,829,324

3,445

Biogen,

Inc.

a

667,779

19,075

Bio-Techne

Corporation

1,524,665

27,017

Boston

Scientific

Corporation

a

2,264,025

16,173

Bruker

Corporation

1,116,907

20,448

CareDx,

Inc.

a

638,489

26,886

Caribou

Biosciences,

Inc.

a

52,697

5,845

Castle

Biosciences,

Inc.

a

166,699

11,438

Cencora,

Inc.

2,574,465

7,370

Centene

Corporation

a

554,814

7,887

Charles

River

Laboratories

International,

Inc.

a

1,553,502

8,342

Chemed

Corporation

5,013,292

3,410

Cigna

Group

1,181,360

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Shares

Common

Stock  27.4%

Value

Health

Care  3.3%

-

continued

7,702

Cooper

Companies,

Inc.

a

$

849,839

3,005

CRISPR

Therapeutics

AG

a,b

141,175

61,930

Danaher

Corporation

17,217,779

13,209

Definitive

Healthcare

Corporation

a

59,044

34,275

Denali

Therapeutics,

Inc.

a

998,431

56,892

Dentsply

Sirona,

Inc.

1,539,497

40,018

Dexcom,

Inc.

a

2,682,807

629

Doximity,

Inc.

a

27,405

21,557

Editas

Medicine,

Inc.

a

73,509

17,072

Edwards

Lifesciences

Corporation

a

1,126,581

129,078

Elanco

Animal

Health,

Inc.

a

1,896,156

3,899

Elevance

Health,

Inc.

2,027,480

42,284

Eli

Lilly

&

Company

37,461,087

2,088

Enanta

Pharmaceuticals,

Inc.

a

21,632

26,091

Encompass

Health

Corporation

2,521,434

25,572

Erasca,

Inc.

a

69,812

2,045

Exelixis,

Inc.

a

53,068

31,471

Fate

Therapeutics,

Inc.

a

110,148

124,818

Gilead

Sciences,

Inc.

10,464,741

51,831

Globus

Medical,

Inc.

a

3,707,990

31,380

GoodRx

Holdings,

Inc.

a,b

217,777

32,139

Haemonetics

Corporation

a

2,583,333

26,183

Halozyme

Therapeutics,

Inc.

a

1,498,715

34,491

HealthEquity,

Inc.

a

2,823,088

23,378

Humana,

Inc.

7,404,748

8,610

ICON

plc

a

2,473,739

19,360

IDEXX

Laboratories,

Inc.

a

9,781,059

2,450

Illumina,

Inc.

a

319,504

11,311

Inspire

Medical

Systems,

Inc.

a

2,387,186

721

Integra

LifeSciences

Holdings

Corporation

a

13,101

7,623

Intellia

Therapeutics,

Inc.

a

156,653

37,685

Intuitive

Surgical,

Inc.

a

18,513,510

2,601

IQVIA

Holding,

Inc.

a

616,359

2,083

iTeos

Therapeutics,

Inc.

a

21,267

24,296

Johnson

&

Johnson

3,937,410

2,628

Kymera

Therapeutics,

Inc.

a

124,383

43,940

Labcorp

Holdings,

Inc.

9,819,711

20,293

Legend

Biotech

Corporation

ADR

a

988,878

293

Ligand

Pharmaceuticals,

Inc.

a

29,326

136

Medpace

Holdings,

Inc.

a

45,397

143,492

Medtronic

plc

12,918,585

69,742

Merck

&

Company,

Inc.

7,919,901

3,747

Mettler-Toledo

International,

Inc.

a

5,619,376

24,850

Molina

Healthcare,

Inc.

a

8,562,316

9,531

Myriad

Genetics,

Inc.

a

261,054

20,697

Natera,

Inc.

a

2,627,484

615

Neurocrine

Biosciences,

Inc.

a

70,860

9,171

Novocure,

Ltd.

a

143,343

113,342

Option

Care

Health,

Inc.

a

3,547,605

89,326

Paragon

28,

Inc.

a

596,698

14,063

Penumbra,

Inc.

a

2,732,581

44,453

Pfizer,

Inc.

1,286,470

1,915

Phibro

Animal

Health

Corporation

43,126

4,451

Prestige

Consumer

Healthcare,

Inc.

a

320,917

11,942

Prothena

Corporation

plc

a

199,790

9,827

PTC

Therapeutics,

Inc.

a

364,582

3,417

QIAGEN

NV

155,713

1,648

Quest

Diagnostics,

Inc.

255,852

40,279

Relay

Therapeutics,

Inc.

a

285,175

37,114

Repligen

Corporation

a

5,523,305

18,895

Rocket

Pharmaceuticals,

Inc.

a

348,991

72,106

Royalty

Pharma

plc

2,039,879

31,006

RxSight,

Inc.

a

1,532,627

Shares

Common

Stock  27.4%

Value

Health

Care  3.3%

-

continued

8,984

Sage

Therapeutics,

Inc.

a

$

64,864

16,821

Sanofi

SA

ADR

969,394

13,281

Sarepta

Therapeutics,

Inc.

a

1,658,664

141,428

scPharmaceuticals,

Inc.

a

644,912

104,972

Stevanato

Group

SPA

2,099,440

12,621

Stryker

Corporation

4,559,462

4,598

Teleflex,

Inc.

1,137,177

1,453

Tenet

Healthcare

Corporation

a

241,489

10,663

Thermo

Fisher

Scientific,

Inc.

6,595,812

42,903

Twist

Bioscience

Corporation

a

1,938,357

865

United

Therapeutics

Corporation

a

309,973

5,212

UnitedHealth

Group,

Inc.

3,047,352

14,786

Veeva

Systems,

Inc.

a

3,103,138

50,537

Vericel

Corporation

a

2,135,188

13,524

Vertex

Pharmaceuticals,

Inc.

a

6,289,742

26,703

Viatris,

Inc.

310,022

16,058

Viemed

Healthcare,

Inc.

a

117,705

2,752

West

Pharmaceutical

Services,

Inc.

826,040

17,038

Xencor,

Inc.

a

342,634

10,815

Xenon

Pharmaceuticals,

Inc.

a

425,787

6,942

Zentalis

Pharmaceuticals,

Inc.

a

25,547

11,731

Zimmer

Biomet

Holdings,

Inc.

1,266,361

81,452

Zoetis,

Inc.

15,914,092

Total

318,021,079

Industrials  3.1%

18,919

A.O.

Smith

Corporation

1,699,494

19,439

AAR

Corporation

a

1,270,533

3,037

ABM

Industries,

Inc.

160,232

1,388

Acuity

Brands,

Inc.

382,241

22,631

Advanced

Drainage

Systems,

Inc.

3,556,688

53,371

AECOM

5,511,623

9,007

Air

Lease

Corporation

407,927

8,716

Allison

Transmission

Holdings,

Inc.

837,346

7,264

Amentum

Holdings,

Inc.

a

234,264

31,465

AMETEK,

Inc.

5,402,855

5,342

Applied

Industrial

Technologies,

Inc.

1,191,960

8,558

Arcosa,

Inc.

810,956

23,794

Armstrong

World

Industries,

Inc.

3,127,245

42,738

Atmus

Filtration

Technologies,

Inc.

1,603,957

21,896

Automatic

Data

Processing,

Inc.

6,059,280

618

Axon

Enterprise,

Inc.

a

246,953

45,990

AZEK

Company,

Inc.

a

2,152,332

92,141

Badger

Infrastructure

Solutions,

Ltd.

2,505,101

2,053

Barrett

Business

Services,

Inc.

77,008

21,953

Beacon

Roofing

Supply,

Inc.

a

1,897,398

35,144

Brady

Corporation

2,693,085

47,235

BWX

Technologies,

Inc.

5,134,444

761

Carlisle

Companies,

Inc.

342,260

25,285

Casella

Waste

Systems,

Inc.

a

2,515,605

32,824

Caterpillar,

Inc.

12,838,123

36,311

CECO

Environmental

Corporation

a

1,023,970

10,683

Clean

Harbors,

Inc.

a

2,582,188

104,106

CNH

Industrial

NV

1,155,577

3,860

CSW

Industrials,

Inc.

1,414,265

257,187

CSX

Corporation

8,880,667

3,546

Cummins,

Inc.

1,148,159

1,623

Curtiss-Wright

Corporation

533,464

5,111

Dayforce,

Inc.

a,b

313,049

23,829

Delta

Air

Lines,

Inc.

1,210,275

10,974

DNOW,

Inc.

a

141,894

21,687

Donaldson

Company,

Inc.

1,598,332

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Shares

Common

Stock  27.4%

Value

Industrials  3.1%

-

continued

54

Dover

Corporation

$

10,354

7,918

EMCOR

Group,

Inc.

3,408,936

459

ESCO

Technologies,

Inc.

59,202

193,274

ExlService

Holdings,

Inc.

a

7,373,403

1,759

Expeditors

International

of

Washington,

Inc.

231,133

318,239

Fastenal

Company

22,728,629

34,105

Ferguson

Enterprises,

Inc.

6,772,230

121,580

Flowserve

Corporation

6,284,470

46,957

Fluor

Corporation

a

2,240,318

4,507

General

Dynamics

Corporation

1,362,015

4,234

Gibraltar

Industries,

Inc.

a

296,084

45,288

Graco,

Inc.

3,963,153

3,182

Griffon

Corporation

222,740

54,458

Helios

Technologies,

Inc.

2,597,647

2,041

Herc

Holdings,

Inc.

325,397

6,578

Honeywell

International,

Inc.

1,359,738

131,279

Howmet

Aerospace,

Inc.

13,160,720

2,741

Huntington

Ingalls

Industries,

Inc.

724,666

2,871

IDEX

Corporation

615,829

185

IES

Holdings,

Inc.

a

36,930

33,683

Ingersoll

Rand,

Inc.

3,306,323

8,686

Interface,

Inc.

164,773

14,757

ITT

Corporation

2,206,319

7,264

Jacobs

Solutions,

Inc.

950,858

181,933

Janus

International

Group,

Inc.

a

1,839,343

6,812

JB

Hunt

Transport

Services,

Inc.

1,173,912

11,610

Kirby

Corporation

a

1,421,412

5,988

Knight-Swift

Transportation

Holdings,

Inc.

323,053

27,712

Korn

Ferry

2,085,051

17,338

Kratos

Defense

&

Security

Solutions,

Inc.

a

403,975

5,355

L3Harris

Technologies,

Inc.

1,273,794

8,865

Landstar

System,

Inc.

1,674,333

16,949

Leidos

Holdings,

Inc.

2,762,687

1,043

Lincoln

Electric

Holdings,

Inc.

200,277

10,208

ManpowerGroup,

Inc.

750,492

41,299

Masco

Corporation

3,466,638

134,753

Masterbrand,

Inc.

a

2,498,321

2,391

Miller

Industries,

Inc.

145,851

1,455

Moog,

Inc.

293,939

100,928

Mueller

Water

Products,

Inc.

2,190,138

22,657

Northrop

Grumman

Corporation

11,964,482

61,293

nVent

Electric

plc

4,306,446

15,038

Old

Dominion

Freight

Line,

Inc.

2,987,148

3,303

Otis

Worldwide

Corporation

343,314

42,295

Owens

Corning,

Inc.

7,465,913

3,390

PACCAR,

Inc.

334,525

6,195

Parker-Hannifin

Corporation

3,914,125

47,109

Pentair

plc

4,606,789

1,161

Quanta

Services,

Inc.

346,152

14,908

Regal

Rexnord

Corporation

2,472,939

1,580

Republic

Services,

Inc.

317,327

4,692

Robert

Half,

Inc.

316,288

8,246

Rockwell

Automation,

Inc.

2,213,721

6,393

Rush

Enterprises,

Inc.

337,742

9,246

Saia,

Inc.

a

4,042,906

46,441

Schneider

National,

Inc.

1,325,426

13,758

Simpson

Manufacturing

Company,

Inc.

2,631,493

16,182

SkyWest,

Inc.

a

1,375,794

11,395

SS&C

Technologies

Holdings,

Inc.

845,623

3,567

Tennant

Company

342,575

30,015

Timken

Company

2,529,964

Shares

Common

Stock  27.4%

Value

Industrials  3.1%

-

continued

22,171

Trane

Technologies

plc

$

8,618,533

558

TransDigm

Group,

Inc.

796,338

29,293

TransUnion

3,066,977

269,065

Uber

Technologies,

Inc.

a

20,222,925

264

UniFirst

Corporation/MA

52,444

2,941

Union

Pacific

Corporation

724,898

87,481

United

Parcel

Service,

Inc.

11,927,160

1,242

United

Rentals,

Inc.

1,005,685

4,969

Verisk

Analytics,

Inc.

1,331,493

17,176

Verra

Mobility

Corporation

a

477,665

137

Viad

Corporation

a

4,909

1,569

Wabtec

Corporation

285,197

16,451

Waste

Connections,

Inc.

2,941,768

5,084

Waste

Management,

Inc.

1,055,438

5,309

Watsco,

Inc.

2,611,391

43,344

WNS

Holdings,

Ltd.

a

2,284,662

Total

297,994,008

Information

Technology  8.4%

14,421

A10

Networks,

Inc.

208,239

9,044

ACI

Worldwide,

Inc.

a

460,340

9,902

Adobe,

Inc.

a

5,127,058

156,656

Advanced

Micro

Devices,

Inc.

a

25,704,116

23,086

Agilysys,

Inc.

a

2,515,681

7,410

Ambarella,

Inc.

a

417,961

136,056

Amphenol

Corporation

8,865,409

605,715

Apple,

Inc.

141,131,595

108,317

Applied

Materials,

Inc.

21,885,450

1,843

AppLovin

Corporation

a

240,604

11,142

Arista

Networks,

Inc.

a

4,276,522

22,889

ASGN,

Inc.

a

2,133,941

1,377

Atlassian

Corporation

a

218,681

37,103

Autodesk,

Inc.

a

10,221,134

133,207

Broadcom,

Inc.

22,978,207

67,701

CDW

Corporation

15,320,736

7,794

Ciena

Corporation

a

480,032

124,877

Cisco

Systems,

Inc.

6,645,954

16,246

Clearwater

Analytics

Holdings,

Inc.

a

410,212

8,865

Coherent

Corporation

a

788,187

6,698

Cohu,

Inc.

a

172,139

9,152

CommScope

Holding

Company,

Inc.

a

55,919

4,345

CommVault

Systems,

Inc.

a

668,478

2,246

Consensus

Cloud

Solutions,

Inc.

a

52,893

10,864

Credo

Technology

Group

Holding,

Ltd.

a

334,611

8,769

CrowdStrike

Holdings,

Inc.

a

2,459,441

14,575

CyberArk

Software,

Ltd.

a

4,250,216

4,495

Datadog,

Inc.

a

517,195

31,668

Descartes

Systems

Group,

Inc.

a

3,260,537

5,897

DocuSign,

Inc.

a

366,145

22,162

Dolby

Laboratories,

Inc.

1,696,058

50,638

Dynatrace

Holdings,

LLC

a

2,707,614

1,253

Elastic

NV

a

96,180

1,831

Enphase

Energy,

Inc.

a

206,940

5,493

F5,

Inc.

a

1,209,559

16,355

Fabrinet

a

3,866,976

35,904

Flex,

Ltd.

a

1,200,271

150,088

Fortinet,

Inc.

a

11,639,324

5,749

Gartner,

Inc.

a

2,913,363

83,328

Gitlab,

Inc.

a

4,294,725

10,676

Globant

SA

a

2,115,343

48,652

Guidewire

Software,

Inc.

a

8,900,397

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Shares

Common

Stock  27.4%

Value

Information

Technology  8.4%

-

continued

4,339

Hewlett

Packard

Enterprise

Company

$

88,776

5,598

HubSpot,

Inc.

a

2,975,897

727

Insight

Enterprises,

Inc.

a

156,589

75,062

International

Business

Machines

Corporation

16,594,707

3,499

IPG

Photonics

Corporation

a

260,046

6,213

Itron,

Inc.

a

663,611

157,615

JFrog,

Ltd.

a

4,577,140

5,151

Keysight

Technologies,

Inc.

a

818,648

5,367

KLA

Corporation

4,156,258

3,365

Lam

Research

Corporation

2,746,109

104,347

Lattice

Semiconductor

Corporation

a

5,537,695

11,864

Littelfuse,

Inc.

3,146,926

34,406

Marvell

Technology,

Inc.

2,481,361

355,561

Microsoft

Corporation

152,997,898

7,488

MKS

Instruments,

Inc.

814,020

11,044

MongoDB,

Inc.

a

2,985,745

4,864

Monolithic

Power

Systems,

Inc.

4,496,768

13,157

Motorola

Solutions,

Inc.

5,915,782

16,415

Napco

Security

Technologies,

Inc.

664,151

5,472

nCino,

Inc.

a

172,860

15,472

NetApp,

Inc.

1,910,947

1,193,626

NVIDIA

Corporation

144,953,941

3,230

Okta,

Inc.

a

240,118

2,331

ON

Semiconductor

Corporation

a

169,254

15,984

Onto

Innovation,

Inc.

a

3,317,639

3,697

Palo

Alto

Networks,

Inc.

a

1,263,635

649

PC

Connection,

Inc.

48,954

46,058

PDF

Solutions,

Inc.

a

1,459,117

1,756

Plexus

Corporation

a

240,063

1,781

Procore

Technologies,

Inc.

a

109,923

18,629

PTC,

Inc.

a

3,365,515

15,158

Q2

Holdings,

Inc.

a

1,209,154

2,082

Qorvo,

Inc.

a

215,071

128,630

QUALCOMM,

Inc.

21,873,532

93,339

Salesforce,

Inc.

25,547,818

36,218

Samsung

Electronics

Company,

Ltd.

1,692,786

38,162

ServiceNow,

Inc.

a

34,131,711

16,731

Silicon

Laboratories,

Inc.

a

1,933,602

26,130

SolarWinds

Corporation

340,997

5,102

Synopsys,

Inc.

a

2,583,602

6,680

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

1,160,116

12,011

TD

SYNNEX

Corporation

1,442,281

4,646

TE

Connectivity

plc

701,500

656

Teledyne

Technologies,

Inc.

a

287,105

8,389

Tenable

Holdings,

Inc.

a

339,922

109,194

Trimble,

Inc.

a

6,779,855

103,614

TTM

Technologies,

Inc.

a

1,890,956

4,522

Tyler

Technologies,

Inc.

a

2,639,582

20,599

Unisys

Corporation

a

117,002

613

Universal

Display

Corporation

128,669

68,197

Varonis

Systems,

Inc.

a

3,853,131

14,336

VeriSign,

Inc.

a

2,723,267

4,106

Viavi

Solutions,

Inc.

a

37,036

36,834

Vontier

Corporation

1,242,779

29,743

Workiva,

Inc.

a

2,353,266

4,543

Xerox

Holdings

Corporation

47,156

Total

807,616,372

Shares

Common

Stock  27.4%

Value

Materials  0.6%

1,468

Albemarle

Corporation

$

139,034

4,888

Alcoa

Corporation

188,579

2,761

AptarGroup,

Inc.

442,285

17,889

Avient

Corporation

900,174

79,037

Axalta

Coating

Systems,

Ltd.

a

2,860,349

2,644

Ball

Corporation

179,554

2,963

Berry

Plastics

Group,

Inc.

201,425

1,479

Celanese

Corporation

201,085

15,776

CF

Industries

Holdings,

Inc.

1,353,581

48,653

Chemours

Company

988,629

13,235

Corteva,

Inc.

778,086

5,781

DuPont

de

Nemours,

Inc.

515,145

5,086

Eagle

Materials,

Inc.

1,462,988

36,625

Eastman

Chemical

Company

4,100,169

37,650

Ecolab,

Inc.

9,613,174

46,447

Element

Solutions,

Inc.

1,261,500

6,453

Greif,

Inc.

404,345

89,337

Hecla

Mining

Company

595,878

6,590

Huntsman

Corporation

159,478

19,662

Ingevity

Corporation

a

766,818

9,423

Innospec,

Inc.

1,065,647

473

International

Flavors

&

Fragrances,

Inc.

49,632

17,986

Ivanhoe

Mines,

Ltd.

a

267,572

9,319

Kaiser

Aluminum

Corporation

675,814

15,612

Knife

River

Corporation

a

1,395,557

7,097

Koppers

Holdings,

Inc.

259,253

3,178

Linde

plc

1,515,461

661

LyondellBasell

Industries

NV

63,390

4,730

Martin

Marietta

Materials,

Inc.

2,545,922

9,740

Minerals

Technologies,

Inc.

752,220

40,588

Mosaic

Company

1,086,947

81,176

Nucor

Corporation

12,204,000

15,388

O-I

Glass,

Inc.

a

201,891

19,069

Orion

SA

339,619

97

Packaging

Corporation

of

America

20,894

2,197

PPG

Industries,

Inc.

291,015

8,733

Radius

Recycling,

Inc.

161,910

3,899

Ranpak

Holdings

Corporation

a

25,460

366

Royal

Gold,

Inc.

51,350

15,565

RPM

International,

Inc.

1,883,365

6,373

Sensient

Technologies

Corporation

511,242

18,538

Sonoco

Products

Company

1,012,731

5,114

Steel

Dynamics,

Inc.

644,773

3,970

Stepan

Company

306,682

46,729

Summit

Materials,

Inc.

a

1,823,833

41,006

Trinseo

plc

209,541

79,662

Tronox

Holdings

plc

1,165,455

2,297

United

States

Lime

&

Minerals,

Inc.

224,325

23,174

United

States

Steel

Corporation

818,737

3,569

Vulcan

Materials

Company

893,785

3,892

West

Fraser

Timber

Company,

Ltd.

378,925

Total

59,959,224

Real

Estate  1.0%

68,505

Agree

Realty

Corporation

5,160,482

1,366

Alexandria

Real

Estate

Equities,

Inc.

162,212

20,954

AvalonBay

Communities,

Inc.

4,719,889

10,476

Brixmor

Property

Group,

Inc.

291,861

31,053

CBRE

Group,

Inc.

a

3,865,477

116,499

Compass,

Inc.

a

711,809

32,394

CoStar

Group,

Inc.

a

2,443,803

11,800

Crown

Castle,

Inc.

1,399,834

3,881

CTO

Realty

Growth,

Inc.

73,817

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Shares

Common

Stock  27.4%

Value

Real

Estate  1.0%

-

continued

53,464

Cushman

and

Wakefield

plc

a

$

728,714

3,657

DiamondRock

Hospitality

Company

31,926

64,877

Douglas

Elliman,

Inc.

a

118,725

25,875

EastGroup

Properties,

Inc.

4,833,968

44,428

EPR

Properties

2,178,749

14,324

Equinix,

Inc.

12,714,412

148,253

Equity

Commonwealth

a

2,950,235

325,154

Essential

Properties

Realty

Trust,

Inc.

11,104,009

1,587

Essex

Property

Trust,

Inc.

468,832

1,028

Extra

Space

Storage,

Inc.

185,235

16,512

First

Industrial

Realty

Trust,

Inc.

924,342

42,644

Four

Corners

Property

Trust,

Inc.

1,249,896

30,401

Getty

Realty

Corporation

967,056

53,169

Healthcare

Realty

Trust,

Inc.

965,017

8,531

Howard

Hughes

Holdings,

Inc.

a

660,555

52,182

Independence

Realty

Trust,

Inc.

1,069,731

28,902

Industrial

Logistics

Properties

Trust

137,574

27,940

Invitation

Homes,

Inc.

985,164

54,947

National

Storage

Affiliates

Trust

2,648,445

69,099

NetSTREIT

Corporation

1,142,206

40,210

Pebblebrook

Hotel

Trust

531,978

25,661

Phillips

Edison

and

Company,

Inc.

967,676

13,746

Plymouth

Industrial

REIT,

Inc.

310,660

5,145

RE/MAX

Holdings,

Inc.

a

64,055

34,307

Rexford

Industrial

Realty,

Inc.

1,725,985

6,286

RMR

Group,

Inc.

159,539

157,472

Sabra

Health

Care

REIT,

Inc.

2,930,554

9,588

SBA

Communications

Corporation

2,307,832

111,133

STAG

Industrial,

Inc.

4,344,189

6,686

Sun

Communities,

Inc.

903,613

56,502

Tanger,

Inc.

1,874,736

59,171

Terreno

Realty

Corporation

3,954,398

49,477

UDR,

Inc.

2,243,287

21,182

Uniti

Group,

Inc.

119,466

32,860

Zillow

Group,

Inc.,

Class

A

a

2,035,020

22,463

Zillow

Group,

Inc.,

Class

C

a

1,434,263

Total

90,801,226

Utilities  0.4%

33,422

AES

Corporation

670,445

5,274

Alliant

Energy

Corporation

320,079

21,135

American

Water

Works

Company,

Inc.

3,090,782

7,326

Black

Hills

Corporation

447,765

11,166

California

Water

Service

Group

605,421

9,131

CenterPoint

Energy,

Inc.

268,634

60,952

Clearway

Energy,

Inc.,

Class

A

1,735,304

65,272

Clearway

Energy,

Inc.,

Class

C

2,002,545

5,270

Constellation

Energy

Corporation

1,370,305

14,094

Duke

Energy

Corporation

1,625,038

13,313

Entergy

Corporation

1,752,124

3,532

Evergy,

Inc.

219,019

8,338

Eversource

Energy

567,401

57,535

Hawaiian

Electric

Industries,

Inc.

a

556,939

132,581

NextEra

Energy

Partners,

LP

b

3,661,887

10,045

NiSource,

Inc.

348,059

1,653

Northwestern

Energy

Group,

Inc.

94,585

3,419

Portland

General

Electric

Company

163,770

15,818

Public

Service

Enterprise

Group,

Inc.

1,411,124

2,272

Spire,

Inc.

152,883

34,498

TXNM

Energy,

Inc.

1,509,978

Shares

Common

Stock  27.4%

Value

Utilities  0.4%

-

continued

325,093

UGI

Corporation

$

8,133,827

29,922

Vistra

Energy

Corporation

3,546,954

128,757

Xcel

Energy,

Inc.

8,407,832

Total

42,662,700

Total

Common

Stock

(cost

$1,666,043,317)

2,623,119,916

Principal

Amount

Long-Term

Fixed

Income

20.0%

Value

Asset-Backed

Securities  0.5%

720

East

CLO,

Ltd.

$

2,500,000

8.532%, 

(TSFR3M

+

3.250%),

1/20/2036,

Ser.

2022-1A,

Class

B

c,d

2,516,822

825,000

9.532%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

c,d

828,988

Access

Group,

Inc.

77,749

5.895%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

77,322

AMSR

Trust

1,400,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

1,277,202

4,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

c

4,249,321

1,750,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

1,661,553

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

688,000

5.360%, 

6/20/2030,

Ser.

2024-1A,

Class

A

c

707,098

CarVal

CLO

I,

Ltd.

1,700,000

7.136%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

1,705,093

CMFT

Net

Lease

Master

Issuer,

LLC

1,699,926

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

1,526,420

Commonbond

Student

Loan

Trust

107,453

5.469%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

105,845

Dryden

36

Senior

Loan

Fund

2,325,000

7.613%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

c,d

2,327,069

Foundation

Finance

Trust

833,133

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

776,527

FRTKL

Trust

3,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

2,863,707

Goodgreen

1,822,723

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

c

1,698,383

Home

Partners

of

America

Trust

3,170,937

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

3,000,671

2,572,059

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

2,230,627

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Asset-Backed

Securities  0.5%

-

continued

Hotwire

Funding,

LLC

$

2,200,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

$

2,257,038

HTAP

1,703,152

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

c

1,703,299

HTAP

Issuer

Trust

1,800,000

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

1,781,578

Laurel

Road

Prime

Student

Loan

Trust

924,811

5.940%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

877,884

National

Collegiate

Trust

573,137

5.264%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

558,950

Oak

Street

Investment

2,115,605

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

c

2,027,944

Renaissance

Home

Equity

Loan

Trust

3,418,209

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

e

1,128,374

Saxon

Asset

Securities

Trust

1,204,048

3.009%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

1,060,442

Sunnova

Hestia

II

Issuer,

LLC

1,703,802

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

1,753,851

Unlock

HEA

Trust

1,680,158

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

1,687,421

2,000,000

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

1,992,881

VCAT

Asset

Securitization,

LLC

1,044,425

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

c,e

1,042,654

Vericrest

Opportunity

Loan

Transferee

634,837

4.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

c,e

631,518

1,132,149

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c,e

1,093,667

541,464

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c,e

538,458

1,000,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

926,885

Wind

River

CLO,

Ltd.

1,650,000

7.544%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

1,651,167

Total

50,266,659

Basic

Materials  0.2%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

133,000

8.625%, 

6/15/2029

c

141,331

ATI,

Inc.

340,000

7.250%, 

8/15/2030

362,045

Avient

Corporation

140,000

6.250%, 

11/1/2031

c

143,518

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Basic

Materials  0.2%

-

continued

Axalta

Coating

Systems

Dutch

Holding

B

BV

$

230,000

7.250%, 

2/15/2031

c

$

245,615

Cascades,

Inc./Cascades

USA,

Inc.

400,000

5.125%, 

1/15/2026

c

396,142

Cerdia

Finanz

GmbH

227,000

9.375%, 

10/3/2031

c,g

231,540

Chemours

Company

578,000

5.750%, 

11/15/2028

c

549,050

Cleveland-Cliffs,

Inc.

179,000

5.875%, 

6/1/2027

179,398

290,000

4.625%, 

3/1/2029

b,c

273,772

350,000

4.875%, 

3/1/2031

c

325,264

162,000

6.250%, 

10/1/2040

144,831

Consolidated

Energy

Finance

SA

640,000

5.625%, 

10/15/2028

c

540,986

Eastman

Chemical

Company

465,000

5.000%, 

8/1/2029

476,049

First

Quantum

Minerals,

Ltd.

201,000

6.875%, 

10/15/2027

c

198,727

FMC

Corporation

624,000

5.150%, 

5/18/2026

629,706

FMG

Resources

August

2006,

Pty.

Ltd.

101,000

4.500%, 

9/15/2027

c

99,391

162,000

5.875%, 

4/15/2030

c

164,081

168,000

6.125%, 

4/15/2032

c

171,840

Glencore

Funding,

LLC

616,000

3.375%, 

9/23/2051

c

434,858

944,000

4.000%, 

3/27/2027

c

935,167

619,000

6.125%, 

10/6/2028

c

655,857

Hecla

Mining

Company

220,000

7.250%, 

2/15/2028

224,362

Hudbay

Minerals,

Inc.

273,000

4.500%, 

4/1/2026

c

270,027

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

192,000

9.000%, 

7/1/2028

c

194,112

INEOS

Finance

plc

488,000

7.500%, 

4/15/2029

c

509,905

International

Flavors

&

Fragrances,

Inc.

739,000

1.230%, 

10/1/2025

c

713,234

Mercer

International,

Inc.

192,000

5.125%, 

2/1/2029

163,808

Methanex

Corporation

251,000

4.250%, 

12/1/2024

250,092

241,000

5.125%, 

10/15/2027

238,472

160,000

5.250%, 

12/15/2029

b

157,952

Mineral

Resources,

Ltd.

264,000

9.250%, 

10/1/2028

c

281,104

Mosaic

Company

588,000

5.375%, 

11/15/2028

609,071

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

227,000

5.350%, 

3/15/2034

237,889

Novelis

Corporation

73,000

3.250%, 

11/15/2026

c

70,443

171,000

4.750%, 

1/30/2030

c

165,786

200,000

3.875%, 

8/15/2031

c

182,832

OCI

NV

353,000

4.625%, 

10/15/2025

c

352,522

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Basic

Materials  0.2%

-

continued

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

$

335,000

5.375%, 

11/1/2026

c

$

330,840

Sherwin-Williams

Company

470,000

4.800%, 

9/1/2031

479,361

Smurfit

Kappa

Treasury,

ULC

627,000

5.777%, 

4/3/2054

c

671,224

SNF

Group

SACA

508,000

3.375%, 

3/15/2030

c

457,807

SunCoke

Energy,

Inc.

544,000

4.875%, 

6/30/2029

c

493,243

Taseko

Mines,

Ltd.

332,000

8.250%, 

5/1/2030

c

348,426

Tronox,

Inc.

166,000

4.625%, 

3/15/2029

b,c

155,065

United

States

Steel

Corporation

214,000

6.875%, 

3/1/2029

217,082

WR

Grace

Holdings,

LLC

126,000

4.875%, 

6/15/2027

c

124,160

Total

15,197,987

Capital

Goods  0.4%

Advanced

Drainage

Systems,

Inc.

333,000

6.375%, 

6/15/2030

c

340,151

AECOM

329,000

5.125%, 

3/15/2027

330,429

Amsted

Industries,

Inc.

420,000

5.625%, 

7/1/2027

c

418,877

BAE

Systems

plc

250,000

5.500%, 

3/26/2054

c

262,004

300,000

5.250%, 

3/26/2031

c

311,815

Ball

Corporation

201,000

3.125%, 

9/15/2031

178,484

Boeing

Company

1,280,000

5.930%, 

5/1/2060

1,226,071

712,000

5.040%, 

5/1/2027

714,154

377,000

6.259%, 

5/1/2027

c

389,410

444,000

6.388%, 

5/1/2031

c

472,122

1,475,000

5.705%, 

5/1/2040

1,439,144

Bombardier,

Inc.

84,000

7.875%, 

4/15/2027

c

84,236

435,000

6.000%, 

2/15/2028

b,c

437,876

159,000

7.250%, 

7/1/2031

c

168,092

465,000

7.000%, 

6/1/2032

b,c

486,360

180,000

7.450%, 

5/1/2034

c

198,776

Brand

Industrial

Services,

Inc.

375,000

10.375%, 

8/1/2030

c

401,569

Builders

FirstSource,

Inc.

330,000

5.000%, 

3/1/2030

c

323,630

Camelot

Return

Merger

Sub,

Inc.

244,000

8.750%, 

8/1/2028

b,c

246,908

Canpack

SA/Canpack

US,

LLC

527,000

3.875%, 

11/15/2029

c

493,463

Carrier

Global

Corporation

709,000

2.700%, 

2/15/2031

640,327

Chart

Industries,

Inc.

507,000

7.500%, 

1/1/2030

c

534,340

Clean

Harbors,

Inc.

327,000

6.375%, 

2/1/2031

c

334,985

Clydesdale

Acquisition

Holdings,

Inc.

68,000

6.625%, 

4/15/2029

c

68,645

313,000

6.875%, 

1/15/2030

c

319,646

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Capital

Goods  0.4%

-

continued

Cornerstone

Building

Brands,

Inc.

$

85,000

9.500%, 

8/15/2029

c

$

87,300

Crown

Cork

&

Seal

Company,

Inc.

434,000

7.375%, 

12/15/2026

457,339

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

510,000

6.625%, 

12/15/2030

c

525,858

EquipmentShare.com,

Inc.

167,000

8.625%, 

5/15/2032

c

175,199

ESAB

Corporation

132,000

6.250%, 

4/15/2029

c

135,572

GFL

Environmental,

Inc.

175,000

3.750%, 

8/1/2025

c

173,596

415,000

4.000%, 

8/1/2028

c

398,563

674,000

3.500%, 

9/1/2028

c

641,678

H&E

Equipment

Services,

Inc.

553,000

3.875%, 

12/15/2028

c

519,180

Herc

Holdings,

Inc.

105,000

5.500%, 

7/15/2027

c

104,871

265,000

6.625%, 

6/15/2029

c

274,480

Honeywell

International,

Inc.

903,000

4.700%, 

2/1/2030

927,956

Ingersoll

Rand,

Inc.

658,000

5.176%, 

6/15/2029

680,677

151,000

5.700%, 

8/14/2033

161,784

John

Deere

Capital

Corporation

842,000

4.400%, 

9/8/2031

847,948

Lockheed

Martin

Corporation

550,000

5.200%, 

2/15/2064

569,289

374,000

6.150%, 

9/1/2036

428,802

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

100,000

6.750%, 

4/1/2032

c

103,663

MIWD

Holdco

II,

LLC

273,000

5.500%, 

2/1/2030

c

265,173

Mueller

Water

Products,

Inc.

286,000

4.000%, 

6/15/2029

c

272,806

Nesco

Holdings

II,

Inc.

446,000

5.500%, 

4/15/2029

c

411,113

New

Enterprise

Stone

and

Lime

Company,

Inc.

552,000

5.250%, 

7/15/2028

c

539,028

Nordson

Corporation

615,000

5.600%, 

9/15/2028

642,504

Northrop

Grumman

Corporation

1,225,000

3.850%, 

4/15/2045

1,035,552

OI

European

Group

BV

352,000

4.750%, 

2/15/2030

c

332,834

Owens-Brockway

Glass

Container,

Inc.

272,000

6.625%, 

5/13/2027

c

273,279

133,000

7.375%, 

6/1/2032

c

135,830

Pactiv

Evergreen

Group

166,000

4.375%, 

10/15/2028

c

159,001

Quanta

Services,

Inc.

567,000

4.750%, 

8/9/2027

573,008

Regal

Rexnord

Corporation

770,000

6.050%, 

2/15/2026

781,880

Resideo

Funding,

Inc.

340,000

6.500%, 

7/15/2032

c

349,014

Reworld

Holding

Corporation

276,000

4.875%, 

12/1/2029

c

259,810

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Capital

Goods  0.4%

-

continued

Roller

Bearing

Company

of

America,

Inc.

$

386,000

4.375%, 

10/15/2029

c

$

370,321

RTX

Corporation

201,000

6.400%, 

3/15/2054

237,322

500,000

4.125%, 

11/16/2028

498,742

900,000

4.450%, 

11/16/2038

857,187

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

260,000

6.125%, 

2/1/2028

c

264,353

Smyrna

Ready

Mix

Concrete,

LLC

472,000

8.875%, 

11/15/2031

c

509,143

Sonoco

Products

Company

602,000

4.600%, 

9/1/2029

598,951

Spirit

AeroSystems,

Inc.

495,000

9.750%, 

11/15/2030

c

551,925

SRM

Escrow

Issuer,

LLC

294,000

6.000%, 

11/1/2028

c

295,085

Standard

Industries,

Inc./NY

162,000

4.750%, 

1/15/2028

c

158,677

162,000

3.375%, 

1/15/2031

c

144,316

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

134,000

7.250%, 

1/15/2031

c

141,946

Textron,

Inc.

1,010,000

3.375%, 

3/1/2028

977,981

Trane

Technologies

Financing,

Ltd.

401,000

5.100%, 

6/13/2034

417,896

TransDigm,

Inc.

235,000

6.750%, 

8/15/2028

c

241,883

569,000

7.125%, 

12/1/2031

c

601,809

463,000

6.625%, 

3/1/2032

c

482,141

424,000

6.000%, 

1/15/2033

c

430,006

Trivium

Packaging

Finance

233,000

5.500%, 

8/15/2026

c

232,092

United

Rentals

North

America,

Inc.

525,000

4.875%, 

1/15/2028

521,113

430,000

4.000%, 

7/15/2030

406,379

Veralto

Corporation

619,000

5.350%, 

9/18/2028

644,623

WESCO

Distribution,

Inc.

319,000

7.250%, 

6/15/2028

c

326,653

166,000

6.375%, 

3/15/2029

c

171,496

116,000

6.625%, 

3/15/2032

c

120,826

Total

34,268,967

Collateralized

Mortgage

Obligations  0.7%

A&D

Mortgage

Trust

1,783,287

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

1,810,092

Alternative

Loan

Trust

510,470

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

285,300

Arroyo

Mortgage

Trust

3,000,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

c,e

2,804,324

BINOM

Securitization

Trust

1,106,002

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

983,856

CHNGE

Mortgage

Trust

1,590,830

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

1,605,037

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Collateralized

Mortgage

Obligations  0.7%

-

continued

$

2,272,688

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

c,e

$

2,262,865

Citicorp

Mortgage

Securities,

Inc.

1,426,908

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,309,508

COLT

Mortgage

Loan

Trust

2,158,476

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

1,932,731

Countrywide

Alternative

Loan

Trust

721,321

4.450%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

599,259

1,637,888

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

575,449

Countrywide

Home

Loans,

Inc.

336,633

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

158,030

Credit

Suisse

Mortgage

Trust

1,167,002

6.567%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

1,169,380

1,214,968

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

1,059,688

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

145,153

6.000%, 

12/25/2025,

Ser.

2006-AR5,

Class

23A

80,147

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,290,873

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

3,237,780

831,834

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

60,068

1,634,385

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

146,145

2,984,351

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

3,009,946

3,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,468,812

Federal

National

Mortgage

Association

-

REMIC

370,054

5.000%, 

3/25/2054,

Ser.

2024-9,

Class

ZC

364,482

3,259,746

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

3,266,880

3,436,077

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

2,842,802

1,339,913

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

36,327

Flagstar

Mortgage

Trust

1,342,692

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

1,215,556

GCAT

Trust

1,815,620

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

1,645,891

3,240,334

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

3,266,156

GS

Mortgage-Backed

Securities

Trust

2,689,502

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

2,358,739

J.P.

Morgan

Mortgage

Trust

2,706,016

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

2,279,418

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Collateralized

Mortgage

Obligations  0.7%

-

continued

$

1,721,148

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

$

1,461,934

LHOME

Mortgage

Trust

1,650,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

1,682,571

1,125,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

c,e

1,147,054

Mello

Mortgage

Capital

Acceptance

2,685,721

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

2,268,701

Merrill

Lynch

Alternative

Note

Asset

Trust

339,383

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

122,242

New

Residential

Mortgage

Loan

Trust

5,851,698

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

4,924,947

OBX

Trust

1,550,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

1,413,009

Palisades

Mortgage

Loan

Trust

1,893,697

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

1,880,931

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,600,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

1,494,583

Residential

Accredit

Loans,

Inc.

Trust

608,203

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

540,657

ROC

Securities

Trust

Series

1,249,774

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

1,247,219

Saluda

Grade

Alternative

Mortgage

Trust

2,500,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

2,539,265

2,000,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

2,029,942

Sequoia

Mortgage

Trust

605,386

3.912%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

425,665

TRK

Trust

1,786,221

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

1,574,075

TVC

Mortgage

Trust

1,700,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

1,706,312

Vericrest

Opportunity

Loan

Transferee

664,138

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c,e

661,430

Verus

Securitization

Trust

989,252

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

886,705

Total

70,841,910

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Commercial

Mortgage-Backed

Securities  0.4%

BANK

2022-BNK39

$

39,734,890

0.529%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,h

$

1,014,340

BANK5

2024-5YR8

1,300,000

6.378%, 

8/15/2057,

Ser.

2024-5YR8,

Class

AS

d

1,370,609

BBCMS

Mortgage

Trust

3,500,000

6.014%, 

7/15/2057,

Ser.

2024-5C27,

Class

A3

3,703,998

17,921,773

1.325%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,h

1,313,566

18,442,693

1.935%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,h

1,427,573

Benchmark

Mortgage

Trust

3,300,000

6.189%, 

7/15/2057,

Ser.

2024-V8,

Class

A3

d

3,520,066

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

5,950,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

d

6,213,124

4,700,000

3.000%, 

6/25/2032,

Ser.

K147,

Class

A2

d,f

4,350,748

1,300,000

3.710%, 

9/25/2032,

Ser.

K-150,

Class

A2

d,f

1,263,102

8,000,000

3.800%, 

10/25/2032,

Ser.

K-151,

Class

A2

d,f

7,811,731

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

3,250,000

4.489%, 

12/25/2034,

Ser.

K165,

Class

A2

3,307,317

Morgan

Stanley

Capital

I

Trust

17,628,064

1.952%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,h

1,424,993

Total

36,721,167

Communications

Services  0.6%

AMC

Networks,

Inc.

398,000

10.250%, 

1/15/2029

c

409,005

American

Tower

Corporation

340,000

3.375%, 

10/15/2026

334,105

619,000

5.800%, 

11/15/2028

650,275

793,000

2.900%, 

1/15/2030

733,302

412,000

5.650%, 

3/15/2033

435,223

AT&T,

Inc.

923,000

3.650%, 

6/1/2051

707,783

1,282,000

3.500%, 

9/15/2053

941,852

621,000

5.400%, 

2/15/2034

651,598

1,265,000

4.900%, 

8/15/2037

1,255,850

Bell

Telephone

Company

of

Canada

829,000

5.550%, 

2/15/2054

865,943

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

900,000

5.125%, 

5/1/2027

c

885,795

74,000

5.000%, 

2/1/2028

c

71,984

329,000

6.375%, 

9/1/2029

c

329,390

750,000

4.750%, 

3/1/2030

c

689,878

271,000

4.250%, 

2/1/2031

c

238,949

519,000

4.750%, 

2/1/2032

c

457,383

168,000

4.500%, 

6/1/2033

c

142,671

589,000

4.250%, 

1/15/2034

c

483,133

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Communications

Services  0.6%

-

continued

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

$

426,000

6.150%, 

11/10/2026

$

437,843

920,000

4.200%, 

3/15/2028

894,470

688,000

6.100%, 

6/1/2029

712,121

1,400,000

3.500%, 

6/1/2041

983,530

Clear

Channel

Outdoor

Holdings,

Inc.

80,000

7.875%, 

4/1/2030

c

83,656

Clear

Channel

Worldwide

Holdings,

Inc.

685,000

5.125%, 

8/15/2027

c

673,429

Comcast

Corporation

923,000

5.350%, 

5/15/2053

944,069

640,000

4.400%, 

8/15/2035

623,829

1,090,000

4.750%, 

3/1/2044

1,035,539

Connect

Finco

SARL/Connect

US

Finco,

LLC

169,000

9.000%, 

9/15/2029

c

163,547

Crown

Castle,

Inc.

642,000

4.900%, 

9/1/2029

652,555

Deutsche

Telekom

International

Finance

BV

1,535,000

8.750%, 

6/15/2030

1,853,587

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

1,115,000

5.875%, 

8/15/2027

c

1,094,743

Frontier

Communications

Holdings,

LLC

567,000

5.875%, 

10/15/2027

c

569,306

162,000

8.625%, 

3/15/2031

c

174,651

GCI,

LLC

520,000

4.750%, 

10/15/2028

c

499,354

Gray

Television,

Inc.

292,000

7.000%, 

5/15/2027

b,c

287,008

465,000

10.500%, 

7/15/2029

b,c

485,675

Iliad

Holding

SASU

303,000

6.500%, 

10/15/2026

c

306,303

433,000

8.500%, 

4/15/2031

c

465,737

Intelsat

Jackson

Holdings

SA

426,000

6.500%, 

3/15/2030

c

407,586

Lamar

Media

Corporation

274,000

3.625%, 

1/15/2031

250,422

LCPR

Senior

Secured

Financing

DAC

679,000

6.750%, 

10/15/2027

c

621,304

Level

3

Financing,

Inc.

160,880

10.500%, 

4/15/2029

c

175,367

160,879

11.000%, 

11/15/2029

c

178,186

243,000

10.500%, 

5/15/2030

c

261,529

82,000

10.750%, 

12/15/2030

c

89,991

200,000

4.000%, 

4/15/2031

c

145,500

Lumen

Technologies,

Inc.

95,601

4.125%, 

4/15/2030

c

77,170

McGraw-Hill

Education,

Inc.

488,000

5.750%, 

8/1/2028

c

482,261

Meta

Platforms,

Inc.

462,000

5.600%, 

5/15/2053

500,897

905,000

5.400%, 

8/15/2054

948,127

895,000

4.550%, 

8/15/2031

915,052

238,000

3.850%, 

8/15/2032

231,362

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Communications

Services  0.6%

-

continued

Netflix,

Inc.

$

552,000

5.375%, 

11/15/2029

c

$

580,776

500,000

4.875%, 

6/15/2030

c

515,868

News

Corporation

272,000

3.875%, 

5/15/2029

c

257,264

Nexstar

Media,

Inc.

199,000

5.625%, 

7/15/2027

c

197,115

162,000

4.750%, 

11/1/2028

b,c

154,782

Omnicom

Group,

Inc.

435,000

4.200%, 

6/1/2030

431,761

Optics

Bidco

SPA

563,000

6.000%, 

9/30/2034

c

569,936

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

205,000

4.625%, 

3/15/2030

c

194,789

Paramount

Global

140,000

6.375%, 

3/30/2062

d

129,498

Playtika

Holding

Corporation

428,000

4.250%, 

3/15/2029

c

392,800

Rogers

Communications,

Inc.

760,000

5.000%, 

2/15/2029

775,581

997,000

5.300%, 

2/15/2034

1,014,307

Scripps

Escrow

II,

Inc.

160,000

3.875%, 

1/15/2029

b,c

119,209

Scripps

Escrow,

Inc.

116,000

5.875%, 

7/15/2027

b,c

100,920

Sinclair

Television

Group,

Inc.

150,000

4.125%, 

12/1/2030

b,c

117,000

Sirius

XM

Radio,

Inc.

685,000

5.000%, 

8/1/2027

c

673,886

365,000

4.000%, 

7/15/2028

c

344,357

Sprint

Capital

Corporation

1,553,000

8.750%, 

3/15/2032

1,925,597

Take-Two

Interactive

Software,

Inc.

422,000

5.600%, 

6/12/2034

442,769

TEGNA,

Inc.

530,000

4.625%, 

3/15/2028

505,726

Telenet

Finance

Luxembourg

Notes

SARL

600,000

5.500%, 

3/1/2028

c

586,500

T-Mobile

USA,

Inc.

1,539,000

3.600%, 

11/15/2060

1,118,782

916,000

4.850%, 

1/15/2029

935,271

1,100,000

4.375%, 

4/15/2040

1,014,334

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

75,000

10.500%, 

2/15/2028

c

80,055

504,000

4.750%, 

4/15/2028

c

467,536

Univision

Communications,

Inc.

86,000

8.500%, 

7/31/2031

c

86,192

66,000

8.000%, 

8/15/2028

c

67,483

554,000

4.500%, 

5/1/2029

c

494,901

244,000

7.375%, 

6/30/2030

c

236,143

Urban

One,

Inc.

99,000

7.375%, 

2/1/2028

c

71,460

Verizon

Communications,

Inc.

923,000

3.000%, 

11/20/2060

595,704

2,689,000

2.650%, 

11/20/2040

1,981,287

1,400,000

3.400%, 

3/22/2041

1,143,363

Viasat,

Inc.

266,000

6.500%, 

7/15/2028

b,c

208,732

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Communications

Services  0.6%

-

continued

Virgin

Media

Finance

plc

$

206,000

5.000%, 

7/15/2030

c

$

181,182

Virgin

Media

Secured

Finance

plc

417,000

5.500%, 

5/15/2029

c

399,944

VMED

O2

UK

Financing

I

plc

195,000

4.750%, 

7/15/2031

c

173,555

171,000

7.750%, 

4/15/2032

c

175,528

Vodafone

Group

plc

244,000

5.125%, 

6/4/2081

d

200,985

664,000

5.750%, 

6/28/2054

687,404

VZ

Secured

Financing

BV

462,000

5.000%, 

1/15/2032

c

425,152

Warnermedia

Holdings,

Inc.

1,491,000

4.054%, 

3/15/2029

1,412,477

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

178,000

7.750%, 

8/15/2028

c

178,167

139,000

8.250%, 

10/1/2031

c,g

141,312

Zayo

Group

Holdings,

Inc.

233,000

4.000%, 

3/1/2027

b,c

208,405

Zegona

Finance

plc

303,000

8.625%, 

7/15/2029

c

323,452

Ziggo

Bond

Company

BV

196,000

5.125%, 

2/28/2030

b,c

180,671

Ziggo

BV

177,000

4.875%, 

1/15/2030

c

168,189

Total

51,897,932

Consumer

Cyclical  0.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

117,000

3.875%, 

1/15/2028

c

112,429

259,000

4.375%, 

1/15/2028

c

251,622

175,000

6.125%, 

6/15/2029

c

180,033

301,000

5.625%, 

9/15/2029

c

305,349

Adient

Global

Holdings,

Ltd.

265,000

8.250%, 

4/15/2031

b,c

281,165

ADT

Security

Corporation

266,000

4.125%, 

8/1/2029

c

254,068

266,000

4.875%, 

7/15/2032

c

254,070

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

405,000

4.625%, 

6/1/2028

c

380,052

355,000

4.625%, 

6/1/2028

c

333,756

Allison

Transmission,

Inc.

275,000

3.750%, 

1/30/2031

c

250,029

Amazon.com,

Inc.

521,000

3.875%, 

8/22/2037

489,962

American

Axle

&

Manufacturing,

Inc.

166,000

6.875%, 

7/1/2028

165,727

462,000

5.000%, 

10/1/2029

b

424,176

American

Honda

Finance

Corporation

893,000

5.050%, 

7/10/2031

919,181

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

89,000

7.000%, 

4/15/2030

b,c

82,677

Arko

Corporation

328,000

5.125%, 

11/15/2029

b,c

304,663

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Cyclical  0.6%

-

continued

Asbury

Automotive

Group,

Inc.

$

282,000

5.000%, 

2/15/2032

c

$

267,415

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

320,000

4.625%, 

8/1/2029

c

307,181

91,000

4.625%, 

4/1/2030

c

87,186

Aston

Martin

Capital

Holdings,

Ltd.

210,000

10.000%, 

3/31/2029

c

206,069

Beazer

Homes

USA,

Inc.

279,000

7.500%, 

3/15/2031

c

289,502

BMW

US

Capital,

LLC

855,000

4.650%, 

8/13/2026

c

862,810

BorgWarner,

Inc.

381,000

4.950%, 

8/15/2029

387,340

Boyd

Gaming

Corporation

490,000

4.750%, 

6/15/2031

c

467,874

Boyne

USA,

Inc.

265,000

4.750%, 

5/15/2029

c

254,753

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

244,000

4.875%, 

2/15/2030

c

229,700

Caesars

Entertainment,

Inc.

734,000

4.625%, 

10/15/2029

b,c

698,194

199,000

6.500%, 

2/15/2032

c

205,848

Carnival

Corporation

323,000

7.625%, 

3/1/2026

c

325,989

797,000

5.750%, 

3/1/2027

c

807,164

388,000

4.000%, 

8/1/2028

c

374,737

328,000

6.000%, 

5/1/2029

b,c

332,329

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

80,000

5.375%, 

4/15/2027

79,774

399,000

5.250%, 

7/15/2029

392,034

Choice

Hotels

International,

Inc.

179,000

3.700%, 

12/1/2029

b

169,905

Churchill

Downs,

Inc.

325,000

4.750%, 

1/15/2028

c

318,660

202,000

6.750%, 

5/1/2031

c

208,597

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

433,000

6.750%, 

5/15/2028

c

446,317

Crocs,

Inc.

163,000

4.250%, 

3/15/2029

c

154,099

Cushman

&

Wakefield

US

Borrower,

LLC

80,000

6.750%, 

5/15/2028

c

80,726

Daimler

Trucks

Finance

North

America,

LLC

964,000

2.000%, 

12/14/2026

c

917,849

Dana,

Inc.

161,000

5.625%, 

6/15/2028

157,856

244,000

4.250%, 

9/1/2030

219,084

240,000

4.500%, 

2/15/2032

212,844

eG

Global

Finance

plc

80,000

12.000%, 

11/30/2028

b,c

89,285

Expedia

Group,

Inc.

1,398,000

3.250%, 

2/15/2030

1,318,283

Ford

Motor

Credit

Company,

LLC

500,000

2.300%, 

2/10/2025

494,404

618,000

5.850%, 

5/17/2027

629,154

929,000

2.900%, 

2/10/2029

843,268

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Cyclical  0.6%

-

continued

$

780,000

7.122%, 

11/7/2033

$

843,259

Forestar

Group,

Inc.

168,000

3.850%, 

5/15/2026

c

164,263

Gap,

Inc.

116,000

3.625%, 

10/1/2029

c

104,922

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

318,000

7.750%, 

5/31/2032

c

325,440

General

Motors

Company

810,000

6.125%, 

10/1/2025

817,678

General

Motors

Financial

Company,

Inc.

298,000

5.400%, 

5/8/2027

304,305

1,067,000

5.800%, 

1/7/2029

1,109,796

840,000

4.900%, 

10/6/2029

840,952

584,000

5.600%, 

6/18/2031

599,652

Genting

New

York,

LLC/GENNY

Capital,

Inc.

276,000

7.250%, 

10/1/2029

c

279,265

GLP

Capital,

LP

1,153,000

5.750%, 

6/1/2028

1,183,531

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

161,000

3.500%, 

3/1/2029

c

151,062

Goodyear

Tire

&

Rubber

Company

161,000

4.875%, 

3/15/2027

157,245

330,000

5.000%, 

7/15/2029

b

303,510

Group

1

Automotive,

Inc.

127,000

6.375%, 

1/15/2030

c

129,018

Hanesbrands,

Inc.

187,000

4.875%, 

5/15/2026

c

185,361

93,000

9.000%, 

2/15/2031

c

100,384

Harley-Davidson

Financial

Services,

Inc.

612,000

5.950%, 

6/11/2029

c

626,815

Hilton

Domestic

Operating

Company,

Inc.

738,000

4.875%, 

1/15/2030

728,211

80,000

4.000%, 

5/1/2031

c

74,805

470,000

3.625%, 

2/15/2032

c

424,609

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

573,000

5.000%, 

6/1/2029

c

544,381

Home

Depot,

Inc.

505,000

5.400%, 

9/15/2040

535,345

1,140,000

4.250%, 

4/1/2046

1,036,771

970,000

3.900%, 

6/15/2047

828,476

Hyundai

Capital

America

1,150,000

1.800%, 

1/10/2028

c

1,053,932

579,000

5.300%, 

6/24/2029

c

596,145

International

Game

Technology

plc

600,000

5.250%, 

1/15/2029

c

597,683

Jacobs

Entertainment,

Inc.

274,000

6.750%, 

2/15/2029

c

266,483

Jaguar

Land

Rover

Automotive

plc

193,000

5.500%, 

7/15/2029

c

190,702

KB

Home

450,000

4.800%, 

11/15/2029

444,007

96,000

4.000%, 

6/15/2031

88,794

L

Brands,

Inc.

780,000

6.625%, 

10/1/2030

c

795,162

180,000

6.875%, 

11/1/2035

187,560

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Cyclical  0.6%

-

continued

Las

Vegas

Sands

Corporation

$

436,000

5.900%, 

6/1/2027

$

447,733

Light

&

Wonder

International,

Inc.

445,000

7.250%, 

11/15/2029

c

460,408

Live

Nation

Entertainment,

Inc.

179,000

4.750%, 

10/15/2027

c

176,469

Lowe's

Companies,

Inc.

616,000

5.625%, 

4/15/2053

641,175

1,290,000

2.625%, 

4/1/2031

1,159,274

Macy's

Retail

Holdings,

LLC

324,000

5.875%, 

4/1/2029

b,c

319,787

161,000

6.125%, 

3/15/2032

c

156,048

188,000

4.500%, 

12/15/2034

157,530

Marriott

International,

Inc./MD

1,025,000

4.625%, 

6/15/2030

1,034,563

Match

Group

Holdings

II,

LLC

187,000

4.125%, 

8/1/2030

c

175,174

Mattamy

Group

Corporation

376,000

5.250%, 

12/15/2027

c

373,788

McDonald's

Corporation

1,084,000

4.450%, 

3/1/2047

989,044

Melco

Resorts

Finance,

Ltd.

446,000

5.375%, 

12/4/2029

c

416,644

415,000

7.625%, 

4/17/2032

c

427,795

MGM

Resorts

International

168,000

4.625%, 

9/1/2026

166,944

175,000

6.125%, 

9/15/2029

177,178

Michaels

Companies,

Inc.

236,000

5.250%, 

5/1/2028

c

174,194

NCL

Corporation,

Ltd.

197,000

5.875%, 

3/15/2026

c

197,012

442,000

5.875%, 

2/15/2027

c

443,564

Nordstrom,

Inc.

162,000

4.375%, 

4/1/2030

b

148,621

231,000

4.250%, 

8/1/2031

203,467

Parkland

Corporation

174,000

6.625%, 

8/15/2032

c

176,641

PENN

Entertainment,

Inc.

405,000

4.125%, 

7/1/2029

b,c

368,998

PetSmart,

Inc./PetSmart

Finance

Corporation

650,000

4.750%, 

2/15/2028

c

623,167

166,000

7.750%, 

2/15/2029

c

163,870

Phinia,

Inc.

249,000

6.625%, 

10/15/2032

c

251,056

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

522,000

5.750%, 

4/15/2026

c

524,382

QVC,

Inc.

102,000

6.875%, 

4/15/2029

b,c

84,709

Rakuten

Group,

Inc.

241,000

11.250%, 

2/15/2027

c

263,542

280,000

9.750%, 

4/15/2029

c

305,550

Royal

Caribbean

Cruises,

Ltd.

880,000

4.250%, 

7/1/2026

c

870,070

112,000

5.625%, 

9/30/2031

c

113,470

127,000

6.000%, 

2/1/2033

c

130,198

S&S

Holdings,

LLC

152,000

8.375%, 

10/1/2031

c,g

153,043

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

57,000

6.625%, 

3/1/2030

c

56,570

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Cyclical  0.6%

-

continued

SeaWorld

Parks

and

Entertainment,

Inc.

$

389,000

5.250%, 

8/15/2029

c

$

379,609

Service

Corporation

International/

US

161,000

3.375%, 

8/15/2030

145,912

117,000

4.000%, 

5/15/2031

108,264

262,000

5.750%, 

10/15/2032

263,716

Six

Flags

Entertainment

Corporation

81,000

7.250%, 

5/15/2031

b,c

83,893

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

80,000

6.625%, 

5/1/2032

c

82,848

Six

Flags

Theme

Parks,

Inc.

99,000

7.000%, 

7/1/2025

b,c

99,078

Sonic

Automotive,

Inc.

203,000

4.875%, 

11/15/2031

c

187,414

Staples,

Inc.

332,000

10.750%, 

9/1/2029

c

322,140

Station

Casinos,

LLC

381,000

4.625%, 

12/1/2031

c

353,306

Target

Corporation

923,000

2.950%, 

1/15/2052

654,264

Tenneco,

Inc.

529,000

8.000%, 

11/17/2028

c

490,874

Toyota

Motor

Credit

Corporation

291,000

4.800%, 

1/5/2034

296,720

Uber

Technologies,

Inc.

553,000

5.350%, 

9/15/2054

548,465

663,000

4.800%, 

9/15/2034

662,082

VICI

Properties,

LP/VICI

Note

Company,

Inc.

1,023,000

4.625%, 

6/15/2025

c

1,016,754

276,000

5.750%, 

2/1/2027

c

280,756

452,000

4.125%, 

8/15/2030

c

429,233

Victoria's

Secret

&

Company

381,000

4.625%, 

7/15/2029

c

336,502

Victra

Holdings,

LLC/Victra

Finance

Corporation

118,000

8.750%, 

9/15/2029

c

123,894

Viking

Cruises,

Ltd.

823,000

5.875%, 

9/15/2027

c

822,425

Volkswagen

Group

of

America

Finance,

LLC

926,000

5.300%, 

3/22/2027

c

943,024

Wabash

National

Corporation

252,000

4.500%, 

10/15/2028

c

230,861

Walgreens

Boots

Alliance,

Inc.

281,000

3.200%, 

4/15/2030

b

227,971

122,000

4.800%, 

11/18/2044

b

91,290

Walmart,

Inc.

796,000

4.500%, 

9/9/2052

773,369

WASH

Multifamily

Acquisition,

Inc.

251,000

5.750%, 

4/15/2026

c

249,635

Wyndham

Hotels

&

Resorts,

Inc.

421,000

4.375%, 

8/15/2028

c

406,104

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

151,000

5.125%, 

10/1/2029

c

149,187

388,000

7.125%, 

2/15/2031

c

418,612

Yum!

Brands,

Inc.

630,000

4.750%, 

1/15/2030

c

622,584

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Cyclical  0.6%

-

continued

ZF

North

America

Capital,

Inc.

$

280,000

7.125%, 

4/14/2030

c

$

290,239

Total

59,067,416

Consumer

Non-Cyclical  0.7%

1375209

B.C.,

Ltd.

161,000

9.000%, 

1/30/2028

b,c

159,569

Abbott

Laboratories

892,000

4.750%, 

11/30/2036

915,189

175,000

6.000%, 

4/1/2039

202,118

AbbVie,

Inc.

300,000

5.400%, 

3/15/2054

318,107

683,000

5.350%, 

3/15/2044

720,472

AdaptHealth,

LLC

716,000

4.625%, 

8/1/2029

c

663,085

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

510,000

4.625%, 

1/15/2027

c

496,160

540,000

3.500%, 

3/15/2029

c

503,508

Altria

Group,

Inc.

619,000

6.875%, 

11/1/2033

699,139

Amgen,

Inc.

900,000

4.200%, 

2/22/2052

766,147

919,000

5.600%, 

3/2/2043

965,490

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,231,000

4.700%, 

2/1/2036

1,235,958

Anheuser-Busch

InBev

Worldwide,

Inc.

1,530,000

4.375%, 

4/15/2038

1,475,694

765,000

5.550%, 

1/23/2049

824,674

Archer-Daniels-Midland

Company

1,188,000

2.700%, 

9/15/2051

792,755

AstraZeneca

plc

1,600,000

3.000%, 

5/28/2051

1,166,653

B&G

Foods,

Inc.

325,000

8.000%, 

9/15/2028

c

339,966

BAT

Capital

Corporation

620,000

7.079%, 

8/2/2043

710,482

Bausch

+

Lomb

Corporation

103,000

8.375%, 

10/1/2028

c

108,922

Bausch

Health

Companies,

Inc.

259,000

5.500%, 

11/1/2025

b,c

253,019

596,000

4.875%, 

6/1/2028

c

466,370

Baxter

International,

Inc.

923,000

3.132%, 

12/1/2051

628,799

Becton,

Dickinson

and

Company

324,000

3.794%, 

5/20/2050

262,303

900,000

3.700%, 

6/6/2027

888,715

BellRing

Brands,

Inc.

286,000

7.000%, 

3/15/2030

c

299,318

Bristol-Myers

Squibb

Company

1,543,000

3.550%, 

3/15/2042

1,292,695

Bunge,

Ltd.

Finance

Corporation

221,000

4.650%, 

9/17/2034

220,521

Campbell

Soup

Company

584,000

5.400%, 

3/21/2034

612,410

Cargill,

Inc.

930,000

3.125%, 

5/25/2051

c

669,982

Catalent

Pharma

Solutions,

Inc.

199,000

3.125%, 

2/15/2029

c

195,478

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Non-Cyclical  0.7%

-

continued

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

$

152,000

9.500%, 

10/15/2029

c,g

$

152,144

Central

Garden

&

Pet

Company

374,000

4.125%, 

10/15/2030

347,689

Charles

River

Laboratories

International,

Inc.

193,000

4.000%, 

3/15/2031

c

177,918

Cheplapharm

Arzneimittel

GmbH

70,000

5.500%, 

1/15/2028

c

67,891

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

155,000

4.625%, 

11/15/2028

c

150,949

CHS/Community

Health

Systems,

Inc.

376,000

5.625%, 

3/15/2027

c

370,010

118,000

8.000%, 

12/15/2027

c

118,378

499,000

6.000%, 

1/15/2029

c

484,424

310,000

5.250%, 

5/15/2030

c

285,295

220,000

4.750%, 

2/15/2031

c

193,390

232,000

10.875%, 

1/15/2032

c

255,661

Conagra

Brands,

Inc.

1,072,000

1.375%, 

11/1/2027

981,315

Concentra

Escrow

Issuer

Corporation

146,000

6.875%, 

7/15/2032

c

153,521

Constellation

Brands,

Inc.

775,000

3.600%, 

2/15/2028

757,830

501,000

2.875%, 

5/1/2030

461,866

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

490,000

4.750%, 

1/15/2029

c

479,203

CVS

Health

Corporation

601,000

4.780%, 

3/25/2038

567,050

1,980,000

6.000%, 

6/1/2044

2,046,484

DaVita,

Inc.

332,000

6.875%, 

9/1/2032

c

342,974

Edgewell

Personal

Care

Company

380,000

5.500%, 

6/1/2028

c

377,774

Eli

Lilly

&

Company

459,000

4.950%, 

2/27/2063

459,098

Embecta

Corporation

158,000

6.750%, 

2/15/2030

c

149,625

Encompass

Health

Corporation

256,000

4.500%, 

2/1/2028

251,270

Endo

Finance

Holdings,

Inc.

161,000

8.500%, 

4/15/2031

b,c

172,517

Energizer

Holdings,

Inc.

425,000

4.750%, 

6/15/2028

c

412,398

Fortrea

Holdings,

Inc.

264,000

7.500%, 

7/1/2030

b,c

265,733

GE

HealthCare

Technologies,

Inc.

659,000

6.377%, 

11/22/2052

770,569

General

Mills,

Inc.

246,000

4.950%, 

3/29/2033

252,337

HCA,

Inc.

1,059,000

3.500%, 

9/1/2030

997,976

444,000

5.450%, 

9/15/2034

456,849

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

162,000

7.875%, 

9/1/2025

c

161,399

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Non-Cyclical  0.7%

-

continued

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

$

175,000

12.250%, 

4/15/2029

c

$

174,434

298,000

4.875%, 

6/1/2029

c

187,496

Illumina,

Inc.

420,000

4.650%, 

9/9/2026

422,613

Imperial

Brands

Finance

plc

1,600,000

3.875%, 

7/26/2029

c

1,544,839

Jazz

Securities

DAC

111,000

4.375%, 

1/15/2029

c

107,350

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

612,000

5.500%, 

1/15/2030

619,897

132,000

3.625%, 

1/15/2032

120,681

1,079,000

3.000%, 

5/15/2032

935,687

Johnson

&

Johnson

611,000

5.250%, 

6/1/2054

661,765

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

312,000

9.000%, 

2/15/2029

c

324,452

Keurig

Dr

Pepper,

Inc.

1,229,000

5.200%, 

3/15/2031

1,283,126

Kimberly-Clark

Corporation

900,000

3.900%, 

5/4/2047

768,835

Kraft

Heinz

Foods

Company

638,000

4.375%, 

6/1/2046

564,656

Lamb

Weston

Holdings,

Inc.

176,000

4.125%, 

1/31/2030

c

165,081

LifePoint

Health,

Inc.

315,000

9.875%, 

8/15/2030

c

346,816

208,000

11.000%, 

10/15/2030

c

234,704

Mattel,

Inc.

769,000

5.450%, 

11/1/2041

733,325

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

365,000

6.250%, 

4/1/2029

c

376,071

Medtronic,

Inc.

923,000

4.375%, 

3/15/2035

917,746

Mozart

Debt

Merger

Sub,

Inc.

485,000

3.875%, 

4/1/2029

c

459,181

328,000

5.250%, 

10/1/2029

c

321,828

MPH

Acquisition

Holdings,

LLC

161,000

5.500%, 

9/1/2028

c

116,090

Newell

Brands,

Inc.

166,000

6.375%, 

9/15/2027

b

167,893

165,000

6.625%, 

9/15/2029

167,054

Novartis

Capital

Corporation

516,000

4.700%, 

9/18/2054

504,978

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

229,000

4.125%, 

4/30/2028

c

220,204

642,000

5.125%, 

4/30/2031

b,c

604,842

Owens

&

Minor,

Inc.

286,000

6.625%, 

4/1/2030

b,c

277,619

PepsiCo,

Inc.

610,000

4.200%, 

7/18/2052

548,091

Performance

Food

Group,

Inc.

367,000

4.250%, 

8/1/2029

c

348,997

234,000

6.125%, 

9/15/2032

c

239,114

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Perrigo

Finance

Unlimited

Company

$

284,000

4.900%, 

6/15/2030

$

276,597

153,000

6.125%, 

9/30/2032

154,181

Pfizer

Investment

Enterprises,

Private

Ltd.

1,386,000

5.300%, 

5/19/2053

1,433,739

611,000

5.110%, 

5/19/2043

622,091

Philip

Morris

International,

Inc.

619,000

5.500%, 

9/7/2030

655,293

299,000

5.125%, 

2/13/2031

310,780

923,000

5.375%, 

2/15/2033

965,309

Post

Holdings,

Inc.

241,000

4.625%, 

4/15/2030

c

230,603

397,000

4.500%, 

9/15/2031

c

370,881

227,000

6.250%, 

10/15/2034

c,g

228,431

Prime

Healthcare

Services,

Inc.

255,000

9.375%, 

9/1/2029

c

263,028

Roche

Holdings,

Inc.

1,158,000

4.000%, 

11/28/2044

c

1,028,562

Royalty

Pharma

plc

546,000

5.150%, 

9/2/2029

560,027

Scotts

Miracle-Gro

Company

130,000

4.500%, 

10/15/2029

125,008

Simmons

Foods,

Inc.

649,000

4.625%, 

3/1/2029

c

615,748

Sotera

Health

Holdings,

LLC

171,000

7.375%, 

6/1/2031

c

177,585

Spectrum

Brands,

Inc.

42,000

3.875%, 

3/15/2031

c

36,771

Star

Parent,

Inc.

179,000

9.000%, 

10/1/2030

c

192,171

Sysco

Corporation

935,000

6.600%, 

4/1/2040

1,059,556

Takeda

Pharmaceutical

Company,

Ltd.

290,000

5.650%, 

7/5/2054

304,566

925,000

3.175%, 

7/9/2050

664,088

600,000

5.650%, 

7/5/2044

631,312

Tenet

Healthcare

Corporation

990,000

5.125%, 

11/1/2027

986,258

267,000

4.375%, 

1/15/2030

256,168

407,000

6.750%, 

5/15/2031

424,245

Teva

Pharmaceutical

Finance

Company,

LLC

168,000

6.150%, 

2/1/2036

173,011

Teva

Pharmaceutical

Finance

Netherlands

III

BV

390,000

3.150%, 

10/1/2026

374,871

US

Acute

Care

Solutions,

LLC

163,000

9.750%, 

5/15/2029

c

168,829

Viterra

Finance

BV

774,000

3.200%, 

4/21/2031

c

707,920

Wyeth,

LLC

619,000

6.500%, 

2/1/2034

713,047

Zoetis,

Inc.

1,451,000

4.700%, 

2/1/2043

1,382,208

Total

62,533,584

Energy  0.5%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

152,000

7.500%, 

10/1/2029

c,g

154,014

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Energy  0.5%

-

continued

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

$

352,000

5.375%, 

6/15/2029

c

$

348,299

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

244,000

6.250%, 

4/1/2028

c

245,212

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

332,000

8.250%, 

12/31/2028

c

340,125

166,000

5.875%, 

6/30/2029

c

163,991

Baytex

Energy

Corporation

339,000

8.500%, 

4/30/2030

c

351,345

80,000

7.375%, 

3/15/2032

c

79,708

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

266,000

7.000%, 

7/15/2029

c

276,530

BP

Capital

Markets

America,

Inc.

1,637,000

2.939%, 

6/4/2051

1,112,689

Buckeye

Partners,

LP

228,000

4.500%, 

3/1/2028

c

221,117

325,000

6.875%, 

7/1/2029

c

332,985

California

Resources

Corporation

199,000

8.250%, 

6/15/2029

c

202,797

Canadian

Natural

Resources,

Ltd.

437,000

2.950%, 

7/15/2030

399,533

Cheniere

Energy

Partners,

LP

2,461,000

4.500%, 

10/1/2029

2,427,349

Cheniere

Energy,

Inc.

170,000

5.650%, 

4/15/2034

c

175,884

Civitas

Resources,

Inc.

232,000

8.375%, 

7/1/2028

c

241,157

432,000

8.750%, 

7/1/2031

c

457,288

CNX

Resources

Corporation

196,000

6.000%, 

1/15/2029

c

197,062

Columbia

Pipelines

Holding

Company,

LLC

613,000

6.042%, 

8/15/2028

c

640,946

Columbia

Pipelines

Operating

Company,

LLC

153,000

5.927%, 

8/15/2030

c

162,033

Comstock

Resources,

Inc.

322,000

6.750%, 

3/1/2029

c

313,382

410,000

5.875%, 

1/15/2030

c

383,386

Continental

Resources,

Inc.

1,076,000

2.268%, 

11/15/2026

c

1,019,838

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

377,000

5.500%, 

6/15/2031

c

369,771

Crescent

Energy

Finance,

LLC

497,000

7.625%, 

4/1/2032

c

497,157

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

360,000

8.625%, 

3/15/2029

c

378,773

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

137,000

8.500%, 

10/1/2030

c

143,146

Diamondback

Energy,

Inc.

860,000

5.750%, 

4/18/2054

866,597

DT

Midstream,

Inc.

278,000

4.125%, 

6/15/2029

c

265,918

Enbridge,

Inc.

608,000

5.250%, 

4/5/2027

622,510

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Energy  0.5%

-

continued

Enerflex,

Ltd.

$

141,000

9.000%, 

10/15/2027

c

$

145,457

Energy

Transfer,

LP

391,000

8.000%, 

5/15/2054

d

420,704

639,000

4.000%, 

10/1/2027

632,585

970,000

4.900%, 

3/15/2035

957,532

800,000

5.150%, 

2/1/2043

750,132

1,100,000

6.000%, 

6/15/2048

1,126,202

EnLink

Midstream

Partners,

LP

331,000

5.600%, 

4/1/2044

316,350

Enterprise

Products

Operating,

LLC

876,000

3.300%, 

2/15/2053

626,335

EQM

Midstream

Partners,

LP

933,000

4.750%, 

1/15/2031

c

903,431

Exxon

Mobil

Corporation

1,450,000

3.452%, 

4/15/2051

1,123,585

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

266,000

8.875%, 

4/15/2030

279,626

400,000

7.875%, 

5/15/2032

407,258

Gulfport

Energy

Corporation

116,000

6.750%, 

9/1/2029

c

117,357

Halliburton

Company

633,000

4.850%, 

11/15/2035

632,060

615,000

5.000%, 

11/15/2045

589,136

Harvest

Midstream

I,

LP

417,000

7.500%, 

9/1/2028

c

426,727

Hess

Midstream

Operations,

LP

362,000

4.250%, 

2/15/2030

c

345,655

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

540,000

5.750%, 

2/1/2029

c

525,335

161,000

6.000%, 

4/15/2030

c

156,931

279,000

6.250%, 

4/15/2032

c

271,557

Howard

Midstream

Energy

Partners,

LLC

464,000

7.375%, 

7/15/2032

c

480,565

ITT

Holdings,

LLC

470,000

6.500%, 

8/1/2029

c

445,256

Kodiak

Gas

Services,

LLC

200,000

7.250%, 

2/15/2029

c

206,981

Kraken

Oil

&

Gas

Partners,

LLC

209,000

7.625%, 

8/15/2029

c

208,719

Laredo

Petroleum,

Inc.

330,000

7.750%, 

7/31/2029

c

328,329

MEG

Energy

Corporation

260,000

5.875%, 

2/1/2029

c

254,348

Moss

Creek

Resources

Holdings,

Inc.

174,000

8.250%, 

9/1/2031

c

171,813

MPLX,

LP

1,231,000

4.950%, 

9/1/2032

1,235,671

230,000

5.000%, 

3/1/2033

230,127

Nabors

Industries,

Inc.

161,000

7.375%, 

5/15/2027

c

161,359

411,000

9.125%, 

1/31/2030

c

423,863

National

Fuel

Gas

Company

1,000,000

5.500%, 

1/15/2026

1,009,023

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

133,000

8.125%, 

2/15/2029

c

136,371

199,000

8.375%, 

2/15/2032

c

205,080

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Energy  0.5%

-

continued

Noble

Finance

II,

LLC

$

338,000

8.000%, 

4/15/2030

c

$

348,746

Northern

Oil

and

Gas,

Inc.

340,000

8.750%, 

6/15/2031

c

354,285

NuStar

Logistics,

LP

324,000

6.375%, 

10/1/2030

336,190

Occidental

Petroleum

Corporation

244,000

5.000%, 

8/1/2027

247,358

ONEOK,

Inc.

465,000

5.700%, 

11/1/2054

462,355

347,000

5.000%, 

3/1/2026

348,582

540,000

4.750%, 

10/15/2031

540,001

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

273,000

6.000%, 

2/15/2028

269,482

Permian

Resources

Operating,

LLC

313,000

6.250%, 

2/1/2033

c

318,050

Prairie

Acquiror,

LP

265,000

9.000%, 

8/1/2029

c

273,608

Precision

Drilling

Corporation

221,000

6.875%, 

1/15/2029

c

220,541

Range

Resources

Corporation

273,000

4.750%, 

2/15/2030

c

263,338

Rockies

Express

Pipeline,

LLC

416,000

4.950%, 

7/15/2029

c

397,856

Saturn

Oil

&

Gas,

Inc.

194,000

9.625%, 

6/15/2029

c

191,659

Schlumberger

Holdings

Corporation

317,000

5.000%, 

5/29/2027

c

323,506

SM

Energy

Company

245,000

6.500%, 

7/15/2028

244,731

114,000

7.000%, 

8/1/2032

c

114,441

South

Bow

USA

Infrastructure

Holdings,

LLC

485,000

5.026%, 

10/1/2029

c

486,266

193,000

5.584%, 

10/1/2034

c

194,857

Southwestern

Energy

Company

235,000

4.750%, 

2/1/2032

224,806

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

161,000

5.875%, 

3/1/2027

160,726

Suncor

Energy,

Inc.

986,000

7.150%, 

2/1/2032

1,112,421

Sunoco,

LP

482,000

7.000%, 

5/1/2029

c

503,602

Sunoco,

LP/Sunoco

Finance

Corporation

229,000

5.875%, 

3/15/2028

230,144

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

617,000

5.500%, 

1/15/2028

c

597,365

241,000

7.375%, 

2/15/2029

c

243,718

Talos

Production,

Inc.

170,000

9.000%, 

2/1/2029

c

175,042

Targa

Resources

Corporation

1,077,000

4.200%, 

2/1/2033

1,019,803

Teine

Energy,

Ltd.

345,000

6.875%, 

4/15/2029

c

339,660

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Energy  0.5%

-

continued

TGNR

Intermediate

Holdings,

LLC

$

361,000

5.500%, 

10/15/2029

c

$

342,993

TotalEnergies

Capital

SA

452,000

5.275%, 

9/10/2054

452,651

Transocean

Titan

Financing,

Ltd.

325,000

8.375%, 

2/1/2028

c

334,754

Transocean,

Inc.

173,400

8.750%, 

2/15/2030

c

180,792

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

281,000

7.125%, 

3/15/2029

c

289,417

Valaris,

Ltd.

339,000

8.375%, 

4/30/2030

c

349,171

Venture

Global

Calcasieu

Pass,

LLC

483,000

3.875%, 

8/15/2029

c

456,450

290,000

4.125%, 

8/15/2031

c

269,622

Venture

Global

LNG,

Inc.

597,000

8.125%, 

6/1/2028

c

622,384

301,000

9.000%, 

9/30/2029

c,d,i

305,102

234,000

7.000%, 

1/15/2030

c

239,058

692,000

8.375%, 

6/1/2031

c

730,701

482,000

9.875%, 

2/1/2032

c

535,594

Viridien

SA

80,000

8.750%, 

4/1/2027

c

77,965

Western

Midstream

Operating,

LP

619,000

6.350%, 

1/15/2029

658,107

308,000

6.150%, 

4/1/2033

325,578

Williams

Companies,

Inc.

615,000

5.300%, 

8/15/2052

596,594

1,015,000

7.500%, 

1/15/2031

1,156,742

Total

48,108,816

Financials  1.7%

Acrisure,

LLC/Acrisure

Finance,

Inc.

114,000

4.250%, 

2/15/2029

c

107,695

162,000

7.500%, 

11/6/2030

c

166,713

AEGON

Funding

Company,

LLC

906,000

5.500%, 

4/16/2027

b,c

925,998

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

692,000

6.100%, 

1/15/2027

716,537

1,250,000

3.875%, 

1/23/2028

1,228,676

550,000

3.400%, 

10/29/2033

486,614

AG

TTMT

Escrow

Issuer,

LLC

125,000

8.625%, 

9/30/2027

c

128,150

Agree,

LP

444,000

5.625%, 

6/15/2034

464,482

Air

Lease

Corporation

169,000

4.650%, 

6/15/2026

d,i

164,739

1,415,000

3.000%, 

2/1/2030

1,304,242

Aircastle,

Ltd.

650,000

5.250%, 

8/11/2025

c

650,389

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

159,000

4.250%, 

10/15/2027

c

152,213

352,000

6.750%, 

4/15/2028

c

357,700

231,000

7.000%, 

1/15/2031

c

237,374

Ally

Financial,

Inc.

1,194,000

8.000%, 

11/1/2031

1,351,749

251,000

6.700%, 

2/14/2033

256,697

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

American

Express

Company

$

298,000

5.098%, 

2/16/2028

d

$

303,716

418,000

5.043%, 

7/26/2028

d

427,083

American

Homes

4

Rent,

LP

1,000,000

2.375%, 

7/15/2031

858,875

American

International

Group,

Inc.

1,248,000

5.125%, 

3/27/2033

1,286,117

AmWINS

Group,

Inc.

133,000

6.375%, 

2/15/2029

c

136,245

394,000

4.875%, 

6/30/2029

c

377,804

ANZ

Bank

New

Zealand,

Ltd.

600,000

5.548%, 

8/11/2032

c,d

612,823

Aon

North

America,

Inc.

455,000

5.750%, 

3/1/2054

481,998

Apollo

Debt

Solutions

BDC

652,000

6.700%, 

7/29/2031

b,c

671,699

Ares

Capital

Corporation

455,000

3.250%, 

7/15/2025

448,224

1,100,000

3.875%, 

1/15/2026

1,083,977

550,000

2.150%, 

7/15/2026

522,651

533,000

5.875%, 

3/1/2029

545,806

Ares

Strategic

Income

Fund

535,000

5.600%, 

2/15/2030

c,g

530,767

Arthur

J.

Gallagher

&

Company

154,000

6.750%, 

2/15/2054

181,266

226,000

5.750%, 

7/15/2054

235,904

Associated

Banc-Corp

750,000

4.250%, 

1/15/2025

746,189

Avolon

Holdings

Funding,

Ltd.

275,000

4.250%, 

4/15/2026

c

272,156

758,000

5.750%, 

3/1/2029

c

781,373

Banco

Santander

Mexico

SA

875,000

5.375%, 

4/17/2025

c

876,309

Banco

Santander

SA

1,200,000

4.175%, 

3/24/2028

d

1,188,537

Bank

of

America

Corporation

575,000

1.734%, 

7/22/2027

d

548,946

800,000

3.824%, 

1/20/2028

d

791,344

537,000

5.202%, 

4/25/2029

d

552,147

500,000

2.087%, 

6/14/2029

d

461,727

1,500,000

2.496%, 

2/13/2031

d

1,359,823

1,475,000

1.922%, 

10/24/2031

d

1,270,919

923,000

2.972%, 

2/4/2033

d

826,586

1,844,000

4.571%, 

4/27/2033

d

1,835,143

928,000

5.872%, 

9/15/2034

d

1,001,181

367,000

5.468%, 

1/23/2035

d

385,939

902,000

5.425%, 

8/15/2035

d

924,643

1,230,000

3.846%, 

3/8/2037

d

1,136,995

Bank

of

New

York

Mellon

Corporation

619,000

6.317%, 

10/25/2029

d

665,822

Bank

of

Nova

Scotia

308,000

4.850%, 

2/1/2030

315,188

Barclays

plc

160,000

6.125%, 

12/15/2025

d,i

159,461

930,000

6.496%, 

9/13/2027

d

963,312

954,000

4.972%, 

5/16/2029

d

964,613

864,000

4.942%, 

9/10/2030

d

871,141

900,000

5.746%, 

8/9/2033

d

941,223

BBVA

Bancomer

SA/Texas

200,000

5.250%, 

9/10/2029

c

202,660

Belrose

Funding

Trust

1,220,000

2.330%, 

8/15/2030

c

1,046,849

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

Berkshire

Hathaway

Finance

Corporation

$

1,231,000

2.850%, 

10/15/2050

$

865,158

BlackRock

Funding,

Inc.

305,000

5.250%, 

3/14/2054

316,035

Blackstone

Private

Credit

Fund

917,000

2.700%, 

1/15/2025

910,049

600,000

6.250%, 

1/25/2031

b,c

616,370

Blue

Owl

Capital

Corporation

II

465,000

8.450%, 

11/15/2026

c

488,231

Blue

Owl

Credit

Income

Corporation

769,000

4.700%, 

2/8/2027

754,543

Blue

Owl

Technology

Finance

Corporation

250,000

4.750%, 

12/15/2025

c

246,602

Blue

Owl

Technology

Finance

Corporation

II

620,000

6.750%, 

4/4/2029

c

622,903

BNP

Paribas

SA

1,538,000

3.132%, 

1/20/2033

c,d

1,373,212

BPCE

SA

1,091,000

3.500%, 

10/23/2027

c

1,058,103

Burford

Capital

Global

Finance,

LLC

383,000

9.250%, 

7/1/2031

c

412,147

Camden

Property

Trust

1,012,000

3.150%, 

7/1/2029

965,076

Capital

One

Financial

Corporation

1,100,000

4.200%, 

10/29/2025

1,092,223

210,000

5.700%, 

2/1/2030

b,d

217,473

Castlelake

Aviation

Finance

DAC

168,000

5.000%, 

4/15/2027

c

168,430

Centene

Corporation

2,161,000

2.625%, 

8/1/2031

1,852,999

Charles

Schwab

Corporation

1,303,000

2.450%, 

3/3/2027

1,251,377

619,000

6.136%, 

8/24/2034

d

676,669

Chubb

INA

Holdings,

LLC

615,000

4.350%, 

11/3/2045

567,652

Citibank

NA

485,000

4.929%, 

8/6/2026

492,145

Citigroup,

Inc.

745,000

3.200%, 

10/21/2026

729,708

1,094,000

3.668%, 

7/24/2028

d

1,074,513

490,000

4.125%, 

7/25/2028

486,029

915,000

3.520%, 

10/27/2028

d

893,227

374,000

5.174%, 

2/13/2030

d

384,188

1,308,000

4.910%, 

5/24/2033

d

1,318,417

778,000

6.174%, 

5/25/2034

d

830,122

Citizens

Financial

Group,

Inc.

384,000

5.718%, 

7/23/2032

d

398,227

CNA

Financial

Corporation

453,000

5.125%, 

2/15/2034

463,235

Comerica,

Inc.

219,000

5.982%, 

1/30/2030

d

225,764

Constellation

Insurance,

Inc.

79,000

6.800%, 

1/24/2030

c

79,510

Cooperatieve

Rabobank

UA

1,227,000

5.564%, 

2/28/2029

c,d

1,270,378

Corebridge

Financial,

Inc.

332,000

6.375%, 

9/15/2054

d

335,416

462,000

4.350%, 

4/5/2042

409,110

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

Credit

Acceptance

Corporation

$

300,000

9.250%, 

12/15/2028

c

$

320,821

Credit

Suisse

Group

AG

900,000

7.250%, 

N/A

*,j

90,000

Deutsche

Bank

AG/New

York,

NY

686,000

6.819%, 

11/20/2029

d

738,455

1,175,000

3.729%, 

1/14/2032

d

1,054,491

Discover

Bank

1,170,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

1,208,163

Diversified

Healthcare

Trust

192,000

Zero

Coupon, 

1/15/2026

c

176,751

Drawbridge

Special

Opportunities

Fund,

LP

564,000

3.875%, 

2/15/2026

c

549,512

Elevance

Health,

Inc.

1,185,000

3.125%, 

5/15/2050

840,450

820,000

4.625%, 

5/15/2042

768,339

Encore

Capital

Group,

Inc.

92,000

9.250%, 

4/1/2029

c

98,987

EPR

Properties

405,000

4.950%, 

4/15/2028

401,394

Fairfax

Financial

Holdings,

Ltd.

618,000

6.350%, 

3/22/2054

c

660,460

Fifth

Third

Bancorp

484,000

6.339%, 

7/27/2029

d

514,457

First

Horizon

Bank

755,000

5.750%, 

5/1/2030

766,592

FirstCash,

Inc.

407,000

5.625%, 

1/1/2030

c

403,268

First-Citizens

Bank

&

Trust

Company

545,000

6.125%, 

3/9/2028

569,875

Five

Corners

Funding

Trust

IV

616,000

5.997%, 

2/15/2053

c

677,759

Fortress

Transportation

and

Infrastructure

Investors,

LLC

171,000

5.500%, 

5/1/2028

c

170,285

299,000

7.000%, 

5/1/2031

c

315,148

232,000

7.000%, 

6/15/2032

c

243,531

Freedom

Mortgage

Corporation

168,000

7.625%, 

5/1/2026

c

169,500

Freedom

Mortgage

Holdings,

LLC

378,000

9.250%, 

2/1/2029

c

392,911

163,000

9.125%, 

5/15/2031

c

167,582

FS

KKR

Capital

Corporation

1,300,000

3.400%, 

1/15/2026

1,267,355

GGAM

Finance,

Ltd.

153,000

7.750%, 

5/15/2026

c

156,448

166,000

8.000%, 

6/15/2028

c

177,928

452,000

5.875%, 

3/15/2030

c

452,592

Global

Aircraft

Leasing

Company,

Ltd.

391,000

8.750%, 

9/1/2027

c

396,769

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

487,000

3.750%, 

12/15/2027

c

453,977

goeasy,

Ltd.

269,000

9.250%, 

12/1/2028

c

289,622

165,000

7.625%, 

7/1/2029

c

170,942

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

Goldman

Sachs

Bank

USA/New

York,

NY

$

908,000

5.414%, 

5/21/2027

d

$

922,698

Goldman

Sachs

BDC,

Inc.

394,000

6.375%, 

3/11/2027

406,114

Goldman

Sachs

Group,

Inc.

785,000

1.948%, 

10/21/2027

d

748,351

931,000

6.484%, 

10/24/2029

d

1,002,537

275,000

1.992%, 

1/27/2032

d

235,240

2,326,000

3.102%, 

2/24/2033

d

2,092,778

Health

Care

Service

Corporation

651,000

5.450%, 

6/15/2034

c

676,997

Healthpeak

OP,

LLC

205,000

3.400%, 

2/1/2025

203,905

Highwoods

Realty,

LP

618,000

7.650%, 

2/1/2034

710,491

Howard

Hughes

Corporation

106,000

4.125%, 

2/1/2029

c

98,862

HSBC

Holdings

plc

200,000

6.875%, 

9/11/2029

d,i

206,021

900,000

5.402%, 

8/11/2033

d

932,313

HUB

International,

Ltd.

466,000

7.250%, 

6/15/2030

c

485,516

Huntington

Bancshares,

Inc./OH

757,000

5.709%, 

2/2/2035

d

788,079

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

250,000

6.250%, 

5/15/2026

248,050

660,000

5.250%, 

5/15/2027

632,439

Intesa

Sanpaolo

SPA

201,000

4.198%, 

6/1/2032

c,d

179,137

Invitation

Homes

Operating

Partnership,

LP

769,000

2.000%, 

8/15/2031

645,421

J.P.

Morgan

Chase

&

Company

244,000

4.000%, 

4/1/2025

d,i

240,759

720,000

1.578%, 

4/22/2027

d

689,738

1,230,000

2.947%, 

2/24/2028

d

1,192,931

903,000

4.979%, 

7/22/2028

d

920,610

1,475,000

4.203%, 

7/23/2029

d

1,469,512

900,000

2.522%, 

4/22/2031

d

817,479

1,100,000

1.953%, 

2/4/2032

d

945,194

1,229,000

4.586%, 

4/26/2033

d

1,229,260

923,000

4.912%, 

7/25/2033

d

942,733

651,000

5.766%, 

4/22/2035

d

701,529

J.P.

Morgan

Chase

Bank

NA

500,000

5.110%, 

12/8/2026

511,243

Jackson

National

Life

Global

Funding

663,000

5.550%, 

7/2/2027

c

681,010

Jane

Street

Group/JSG

Finance,

Inc.

263,000

4.500%, 

11/15/2029

c

253,143

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

137,000

5.000%, 

8/15/2028

c

130,261

Jefferson

Capital

Holdings,

LLC

133,000

6.000%, 

8/15/2026

c

133,015

331,000

9.500%, 

2/15/2029

c

353,406

KeyBank

NA/Cleveland,

OH

777,000

5.000%, 

1/26/2033

769,939

KeyCorp

450,000

6.324%, 

(SOFRINDX

+

1.250%),

5/23/2025

d

450,711

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

Kilroy

Realty,

LP

$

310,000

4.250%, 

8/15/2029

$

296,817

266,000

6.250%, 

1/15/2036

272,354

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

166,000

4.250%, 

2/1/2027

c

161,920

440,000

4.750%, 

6/15/2029

c

429,736

Liberty

Mutual

Group,

Inc.

90,000

4.125%, 

12/15/2051

c,d

85,140

Lloyds

Banking

Group

plc

920,000

5.871%, 

3/6/2029

d

959,599

Macquarie

Airfinance

Holdings,

Ltd.

300,000

6.400%, 

3/26/2029

c

312,238

418,000

5.150%, 

3/17/2030

c

418,909

80,000

6.500%, 

3/26/2031

c

84,447

Manufacturers

&

Traders

Trust

Company

923,000

4.700%, 

1/27/2028

927,858

Marsh

&

McLennan

Companies,

Inc.

231,000

5.450%, 

3/15/2053

240,197

619,000

5.400%, 

9/15/2033

658,152

Massachusetts

Mutual

Life

Insurance

Company

1,150,000

3.200%, 

12/1/2061

c

761,730

Mitsubishi

UFJ

Financial

Group,

Inc.

922,000

5.422%, 

2/22/2029

d

953,346

900,000

2.048%, 

7/17/2030

791,882

Molina

Healthcare,

Inc.

448,000

4.375%, 

6/15/2028

c

435,534

117,000

3.875%, 

5/15/2032

c

107,000

Morgan

Stanley

1,925,000

4.350%, 

9/8/2026

1,929,618

1,244,000

3.591%, 

7/22/2028

d

1,218,938

615,000

5.164%, 

4/20/2029

d

632,134

1,600,000

3.622%, 

4/1/2031

d

1,536,265

615,000

5.250%, 

4/21/2034

d

635,165

476,000

5.831%, 

4/19/2035

d

511,294

1,076,000

5.297%, 

4/20/2037

d

1,084,141

Morgan

Stanley

Direct

Lending

Fund

448,000

6.150%, 

5/17/2029

c

453,877

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

673,000

4.625%, 

8/1/2029

b

541,316

Nasdaq,

Inc.

750,000

3.250%, 

4/28/2050

542,487

Nationstar

Mortgage

Holdings,

Inc.

81,000

5.500%, 

8/15/2028

c

80,184

170,000

6.500%, 

8/1/2029

c

172,861

256,000

5.125%, 

12/15/2030

c

245,581

NatWest

Group

plc

650,000

4.445%, 

5/8/2030

d

645,468

925,000

6.475%, 

6/1/2034

d

973,392

Navient

Corporation

96,000

5.000%, 

3/15/2027

95,151

106,000

5.500%, 

3/15/2029

102,827

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

$

105,000

4.500%, 

9/30/2028

c

$

98,541

New

York

Life

Global

Funding

925,000

4.550%, 

1/28/2033

c

928,941

Nomura

Holdings,

Inc.

598,000

5.783%, 

7/3/2034

628,256

Omega

Healthcare

Investors,

Inc.

780,000

3.625%, 

10/1/2029

735,114

875,000

3.375%, 

2/1/2031

797,263

OneMain

Finance

Corporation

618,000

3.500%, 

1/15/2027

590,697

745,000

3.875%, 

9/15/2028

691,002

Panther

Escrow

Issuer,

LLC

465,000

7.125%, 

6/1/2031

c

487,743

Park

Intermediate

Holdings,

LLC

457,000

4.875%, 

5/15/2029

c

443,414

Pine

Street

Trust

III

268,000

6.223%, 

5/15/2054

c

290,525

PNC

Financial

Services

Group,

Inc.

307,000

6.615%, 

10/20/2027

d

320,837

887,000

5.492%, 

5/14/2030

d

926,887

1,230,000

4.626%, 

6/6/2033

d

1,212,501

PRA

Group,

Inc.

254,000

8.375%, 

2/1/2028

c

262,969

Prologis

Targeted

US

Logistics

Fund,

LP

618,000

5.250%, 

4/1/2029

c

636,483

294,000

5.250%, 

1/15/2035

c

300,672

Prologis,

LP

416,000

5.250%, 

3/15/2054

422,436

Prudential

Financial,

Inc.

1,170,000

5.125%, 

3/1/2052

d

1,161,023

Regency

Centers,

LP

1,050,000

4.125%, 

3/15/2028

1,042,309

461,000

5.250%, 

1/15/2034

475,868

Regions

Financial

Corporation

259,000

5.502%, 

9/6/2035

d

263,567

Reinsurance

Group

of

America,

Inc.

651,000

5.750%, 

9/15/2034

685,770

RGA

Global

Funding

298,000

5.500%, 

1/11/2031

c

311,469

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

80,000

4.750%, 

10/15/2027

79,024

163,000

4.500%, 

2/15/2029

c

157,716

RLJ

Lodging

Trust,

LP

149,000

4.000%, 

9/15/2029

c

137,159

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

440,000

3.625%, 

3/1/2029

c

413,721

301,000

3.875%, 

3/1/2031

c

277,143

237,000

4.000%, 

10/15/2033

c

211,709

Ryan

Specialty,

LLC

85,000

4.375%, 

2/1/2030

c

81,915

61,000

5.875%, 

8/1/2032

c

62,016

Santander

Holdings

USA,

Inc.

308,000

6.499%, 

3/9/2029

d

322,529

268,000

6.174%, 

1/9/2030

d

279,762

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

Santander

UK

Group

Holdings

plc

$

1,000,000

1.673%, 

6/14/2027

d

$

951,209

Service

Properties

Trust

216,000

8.375%, 

6/15/2029

215,757

265,000

8.625%, 

11/15/2031

c

288,177

Simon

Property

Group,

LP

1,025,000

3.800%, 

7/15/2050

814,209

SLM

Corporation

180,000

4.200%, 

10/29/2025

177,945

Societe

Generale

SA

1,122,000

4.750%, 

11/24/2025

c

1,114,747

Standard

Chartered

plc

551,000

5.688%, 

5/14/2028

c,d

565,831

State

Street

Corporation

885,000

4.530%, 

2/20/2029

d

893,990

Sumitomo

Mitsui

Financial

Group,

Inc.

1,140,000

3.010%, 

10/19/2026

1,112,485

922,000

5.710%, 

1/13/2030

976,483

850,000

1.710%, 

1/12/2031

719,188

Synchrony

Financial

328,000

5.935%, 

8/2/2030

b,d

336,975

169,000

7.250%, 

2/2/2033

175,574

Synovus

Bank

1,201,000

5.625%, 

2/15/2028

1,207,491

Toronto-Dominion

Bank

805,000

5.523%, 

7/17/2028

842,123

309,000

5.146%, 

9/10/2034

d

311,950

Truist

Financial

Corporation

623,000

6.047%, 

6/8/2027

d

639,286

440,000

5.125%, 

12/15/2027

d,i

432,241

770,000

5.122%, 

1/26/2034

d

778,460

390,000

5.711%, 

1/24/2035

d

410,860

U.S.

Bancorp

954,000

5.775%, 

6/12/2029

d

999,825

244,000

5.836%, 

6/12/2034

d

260,525

416,000

5.678%, 

1/23/2035

d

440,959

UBS

Group

AG

123,000

4.875%, 

2/12/2027

c,d,i

117,700

928,000

6.246%, 

9/22/2029

c,d

985,204

767,000

3.091%, 

5/14/2032

c,d

691,645

589,000

5.699%, 

2/8/2035

c,d

621,738

300,000

5.379%, 

9/6/2045

c,d

306,903

UniCredit

SPA

163,000

5.861%, 

6/19/2032

c,d

164,018

United

Wholesale

Mortgage,

LLC

440,000

5.500%, 

4/15/2029

c

428,560

UnitedHealth

Group,

Inc.

616,000

5.875%, 

2/15/2053

681,877

923,000

4.750%, 

5/15/2052

880,177

Vornado

Realty,

LP

121,000

3.400%, 

6/1/2031

104,317

Wells

Fargo

&

Company

123,000

3.900%, 

3/15/2026

d,i

119,544

125,000

3.000%, 

4/22/2026

122,801

1,475,000

3.000%, 

10/23/2026

1,441,604

923,000

3.526%, 

3/24/2028

d

905,522

607,000

5.707%, 

4/22/2028

d

626,782

1,400,000

2.393%, 

6/2/2028

d

1,331,144

644,000

5.574%, 

7/25/2029

d

670,021

507,000

5.389%, 

4/24/2034

d

525,858

1,180,000

4.900%, 

11/17/2045

1,106,949

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Financials  1.7%

-

continued

XHR,

LP

$

189,000

4.875%, 

6/1/2029

c

$

181,154

Total

162,366,523

Foreign

Government  <0.1%

NBN

Company,

Ltd.

1,050,000

2.625%, 

5/5/2031

c

934,607

Saudi

Arabian

Oil

Company

578,000

5.250%, 

7/17/2034

c

594,361

Total

1,528,968

Mortgage-Backed

Securities  6.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

9,120,270

2.000%, 

1/1/2052

7,647,662

5,335,892

2.000%, 

5/1/2051

4,474,950

20,722,151

2.500%, 

5/1/2051

18,103,325

7,603,487

3.500%, 

5/1/2052

7,132,625

8,974,483

4.000%, 

5/1/2052

8,692,852

5,038,284

5.000%, 

7/1/2053

5,071,698

2,710,741

5.500%, 

7/1/2053

2,763,260

7,270,467

3.500%, 

8/1/2052

6,814,799

5,537,965

5.000%, 

8/1/2053

5,600,156

7,295,711

5.500%, 

9/1/2053

7,495,251

3,560,453

3.500%, 

9/1/2047

3,359,823

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

4,232,028

2.500%, 

7/1/2030

4,078,616

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

4,890,177

3.000%, 

12/1/2036

4,657,368

5,126,391

3.000%, 

8/1/2038

4,908,611

7,973,972

3.500%, 

5/1/2040

7,761,759

5,050,821

2.500%, 

4/1/2042

4,536,502

2,227,116

2.000%, 

5/1/2042

1,946,513

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

19,755,459

3.000%, 

1/1/2052

17,898,075

2,034,598

2.000%, 

2/1/2051

1,706,478

1,311,190

2.000%, 

2/1/2051

1,099,733

5,533,977

2.500%, 

2/1/2051

4,835,892

10,377,529

2.500%, 

2/1/2051

9,013,778

5,683,517

2.000%, 

3/1/2051

4,700,425

27,255,208

2.000%, 

3/1/2051

22,574,668

12,209,817

4.000%, 

3/1/2051

11,852,631

7,306,313

2.000%, 

3/1/2052

6,124,790

20,528,427

3.000%, 

3/1/2052

18,477,628

18,058,051

2.000%, 

4/1/2051

14,956,936

12,900,864

3.000%, 

4/1/2051

11,686,827

2,236,543

2.000%, 

4/1/2052

1,867,654

13,601,189

3.000%, 

5/1/2050

12,422,248

2,443,047

2.000%, 

5/1/2051

2,038,035

9,344,795

3.000%, 

5/1/2051

8,564,069

19,741,751

2.000%, 

6/1/2050

16,470,829

7,630,115

3.000%, 

6/1/2050

7,017,899

3,036,315

4.000%, 

6/1/2052

2,920,096

3,771,462

5.000%, 

6/1/2053

3,803,655

15,708,834

2.500%, 

7/1/2051

13,805,119

4,802,815

3.500%, 

7/1/2051

4,532,111

9,135,316

4.000%, 

7/1/2052

8,786,141

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Mortgage-Backed

Securities  6.3%

-

continued

$

2,076,348

2.500%, 

8/1/2050

$

1,830,504

10,072,969

3.500%, 

8/1/2050

9,527,524

12,282,794

3.500%, 

8/1/2052

11,453,419

18,419,252

4.500%, 

8/1/2052

18,197,001

7,297,084

5.000%, 

8/1/2053

7,359,400

14,401,020

6.000%, 

8/1/2054

15,113,003

7,656,470

2.500%, 

9/1/2051

6,700,303

3,716,061

3.500%, 

9/1/2052

3,493,486

7,432,273

3.500%, 

9/1/2052

6,985,040

6,043,015

5.000%, 

9/1/2052

6,055,498

10,231,726

4.500%, 

9/1/2053

10,077,743

6,167,161

4.500%, 

9/1/2053

6,112,927

15,663,622

4.000%, 

10/1/2052

15,109,341

2,360,868

2.000%, 

11/1/2051

1,975,484

4,766,923

3.500%, 

11/1/2052

4,488,684

9,807,701

2.000%, 

12/1/2050

8,188,282

26,062,573

2.500%, 

12/1/2051

22,738,997

15,125,578

4.500%, 

12/1/2052

15,011,346

30,275,000

5.500%, 

10/1/2041

g

30,625,569

5,050,000

6.000%, 

10/1/2041

g

5,161,246

4,103,675

3.500%, 

12/1/2047

3,872,530

12,050,000

4.000%, 

10/1/2048

g

11,571,415

10,575,000

4.500%, 

10/1/2048

g

10,395,511

5,585,000

5.000%, 

10/1/2048

g

5,581,291

2,840,000

5.000%, 

11/1/2048

g

2,838,558

18,500,000

3.000%, 

10/1/2049

g

16,602,283

9,500,000

3.500%, 

10/1/2049

g

8,846,091

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

18,244,782

2.500%, 

3/1/2062

15,201,355

5,090,117

3.500%, 

7/1/2061

4,657,836

7,673,329

4.000%, 

12/1/2061

7,313,655

Total

605,286,809

Technology  0.4%

Advanced

Micro

Devices,

Inc.

615,000

4.393%, 

6/1/2052

b

572,492

Amentum

Holdings,

Inc.

254,000

7.250%, 

8/1/2032

c

265,083

Analog

Devices,

Inc.

1,150,000

2.950%, 

10/1/2051

811,761

Apple,

Inc.

973,000

2.650%, 

2/8/2051

669,077

2,020,000

3.750%, 

9/12/2047

1,740,482

Automatic

Data

Processing,

Inc.

885,000

4.450%, 

9/9/2034

887,049

Block,

Inc.

175,000

3.500%, 

6/1/2031

159,574

570,000

6.500%, 

5/15/2032

c

593,551

Boost

Newco

Borrower,

LLC

483,000

7.500%, 

1/15/2031

c

518,282

Broadcom,

Inc.

929,000

5.050%, 

7/12/2027

949,480

354,000

3.469%, 

4/15/2034

c

318,776

1,231,000

3.137%, 

11/15/2035

c

1,052,671

1,350,000

3.187%, 

11/15/2036

c

1,144,175

600,000

4.926%, 

5/15/2037

c

599,481

Cadence

Design

Systems,

Inc.

332,000

4.700%, 

9/10/2034

334,070

Central

Parent,

Inc./CDK

Global,

Inc.

169,000

7.250%, 

6/15/2029

c

172,821

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Technology  0.4%

-

continued

Cisco

Systems,

Inc.

$

301,000

5.300%, 

2/26/2054

$

319,358

307,000

4.950%, 

2/26/2031

320,887

Clarivate

Science

Holdings

Corporation

177,000

3.875%, 

7/1/2028

c

169,862

Cloud

Software

Group,

Inc.

1,018,000

6.500%, 

3/31/2029

c

1,012,876

Consensus

Cloud

Solutions,

Inc.

83,000

6.000%, 

10/15/2026

c

82,773

CoreLogic,

Inc.

100,000

4.500%, 

5/1/2028

c

94,380

Dell

International,

LLC/EMC

Corporation

665,000

6.020%, 

6/15/2026

680,960

Dell,

Inc.

563,000

6.500%, 

4/15/2038

618,700

Dye

&

Durham,

Ltd.

249,000

8.625%, 

4/15/2029

c

263,412

Fiserv,

Inc.

326,000

2.250%, 

6/1/2027

310,178

639,000

2.650%, 

6/1/2030

582,222

613,000

5.350%, 

3/15/2031

641,204

537,000

5.600%, 

3/2/2033

568,696

645,000

5.150%, 

8/12/2034

661,371

Foundry

JV

Holdco,

LLC

698,000

5.900%, 

1/25/2030

c

722,448

Gen

Digital,

Inc.

13,000

6.750%, 

9/30/2027

c

13,357

199,000

7.125%, 

9/30/2030

b,c

208,811

Global

Payments,

Inc.

607,000

5.950%, 

8/15/2052

626,544

923,000

5.300%, 

8/15/2029

948,760

Hewlett

Packard

Enterprise

Company

895,000

4.400%, 

9/25/2027

895,972

528,000

4.850%, 

10/15/2031

526,908

II-VI,

Inc.

164,000

5.000%, 

12/15/2029

c

160,354

Iron

Mountain,

Inc.

570,000

4.875%, 

9/15/2029

c

558,228

580,000

5.250%, 

7/15/2030

c

572,677

585,000

4.500%, 

2/15/2031

c

554,929

KLA

Corporation

923,000

3.300%, 

3/1/2050

698,209

Marvell

Technology,

Inc.

155,000

5.950%, 

9/15/2033

166,571

Mastercard,

Inc.

729,000

3.950%, 

2/26/2048

633,839

Microchip

Technology,

Inc.

131,000

5.050%, 

3/15/2029

134,529

Micron

Technology,

Inc.

333,000

5.300%, 

1/15/2031

346,009

Microsoft

Corporation

375,000

3.041%, 

3/17/2062

269,891

915,000

2.500%, 

9/15/2050

619,973

NCR

Atleos

Corporation

133,000

9.500%, 

4/1/2029

c

146,416

NCR

Voyix

Corporation

244,000

5.000%, 

10/1/2028

c

239,488

151,000

5.125%, 

4/15/2029

c

147,759

Neptune

Bidco

US,

Inc.

552,000

9.290%, 

4/15/2029

c

540,712

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Technology  0.4%

-

continued

Newfold

Digital

Holdings

Group,

Inc.

$

100,000

11.750%, 

10/15/2028

c

$

98,429

NXP

BV/NXP

Funding,

LLC

480,000

5.550%, 

12/1/2028

498,303

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

480,000

4.300%, 

6/18/2029

477,586

480,000

3.250%, 

5/11/2041

374,607

Open

Text

Corporation

207,000

3.875%, 

12/1/2029

c

192,425

Open

Text

Holdings,

Inc.

675,000

4.125%, 

2/15/2030

c

633,595

Oracle

Corporation

615,000

6.900%, 

11/9/2052

741,309

290,000

4.700%, 

9/27/2034

289,236

1,815,000

3.850%, 

7/15/2036

1,641,397

1,250,000

4.000%, 

7/15/2046

1,036,925

PayPal

Holdings,

Inc.

542,000

5.500%, 

6/1/2054

570,395

Pitney

Bowes,

Inc.

83,000

6.875%, 

3/15/2027

b,c

82,494

PTC,

Inc.

157,000

4.000%, 

2/15/2028

c

152,304

RingCentral,

Inc.

459,000

8.500%, 

8/15/2030

c

491,060

Rocket

Software,

Inc.

199,000

9.000%, 

11/28/2028

c

207,673

Roper

Technologies,

Inc.

771,000

1.750%, 

2/15/2031

652,441

Seagate

HDD

Cayman

327,350

9.625%, 

12/1/2032

380,099

Sensata

Technologies

BV

182,000

4.000%, 

4/15/2029

c

173,497

Sensata

Technologies,

Inc.

95,000

3.750%, 

2/15/2031

c

86,977

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

190,000

4.625%, 

11/1/2026

c

188,042

43,000

6.750%, 

8/15/2032

c

44,894

SK

Hynix,

Inc.

500,000

5.500%, 

1/16/2027

c

510,625

SS&C

Technologies,

Inc.

473,000

5.500%, 

9/30/2027

c

472,795

Texas

Instruments,

Inc.

615,000

5.050%, 

5/18/2063

617,121

UKG,

Inc.

165,000

6.875%, 

2/1/2031

c

170,495

Verisk

Analytics,

Inc.

454,000

5.250%, 

6/5/2034

468,932

Viavi

Solutions,

Inc.

396,000

3.750%, 

10/1/2029

c

359,335

Visa,

Inc.

1,284,000

2.700%, 

4/15/2040

1,009,996

VMware,

LLC

565,000

4.650%, 

5/15/2027

568,969

900,000

2.200%, 

8/15/2031

773,050

Xerox

Holdings

Corporation

40,000

5.000%, 

8/15/2025

c

39,631

644,000

5.500%, 

8/15/2028

c

549,847

Total

41,402,572

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Transportation  0.1%

Air

Canada

$

325,000

3.875%, 

8/15/2026

c

$

316,480

American

Airlines

Group,

Inc.

119,000

3.750%, 

3/1/2025

b,c

117,778

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

778,167

5.500%, 

4/20/2026

c

775,947

246,767

5.750%, 

4/20/2029

c

246,358

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

216,000

5.375%, 

3/1/2029

b,c

201,896

Burlington

Northern

Santa

Fe,

LLC

724,000

2.875%, 

6/15/2052

499,210

608,000

5.750%, 

5/1/2040

664,438

625,000

4.450%, 

3/15/2043

587,382

Canadian

Pacific

Railway

Company

615,000

4.700%, 

5/1/2048

576,699

CSX

Corporation

900,000

3.800%, 

4/15/2050

740,982

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,340,000

4.750%, 

10/20/2028

c

1,338,413

ERAC

USA

Finance,

LLC

616,000

5.400%, 

5/1/2053

c

645,926

Hawaiian

Brand

Intellectual

Property,

Ltd./HawaiianMiles

Loyalty,

Ltd.

148,500

11.000%, 

4/15/2029

c

149,094

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

420,000

9.875%, 

9/20/2031

c

442,405

Mileage

Plus

Holdings,

LLC

846,450

6.500%, 

6/20/2027

c

856,975

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

623,000

5.750%, 

5/24/2026

c

634,286

Rand

Parent,

LLC

356,000

8.500%, 

2/15/2030

c

363,064

RXO,

Inc.

413,000

7.500%, 

11/15/2027

c

425,931

Stena

International

SA

265,000

7.250%, 

1/15/2031

c

278,470

Union

Pacific

Corporation

1,231,000

2.973%, 

9/16/2062

795,322

United

Airlines,

Inc.

377,000

4.375%, 

4/15/2026

c

370,949

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

102,000

7.875%, 

5/1/2027

c

99,554

194,000

6.375%, 

2/1/2030

b,c

166,672

Total

11,294,231

U.S.

Government

&

Agencies  6.5%

U.S.

Treasury

Bonds

4,250,000

2.875%, 

5/15/2052

3,328,447

1,093,000

3.625%, 

5/15/2053

994,673

7,260,000

1.625%, 

11/15/2050

4,270,355

14,500,000

4.750%, 

11/15/2053

16,016,270

19,150,000

5.250%, 

11/15/2028

20,392,506

2,975,000

4.375%, 

5/15/2040

3,109,340

44,475,000

1.375%, 

11/15/2040

30,180,457

1,340,000

3.000%, 

5/15/2042

1,151,981

5,750,000

3.250%, 

5/15/2042

5,112,109

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

U.S.

Government

&

Agencies  6.5%

-

continued

$

68,726,000

2.500%, 

5/15/2046

$

51,799,538

46,100,000

2.875%, 

5/15/2049

36,391,988

U.S.

Treasury

Notes

37,500,000

3.875%, 

3/31/2025

37,408,887

20,800,000

5.000%, 

8/31/2025

20,973,875

8,000,000

4.250%, 

12/31/2025

8,036,250

52,575,000

2.625%, 

1/31/2026

51,780,214

2,300,000

0.500%, 

2/28/2026

2,196,859

90,300,000

2.500%, 

2/28/2026

88,705,641

6,400,000

4.625%, 

2/28/2026

6,471,250

38,900,000

4.375%, 

7/31/2026

39,368,016

7,285,000

2.250%, 

11/15/2027

7,000,714

13,950,000

3.875%, 

12/31/2027

14,082,961

1,500,000

0.750%, 

1/31/2028

1,367,695

30,100,000

3.500%, 

1/31/2028

30,031,805

15,300,000

3.625%, 

3/31/2028

15,331,078

72,550,000

2.875%, 

5/15/2028

70,818,435

21,000,000

4.375%, 

8/31/2028

21,606,211

270,000

1.375%, 

11/15/2031

231,219

32,000,000

4.500%, 

11/15/2033

33,793,750

Total

621,952,524

Utilities  0.4%

AES

Corporation

1,227,000

3.950%, 

7/15/2030

c

1,170,147

Alpha

Generation,

LLC

149,000

6.750%, 

10/15/2032

c

151,100

American

Electric

Power

Company,

Inc.

537,000

5.625%, 

3/1/2033

566,561

American

Water

Capital

Corporation

604,000

5.450%, 

3/1/2054

634,382

Appalachian

Power

Company

750,000

3.300%, 

6/1/2027

732,112

Atmos

Energy

Corporation

150,000

5.000%, 

12/15/2054

g

146,507

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

1,092,062

Calpine

Corporation

546,000

4.500%, 

2/15/2028

c

533,108

CenterPoint

Energy,

Inc.

270,000

4.250%, 

11/1/2028

266,828

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

844,178

Consolidated

Edison

Company

of

New

York,

Inc.

579,000

4.500%, 

12/1/2045

529,469

1,250,000

4.125%, 

5/15/2049

1,063,356

Constellation

Energy

Generation,

LLC

310,000

6.125%, 

1/15/2034

340,693

Consumers

Energy

Company

1,012,000

4.350%, 

4/15/2049

913,571

Dominion

Energy,

Inc.

81,000

6.875%, 

2/1/2055

d

86,028

81,000

7.000%, 

6/1/2054

d

88,438

DTE

Electric

Company

965,000

3.700%, 

3/15/2045

802,398

475,000

3.700%, 

6/1/2046

398,360

Duke

Energy

Carolinas,

LLC

1,090,000

3.700%, 

12/1/2047

873,164

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Utilities  0.4%

-

continued

Duke

Energy

Corporation

$

117,000

6.450%, 

9/1/2054

d

$

121,481

918,000

5.450%, 

6/15/2034

958,059

Duke

Energy

Indiana,

LLC

847,000

3.750%, 

5/15/2046

685,683

Edison

International

725,000

5.750%, 

6/15/2027

748,188

Enel

Finance

International

NV

629,000

5.125%, 

6/26/2029

c

644,273

Essential

Utilities,

Inc.

280,000

4.800%, 

8/15/2027

283,738

Eversource

Energy

769,000

4.750%, 

5/15/2026

773,340

Exelon

Corporation

585,000

4.700%, 

4/15/2050

536,639

983,000

4.450%, 

4/15/2046

874,871

FirstEnergy

Corporation

769,000

4.850%, 

7/15/2047

704,750

Georgia

Power

Company

523,000

4.950%, 

5/17/2033

537,639

303,000

5.250%, 

3/15/2034

317,660

ITC

Holdings

Corporation

760,000

5.300%, 

7/1/2043

737,765

Jersey

Central

Power

&

Light

Company

450,000

2.750%, 

3/1/2032

c

394,008

Lightning

Power,

LLC

487,000

7.250%, 

8/15/2032

c

512,099

MidAmerican

Energy

Company

706,000

5.850%, 

9/15/2054

786,279

National

Rural

Utilities

Cooperative

Finance

Corporation

381,000

3.700%, 

3/15/2029

374,072

NextEra

Energy

Operating

Partners,

LP

600,000

3.875%, 

10/15/2026

c

584,456

NiSource,

Inc.

82,000

6.375%, 

3/31/2055

d

83,534

900,000

5.650%, 

2/1/2045

932,838

NRG

Energy,

Inc.

176,000

5.750%, 

1/15/2028

177,309

141,000

3.375%, 

2/15/2029

c

131,438

240,000

5.250%, 

6/15/2029

c

239,203

Pacific

Gas

and

Electric

Company

800,000

3.300%, 

12/1/2027

772,076

618,000

5.550%, 

5/15/2029

641,938

538,000

4.550%, 

7/1/2030

533,844

619,000

6.950%, 

3/15/2034

703,518

300,000

5.800%, 

5/15/2034

317,055

PG&E

Corporation

471,000

5.000%, 

7/1/2028

466,884

PPL

Capital

Funding,

Inc.

640,000

5.250%, 

9/1/2034

658,963

PPL

Electric

Utilities

Corporation

547,000

3.950%, 

6/1/2047

467,097

Public

Service

Company

of

Colorado

779,000

4.500%, 

6/1/2052

697,022

Public

Service

Enterprise

Group,

Inc.

619,000

5.875%, 

10/15/2028

652,843

Principal

Amount

Long-Term

Fixed

Income  20.0%

Value

Utilities  0.4%

-

continued

San

Diego

Gas

&

Electric

Company

$

940,000

4.150%, 

5/15/2048

$

804,330

Southern

California

Edison

Company

949,000

4.000%, 

4/1/2047

793,244

Southern

Company

1,231,000

5.113%, 

8/1/2027

1,259,487

885,000

4.850%, 

3/15/2035

892,134

Southern

Company

Gas

Capital

Corporation

620,000

4.400%, 

5/30/2047

538,749

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

496,082

Talen

Energy

Supply,

LLC

329,000

8.625%, 

6/1/2030

c

358,551

TerraForm

Power

Operating,

LLC

750,000

5.000%, 

1/31/2028

c

742,007

Virginia

Electric

and

Power

Company

222,000

5.350%, 

1/15/2054

227,013

850,000

4.600%, 

12/1/2048

783,969

Vistra

Corporation

163,000

8.000%, 

10/15/2026

c,d,i

170,749

407,000

7.000%, 

12/15/2026

c,d,i

415,467

Vistra

Operations

Company,

LLC

1,005,000

5.000%, 

7/31/2027

c

1,000,090

Xcel

Energy,

Inc.

462,000

4.600%, 

6/1/2032

457,696

Total

38,222,592

Total

Long-Term

Fixed

Income

(cost

$1,978,873,896)

1,910,958,657

Shares

Private

Equity

Funds

0.6%

Value

Secondary  0.6%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,a,k

2,674,334

1

ASF

IX,

LP

*,a,k

6,186,220

1

ASF

VIII

Sidecar

(Cayman),

LP

*,a,k

1,792,674

1

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF

*,a,k

5,551,444

1

LCP

X

(Offshore),

LP

*,a,k

29,823,000

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,a,k

10,937,115

Total

56,964,787

Total

Private

Equity

Funds

(cost

$42,600,978)

56,964,787

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

16,789,672

Thrivent

Cash

Management

Trust

16,789,672

Total

Collateral

Held

for

Securities

Loaned

(cost

$16,789,672)

16,789,672

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Shares

or

Principal

Amount

Short-Term

Investments

11.9%

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

5.240%,

10/4/2024

l,m

$

199,897

5,600,000

5.170%,

10/9/2024

l,m

5,593,490

5,500,000

5.100%,

10/16/2024

l,m

5,488,633

3,900,000

5.195%,

10/18/2024

l,m

3,890,932

2,100,000

5.215%,

10/30/2024

l,m

2,091,863

2,300,000

4.930%,

11/8/2024

l,m

2,288,738

35,500,000

4.864%,

11/13/2024

l,m

35,303,882

12,200,000

4.861%,

11/15/2024

l,m

12,129,538

500,000

4.613%,

11/20/2024

l,m

496,798

8,900,000

4.796%,

11/22/2024

l,m

8,840,775

11,400,000

4.809%,

11/29/2024

l,m

11,314,120

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

200,000

5.170%,

10/22/2024

l,m

199,432

Federal

National

Mortgage

Association

Discount

Notes

600,000

4.985%,

11/8/2024

l,m

597,062

Thrivent

Core

Short-Term

Reserve

Fund

104,227,699

5.250%

1,042,276,991

U.S.

Treasury

Bills

1,590,000

5.098%,

10/24/2024

l,n

1,585,203

500,000

4.883%,

11/12/2024

l,n

497,282

500,000

4.564%,

11/19/2024

l,o

496,836

Total

Short-Term

Investments

(cost

$1,133,145,159)

1,133,291,472

Total

Investments

(cost

$7,813,393,257)

100.9%

$9,650,902,734

Other

Assets

and

Liabilities,

Net

(0.9%)

(89,803,575)

Total

Net

Assets

100.0%

$9,561,099,159

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

September

30,

2024,

the

value

of

these

investments

was

$292,864,034

or

3.1%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

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

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2024.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

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.

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

Defaulted

security.  Interest

is

not

being

accrued.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

o

At

September

30,

2024,

$397,469

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderate

Allocation

Portfolio

as

of

September

30,

2024

was

$57,054,787

or

0.60%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

–

ASF

IX,

LP 

3/18/2024

4,312,050

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

1,576,123

Credit

Suisse

Group

AG 

9/5/2018

900,000

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF 

2/15/2024

4,368,000

LCP

X

(Offshore),

LP 

10/25/2023

22,984,805

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

9,360,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderate

Allocation

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

12,597,262

Common

Stock

3,558,429

Total

lending

$16,155,691

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$16,789,672

Net

amounts

due

to

counterparty

$633,981

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

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

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Moderate

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

3,357,369,313

3,357,369,313

–

–

U.S.

Unaffiliated

46,778,604

46,778,604

–

–

Common

Stock

Communications

Services

217,711,406

217,711,406

–

–

Consumer

Discretionary

332,065,136

332,065,136

–

–

Consumer

Staples

66,671,897

66,671,897

–

–

Energy

57,052,040

57,052,040

–

–

Financials

332,564,828

332,564,828

–

–

Health

Care

318,021,079

318,021,079

–

–

Industrials

297,994,008

295,488,907

2,505,101

–

Information

Technology

807,616,372

805,923,586

1,692,786

–

Materials

59,959,224

59,691,652

267,572

–

Real

Estate

90,801,226

90,801,226

–

–

Utilities

42,662,700

42,662,700

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

50,266,659

–

50,266,659

–

Basic

Materials

15,197,987

–

15,197,987

–

Capital

Goods

34,268,967

–

34,268,967

–

Collateralized

Mortgage

Obligations

70,841,910

–

70,841,910

–

Commercial

Mortgage-Backed

Securities

36,721,167

–

36,721,167

–

Communications

Services

51,897,932

–

51,897,932

–

Consumer

Cyclical

59,067,416

–

59,067,416

–

Consumer

Non-Cyclical

62,533,584

–

62,533,584

–

Energy

48,108,816

–

48,108,816

–

Financials

162,366,523

–

162,366,523

–

Foreign

Government

1,528,968

–

1,528,968

–

Mortgage-Backed

Securities

605,286,809

–

605,286,809

–

Technology

41,402,572

–

41,402,572

–

Transportation

11,294,231

–

11,294,231

–

U.S.

Government

&

Agencies

621,952,524

–

621,952,524

–

Utilities

38,222,592

–

38,222,592

–

Private

Equity

Funds

Secondary

56,964,787

–

–

56,964,787

Short-Term

Investments

91,014,481

–

91,014,481

–

Subtotal

Investments

in

Securities

$8,086,205,758

$6,022,802,374

$2,006,438,597

$56,964,787

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,042,276,991

U.S.

Affiliated

Registered

Investment

Cos.

505,630,313

Collateral

Held

for

Securities

Loaned

16,789,672

Subtotal

Other

Investments

$1,564,696,976

Total

Investments

at

Value

$9,650,902,734

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Moderate

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

43,327,811

43,327,811

–

–

Total

Asset

Derivatives

$43,327,811

$43,327,811

$–

$–

Liability

Derivatives

Futures

Contracts

46,540,912

42,735,690

3,805,222

–

Total

Rate

of

Return

Swaps

2,209,191

–

2,209,191

–

Total

Liability

Derivatives

$48,750,103

$42,735,690

$6,014,413

$–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

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

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$88,435,160

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

655

December

2024

$

74,866,271

(

$

12,052)

CBOT

2-Yr.

U.S.

Treasury

Note

1,536

December

2024

319,192,013

667,991

CBOT

5-Yr.

U.S.

Treasury

Note

960

December

2024

105,418,157

69,341

CBOT

U.S.

Long

Bond

195

December

2024

24,332,895

(

116,333)

CME

E-mini

Russell

2000

Index

33

December

2024

3,644,915

66,265

CME

E-mini

S&P

500

Index

5,631

December

2024

1,594,494,309

42,507,778

CME

E-mini

S&P

Mid-Cap

400

Index

2

December

2024

613,284

16,436

CME

Ultra

Long

Term

U.S.

Treasury

Bond

305

December

2024

40,901,866

(

308,273)

Ultra

10-Yr.

U.S.

Treasury

Note

292

December

2024

34,586,822

(

44,133)

Total

Futures

Long

Contracts

$

2,198,050,532

$

42,847,020

CME

E-mini

Russell

2000

Index

(3,779)

December

2024

(

$

406,887,381)

(

$

18,098,959)

CME

E-mini

S&P

Mid-Cap

400

Index

(1,491)

December

2024

(

453,669,741)

(

15,786,519)

CME

Euro

Foreign

Exchange

Currency

(768)

December

2024

(

106,320,468)

(

877,932)

Eurex

Euro

STOXX

50

Index

(1,932)

December

2024

(

104,607,000)

(

3,805,222)

ICE

mini

MSCI

EAFE

Index

(739)

December

2024

(

89,957,968)

(

1,966,242)

ICE

US

mini

MSCI

Emerging

Markets

Index

(1,465)

December

2024

(

80,375,028)

(

5,525,247)

Total

Futures

Short

Contracts

(

$

1,241,817,586)

($46,060,121)

Total

Futures

Contracts

$

956,232,946

($3,213,101)

The

following

table

presents

Moderate

Allocation

Portfolio's

total

rate

of

return

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$2,010,702

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Rate

of

Return

Swaps                

Reference

Entity

Fund

Pays

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

24,104,085

(

$

2,209,191)

$

–

(

$

2,209,191)

Total

Rate

of

Return

Swaps

(

$

2,209,191)

$

–

($2,209,191)

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$169,432

$7,167

$25,728

$158,413

18,904

1.5%

Core

Emerging

Markets

Equity

52,869

–

–

61,842

6,063

0.7

Core

Low

Volatility

Equity

66,110

–

61,000

6,220

509

0.1

Core

Mid

Cap

Value

125,468

–

9,000

128,818

10,991

1.4

Core

Small

Cap

Value

143,063

–

14,200

150,337

13,039

1.5

Global

Stock

521,008

25,999

47,000

556,105

36,498

5.8

High

Yield

113,378

5,382

7,091

113,963

26,799

1.2

Income

360,810

11,435

36,931

343,434

37,821

3.6

International

Allocation

293,868

9,508

–

330,193

31,967

3.5

International

Index

66,934

1,856

–

75,538

5,170

0.8

Large

Cap

Value

1,011,649

47,036

–

1,158,202

48,129

12.1

Limited

Maturity

Bond

199,145

5,583

18,911

190,410

19,338

2.0

Mid

Cap

Stock

485,985

8,257

142,000

398,565

18,435

4.2

Small

Cap

Stock

169,216

1,144

–

190,958

9,584

2.0

Total

U.S.

Affiliated

Registered

Investment

Companies

3,778,935

3,862,998

40.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

1,056,948

1,603,416

1,618,087

1,042,277

104,228

10.9

Total

Affiliated

Short-Term

Investments

1,056,948

1,042,277

10.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

16,701

235,726

235,637

16,790

16,790

0.2

Total

Collateral

Held

for

Securities

Loaned

16,701

16,790

0.2

Total

Value

$4,852,584

$4,922,065

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($6,188)

$13,730

$

–

$7,167

Core

Emerging

Markets

Equity

–

8,973

–

–

Core

Low

Volatility

Equity

1,821

(711)

–

–

Core

Mid

Cap

Value

Fund

748

11,602

–

–

Core

Small

Cap

Value

Fund

866

20,608

–

–

Global

Stock

325

55,773

15,432

10,567

High

Yield

(1,092)

3,386

–

5,386

Income

(4,719)

12,839

–

11,443

International

Allocation

–

26,817

–

9,509

International

Index

–

6,748

–

1,857

Large

Cap

Value

–

99,517

29,650

17,386

Limited

Maturity

Bond

(314)

4,907

–

5,569

Mid

Cap

Stock

21,159

25,164

5,500

2,757

Small

Cap

Stock

–

20,599

–

1,144

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

–

–

–

43,143

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$115,928

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

83

Total

Affiliated

Income

from

Securities

Loaned,

Net

$83

Total

Value

$12,606

$309,952

$

50,582

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Shares

Registered

Investment

Companies  

47.3%

Value

U.S.

Affiliated  

46.9%

6,528,400

Thrivent

Core

Emerging

Markets

Debt

Fund

$

54,707,996

13,433,477

Thrivent

Core

Emerging

Markets

Equity

Fund

137,021,464

4,962,819

Thrivent

Core

International

Equity

Fund

56,476,883

478,067

Thrivent

Core

Low

Volatility

Equity

Fund

5,846,756

8,935,208

Thrivent

Core

Mid

Cap

Value

Fund

104,720,637

8,941,560

Thrivent

Core

Small

Cap

Value

Fund

103,096,188

40,535,013

Thrivent

Global

Stock

Portfolio

617,615,785

9,173,815

Thrivent

High

Yield

Portfolio

39,011,649

12,802,799

Thrivent

Income

Portfolio

116,255,815

53,541,740

Thrivent

International

Allocation

Portfolio

553,037,992

3,676,499

Thrivent

International

Index

Portfolio

53,716,225

34,592,185

Thrivent

Large

Cap

Value

Portfolio

832,450,561

6,686,057

Thrivent

Limited

Maturity

Bond

Portfolio

65,832,257

19,517,476

Thrivent

Mid

Cap

Stock

Portfolio

421,975,643

9,842,126

Thrivent

Small

Cap

Stock

Portfolio

196,104,357

Total

3,357,870,208

U.S.

Unaffiliated  

0.4%

10,861

Invesco

QQQ

Trust

Series

1

5,300,928

24,978

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

940,421

39,540

SPDR

S&P

500

ETF

Trust

22,686,471

16,469

SPDR

S&P

Biotech

ETF

1,627,137

Total

30,554,957

Total

Registered

Investment

Companies

(cost

$2,545,324,038)

3,388,425,165

Shares

Common

Stock

30.0%

Value

Communications

Services  2.3%

69,931

Alphabet,

Inc.,

Class

A

11,598,056

375,610

Alphabet,

Inc.,

Class

C

62,798,236

60,877

Altice

USA,

Inc.

a

149,757

25,155

AMC

Networks,

Inc.

a

218,597

14,882

Bandwidth,

Inc.

a

260,584

187,571

Cargurus,

Inc.

a

5,632,757

867

Charter

Communications,

Inc.

a

280,977

23,233

Cogent

Communications

Holdings

1,763,849

34,672

Comcast

Corporation

1,448,250

97,334

E.W.

Scripps

Company

a

218,515

7,011

Electronic

Arts,

Inc.

1,005,658

8,067

Entravision

Communications

Corporation

16,699

43,906

iHeartMedia,

Inc.

a

81,226

54,003

Integral

Ad

Science

Holding

Corporation

a

583,772

19,040

Iridium

Communications,

Inc.

579,768

7,737

Liberty

Global,

Ltd.,

Class

A

a

163,328

23,588

Liberty

Latin

America,

Ltd.,

Class

A

a

225,973

4,249

Liberty

Media

Corporation-Liberty

Live

Group

a

218,101

50,468

Lumen

Technologies,

Inc.

a

358,323

28,445

Magnite,

Inc.

a

393,963

103,664

Meta

Platforms,

Inc.

59,341,420

7,488

Netflix,

Inc.

a

5,311,014

Shares

Common

Stock  30.0%

Value

Communications

Services  2.3%

-

continued

16,827

New

York

Times

Company

$

936,759

2,261

Omnicom

Group,

Inc.

233,765

79,077

Pinterest,

Inc.

a

2,559,723

135,939

QuinStreet,

Inc.

a

2,600,513

6,427

Sinclair,

Inc.

98,333

13,623

Sirius

XM

Holdings,

Inc.

322,184

6,968

TechTarget,

Inc.

a

170,368

16,073

Telephone

and

Data

Systems,

Inc.

373,697

26,567

Trade

Desk,

Inc.

a

2,913,072

58,833

Verizon

Communications,

Inc.

2,642,190

25,307

Warner

Brothers

Discovery,

Inc.

a

208,783

Total

165,708,210

Consumer

Discretionary  3.8%

424

Adient

plc

a

9,570

346,037

Amazon.com,

Inc.

a

64,477,074

57,693

American

Axle

&

Manufacturing

Holdings,

Inc.

a

356,543

42,150

American

Eagle

Outfitters,

Inc.

943,738

10,534

Aptiv

plc

a

758,553

10,001

Aramark

387,339

10,591

Autoliv,

Inc.

988,882

92,421

Best

Buy

Company,

Inc.

9,547,089

130

Booking

Holdings,

Inc.

547,576

33,928

Boot

Barn

Holdings,

Inc.

a

5,675,476

11,097

BorgWarner,

Inc.

402,710

6,113

Bright

Horizons

Family

Solutions,

Inc.

a

856,615

12,044

Brunswick

Corporation

1,009,528

2,229

Carvana

Company

a

388,091

594

Cavco

Industries,

Inc.

a

254,375

71,208

Champion

Homes,

Inc.

a

6,754,079

3,559

Chewy,

Inc.

a

104,243

182,171

Chipotle

Mexican

Grill,

Inc.

a

10,496,693

18,666

Columbia

Sportswear

Company

1,552,825

56,379

Cooper-Standard

Holdings,

Inc.

a

781,977

634

Crocs,

Inc.

a

91,810

1,842

D.R.

Horton,

Inc.

351,398

43,113

Dana,

Inc.

455,273

727

Darden

Restaurants,

Inc.

119,322

14,654

Deckers

Outdoor

Corporation

a

2,336,580

60,337

DoorDash,

Inc.

a

8,611,900

794

Dorman

Products,

Inc.

a

89,817

154,446

eBay,

Inc.

10,055,979

1,818

El

Pollo

Loco

Holdings,

Inc.

a

24,907

5,581

Etsy,

Inc.

a

309,913

69,897

Expedia

Group,

Inc.

a

10,346,154

3,176

Ford

Motor

Company

33,539

7,047

Fox

Factory

Holding

Corporation

a

292,450

1,535

Frontdoor,

Inc.

a

73,665

41,069

Gap,

Inc.

905,571

812

Garmin,

Ltd.

142,936

62,739

Gentex

Corporation

1,862,721

4,314

Genuine

Parts

Company

602,580

16,072

Goodyear

Tire

&

Rubber

Company

a

142,237

25,510

Grand

Canyon

Education,

Inc.

a

3,618,593

6,544

Group

1

Automotive,

Inc.

2,506,614

6,854

H&R

Block,

Inc.

435,572

63,063

Hanesbrands,

Inc.

a

463,513

9,031

Hasbro,

Inc.

653,122

38,541

Hilton

Worldwide

Holdings,

Inc.

8,883,700

55,187

Home

Depot,

Inc.

22,361,772

10,349

Installed

Building

Products,

Inc.

2,548,648

252

KB

Home

21,594

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Shares

Common

Stock  30.0%

Value

Consumer

Discretionary  3.8%

-

continued

18,403

Latham

Group,

Inc.

a

$

125,140

61,273

Laureate

Education,

Inc.

1,017,745

5,199

LCI

Industries

626,687

4,842

Lear

Corporation

528,504

8,115

Leggett

&

Platt,

Inc.

110,526

1,875

Lennar

Corporation

351,525

33,487

LKQ

Corporation

1,336,801

2,474

Lowe's

Companies,

Inc.

670,083

5,903

Lululemon

Athletica,

Inc.

a

1,601,779

1,059

M/I

Homes,

Inc.

a

181,470

17,326

Mattel,

Inc.

a

330,060

16,522

McDonald's

Corporation

5,031,114

24,252

Modine

Manufacturing

Company

a

3,220,423

9,130

Mohawk

Industries,

Inc.

a

1,467,008

266

NVR,

Inc.

a

2,609,939

1,160

OneSpaWorld

Holdings,

Ltd.

19,152

4,087

O'Reilly

Automotive,

Inc.

a

4,706,589

19,068

Patrick

Industries,

Inc.

2,714,711

5,957

Pool

Corporation

2,244,598

729

PVH

Corporation

73,505

186,122

Qurate

Retail,

Inc.

a

113,553

1,346

Ralph

Lauren

Corporation

260,949

9,016

Revolve

Group,

Inc.

a

223,416

24,407

Ross

Stores,

Inc.

3,673,498

6,007

Service

Corporation

International/

US

474,133

80,426

SharkNinja,

Inc.

8,743,110

3,753

Sony

Group

Corporation

ADR

362,427

6,914

Steven

Madden,

Ltd.

338,717

8,229

Stitch

Fix,

Inc.

a

23,206

170,866

Stoneridge,

Inc.

a

1,911,991

4,847

Strategic

Education,

Inc.

448,590

95,219

Tesla,

Inc.

a

24,912,147

29,916

Texas

Roadhouse,

Inc.

5,283,166

1,021

TopBuild

Corporation

a

415,353

11,212

Travel

+

Leisure

Company

516,649

698

Ulta

Beauty,

Inc.

a

271,606

11,021

Upbound

Group,

Inc.

352,562

10,270

Urban

Outfitters,

Inc.

a

393,444

7,425

Valvoline,

Inc.

a

310,736

41,564

VF

Corporation

829,202

210

Visteon

Corporation

a

20,000

65

Wingstop,

Inc.

27,045

69,715

Wyndham

Hotels

&

Resorts,

Inc.

5,447,530

12,934

Yum

China

Holding,

Inc.

582,289

Total

269,537,534

Consumer

Staples  0.8%

62,453

Altria

Group,

Inc.

3,187,601

12,674

BellRing

Brands,

Inc.

a

769,565

11,510

BJ's

Wholesale

Club

Holdings,

Inc.

a

949,345

247

Casey's

General

Stores,

Inc.

92,800

56,195

Coca-Cola

Company

4,038,173

6,777

Colgate-Palmolive

Company

703,520

1,566

Costco

Wholesale

Corporation

1,388,290

35,792

Coty,

Inc.

a

336,087

42,766

e.l.f.

Beauty,

Inc.

a

4,662,777

44,027

J

&

J

Snack

Foods

Corporation

7,577,927

2,830

J.M.

Smucker

Company

342,713

14,103

John

B.

Sanfilippo

&

Son,

Inc.

1,330,054

50,294

Kenvue,

Inc.

1,163,300

6,052

Keurig

Dr

Pepper,

Inc.

226,829

800

Kimberly-Clark

Corporation

113,824

6,785

Kroger

Company

388,781

Shares

Common

Stock  30.0%

Value

Consumer

Staples  0.8%

-

continued

5,005

Lamb

Weston

Holdings,

Inc.

$

324,024

19,255

Lancaster

Colony

Corporation

3,399,855

10,288

McCormick

&

Company,

Inc.

846,702

47,969

Philip

Morris

International,

Inc.

5,823,437

18,331

Pilgrim's

Pride

Corporation

a

844,143

1,228

PriceSmart,

Inc.

112,706

21,581

Procter

&

Gamble

Company

3,737,829

18,104

Sysco

Corporation

1,413,198

17,169

Turning

Point

Brands,

Inc.

740,842

13,070

Tyson

Foods,

Inc.

778,449

8,200

US

Foods

Holding

Corporation

a

504,300

150,302

Walmart,

Inc.

12,136,887

1,061

WD-40

Company

273,611

Total

58,207,569

Energy  0.7%

114,586

Archrock,

Inc.

2,319,221

67,576

Baker

Hughes

Company

2,442,872

5,718

Civitas

Resources,

Inc.

289,731

6,491

ConocoPhillips

683,372

1,366

Coterra

Energy,

Inc.

32,716

59,307

Devon

Energy

Corporation

2,320,090

22,003

Enterprise

Products

Partners,

LP

640,507

41,333

EOG

Resources,

Inc.

5,081,066

21,878

Expand

Energy

Corporation

1,799,465

21,978

Expro

Group

Holdings

NV

a

377,362

31,736

Exxon

Mobil

Corporation

3,720,094

7,338

Gulfport

Energy

Corporation

a

1,110,606

312,864

Halliburton

Company

9,088,699

35,384

Hess

Midstream,

LP

1,247,994

8,469

Kodiak

Gas

Services,

Inc.

245,601

2,238

Marathon

Petroleum

Corporation

364,593

66,753

Matador

Resources

Company

3,298,933

34,538

Noble

Corporation

plc

b

1,248,203

70,143

NOV,

Inc.

1,120,184

12,630

Ovintiv,

Inc.

483,855

12,600

Par

Pacific

Holdings,

Inc.

a

221,760

5,430

Phillips

66

713,774

23,264

Schlumberger

NV

975,925

4,144

Shell

plc

ADR

273,297

26,991

SM

Energy

Company

1,078,830

11,577

Solaris

Energy

Infrastructure,

Inc.

147,723

276

Targa

Resources

Corporation

40,851

220,028

TechnipFMC

plc

5,771,334

5,690

Williams

Companies,

Inc.

259,749

Total

47,398,407

Financials  3.8%

6,128

1st

Source

Corporation

366,945

6,674

Allstate

Corporation

1,265,724

35,147

Ally

Financial,

Inc.

1,250,882

8,602

Amalgamated

Financial

Corporation

269,845

28,974

American

Express

Company

7,857,749

5,684

American

International

Group,

Inc.

416,239

17,961

Ameriprise

Financial,

Inc.

8,438,257

2,143

Ameris

Bancorp

133,702

2,267

AMERISAFE,

Inc.

109,564

26,857

Annaly

Capital

Management,

Inc.

539,020

1,857

Arch

Capital

Group,

Ltd.

a

207,761

7,100

Arthur

J.

Gallagher

&

Company

1,997,727

13,500

Artisan

Partners

Asset

Management,

Inc.

584,820

24,290

Associated

Banc-Corp

523,207

3,972

Assurant,

Inc.

789,872

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock  30.0%

Value

Financials  3.8%

-

continued

4,972

Assured

Guaranty,

Ltd.

$

395,373

2,752

Atlantic

Union

Bankshares

Corporation

103,668

1,902

Axis

Capital

Holdings,

Ltd.

151,418

7,040

Axos

Financial,

Inc.

a

442,675

77,913

Bank

of

America

Corporation

3,091,588

195

Bank

of

Hawaii

Corporation

12,240

4,331

Bank

of

Marin

Bancorp

87,010

27,076

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

998,563

22,613

Bank

of

New

York

Mellon

Corporation

1,624,970

26,530

Bank

OZK

1,140,525

5,314

BankFinancial

Corporation

64,725

1,331

BankUnited,

Inc.

48,502

4,537

Bar

Harbor

Bankshares

139,921

1,709

BayCom

Corporation

40,537

9,992

BCB

Bancorp,

Inc.

123,301

13,805

Berkshire

Hathaway,

Inc.

a

6,353,889

10,070

Berkshire

Hills

Bancorp,

Inc.

271,185

4,270

Block,

Inc.

a

286,645

70,921

Blue

Owl

Capital,

Inc.

1,373,031

507

BOK

Financial

Corporation

53,042

63,012

Bridgewater

Bancshares,

Inc.

a

892,880

8,208

Brighthouse

Financial,

Inc.

a

369,606

5,352

BrightSpire

Capital,

Inc.

29,971

46,705

Brookline

Bancorp,

Inc.

471,253

36,877

Brown

&

Brown,

Inc.

3,820,457

9,558

Business

First

Bancshares,

Inc.

245,354

9,786

Byline

Bancorp,

Inc.

261,971

8,655

Cadence

Bank

275,662

1,179

Camden

National

Corporation

48,716

619

Capital

City

Bank

Group,

Inc.

21,844

3,159

Capital

One

Financial

Corporation

472,997

24,261

Capitol

Federal

Financial,

Inc.

141,684

25,722

Carlyle

Group,

Inc.

1,107,589

4,902

Cathay

General

Bancorp

210,541

12,909

Cboe

Global

Markets,

Inc.

2,644,667

7,758

Central

Pacific

Financial

Corporation

228,939

11,525

Charles

Schwab

Corporation

746,935

8,791

Chubb,

Ltd.

2,535,236

5,794

Cincinnati

Financial

Corporation

788,679

10,799

Citigroup,

Inc.

676,017

2,340

Citizens

Financial

Group,

Inc.

96,104

9,136

CNB

Financial

Corporation

219,812

14,034

CNO

Financial

Group,

Inc.

492,593

22,981

Columbia

Banking

System,

Inc.

600,034

7,493

Comerica,

Inc.

448,906

6,803

Commerce

Bancshares,

Inc.

404,098

1,354

Community

Financial

System,

Inc.

78,627

14,972

Community

Trust

Bancorp,

Inc.

743,510

7,350

ConnectOne

Bancorp,

Inc.

184,117

3,262

Cullen/Frost

Bankers,

Inc.

364,887

8,488

Customers

Bancorp,

Inc.

a

394,268

21,689

CVB

Financial

Corporation

386,498

6,225

Dime

Community

Bancshares,

Inc.

179,280

5,643

Discover

Financial

Services

791,656

11,343

Eagle

Bancorp,

Inc.

256,125

9,786

East

West

Bancorp,

Inc.

809,694

14,808

Ellington

Credit

Company

103,360

2,346

Employers

Holdings,

Inc.

112,538

5,549

Enova

International,

Inc.

a

464,951

754

Enterprise

Bancorp,

Inc./MA

24,098

9,385

Enterprise

Financial

Services

Corporation

481,075

Shares

Common

Stock  30.0%

Value

Financials  3.8%

-

continued

13,761

Equitable

Holdings,

Inc.

$

578,375

4,765

Equity

Bancshares,

Inc.

194,793

125,199

F.N.B.

Corporation

1,766,558

13,330

FactSet

Research

Systems,

Inc.

6,129,800

488

Federal

Agricultural

Mortgage

Corporation

91,456

46,679

Federated

Hermes,

Inc.

1,716,387

5,315

Fidelity

National

Information

Services,

Inc.

445,131

4,432

Fifth

Third

Bancorp

189,867

9,725

Financial

Institutions,

Inc.

247,696

4,851

First

Bancorp/Puerto

Rico

102,696

10,539

First

Bancshares,

Inc.

338,618

5,707

First

Busey

Corporation

148,496

262

First

Citizens

BancShares,

Inc./NC

482,329

15,414

First

Financial

Bancorp

388,895

4,553

First

Financial

Bankshares,

Inc.

168,507

5,094

First

Financial

Corporation

223,372

26,494

First

Foundation,

Inc.

165,323

2,826

First

Hawaiian,

Inc.

65,422

95,082

First

Horizon

Corporation

1,476,623

5,327

First

Internet

Bancorp

182,503

11,223

First

Interstate

BancSystem,

Inc.

344,322

5,106

First

Merchants

Corporation

189,943

8,417

First

Mid-Illinois

Bancshares,

Inc.

327,505

14,923

First

of

Long

Island

Corporation

192,059

12,041

Fiserv,

Inc.

a

2,163,166

13,519

Flushing

Financial

Corporation

197,107

32,106

Fulton

Financial

Corporation

582,082

82,031

Glacier

Bancorp,

Inc.

3,748,817

3,554

Global

Payments,

Inc.

364,001

6,516

Great

Southern

Bancorp,

Inc.

373,432

5,883

Green

Dot

Corporation

a

68,890

28,148

Hamilton

Lane,

Inc.

4,739,842

10,875

Hancock

Whitney

Corporation

556,474

32,242

Hanmi

Financial

Corporation

599,701

2,757

Hanover

Insurance

Group,

Inc.

408,339

7,192

Hartford

Financial

Services

Group,

Inc.

845,851

5,996

Heartland

Financial

USA,

Inc.

339,973

5,714

Heritage

Commerce

Corporation

56,454

18,557

Heritage

Financial

Corporation

403,986

8,156

Home

BancShares,

Inc.

220,946

11,962

Hometrust

Bancshares,

Inc.

407,665

30,816

Hope

Bancorp,

Inc.

387,049

1,201

Horace

Mann

Educators

Corporation

41,975

18,580

Horizon

Bancorp,

Inc.

288,919

41,789

Houlihan

Lokey,

Inc.

6,603,498

7,841

Huntington

Bancshares,

Inc./OH

115,263

6,222

Independent

Bank

Corporation/MA

367,907

10,328

Independent

Bank

Corporation/MI

344,439

58,926

Intercontinental

Exchange,

Inc.

9,465,873

289

International

Bancshares

Corporation

17,279

44,812

Invesco,

Ltd.

786,899

1,394

Investar

Holding

Corporation

27,044

69,268

J.P.

Morgan

Chase

&

Company

14,605,850

13,881

Jack

Henry

&

Associates,

Inc.

2,450,552

40,208

Janus

Henderson

Group

plc

1,530,719

3,900

Jefferies

Financial

Group,

Inc.

240,045

34,334

Kearny

Financial

Corporation/MD

235,875

240,464

KeyCorp

4,027,772

16,508

Kinsale

Capital

Group,

Inc.

7,685,630

4,039

LendingTree,

Inc.

a

234,383

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock  30.0%

Value

Financials  3.8%

-

continued

1,055

M&T

Bank

Corporation

$

187,917

2,694

MarketAxess

Holdings,

Inc.

690,203

26,739

Marsh

&

McLennan

Companies,

Inc.

5,965,203

10,942

Mastercard,

Inc.

5,403,160

7,539

Mercantile

Bank

Corporation

329,605

6,509

MetLife,

Inc.

536,862

4,434

Metropolitan

Bank

Holding

Corporation

a

233,140

37,072

MFA

Financial,

Inc.

471,556

133,356

MGIC

Investment

Corporation

3,413,914

2,836

Mid

Penn

Bancorp,

Inc.

84,598

13,080

Midland

States

Bancorp,

Inc.

292,730

20,749

MidWestOne

Financial

Group,

Inc.

591,969

3,755

Moody's

Corporation

1,782,085

1,355

Morningstar,

Inc.

432,408

17,187

Mr.

Cooper

Group,

Inc.

a

1,584,298

4,949

MSCI,

Inc.

2,884,921

826

MVB

Financial

Corporation

15,991

124,338

Nasdaq,

Inc.

9,077,917

200

Nelnet,

Inc.

22,656

8,545

New

York

Community

Bancorp,

Inc.

95,960

60,207

NMI

Holdings,

Inc.

a

2,479,926

24,913

Northern

Trust

Corporation

2,242,917

15,408

Northfield

Bancorp,

Inc.

178,733

11,041

Northwest

Bancshares,

Inc.

147,729

44,396

OceanFirst

Financial

Corporation

825,322

17,242

OFG

Bancorp

774,511

16,592

Old

National

Bancorp

309,607

11,133

Old

Republic

International

Corporation

394,331

17,149

Old

Second

Bancorp,

Inc.

267,353

20,563

OneMain

Holdings,

Inc.

967,900

1,697

Orrstown

Financial

Services,

Inc.

61,024

734

Pacific

Premier

Bancorp,

Inc.

18,467

2,416

Palomar

Holdings,

Inc.

a

228,723

105

Park

National

Corporation

17,638

129,264

PayPal

Holdings,

Inc.

a

10,086,470

3,322

PCB

Bancorp

62,420

2,658

PennyMac

Financial

Services,

Inc.

302,932

10,789

Peoples

Bancorp,

Inc./OH

324,641

4,245

Pinnacle

Financial

Partners,

Inc.

415,883

86

Piper

Sandler

Companies

24,408

1,221

PNC

Financial

Services

Group,

Inc.

225,702

13,532

Popular,

Inc.

1,356,854

1,874

Principal

Financial

Group,

Inc.

160,977

20,694

Progressive

Corporation

5,251,309

22,916

Prosperity

Bancshares,

Inc.

1,651,556

3,189

Prudential

Financial,

Inc.

386,188

27,377

Radian

Group,

Inc.

949,708

4,868

Regions

Financial

Corporation

113,570

1,305

Reinsurance

Group

of

America,

Inc.

284,320

24,254

Rithm

Capital

Corporation

275,283

33,772

RLI

Corporation

5,233,985

5,707

S&P

Global,

Inc.

2,948,350

35,443

SEI

Investments

Company

2,452,301

1,705

ServisFirst

Bancshares,

Inc.

137,167

14,281

Shore

Bancshares,

Inc.

199,791

861

Simmons

First

National

Corporation

18,546

3,727

Skyward

Specialty

Insurance

Group,

Inc.

a

151,801

325

Southern

First

Bancshares,

Inc.

a

11,076

Shares

Common

Stock  30.0%

Value

Financials  3.8%

-

continued

2,034

Southern

Missouri

Bancorp,

Inc.

$

114,901

7,383

Southside

Bancshares,

Inc.

246,814

4,129

SouthState

Corporation

401,256

2,388

Stellar

Bancorp,

Inc.

61,825

15,488

StepStone

Group,

Inc.

880,183

1,832

Stifel

Financial

Corporation

172,025

7,892

Synovus

Financial

Corporation

350,957

1,006

Texas

Capital

Bancshares,

Inc.

a

71,889

578

Towne

Bank/Portsmouth,

VA

19,109

51,747

TPG,

Inc.

2,978,557

29,770

Tradeweb

Markets,

Inc.

3,681,656

66,819

Triumph

Financial,

Inc.

a

5,314,783

2,251

Truist

Financial

Corporation

96,275

6,140

TrustCo

Bank

Corporation

NY

203,050

3,794

U.S.

Bancorp

173,500

1,841

UMB

Financial

Corporation

193,507

5,685

United

Bankshares,

Inc.

210,913

3,716

United

Community

Banks,

Inc.

108,061

9,360

Univest

Financial

Corporation

263,390

13,282

Unum

Group

789,482

45,891

Valley

National

Bancorp

415,772

36,795

Virtu

Financial,

Inc.

1,120,776

72,064

Visa,

Inc.

19,813,997

1,257

WaFd,

Inc.

43,806

2,033

Walker

&

Dunlop,

Inc.

230,928

32,157

Webster

Financial

Corporation

1,498,838

62,349

Wells

Fargo

&

Company

3,522,095

7,551

Westamerica

Bancorporation

373,170

36,877

Western

Alliance

Bancorp

3,189,492

62,400

Western

Union

Company

744,432

1,767

Willis

Towers

Watson

plc

520,434

3,503

Wintrust

Financial

Corporation

380,181

1,581

WSFS

Financial

Corporation

80,615

32,607

Zions

Bancorp

NA

1,539,703

Total

272,714,608

Health

Care  3.7%

44,649

Abbott

Laboratories

5,090,433

18,900

AbbVie,

Inc.

3,732,372

7,352

ACELYRIN,

Inc.

a

36,245

2,231

ADMA

Biologics,

Inc.

a

44,598

51,146

Agilent

Technologies,

Inc.

7,594,158

4,850

Agios

Pharmaceuticals,

Inc.

a

215,486

7,567

Align

Technology,

Inc.

a

1,924,439

24,981

Amgen,

Inc.

8,049,128

1,409

AMN

Healthcare

Services,

Inc.

a

59,728

4,509

Anika

Therapeutics,

Inc.

a

111,372

6,983

Arcellx,

Inc.

a

583,150

5,612

Argenx

SE

ADR

a

3,042,153

1,199

Arvinas,

Inc.

a

29,531

11,949

Ascendis

Pharma

AS

ADR

a

1,784,105

2,828

Astria

Therapeutics,

Inc.

a

31,136

81,664

Avantor,

Inc.

a

2,112,648

1,925

Biogen,

Inc.

a

373,142

15,093

Bio-Techne

Corporation

1,206,384

22,550

Boston

Scientific

Corporation

a

1,889,690

12,676

Bruker

Corporation

875,405

16,026

CareDx,

Inc.

a

500,412

21,064

Caribou

Biosciences,

Inc.

a

41,285

4,593

Castle

Biosciences,

Inc.

a

130,992

9,899

Cencora,

Inc.

2,228,067

6,165

Centene

Corporation

a

464,101

5,962

Charles

River

Laboratories

International,

Inc.

a

1,174,335

9,922

Chemed

Corporation

5,962,824

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Shares

Common

Stock  30.0%

Value

Health

Care  3.7%

-

continued

1,476

Cigna

Group

$

511,345

6,445

Cooper

Companies,

Inc.

a

711,141

2,355

CRISPR

Therapeutics

AG

a,b

110,638

45,458

Danaher

Corporation

12,638,233

10,353

Definitive

Healthcare

Corporation

a

46,278

26,940

Denali

Therapeutics,

Inc.

a

784,762

45,437

Dentsply

Sirona,

Inc.

1,229,525

34,612

Dexcom,

Inc.

a

2,320,388

493

Doximity,

Inc.

a

21,480

16,889

Editas

Medicine,

Inc.

a

57,592

13,606

Edwards

Lifesciences

Corporation

a

897,860

101,621

Elanco

Animal

Health,

Inc.

a

1,492,813

1,688

Elevance

Health,

Inc.

877,760

31,207

Eli

Lilly

&

Company

27,647,530

1,637

Enanta

Pharmaceuticals,

Inc.

a

16,959

40,327

Encompass

Health

Corporation

3,897,201

20,034

Erasca,

Inc.

a

54,693

1,607

Exelixis,

Inc.

a

41,702

24,680

Fate

Therapeutics,

Inc.

a

86,380

84,536

Gilead

Sciences,

Inc.

7,087,498

61,560

Globus

Medical,

Inc.

a

4,404,002

24,606

GoodRx

Holdings,

Inc.

a,b

170,766

52,729

Haemonetics

Corporation

a

4,238,357

31,096

Halozyme

Therapeutics,

Inc.

a

1,779,935

40,967

HealthEquity,

Inc.

a

3,353,149

16,386

Humana,

Inc.

5,190,102

7,451

ICON

plc

a

2,140,747

16,348

IDEXX

Laboratories,

Inc.

a

8,259,337

2,051

Illumina,

Inc.

a

267,471

13,435

Inspire

Medical

Systems,

Inc.

a

2,835,457

603

Integra

LifeSciences

Holdings

Corporation

a

10,957

5,972

Intellia

Therapeutics,

Inc.

a

122,725

26,794

Intuitive

Surgical,

Inc.

a

13,163,088

2,175

IQVIA

Holding,

Inc.

a

515,410

1,634

iTeos

Therapeutics,

Inc.

a

16,683

14,064

Johnson

&

Johnson

2,279,212

2,060

Kymera

Therapeutics,

Inc.

a

97,500

30,078

Labcorp

Holdings,

Inc.

6,721,831

17,564

Legend

Biotech

Corporation

ADR

a

855,894

229

Ligand

Pharmaceuticals,

Inc.

a

22,921

106

Medpace

Holdings,

Inc.

a

35,383

106,530

Medtronic

plc

9,590,896

51,520

Merck

&

Company,

Inc.

5,850,611

3,128

Mettler-Toledo

International,

Inc.

a

4,691,062

17,677

Molina

Healthcare,

Inc.

a

6,090,787

7,469

Myriad

Genetics,

Inc.

a

204,576

22,776

Natera,

Inc.

a

2,891,413

515

Neurocrine

Biosciences,

Inc.

a

59,338

7,185

Novocure,

Ltd.

a

112,302

172,511

Option

Care

Health,

Inc.

a

5,399,594

106,099

Paragon

28,

Inc.

a

708,741

21,234

Penumbra,

Inc.

a

4,125,979

37,099

Pfizer,

Inc.

1,073,645

1,499

Phibro

Animal

Health

Corporation

33,757

3,487

Prestige

Consumer

Healthcare,

Inc.

a

251,413

9,359

Prothena

Corporation

plc

a

156,576

7,706

PTC

Therapeutics,

Inc.

a

285,893

2,678

QIAGEN

NV

122,036

1,379

Quest

Diagnostics,

Inc.

214,090

31,587

Relay

Therapeutics,

Inc.

a

223,636

45,422

Repligen

Corporation

a

6,759,702

14,809

Rocket

Pharmaceuticals,

Inc.

a

273,522

58,231

Royalty

Pharma

plc

1,647,355

Shares

Common

Stock  30.0%

Value

Health

Care  3.7%

-

continued

36,828

RxSight,

Inc.

a

$

1,820,408

7,039

Sage

Therapeutics,

Inc.

a

50,822

7,280

Sanofi

SA

ADR

419,546

10,954

Sarepta

Therapeutics,

Inc.

a

1,368,045

167,979

scPharmaceuticals,

Inc.

a

765,984

160,622

Stevanato

Group

SPA

3,212,440

10,530

Stryker

Corporation

3,804,068

3,640

Teleflex,

Inc.

900,245

1,215

Tenet

Healthcare

Corporation

a

201,933

8,899

Thermo

Fisher

Scientific,

Inc.

5,504,654

62,861

Twist

Bioscience

Corporation

a

2,840,060

722

United

Therapeutics

Corporation

a

258,729

4,349

UnitedHealth

Group,

Inc.

2,542,773

12,769

Veeva

Systems,

Inc.

a

2,679,830

60,025

Vericel

Corporation

a

2,536,056

11,283

Vertex

Pharmaceuticals,

Inc.

a

5,247,498

20,946

Viatris,

Inc.

243,183

79,086

Viemed

Healthcare,

Inc.

a

579,700

2,303

West

Pharmaceutical

Services,

Inc.

691,268

13,365

Xencor,

Inc.

a

268,770

8,499

Xenon

Pharmaceuticals,

Inc.

a

334,606

5,441

Zentalis

Pharmaceuticals,

Inc.

a

20,023

5,079

Zimmer

Biomet

Holdings,

Inc.

548,278

59,193

Zoetis,

Inc.

11,565,128

Total

265,470,995

Industrials  3.7%

14,962

A.O.

Smith

Corporation

1,344,036

23,090

AAR

Corporation

a

1,509,162

2,382

ABM

Industries,

Inc.

125,674

1,088

Acuity

Brands,

Inc.

299,624

18,404

Advanced

Drainage

Systems,

Inc.

2,892,373

43,414

AECOM

4,483,364

44,359

Air

Lease

Corporation

2,009,019

6,831

Allison

Transmission

Holdings,

Inc.

656,254

3,144

Amentum

Holdings,

Inc.

a

101,394

26,267

AMETEK,

Inc.

4,510,307

4,245

Applied

Industrial

Technologies,

Inc.

947,187

6,711

Arcosa,

Inc.

635,934

18,972

Armstrong

World

Industries,

Inc.

2,493,490

33,489

Atmus

Filtration

Technologies,

Inc.

1,256,842

18,267

Automatic

Data

Processing,

Inc.

5,055,027

274

Axon

Enterprise,

Inc.

a

109,490

37,912

AZEK

Company,

Inc.

a

1,774,282

161,408

Badger

Infrastructure

Solutions,

Ltd.

4,388,312

10,120

Barrett

Business

Services,

Inc.

379,601

26,074

Beacon

Roofing

Supply,

Inc.

a

2,253,576

27,959

Brady

Corporation

2,142,498

54,987

BWX

Technologies,

Inc.

5,977,087

637

Carlisle

Companies,

Inc.

286,491

30,031

Casella

Waste

Systems,

Inc.

a

2,987,784

22,789

Caterpillar,

Inc.

8,913,234

43,128

CECO

Environmental

Corporation

a

1,216,210

9,246

Clean

Harbors,

Inc.

a

2,234,851

45,077

CNH

Industrial

NV

500,355

3,028

CSW

Industrials,

Inc.

1,109,429

202,666

CSX

Corporation

6,998,057

2,967

Cummins,

Inc.

960,685

1,336

Curtiss-Wright

Corporation

439,130

25,173

Dayforce,

Inc.

a,b

1,541,846

10,317

Delta

Air

Lines,

Inc.

524,000

8,601

DNOW,

Inc.

a

111,211

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Shares

Common

Stock  30.0%

Value

Industrials  3.7%

-

continued

17,119

Donaldson

Company,

Inc.

$

1,261,670

45

Dover

Corporation

8,628

6,764

EMCOR

Group,

Inc.

2,912,105

359

ESCO

Technologies,

Inc.

46,304

228,173

ExlService

Holdings,

Inc.

a

8,704,800

784

Expeditors

International

of

Washington,

Inc.

103,018

237,907

Fastenal

Company

16,991,318

28,477

Ferguson

Enterprises,

Inc.

5,654,678

104,819

Flowserve

Corporation

5,418,094

80,706

Fluor

Corporation

a

3,850,483

1,951

General

Dynamics

Corporation

589,592

3,320

Gibraltar

Industries,

Inc.

a

232,168

36,250

Graco,

Inc.

3,172,237

2,494

Griffon

Corporation

174,580

90,394

Helios

Technologies,

Inc.

4,311,794

1,601

Herc

Holdings,

Inc.

255,247

2,848

Honeywell

International,

Inc.

588,710

109,564

Howmet

Aerospace,

Inc.

10,983,791

2,148

Huntington

Ingalls

Industries,

Inc.

567,888

2,403

IDEX

Corporation

515,444

912

IES

Holdings,

Inc.

a

182,053

28,119

Ingersoll

Rand,

Inc.

2,760,161

6,808

Interface,

Inc.

129,148

11,572

ITT

Corporation

1,730,130

3,144

Jacobs

Solutions,

Inc.

411,550

287,782

Janus

International

Group,

Inc.

a

2,909,476

3,522

JB

Hunt

Transport

Services,

Inc.

606,946

9,094

Kirby

Corporation

a

1,113,378

29,494

Knight-Swift

Transportation

Holdings,

Inc.

1,591,201

42,554

Korn

Ferry

3,201,763

13,589

Kratos

Defense

&

Security

Solutions,

Inc.

a

316,624

2,319

L3Harris

Technologies,

Inc.

551,621

15,173

Landstar

System,

Inc.

2,865,725

14,152

Leidos

Holdings,

Inc.

2,306,776

465

Lincoln

Electric

Holdings,

Inc.

89,289

8,004

ManpowerGroup,

Inc.

588,454

34,488

Masco

Corporation

2,894,923

218,139

Masterbrand,

Inc.

a

4,044,297

11,779

Miller

Industries,

Inc.

718,519

7,170

Moog,

Inc.

1,448,483

79,168

Mueller

Water

Products,

Inc.

1,717,946

16,105

Northrop

Grumman

Corporation

8,504,567

51,868

nVent

Electric

plc

3,644,246

12,457

Old

Dominion

Freight

Line,

Inc.

2,474,458

2,763

Otis

Worldwide

Corporation

287,186

34,782

Owens

Corning,

Inc.

6,139,719

2,836

PACCAR,

Inc.

279,856

5,174

Parker-Hannifin

Corporation

3,269,037

38,219

Pentair

plc

3,737,436

518

Quanta

Services,

Inc.

154,442

12,903

Regal

Rexnord

Corporation

2,140,350

1,322

Republic

Services,

Inc.

265,510

23,111

Robert

Half,

Inc.

1,557,913

6,762

Rockwell

Automation,

Inc.

1,815,327

5,010

Rush

Enterprises,

Inc.

264,678

9,651

Saia,

Inc.

a

4,219,996

92,218

Schneider

National,

Inc.

2,631,902

18,620

Simpson

Manufacturing

Company,

Inc.

3,561,447

12,687

SkyWest,

Inc.

a

1,078,649

9,540

SS&C

Technologies

Holdings,

Inc.

707,963

15,754

Tennant

Company

1,513,014

Shares

Common

Stock  30.0%

Value

Industrials  3.7%

-

continued

45,215

Timken

Company

$

3,811,172

18,503

Trane

Technologies

plc

7,192,671

466

TransDigm

Group,

Inc.

665,043

25,353

TransUnion

2,654,459

190,702

Uber

Technologies,

Inc.

a

14,333,162

207

UniFirst

Corporation/MA

41,121

2,455

Union

Pacific

Corporation

605,108

59,717

United

Parcel

Service,

Inc.

8,141,816

749

United

Rentals,

Inc.

606,488

4,147

Verisk

Analytics,

Inc.

1,111,230

13,461

Verra

Mobility

Corporation

a

374,350

108

Viad

Corporation

a

3,870

1,314

Wabtec

Corporation

238,846

14,239

Waste

Connections,

Inc.

2,546,218

4,243

Waste

Management,

Inc.

880,847

4,594

Watsco,

Inc.

2,259,697

66,906

WNS

Holdings,

Ltd.

a

3,526,615

Total

268,929,237

Information

Technology  8.9%

11,308

A10

Networks,

Inc.

163,288

7,570

ACI

Worldwide,

Inc.

a

385,313

8,263

Adobe,

Inc.

a

4,278,416

111,368

Advanced

Micro

Devices,

Inc.

a

18,273,261

27,420

Agilysys,

Inc.

a

2,987,957

6,167

Ambarella,

Inc.

a

347,850

115,274

Amphenol

Corporation

7,511,254

452,126

Apple,

Inc.

105,345,358

79,289

Applied

Materials,

Inc.

16,020,343

1,446

AppLovin

Corporation

a

188,775

9,549

Arista

Networks,

Inc.

a

3,665,097

34,801

ASGN,

Inc.

a

3,244,497

1,152

Atlassian

Corporation

a

182,949

30,972

Autodesk,

Inc.

a

8,532,167

101,861

Broadcom,

Inc.

17,571,023

48,225

CDW

Corporation

10,913,318

17,778

Ciena

Corporation

a

1,094,947

91,260

Cisco

Systems,

Inc.

4,856,857

12,733

Clearwater

Analytics

Holdings,

Inc.

a

321,508

6,951

Coherent

Corporation

a

618,013

32,989

Cohu,

Inc.

a

847,817

7,169

CommScope

Holding

Company,

Inc.

a

43,803

3,359

CommVault

Systems,

Inc.

a

516,782

1,759

Consensus

Cloud

Solutions,

Inc.

a

41,425

8,519

Credo

Technology

Group

Holding,

Ltd.

a

262,385

7,590

CrowdStrike

Holdings,

Inc.

a

2,128,767

15,069

CyberArk

Software,

Ltd.

a

4,394,271

3,076

Datadog,

Inc.

a

353,925

37,615

Descartes

Systems

Group,

Inc.

a

3,872,840

2,696

DocuSign,

Inc.

a

167,395

17,384

Dolby

Laboratories,

Inc.

1,330,398

43,827

Dynatrace

Holdings,

LLC

a

2,343,430

982

Elastic

NV

a

75,378

816

Enphase

Energy,

Inc.

a

92,224

4,308

F5,

Inc.

a

948,622

24,478

Fabrinet

a

5,787,578

28,154

Flex,

Ltd.

a

941,188

106,714

Fortinet,

Inc.

a

8,275,671

4,975

Gartner,

Inc.

a

2,521,131

84,772

Gitlab,

Inc.

a

4,369,149

9,240

Globant

SA

a

1,830,814

57,227

Guidewire

Software,

Inc.

a

10,469,107

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Shares

Common

Stock  30.0%

Value

Information

Technology  8.9%

-

continued

3,631

Hewlett

Packard

Enterprise

Company

$

74,290

4,844

HubSpot,

Inc.

a

2,575,070

3,499

Insight

Enterprises,

Inc.

a

753,650

50,723

International

Business

Machines

Corporation

11,213,841

2,744

IPG

Photonics

Corporation

a

203,934

4,869

Itron,

Inc.

a

520,058

184,257

JFrog,

Ltd.

a

5,350,823

4,311

Keysight

Technologies,

Inc.

a

685,147

4,477

KLA

Corporation

3,467,034

2,913

Lam

Research

Corporation

2,377,241

107,070

Lattice

Semiconductor

Corporation

a

5,682,205

17,156

Littelfuse,

Inc.

4,550,629

29,778

Marvell

Technology,

Inc.

2,147,589

263,900

Microsoft

Corporation

113,556,170

5,957

MKS

Instruments,

Inc.

647,586

9,257

MongoDB,

Inc.

a

2,502,630

4,207

Monolithic

Power

Systems,

Inc.

3,889,372

10,984

Motorola

Solutions,

Inc.

4,938,736

12,876

Napco

Security

Technologies,

Inc.

520,963

4,291

nCino,

Inc.

a

135,553

12,928

NetApp,

Inc.

1,596,737

882,576

NVIDIA

Corporation

107,180,029

2,703

Okta,

Inc.

a

200,941

1,038

ON

Semiconductor

Corporation

a

75,369

22,459

Onto

Innovation,

Inc.

a

4,661,590

3,199

Palo

Alto

Networks,

Inc.

a

1,093,418

508

PC

Connection,

Inc.

38,318

54,704

PDF

Solutions,

Inc.

a

1,733,023

8,646

Plexus

Corporation

a

1,181,995

1,396

Procore

Technologies,

Inc.

a

86,161

16,123

PTC,

Inc.

a

2,912,781

12,011

Q2

Holdings,

Inc.

a

958,118

928

Qorvo,

Inc.

a

95,862

91,153

QUALCOMM,

Inc.

15,500,568

68,173

Salesforce,

Inc.

18,659,632

15,678

Samsung

Electronics

Company,

Ltd.

732,771

27,821

ServiceNow,

Inc.

a

24,882,824

19,872

Silicon

Laboratories,

Inc.

a

2,296,607

20,479

SolarWinds

Corporation

267,251

4,416

Synopsys,

Inc.

a

2,236,218

2,892

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

502,254

8,109

TD

SYNNEX

Corporation

973,729

3,889

TE

Connectivity

plc

587,200

549

Teledyne

Technologies,

Inc.

a

240,275

6,617

Tenable

Holdings,

Inc.

a

268,121

87,636

Trimble,

Inc.

a

5,441,319

201,473

TTM

Technologies,

Inc.

a

3,676,882

3,914

Tyler

Technologies,

Inc.

a

2,284,680

16,153

Unisys

Corporation

a

91,749

2,969

Universal

Display

Corporation

623,193

90,508

Varonis

Systems,

Inc.

a

5,113,702

11,970

VeriSign,

Inc.

a

2,273,821

3,214

Viavi

Solutions,

Inc.

a

28,990

28,886

Vontier

Corporation

974,614

35,328

Workiva,

Inc.

a

2,795,151

3,560

Xerox

Holdings

Corporation

36,953

Total

636,211,658

Shares

Common

Stock  30.0%

Value

Materials  0.7%

654

Albemarle

Corporation

$

61,940

24,074

Alcoa

Corporation

928,775

2,164

AptarGroup,

Inc.

346,651

14,020

Avient

Corporation

705,486

63,090

Axalta

Coating

Systems,

Ltd.

a

2,283,227

1,178

Ball

Corporation

79,998

2,322

Berry

Plastics

Group,

Inc.

157,850

659

Celanese

Corporation

89,598

6,829

CF

Industries

Holdings,

Inc.

585,928

38,620

Chemours

Company

784,758

5,730

Corteva,

Inc.

336,867

4,840

DuPont

de

Nemours,

Inc.

431,292

4,065

Eagle

Materials,

Inc.

1,169,297

25,305

Eastman

Chemical

Company

2,832,895

31,420

Ecolab,

Inc.

8,022,469

36,665

Element

Solutions,

Inc.

995,821

15,797

Greif,

Inc.

989,840

70,059

Hecla

Mining

Company

467,294

5,165

Huntsman

Corporation

124,993

36,399

Ingevity

Corporation

a

1,419,561

7,461

Innospec,

Inc.

843,765

396

International

Flavors

&

Fragrances,

Inc.

41,552

86,763

Ivanhoe

Mines,

Ltd.

a

1,290,748

7,356

Kaiser

Aluminum

Corporation

533,457

12,347

Knife

River

Corporation

a

1,103,698

5,565

Koppers

Holdings,

Inc.

203,289

2,652

Linde

plc

1,264,633

554

LyondellBasell

Industries

NV

53,129

4,084

Martin

Marietta

Materials,

Inc.

2,198,213

7,638

Minerals

Technologies,

Inc.

589,883

32,012

Mosaic

Company

857,281

55,672

Nucor

Corporation

8,369,729

12,067

O-I

Glass,

Inc.

a

158,319

14,952

Orion

SA

266,295

81

Packaging

Corporation

of

America

17,447

1,838

PPG

Industries,

Inc.

243,462

6,847

Radius

Recycling,

Inc.

126,943

3,058

Ranpak

Holdings

Corporation

a

19,969

306

Royal

Gold,

Inc.

42,932

13,471

RPM

International,

Inc.

1,629,991

4,996

Sensient

Technologies

Corporation

400,779

14,536

Sonoco

Products

Company

794,102

2,886

Steel

Dynamics,

Inc.

363,867

3,113

Stepan

Company

240,479

55,501

Summit

Materials,

Inc.

a

2,166,204

32,126

Trinseo

plc

164,164

152,946

Tronox

Holdings

plc

2,237,600

11,309

United

States

Lime

&

Minerals,

Inc.

1,104,437

18,163

United

States

Steel

Corporation

641,699

2,987

Vulcan

Materials

Company

748,034

19,168

West

Fraser

Timber

Company,

Ltd.

1,866,196

Total

53,396,836

Real

Estate  1.1%

79,666

Agree

Realty

Corporation

6,001,240

610

Alexandria

Real

Estate

Equities,

Inc.

72,438

16,530

AvalonBay

Communities,

Inc.

3,723,383

8,211

Brixmor

Property

Group,

Inc.

228,758

23,932

CBRE

Group,

Inc.

a

2,979,055

91,304

Compass,

Inc.

a

557,867

28,013

CoStar

Group,

Inc.

a

2,113,301

5,107

Crown

Castle,

Inc.

605,843

3,044

CTO

Realty

Growth,

Inc.

57,897

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Shares

Common

Stock  30.0%

Value

Real

Estate  1.1%

-

continued

133,607

Cushman

and

Wakefield

plc

a

$

1,821,063

2,868

DiamondRock

Hospitality

Company

25,038

50,846

Douglas

Elliman,

Inc.

a

93,048

21,232

EastGroup

Properties,

Inc.

3,966,562

35,120

EPR

Properties

1,722,285

10,182

Equinix,

Inc.

9,037,849

116,818

Equity

Commonwealth

a

2,324,678

266,395

Essential

Properties

Realty

Trust,

Inc.

9,097,389

1,328

Essex

Property

Trust,

Inc.

392,318

457

Extra

Space

Storage,

Inc.

82,347

12,941

First

Industrial

Realty

Trust,

Inc.

724,437

33,450

Four

Corners

Property

Trust,

Inc.

980,420

23,826

Getty

Realty

Corporation

757,905

23,016

Healthcare

Realty

Trust,

Inc.

417,740

6,690

Howard

Hughes

Holdings,

Inc.

a

518,007

41,186

Independence

Realty

Trust,

Inc.

844,313

22,665

Industrial

Logistics

Properties

Trust

107,885

23,391

Invitation

Homes,

Inc.

824,767

102,101

National

Storage

Affiliates

Trust

4,921,268

54,451

NetSTREIT

Corporation

900,075

31,514

Pebblebrook

Hotel

Trust

416,930

20,124

Phillips

Edison

and

Company,

Inc.

758,876

10,779

Plymouth

Industrial

REIT,

Inc.

243,605

4,031

RE/MAX

Holdings,

Inc.

a

50,186

26,901

Rexford

Industrial

Realty,

Inc.

1,353,389

4,929

RMR

Group,

Inc.

125,098

125,094

Sabra

Health

Care

REIT,

Inc.

2,327,999

7,448

SBA

Communications

Corporation

1,792,734

89,080

STAG

Industrial,

Inc.

3,482,137

5,593

Sun

Communities,

Inc.

755,894

44,236

Tanger,

Inc.

1,467,751

74,222

Terreno

Realty

Corporation

4,960,256

39,554

UDR,

Inc.

1,793,378

16,611

Uniti

Group,

Inc.

93,686

26,136

Zillow

Group,

Inc.,

Class

A

a

1,618,603

17,883

Zillow

Group,

Inc.,

Class

C

a

1,141,830

Total

78,281,528

Utilities  0.5%

27,976

AES

Corporation

561,199

2,348

Alliant

Energy

Corporation

142,500

17,662

American

Water

Works

Company,

Inc.

2,582,891

5,735

Black

Hills

Corporation

350,523

9,069

California

Water

Service

Group

491,721

4,065

CenterPoint

Energy,

Inc.

119,592

48,630

Clearway

Energy,

Inc.,

Class

A

1,384,496

52,474

Clearway

Energy,

Inc.,

Class

C

1,609,902

2,282

Constellation

Energy

Corporation

593,366

6,100

Duke

Energy

Corporation

703,330

5,763

Entergy

Corporation

758,468

2,948

Evergy,

Inc.

182,805

6,977

Eversource

Energy

474,785

45,181

Hawaiian

Electric

Industries,

Inc.

a

437,352

106,681

NextEra

Energy

Partners,

LP

b

2,946,529

4,473

NiSource,

Inc.

154,989

8,141

Northwestern

Energy

Group,

Inc.

465,828

16,842

Portland

General

Electric

Company

806,732

6,847

Public

Service

Enterprise

Group,

Inc.

610,821

11,192

Spire,

Inc.

753,110

27,054

TXNM

Energy,

Inc.

1,184,154

Shares

Common

Stock  30.0%

Value

Utilities  0.5%

-

continued

265,169

UGI

Corporation

$

6,634,528

21,851

Vistra

Energy

Corporation

2,590,218

107,516

Xcel

Energy,

Inc.

7,020,795

Total

33,560,634

Total

Common

Stock

(cost

$1,408,518,581)

2,149,417,216

Principal

Amount

Long-Term

Fixed

Income

9.3%

Value

Asset-Backed

Securities  0.2%

720

East

CLO,

Ltd.

$

850,000

8.532%, 

(TSFR3M

+

3.250%),

1/20/2036,

Ser.

2022-1A,

Class

B

c,d

855,720

275,000

9.532%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

c,d

276,329

Access

Group,

Inc.

36,098

5.895%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

35,899

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

456,143

675,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

640,885

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

225,000

5.360%, 

6/20/2030,

Ser.

2024-1A,

Class

A

c

231,246

CarVal

CLO

I,

Ltd.

650,000

7.136%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

651,947

CMFT

Net

Lease

Master

Issuer,

LLC

622,508

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

558,971

Commonbond

Student

Loan

Trust

46,051

5.469%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

45,362

Dryden

36

Senior

Loan

Fund

850,000

7.613%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

c,d

850,757

Foundation

Finance

Trust

301,652

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

281,156

FRTKL

Trust

1,150,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

1,079,758

Goodgreen

587,975

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

c

547,866

Home

Partners

of

America

Trust

1,201,112

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

1,136,618

969,793

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

841,056

Hotwire

Funding,

LLC

750,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

769,445

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Asset-Backed

Securities  0.2%

-

continued

HTAP

$

583,938

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

c

$

583,988

HTAP

Issuer

Trust

600,000

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

593,859

Laurel

Road

Prime

Student

Loan

Trust

200,376

5.940%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

190,208

National

Collegiate

Trust

202,165

5.264%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

197,161

Renaissance

Home

Equity

Loan

Trust

1,083,770

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

e

357,760

Saxon

Asset

Securities

Trust

430,017

3.009%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

378,729

Sunnova

Hestia

II

Issuer,

LLC

584,161

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

601,320

Unlock

HEA

Trust

576,054

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

578,544

700,000

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

697,508

VCAT

Asset

Securitization,

LLC

360,146

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

c,e

359,536

Vericrest

Opportunity

Loan

Transferee

228,541

4.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

c,e

227,347

463,152

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c,e

447,409

188,008

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c,e

186,965

375,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

347,582

Wind

River

CLO,

Ltd.

625,000

7.544%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

625,442

Total

15,632,516

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

47,000

8.625%, 

6/15/2029

c

49,944

ATI,

Inc.

120,000

7.250%, 

8/15/2030

127,780

Avient

Corporation

49,000

6.250%, 

11/1/2031

c

50,231

Axalta

Coating

Systems

Dutch

Holding

B

BV

81,000

7.250%, 

2/15/2031

c

86,499

Cascades,

Inc./Cascades

USA,

Inc.

165,000

5.125%, 

1/15/2026

c

163,409

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Basic

Materials  0.1%

-

continued

Cerdia

Finanz

GmbH

$

80,000

9.375%, 

10/3/2031

c,g

$

81,600

Chemours

Company

203,000

5.750%, 

11/15/2028

c

192,833

Cleveland-Cliffs,

Inc.

63,000

5.875%, 

6/1/2027

63,140

90,000

4.625%, 

3/1/2029

c

84,964

123,000

4.875%, 

3/1/2031

c

114,307

57,000

6.250%, 

10/1/2040

b

50,959

Consolidated

Energy

Finance

SA

188,000

5.625%, 

10/15/2028

c

158,915

Eastman

Chemical

Company

164,000

5.000%, 

8/1/2029

167,897

First

Quantum

Minerals,

Ltd.

71,000

6.875%, 

10/15/2027

c

70,197

FMC

Corporation

227,000

5.150%, 

5/18/2026

229,076

FMG

Resources

August

2006,

Pty.

Ltd.

35,000

4.500%, 

9/15/2027

c

34,443

57,000

5.875%, 

4/15/2030

c

57,732

59,000

6.125%, 

4/15/2032

c

60,349

Glencore

Funding,

LLC

226,000

3.375%, 

9/23/2051

c

159,542

323,000

4.000%, 

3/27/2027

c

319,978

219,000

6.125%, 

10/6/2028

c

232,040

Hecla

Mining

Company

90,000

7.250%, 

2/15/2028

91,784

Hudbay

Minerals,

Inc.

96,000

4.500%, 

4/1/2026

c

94,954

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

67,000

9.000%, 

7/1/2028

c

67,737

INEOS

Finance

plc

171,000

7.500%, 

4/15/2029

c

178,676

International

Flavors

&

Fragrances,

Inc.

269,000

1.230%, 

10/1/2025

c

259,621

Mercer

International,

Inc.

68,000

5.125%, 

2/1/2029

58,016

Methanex

Corporation

88,000

4.250%, 

12/1/2024

87,682

85,000

5.125%, 

10/15/2027

84,108

57,000

5.250%, 

12/15/2029

b

56,271

Mineral

Resources,

Ltd.

93,000

9.250%, 

10/1/2028

c

99,025

Mosaic

Company

198,000

5.375%, 

11/15/2028

205,096

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

79,000

5.350%, 

3/15/2034

82,789

Novelis

Corporation

25,000

3.250%, 

11/15/2026

c

24,124

60,000

4.750%, 

1/30/2030

c

58,170

85,000

3.875%, 

8/15/2031

c

77,704

OCI

NV

115,000

4.625%, 

10/15/2025

c

114,844

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

118,000

5.375%, 

11/1/2026

c

116,535

Sherwin-Williams

Company

166,000

4.800%, 

9/1/2031

169,306

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Basic

Materials  0.1%

-

continued

Smurfit

Kappa

Treasury,

ULC

$

223,000

5.777%, 

4/3/2054

c

$

238,729

SNF

Group

SACA

166,000

3.375%, 

3/15/2030

c

149,598

SunCoke

Energy,

Inc.

180,000

4.875%, 

6/30/2029

c

163,205

Taseko

Mines,

Ltd.

117,000

8.250%, 

5/1/2030

c

122,789

Tronox,

Inc.

58,000

4.625%, 

3/15/2029

b,c

54,179

United

States

Steel

Corporation

75,000

6.875%, 

3/1/2029

76,080

WR

Grace

Holdings,

LLC

44,000

4.875%, 

6/15/2027

c

43,357

Total

5,330,214

Capital

Goods  0.2%

Advanced

Drainage

Systems,

Inc.

117,000

6.375%, 

6/15/2030

c

119,512

AECOM

116,000

5.125%, 

3/15/2027

116,504

Amsted

Industries,

Inc.

145,000

5.625%, 

7/1/2027

c

144,612

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

c

209,603

200,000

5.250%, 

3/26/2031

c

207,877

Ball

Corporation

71,000

3.125%, 

9/15/2031

63,046

Boeing

Company

505,000

5.930%, 

5/1/2060

483,723

234,000

5.040%, 

5/1/2027

234,708

134,000

6.259%, 

5/1/2027

c

138,411

155,000

6.388%, 

5/1/2031

c

164,817

538,000

5.705%, 

5/1/2040

524,922

Bombardier,

Inc.

28,000

7.875%, 

4/15/2027

c

28,079

145,000

6.000%, 

2/15/2028

b,c

145,959

59,000

7.250%, 

7/1/2031

c

62,374

163,000

7.000%, 

6/1/2032

b,c

170,488

Brand

Industrial

Services,

Inc.

132,000

10.375%, 

8/1/2030

c

141,352

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

c

137,298

Camelot

Return

Merger

Sub,

Inc.

86,000

8.750%, 

8/1/2028

b,c

87,025

Canpack

SA/Canpack

US,

LLC

185,000

3.875%, 

11/15/2029

c

173,227

Carrier

Global

Corporation

244,000

2.700%, 

2/15/2031

220,367

Chart

Industries,

Inc.

179,000

7.500%, 

1/1/2030

c

188,653

Clean

Harbors,

Inc.

115,000

6.375%, 

2/1/2031

c

117,808

Clydesdale

Acquisition

Holdings,

Inc.

24,000

6.625%, 

4/15/2029

c

24,228

110,000

6.875%, 

1/15/2030

c

112,336

Cornerstone

Building

Brands,

Inc.

30,000

9.500%, 

8/15/2029

c

30,812

Crown

Cork

&

Seal

Company,

Inc.

153,000

7.375%, 

12/15/2026

161,228

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Capital

Goods  0.2%

-

continued

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

$

180,000

6.625%, 

12/15/2030

c

$

185,597

EquipmentShare.com,

Inc.

59,000

8.625%, 

5/15/2032

c

61,897

ESAB

Corporation

47,000

6.250%, 

4/15/2029

c

48,272

GFL

Environmental,

Inc.

61,000

3.750%, 

8/1/2025

c

60,510

140,000

4.000%, 

8/1/2028

c

134,455

248,000

3.500%, 

9/1/2028

c

236,107

H&E

Equipment

Services,

Inc.

194,000

3.875%, 

12/15/2028

c

182,136

Herc

Holdings,

Inc.

37,000

5.500%, 

7/15/2027

c

36,954

94,000

6.625%, 

6/15/2029

c

97,363

Honeywell

International,

Inc.

321,000

4.700%, 

2/1/2030

329,871

Ingersoll

Rand,

Inc.

232,000

5.176%, 

6/15/2029

239,995

55,000

5.700%, 

8/14/2033

58,928

John

Deere

Capital

Corporation

299,000

4.400%, 

9/8/2031

301,112

Lockheed

Martin

Corporation

193,000

5.200%, 

2/15/2064

199,769

120,000

6.150%, 

9/1/2036

137,584

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

35,000

6.750%, 

4/1/2032

c

36,282

MIWD

Holdco

II,

LLC

96,000

5.500%, 

2/1/2030

c

93,248

Mueller

Water

Products,

Inc.

101,000

4.000%, 

6/15/2029

c

96,340

Nesco

Holdings

II,

Inc.

190,000

5.500%, 

4/15/2029

c

175,138

New

Enterprise

Stone

and

Lime

Company,

Inc.

193,000

5.250%, 

7/15/2028

c

188,464

Nordson

Corporation

218,000

5.600%, 

9/15/2028

227,749

Northrop

Grumman

Corporation

470,000

3.850%, 

4/15/2045

397,314

OI

European

Group

BV

123,000

4.750%, 

2/15/2030

c

116,303

Owens-Brockway

Glass

Container,

Inc.

96,000

6.625%, 

5/13/2027

c

96,451

47,000

7.375%, 

6/1/2032

c

48,000

Pactiv

Evergreen

Group

58,000

4.375%, 

10/15/2028

c

55,555

Quanta

Services,

Inc.

202,000

4.750%, 

8/9/2027

204,140

Regal

Rexnord

Corporation

281,000

6.050%, 

2/15/2026

285,335

Resideo

Funding,

Inc.

119,000

6.500%, 

7/15/2032

c

122,155

Reworld

Holding

Corporation

85,000

4.875%, 

12/1/2029

c

80,014

Roller

Bearing

Company

of

America,

Inc.

136,000

4.375%, 

10/15/2029

c

130,476

RTX

Corporation

68,000

6.400%, 

3/15/2054

80,288

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Capital

Goods  0.2%

-

continued

$

179,000

4.125%, 

11/16/2028

$

178,550

375,000

4.450%, 

11/16/2038

357,161

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

91,000

6.125%, 

2/1/2028

c

92,523

Smyrna

Ready

Mix

Concrete,

LLC

165,000

8.875%, 

11/15/2031

c

177,984

Sonoco

Products

Company

214,000

4.600%, 

9/1/2029

212,916

Spirit

AeroSystems,

Inc.

174,000

9.750%, 

11/15/2030

c

194,010

SRM

Escrow

Issuer,

LLC

103,000

6.000%, 

11/1/2028

c

103,380

Standard

Industries,

Inc./NY

57,000

4.750%, 

1/15/2028

c

55,831

57,000

3.375%, 

1/15/2031

c

50,778

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

47,000

7.250%, 

1/15/2031

c

49,787

Textron,

Inc.

320,000

3.375%, 

3/1/2028

309,855

Trane

Technologies

Financing,

Ltd.

141,000

5.100%, 

6/13/2034

146,941

TransDigm,

Inc.

82,000

6.750%, 

8/15/2028

c

84,402

200,000

7.125%, 

12/1/2031

c

211,532

163,000

6.625%, 

3/1/2032

c

169,739

149,000

6.000%, 

1/15/2033

c

151,111

Trivium

Packaging

Finance

87,000

5.500%, 

8/15/2026

c

86,661

United

Rentals

North

America,

Inc.

175,000

4.875%, 

1/15/2028

173,704

185,000

4.000%, 

7/15/2030

174,837

Veralto

Corporation

215,000

5.350%, 

9/18/2028

223,900

WESCO

Distribution,

Inc.

112,000

7.250%, 

6/15/2028

c

114,687

58,000

6.375%, 

3/15/2029

c

59,920

41,000

6.625%, 

3/15/2032

c

42,706

Total

12,375,686

Collateralized

Mortgage

Obligations  0.3%

A&D

Mortgage

Trust

563,143

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

571,608

Banc

of

America

Alternative

Loan

Trust

11,010

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

9,842

BINOM

Securitization

Trust

422,027

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

375,419

CHNGE

Mortgage

Trust

572,699

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

577,813

768,703

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

c,e

765,381

Citicorp

Mortgage

Securities,

Inc.

508,298

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

466,478

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Collateralized

Mortgage

Obligations  0.3%

-

continued

Citigroup

Mortgage

Loan

Trust,

Inc.

$

1,810

6.524%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

d

$

1,831

COLT

Mortgage

Loan

Trust

805,401

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

721,168

Countrywide

Alternative

Loan

Trust

289,877

4.450%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

240,824

565,363

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

198,632

Countrywide

Home

Loans,

Inc.

149,615

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

70,235

Credit

Suisse

Mortgage

Trust

366,772

6.567%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

367,519

404,989

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

353,229

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

63,127

6.000%, 

12/25/2025,

Ser.

2006-AR5,

Class

23A

34,856

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

946,126

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

930,862

246,951

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

17,833

544,795

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

48,715

1,029,037

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

1,037,863

1,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

822,937

Federal

National

Mortgage

Association

-

REMIC

1,150,499

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,153,017

1,134,174

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

938,347

421,116

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

11,417

Flagstar

Mortgage

Trust

499,206

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

451,938

GCAT

Trust

677,470

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

614,139

1,178,303

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

1,187,693

GS

Mortgage-Backed

Securities

Trust

924,516

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

810,816

J.P.

Morgan

Mortgage

Trust

1,009,708

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

850,529

673,493

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

572,061

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Collateralized

Mortgage

Obligations  0.3%

-

continued

LHOME

Mortgage

Trust

$

550,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

$

560,857

400,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

c,e

407,841

Mello

Mortgage

Capital

Acceptance

1,002,135

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

846,530

Merrill

Lynch

Alternative

Note

Asset

Trust

145,450

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

52,390

New

Residential

Mortgage

Loan

Trust

1,950,566

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

1,641,649

OBX

Trust

525,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

478,600

Palisades

Mortgage

Loan

Trust

721,409

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

716,545

Preston

Ridge

Partners

Mortgage

Trust,

LLC

500,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

467,057

Residential

Accredit

Loans,

Inc.

Trust

194,625

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

173,010

Residential

Funding

Mortgage

Security

I

Trust

54,735

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

44,168

ROC

Securities

Trust

Series

523,343

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

522,273

Saluda

Grade

Alternative

Mortgage

Trust

800,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

812,565

700,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

710,480

Sequoia

Mortgage

Trust

151,346

3.912%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

106,416

TRK

Trust

673,268

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

593,305

TVC

Mortgage

Trust

600,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

602,228

Vericrest

Opportunity

Loan

Transferee

245,977

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c,e

244,974

Verus

Securitization

Trust

379,213

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

339,904

Total

23,523,794

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Commercial

Mortgage-Backed

Securities  0.2%

BANK

2022-BNK39

$

16,390,642

0.529%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,h

$

418,415

BANK5

2024-5YR8

450,000

6.378%, 

8/15/2057,

Ser.

2024-5YR8,

Class

AS

d

474,442

BBCMS

Mortgage

Trust

1,000,000

6.014%, 

7/15/2057,

Ser.

2024-5C27,

Class

A3

1,058,285

6,969,578

1.325%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,h

510,831

6,794,676

1.935%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,h

525,948

Benchmark

Mortgage

Trust

1,200,000

6.189%, 

7/15/2057,

Ser.

2024-V8,

Class

A3

d

1,280,024

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

2,050,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

d

2,140,656

1,550,000

3.000%, 

6/25/2032,

Ser.

K147,

Class

A2

d,f

1,434,821

500,000

3.710%, 

9/25/2032,

Ser.

K-150,

Class

A2

d,f

485,809

2,800,000

3.800%, 

10/25/2032,

Ser.

K-151,

Class

A2

d,f

2,734,106

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

1,350,000

4.489%, 

12/25/2034,

Ser.

K165,

Class

A2

1,373,809

Morgan

Stanley

Capital

I

Trust

6,346,104

1.952%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,h

512,997

Total

12,950,143

Communications

Services  0.2%

AMC

Networks,

Inc.

140,000

10.250%, 

1/15/2029

c

143,871

American

Tower

Corporation

100,000

3.375%, 

10/15/2026

98,266

215,000

5.800%, 

11/15/2028

225,863

291,000

2.900%, 

1/15/2030

269,093

136,000

5.650%, 

3/15/2033

143,666

AT&T,

Inc.

337,000

3.650%, 

6/1/2051

258,421

451,000

3.500%, 

9/15/2053

331,338

227,000

5.400%, 

2/15/2034

238,185

459,000

4.900%, 

8/15/2037

455,680

Bell

Telephone

Company

of

Canada

292,000

5.550%, 

2/15/2054

305,013

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

133,000

5.500%, 

5/1/2026

c

132,737

220,000

5.125%, 

5/1/2027

c

216,528

26,000

5.000%, 

2/1/2028

c

25,292

128,000

5.375%, 

6/1/2029

c

123,353

103,000

4.250%, 

2/1/2031

c

90,818

489,000

4.750%, 

2/1/2032

c

430,945

59,000

4.500%, 

6/1/2033

c

50,105

206,000

4.250%, 

1/15/2034

c

168,974

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Communications

Services  0.2%

-

continued

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

$

149,000

6.150%, 

11/10/2026

$

153,142

335,000

4.200%, 

3/15/2028

325,704

244,000

6.100%, 

6/1/2029

252,555

650,000

3.500%, 

6/1/2041

456,639

Clear

Channel

Outdoor

Holdings,

Inc.

28,000

7.875%, 

4/1/2030

c

29,280

Clear

Channel

Worldwide

Holdings,

Inc.

115,000

5.125%, 

8/15/2027

c

113,057

Comcast

Corporation

337,000

5.350%, 

5/15/2053

344,693

285,000

4.400%, 

8/15/2035

277,799

380,000

4.750%, 

3/1/2044

361,014

Crown

Castle,

Inc.

227,000

4.900%, 

9/1/2029

230,732

Deutsche

Telekom

International

Finance

BV

560,000

8.750%, 

6/15/2030

676,227

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

391,000

5.875%, 

8/15/2027

c

383,896

Frontier

Communications

Holdings,

LLC

214,000

5.875%, 

10/15/2027

c

214,870

57,000

8.625%, 

3/15/2031

c

61,451

GCI,

LLC

170,000

4.750%, 

10/15/2028

c

163,250

Gray

Television,

Inc.

102,000

7.000%, 

5/15/2027

b,c

100,256

163,000

10.500%, 

7/15/2029

b,c

170,247

Iliad

Holding

SASU

152,000

8.500%, 

4/15/2031

c

163,492

Intelsat

Jackson

Holdings

SA

149,000

6.500%, 

3/15/2030

c

142,559

Lamar

Media

Corporation

97,000

3.625%, 

1/15/2031

88,653

LCPR

Senior

Secured

Financing

DAC

238,000

6.750%, 

10/15/2027

c

217,777

Level

3

Financing,

Inc.

56,484

10.500%, 

4/15/2029

c

61,570

56,484

11.000%, 

11/15/2029

c

62,560

85,000

10.500%, 

5/15/2030

c

91,481

29,000

10.750%, 

12/15/2030

c

31,826

70,000

4.000%, 

4/15/2031

c

50,925

Lumen

Technologies,

Inc.

31,867

4.125%, 

4/15/2030

c

25,723

McGraw-Hill

Education,

Inc.

171,000

5.750%, 

8/1/2028

c

168,989

Meta

Platforms,

Inc.

168,000

5.600%, 

5/15/2053

182,144

320,000

5.400%, 

8/15/2054

335,249

318,000

4.550%, 

8/15/2031

325,125

88,000

3.850%, 

8/15/2032

85,546

Netflix,

Inc.

254,000

5.375%, 

11/15/2029

c

267,241

230,000

4.875%, 

6/15/2030

c

237,299

News

Corporation

95,000

3.875%, 

5/15/2029

c

89,853

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Communications

Services  0.2%

-

continued

Nexstar

Media,

Inc.

$

70,000

5.625%, 

7/15/2027

c

$

69,337

57,000

4.750%, 

11/1/2028

b,c

54,460

Omnicom

Group,

Inc.

200,000

4.200%, 

6/1/2030

198,511

Optics

Bidco

SPA

197,000

6.000%, 

9/30/2034

c

199,427

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

72,000

4.625%, 

3/15/2030

c

68,414

Paramount

Global

49,000

6.375%, 

3/30/2062

d

45,324

Playtika

Holding

Corporation

151,000

4.250%, 

3/15/2029

c

138,581

Rogers

Communications,

Inc.

268,000

5.000%, 

2/15/2029

273,494

352,000

5.300%, 

2/15/2034

358,110

Scripps

Escrow

II,

Inc.

56,000

3.875%, 

1/15/2029

b,c

41,723

Scripps

Escrow,

Inc.

41,000

5.875%, 

7/15/2027

b,c

35,670

Sinclair

Television

Group,

Inc.

52,000

4.125%, 

12/1/2030

b,c

40,560

Sirius

XM

Radio,

Inc.

285,000

5.000%, 

8/1/2027

c

280,376

115,000

4.000%, 

7/15/2028

c

108,496

Sprint

Capital

Corporation

566,000

8.750%, 

3/15/2032

701,795

Take-Two

Interactive

Software,

Inc.

150,000

5.600%, 

6/12/2034

157,382

TEGNA,

Inc.

186,000

4.625%, 

3/15/2028

177,481

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

c

195,500

T-Mobile

USA,

Inc.

561,000

3.600%, 

11/15/2060

407,821

324,000

4.850%, 

1/15/2029

330,817

315,000

4.375%, 

4/15/2040

290,468

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

26,000

10.500%, 

2/15/2028

c

27,753

177,000

4.750%, 

4/15/2028

c

164,194

Univision

Communications,

Inc.

30,000

8.500%, 

7/31/2031

c

30,067

23,000

8.000%, 

8/15/2028

c

23,517

194,000

4.500%, 

5/1/2029

c

173,305

86,000

7.375%, 

6/30/2030

c

83,231

Urban

One,

Inc.

35,000

7.375%, 

2/1/2028

c

25,264

Verizon

Communications,

Inc.

337,000

3.000%, 

11/20/2060

217,500

725,000

2.650%, 

11/20/2040

534,189

492,000

3.400%, 

3/22/2041

401,810

Viasat,

Inc.

94,000

6.500%, 

7/15/2028

b,c

73,763

Virgin

Media

Finance

plc

73,000

5.000%, 

7/15/2030

c

64,205

Virgin

Media

Secured

Finance

plc

149,000

5.500%, 

5/15/2029

c

142,906

VMED

O2

UK

Financing

I

plc

68,000

4.750%, 

7/15/2031

c

60,522

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Communications

Services  0.2%

-

continued

$

60,000

7.750%, 

4/15/2032

c

$

61,589

Vodafone

Group

plc

86,000

5.125%, 

6/4/2081

d

70,839

235,000

5.750%, 

6/28/2054

243,283

VZ

Secured

Financing

BV

243,000

5.000%, 

1/15/2032

c

223,619

Warnermedia

Holdings,

Inc.

519,000

4.054%, 

3/15/2029

491,667

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

63,000

7.750%, 

8/15/2028

c

63,059

49,000

8.250%, 

10/1/2031

c,g

49,815

Zayo

Group

Holdings,

Inc.

82,000

4.000%, 

3/1/2027

b,c

73,344

Zegona

Finance

plc

106,000

8.625%, 

7/15/2029

c

113,155

Ziggo

Bond

Company

BV

69,000

5.125%, 

2/28/2030

b,c

63,603

Ziggo

BV

62,000

4.875%, 

1/15/2030

c

58,914

Total

18,359,832

Consumer

Cyclical  0.3%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

41,000

3.875%, 

1/15/2028

c

39,398

91,000

4.375%, 

1/15/2028

c

88,408

61,000

6.125%, 

6/15/2029

c

62,754

106,000

5.625%, 

9/15/2029

c

107,532

Adient

Global

Holdings,

Ltd.

93,000

8.250%, 

4/15/2031

b,c

98,673

ADT

Security

Corporation

93,000

4.125%, 

8/1/2029

c

88,828

93,000

4.875%, 

7/15/2032

c

88,829

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

245,000

4.625%, 

6/1/2028

c

229,908

Allison

Transmission,

Inc.

97,000

3.750%, 

1/30/2031

c

88,192

Amazon.com,

Inc.

286,000

3.875%, 

8/22/2037

268,962

American

Axle

&

Manufacturing,

Inc.

58,000

6.875%, 

7/1/2028

57,905

162,000

5.000%, 

10/1/2029

b

148,737

American

Honda

Finance

Corporation

316,000

5.050%, 

7/10/2031

325,265

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

31,000

7.000%, 

4/15/2030

b,c

28,797

Arko

Corporation

109,000

5.125%, 

11/15/2029

b,c

101,245

Asbury

Automotive

Group,

Inc.

99,000

5.000%, 

2/15/2032

c

93,880

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

140,000

4.625%, 

8/1/2029

c

134,392

13,000

4.625%, 

4/1/2030

c

12,455

Aston

Martin

Capital

Holdings,

Ltd.

73,000

10.000%, 

3/31/2029

c

71,633

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

Beazer

Homes

USA,

Inc.

$

97,000

7.500%, 

3/15/2031

c

$

100,651

BMW

US

Capital,

LLC

303,000

4.650%, 

8/13/2026

c

305,768

BorgWarner,

Inc.

134,000

4.950%, 

8/15/2029

136,230

Boyd

Gaming

Corporation

155,000

4.750%, 

6/15/2031

c

148,001

Boyne

USA,

Inc.

93,000

4.750%, 

5/15/2029

c

89,404

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

85,000

4.875%, 

2/15/2030

c

80,018

Caesars

Entertainment,

Inc.

257,000

4.625%, 

10/15/2029

b,c

244,463

70,000

6.500%, 

2/15/2032

c

72,409

Carnival

Corporation

80,000

7.625%, 

3/1/2026

c

80,740

297,000

5.750%, 

3/1/2027

c

300,787

136,000

4.000%, 

8/1/2028

c

131,351

115,000

6.000%, 

5/1/2029

b,c

116,518

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

28,000

5.375%, 

4/15/2027

27,921

140,000

5.250%, 

7/15/2029

137,556

Choice

Hotels

International,

Inc.

63,000

3.700%, 

12/1/2029

b

59,799

Churchill

Downs,

Inc.

140,000

4.750%, 

1/15/2028

c

137,269

71,000

6.750%, 

5/1/2031

c

73,319

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

152,000

6.750%, 

5/15/2028

c

156,675

Crocs,

Inc.

57,000

4.250%, 

3/15/2029

c

53,887

Cushman

&

Wakefield

US

Borrower,

LLC

28,000

6.750%, 

5/15/2028

c

28,254

Daimler

Trucks

Finance

North

America,

LLC

390,000

2.000%, 

12/14/2026

c

371,329

Dana,

Inc.

56,000

5.625%, 

6/15/2028

54,906

86,000

4.250%, 

9/1/2030

77,218

85,000

4.500%, 

2/15/2032

75,382

eG

Global

Finance

plc

28,000

12.000%, 

11/30/2028

b,c

31,250

Expedia

Group,

Inc.

484,000

3.250%, 

2/15/2030

456,401

Ford

Motor

Credit

Company,

LLC

225,000

2.300%, 

2/10/2025

222,482

220,000

5.850%, 

5/17/2027

223,971

328,000

2.900%, 

2/10/2029

297,731

258,000

7.122%, 

11/7/2033

278,924

Forestar

Group,

Inc.

59,000

3.850%, 

5/15/2026

c

57,687

Gap,

Inc.

41,000

3.625%, 

10/1/2029

c

37,084

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

111,000

7.750%, 

5/31/2032

c

113,597

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

General

Motors

Company

$

325,000

6.125%, 

10/1/2025

$

328,081

General

Motors

Financial

Company,

Inc.

105,000

5.400%, 

5/8/2027

107,222

350,000

5.800%, 

1/7/2029

364,038

300,000

4.900%, 

10/6/2029

300,340

207,000

5.600%, 

6/18/2031

212,548

GLP

Capital,

LP

467,000

5.750%, 

6/1/2028

479,366

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

56,000

3.500%, 

3/1/2029

c

52,543

Goodyear

Tire

&

Rubber

Company

56,000

4.875%, 

3/15/2027

54,694

110,000

5.000%, 

7/15/2029

b

101,170

Group

1

Automotive,

Inc.

45,000

6.375%, 

1/15/2030

c

45,715

Hanesbrands,

Inc.

66,000

4.875%, 

5/15/2026

c

65,421

33,000

9.000%, 

2/15/2031

c

35,620

Harley-Davidson

Financial

Services,

Inc.

216,000

5.950%, 

6/11/2029

c

221,229

Hilton

Domestic

Operating

Company,

Inc.

259,000

4.875%, 

1/15/2030

255,565

28,000

4.000%, 

5/1/2031

c

26,182

165,000

3.625%, 

2/15/2032

c

149,065

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

201,000

5.000%, 

6/1/2029

c

190,961

Home

Depot,

Inc.

275,000

5.400%, 

9/15/2040

291,525

336,000

4.250%, 

4/1/2046

305,575

315,000

3.900%, 

6/15/2047

269,041

Hyundai

Capital

America

475,000

1.800%, 

1/10/2028

c

435,320

206,000

5.300%, 

6/24/2029

c

212,100

International

Game

Technology

plc

200,000

5.250%, 

1/15/2029

c

199,228

Jacobs

Entertainment,

Inc.

97,000

6.750%, 

2/15/2029

c

94,339

Jaguar

Land

Rover

Automotive

plc

68,000

5.500%, 

7/15/2029

c

67,190

KB

Home

195,000

4.800%, 

11/15/2029

192,403

L

Brands,

Inc.

260,000

6.625%, 

10/1/2030

c

265,054

80,000

6.875%, 

11/1/2035

83,360

Las

Vegas

Sands

Corporation

154,000

5.900%, 

6/1/2027

158,144

Light

&

Wonder

International,

Inc.

156,000

7.250%, 

11/15/2029

c

161,401

Live

Nation

Entertainment,

Inc.

63,000

4.750%, 

10/15/2027

c

62,109

Lowe's

Companies,

Inc.

224,000

5.625%, 

4/15/2053

233,155

455,000

2.625%, 

4/1/2031

408,891

Macy's

Retail

Holdings,

LLC

114,000

5.875%, 

4/1/2029

b,c

112,518

57,000

6.125%, 

3/15/2032

c

55,247

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

$

66,000

4.500%, 

12/15/2034

$

55,303

Marriott

International,

Inc./MD

371,000

4.625%, 

6/15/2030

374,461

Match

Group

Holdings

II,

LLC

66,000

4.125%, 

8/1/2030

c

61,826

Mattamy

Group

Corporation

133,000

5.250%, 

12/15/2027

c

132,217

McDonald's

Corporation

325,000

4.450%, 

3/1/2047

296,531

Melco

Resorts

Finance,

Ltd.

157,000

5.375%, 

12/4/2029

c

146,666

155,000

7.625%, 

4/17/2032

c

159,779

MGM

Resorts

International

59,000

4.625%, 

9/1/2026

58,629

61,000

6.125%, 

9/15/2029

61,759

Michaels

Companies,

Inc.

83,000

5.250%, 

5/1/2028

c

61,263

NCL

Corporation,

Ltd.

66,000

5.875%, 

3/15/2026

c

66,004

156,000

5.875%, 

2/15/2027

c

156,552

Nordstrom,

Inc.

57,000

4.375%, 

4/1/2030

b

52,292

81,000

4.250%, 

8/1/2031

71,345

Parkland

Corporation

61,000

6.625%, 

8/15/2032

c

61,926

PENN

Entertainment,

Inc.

140,000

4.125%, 

7/1/2029

b,c

127,555

PetSmart,

Inc./PetSmart

Finance

Corporation

210,000

4.750%, 

2/15/2028

c

201,331

58,000

7.750%, 

2/15/2029

c

57,256

Phinia,

Inc.

87,000

6.625%, 

10/15/2032

c

87,718

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

183,000

5.750%, 

4/15/2026

c

183,835

QVC,

Inc.

36,000

6.875%, 

4/15/2029

b,c

29,897

Rakuten

Group,

Inc.

85,000

11.250%, 

2/15/2027

c

92,950

100,000

9.750%, 

4/15/2029

c

109,125

Royal

Caribbean

Cruises,

Ltd.

298,000

4.250%, 

7/1/2026

c

294,637

39,000

5.625%, 

9/30/2031

c

39,512

45,000

6.000%, 

2/1/2033

c

46,133

S&S

Holdings,

LLC

53,000

8.375%, 

10/1/2031

c,g

53,364

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

40,000

6.625%, 

3/1/2030

c

39,698

SeaWorld

Parks

and

Entertainment,

Inc.

137,000

5.250%, 

8/15/2029

c

133,692

Service

Corporation

International/

US

56,000

3.375%, 

8/15/2030

50,752

41,000

4.000%, 

5/15/2031

37,939

92,000

5.750%, 

10/15/2032

92,602

Six

Flags

Entertainment

Corporation

29,000

7.250%, 

5/15/2031

b,c

30,036

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Cyclical  0.3%

-

continued

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

$

28,000

6.625%, 

5/1/2032

c

$

28,997

Six

Flags

Theme

Parks,

Inc.

30,000

7.000%, 

7/1/2025

b,c

30,024

Sonic

Automotive,

Inc.

71,000

4.875%, 

11/15/2031

c

65,549

Staples,

Inc.

117,000

10.750%, 

9/1/2029

c

113,525

Station

Casinos,

LLC

122,000

4.625%, 

12/1/2031

c

113,132

Target

Corporation

337,000

2.950%, 

1/15/2052

238,881

Tenneco,

Inc.

186,000

8.000%, 

11/17/2028

c

172,595

Toyota

Motor

Credit

Corporation

102,000

4.800%, 

1/5/2034

104,005

Uber

Technologies,

Inc.

195,000

5.350%, 

9/15/2054

193,401

234,000

4.800%, 

9/15/2034

233,676

VICI

Properties,

LP/VICI

Note

Company,

Inc.

340,000

4.625%, 

6/15/2025

c

337,924

127,000

5.750%, 

2/1/2027

c

129,189

158,000

4.125%, 

8/15/2030

c

150,042

Victoria's

Secret

&

Company

134,000

4.625%, 

7/15/2029

c

118,350

Victra

Holdings,

LLC/Victra

Finance

Corporation

41,000

8.750%, 

9/15/2029

c

43,048

Viking

Cruises,

Ltd.

289,000

5.875%, 

9/15/2027

c

288,798

Volkswagen

Group

of

America

Finance,

LLC

325,000

5.300%, 

3/22/2027

c

330,975

Wabash

National

Corporation

88,000

4.500%, 

10/15/2028

c

80,618

Walgreens

Boots

Alliance,

Inc.

99,000

3.200%, 

4/15/2030

80,317

43,000

4.800%, 

11/18/2044

b

32,176

Walmart,

Inc.

263,000

4.500%, 

9/9/2052

255,523

WASH

Multifamily

Acquisition,

Inc.

88,000

5.750%, 

4/15/2026

c

87,521

Wyndham

Hotels

&

Resorts,

Inc.

149,000

4.375%, 

8/15/2028

c

143,728

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

53,000

5.125%, 

10/1/2029

c

52,364

137,000

7.125%, 

2/15/2031

c

147,809

Yum!

Brands,

Inc.

210,000

4.750%, 

1/15/2030

c

207,528

ZF

North

America

Capital,

Inc.

96,000

7.125%, 

4/14/2030

c

99,511

Total

20,914,926

Consumer

Non-Cyclical  0.3%

1375209

B.C.,

Ltd.

57,000

9.000%, 

1/30/2028

b,c

56,494

Abbott

Laboratories

284,000

4.750%, 

11/30/2036

291,383

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

AbbVie,

Inc.

$

104,000

5.400%, 

3/15/2054

$

110,277

239,000

5.350%, 

3/15/2044

252,112

AdaptHealth,

LLC

253,000

4.625%, 

8/1/2029

c

234,302

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

180,000

4.625%, 

1/15/2027

c

175,115

191,000

3.500%, 

3/15/2029

c

178,093

Altria

Group,

Inc.

216,000

6.875%, 

11/1/2033

243,965

Amgen,

Inc.

315,000

4.200%, 

2/22/2052

268,151

335,000

5.600%, 

3/2/2043

351,947

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

434,000

4.700%, 

2/1/2036

435,748

Anheuser-Busch

InBev

Worldwide,

Inc.

527,000

4.375%, 

4/15/2038

508,295

270,000

5.550%, 

1/23/2049

291,061

Archer-Daniels-Midland

Company

393,000

2.700%, 

9/15/2051

262,250

AstraZeneca

plc

580,000

3.000%, 

5/28/2051

422,912

B&G

Foods,

Inc.

114,000

8.000%, 

9/15/2028

c

119,250

BAT

Capital

Corporation

215,000

7.079%, 

8/2/2043

246,377

Bausch

+

Lomb

Corporation

36,000

8.375%, 

10/1/2028

c

38,070

Bausch

Health

Companies,

Inc.

91,000

5.500%, 

11/1/2025

b,c

88,899

209,000

4.875%, 

6/1/2028

c

163,543

Baxter

International,

Inc.

325,000

3.132%, 

12/1/2051

221,408

Becton,

Dickinson

and

Company

157,000

3.794%, 

5/20/2050

127,103

375,000

3.700%, 

6/6/2027

370,298

BellRing

Brands,

Inc.

101,000

7.000%, 

3/15/2030

c

105,703

Bristol-Myers

Squibb

Company

556,000

3.550%, 

3/15/2042

465,806

Bunge,

Ltd.

Finance

Corporation

78,000

4.650%, 

9/17/2034

77,831

Campbell

Soup

Company

208,000

5.400%, 

3/21/2034

218,119

Cargill,

Inc.

329,000

3.125%, 

5/25/2051

c

237,015

Catalent

Pharma

Solutions,

Inc.

70,000

3.125%, 

2/15/2029

c

68,761

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

53,000

9.500%, 

10/15/2029

c,g

53,050

Central

Garden

&

Pet

Company

131,000

4.125%, 

10/15/2030

121,784

Charles

River

Laboratories

International,

Inc.

67,000

4.000%, 

3/15/2031

c

61,764

Cheplapharm

Arzneimittel

GmbH

20,000

5.500%, 

1/15/2028

c

19,398

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

$

54,000

4.625%, 

11/15/2028

c

$

52,589

CHS/Community

Health

Systems,

Inc.

131,000

5.625%, 

3/15/2027

c

128,913

42,000

8.000%, 

12/15/2027

c

42,134

178,000

6.000%, 

1/15/2029

c

172,801

102,000

5.250%, 

5/15/2030

c

93,871

77,000

4.750%, 

2/15/2031

c

67,687

82,000

10.875%, 

1/15/2032

c

90,363

Conagra

Brands,

Inc.

380,000

1.375%, 

11/1/2027

347,854

Concentra

Escrow

Issuer

Corporation

50,000

6.875%, 

7/15/2032

c

52,576

Constellation

Brands,

Inc.

266,000

3.600%, 

2/15/2028

260,107

160,000

2.875%, 

5/1/2030

147,502

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

214,000

4.750%, 

1/15/2029

c

209,284

CVS

Health

Corporation

214,000

4.780%, 

3/25/2038

201,911

703,000

6.000%, 

6/1/2044

726,605

DaVita,

Inc.

116,000

6.875%, 

9/1/2032

c

119,834

Edgewell

Personal

Care

Company

120,000

5.500%, 

6/1/2028

c

119,297

Eli

Lilly

&

Company

168,000

4.950%, 

2/27/2063

168,036

Embecta

Corporation

56,000

6.750%, 

2/15/2030

c

53,032

Encompass

Health

Corporation

90,000

4.500%, 

2/1/2028

88,337

Endo

Finance

Holdings,

Inc.

56,000

8.500%, 

4/15/2031

b,c

60,006

Energizer

Holdings,

Inc.

149,000

4.750%, 

6/15/2028

c

144,582

Fortrea

Holdings,

Inc.

93,000

7.500%, 

7/1/2030

b,c

93,611

GE

HealthCare

Technologies,

Inc.

226,000

6.377%, 

11/22/2052

264,262

General

Mills,

Inc.

90,000

4.950%, 

3/29/2033

92,318

HCA,

Inc.

401,000

3.500%, 

9/1/2030

377,893

157,000

5.450%, 

9/15/2034

161,543

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

57,000

7.875%, 

9/1/2025

c

56,788

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

61,000

12.250%, 

4/15/2029

c

60,803

104,000

4.875%, 

6/1/2029

c

65,435

Illumina,

Inc.

145,000

4.650%, 

9/9/2026

145,902

Imperial

Brands

Finance

plc

550,000

3.875%, 

7/26/2029

c

531,038

Jazz

Securities

DAC

41,000

4.375%, 

1/15/2029

c

39,652

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

$

227,000

5.500%, 

1/15/2030

$

229,929

46,000

3.625%, 

1/15/2032

42,055

455,000

3.000%, 

5/15/2032

394,567

Johnson

&

Johnson

216,000

5.250%, 

6/1/2054

233,946

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

110,000

9.000%, 

2/15/2029

c

114,390

Keurig

Dr

Pepper,

Inc.

432,000

5.200%, 

3/15/2031

451,025

Kimberly-Clark

Corporation

300,000

3.900%, 

5/4/2047

256,279

Kraft

Heinz

Foods

Company

219,000

4.375%, 

6/1/2046

193,824

Lamb

Weston

Holdings,

Inc.

62,000

4.125%, 

1/31/2030

c

58,154

LifePoint

Health,

Inc.

111,000

9.875%, 

8/15/2030

c

122,211

73,000

11.000%, 

10/15/2030

c

82,372

Mattel,

Inc.

282,000

5.450%, 

11/1/2041

268,918

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

128,000

6.250%, 

4/1/2029

c

131,882

Medtronic,

Inc.

338,000

4.375%, 

3/15/2035

336,076

Mozart

Debt

Merger

Sub,

Inc.

151,000

3.875%, 

4/1/2029

c

142,961

119,000

5.250%, 

10/1/2029

c

116,761

MPH

Acquisition

Holdings,

LLC

57,000

5.500%, 

9/1/2028

c

41,100

Newell

Brands,

Inc.

58,000

6.375%, 

9/15/2027

b

58,661

58,000

6.625%, 

9/15/2029

58,722

Novartis

Capital

Corporation

182,000

4.700%, 

9/18/2054

178,113

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

80,000

4.125%, 

4/30/2028

c

76,927

226,000

5.125%, 

4/30/2031

b,c

212,919

Owens

&

Minor,

Inc.

100,000

6.625%, 

4/1/2030

b,c

97,070

PepsiCo,

Inc.

215,000

4.200%, 

7/18/2052

193,180

Performance

Food

Group,

Inc.

129,000

4.250%, 

8/1/2029

c

122,672

82,000

6.125%, 

9/15/2032

c

83,792

Perrigo

Finance

Unlimited

Company

99,000

4.900%, 

6/15/2030

96,419

54,000

6.125%, 

9/30/2032

54,417

Pfizer

Investment

Enterprises,

Private

Ltd.

504,000

5.300%, 

5/19/2053

521,360

217,000

5.110%, 

5/19/2043

220,939

Philip

Morris

International,

Inc.

218,000

5.500%, 

9/7/2030

230,782

103,000

5.125%, 

2/13/2031

107,058

336,000

5.375%, 

2/15/2033

351,402

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Post

Holdings,

Inc.

$

85,000

4.625%, 

4/15/2030

c

$

81,333

140,000

4.500%, 

9/15/2031

c

130,789

80,000

6.250%, 

10/15/2034

c,g

80,504

Prime

Healthcare

Services,

Inc.

89,000

9.375%, 

9/1/2029

c

91,802

Roche

Holdings,

Inc.

336,000

4.000%, 

11/28/2044

c

298,443

Royalty

Pharma

plc

194,000

5.150%, 

9/2/2029

198,984

Scotts

Miracle-Gro

Company

46,000

4.500%, 

10/15/2029

44,233

Simmons

Foods,

Inc.

228,000

4.625%, 

3/1/2029

c

216,318

Sotera

Health

Holdings,

LLC

60,000

7.375%, 

6/1/2031

c

62,311

Spectrum

Brands,

Inc.

14,000

3.875%, 

3/15/2031

c

12,257

Star

Parent,

Inc.

63,000

9.000%, 

10/1/2030

c

67,635

Sysco

Corporation

338,000

6.600%, 

4/1/2040

383,027

Takeda

Pharmaceutical

Company,

Ltd.

335,000

3.175%, 

7/9/2050

240,508

316,000

5.650%, 

7/5/2044

332,491

Tenet

Healthcare

Corporation

325,000

5.125%, 

11/1/2027

323,772

112,000

4.375%, 

1/15/2030

107,456

144,000

6.750%, 

5/15/2031

150,101

Teva

Pharmaceutical

Finance

Company,

LLC

59,000

6.150%, 

2/1/2036

60,760

Teva

Pharmaceutical

Finance

Netherlands

III

BV

131,000

3.150%, 

10/1/2026

125,918

US

Acute

Care

Solutions,

LLC

57,000

9.750%, 

5/15/2029

c

59,038

Viterra

Finance

BV

273,000

3.200%, 

4/21/2031

c

249,693

Zoetis,

Inc.

468,000

4.700%, 

2/1/2043

445,812

Total

21,766,918

Energy  0.2%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

53,000

7.500%, 

10/1/2029

c,g

53,702

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

124,000

5.375%, 

6/15/2029

c

122,696

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

85,000

6.250%, 

4/1/2028

c

85,422

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

117,000

8.250%, 

12/31/2028

c

119,863

58,000

5.875%, 

6/30/2029

c

57,298

Baytex

Energy

Corporation

119,000

8.500%, 

4/30/2030

c

123,334

28,000

7.375%, 

3/15/2032

c

27,898

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Energy  0.2%

-

continued

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

$

93,000

7.000%, 

7/15/2029

c

$

96,681

BP

Capital

Markets

America,

Inc.

567,000

2.939%, 

6/4/2051

385,397

Buckeye

Partners,

LP

80,000

4.500%, 

3/1/2028

c

77,585

114,000

6.875%, 

7/1/2029

c

116,801

California

Resources

Corporation

70,000

8.250%, 

6/15/2029

c

71,336

Canadian

Natural

Resources,

Ltd.

137,000

2.950%, 

7/15/2030

125,254

Cheniere

Energy

Partners,

LP

897,000

4.500%, 

10/1/2029

884,735

Cheniere

Energy,

Inc.

61,000

5.650%, 

4/15/2034

c

63,111

Civitas

Resources,

Inc.

82,000

8.375%, 

7/1/2028

c

85,236

152,000

8.750%, 

7/1/2031

c

160,898

CNX

Resources

Corporation

69,000

6.000%, 

1/15/2029

c

69,374

Columbia

Pipelines

Holding

Company,

LLC

219,000

6.042%, 

8/15/2028

c

228,984

Columbia

Pipelines

Operating

Company,

LLC

55,000

5.927%, 

8/15/2030

c

58,247

Comstock

Resources,

Inc.

113,000

6.750%, 

3/1/2029

c

109,976

135,000

5.875%, 

1/15/2030

c

126,237

Continental

Resources,

Inc.

394,000

2.268%, 

11/15/2026

c

373,435

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

133,000

5.500%, 

6/15/2031

c

130,450

Crescent

Energy

Finance,

LLC

175,000

7.625%, 

4/1/2032

c

175,055

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

126,000

8.625%, 

3/15/2029

c

132,570

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

48,000

8.500%, 

10/1/2030

c

50,153

Diamondback

Energy,

Inc.

309,000

5.750%, 

4/18/2054

311,370

DT

Midstream,

Inc.

98,000

4.125%, 

6/15/2029

c

93,741

Enbridge,

Inc.

162,000

5.250%, 

4/5/2027

165,866

Enerflex,

Ltd.

50,000

9.000%, 

10/15/2027

c

51,580

Energy

Transfer,

LP

137,000

8.000%, 

5/15/2054

d

147,408

265,000

4.900%, 

3/15/2035

261,594

250,000

5.150%, 

2/1/2043

234,416

400,000

6.000%, 

6/15/2048

409,528

EnLink

Midstream

Partners,

LP

113,000

5.600%, 

4/1/2044

107,999

Enterprise

Products

Operating,

LLC

300,000

3.300%, 

2/15/2053

214,498

EQM

Midstream

Partners,

LP

329,000

4.750%, 

1/15/2031

c

318,573

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Energy  0.2%

-

continued

Exxon

Mobil

Corporation

$

525,000

3.452%, 

4/15/2051

$

406,815

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

93,000

8.875%, 

4/15/2030

97,764

140,000

7.875%, 

5/15/2032

142,540

Gulfport

Energy

Corporation

40,000

6.750%, 

9/1/2029

c

40,468

Halliburton

Company

247,000

4.850%, 

11/15/2035

246,633

225,000

5.000%, 

11/15/2045

215,537

Harvest

Midstream

I,

LP

147,000

7.500%, 

9/1/2028

c

150,429

Hess

Midstream

Operations,

LP

127,000

4.250%, 

2/15/2030

c

121,266

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

170,000

5.750%, 

2/1/2029

c

165,383

56,000

6.000%, 

4/15/2030

c

54,585

112,000

6.250%, 

4/15/2032

c

109,012

Howard

Midstream

Energy

Partners,

LLC

163,000

7.375%, 

7/15/2032

c

168,819

ITT

Holdings,

LLC

150,000

6.500%, 

8/1/2029

c

142,103

Kodiak

Gas

Services,

LLC

71,000

7.250%, 

2/15/2029

c

73,478

Kraken

Oil

&

Gas

Partners,

LLC

74,000

7.625%, 

8/15/2029

c

73,901

Laredo

Petroleum,

Inc.

116,000

7.750%, 

7/31/2029

b,c

115,413

MEG

Energy

Corporation

91,000

5.875%, 

2/1/2029

c

89,022

Moss

Creek

Resources

Holdings,

Inc.

61,000

8.250%, 

9/1/2031

c

60,233

MPLX,

LP

449,000

4.950%, 

9/1/2032

450,704

82,000

5.000%, 

3/1/2033

82,045

Nabors

Industries,

Inc.

56,000

7.375%, 

5/15/2027

c

56,125

144,000

9.125%, 

1/31/2030

c

148,507

National

Fuel

Gas

Company

404,000

5.500%, 

1/15/2026

407,645

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

47,000

8.125%, 

2/15/2029

c

48,191

70,000

8.375%, 

2/15/2032

c

72,139

Noble

Finance

II,

LLC

118,000

8.000%, 

4/15/2030

c

121,752

Northern

Oil

and

Gas,

Inc.

120,000

8.750%, 

6/15/2031

c

125,042

NuStar

Logistics,

LP

114,000

6.375%, 

10/1/2030

118,289

Occidental

Petroleum

Corporation

90,000

5.000%, 

8/1/2027

91,239

ONEOK,

Inc.

164,000

5.700%, 

11/1/2054

163,067

112,000

5.000%, 

3/1/2026

112,511

188,000

4.750%, 

10/15/2031

188,000

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

96,000

6.000%, 

2/15/2028

94,763

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Energy  0.2%

-

continued

Permian

Resources

Operating,

LLC

$

110,000

6.250%, 

2/1/2033

c

$

111,775

Prairie

Acquiror,

LP

93,000

9.000%, 

8/1/2029

c

96,021

Precision

Drilling

Corporation

77,000

6.875%, 

1/15/2029

c

76,840

Range

Resources

Corporation

97,000

4.750%, 

2/15/2030

c

93,567

Rockies

Express

Pipeline,

LLC

147,000

4.950%, 

7/15/2029

c

140,589

Saturn

Oil

&

Gas,

Inc.

68,000

9.625%, 

6/15/2029

c

67,180

Schlumberger

Holdings

Corporation

113,000

5.000%, 

5/29/2027

c

115,319

SM

Energy

Company

105,000

6.500%, 

7/15/2028

104,885

40,000

7.000%, 

8/1/2032

c

40,155

South

Bow

USA

Infrastructure

Holdings,

LLC

173,000

5.026%, 

10/1/2029

c

173,452

69,000

5.584%, 

10/1/2034

c

69,664

Southwestern

Energy

Company

83,000

4.750%, 

2/1/2032

79,399

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

56,000

5.875%, 

3/1/2027

55,905

Suncor

Energy,

Inc.

339,000

7.150%, 

2/1/2032

382,465

Sunoco,

LP

169,000

7.000%, 

5/1/2029

c

176,574

Sunoco,

LP/Sunoco

Finance

Corporation

84,000

5.875%, 

3/15/2028

84,420

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

217,000

5.500%, 

1/15/2028

c

210,094

85,000

7.375%, 

2/15/2029

c

85,958

Talos

Production,

Inc.

60,000

9.000%, 

2/1/2029

c

61,780

Targa

Resources

Corporation

394,000

4.200%, 

2/1/2033

373,076

Teine

Energy,

Ltd.

150,000

6.875%, 

4/15/2029

c

147,678

TGNR

Intermediate

Holdings,

LLC

127,000

5.500%, 

10/15/2029

c

120,665

TotalEnergies

Capital

SA

160,000

5.275%, 

9/10/2054

160,231

Transocean,

Inc.

147,900

8.750%, 

2/15/2030

c

154,205

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

96,000

7.125%, 

3/15/2029

c

98,875

Valaris,

Ltd.

120,000

8.375%, 

4/30/2030

c

123,600

Venture

Global

Calcasieu

Pass,

LLC

155,000

3.875%, 

8/15/2029

c

146,480

95,000

4.125%, 

8/15/2031

c

88,324

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Energy  0.2%

-

continued

Venture

Global

LNG,

Inc.

$

210,000

8.125%, 

6/1/2028

c

$

218,929

105,000

9.000%, 

9/30/2029

c,d,i

106,431

82,000

7.000%, 

1/15/2030

c

83,773

244,000

8.375%, 

6/1/2031

c

257,646

187,000

9.875%, 

2/1/2032

c

207,793

Viridien

SA

28,000

8.750%, 

4/1/2027

b,c

27,288

Western

Midstream

Operating,

LP

219,000

6.350%, 

1/15/2029

232,836

112,000

6.150%, 

4/1/2033

118,392

Williams

Companies,

Inc.

225,000

5.300%, 

8/15/2052

218,266

500,000

7.500%, 

1/15/2031

569,823

Total

16,862,074

Financials  0.8%

Acrisure,

LLC/Acrisure

Finance,

Inc.

39,000

4.250%, 

2/15/2029

c

36,843

57,000

7.500%, 

11/6/2030

c

58,658

AEGON

Funding

Company,

LLC

318,000

5.500%, 

4/16/2027

b,c

325,019

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

247,000

6.100%, 

1/15/2027

255,758

375,000

3.875%, 

1/23/2028

368,603

250,000

3.400%, 

10/29/2033

221,188

AG

TTMT

Escrow

Issuer,

LLC

44,000

8.625%, 

9/30/2027

c

45,109

Agree,

LP

158,000

5.625%, 

6/15/2034

165,288

Air

Lease

Corporation

59,000

4.650%, 

6/15/2026

d,i

57,512

482,000

3.000%, 

2/1/2030

444,272

Aircastle,

Ltd.

300,000

5.250%, 

8/11/2025

c

300,180

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

57,000

4.250%, 

10/15/2027

c

54,567

114,000

6.750%, 

4/15/2028

c

115,846

81,000

7.000%, 

1/15/2031

c

83,235

Ally

Financial,

Inc.

460,000

8.000%, 

11/1/2031

520,774

88,000

6.700%, 

2/14/2033

89,997

American

Express

Company

102,000

5.098%, 

2/16/2028

d

103,956

149,000

5.043%, 

7/26/2028

d

152,238

American

Homes

4

Rent,

LP

376,000

2.375%, 

7/15/2031

322,937

American

International

Group,

Inc.

453,000

5.125%, 

3/27/2033

466,836

AmWINS

Group,

Inc.

47,000

6.375%, 

2/15/2029

c

48,147

140,000

4.875%, 

6/30/2029

c

134,245

ANZ

Bank

New

Zealand,

Ltd.

225,000

5.548%, 

8/11/2032

c,d

229,808

Aon

North

America,

Inc.

158,000

5.750%, 

3/1/2054

167,375

Apollo

Debt

Solutions

BDC

232,000

6.700%, 

7/29/2031

b,c

239,009

Ares

Capital

Corporation

173,000

3.250%, 

7/15/2025

170,424

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

$

425,000

3.875%, 

1/15/2026

$

418,809

145,000

2.150%, 

7/15/2026

137,790

189,000

5.875%, 

3/1/2029

193,541

Ares

Strategic

Income

Fund

190,000

5.600%, 

2/15/2030

c,g

188,497

Arthur

J.

Gallagher

&

Company

54,000

6.750%, 

2/15/2054

63,561

79,000

5.750%, 

7/15/2054

82,462

Associated

Banc-Corp

275,000

4.250%, 

1/15/2025

273,603

Avolon

Holdings

Funding,

Ltd.

125,000

4.250%, 

4/15/2026

c

123,707

270,000

5.750%, 

3/1/2029

c

278,326

Banco

Santander

Mexico

SA

250,000

5.375%, 

4/17/2025

c

250,374

Banco

Santander

SA

400,000

4.175%, 

3/24/2028

d

396,179

Bank

of

America

Corporation

275,000

1.734%, 

7/22/2027

d

262,539

265,000

3.824%, 

1/20/2028

d

262,133

196,000

5.202%, 

4/25/2029

d

201,529

230,000

2.087%, 

6/14/2029

d

212,395

500,000

2.496%, 

2/13/2031

d

453,274

650,000

1.922%, 

10/24/2031

d

560,066

338,000

2.972%, 

2/4/2033

d

302,694

676,000

4.571%, 

4/27/2033

d

672,753

324,000

5.872%, 

9/15/2034

d

349,550

129,000

5.468%, 

1/23/2035

d

135,657

319,000

5.425%, 

8/15/2035

d

327,008

450,000

3.846%, 

3/8/2037

d

415,974

Bank

of

New

York

Mellon

Corporation

214,000

6.317%, 

10/25/2029

d

230,187

Barclays

plc

56,000

6.125%, 

12/15/2025

d,i

55,811

333,000

6.496%, 

9/13/2027

d

344,928

275,000

4.972%, 

5/16/2029

d

278,059

301,000

4.942%, 

9/10/2030

d

303,488

335,000

5.746%, 

8/9/2033

d

350,344

BBVA

Bancomer

SA/Texas

200,000

5.250%, 

9/10/2029

c

202,660

Belrose

Funding

Trust

430,000

2.330%, 

8/15/2030

c

368,971

Berkshire

Hathaway

Finance

Corporation

449,000

2.850%, 

10/15/2050

315,561

BlackRock

Funding,

Inc.

104,000

5.250%, 

3/14/2054

107,763

Blackstone

Private

Credit

Fund

341,000

2.700%, 

1/15/2025

338,415

210,000

6.250%, 

1/25/2031

b,c

215,729

Blue

Owl

Capital

Corporation

II

164,000

8.450%, 

11/15/2026

c

172,193

Blue

Owl

Credit

Income

Corporation

282,000

4.700%, 

2/8/2027

276,698

Blue

Owl

Technology

Finance

Corporation

115,000

4.750%, 

12/15/2025

c

113,437

Blue

Owl

Technology

Finance

Corporation

II

217,000

6.750%, 

4/4/2029

c

218,016

BNP

Paribas

SA

564,000

3.132%, 

1/20/2033

c,d

503,570

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

BPCE

SA

$

440,000

3.500%, 

10/23/2027

c

$

426,733

Burford

Capital

Global

Finance,

LLC

134,000

9.250%, 

7/1/2031

c

144,198

Camden

Property

Trust

278,000

3.150%, 

7/1/2029

265,110

Capital

One

Financial

Corporation

500,000

4.200%, 

10/29/2025

496,465

71,000

5.700%, 

2/1/2030

b,d

73,526

Castlelake

Aviation

Finance

DAC

59,000

5.000%, 

4/15/2027

c

59,151

Centene

Corporation

763,000

2.625%, 

8/1/2031

654,252

Charles

Schwab

Corporation

454,000

2.450%, 

3/3/2027

436,013

220,000

6.136%, 

8/24/2034

d

240,496

Chubb

INA

Holdings,

LLC

220,000

4.350%, 

11/3/2045

203,063

Citibank

NA

250,000

4.929%, 

8/6/2026

253,683

Citigroup,

Inc.

348,000

3.200%, 

10/21/2026

340,857

520,000

3.668%, 

7/24/2028

d

510,737

236,000

4.125%, 

7/25/2028

234,087

175,000

3.520%, 

10/27/2028

d

170,836

130,000

5.174%, 

2/13/2030

d

133,541

478,000

4.910%, 

5/24/2033

d

481,807

284,000

6.174%, 

5/25/2034

d

303,026

Citizens

Financial

Group,

Inc.

136,000

5.718%, 

7/23/2032

d

141,039

CNA

Financial

Corporation

160,000

5.125%, 

2/15/2034

163,615

Comerica,

Inc.

75,000

5.982%, 

1/30/2030

d

77,316

Constellation

Insurance,

Inc.

28,000

6.800%, 

1/24/2030

c

28,181

Cooperatieve

Rabobank

UA

447,000

5.564%, 

2/28/2029

c,d

462,803

Corebridge

Financial,

Inc.

117,000

6.375%, 

9/15/2054

d

118,204

169,000

4.350%, 

4/5/2042

149,653

Credit

Acceptance

Corporation

105,000

9.250%, 

12/15/2028

c

112,288

Credit

Suisse

Group

AG

350,000

7.250%, 

N/A

*,j

35,000

Deutsche

Bank

AG/New

York,

NY

239,000

6.819%, 

11/20/2029

d

257,275

500,000

3.729%, 

1/14/2032

d

448,720

Discover

Bank

475,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

490,494

Diversified

Healthcare

Trust

68,000

Zero

Coupon, 

1/15/2026

c

62,599

Drawbridge

Special

Opportunities

Fund,

LP

199,000

3.875%, 

2/15/2026

c

193,888

Elevance

Health,

Inc.

375,000

3.125%, 

5/15/2050

265,965

300,000

4.625%, 

5/15/2042

281,099

EPR

Properties

190,000

4.950%, 

4/15/2028

188,308

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

Fairfax

Financial

Holdings,

Ltd.

$

207,000

6.350%, 

3/22/2054

c

$

221,222

Fifth

Third

Bancorp

177,000

6.339%, 

7/27/2029

d

188,138

First

Horizon

Bank

265,000

5.750%, 

5/1/2030

269,069

FirstCash,

Inc.

143,000

5.625%, 

1/1/2030

c

141,689

First-Citizens

Bank

&

Trust

Company

189,000

6.125%, 

3/9/2028

197,626

Five

Corners

Funding

Trust

IV

224,000

5.997%, 

2/15/2053

c

246,458

Fortress

Transportation

and

Infrastructure

Investors,

LLC

60,000

5.500%, 

5/1/2028

c

59,749

105,000

7.000%, 

5/1/2031

c

110,671

82,000

7.000%, 

6/15/2032

c

86,075

Freedom

Mortgage

Corporation

59,000

7.625%, 

5/1/2026

c

59,527

Freedom

Mortgage

Holdings,

LLC

133,000

9.250%, 

2/1/2029

c

138,246

57,000

9.125%, 

5/15/2031

c

58,602

FS

KKR

Capital

Corporation

450,000

3.400%, 

1/15/2026

438,700

GGAM

Finance,

Ltd.

54,000

7.750%, 

5/15/2026

c

55,217

58,000

8.000%, 

6/15/2028

c

62,168

158,000

5.875%, 

3/15/2030

c

158,207

Global

Aircraft

Leasing

Company,

Ltd.

137,000

8.750%, 

9/1/2027

c

139,021

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

171,000

3.750%, 

12/15/2027

c

159,405

goeasy,

Ltd.

94,000

9.250%, 

12/1/2028

c

101,206

58,000

7.625%, 

7/1/2029

c

60,089

Goldman

Sachs

Bank

USA/New

York,

NY

323,000

5.414%, 

5/21/2027

d

328,228

Goldman

Sachs

BDC,

Inc.

135,000

6.375%, 

3/11/2027

139,151

Goldman

Sachs

Group,

Inc.

318,000

1.948%, 

10/21/2027

d

303,154

322,000

6.484%, 

10/24/2029

d

346,742

120,000

1.992%, 

1/27/2032

d

102,650

810,000

3.102%, 

2/24/2033

d

728,783

Health

Care

Service

Corporation

231,000

5.450%, 

6/15/2034

c

240,225

Healthpeak

OP,

LLC

87,000

3.400%, 

2/1/2025

86,535

Highwoods

Realty,

LP

215,000

7.650%, 

2/1/2034

247,177

Howard

Hughes

Corporation

37,000

4.125%, 

2/1/2029

c

34,508

HSBC

Holdings

plc

300,000

5.402%, 

8/11/2033

d

310,771

HUB

International,

Ltd.

164,000

7.250%, 

6/15/2030

c

170,868

Huntington

Bancshares,

Inc./OH

267,000

5.709%, 

2/2/2035

d

277,962

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

$

83,000

6.250%, 

5/15/2026

$

82,353

232,000

5.250%, 

5/15/2027

222,312

Intesa

Sanpaolo

SPA

71,000

4.198%, 

6/1/2032

c,d

63,277

Invitation

Homes

Operating

Partnership,

LP

282,000

2.000%, 

8/15/2031

236,682

J.P.

Morgan

Chase

&

Company

86,000

4.000%, 

4/1/2025

d,i

84,858

384,000

1.578%, 

4/22/2027

d

367,860

320,000

4.979%, 

7/22/2028

b,d

326,241

25,000

4.203%, 

7/23/2029

d

24,907

400,000

2.522%, 

4/22/2031

d

363,324

400,000

1.953%, 

2/4/2032

d

343,707

450,000

4.586%, 

4/26/2033

d

450,095

337,000

4.912%, 

7/25/2033

d

344,205

228,000

5.766%, 

4/22/2035

d

245,697

Jackson

National

Life

Global

Funding

236,000

5.550%, 

7/2/2027

c

242,411

Jane

Street

Group/JSG

Finance,

Inc.

92,000

4.500%, 

11/15/2029

c

88,552

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

49,000

5.000%, 

8/15/2028

c

46,590

Jefferson

Capital

Holdings,

LLC

47,000

6.000%, 

8/15/2026

c

47,005

117,000

9.500%, 

2/15/2029

c

124,920

KeyBank

NA/Cleveland,

OH

258,000

5.000%, 

1/26/2033

255,656

KeyCorp

162,000

6.324%, 

(SOFRINDX

+

1.250%),

5/23/2025

d

162,256

Kilroy

Realty,

LP

109,000

4.250%, 

8/15/2029

104,365

93,000

6.250%, 

1/15/2036

95,221

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

58,000

4.250%, 

2/1/2027

c

56,574

155,000

4.750%, 

6/15/2029

c

151,384

Liberty

Mutual

Group,

Inc.

32,000

4.125%, 

12/15/2051

c,d

30,272

Lloyds

Banking

Group

plc

335,000

5.871%, 

3/6/2029

d

349,419

Macquarie

Airfinance

Holdings,

Ltd.

108,000

6.400%, 

3/26/2029

c

112,406

146,000

5.150%, 

3/17/2030

c

146,318

28,000

6.500%, 

3/26/2031

c

29,556

Manufacturers

&

Traders

Trust

Company

337,000

4.700%, 

1/27/2028

338,774

Marsh

&

McLennan

Companies,

Inc.

83,000

5.450%, 

3/15/2053

86,305

215,000

5.400%, 

9/15/2033

228,599

Massachusetts

Mutual

Life

Insurance

Company

475,000

3.200%, 

12/1/2061

c

314,628

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

Mitsubishi

UFJ

Financial

Group,

Inc.

$

335,000

5.422%, 

2/22/2029

d

$

346,389

Molina

Healthcare,

Inc.

157,000

4.375%, 

6/15/2028

c

152,631

41,000

3.875%, 

5/15/2032

c

37,496

Morgan

Stanley

540,000

4.350%, 

9/8/2026

541,296

435,000

3.591%, 

7/22/2028

d

426,236

223,000

5.164%, 

4/20/2029

d

229,213

620,000

3.622%, 

4/1/2031

d

595,303

223,000

5.250%, 

4/21/2034

d

230,312

168,000

5.831%, 

4/19/2035

d

180,457

394,000

5.297%, 

4/20/2037

d

396,981

Morgan

Stanley

Direct

Lending

Fund

159,000

6.150%, 

5/17/2029

c

161,086

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

236,000

4.625%, 

8/1/2029

b

189,823

Nasdaq,

Inc.

335,000

3.250%, 

4/28/2050

242,311

Nationstar

Mortgage

Holdings,

Inc.

29,000

5.500%, 

8/15/2028

c

28,708

60,000

6.500%, 

8/1/2029

c

61,010

90,000

5.125%, 

12/15/2030

c

86,337

NatWest

Group

plc

250,000

4.445%, 

5/8/2030

d

248,257

325,000

6.475%, 

6/1/2034

d

342,002

Navient

Corporation

34,000

5.000%, 

3/15/2027

33,699

37,000

5.500%, 

3/15/2029

35,893

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

37,000

4.500%, 

9/30/2028

c

34,724

New

York

Life

Global

Funding

331,000

4.550%, 

1/28/2033

c

332,410

Nomura

Holdings,

Inc.

224,000

5.783%, 

7/3/2034

235,334

Omega

Healthcare

Investors,

Inc.

416,000

3.625%, 

10/1/2029

392,061

375,000

3.375%, 

2/1/2031

341,684

OneMain

Finance

Corporation

217,000

3.500%, 

1/15/2027

207,413

262,000

3.875%, 

9/15/2028

243,010

Panther

Escrow

Issuer,

LLC

164,000

7.125%, 

6/1/2031

c

172,021

Park

Intermediate

Holdings,

LLC

161,000

4.875%, 

5/15/2029

c

156,214

Pine

Street

Trust

III

100,000

6.223%, 

5/15/2054

c

108,405

PNC

Financial

Services

Group,

Inc.

107,000

6.615%, 

10/20/2027

d

111,823

314,000

5.492%, 

5/14/2030

d

328,120

450,000

4.626%, 

6/6/2033

d

443,598

PRA

Group,

Inc.

89,000

8.375%, 

2/1/2028

c

92,143

Prologis

Targeted

US

Logistics

Fund,

LP

216,000

5.250%, 

4/1/2029

c

222,460

104,000

5.250%, 

1/15/2035

c

106,360

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

Prologis,

LP

$

146,000

5.250%, 

3/15/2054

$

148,259

Prudential

Financial,

Inc.

428,000

5.125%, 

3/1/2052

d

424,716

Regency

Centers,

LP

299,000

4.125%, 

3/15/2028

296,810

162,000

5.250%, 

1/15/2034

167,225

Regions

Financial

Corporation

92,000

5.502%, 

9/6/2035

d

93,622

Reinsurance

Group

of

America,

Inc.

231,000

5.750%, 

9/15/2034

243,338

RGA

Global

Funding

105,000

5.500%, 

1/11/2031

c

109,746

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

28,000

4.750%, 

10/15/2027

27,658

57,000

4.500%, 

2/15/2029

c

55,152

RLJ

Lodging

Trust,

LP

52,000

4.000%, 

9/15/2029

c

47,867

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

190,000

3.625%, 

3/1/2029

c

178,652

73,000

3.875%, 

3/1/2031

c

67,214

82,000

4.000%, 

10/15/2033

c

73,249

Ryan

Specialty,

LLC

30,000

4.375%, 

2/1/2030

c

28,911

22,000

5.875%, 

8/1/2032

c

22,367

Santander

Holdings

USA,

Inc.

111,000

6.499%, 

3/9/2029

d

116,236

93,000

6.174%, 

1/9/2030

d

97,082

Santander

UK

Group

Holdings

plc

460,000

1.673%, 

6/14/2027

d

437,556

Service

Properties

Trust

76,000

8.375%, 

6/15/2029

75,915

93,000

8.625%, 

11/15/2031

c

101,134

Simon

Property

Group,

LP

343,000

3.800%, 

7/15/2050

272,462

SLM

Corporation

60,000

4.200%, 

10/29/2025

59,315

Societe

Generale

SA

354,000

4.750%, 

11/24/2025

c

351,712

Standard

Chartered

plc

200,000

5.688%, 

5/14/2028

c,d

205,383

State

Street

Corporation

314,000

4.530%, 

2/20/2029

d

317,190

Sumitomo

Mitsui

Financial

Group,

Inc.

336,000

3.010%, 

10/19/2026

327,890

329,000

5.710%, 

1/13/2030

348,441

275,000

1.710%, 

1/12/2031

232,679

Synchrony

Financial

115,000

5.935%, 

8/2/2030

b,d

118,147

59,000

7.250%, 

2/2/2033

61,295

Synovus

Bank

250,000

5.625%, 

2/15/2028

251,351

Toronto-Dominion

Bank

293,000

5.523%, 

7/17/2028

306,512

110,000

5.146%, 

9/10/2034

d

111,050

Truist

Financial

Corporation

227,000

6.047%, 

6/8/2027

d

232,934

160,000

5.125%, 

12/15/2027

d,i

157,179

266,000

5.122%, 

1/26/2034

d

268,923

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Financials  0.8%

-

continued

$

137,000

5.711%, 

1/24/2035

d

$

144,328

U.S.

Bancorp

348,000

5.775%, 

6/12/2029

d

364,716

88,000

5.836%, 

6/12/2034

d

93,960

146,000

5.678%, 

1/23/2035

d

154,760

UBS

Group

AG

43,000

4.875%, 

2/12/2027

c,d,i

41,147

328,000

6.246%, 

9/22/2029

c,d

348,219

278,000

3.091%, 

5/14/2032

c,d

250,687

200,000

5.699%, 

2/8/2035

c,d

211,116

200,000

5.379%, 

9/6/2045

c,d

204,602

UniCredit

SPA

57,000

5.861%, 

6/19/2032

c,d

57,356

United

Wholesale

Mortgage,

LLC

154,000

5.500%, 

4/15/2029

c

149,996

UnitedHealth

Group,

Inc.

224,000

5.875%, 

2/15/2053

247,955

228,000

4.750%, 

5/15/2052

217,422

Vornado

Realty,

LP

42,000

3.400%, 

6/1/2031

36,209

Wells

Fargo

&

Company

43,000

3.900%, 

3/15/2026

d,i

41,792

199,000

3.000%, 

4/22/2026

195,499

350,000

3.000%, 

10/23/2026

342,075

338,000

3.526%, 

3/24/2028

d

331,600

214,000

5.707%, 

4/22/2028

d

220,974

550,000

2.393%, 

6/2/2028

d

522,949

234,000

5.574%, 

7/25/2029

d

243,455

185,000

5.389%, 

4/24/2034

d

191,881

310,000

4.900%, 

11/17/2045

290,809

XHR,

LP

66,000

4.875%, 

6/1/2029

c

63,260

Total

56,969,830

Foreign

Government  <0.1%

NBN

Company,

Ltd.

350,000

2.625%, 

5/5/2031

c

311,536

Saudi

Arabian

Oil

Company

200,000

5.250%, 

7/17/2034

c

205,661

Total

517,197

Mortgage-Backed

Securities  3.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,051,816

2.000%, 

1/1/2052

2,559,054

2,292,607

2.000%, 

5/1/2051

1,922,697

4,435,203

2.500%, 

5/1/2051

3,874,690

1,765,837

3.500%, 

5/1/2052

1,656,484

2,951,715

4.000%, 

5/1/2052

2,859,086

1,829,106

5.000%, 

7/1/2053

1,841,237

903,580

5.500%, 

7/1/2053

921,087

2,412,554

3.500%, 

8/1/2052

2,261,350

1,845,114

5.000%, 

8/1/2053

1,865,835

2,783,890

5.500%, 

9/1/2053

2,860,030

1,870,313

3.500%, 

9/1/2047

1,764,922

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,370,433

2.500%, 

7/1/2030

1,320,755

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,785,625

3.000%, 

12/1/2036

1,700,616

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Mortgage-Backed

Securities  3.0%

-

continued

$

1,771,620

3.000%, 

8/1/2038

$

1,696,358

2,760,045

3.500%, 

5/1/2040

2,686,591

2,612,197

2.500%, 

4/1/2042

2,346,200

890,847

2.000%, 

5/1/2042

778,605

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

7,159,518

3.000%, 

1/1/2052

6,486,389

895,970

2.000%, 

2/1/2051

751,477

587,100

2.000%, 

2/1/2051

492,418

2,873,727

2.500%, 

2/1/2051

2,511,220

3,385,577

2.500%, 

2/1/2051

2,940,665

9,868,781

2.000%, 

3/1/2051

8,174,015

1,415,894

2.000%, 

3/1/2051

1,170,983

5,150,323

4.000%, 

3/1/2051

4,999,655

2,511,545

2.000%, 

3/1/2052

2,105,397

7,666,739

3.000%, 

3/1/2052

6,900,828

6,529,920

2.000%, 

4/1/2051

5,408,535

4,552,135

3.000%, 

4/1/2051

4,123,756

4,760,416

3.000%, 

5/1/2050

4,347,787

1,081,349

2.000%, 

5/1/2051

902,081

3,544,577

3.000%, 

5/1/2051

3,248,440

6,618,622

2.000%, 

6/1/2050

5,522,012

2,887,071

3.000%, 

6/1/2050

2,655,421

1,241,121

4.000%, 

6/1/2052

1,193,616

1,336,721

5.000%, 

6/1/2053

1,348,131

4,967,591

2.500%, 

7/1/2051

4,365,581

1,170,434

3.500%, 

7/1/2051

1,104,464

3,488,426

4.000%, 

7/1/2052

3,355,090

1,089,232

2.500%, 

8/1/2050

960,264

1,896,088

3.500%, 

8/1/2050

1,793,416

3,248,538

3.500%, 

8/1/2052

3,029,186

6,068,524

4.500%, 

8/1/2052

5,995,300

2,532,182

5.000%, 

8/1/2053

2,553,807

4,965,869

6.000%, 

8/1/2054

5,211,380

1,148,470

2.500%, 

9/1/2051

1,005,045

1,716,750

3.500%, 

9/1/2052

1,613,446

963,423

3.500%, 

9/1/2052

905,718

2,064,518

5.000%, 

9/1/2052

2,068,782

1,932,991

4.500%, 

9/1/2053

1,915,992

3,268,468

4.500%, 

9/1/2053

3,219,279

4,957,654

4.000%, 

10/1/2052

4,782,220

1,053,611

2.000%, 

11/1/2051

881,621

1,278,931

3.500%, 

11/1/2052

1,204,281

4,349,667

2.000%, 

12/1/2050

3,631,462

9,721,753

2.500%, 

12/1/2051

8,482,007

6,006,389

4.500%, 

12/1/2052

5,961,027

10,225,000

5.500%, 

10/1/2041

g

10,343,400

2,800,000

6.000%, 

10/1/2041

g

2,861,681

2,173,971

3.500%, 

12/1/2047

2,051,519

2,450,000

4.000%, 

10/1/2048

g

2,352,694

4,500,000

4.500%, 

10/1/2048

g

4,423,622

3,375,000

5.000%, 

10/1/2048

g

3,372,759

9,500,000

3.000%, 

10/1/2049

g

8,525,497

5,700,000

3.500%, 

10/1/2049

g

5,307,654

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,813,288

2.500%, 

3/1/2062

4,843,569

1,253,455

3.500%, 

7/1/2061

1,147,004

2,551,778

4.000%, 

12/1/2061

2,432,168

Total

211,899,358

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Technology  0.2%

Advanced

Micro

Devices,

Inc.

$

225,000

4.393%, 

6/1/2052

b

$

209,448

Amentum

Holdings,

Inc.

89,000

7.250%, 

8/1/2032

c

92,883

Analog

Devices,

Inc.

525,000

2.950%, 

10/1/2051

370,587

Apple,

Inc.

292,000

2.650%, 

2/8/2051

200,792

735,000

3.750%, 

9/12/2047

633,294

Automatic

Data

Processing,

Inc.

312,000

4.450%, 

9/9/2034

312,722

Block,

Inc.

61,000

3.500%, 

6/1/2031

55,623

200,000

6.500%, 

5/15/2032

c

208,264

Boost

Newco

Borrower,

LLC

169,000

7.500%, 

1/15/2031

c

181,345

Broadcom,

Inc.

322,000

5.050%, 

7/12/2027

329,098

121,000

3.469%, 

4/15/2034

c

108,960

452,000

3.137%, 

11/15/2035

c

386,521

500,000

3.187%, 

11/15/2036

c

423,769

250,000

4.926%, 

5/15/2037

c

249,784

Cadence

Design

Systems,

Inc.

117,000

4.700%, 

9/10/2034

117,730

Central

Parent,

Inc./CDK

Global,

Inc.

59,000

7.250%, 

6/15/2029

c

60,334

Cisco

Systems,

Inc.

103,000

5.300%, 

2/26/2054

109,282

69,000

4.950%, 

2/26/2031

72,121

Clarivate

Science

Holdings

Corporation

62,000

3.875%, 

7/1/2028

c

59,500

Cloud

Software

Group,

Inc.

357,000

6.500%, 

3/31/2029

c

355,203

Consensus

Cloud

Solutions,

Inc.

29,000

6.000%, 

10/15/2026

c

28,921

CoreLogic,

Inc.

35,000

4.500%, 

5/1/2028

c

33,033

Dell

International,

LLC/EMC

Corporation

243,000

6.020%, 

6/15/2026

248,832

Dell,

Inc.

196,000

6.500%, 

4/15/2038

215,391

Dye

&

Durham,

Ltd.

87,000

8.625%, 

4/15/2029

c

92,035

Fiserv,

Inc.

100,000

2.250%, 

6/1/2027

95,146

220,000

2.650%, 

6/1/2030

200,452

215,000

5.350%, 

3/15/2031

224,892

195,000

5.600%, 

3/2/2033

206,510

230,000

5.150%, 

8/12/2034

235,838

Foundry

JV

Holdco,

LLC

251,000

5.900%, 

1/25/2030

c

259,792

Gen

Digital,

Inc.

5,000

6.750%, 

9/30/2027

c

5,137

70,000

7.125%, 

9/30/2030

b,c

73,451

Global

Payments,

Inc.

216,000

5.950%, 

8/15/2052

222,955

337,000

5.300%, 

8/15/2029

346,405

Hewlett

Packard

Enterprise

Company

313,000

4.400%, 

9/25/2027

313,340

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Technology  0.2%

-

continued

$

187,000

4.850%, 

10/15/2031

$

186,613

II-VI,

Inc.

58,000

5.000%, 

12/15/2029

c

56,711

Iron

Mountain,

Inc.

296,000

4.875%, 

9/15/2029

c

289,887

160,000

5.250%, 

7/15/2030

c

157,980

182,000

4.500%, 

2/15/2031

c

172,645

KLA

Corporation

338,000

3.300%, 

3/1/2050

255,682

Marvell

Technology,

Inc.

54,000

5.950%, 

9/15/2033

58,031

Mastercard,

Inc.

265,000

3.950%, 

2/26/2048

230,408

Microchip

Technology,

Inc.

47,000

5.050%, 

3/15/2029

48,266

Micron

Technology,

Inc.

119,000

5.300%, 

1/15/2031

123,649

Microsoft

Corporation

48,000

2.500%, 

9/15/2050

32,523

NCR

Atleos

Corporation

47,000

9.500%, 

4/1/2029

c

51,741

NCR

Voyix

Corporation

85,000

5.000%, 

10/1/2028

c

83,428

53,000

5.125%, 

4/15/2029

c

51,862

Neptune

Bidco

US,

Inc.

193,000

9.290%, 

4/15/2029

c

189,053

Newfold

Digital

Holdings

Group,

Inc.

35,000

11.750%, 

10/15/2028

c

34,450

NXP

BV/NXP

Funding,

LLC

150,000

5.550%, 

12/1/2028

155,720

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

106,000

4.300%, 

6/18/2029

105,467

250,000

3.250%, 

5/11/2041

195,108

Open

Text

Corporation

102,000

3.875%, 

12/1/2029

c

94,818

Open

Text

Holdings,

Inc.

220,000

4.125%, 

2/15/2030

c

206,505

Oracle

Corporation

224,000

6.900%, 

11/9/2052

270,005

103,000

4.700%, 

9/27/2034

102,729

450,000

3.850%, 

7/15/2036

406,958

624,000

4.000%, 

7/15/2046

517,633

PayPal

Holdings,

Inc.

191,000

5.500%, 

6/1/2054

201,006

Pitney

Bowes,

Inc.

29,000

6.875%, 

3/15/2027

b,c

28,823

PTC,

Inc.

55,000

4.000%, 

2/15/2028

c

53,355

RingCentral,

Inc.

160,000

8.500%, 

8/15/2030

c

171,175

Rocket

Software,

Inc.

70,000

9.000%, 

11/28/2028

c

73,051

Roper

Technologies,

Inc.

273,000

1.750%, 

2/15/2031

231,020

Seagate

HDD

Cayman

114,560

9.625%, 

12/1/2032

133,020

Sensata

Technologies

BV

64,000

4.000%, 

4/15/2029

c

61,010

Sensata

Technologies,

Inc.

33,000

3.750%, 

2/15/2031

c

30,213

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Technology  0.2%

-

continued

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

$

60,000

4.625%, 

11/1/2026

c

$

59,382

15,000

6.750%, 

8/15/2032

c

15,661

SK

Hynix,

Inc.

200,000

5.500%, 

1/16/2027

c

204,250

SS&C

Technologies,

Inc.

166,000

5.500%, 

9/30/2027

c

165,928

Texas

Instruments,

Inc.

224,000

5.050%, 

5/18/2063

224,773

UKG,

Inc.

59,000

6.875%, 

2/1/2031

c

60,965

Verisk

Analytics,

Inc.

160,000

5.250%, 

6/5/2034

165,262

Viavi

Solutions,

Inc.

128,000

3.750%, 

10/1/2029

c

116,149

Visa,

Inc.

466,000

2.700%, 

4/15/2040

366,556

VMware,

LLC

206,000

4.650%, 

5/15/2027

207,447

300,000

2.200%, 

8/15/2031

257,683

Xerox

Holdings

Corporation

15,000

5.000%, 

8/15/2025

c

14,862

226,000

5.500%, 

8/15/2028

c

192,959

Total

14,451,812

Transportation  0.1%

Air

Canada

114,000

3.875%, 

8/15/2026

c

111,012

American

Airlines

Group,

Inc.

42,000

3.750%, 

3/1/2025

b,c

41,569

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

274,166

5.500%, 

4/20/2026

c

273,385

86,446

5.750%, 

4/20/2029

c

86,303

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

76,000

5.375%, 

3/1/2029

b,c

71,037

Burlington

Northern

Santa

Fe,

LLC

309,000

2.875%, 

6/15/2052

213,060

214,000

5.750%, 

5/1/2040

233,865

240,000

4.450%, 

3/15/2043

225,554

Canadian

Pacific

Railway

Company

225,000

4.700%, 

5/1/2048

210,987

CSX

Corporation

360,000

3.800%, 

4/15/2050

296,393

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

456,000

4.750%, 

10/20/2028

c

455,460

ERAC

USA

Finance,

LLC

224,000

5.400%, 

5/1/2053

c

234,882

Hawaiian

Brand

Intellectual

Property,

Ltd./HawaiianMiles

Loyalty,

Ltd.

51,975

11.000%, 

4/15/2029

c

52,183

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

147,000

9.875%, 

9/20/2031

c

154,842

Mileage

Plus

Holdings,

LLC

310,200

6.500%, 

6/20/2027

c

314,057

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Transportation  0.1%

-

continued

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

$

220,000

5.750%, 

5/24/2026

c

$

223,986

Rand

Parent,

LLC

125,000

8.500%, 

2/15/2030

c

127,480

RXO,

Inc.

146,000

7.500%, 

11/15/2027

c

150,571

Stena

International

SA

94,000

7.250%, 

1/15/2031

c

98,778

Union

Pacific

Corporation

449,000

2.973%, 

9/16/2062

290,089

United

Airlines,

Inc.

134,000

4.375%, 

4/15/2026

c

131,849

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

36,000

7.875%, 

5/1/2027

c

35,137

68,000

6.375%, 

2/1/2030

b,c

58,421

Total

4,090,900

U.S.

Government

&

Agencies  3.0%

U.S.

Treasury

Bonds

1,500,000

2.875%, 

5/15/2052

1,174,746

100,000

3.625%, 

5/15/2053

91,004

680,000

1.625%, 

11/15/2050

399,978

4,000,000

4.750%, 

11/15/2053

4,418,281

5,830,000

5.250%, 

11/15/2028

6,208,267

2,050,000

4.375%, 

5/15/2040

2,142,570

7,430,000

1.375%, 

11/15/2040

5,041,952

11,465,000

3.000%, 

5/15/2042

9,856,317

2,500,000

3.250%, 

5/15/2042

2,222,656

25,124,000

2.500%, 

5/15/2046

18,936,234

16,725,000

2.875%, 

5/15/2049

13,202,950

U.S.

Treasury

Notes

41,900,000

2.875%, 

5/31/2025

41,535,012

2,500,000

4.250%, 

12/31/2025

2,511,328

12,650,000

2.625%, 

1/31/2026

12,458,768

2,500,000

0.500%, 

2/28/2026

2,387,891

25,060,000

2.500%, 

2/28/2026

24,617,534

100,000

4.625%, 

2/28/2026

101,113

20,005,000

2.250%, 

11/15/2027

19,224,336

10,550,000

3.875%, 

12/31/2027

10,650,555

300,000

0.750%, 

1/31/2028

273,539

3,200,000

3.625%, 

3/31/2028

3,206,500

18,050,000

2.875%, 

5/15/2028

17,619,197

2,500,000

3.750%, 

12/31/2028

2,516,797

160,000

1.375%, 

11/15/2031

137,019

4,400,000

4.125%, 

11/15/2032

4,525,984

1,400,000

3.500%, 

2/15/2033

1,375,609

7,900,000

4.500%, 

11/15/2033

8,342,832

Total

215,178,969

Utilities  0.2%

AES

Corporation

450,000

3.950%, 

7/15/2030

c

429,149

Alpha

Generation,

LLC

52,000

6.750%, 

10/15/2032

c

52,733

American

Electric

Power

Company,

Inc.

195,000

5.625%, 

3/1/2033

205,734

American

Water

Capital

Corporation

210,000

5.450%, 

3/1/2054

220,563

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Utilities  0.2%

-

continued

Appalachian

Power

Company

$

238,000

3.300%, 

6/1/2027

$

232,324

Berkshire

Hathaway

Energy

Company

375,000

4.500%, 

2/1/2045

351,522

Calpine

Corporation

197,000

4.500%, 

2/15/2028

c

192,349

CenterPoint

Energy,

Inc.

126,000

4.250%, 

11/1/2028

124,520

Commonwealth

Edison

Company

355,000

3.700%, 

3/1/2045

292,374

Consolidated

Edison

Company

of

New

York,

Inc.

168,000

4.500%, 

12/1/2045

153,628

450,000

4.125%, 

5/15/2049

382,808

Constellation

Energy

Generation,

LLC

108,000

6.125%, 

1/15/2034

118,693

Consumers

Energy

Company

367,000

4.350%, 

4/15/2049

331,305

Dominion

Energy,

Inc.

29,000

6.875%, 

2/1/2055

d

30,800

29,000

7.000%, 

6/1/2054

d

31,663

DTE

Electric

Company

265,000

3.700%, 

3/15/2045

220,348

360,000

3.700%, 

6/1/2046

301,915

Duke

Energy

Carolinas,

LLC

340,000

3.700%, 

12/1/2047

272,363

Duke

Energy

Corporation

41,000

6.450%, 

9/1/2054

d

42,570

326,000

5.450%, 

6/15/2034

340,226

Duke

Energy

Indiana,

LLC

295,000

3.750%, 

5/15/2046

238,815

Edison

International

318,000

5.750%, 

6/15/2027

328,171

Enel

Finance

International

NV

220,000

5.125%, 

6/26/2029

c

225,342

Essential

Utilities,

Inc.

100,000

4.800%, 

8/15/2027

101,335

Eversource

Energy

281,000

4.750%, 

5/15/2026

282,586

Exelon

Corporation

275,000

4.700%, 

4/15/2050

252,266

336,000

4.450%, 

4/15/2046

299,040

FirstEnergy

Corporation

281,000

4.850%, 

7/15/2047

257,522

Georgia

Power

Company

190,000

4.950%, 

5/17/2033

195,318

102,000

5.250%, 

3/15/2034

106,935

ITC

Holdings

Corporation

224,000

5.300%, 

7/1/2043

217,446

Jersey

Central

Power

&

Light

Company

200,000

2.750%, 

3/1/2032

c

175,115

Lightning

Power,

LLC

171,000

7.250%, 

8/15/2032

c

179,813

MidAmerican

Energy

Company

253,000

5.850%, 

9/15/2054

281,768

National

Rural

Utilities

Cooperative

Finance

Corporation

138,000

3.700%, 

3/15/2029

135,491

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Long-Term

Fixed

Income  9.3%

Value

Utilities  0.2%

-

continued

NextEra

Energy

Operating

Partners,

LP

$

214,000

3.875%, 

10/15/2026

c

$

208,456

NiSource,

Inc.

29,000

6.375%, 

3/31/2055

d

29,542

415,000

5.650%, 

2/1/2045

430,142

NRG

Energy,

Inc.

62,000

5.750%, 

1/15/2028

62,461

50,000

3.375%, 

2/15/2029

c

46,609

80,000

5.250%, 

6/15/2029

c

79,734

Pacific

Gas

and

Electric

Company

250,000

3.300%, 

12/1/2027

241,274

213,000

5.550%, 

5/15/2029

221,251

199,000

4.550%, 

7/1/2030

197,463

215,000

6.950%, 

3/15/2034

244,356

102,000

5.800%, 

5/15/2034

107,799

PG&E

Corporation

160,000

5.000%, 

7/1/2028

158,602

PPL

Capital

Funding,

Inc.

225,000

5.250%, 

9/1/2034

231,667

PPL

Electric

Utilities

Corporation

204,000

3.950%, 

6/1/2047

174,201

Public

Service

Company

of

Colorado

267,000

4.500%, 

6/1/2052

238,902

Public

Service

Enterprise

Group,

Inc.

218,000

5.875%, 

10/15/2028

229,919

San

Diego

Gas

&

Electric

Company

500,000

4.150%, 

5/15/2048

427,835

Southern

California

Edison

Company

346,000

4.000%, 

4/1/2047

289,212

Southern

Company

274,000

5.113%, 

8/1/2027

280,341

312,000

4.850%, 

3/15/2035

314,515

Southern

Company

Gas

Capital

Corporation

140,000

4.400%, 

5/30/2047

121,653

Southwestern

Electric

Power

Company

180,000

3.900%, 

4/1/2045

144,024

Talen

Energy

Supply,

LLC

116,000

8.625%, 

6/1/2030

c

126,419

TerraForm

Power

Operating,

LLC

235,000

5.000%, 

1/31/2028

c

232,496

Virginia

Electric

and

Power

Company

77,000

5.350%, 

1/15/2054

78,739

284,000

4.600%, 

12/1/2048

261,938

Vistra

Corporation

57,000

8.000%, 

10/15/2026

c,d,i

59,710

143,000

7.000%, 

12/15/2026

c,d,i

145,975

Vistra

Operations

Company,

LLC

354,000

5.000%, 

7/31/2027

c

352,270

Xcel

Energy,

Inc.

163,000

4.600%, 

6/1/2032

161,481

Total

13,503,536

Total

Long-Term

Fixed

Income

(cost

$687,513,748)

664,327,705

Shares

Private

Equity

Funds

0.7%

Value

Secondary  0.7%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,a,k

$

1,971,559

1

ASF

IX,

LP

*,a,k

5,361,387

1

ASF

VIII

Sidecar

(Cayman),

LP

*,a,k

1,322,403

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,a,k

4,956,646

1

LCP

X

(Offshore),

LP

*,a,k

25,846,600

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,a,k

7,852,287

Total

47,310,882

Total

Private

Equity

Funds

(cost

$35,439,932)

47,310,882

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

7,971,477

Thrivent

Cash

Management

Trust

7,971,477

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,971,477)

7,971,477

Shares

or

Principal

Amount

Short-Term

Investments

13.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

5.240%,

10/4/2024

l,m

99,948

4,300,000

5.170%,

10/9/2024

l,m

4,295,001

3,600,000

5.066%,

10/16/2024

l,m

3,592,560

7,200,000

5.194%,

10/18/2024

l,m

7,183,260

1,600,000

5.215%,

10/30/2024

l,m

1,593,800

1,400,000

4.910%,

11/8/2024

l,m

1,393,145

21,000,000

4.853%,

11/13/2024

l,m

20,883,987

7,500,000

4.810%,

11/15/2024

l,m

7,456,683

200,000

4.612%,

11/20/2024

l,m

198,719

6,000,000

4.795%,

11/22/2024

l,m

5,960,074

7,800,000

4.802%,

11/29/2024

l,m

7,741,240

Federal

National

Mortgage

Association

Discount

Notes

1,000,000

4.985%,

11/8/2024

l,m

995,103

Thrivent

Core

Short-Term

Reserve

Fund

87,481,571

5.250%

874,815,706

U.S.

Treasury

Bills

1,290,000

5.099%,

10/24/2024

l,n

1,286,108

500,000

4.883%,

11/12/2024

l,n

497,282

Total

Short-Term

Investments

(cost

$937,909,140)

937,992,616

Total

Investments

(cost

$5,622,676,916)

100.5%

$7,195,445,061

Other

Assets

and

Liabilities,

Net

(0.5%)

(35,166,928)

Total

Net

Assets

100.0%

$7,160,278,133

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

September

30,

2024,

the

value

of

these

investments

was

$100,637,805

or

1.4%

of

total

net

assets.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

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

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2024.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

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.

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

Defaulted

security.  Interest

is

not

being

accrued.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Aggressive

Allocation

Portfolio

as

of

September

30,

2024

was

$47,345,882

or

0.66%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

–

ASF

IX,

LP 

3/18/2024

3,737,108

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

1,162,659

Credit

Suisse

Group

AG 

9/5/2018

350,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

3,900,000

LCP

X

(Offshore),

LP 

10/25/2023

19,920,165

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

6,720,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Aggressive

Allocation

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,730,197

Common

Stock

2,939,726

Total

lending

$7,669,923

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,971,477

Net

amounts

due

to

counterparty

$301,554

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

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

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Moderately

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

2,896,000,284

2,896,000,284

–

–

U.S.

Unaffiliated

30,554,957

30,554,957

–

–

Common

Stock

Communications

Services

165,708,210

165,708,210

–

–

Consumer

Discretionary

269,537,534

269,537,534

–

–

Consumer

Staples

58,207,569

58,207,569

–

–

Energy

47,398,407

47,398,407

–

–

Financials

272,714,608

272,714,608

–

–

Health

Care

265,470,995

265,470,995

–

–

Industrials

268,929,237

264,540,925

4,388,312

–

Information

Technology

636,211,658

635,478,887

732,771

–

Materials

53,396,836

52,106,088

1,290,748

–

Real

Estate

78,281,528

78,281,528

–

–

Utilities

33,560,634

33,560,634

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

15,632,516

–

15,632,516

–

Basic

Materials

5,330,214

–

5,330,214

–

Capital

Goods

12,375,686

–

12,375,686

–

Collateralized

Mortgage

Obligations

23,523,794

–

23,523,794

–

Commercial

Mortgage-Backed

Securities

12,950,143

–

12,950,143

–

Communications

Services

18,359,832

–

18,359,832

–

Consumer

Cyclical

20,914,926

–

20,914,926

–

Consumer

Non-Cyclical

21,766,918

–

21,766,918

–

Energy

16,862,074

–

16,862,074

–

Financials

56,969,830

–

56,969,830

–

Foreign

Government

517,197

–

517,197

–

Mortgage-Backed

Securities

211,899,358

–

211,899,358

–

Technology

14,451,812

–

14,451,812

–

Transportation

4,090,900

–

4,090,900

–

U.S.

Government

&

Agencies

215,178,969

–

215,178,969

–

Utilities

13,503,536

–

13,503,536

–

Private

Equity

Funds

Secondary

47,310,882

–

–

47,310,882

Short-Term

Investments

63,176,910

–

63,176,910

–

Subtotal

Investments

in

Securities

$5,850,787,954

$5,069,560,626

$733,916,446

$47,310,882

Other

Investments  *

Total

Affiliated

Short-Term

Investments

874,815,706

U.S.

Affiliated

Registered

Investment

Cos.

461,869,924

Collateral

Held

for

Securities

Loaned

7,971,477

Subtotal

Other

Investments

$1,344,657,107

Total

Investments

at

Value

$7,195,445,061

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Moderately

Aggressive

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

33,357,791

33,357,791

–

–

Total

Asset

Derivatives

$33,357,791

$33,357,791

$–

$–

Liability

Derivatives

Futures

Contracts

30,521,331

27,874,220

2,647,111

–

Total

Rate

of

Return

Swaps

1,851,212

–

1,851,212

–

Total

Liability

Derivatives

$32,372,543

$27,874,220

$4,498,323

$–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

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

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$61,393,520

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

292

December

2024

$

33,375,498

(

$

5,373)

CBOT

2-Yr.

U.S.

Treasury

Note

752

December

2024

156,271,089

327,037

CBOT

5-Yr.

U.S.

Treasury

Note

636

December

2024

69,839,529

45,938

CBOT

U.S.

Long

Bond

125

December

2024

15,598,010

(

74,572)

CME

E-mini

Russell

2000

Index

26

December

2024

2,870,571

53,389

CME

E-mini

S&P

500

Index

4,343

December

2024

1,229,779,805

32,784,583

CME

E-mini

S&P

Mid-Cap

400

Index

2

December

2024

621,030

8,690

CME

Ultra

Long

Term

U.S.

Treasury

Bond

179

December

2024

24,004,702

(

180,921)

ICE

mini

MSCI

EAFE

Index

47

December

2024

5,708,176

138,154

Ultra

10-Yr.

U.S.

Treasury

Note

185

December

2024

21,912,884

(

27,961)

Total

Futures

Long

Contracts

$

1,559,981,294

$

33,068,964

CME

E-mini

Russell

2000

Index

(2,599)

December

2024

(

$

279,836,016)

(

$

12,447,525)

CME

E-mini

S&P

Mid-Cap

400

Index

(1,304)

December

2024

(

396,789,223)

(

13,788,217)

CME

Euro

Foreign

Exchange

Currency

(534)

December

2024

(

73,925,950)

(

610,437)

Eurex

Euro

STOXX

50

Index

(1,344)

December

2024

(

72,770,087)

(

2,647,111)

ICE

US

mini

MSCI

Emerging

Markets

Index

(196)

December

2024

(

10,753,246)

(

739,214)

Total

Futures

Short

Contracts

(

$

834,074,522)

($30,232,504)

Total

Futures

Contracts

$

725,906,772

$2,836,460

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

total

rate

of

return

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$1,472,428

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Rate

of

Return

Swaps                

Reference

Entity

Fund

Pays

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

20,198,243

(

$

1,851,212)

$

–

(

$

1,851,212)

Total

Rate

of

Return

Swaps

(

$

1,851,212)

$

–

($1,851,212)

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$57,662

$2,456

$8,007

$54,708

6,528

0.8%

Core

Emerging

Markets

Equity

117,140

–

–

137,021

13,433

1.9

Core

International

Equity

67,207

–

17,000

56,477

4,963

0.8

Core

Low

Volatility

Equity

62,602

–

57,800

5,847

478

0.1

Core

Mid

Cap

Value

104,636

–

10,000

104,721

8,935

1.5

Core

Small

Cap

Value

100,480

–

11,951

103,096

8,942

1.4

Global

Stock

562,259

28,875

35,000

617,616

40,535

8.6

High

Yield

37,639

1,812

1,228

39,012

9,174

0.6

Income

116,583

3,774

6,906

116,256

12,803

1.6

International

Allocation

492,197

15,926

–

553,038

53,542

7.7

International

Index

47,597

1,321

–

53,716

3,676

0.8

Large

Cap

Value

727,116

33,808

–

832,451

34,592

11.6

Limited

Maturity

Bond

67,805

1,913

5,468

65,832

6,686

0.9

Mid

Cap

Stock

515,129

8,381

151,000

421,976

19,517

5.9

Small

Cap

Stock

173,776

1,174

–

196,104

9,842

2.7

Total

U.S.

Affiliated

Registered

Investment

Companies

3,249,828

3,357,871

46.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

735,816

1,032,099

893,099

874,816

87,482

12.2

Total

Affiliated

Short-Term

Investments

735,816

874,816

12.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,994

138,662

136,685

7,971

7,971

0.1

Total

Collateral

Held

for

Securities

Loaned

5,994

7,971

0.1

Total

Value

$3,991,638

$4,240,658

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($1,908)

$4,505

$

–

$2,456

Core

Emerging

Markets

Equity

–

19,881

–

–

Core

International

Equity

156

6,114

–

–

Core

Low

Volatility

Equity

1,702

(657)

–

–

Core

Mid

Cap

Value

Fund

890

9,195

–

–

Core

Small

Cap

Value

Fund

486

14,081

–

–

Global

Stock

(568)

62,050

17,139

11,736

High

Yield

(180)

969

–

1,813

Income

(926)

3,731

–

3,777

International

Allocation

–

44,915

–

15,926

International

Index

–

4,798

–

1,320

Large

Cap

Value

–

71,527

21,311

12,496

Limited

Maturity

Bond

(62)

1,644

–

1,909

Mid

Cap

Stock

23,959

25,507

5,582

2,799

Small

Cap

Stock

–

21,154

–

1,174

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

–

–

–

32,961

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$88,367

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

42

Total

Affiliated

Income

from

Securities

Loaned,

Net

$42

Total

Value

$23,549

$289,413

$

44,032

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income

36.9%

Value

Asset-Backed

Securities  0.9%

720

East

CLO,

Ltd.

$

2,100,000

8.532%, 

(TSFR3M

+

3.250%),

1/20/2036,

Ser.

2022-1A,

Class

B

a,b

$

2,114,131

750,000

9.532%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

a,b

753,625

Access

Group,

Inc.

108,293

5.895%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

a,b

107,698

AMSR

Trust

1,100,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

a

1,003,516

1,379,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

a

1,309,304

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

562,000

5.360%, 

6/20/2030,

Ser.

2024-1A,

Class

A

a

577,600

CarVal

CLO

I,

Ltd.

1,250,000

7.136%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

1,253,745

CMFT

Net

Lease

Master

Issuer,

LLC

1,316,844

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

a

1,182,438

Commonbond

Student

Loan

Trust

112,570

5.469%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

110,886

Dryden

36

Senior

Loan

Fund

1,800,000

7.613%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

a,b

1,801,602

Foundation

Finance

Trust

646,397

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

602,478

FRTKL

Trust

2,350,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

2,206,463

Goodgreen

1,313,144

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

1,223,566

Home

Partners

of

America

Trust

2,498,314

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

2,364,165

2,023,915

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

a

1,755,247

Hotwire

Funding,

LLC

1,750,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,795,371

HTAP

1,459,844

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

1,459,971

HTAP

Issuer

Trust

1,400,000

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

1,385,672

Laurel

Road

Prime

Student

Loan

Trust

616,541

5.940%, 

11/25/2043,

Ser.

2018-D,

Class

A

a,b

585,255

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Asset-Backed

Securities  0.9%

-

continued

National

Collegiate

Trust

$

429,600

5.264%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

$

418,966

Oak

Street

Investment

1,655,691

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

1,587,087

Renaissance

Home

Equity

Loan

Trust

2,167,539

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

c

715,519

Saxon

Asset

Securities

Trust

860,035

3.009%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

757,459

Sunnova

Hestia

II

Issuer,

LLC

1,265,681

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

1,302,861

Unlock

HEA

Trust

1,344,126

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,349,937

1,550,000

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

1,544,483

VCAT

Asset

Securitization,

LLC

828,337

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

a,c

826,932

Vericrest

Opportunity

Loan

Transferee

482,476

4.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a,c

479,954

926,304

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a,c

894,818

421,139

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,c

418,801

825,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

764,680

Wind

River

CLO,

Ltd.

1,275,000

7.544%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

1,275,901

Total

35,930,131

Basic

Materials  0.3%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

106,000

8.625%, 

6/15/2029

a

112,640

ATI,

Inc.

272,000

7.250%, 

8/15/2030

289,636

Avient

Corporation

110,000

6.250%, 

11/1/2031

a

112,764

Axalta

Coating

Systems

Dutch

Holding

B

BV

182,000

7.250%, 

2/15/2031

a

194,356

Cascades,

Inc./Cascades

USA,

Inc.

316,000

5.125%, 

1/15/2026

a

312,953

Cerdia

Finanz

GmbH

177,000

9.375%, 

10/3/2031

a,e

180,540

Chemours

Company

474,000

5.750%, 

11/15/2028

a

450,259

Cleveland-Cliffs,

Inc.

142,000

5.875%, 

6/1/2027

142,315

230,000

4.625%, 

3/1/2029

a

217,130

277,000

4.875%, 

3/1/2031

a

257,423

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Basic

Materials  0.3%

-

continued

$

129,000

6.250%, 

10/1/2040

f

$

115,329

Consolidated

Energy

Finance

SA

485,000

5.625%, 

10/15/2028

a

409,966

Eastman

Chemical

Company

302,000

5.000%, 

8/1/2029

309,176

First

Quantum

Minerals,

Ltd.

162,000

6.875%, 

10/15/2027

a

160,168

FMC

Corporation

519,000

5.150%, 

5/18/2026

523,746

FMG

Resources

August

2006,

Pty.

Ltd.

79,000

4.500%, 

9/15/2027

a

77,742

129,000

5.875%, 

4/15/2030

a

130,657

132,000

6.125%, 

4/15/2032

a

135,017

Glencore

Funding,

LLC

536,000

3.375%, 

9/23/2051

a

378,383

765,000

4.000%, 

3/27/2027

a

757,842

515,000

6.125%, 

10/6/2028

a

545,665

Hecla

Mining

Company

175,000

7.250%, 

2/15/2028

178,470

Hudbay

Minerals,

Inc.

216,000

4.500%, 

4/1/2026

a

213,647

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

155,000

9.000%, 

7/1/2028

a

156,705

INEOS

Finance

plc

389,000

7.500%, 

4/15/2029

a

406,461

International

Flavors

&

Fragrances,

Inc.

560,000

1.230%, 

10/1/2025

a

540,475

Mercer

International,

Inc.

157,000

5.125%, 

2/1/2029

133,947

Methanex

Corporation

205,000

4.250%, 

12/1/2024

204,259

195,000

5.125%, 

10/15/2027

192,955

129,000

5.250%, 

12/15/2029

f

127,349

Mineral

Resources,

Ltd.

211,000

9.250%, 

10/1/2028

a

224,670

Mosaic

Company

463,000

5.375%, 

11/15/2028

479,592

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

183,000

5.350%, 

3/15/2034

191,778

Novelis

Corporation

58,000

3.250%, 

11/15/2026

a

55,968

135,000

4.750%, 

1/30/2030

a

130,883

160,000

3.875%, 

8/15/2031

a

146,266

OCI

NV

278,000

4.625%, 

10/15/2025

a

277,623

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

274,000

5.375%, 

11/1/2026

a

270,597

Sherwin-Williams

Company

331,000

4.800%, 

9/1/2031

337,593

Smurfit

Kappa

Treasury,

ULC

500,000

5.777%, 

4/3/2054

a

535,266

SNF

Group

SACA

409,000

3.375%, 

3/15/2030

a

368,589

SunCoke

Energy,

Inc.

438,000

4.875%, 

6/30/2029

a

397,133

Taseko

Mines,

Ltd.

269,000

8.250%, 

5/1/2030

a

282,309

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Basic

Materials  0.3%

-

continued

Tronox,

Inc.

$

135,000

4.625%, 

3/15/2029

a,f

$

126,107

United

States

Steel

Corporation

170,000

6.875%, 

3/1/2029

172,448

WR

Grace

Holdings,

LLC

99,000

4.875%, 

6/15/2027

a

97,554

Total

12,062,351

Capital

Goods  0.7%

Advanced

Drainage

Systems,

Inc.

264,000

6.375%, 

6/15/2030

a

269,669

AECOM

269,000

5.125%, 

3/15/2027

270,169

Amsted

Industries,

Inc.

342,000

5.625%, 

7/1/2027

a

341,085

BAE

Systems

plc

400,000

5.250%, 

3/26/2031

a

415,753

Ball

Corporation

159,000

3.125%, 

9/15/2031

141,188

Boeing

Company

1,137,000

5.930%, 

5/1/2060

1,089,095

551,000

5.040%, 

5/1/2027

552,667

299,000

6.259%, 

5/1/2027

a

308,843

335,000

6.388%, 

5/1/2031

a

356,218

1,250,000

5.705%, 

5/1/2040

1,219,614

Bombardier,

Inc.

69,000

7.875%, 

4/15/2027

a

69,194

350,000

6.000%, 

2/15/2028

a,f

352,314

109,000

7.250%, 

7/1/2031

a

115,233

373,000

7.000%, 

6/1/2032

a,f

390,134

120,000

7.450%, 

5/1/2034

a

132,518

Brand

Industrial

Services,

Inc.

292,000

10.375%, 

8/1/2030

a

312,689

Builders

FirstSource,

Inc.

265,000

5.000%, 

3/1/2030

a

259,885

Camelot

Return

Merger

Sub,

Inc.

194,000

8.750%, 

8/1/2028

a,f

196,312

Canpack

SA/Canpack

US,

LLC

415,000

3.875%, 

11/15/2029

a

388,590

Carrier

Global

Corporation

567,000

2.700%, 

2/15/2031

512,081

Chart

Industries,

Inc.

411,000

7.500%, 

1/1/2030

a

433,164

Clean

Harbors,

Inc.

264,000

6.375%, 

2/1/2031

a

270,446

Clydesdale

Acquisition

Holdings,

Inc.

55,000

6.625%, 

4/15/2029

a

55,522

247,000

6.875%, 

1/15/2030

a

252,245

Cornerstone

Building

Brands,

Inc.

67,000

9.500%, 

8/15/2029

a

68,813

Crown

Cork

&

Seal

Company,

Inc.

353,000

7.375%, 

12/15/2026

371,983

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

401,000

6.625%, 

12/15/2030

a

413,469

EquipmentShare.com,

Inc.

134,000

8.625%, 

5/15/2032

a

140,579

ESAB

Corporation

107,000

6.250%, 

4/15/2029

a

109,895

GFL

Environmental,

Inc.

138,000

3.750%, 

8/1/2025

a

136,893

339,000

4.000%, 

8/1/2028

a

325,573

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Capital

Goods  0.7%

-

continued

$

550,000

3.500%, 

9/1/2028

a

$

523,625

H&E

Equipment

Services,

Inc.

436,000

3.875%, 

12/15/2028

a

409,336

Herc

Holdings,

Inc.

84,000

5.500%, 

7/15/2027

a

83,897

212,000

6.625%, 

6/15/2029

a

219,584

Honeywell

International,

Inc.

699,000

4.700%, 

2/1/2030

718,318

Ingersoll

Rand,

Inc.

499,000

5.176%, 

6/15/2029

516,197

128,000

5.700%, 

8/14/2033

137,141

John

Deere

Capital

Corporation

622,000

4.400%, 

9/8/2031

626,394

Lockheed

Martin

Corporation

451,000

5.200%, 

2/15/2064

466,817

284,000

6.150%, 

9/1/2036

325,615

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

81,000

6.750%, 

4/1/2032

a

83,967

MIWD

Holdco

II,

LLC

222,000

5.500%, 

2/1/2030

a

215,635

Mueller

Water

Products,

Inc.

232,000

4.000%, 

6/15/2029

a

221,297

Nesco

Holdings

II,

Inc.

353,000

5.500%, 

4/15/2029

a

325,387

New

Enterprise

Stone

and

Lime

Company,

Inc.

433,000

5.250%, 

7/15/2028

a

422,824

Nordson

Corporation

512,000

5.600%, 

9/15/2028

534,898

Northrop

Grumman

Corporation

935,000

3.850%, 

4/15/2045

790,401

OI

European

Group

BV

278,000

4.750%, 

2/15/2030

a

262,863

Owens-Brockway

Glass

Container,

Inc.

221,000

6.625%, 

5/13/2027

a

222,039

105,000

7.375%, 

6/1/2032

a

107,234

Pactiv

Evergreen

Group

131,000

4.375%, 

10/15/2028

a

125,477

Quanta

Services,

Inc.

394,000

4.750%, 

8/9/2027

398,175

Regal

Rexnord

Corporation

670,000

6.050%, 

2/15/2026

680,337

Resideo

Funding,

Inc.

270,000

6.500%, 

7/15/2032

a

277,158

Reworld

Holding

Corporation

208,000

4.875%, 

12/1/2029

a

195,799

Roller

Bearing

Company

of

America,

Inc.

314,000

4.375%, 

10/15/2029

a

301,245

RTX

Corporation

159,000

6.400%, 

3/15/2054

187,733

414,000

4.125%, 

11/16/2028

412,958

775,000

4.450%, 

11/16/2038

738,133

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

206,000

6.125%, 

2/1/2028

a

209,449

Smyrna

Ready

Mix

Concrete,

LLC

378,000

8.875%, 

11/15/2031

a

407,746

Sonoco

Products

Company

450,000

4.600%, 

9/1/2029

447,721

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Capital

Goods  0.7%

-

continued

Spirit

AeroSystems,

Inc.

$

404,000

9.750%, 

11/15/2030

a

$

450,460

SRM

Escrow

Issuer,

LLC

235,000

6.000%, 

11/1/2028

a

235,867

Standard

Industries,

Inc./NY

129,000

4.750%, 

1/15/2028

a

126,354

129,000

3.375%, 

1/15/2031

a

114,918

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

108,000

7.250%, 

1/15/2031

a

114,404

Textron,

Inc.

710,000

3.375%, 

3/1/2028

687,491

Trane

Technologies

Financing,

Ltd.

283,000

5.100%, 

6/13/2034

294,924

TransDigm,

Inc.

186,000

6.750%, 

8/15/2028

a

191,448

457,000

7.125%, 

12/1/2031

a

483,351

378,000

6.625%, 

3/1/2032

a

393,627

332,000

6.000%, 

1/15/2033

a

336,703

Trivium

Packaging

Finance

203,000

5.500%, 

8/15/2026

a

202,209

United

Rentals

North

America,

Inc.

405,000

4.875%, 

1/15/2028

402,002

360,000

4.000%, 

7/15/2030

340,224

Veralto

Corporation

507,000

5.350%, 

9/18/2028

527,987

WESCO

Distribution,

Inc.

260,000

7.250%, 

6/15/2028

a

266,238

135,000

6.375%, 

3/15/2029

a

139,470

95,000

6.625%, 

3/15/2032

a

98,952

Total

27,273,862

Collateralized

Mortgage

Obligations  1.4%

A&D

Mortgage

Trust

1,407,858

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,c

1,429,020

Alternative

Loan

Trust

608,982

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

340,358

BINOM

Securitization

Trust

873,159

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

a,b

776,729

CHNGE

Mortgage

Trust

1,399,930

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

1,412,433

1,905,047

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,c

1,896,814

Citicorp

Mortgage

Securities,

Inc.

1,017,794

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

934,054

COLT

Mortgage

Loan

Trust

1,610,803

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

1,442,336

Countrywide

Alternative

Loan

Trust

751,657

4.450%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

624,462

1,064,212

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

373,896

Countrywide

Home

Loans,

Inc.

187,018

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

87,794

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Collateralized

Mortgage

Obligations  1.4%

-

continued

Credit

Suisse

Mortgage

Trust

$

1,000,288

6.567%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

$

1,002,325

1,073,222

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

936,057

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

79,692

6.000%, 

12/25/2025,

Ser.

2006-AR5,

Class

23A

44,002

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,722,800

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

3,662,738

937,182

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

67,675

1,089,590

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

g

97,430

2,765,537

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

2,789,256

2,650,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,180,784

Federal

National

Mortgage

Association

-

REMIC

2,684,497

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

2,690,372

2,791,812

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

2,309,776

980,051

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

g

26,571

Flagstar

Mortgage

Trust

1,032,840

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

935,043

GCAT

Trust

1,354,940

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

1,228,277

2,700,278

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

2,721,797

GS

Mortgage-Backed

Securities

Trust

2,395,338

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

a,b

2,100,752

J.P.

Morgan

Mortgage

Trust

2,100,192

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

a,b

1,769,100

1,421,818

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

1,207,685

LHOME

Mortgage

Trust

1,400,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,c

1,427,636

900,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

917,643

Mello

Mortgage

Capital

Acceptance

2,124,525

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

a,b

1,794,644

Merrill

Lynch

Alternative

Note

Asset

Trust

184,237

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

66,360

New

Residential

Mortgage

Loan

Trust

3,979,154

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

a,b

3,348,964

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Collateralized

Mortgage

Obligations  1.4%

-

continued

OBX

Trust

$

1,400,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

a,b

$

1,276,266

Palisades

Mortgage

Loan

Trust

1,555,537

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

1,545,050

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

1,214,349

Residential

Accredit

Loans,

Inc.

Trust

425,742

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

378,460

Residential

Asset

Securitization

Trust

1,518,245

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

881,621

ROC

Securities

Trust

Series

937,331

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

935,414

Saluda

Grade

Alternative

Mortgage

Trust

2,100,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,c

2,132,983

1,600,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

1,623,954

Sequoia

Mortgage

Trust

529,713

3.912%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

372,457

TRK

Trust

1,305,315

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

1,150,286

TVC

Mortgage

Trust

1,350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

1,355,012

Vericrest

Opportunity

Loan

Transferee

516,552

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a,c

514,446

Verus

Securitization

Trust

791,402

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

709,364

Total

56,732,445

Commercial

Mortgage-Backed

Securities  0.8%

BANK

2022-BNK39

9,671,472

0.529%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,g

246,891

BANK5

2024-5YR8

1,000,000

6.378%, 

8/15/2057,

Ser.

2024-5YR8,

Class

AS

b

1,054,315

BBCMS

Mortgage

Trust

3,000,000

6.014%, 

7/15/2057,

Ser.

2024-5C27,

Class

A3

3,174,855

17,234,772

1.325%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,g

1,263,212

14,171,753

1.935%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,g

1,096,977

Benchmark

Mortgage

Trust

2,750,000

6.189%, 

7/15/2057,

Ser.

2024-V8,

Class

A3

b

2,933,388

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Commercial

Mortgage-Backed

Securities  0.8%

-

continued

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

5,450,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

b

$

5,691,013

4,750,000

3.000%, 

6/25/2032,

Ser.

K147,

Class

A2

b,d

4,397,033

650,000

3.710%, 

9/25/2032,

Ser.

K-150,

Class

A2

b,d

631,551

7,150,000

3.800%, 

10/25/2032,

Ser.

K-151,

Class

A2

b,d

6,981,735

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

2,650,000

4.489%, 

12/25/2034,

Ser.

K165,

Class

A2

2,696,735

Morgan

Stanley

Capital

I

Trust

13,132,908

1.952%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,g

1,061,620

Total

31,229,325

Communications

Services  1.0%

AMC

Networks,

Inc.

314,000

10.250%, 

1/15/2029

a

322,682

American

Tower

Corporation

245,000

3.375%, 

10/15/2026

240,752

505,000

5.800%, 

11/15/2028

530,515

660,000

2.900%, 

1/15/2030

610,315

321,000

5.650%, 

3/15/2033

339,093

AT&T,

Inc.

805,000

3.650%, 

6/1/2051

617,297

1,129,000

3.500%, 

9/15/2053

829,447

522,000

5.400%, 

2/15/2034

547,720

1,026,000

4.900%, 

8/15/2037

1,018,579

Bell

Telephone

Company

of

Canada

677,000

5.550%, 

2/15/2054

707,170

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

508,000

5.125%, 

5/1/2027

a

499,982

58,000

5.000%, 

2/1/2028

a

56,420

770,000

4.750%, 

3/1/2030

a

708,274

510,000

4.500%, 

8/15/2030

a

462,304

220,000

4.250%, 

2/1/2031

a

193,980

195,000

4.750%, 

2/1/2032

a

171,849

132,000

4.500%, 

6/1/2033

a

112,099

465,000

4.250%, 

1/15/2034

a

381,421

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

349,000

6.150%, 

11/10/2026

358,703

803,000

4.200%, 

3/15/2028

780,716

549,000

6.100%, 

6/1/2029

568,248

1,225,000

3.500%, 

6/1/2041

860,588

Clear

Channel

Outdoor

Holdings,

Inc.

65,000

7.875%, 

4/1/2030

a

67,970

Clear

Channel

Worldwide

Holdings,

Inc.

345,000

5.125%, 

8/15/2027

a

339,172

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Communications

Services  1.0%

-

continued

Comcast

Corporation

$

803,000

5.350%, 

5/15/2053

$

821,330

640,000

4.400%, 

8/15/2035

623,829

885,000

4.750%, 

3/1/2044

840,782

Connect

Finco

SARL/Connect

US

Finco,

LLC

132,000

9.000%, 

9/15/2029

a

127,741

Crown

Castle,

Inc.

488,000

4.900%, 

9/1/2029

496,023

Deutsche

Telekom

International

Finance

BV

1,335,000

8.750%, 

6/15/2030

1,612,077

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

899,000

5.875%, 

8/15/2027

a

882,667

Frontier

Communications

Holdings,

LLC

457,000

5.875%, 

10/15/2027

a

458,859

130,000

8.625%, 

3/15/2031

a

140,152

GCI,

LLC

405,000

4.750%, 

10/15/2028

a

388,920

Gray

Television,

Inc.

229,000

7.000%, 

5/15/2027

a,f

225,085

373,000

10.500%, 

7/15/2029

a,f

389,585

Iliad

Holding

SASU

247,000

6.500%, 

10/15/2026

a

249,693

348,000

8.500%, 

4/15/2031

a

374,311

Intelsat

Jackson

Holdings

SA

343,000

6.500%, 

3/15/2030

a

328,173

Lamar

Media

Corporation

223,000

3.625%, 

1/15/2031

203,810

LCPR

Senior

Secured

Financing

DAC

545,000

6.750%, 

10/15/2027

a

498,690

Level

3

Financing,

Inc.

129,730

10.500%, 

4/15/2029

a

141,412

129,729

11.000%, 

11/15/2029

a

143,685

198,000

10.500%, 

5/15/2030

a,f

213,097

64,000

10.750%, 

12/15/2030

a

70,237

Lumen

Technologies,

Inc.

69,709

4.125%, 

4/15/2030

a

56,269

McGraw-Hill

Education,

Inc.

389,000

5.750%, 

8/1/2028

a

384,425

Meta

Platforms,

Inc.

402,000

5.600%, 

5/15/2053

435,846

687,000

5.400%, 

8/15/2054

719,739

677,000

4.550%, 

8/15/2031

692,168

Netflix,

Inc.

480,000

5.375%, 

11/15/2029

a

505,023

450,000

4.875%, 

6/15/2030

a

464,281

News

Corporation

216,000

3.875%, 

5/15/2029

a

204,298

Nexstar

Media,

Inc.

159,000

5.625%, 

7/15/2027

a

157,494

129,000

4.750%, 

11/1/2028

a,f

123,252

Omnicom

Group,

Inc.

330,000

4.200%, 

6/1/2030

327,543

Optics

Bidco

SPA

319,000

6.000%, 

9/30/2034

a

322,930

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

164,000

4.625%, 

3/15/2030

a,f

155,831

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Communications

Services  1.0%

-

continued

Paramount

Global

$

113,000

6.375%, 

3/30/2062

b

$

104,523

Playtika

Holding

Corporation

348,000

4.250%, 

3/15/2029

a

319,379

Rogers

Communications,

Inc.

620,000

5.000%, 

2/15/2029

632,711

813,000

5.300%, 

2/15/2034

827,113

Scripps

Escrow

II,

Inc.

127,000

3.875%, 

1/15/2029

a,f

94,622

Scripps

Escrow,

Inc.

91,000

5.875%, 

7/15/2027

a,f

79,170

Sinclair

Television

Group,

Inc.

119,000

4.125%, 

12/1/2030

a,f

92,820

Sirius

XM

Radio,

Inc.

535,000

5.000%, 

8/1/2027

a

526,320

295,000

4.000%, 

7/15/2028

a

278,316

Sprint

Capital

Corporation

1,308,000

8.750%, 

3/15/2032

1,621,816

Take-Two

Interactive

Software,

Inc.

305,000

5.600%, 

6/12/2034

320,011

TEGNA,

Inc.

425,000

4.625%, 

3/15/2028

405,535

Telenet

Finance

Luxembourg

Notes

SARL

400,000

5.500%, 

3/1/2028

a

391,000

T-Mobile

USA,

Inc.

1,343,000

3.600%, 

11/15/2060

976,299

758,000

4.850%, 

1/15/2029

773,947

900,000

4.375%, 

4/15/2040

829,910

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

60,000

10.500%, 

2/15/2028

a

64,044

411,000

4.750%, 

4/15/2028

a

381,265

Univision

Communications,

Inc.

67,000

8.500%, 

7/31/2031

a

67,150

53,000

8.000%, 

8/15/2028

a

54,191

445,000

4.500%, 

5/1/2029

a

397,529

195,000

7.375%, 

6/30/2030

a

188,721

Urban

One,

Inc.

81,000

7.375%, 

2/1/2028

a

58,467

Verizon

Communications,

Inc.

806,000

3.000%, 

11/20/2060

520,193

1,842,000

2.650%, 

11/20/2040

1,357,207

469,000

3.400%, 

3/22/2041

383,026

Viasat,

Inc.

216,000

6.500%, 

7/15/2028

a,f

169,497

Virgin

Media

Finance

plc

165,000

5.000%, 

7/15/2030

a

145,122

Virgin

Media

Secured

Finance

plc

341,000

5.500%, 

5/15/2029

a

327,052

VMED

O2

UK

Financing

I

plc

155,000

4.750%, 

7/15/2031

a

137,954

135,000

7.750%, 

4/15/2032

a

138,575

Vodafone

Group

plc

194,000

5.125%, 

6/4/2081

b

159,799

529,000

5.750%, 

6/28/2054

547,646

VZ

Secured

Financing

BV

561,000

5.000%, 

1/15/2032

a

516,257

Warnermedia

Holdings,

Inc.

1,135,000

4.054%, 

3/15/2029

1,075,225

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Communications

Services  1.0%

-

continued

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

$

145,000

7.750%, 

8/15/2028

a

$

145,136

108,000

8.250%, 

10/1/2031

a,e

109,796

Zayo

Group

Holdings,

Inc.

184,000

4.000%, 

3/1/2027

a,f

164,578

Zegona

Finance

plc

240,000

8.625%, 

7/15/2029

a

256,200

Ziggo

Bond

Company

BV

157,000

5.125%, 

2/28/2030

a,f

144,721

Ziggo

BV

143,000

4.875%, 

1/15/2030

a

135,881

Total

41,023,277

Consumer

Cyclical  1.2%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

92,000

3.875%, 

1/15/2028

a

88,405

203,000

4.375%, 

1/15/2028

a

197,218

138,000

6.125%, 

6/15/2029

a

141,969

236,000

5.625%, 

9/15/2029

a

239,410

Adient

Global

Holdings,

Ltd.

217,000

8.250%, 

4/15/2031

a,f

230,237

ADT

Security

Corporation

210,000

4.125%, 

8/1/2029

a

200,580

210,000

4.875%, 

7/15/2032

a

200,581

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

330,000

4.625%, 

6/1/2028

a

309,672

285,000

4.625%, 

6/1/2028

a

267,945

Allison

Transmission,

Inc.

224,000

3.750%, 

1/30/2031

a

203,660

Amazon.com,

Inc.

670,000

3.875%, 

8/22/2037

630,086

American

Axle

&

Manufacturing,

Inc.

137,000

6.875%, 

7/1/2028

136,775

373,000

5.000%, 

10/1/2029

f

342,462

American

Honda

Finance

Corporation

700,000

5.050%, 

7/10/2031

720,523

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

72,000

7.000%, 

4/15/2030

a,f

66,885

Arko

Corporation

264,000

5.125%, 

11/15/2029

a,f

245,217

Asbury

Automotive

Group,

Inc.

230,000

5.000%, 

2/15/2032

a

218,104

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

260,000

4.625%, 

8/1/2029

a

249,584

74,000

4.625%, 

4/1/2030

a

70,899

Aston

Martin

Capital

Holdings,

Ltd.

170,000

10.000%, 

3/31/2029

a

166,817

Beazer

Homes

USA,

Inc.

224,000

7.500%, 

3/15/2031

a

232,432

BMW

US

Capital,

LLC

580,000

4.650%, 

8/13/2026

a

585,298

BorgWarner,

Inc.

304,000

4.950%, 

8/15/2029

309,058

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Cyclical  1.2%

-

continued

Boyd

Gaming

Corporation

$

395,000

4.750%, 

6/15/2031

a

$

377,164

Boyne

USA,

Inc.

214,000

4.750%, 

5/15/2029

a

205,725

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

193,000

4.875%, 

2/15/2030

a

181,689

Caesars

Entertainment,

Inc.

574,000

4.625%, 

10/15/2029

a,f

545,999

162,000

6.500%, 

2/15/2032

a

167,575

Carnival

Corporation

262,000

7.625%, 

3/1/2026

a

264,425

647,000

5.750%, 

3/1/2027

a

655,251

313,000

4.000%, 

8/1/2028

a

302,301

257,000

6.000%, 

5/1/2029

a,f

260,392

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

65,000

5.375%, 

4/15/2027

64,817

322,000

5.250%, 

7/15/2029

316,378

Choice

Hotels

International,

Inc.

142,000

3.700%, 

12/1/2029

f

134,785

Churchill

Downs,

Inc.

265,000

4.750%, 

1/15/2028

a

259,831

164,000

6.750%, 

5/1/2031

a

169,356

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

340,000

6.750%, 

5/15/2028

a

350,456

Crocs,

Inc.

131,000

4.250%, 

3/15/2029

a

123,847

Cushman

&

Wakefield

US

Borrower,

LLC

65,000

6.750%, 

5/15/2028

a

65,590

Daimler

Trucks

Finance

North

America,

LLC

839,000

2.000%, 

12/14/2026

a

798,833

Dana,

Inc.

130,000

5.625%, 

6/15/2028

127,461

194,000

4.250%, 

9/1/2030

174,190

197,000

4.500%, 

2/15/2032

174,709

eG

Global

Finance

plc

65,000

12.000%, 

11/30/2028

a,f

72,544

Expedia

Group,

Inc.

1,103,000

3.250%, 

2/15/2030

1,040,104

Ford

Motor

Credit

Company,

LLC

450,000

2.300%, 

2/10/2025

444,964

476,000

5.850%, 

5/17/2027

484,591

770,000

2.900%, 

2/10/2029

698,941

605,000

7.122%, 

11/7/2033

654,066

Forestar

Group,

Inc.

136,000

3.850%, 

5/15/2026

a

132,975

Gap,

Inc.

93,000

3.625%, 

10/1/2029

a

84,118

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

251,000

7.750%, 

5/31/2032

a

256,872

General

Motors

Company

700,000

6.125%, 

10/1/2025

706,635

General

Motors

Financial

Company,

Inc.

243,000

5.400%, 

5/8/2027

248,142

817,000

5.800%, 

1/7/2029

849,769

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Cyclical  1.2%

-

continued

$

650,000

4.900%, 

10/6/2029

$

650,737

418,000

5.600%, 

6/18/2031

429,203

Genting

New

York,

LLC/GENNY

Capital,

Inc.

228,000

7.250%, 

10/1/2029

a

230,698

GLP

Capital,

LP

1,004,000

5.750%, 

6/1/2028

1,030,586

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

129,000

3.500%, 

3/1/2029

a

121,037

Goodyear

Tire

&

Rubber

Company

130,000

4.875%, 

3/15/2027

126,968

270,000

5.000%, 

7/15/2029

f

248,327

Group

1

Automotive,

Inc.

101,000

6.375%, 

1/15/2030

a

102,604

Hanesbrands,

Inc.

152,000

4.875%, 

5/15/2026

a

150,667

73,000

9.000%, 

2/15/2031

a

78,796

Harley-Davidson

Financial

Services,

Inc.

473,000

5.950%, 

6/11/2029

a

484,450

Hilton

Domestic

Operating

Company,

Inc.

595,000

4.875%, 

1/15/2030

587,108

65,000

4.000%, 

5/1/2031

a

60,779

377,000

3.625%, 

2/15/2032

a

340,591

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

462,000

5.000%, 

6/1/2029

a

438,925

Home

Depot,

Inc.

555,000

5.400%, 

9/15/2040

588,350

840,000

4.250%, 

4/1/2046

763,937

700,000

3.900%, 

6/15/2047

597,869

Hyundai

Capital

America

1,000,000

1.800%, 

1/10/2028

a

916,463

420,000

5.300%, 

6/24/2029

a

432,437

International

Game

Technology

plc

445,000

5.250%, 

1/15/2029

a

443,282

Jacobs

Entertainment,

Inc.

223,000

6.750%, 

2/15/2029

a

216,882

Jaguar

Land

Rover

Automotive

plc

156,000

5.500%, 

7/15/2029

a

154,142

KB

Home

360,000

4.800%, 

11/15/2029

355,205

76,000

4.000%, 

6/15/2031

70,295

L

Brands,

Inc.

600,000

6.625%, 

10/1/2030

a

611,663

110,000

6.875%, 

11/1/2035

114,620

Las

Vegas

Sands

Corporation

344,000

5.900%, 

6/1/2027

353,257

Light

&

Wonder

International,

Inc.

348,000

7.250%, 

11/15/2029

a

360,049

Live

Nation

Entertainment,

Inc.

145,000

4.750%, 

10/15/2027

a

142,950

Lowe's

Companies,

Inc.

536,000

5.625%, 

4/15/2053

557,906

657,000

2.625%, 

4/1/2031

590,421

Macy's

Retail

Holdings,

LLC

256,000

5.875%, 

4/1/2029

a,f

252,671

131,000

6.125%, 

3/15/2032

a

126,970

148,000

4.500%, 

12/15/2034

124,013

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Cyclical  1.2%

-

continued

Marriott

International,

Inc./MD

$

685,000

4.625%, 

6/15/2030

$

691,391

Match

Group

Holdings

II,

LLC

146,000

4.125%, 

8/1/2030

a

136,767

Mattamy

Group

Corporation

295,000

5.250%, 

12/15/2027

a

293,264

McDonald's

Corporation

1,140,000

4.450%, 

3/1/2047

1,040,139

Melco

Resorts

Finance,

Ltd.

361,000

5.375%, 

12/4/2029

a

337,239

335,000

7.625%, 

4/17/2032

a

345,328

MGM

Resorts

International

132,000

4.625%, 

9/1/2026

131,170

137,000

6.125%, 

9/15/2029

138,705

Michaels

Companies,

Inc.

193,000

5.250%, 

5/1/2028

a

142,455

NCL

Corporation,

Ltd.

158,000

5.875%, 

3/15/2026

a

158,010

347,000

5.875%, 

2/15/2027

a

348,228

Nordstrom,

Inc.

132,000

4.375%, 

4/1/2030

f

121,099

187,000

4.250%, 

8/1/2031

164,711

Parkland

Corporation

138,000

6.625%, 

8/15/2032

a

140,095

PENN

Entertainment,

Inc.

325,000

4.125%, 

7/1/2029

a,f

296,110

PetSmart,

Inc./PetSmart

Finance

Corporation

520,000

4.750%, 

2/15/2028

a

498,533

130,000

7.750%, 

2/15/2029

a

128,332

Phinia,

Inc.

194,000

6.625%, 

10/15/2032

a

195,602

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

420,000

5.750%, 

4/15/2026

a

421,917

QVC,

Inc.

83,000

6.875%, 

4/15/2029

a

68,930

Rakuten

Group,

Inc.

196,000

11.250%, 

2/15/2027

a

214,333

225,000

9.750%, 

4/15/2029

a

245,531

Royal

Caribbean

Cruises,

Ltd.

723,000

4.250%, 

7/1/2026

a

714,842

101,000

6.000%, 

2/1/2033

a

103,544

S&S

Holdings,

LLC

118,000

8.375%, 

10/1/2031

a,e

118,810

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

62,000

6.625%, 

3/1/2030

a

61,532

SeaWorld

Parks

and

Entertainment,

Inc.

317,000

5.250%, 

8/15/2029

a

309,347

Service

Corporation

International/

US

129,000

3.375%, 

8/15/2030

116,911

92,000

4.000%, 

5/15/2031

85,131

205,000

5.750%, 

10/15/2032

206,342

Six

Flags

Entertainment

Corporation

66,000

7.250%, 

5/15/2031

a,f

68,358

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

65,000

6.625%, 

5/1/2032

a

67,314

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Cyclical  1.2%

-

continued

Six

Flags

Theme

Parks,

Inc.

$

74,000

7.000%, 

7/1/2025

a,f

$

74,058

Sonic

Automotive,

Inc.

163,000

4.875%, 

11/15/2031

a

150,485

Staples,

Inc.

266,000

10.750%, 

9/1/2029

a

258,100

Station

Casinos,

LLC

307,000

4.625%, 

12/1/2031

a

284,685

Target

Corporation

805,000

2.950%, 

1/15/2052

570,620

Tenneco,

Inc.

432,000

8.000%, 

11/17/2028

a

400,865

Toyota

Motor

Credit

Corporation

239,000

4.800%, 

1/5/2034

243,697

Uber

Technologies,

Inc.

400,000

5.350%, 

9/15/2054

396,720

435,000

4.800%, 

9/15/2034

434,397

VICI

Properties,

LP/VICI

Note

Company,

Inc.

797,000

4.625%, 

6/15/2025

a

792,134

240,000

5.750%, 

2/1/2027

a

244,136

371,000

4.125%, 

8/15/2030

a

352,313

Victoria's

Secret

&

Company

311,000

4.625%, 

7/15/2029

a

274,678

Victra

Holdings,

LLC/Victra

Finance

Corporation

92,000

8.750%, 

9/15/2029

a

96,595

Viking

Cruises,

Ltd.

663,000

5.875%, 

9/15/2027

a

662,537

Volkswagen

Group

of

America

Finance,

LLC

750,000

5.300%, 

3/22/2027

a

763,788

Wabash

National

Corporation

199,000

4.500%, 

10/15/2028

a

182,307

Walgreens

Boots

Alliance,

Inc.

229,000

3.200%, 

4/15/2030

f

185,784

97,000

4.800%, 

11/18/2044

f

72,583

Walmart,

Inc.

608,000

4.500%, 

9/9/2052

590,714

WASH

Multifamily

Acquisition,

Inc.

205,000

5.750%, 

4/15/2026

a

203,885

Wyndham

Hotels

&

Resorts,

Inc.

340,000

4.375%, 

8/15/2028

a

327,970

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

119,000

5.125%, 

10/1/2029

a

117,571

317,000

7.125%, 

2/15/2031

a

342,011

Yum!

Brands,

Inc.

500,000

4.750%, 

1/15/2030

a

494,114

ZF

North

America

Capital,

Inc.

222,000

7.125%, 

4/14/2030

a

230,118

Total

47,160,055

Consumer

Non-Cyclical  1.2%

1375209

B.C.,

Ltd.

130,000

9.000%, 

1/30/2028

a,f

128,845

Abbott

Laboratories

743,000

4.750%, 

11/30/2036

762,315

AbbVie,

Inc.

241,000

5.400%, 

3/15/2054

255,546

555,000

5.350%, 

3/15/2044

585,449

AdaptHealth,

LLC

575,000

4.625%, 

8/1/2029

a

532,505

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Non-Cyclical  1.2%

-

continued

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

$

416,000

4.625%, 

1/15/2027

a

$

404,711

443,000

3.500%, 

3/15/2029

a

413,063

Altria

Group,

Inc.

505,000

6.875%, 

11/1/2033

570,380

Amgen,

Inc.

808,000

5.600%, 

3/2/2043

848,875

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,007,000

4.700%, 

2/1/2036

1,011,055

Anheuser-Busch

InBev

Worldwide,

Inc.

1,228,000

4.375%, 

4/15/2038

1,184,414

623,000

5.550%, 

1/23/2049

671,597

Archer-Daniels-Midland

Company

924,000

2.700%, 

9/15/2051

616,587

AstraZeneca

plc

1,400,000

3.000%, 

5/28/2051

1,020,821

B&G

Foods,

Inc.

259,000

8.000%, 

9/15/2028

a

270,927

BAT

Capital

Corporation

500,000

7.079%, 

8/2/2043

572,969

Bausch

+

Lomb

Corporation

82,000

8.375%, 

10/1/2028

a

86,715

Bausch

Health

Companies,

Inc.

208,000

5.500%, 

11/1/2025

a,f

203,197

482,000

4.875%, 

6/1/2028

a

377,165

Baxter

International,

Inc.

755,000

3.132%, 

12/1/2051

514,348

Becton,

Dickinson

and

Company

291,000

3.794%, 

5/20/2050

235,587

BellRing

Brands,

Inc.

232,000

7.000%, 

3/15/2030

a

242,804

Bristol-Myers

Squibb

Company

1,344,000

3.550%, 

3/15/2042

1,125,977

Bunge,

Ltd.

Finance

Corporation

175,000

4.650%, 

9/17/2034

174,621

Campbell

Soup

Company

460,000

5.400%, 

3/21/2034

482,378

Cargill,

Inc.

809,000

3.125%, 

5/25/2051

a

582,813

Catalent

Pharma

Solutions,

Inc.

162,000

3.125%, 

2/15/2029

a

159,133

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

118,000

9.500%, 

10/15/2029

a,e

118,112

Central

Garden

&

Pet

Company

296,000

4.125%, 

10/15/2030

275,176

Charles

River

Laboratories

International,

Inc.

156,000

4.000%, 

3/15/2031

a

143,810

Cheplapharm

Arzneimittel

GmbH

60,000

5.500%, 

1/15/2028

a

58,193

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

121,000

4.625%, 

11/15/2028

a

117,837

CHS/Community

Health

Systems,

Inc.

301,000

5.625%, 

3/15/2027

a

296,205

96,000

8.000%, 

12/15/2027

a

96,307

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Non-Cyclical  1.2%

-

continued

$

401,000

6.000%, 

1/15/2029

a

$

389,287

266,000

5.250%, 

5/15/2030

a

244,801

176,000

4.750%, 

2/15/2031

a

154,712

186,000

10.875%, 

1/15/2032

a

204,969

Conagra

Brands,

Inc.

854,000

1.375%, 

11/1/2027

781,757

Concentra

Escrow

Issuer

Corporation

114,000

6.875%, 

7/15/2032

a

119,873

Constellation

Brands,

Inc.

624,000

3.600%, 

2/15/2028

610,176

369,000

2.875%, 

5/1/2030

340,177

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

493,000

4.750%, 

1/15/2029

a

482,136

CVS

Health

Corporation

487,000

4.780%, 

3/25/2038

459,490

1,319,000

6.000%, 

6/1/2044

1,363,289

DaVita,

Inc.

262,000

6.875%, 

9/1/2032

a

270,660

Edgewell

Personal

Care

Company

290,000

5.500%, 

6/1/2028

a

288,301

Eli

Lilly

&

Company

401,000

4.950%, 

2/27/2063

401,085

Embecta

Corporation

128,000

6.750%, 

2/15/2030

a

121,215

Encompass

Health

Corporation

200,000

4.500%, 

2/1/2028

196,304

Endo

Finance

Holdings,

Inc.

130,000

8.500%, 

4/15/2031

a,f

139,299

Energizer

Holdings,

Inc.

336,000

4.750%, 

6/15/2028

a

326,037

Fortrea

Holdings,

Inc.

212,000

7.500%, 

7/1/2030

a,f

213,392

GE

HealthCare

Technologies,

Inc.

525,000

6.377%, 

11/22/2052

613,883

General

Mills,

Inc.

214,000

4.950%, 

3/29/2033

219,512

HCA,

Inc.

921,000

3.500%, 

9/1/2030

867,928

325,000

5.450%, 

9/15/2034

334,405

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

131,000

7.875%, 

9/1/2025

a

130,514

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

138,000

12.250%, 

4/15/2029

a

137,553

240,000

4.875%, 

6/1/2029

a

151,003

Illumina,

Inc.

250,000

4.650%, 

9/9/2026

251,556

Imperial

Brands

Finance

plc

1,200,000

3.875%, 

7/26/2029

a

1,158,629

Jazz

Securities

DAC

86,000

4.375%, 

1/15/2029

a

83,172

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

533,000

5.500%, 

1/15/2030

539,878

104,000

3.625%, 

1/15/2032

95,082

926,000

3.000%, 

5/15/2032

803,009

Johnson

&

Johnson

480,000

5.250%, 

6/1/2054

519,881

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Non-Cyclical  1.2%

-

continued

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

$

249,000

9.000%, 

2/15/2029

a

$

258,938

Keurig

Dr

Pepper,

Inc.

1,000,000

5.200%, 

3/15/2031

1,044,040

Kimberly-Clark

Corporation

710,000

3.900%, 

5/4/2047

606,526

Kraft

Heinz

Foods

Company

513,000

4.375%, 

6/1/2046

454,026

Lamb

Weston

Holdings,

Inc.

139,000

4.125%, 

1/31/2030

a

130,377

LifePoint

Health,

Inc.

255,000

9.875%, 

8/15/2030

a

280,756

167,000

11.000%, 

10/15/2030

a

188,440

Mattel,

Inc.

670,000

5.450%, 

11/1/2041

638,918

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

296,000

6.250%, 

4/1/2029

a

304,978

Medtronic,

Inc.

804,000

4.375%, 

3/15/2035

799,423

Mozart

Debt

Merger

Sub,

Inc.

391,000

3.875%, 

4/1/2029

a

370,185

231,000

5.250%, 

10/1/2029

a

226,653

MPH

Acquisition

Holdings,

LLC

129,000

5.500%, 

9/1/2028

a

93,016

Newell

Brands,

Inc.

134,000

6.375%, 

9/15/2027

f

135,528

133,000

6.625%, 

9/15/2029

134,655

Novartis

Capital

Corporation

375,000

4.700%, 

9/18/2054

366,990

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

181,000

4.125%, 

4/30/2028

a

174,047

517,000

5.125%, 

4/30/2031

a,f

487,077

Owens

&

Minor,

Inc.

226,000

6.625%, 

4/1/2030

a,f

219,378

PepsiCo,

Inc.

515,000

4.200%, 

7/18/2052

462,733

Performance

Food

Group,

Inc.

294,000

4.250%, 

8/1/2029

a

279,578

184,000

6.125%, 

9/15/2032

a

188,021

Perrigo

Finance

Unlimited

Company

227,000

4.900%, 

6/15/2030

221,083

120,000

6.125%, 

9/30/2032

120,926

Pfizer

Investment

Enterprises,

Private

Ltd.

1,204,000

5.300%, 

5/19/2053

1,245,470

509,000

5.110%, 

5/19/2043

518,239

Philip

Morris

International,

Inc.

512,000

5.500%, 

9/7/2030

542,020

240,000

5.125%, 

2/13/2031

249,456

802,000

5.375%, 

2/15/2033

838,763

Post

Holdings,

Inc.

195,000

4.625%, 

4/15/2030

a

186,588

322,000

4.500%, 

9/15/2031

a

300,815

177,000

6.250%, 

10/15/2034

a,e

178,116

Prime

Healthcare

Services,

Inc.

200,000

9.375%, 

9/1/2029

a

206,297

Roche

Holdings,

Inc.

768,000

4.000%, 

11/28/2044

a

682,155

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Consumer

Non-Cyclical  1.2%

-

continued

Royalty

Pharma

plc

$

431,000

5.150%, 

9/2/2029

$

442,073

Scotts

Miracle-Gro

Company

102,000

4.500%, 

10/15/2029

98,083

Simmons

Foods,

Inc.

529,000

4.625%, 

3/1/2029

a

501,896

Sotera

Health

Holdings,

LLC

135,000

7.375%, 

6/1/2031

a

140,199

Spectrum

Brands,

Inc.

34,000

3.875%, 

3/15/2031

a

29,767

Star

Parent,

Inc.

145,000

9.000%, 

10/1/2030

a

155,669

Sysco

Corporation

797,000

6.600%, 

4/1/2040

903,172

Takeda

Pharmaceutical

Company,

Ltd.

800,000

3.175%, 

7/9/2050

574,347

722,000

5.650%, 

7/5/2044

759,679

Tenet

Healthcare

Corporation

810,000

5.125%, 

11/1/2027

806,938

183,000

4.375%, 

1/15/2030

175,576

330,000

6.750%, 

5/15/2031

343,982

Teva

Pharmaceutical

Finance

Company,

LLC

132,000

6.150%, 

2/1/2036

135,937

Teva

Pharmaceutical

Finance

Netherlands

III

BV

297,000

3.150%, 

10/1/2026

285,478

US

Acute

Care

Solutions,

LLC

129,000

9.750%, 

5/15/2029

a

133,613

Viterra

Finance

BV

642,000

3.200%, 

4/21/2031

a

587,189

Zoetis,

Inc.

1,266,000

4.700%, 

2/1/2043

1,205,979

Total

48,567,190

Energy  0.9%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

118,000

7.500%, 

10/1/2029

a,e

119,563

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

282,000

5.375%, 

6/15/2029

a

279,035

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

191,000

6.250%, 

4/1/2028

a

191,949

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

271,000

8.250%, 

12/31/2028

a

277,632

133,000

5.875%, 

6/30/2029

a

131,390

Baytex

Energy

Corporation

274,000

8.500%, 

4/30/2030

a

283,978

63,000

7.375%, 

3/15/2032

a

62,770

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

213,000

7.000%, 

7/15/2029

a

221,432

BP

Capital

Markets

America,

Inc.

1,327,000

2.939%, 

6/4/2051

901,978

Buckeye

Partners,

LP

186,000

4.500%, 

3/1/2028

a

180,385

259,000

6.875%, 

7/1/2029

a

265,364

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Energy  0.9%

-

continued

California

Resources

Corporation

$

160,000

8.250%, 

6/15/2029

a

$

163,053

Canadian

Natural

Resources,

Ltd.

319,000

2.950%, 

7/15/2030

291,650

Cheniere

Energy

Partners,

LP

2,019,000

4.500%, 

10/1/2029

1,991,393

Cheniere

Energy,

Inc.

133,000

5.650%, 

4/15/2034

a

137,603

Civitas

Resources,

Inc.

189,000

8.375%, 

7/1/2028

a

196,460

358,000

8.750%, 

7/1/2031

a

378,957

CNX

Resources

Corporation

159,000

6.000%, 

1/15/2029

a

159,861

Columbia

Pipelines

Holding

Company,

LLC

514,000

6.042%, 

8/15/2028

a

537,433

Columbia

Pipelines

Operating

Company,

LLC

130,000

5.927%, 

8/15/2030

a

137,675

Comstock

Resources,

Inc.

261,000

6.750%, 

3/1/2029

a

254,014

330,000

5.875%, 

1/15/2030

a

308,579

Continental

Resources,

Inc.

936,000

2.268%, 

11/15/2026

a

887,146

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

306,000

5.500%, 

6/15/2031

a

300,133

Crescent

Energy

Finance,

LLC

404,000

7.625%, 

4/1/2032

a

404,128

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

291,000

8.625%, 

3/15/2029

a

306,175

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

110,000

8.500%, 

10/1/2030

a

114,934

Diamondback

Energy,

Inc.

684,000

5.750%, 

4/18/2054

689,247

DT

Midstream,

Inc.

223,000

4.125%, 

6/15/2029

a

213,309

Enbridge,

Inc.

315,000

5.250%, 

4/5/2027

322,518

Enerflex,

Ltd.

111,000

9.000%, 

10/15/2027

a

114,508

Energy

Transfer,

LP

316,000

8.000%, 

5/15/2054

b

340,006

765,000

4.900%, 

3/15/2035

755,167

600,000

5.150%, 

2/1/2043

562,599

1,090,000

6.000%, 

6/15/2048

1,115,964

EnLink

Midstream

Partners,

LP

240,000

5.600%, 

4/1/2044

229,378

Enterprise

Products

Operating,

LLC

724,000

3.300%, 

2/15/2053

517,656

EQM

Midstream

Partners,

LP

754,000

4.750%, 

1/15/2031

a

730,104

Exxon

Mobil

Corporation

1,200,000

3.452%, 

4/15/2051

929,864

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

214,000

8.875%, 

4/15/2030

224,963

321,000

7.875%, 

5/15/2032

326,825

Gulfport

Energy

Corporation

92,000

6.750%, 

9/1/2029

a

93,076

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Energy  0.9%

-

continued

Halliburton

Company

$

537,000

5.000%, 

11/15/2045

$

514,416

Harvest

Midstream

I,

LP

334,000

7.500%, 

9/1/2028

a

341,791

Hess

Midstream

Operations,

LP

292,000

4.250%, 

2/15/2030

a

278,816

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

334,000

5.750%, 

2/1/2029

a

324,929

130,000

6.000%, 

4/15/2030

a

126,715

318,000

6.250%, 

4/15/2032

a

309,517

Howard

Midstream

Energy

Partners,

LLC

371,000

7.375%, 

7/15/2032

a

384,245

ITT

Holdings,

LLC

380,000

6.500%, 

8/1/2029

a

359,994

Kodiak

Gas

Services,

LLC

164,000

7.250%, 

2/15/2029

a

169,724

Kraken

Oil

&

Gas

Partners,

LLC

168,000

7.625%, 

8/15/2029

a

167,774

Laredo

Petroleum,

Inc.

258,000

7.750%, 

7/31/2029

a

256,694

MEG

Energy

Corporation

204,000

5.875%, 

2/1/2029

a

199,565

Moss

Creek

Resources

Holdings,

Inc.

138,000

8.250%, 

9/1/2031

a

136,266

MPLX,

LP

1,073,000

4.950%, 

9/1/2032

1,077,072

202,000

5.000%, 

3/1/2033

202,112

Nabors

Industries,

Inc.

130,000

7.375%, 

5/15/2027

a

130,290

332,000

9.125%, 

1/31/2030

a

342,391

National

Fuel

Gas

Company

935,000

5.500%, 

1/15/2026

943,436

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

108,000

8.125%, 

2/15/2029

a

110,737

163,000

8.375%, 

2/15/2032

a

167,980

Noble

Finance

II,

LLC

266,000

8.000%, 

4/15/2030

a

274,457

Northern

Oil

and

Gas,

Inc.

276,000

8.750%, 

6/15/2031

a

287,596

NuStar

Logistics,

LP

264,000

6.375%, 

10/1/2030

273,932

Occidental

Petroleum

Corporation

182,000

5.000%, 

8/1/2027

184,505

ONEOK,

Inc.

352,000

5.700%, 

11/1/2054

349,998

244,000

5.000%, 

3/1/2026

245,112

400,000

4.750%, 

10/15/2031

400,001

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

219,000

6.000%, 

2/15/2028

216,178

Permian

Resources

Operating,

LLC

247,000

6.250%, 

2/1/2033

a

250,985

Prairie

Acquiror,

LP

216,000

9.000%, 

8/1/2029

a

223,016

Precision

Drilling

Corporation

173,000

6.875%, 

1/15/2029

a

172,640

Range

Resources

Corporation

221,000

4.750%, 

2/15/2030

a

213,178

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Energy  0.9%

-

continued

Rockies

Express

Pipeline,

LLC

$

340,000

4.950%, 

7/15/2029

a

$

325,171

Saturn

Oil

&

Gas,

Inc.

155,000

9.625%, 

6/15/2029

a

153,130

Schlumberger

Holdings

Corporation

207,000

5.000%, 

5/29/2027

a

211,248

SM

Energy

Company

200,000

6.500%, 

7/15/2028

199,780

90,000

7.000%, 

8/1/2032

a

90,348

South

Bow

USA

Infrastructure

Holdings,

LLC

338,000

5.026%, 

10/1/2029

a

338,882

124,000

5.584%, 

10/1/2034

a

125,193

Southwestern

Energy

Company

191,000

4.750%, 

2/1/2032

182,714

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

130,000

5.875%, 

3/1/2027

129,779

Suncor

Energy,

Inc.

763,000

7.150%, 

2/1/2032

860,829

Sunoco,

LP

390,000

7.000%, 

5/1/2029

a

407,479

Sunoco,

LP/Sunoco

Finance

Corporation

186,000

5.875%, 

3/15/2028

186,929

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

495,000

5.500%, 

1/15/2028

a

479,247

195,000

7.375%, 

2/15/2029

a

197,199

Talos

Production,

Inc.

137,000

9.000%, 

2/1/2029

a

141,064

Targa

Resources

Corporation

939,000

4.200%, 

2/1/2033

889,132

Teine

Energy,

Ltd.

280,000

6.875%, 

4/15/2029

a

275,666

TGNR

Intermediate

Holdings,

LLC

292,000

5.500%, 

10/15/2029

a

277,435

TotalEnergies

Capital

SA

346,000

5.275%, 

9/10/2054

346,498

Transocean,

Inc.

363,800

8.750%, 

2/15/2030

a

379,310

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

230,000

7.125%, 

3/15/2029

a

236,889

Valaris,

Ltd.

272,000

8.375%, 

4/30/2030

a

280,161

Venture

Global

Calcasieu

Pass,

LLC

389,000

3.875%, 

8/15/2029

a

367,617

235,000

4.125%, 

8/15/2031

a

218,486

Venture

Global

LNG,

Inc.

482,000

8.125%, 

6/1/2028

a

502,494

235,000

9.000%, 

9/30/2029

a,b,h

238,203

186,000

7.000%, 

1/15/2030

a

190,021

562,000

8.375%, 

6/1/2031

a

593,430

386,000

9.875%, 

2/1/2032

a

428,920

Viridien

SA

65,000

8.750%, 

4/1/2027

a,f

63,347

Western

Midstream

Operating,

LP

515,000

6.350%, 

1/15/2029

547,536

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Energy  0.9%

-

continued

$

267,000

6.150%, 

4/1/2033

$

282,238

Williams

Companies,

Inc.

537,000

5.300%, 

8/15/2052

520,928

900,000

7.500%, 

1/15/2031

1,025,682

Total

37,978,901

Financials  3.2%

Acrisure,

LLC/Acrisure

Finance,

Inc.

91,000

4.250%, 

2/15/2029

a

85,967

130,000

7.500%, 

11/6/2030

a

133,782

AEGON

Funding

Company,

LLC

724,000

5.500%, 

4/16/2027

a,f

739,981

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

581,000

6.100%, 

1/15/2027

601,602

950,000

3.875%, 

1/23/2028

933,794

475,000

3.400%, 

10/29/2033

420,258

AG

TTMT

Escrow

Issuer,

LLC

99,000

8.625%, 

9/30/2027

a

101,494

Agree,

LP

357,000

5.625%, 

6/15/2034

373,468

Air

Lease

Corporation

133,000

4.650%, 

6/15/2026

b,h

129,647

1,117,000

3.000%, 

2/1/2030

1,029,568

Aircastle,

Ltd.

565,000

5.250%, 

8/11/2025

a

565,338

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

130,000

4.250%, 

10/15/2027

a

124,451

190,000

6.750%, 

4/15/2028

a

193,077

184,000

7.000%, 

1/15/2031

a

189,077

Ally

Financial,

Inc.

900,000

8.000%, 

11/1/2031

1,018,906

204,000

6.700%, 

2/14/2033

208,630

American

Express

Company

234,000

5.098%, 

2/16/2028

b

238,488

285,000

5.043%, 

7/26/2028

b

291,193

American

Homes

4

Rent,

LP

880,000

2.375%, 

7/15/2031

755,810

American

International

Group,

Inc.

1,019,000

5.125%, 

3/27/2033

1,050,123

AmWINS

Group,

Inc.

108,000

6.375%, 

2/15/2029

a

110,635

322,000

4.875%, 

6/30/2029

a

308,764

ANZ

Bank

New

Zealand,

Ltd.

550,000

5.548%, 

8/11/2032

a,b

561,754

Aon

North

America,

Inc.

365,000

5.750%, 

3/1/2054

386,658

Apollo

Debt

Solutions

BDC

505,000

6.700%, 

7/29/2031

a,f

520,257

Ares

Capital

Corporation

397,000

3.250%, 

7/15/2025

391,088

975,000

3.875%, 

1/15/2026

960,798

450,000

2.150%, 

7/15/2026

427,624

441,000

5.875%, 

3/1/2029

451,596

Ares

Strategic

Income

Fund

408,000

5.600%, 

2/15/2030

a,e

404,772

Arthur

J.

Gallagher

&

Company

126,000

6.750%, 

2/15/2054

148,309

176,000

5.750%, 

7/15/2054

183,713

Associated

Banc-Corp

650,000

4.250%, 

1/15/2025

646,697

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Financials  3.2%

-

continued

Avolon

Holdings

Funding,

Ltd.

$

250,000

4.250%, 

4/15/2026

a

$

247,414

629,000

5.750%, 

3/1/2029

a

648,396

Banco

Santander

Mexico

SA

675,000

5.375%, 

4/17/2025

a

676,010

Banco

Santander

SA

1,000,000

4.175%, 

3/24/2028

b

990,447

Bank

of

America

Corporation

500,000

1.734%, 

7/22/2027

b

477,344

616,000

3.824%, 

1/20/2028

b

609,335

467,000

5.202%, 

4/25/2029

b

480,173

450,000

2.087%, 

6/14/2029

b

415,555

1,200,000

2.496%, 

2/13/2031

b

1,087,859

1,250,000

1.922%, 

10/24/2031

b

1,077,050

804,000

2.972%, 

2/4/2033

b

720,017

1,609,000

4.571%, 

4/27/2033

b

1,601,272

760,000

5.872%, 

9/15/2034

b

819,933

300,000

5.468%, 

1/23/2035

b

315,481

692,000

5.425%, 

8/15/2035

b

709,371

1,075,000

3.846%, 

3/8/2037

b

993,715

Bank

of

New

York

Mellon

Corporation

500,000

6.317%, 

10/25/2029

b

537,821

Barclays

plc

128,000

6.125%, 

12/15/2025

b,h

127,569

783,000

6.496%, 

9/13/2027

b

811,047

621,000

4.972%, 

5/16/2029

b

627,908

684,000

4.942%, 

9/10/2030

b

689,653

825,000

5.746%, 

8/9/2033

b

862,788

BBVA

Bancomer

SA/Texas

200,000

5.250%, 

9/10/2029

a

202,660

Belrose

Funding

Trust

970,000

2.330%, 

8/15/2030

a

832,330

Berkshire

Hathaway

Finance

Corporation

1,071,000

2.850%, 

10/15/2050

752,709

BlackRock

Funding,

Inc.

237,000

5.250%, 

3/14/2054

245,575

Blackstone

Private

Credit

Fund

799,000

2.700%, 

1/15/2025

792,943

490,000

6.250%, 

1/25/2031

a,f

503,368

Blue

Owl

Capital

Corporation

II

385,000

8.450%, 

11/15/2026

a

404,234

Blue

Owl

Credit

Income

Corporation

670,000

4.700%, 

2/8/2027

657,404

Blue

Owl

Technology

Finance

Corporation

225,000

4.750%, 

12/15/2025

a

221,942

Blue

Owl

Technology

Finance

Corporation

II

485,000

6.750%, 

4/4/2029

a

487,271

BNP

Paribas

SA

1,340,000

3.132%, 

1/20/2033

a,b

1,196,426

BPCE

SA

860,000

3.500%, 

10/23/2027

a

834,068

Burford

Capital

Global

Finance,

LLC

310,000

9.250%, 

7/1/2031

a

333,591

Camden

Property

Trust

661,000

3.150%, 

7/1/2029

630,351

Capital

One

Financial

Corporation

1,000,000

4.200%, 

10/29/2025

992,930

165,000

5.700%, 

2/1/2030

b,f

170,871

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Financials  3.2%

-

continued

Castlelake

Aviation

Finance

DAC

$

132,000

5.000%, 

4/15/2027

a

$

132,338

Centene

Corporation

1,756,000

2.625%, 

8/1/2031

1,505,722

Charles

Schwab

Corporation

1,059,000

2.450%, 

3/3/2027

1,017,044

518,000

6.136%, 

8/24/2034

b

566,259

Chubb

INA

Holdings,

LLC

527,000

4.350%, 

11/3/2045

486,427

Citibank

NA

380,000

4.929%, 

8/6/2026

385,599

Citigroup,

Inc.

620,000

3.200%, 

10/21/2026

607,274

1,404,000

3.668%, 

7/24/2028

b

1,378,991

415,000

4.125%, 

7/25/2028

411,636

700,000

3.520%, 

10/27/2028

b

683,343

300,000

5.174%, 

2/13/2030

b

308,172

1,141,000

4.910%, 

5/24/2033

b

1,150,087

648,000

6.174%, 

5/25/2034

b

691,412

Citizens

Financial

Group,

Inc.

299,000

5.718%, 

7/23/2032

b

310,078

CNA

Financial

Corporation

371,000

5.125%, 

2/15/2034

379,382

Comerica,

Inc.

175,000

5.982%, 

1/30/2030

b

180,405

Constellation

Insurance,

Inc.

63,000

6.800%, 

1/24/2030

a

63,406

Cooperatieve

Rabobank

UA

1,071,000

5.564%, 

2/28/2029

a,b

1,108,863

Corebridge

Financial,

Inc.

225,000

6.375%, 

9/15/2054

b

227,315

402,000

4.350%, 

4/5/2042

355,979

Credit

Acceptance

Corporation

243,000

9.250%, 

12/15/2028

a

259,865

Credit

Suisse

Group

AG

775,000

7.250%, 

12/29/2049

*,i

77,500

Deutsche

Bank

AG/New

York,

NY

561,000

6.819%, 

11/20/2029

b

603,897

950,000

3.729%, 

1/14/2032

b

852,567

Discover

Bank

910,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

939,683

Diversified

Healthcare

Trust

156,000

Zero

Coupon, 

1/15/2026

a

143,610

Drawbridge

Special

Opportunities

Fund,

LP

454,000

3.875%, 

2/15/2026

a

442,338

Elevance

Health,

Inc.

900,000

3.125%, 

5/15/2050

638,316

725,000

4.625%, 

5/15/2042

679,324

EPR

Properties

355,000

4.950%, 

4/15/2028

351,839

Fairfax

Financial

Holdings,

Ltd.

478,000

6.350%, 

3/22/2054

a

510,841

Fifth

Third

Bancorp

356,000

6.339%, 

7/27/2029

b

378,402

First

Horizon

Bank

615,000

5.750%, 

5/1/2030

624,443

FirstCash,

Inc.

327,000

5.625%, 

1/1/2030

a

324,001

First-Citizens

Bank

&

Trust

Company

443,000

6.125%, 

3/9/2028

463,220

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Financials  3.2%

-

continued

Five

Corners

Funding

Trust

IV

$

536,000

5.997%, 

2/15/2053

a

$

589,738

Fortress

Transportation

and

Infrastructure

Investors,

LLC

137,000

5.500%, 

5/1/2028

a

136,427

242,000

7.000%, 

5/1/2031

a

255,070

186,000

7.000%, 

6/15/2032

a

195,244

Freedom

Mortgage

Corporation

135,000

7.625%, 

5/1/2026

a

136,205

Freedom

Mortgage

Holdings,

LLC

303,000

9.250%, 

2/1/2029

a

314,952

131,000

9.125%, 

5/15/2031

a

134,682

FS

KKR

Capital

Corporation

1,137,000

3.400%, 

1/15/2026

1,108,448

GGAM

Finance,

Ltd.

120,000

7.750%, 

5/15/2026

a

122,705

135,000

8.000%, 

6/15/2028

a

144,701

354,000

5.875%, 

3/15/2030

a

354,464

Global

Aircraft

Leasing

Company,

Ltd.

309,000

8.750%, 

9/1/2027

a

313,559

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

397,000

3.750%, 

12/15/2027

a

370,079

goeasy,

Ltd.

216,000

9.250%, 

12/1/2028

a

232,559

133,000

7.625%, 

7/1/2029

a

137,790

Goldman

Sachs

Bank

USA/New

York,

NY

725,000

5.414%, 

5/21/2027

b

736,736

Goldman

Sachs

BDC,

Inc.

307,000

6.375%, 

3/11/2027

316,439

Goldman

Sachs

Group,

Inc.

684,000

1.948%, 

10/21/2027

b

652,066

756,000

6.484%, 

10/24/2029

b

814,090

230,000

1.992%, 

1/27/2032

b

196,746

1,879,000

3.102%, 

2/24/2033

b

1,690,598

Health

Care

Service

Corporation

522,000

5.450%, 

6/15/2034

a

542,845

Healthpeak

OP,

LLC

173,000

3.400%, 

2/1/2025

172,076

Highwoods

Realty,

LP

504,000

7.650%, 

2/1/2034

579,430

Howard

Hughes

Corporation

84,000

4.125%, 

2/1/2029

a

78,343

HSBC

Holdings

plc

800,000

5.402%, 

8/11/2033

b

828,722

HUB

International,

Ltd.

376,000

7.250%, 

6/15/2030

a

391,747

Huntington

Bancshares,

Inc./OH

624,000

5.709%, 

2/2/2035

b

649,619

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

196,000

6.250%, 

5/15/2026

194,471

530,000

5.250%, 

5/15/2027

507,868

Intesa

Sanpaolo

SPA

164,000

4.198%, 

6/1/2032

a,b

146,162

Invitation

Homes

Operating

Partnership,

LP

670,000

2.000%, 

8/15/2031

562,330

J.P.

Morgan

Chase

&

Company

193,000

4.000%, 

4/1/2025

b,h

190,436

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Financials  3.2%

-

continued

$

714,000

1.578%, 

4/22/2027

b

$

683,990

305,000

2.947%, 

2/24/2028

b

295,808

687,000

4.979%, 

7/22/2028

b

700,398

700,000

2.522%, 

4/22/2031

b

635,817

975,000

1.953%, 

2/4/2032

b

837,786

1,073,000

4.586%, 

4/26/2033

b

1,073,227

805,000

4.912%, 

7/25/2033

b

822,210

489,000

5.766%, 

4/22/2035

b

526,955

Jackson

National

Life

Global

Funding

502,000

5.550%, 

7/2/2027

a

515,637

Jane

Street

Group/JSG

Finance,

Inc.

210,000

4.500%, 

11/15/2029

a

202,129

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

112,000

5.000%, 

8/15/2028

a

106,491

Jefferson

Capital

Holdings,

LLC

109,000

6.000%, 

8/15/2026

a

109,012

271,000

9.500%, 

2/15/2029

a

289,344

KeyBank

NA/Cleveland,

OH

599,000

5.000%, 

1/26/2033

593,557

KeyCorp

425,000

6.324%, 

(SOFRINDX

+

1.250%),

5/23/2025

b

425,671

Kilroy

Realty,

LP

255,000

4.250%, 

8/15/2029

244,156

218,000

6.250%, 

1/15/2036

223,207

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

135,000

4.250%, 

2/1/2027

a

131,682

356,000

4.750%, 

6/15/2029

a

347,696

Liberty

Mutual

Group,

Inc.

74,000

4.125%, 

12/15/2051

a,b

70,004

Lloyds

Banking

Group

plc

802,000

5.871%, 

3/6/2029

b

836,520

Macquarie

Airfinance

Holdings,

Ltd.

250,000

6.400%, 

3/26/2029

a

260,198

305,000

5.150%, 

3/17/2030

a

305,663

64,000

6.500%, 

3/26/2031

a

67,558

Manufacturers

&

Traders

Trust

Company

803,000

4.700%, 

1/27/2028

807,226

Marsh

&

McLennan

Companies,

Inc.

201,000

5.450%, 

3/15/2053

209,003

504,000

5.400%, 

9/15/2033

535,878

Massachusetts

Mutual

Life

Insurance

Company

1,000,000

3.200%, 

12/1/2061

a

662,374

Mitsubishi

UFJ

Financial

Group,

Inc.

802,000

5.422%, 

2/22/2029

b

829,266

Molina

Healthcare,

Inc.

352,000

4.375%, 

6/15/2028

a

342,205

92,000

3.875%, 

5/15/2032

a

84,136

Morgan

Stanley

1,350,000

4.350%, 

9/8/2026

1,353,239

989,000

3.591%, 

7/22/2028

b

969,076

535,000

5.164%, 

4/20/2029

b

549,905

1,250,000

3.622%, 

4/1/2031

b

1,200,207

535,000

5.250%, 

4/21/2034

b

552,542

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Financials  3.2%

-

continued

$

379,000

5.831%, 

4/19/2035

b

$

407,101

939,000

5.297%, 

4/20/2037

b

946,104

Morgan

Stanley

Direct

Lending

Fund

344,000

6.150%, 

5/17/2029

a

348,513

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

526,000

4.625%, 

8/1/2029

f

423,079

Nasdaq,

Inc.

575,000

3.250%, 

4/28/2050

415,907

Nationstar

Mortgage

Holdings,

Inc.

64,000

5.500%, 

8/15/2028

a

63,355

134,000

6.500%, 

8/1/2029

a

136,255

205,000

5.125%, 

12/15/2030

a

196,656

NatWest

Group

plc

450,000

4.445%, 

5/8/2030

b

446,863

758,000

6.475%, 

6/1/2034

b

797,655

Navient

Corporation

78,000

5.000%, 

3/15/2027

77,310

84,000

5.500%, 

3/15/2029

81,486

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

86,000

4.500%, 

9/30/2028

a

80,710

New

York

Life

Global

Funding

812,000

4.550%, 

1/28/2033

a

815,460

Nomura

Holdings,

Inc.

487,000

5.783%, 

7/3/2034

511,640

Omega

Healthcare

Investors,

Inc.

774,000

3.625%, 

10/1/2029

729,460

725,000

3.375%, 

2/1/2031

660,589

OneMain

Finance

Corporation

499,000

3.500%, 

1/15/2027

476,955

597,000

3.875%, 

9/15/2028

553,729

Panther

Escrow

Issuer,

LLC

378,000

7.125%, 

6/1/2031

a

396,488

Park

Intermediate

Holdings,

LLC

366,000

4.875%, 

5/15/2029

a

355,119

Pine

Street

Trust

III

210,000

6.223%, 

5/15/2054

a

227,650

PNC

Financial

Services

Group,

Inc.

250,000

6.615%, 

10/20/2027

b

261,268

712,000

5.492%, 

5/14/2030

b

744,017

1,074,000

4.626%, 

6/6/2033

b

1,058,720

PRA

Group,

Inc.

208,000

8.375%, 

2/1/2028

a

215,345

Prologis

Targeted

US

Logistics

Fund,

LP

502,000

5.250%, 

4/1/2029

a

517,014

200,000

5.250%, 

1/15/2035

a

204,539

Prologis,

LP

340,000

5.250%, 

3/15/2054

345,260

Prudential

Financial,

Inc.

1,020,000

5.125%, 

3/1/2052

b

1,012,174

Regency

Centers,

LP

700,000

4.125%, 

3/15/2028

694,872

370,000

5.250%, 

1/15/2034

381,933

Regions

Financial

Corporation

168,000

5.502%, 

9/6/2035

b

170,962

Reinsurance

Group

of

America,

Inc.

509,000

5.750%, 

9/15/2034

536,186

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Financials  3.2%

-

continued

RGA

Global

Funding

$

245,000

5.500%, 

1/11/2031

a

$

256,074

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

65,000

4.750%, 

10/15/2027

64,207

129,000

4.500%, 

2/15/2029

a

124,818

RLJ

Lodging

Trust,

LP

119,000

4.000%, 

9/15/2029

a

109,543

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

340,000

3.625%, 

3/1/2029

a

319,694

262,000

3.875%, 

3/1/2031

a

241,234

191,000

4.000%, 

10/15/2033

a

170,618

Ryan

Specialty,

LLC

68,000

4.375%, 

2/1/2030

a

65,532

48,000

5.875%, 

8/1/2032

a

48,800

Santander

Holdings

USA,

Inc.

268,000

6.499%, 

3/9/2029

b

280,642

218,000

6.174%, 

1/9/2030

b

227,568

Santander

UK

Group

Holdings

plc

900,000

1.673%, 

6/14/2027

b

856,088

Service

Properties

Trust

175,000

8.375%, 

6/15/2029

174,803

213,000

8.625%, 

11/15/2031

a

231,629

Simon

Property

Group,

LP

805,000

3.800%, 

7/15/2050

639,452

SLM

Corporation

140,000

4.200%, 

10/29/2025

138,402

Societe

Generale

SA

840,000

4.750%, 

11/24/2025

a

834,570

Standard

Chartered

plc

449,000

5.688%, 

5/14/2028

a,b

461,086

State

Street

Corporation

650,000

4.530%, 

2/20/2029

b

656,603

Sumitomo

Mitsui

Financial

Group,

Inc.

840,000

3.010%, 

10/19/2026

819,726

804,000

5.710%, 

1/13/2030

851,510

700,000

1.710%, 

1/12/2031

592,273

Synchrony

Financial

253,000

5.935%, 

8/2/2030

b,f

259,923

138,000

7.250%, 

2/2/2033

143,368

Synovus

Bank

799,000

5.625%, 

2/15/2028

803,319

Toronto-Dominion

Bank

608,000

5.523%, 

7/17/2028

636,038

223,000

5.146%, 

9/10/2034

b

225,129

Truist

Financial

Corporation

519,000

6.047%, 

6/8/2027

b

532,568

383,000

5.125%, 

12/15/2027

b,h

376,246

699,000

5.122%, 

1/26/2034

b

706,680

310,000

5.711%, 

1/24/2035

b

326,581

U.S.

Bancorp

744,000

5.775%, 

6/12/2029

b

779,738

178,000

5.836%, 

6/12/2034

b

190,055

340,000

5.678%, 

1/23/2035

b

360,399

UBS

Group

AG

96,000

4.875%, 

2/12/2027

a,b,h

91,864

771,000

6.246%, 

9/22/2029

a,b

818,526

668,000

3.091%, 

5/14/2032

a,b

602,371

486,000

5.699%, 

2/8/2035

a,b

513,013

200,000

5.379%, 

9/6/2045

a,b

204,602

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Financials  3.2%

-

continued

UniCredit

SPA

$

129,000

5.861%, 

6/19/2032

a,b

$

129,806

United

Wholesale

Mortgage,

LLC

355,000

5.500%, 

4/15/2029

a

345,770

UnitedHealth

Group,

Inc.

536,000

5.875%, 

2/15/2053

593,322

489,000

4.750%, 

5/15/2052

466,313

Vornado

Realty,

LP

98,000

3.400%, 

6/1/2031

84,488

Wells

Fargo

&

Company

96,000

3.900%, 

3/15/2026

b,h

93,303

363,000

3.000%, 

4/22/2026

356,613

1,140,000

3.000%, 

10/23/2026

1,114,189

805,000

3.526%, 

3/24/2028

b

789,757

481,000

5.707%, 

4/22/2028

b

496,676

1,200,000

2.393%, 

6/2/2028

b

1,140,980

480,000

5.574%, 

7/25/2029

b

499,394

441,000

5.389%, 

4/24/2034

b

457,403

930,000

4.900%, 

11/17/2045

872,426

XHR,

LP

153,000

4.875%, 

6/1/2029

a

146,649

Total

129,521,603

Foreign

Government  <0.1%

NBN

Company,

Ltd.

1,025,000

2.625%, 

5/5/2031

a

912,355

Saudi

Arabian

Oil

Company

451,000

5.250%, 

7/17/2034

a

463,766

Total

1,376,121

Mortgage-Backed

Securities  11.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,210,707

2.000%, 

1/1/2052

2,692,289

3,712,807

2.000%, 

5/1/2051

3,113,749

20,022,824

2.500%, 

5/1/2051

17,492,378

6,543,985

3.500%, 

5/1/2052

6,138,734

6,306,902

4.000%, 

5/1/2052

6,108,983

2,532,609

5.000%, 

7/1/2053

2,549,405

813,222

5.500%, 

7/1/2053

828,978

4,825,109

3.500%, 

8/1/2052

4,522,700

3,966,996

5.000%, 

8/1/2053

4,011,545

4,079,838

5.500%, 

9/1/2053

4,191,423

3,340,973

3.500%, 

9/1/2047

3,152,711

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

4,297,156

2.500%, 

7/1/2030

4,141,384

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

5,509,058

3.000%, 

12/1/2036

5,246,786

4,523,286

3.000%, 

8/1/2038

4,331,127

6,985,395

3.500%, 

5/1/2040

6,799,492

5,450,648

2.500%, 

4/1/2042

4,895,614

1,870,778

2.000%, 

5/1/2042

1,635,071

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

16,273,445

3.000%, 

1/1/2052

14,743,435

1,761,300

2.000%, 

2/1/2051

1,477,254

2,762,574

2.000%, 

2/1/2051

2,317,053

10,598,327

2.500%, 

2/1/2051

9,205,560

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Mortgage-Backed

Securities  11.7%

-

continued

$

6,086,466

2.500%, 

2/1/2051

$

5,318,687

2,472,829

2.000%, 

3/1/2051

2,045,097

30,044,375

2.000%, 

3/1/2051

24,884,851

12,653,810

4.000%, 

3/1/2051

12,283,636

1,826,578

2.000%, 

3/1/2052

1,531,198

16,938,645

3.000%, 

3/1/2052

15,246,466

20,154,075

2.000%, 

4/1/2051

16,693,009

10,010,919

3.000%, 

4/1/2051

9,068,841

10,356,076

3.000%, 

5/1/2050

9,458,419

3,284,096

2.000%, 

5/1/2051

2,739,653

7,693,344

3.000%, 

5/1/2051

7,050,592

17,473,732

2.000%, 

6/1/2050

14,578,588

6,348,609

3.000%, 

6/1/2050

5,839,217

3,102,803

4.000%, 

6/1/2052

2,984,040

2,196,041

5.000%, 

6/1/2053

2,214,787

15,596,360

2.500%, 

7/1/2051

13,706,276

4,379,037

3.500%, 

7/1/2051

4,132,219

8,633,855

4.000%, 

7/1/2052

8,303,847

2,297,598

2.500%, 

8/1/2050

2,025,557

9,144,676

3.500%, 

8/1/2050

8,649,497

11,358,027

3.500%, 

8/1/2052

10,591,096

12,543,040

4.500%, 

8/1/2052

12,391,693

5,344,998

5.000%, 

8/1/2053

5,390,643

11,719,451

6.000%, 

8/1/2054

12,298,858

2,832,894

2.500%, 

9/1/2051

2,479,112

7,075,683

3.500%, 

9/1/2052

6,649,908

3,389,504

3.500%, 

9/1/2052

3,186,488

4,473,121

5.000%, 

9/1/2052

4,482,361

4,342,034

4.500%, 

9/1/2053

4,303,850

5,897,453

4.500%, 

9/1/2053

5,808,699

10,556,384

4.000%, 

10/1/2052

10,182,830

3,180,343

2.000%, 

11/1/2051

2,661,190

4,418,124

3.500%, 

11/1/2052

4,160,243

13,176,932

2.000%, 

12/1/2050

11,001,195

20,684,582

2.500%, 

12/1/2051

18,046,823

9,206,873

4.500%, 

12/1/2052

9,137,341

9,950,000

5.500%, 

10/1/2041

e

10,065,216

2,400,000

6.000%, 

10/1/2041

e

2,452,869

3,859,408

3.500%, 

12/1/2047

3,642,022

10,150,000

4.000%, 

10/1/2048

e

9,746,877

5,400,000

4.500%, 

10/1/2048

e

5,308,346

13,000,000

3.000%, 

10/1/2049

e

11,666,469

7,825,000

3.500%, 

10/1/2049

e

7,286,385

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

18,334,217

2.500%, 

3/1/2062

15,275,871

4,719,634

3.500%, 

7/1/2061

4,318,816

5,427,591

4.000%, 

12/1/2061

5,173,182

Total

476,058,531

Technology  0.8%

Advanced

Micro

Devices,

Inc.

537,000

4.393%, 

6/1/2052

f

499,884

Amentum

Holdings,

Inc.

201,000

7.250%, 

8/1/2032

a

209,770

Analog

Devices,

Inc.

1,000,000

2.950%, 

10/1/2051

705,879

Apple,

Inc.

1,680,000

3.750%, 

9/12/2047

1,447,530

Automatic

Data

Processing,

Inc.

625,000

4.450%, 

9/9/2034

626,447

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Technology  0.8%

-

continued

Block,

Inc.

$

138,000

3.500%, 

6/1/2031

$

125,835

459,000

6.500%, 

5/15/2032

a

477,965

Boost

Newco

Borrower,

LLC

379,000

7.500%, 

1/15/2031

a

406,685

Broadcom,

Inc.

730,000

5.050%, 

7/12/2027

746,093

283,000

3.469%, 

4/15/2034

a

254,840

1,072,000

3.137%, 

11/15/2035

a

916,705

1,100,000

3.187%, 

11/15/2036

a

932,291

460,000

4.926%, 

5/15/2037

a

459,602

Cadence

Design

Systems,

Inc.

222,000

4.700%, 

9/10/2034

223,384

Central

Parent,

Inc./CDK

Global,

Inc.

133,000

7.250%, 

6/15/2029

a

136,007

Cisco

Systems,

Inc.

235,000

5.300%, 

2/26/2054

249,333

Clarivate

Science

Holdings

Corporation

143,000

3.875%, 

7/1/2028

a

137,233

Cloud

Software

Group,

Inc.

796,000

6.500%, 

3/31/2029

a

791,993

Consensus

Cloud

Solutions,

Inc.

68,000

6.000%, 

10/15/2026

a

67,814

CoreLogic,

Inc.

81,000

4.500%, 

5/1/2028

a

76,448

Dell

International,

LLC/EMC

Corporation

480,000

6.020%, 

6/15/2026

491,520

Dell,

Inc.

452,000

6.500%, 

4/15/2038

496,718

Dye

&

Durham,

Ltd.

202,000

8.625%, 

4/15/2029

a

213,692

Fiserv,

Inc.

246,000

2.250%, 

6/1/2027

234,061

517,000

2.650%, 

6/1/2030

471,062

494,000

5.350%, 

3/15/2031

516,729

468,000

5.600%, 

3/2/2033

495,623

500,000

5.150%, 

8/12/2034

512,691

Foundry

JV

Holdco,

LLC

551,000

5.900%, 

1/25/2030

a

570,300

Gen

Digital,

Inc.

11,000

6.750%, 

9/30/2027

a

11,302

163,000

7.125%, 

9/30/2030

a,f

171,036

Global

Payments,

Inc.

487,000

5.950%, 

8/15/2052

502,680

805,000

5.300%, 

8/15/2029

827,467

Hewlett

Packard

Enterprise

Company

660,000

4.400%, 

9/25/2027

660,717

400,000

4.850%, 

10/15/2031

399,173

II-VI,

Inc.

131,000

5.000%, 

12/15/2029

a

128,088

Iron

Mountain,

Inc.

540,000

4.875%, 

9/15/2029

a

528,848

300,000

5.250%, 

7/15/2030

a

296,212

440,000

4.500%, 

2/15/2031

a

417,383

KLA

Corporation

804,000

3.300%, 

3/1/2050

608,191

Marvell

Technology,

Inc.

127,000

5.950%, 

9/15/2033

136,481

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Technology  0.8%

-

continued

Mastercard,

Inc.

$

566,000

3.950%, 

2/26/2048

$

492,116

Microchip

Technology,

Inc.

102,000

5.050%, 

3/15/2029

104,748

Micron

Technology,

Inc.

278,000

5.300%, 

1/15/2031

288,860

NCR

Atleos

Corporation

108,000

9.500%, 

4/1/2029

a

118,894

NCR

Voyix

Corporation

194,000

5.000%, 

10/1/2028

a

190,412

123,000

5.125%, 

4/15/2029

a

120,360

Neptune

Bidco

US,

Inc.

433,000

9.290%, 

4/15/2029

a

424,145

Newfold

Digital

Holdings

Group,

Inc.

81,000

11.750%, 

10/15/2028

a

79,728

NXP

BV/NXP

Funding,

LLC

475,000

5.550%, 

12/1/2028

493,112

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

476,000

4.300%, 

6/18/2029

473,606

475,000

3.250%, 

5/11/2041

370,705

Open

Text

Corporation

185,000

3.875%, 

12/1/2029

a

171,974

Open

Text

Holdings,

Inc.

545,000

4.125%, 

2/15/2030

a

511,569

Oracle

Corporation

536,000

6.900%, 

11/9/2052

646,084

210,000

4.700%, 

9/27/2034

209,447

1,400,000

3.850%, 

7/15/2036

1,266,091

1,266,000

4.000%, 

7/15/2046

1,050,198

PayPal

Holdings,

Inc.

420,000

5.500%, 

6/1/2054

442,003

Pitney

Bowes,

Inc.

68,000

6.875%, 

3/15/2027

a,f

67,585

PTC,

Inc.

123,000

4.000%, 

2/15/2028

a

119,321

RingCentral,

Inc.

359,000

8.500%, 

8/15/2030

a

384,075

Rocket

Software,

Inc.

160,000

9.000%, 

11/28/2028

a

166,974

Roper

Technologies,

Inc.

640,000

1.750%, 

2/15/2031

541,586

Seagate

HDD

Cayman

257,280

9.625%, 

12/1/2032

298,738

Sensata

Technologies

BV

146,000

4.000%, 

4/15/2029

a

139,179

Sensata

Technologies,

Inc.

77,000

3.750%, 

2/15/2031

a

70,497

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

150,000

4.625%, 

11/1/2026

a

148,454

34,000

6.750%, 

8/15/2032

a

35,497

SK

Hynix,

Inc.

400,000

5.500%, 

1/16/2027

a

408,500

SS&C

Technologies,

Inc.

384,000

5.500%, 

9/30/2027

a

383,834

Texas

Instruments,

Inc.

535,000

5.050%, 

5/18/2063

536,845

UKG,

Inc.

141,000

6.875%, 

2/1/2031

a

145,695

Verisk

Analytics,

Inc.

358,000

5.250%, 

6/5/2034

369,774

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Technology  0.8%

-

continued

Viavi

Solutions,

Inc.

$

319,000

3.750%, 

10/1/2029

a

$

289,464

Visa,

Inc.

700,000

2.700%, 

4/15/2040

550,621

VMware,

LLC

417,000

4.650%, 

5/15/2027

419,930

875,000

2.200%, 

8/15/2031

751,576

Xerox

Holdings

Corporation

33,000

5.000%, 

8/15/2025

a

32,696

510,000

5.500%, 

8/15/2028

a

435,438

Total

31,932,043

Transportation  0.2%

Air

Canada

260,000

3.875%, 

8/15/2026

a

253,184

American

Airlines

Group,

Inc.

97,000

3.750%, 

3/1/2025

a

96,004

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

635,833

5.500%, 

4/20/2026

a

634,020

197,647

5.750%, 

4/20/2029

a

197,319

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

173,000

5.375%, 

3/1/2029

a,f

161,703

Burlington

Northern

Santa

Fe,

LLC

631,000

2.875%, 

6/15/2052

435,085

503,000

5.750%, 

5/1/2040

549,691

530,000

4.450%, 

3/15/2043

498,100

Canadian

Pacific

Railway

Company

537,000

4.700%, 

5/1/2048

503,557

CSX

Corporation

720,000

3.800%, 

4/15/2050

592,785

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,126,000

4.750%, 

10/20/2028

a

1,124,667

ERAC

USA

Finance,

LLC

536,000

5.400%, 

5/1/2053

a

562,040

Hawaiian

Brand

Intellectual

Property,

Ltd./HawaiianMiles

Loyalty,

Ltd.

118,800

11.000%, 

4/15/2029

a

119,275

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

331,000

9.875%, 

9/20/2031

a

348,657

Mileage

Plus

Holdings,

LLC

737,550

6.500%, 

6/20/2027

a

746,720

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

462,000

5.750%, 

5/24/2026

a

470,370

Rand

Parent,

LLC

289,000

8.500%, 

2/15/2030

a

294,735

RXO,

Inc.

335,000

7.500%, 

11/15/2027

a

345,489

Stena

International

SA

217,000

7.250%, 

1/15/2031

a

228,031

Union

Pacific

Corporation

1,074,000

2.973%, 

9/16/2062

693,888

United

Airlines,

Inc.

307,000

4.375%, 

4/15/2026

a

302,072

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

81,000

7.875%, 

5/1/2027

a

79,057

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Transportation  0.2%

-

continued

$

156,000

6.375%, 

2/1/2030

a,f

$

134,025

Total

9,370,474

U.S.

Government

&

Agencies  11.9%

U.S.

Treasury

Bonds

15,480,000

1.625%, 

11/15/2050

9,105,384

11,400,000

4.750%, 

11/15/2053

12,592,102

14,120,000

5.250%, 

11/15/2028

15,036,145

1,075,000

4.375%, 

5/15/2040

1,123,543

41,740,000

1.375%, 

11/15/2040

28,324,503

600,000

3.000%, 

5/15/2042

515,813

27,658,000

2.500%, 

5/15/2046

20,846,137

35,275,000

2.875%, 

5/15/2049

27,846,581

U.S.

Treasury

Notes

6,000,000

4.625%, 

2/28/2025

6,004,219

40,300,000

3.875%, 

3/31/2025

40,202,084

6,000,000

0.250%, 

8/31/2025

5,796,750

54,500,000

5.000%, 

8/31/2025

54,955,586

2,500,000

4.250%, 

12/31/2025

2,511,328

33,790,000

2.625%, 

1/31/2026

33,279,190

3,050,000

0.500%, 

2/28/2026

2,913,227

22,580,000

2.500%, 

2/28/2026

22,181,322

2,900,000

4.625%, 

2/28/2026

2,932,285

1,500,000

4.375%, 

7/31/2026

1,518,047

2,350,000

0.500%, 

4/30/2027

2,172,740

16,875,000

2.250%, 

11/15/2027

16,216,479

12,250,000

3.875%, 

12/31/2027

12,366,758

4,300,000

0.750%, 

1/31/2028

3,920,727

16,200,000

3.500%, 

1/31/2028

16,163,297

13,400,000

3.625%, 

3/31/2028

13,427,219

31,750,000

2.875%, 

5/15/2028

30,992,217

55,000,000

4.375%, 

8/31/2028

56,587,695

6,300,000

3.750%, 

12/31/2028

6,342,328

850,000

1.375%, 

11/15/2031

727,912

24,275,000

4.125%, 

11/15/2032

24,970,061

13,500,000

4.500%, 

11/15/2033

14,256,738

Total

485,828,417

Utilities  0.7%

AES

Corporation

1,069,000

3.950%, 

7/15/2030

a

1,019,468

Alpha

Generation,

LLC

116,000

6.750%, 

10/15/2032

a

117,635

American

Electric

Power

Company,

Inc.

468,000

5.625%, 

3/1/2033

493,762

American

Water

Capital

Corporation

486,000

5.450%, 

3/1/2054

510,446

Appalachian

Power

Company

560,000

3.300%, 

6/1/2027

546,644

Berkshire

Hathaway

Energy

Company

900,000

4.500%, 

2/1/2045

843,653

Calpine

Corporation

450,000

4.500%, 

2/15/2028

a

439,375

CenterPoint

Energy,

Inc.

225,000

4.250%, 

11/1/2028

222,356

Commonwealth

Edison

Company

800,000

3.700%, 

3/1/2045

658,871

Consolidated

Edison

Company

of

New

York,

Inc.

384,000

4.500%, 

12/1/2045

351,151

900,000

4.125%, 

5/15/2049

765,617

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Utilities  0.7%

-

continued

Constellation

Energy

Generation,

LLC

$

253,000

6.125%, 

1/15/2034

$

278,050

Consumers

Energy

Company

880,000

4.350%, 

4/15/2049

794,409

Dominion

Energy,

Inc.

66,000

6.875%, 

2/1/2055

b

70,097

66,000

7.000%, 

6/1/2054

b

72,061

DTE

Electric

Company

760,000

3.700%, 

3/15/2045

631,940

640,000

3.700%, 

6/1/2046

536,738

Duke

Energy

Carolinas,

LLC

960,000

3.700%, 

12/1/2047

769,025

Duke

Energy

Corporation

92,000

6.450%, 

9/1/2054

b

95,524

729,000

5.450%, 

6/15/2034

760,811

Duke

Energy

Indiana,

LLC

693,000

3.750%, 

5/15/2046

561,014

Edison

International

759,000

5.750%, 

6/15/2027

783,276

Enel

Finance

International

NV

470,000

5.125%, 

6/26/2029

a

481,412

Essential

Utilities,

Inc.

244,000

4.800%, 

8/15/2027

247,257

Eversource

Energy

669,000

4.750%, 

5/15/2026

672,776

Exelon

Corporation

575,000

4.700%, 

4/15/2050

527,465

642,000

4.450%, 

4/15/2046

571,381

FirstEnergy

Corporation

669,000

4.850%, 

7/15/2047

613,105

Georgia

Power

Company

455,000

4.950%, 

5/17/2033

467,736

237,000

5.250%, 

3/15/2034

248,467

ITC

Holdings

Corporation

560,000

5.300%, 

7/1/2043

543,616

Jersey

Central

Power

&

Light

Company

375,000

2.750%, 

3/1/2032

a

328,340

Lightning

Power,

LLC

383,000

7.250%, 

8/15/2032

a

402,739

MidAmerican

Energy

Company

589,000

5.850%, 

9/15/2054

655,975

National

Rural

Utilities

Cooperative

Finance

Corporation

331,000

3.700%, 

3/15/2029

324,981

NextEra

Energy

Operating

Partners,

LP

496,000

3.875%, 

10/15/2026

a

483,150

NiSource,

Inc.

64,000

6.375%, 

3/31/2055

b

65,197

675,000

5.650%, 

2/1/2045

699,629

NRG

Energy,

Inc.

139,000

5.750%, 

1/15/2028

140,034

115,000

3.375%, 

2/15/2029

a

107,201

195,000

5.250%, 

6/15/2029

a

194,353

Pacific

Gas

and

Electric

Company

700,000

3.300%, 

12/1/2027

675,566

495,000

5.550%, 

5/15/2029

514,174

467,000

4.550%, 

7/1/2030

463,392

505,000

6.950%, 

3/15/2034

573,952

233,000

5.800%, 

5/15/2034

246,246

Principal

Amount

Long-Term

Fixed

Income  36.9%

Value

Utilities  0.7%

-

continued

PG&E

Corporation

$

311,000

5.000%, 

7/1/2028

$

308,282

PPL

Capital

Funding,

Inc.

470,000

5.250%, 

9/1/2034

483,926

PPL

Electric

Utilities

Corporation

440,000

3.950%, 

6/1/2047

375,727

Public

Service

Company

of

Colorado

624,000

4.500%, 

6/1/2052

558,334

Public

Service

Enterprise

Group,

Inc.

511,000

5.875%, 

10/15/2028

538,938

San

Diego

Gas

&

Electric

Company

900,000

4.150%, 

5/15/2048

770,103

Southern

California

Edison

Company

825,000

4.000%, 

4/1/2047

689,596

Southern

Company

650,000

4.850%, 

3/15/2035

655,239

Southern

Company

Gas

Capital

Corporation

600,000

4.400%, 

5/30/2047

521,370

Southwestern

Electric

Power

Company

542,000

3.900%, 

4/1/2045

433,672

Talen

Energy

Supply,

LLC

267,000

8.625%, 

6/1/2030

a

290,982

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

a

514,458

Virginia

Electric

and

Power

Company

180,000

5.350%, 

1/15/2054

184,064

675,000

4.600%, 

12/1/2048

622,564

Vistra

Corporation

129,000

8.000%, 

10/15/2026

a,b,h

135,132

327,000

7.000%, 

12/15/2026

a,b,h

333,803

Vistra

Operations

Company,

LLC

822,000

5.000%, 

7/31/2027

a

817,984

Xcel

Energy,

Inc.

379,000

4.600%, 

6/1/2032

375,469

Total

30,179,710

Total

Long-Term

Fixed

Income

(cost

$1,557,515,775)

1,502,224,436

Shares

Registered

Investment

Companies  

36.8%

Value

U.S.

Affiliated  

36.4%  

14,902,388

Thrivent

Core

Emerging

Markets

Debt

Fund

124,882,009

4,242,366

Thrivent

Core

Emerging

Markets

Equity

Fund

43,272,130

3,353,293

Thrivent

Core

International

Equity

Fund

38,160,473

183,248

Thrivent

Core

Low

Volatility

Equity

Fund

2,241,121

3,451,663

Thrivent

Core

Mid

Cap

Value

Fund

40,453,492

2,929,842

Thrivent

Core

Small

Cap

Value

Fund

33,781,080

2,970,090

Thrivent

Global

Stock

Portfolio

45,254,069

21,332,182

Thrivent

High

Yield

Portfolio

90,715,105

29,425,450

Thrivent

Income

Portfolio

267,197,800

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Shares

Registered

Investment

Companies  36.8%

Value

U.S.

Affiliated  

36.4%  -

continued

8,844,840

Thrivent

International

Allocation

Portfolio

$

91,359,235

1,723,359

Thrivent

International

Index

Portfolio

25,179,481

14,006,007

Thrivent

Large

Cap

Value

Portfolio

337,050,363

15,197,816

Thrivent

Limited

Maturity

Bond

Portfolio

149,640,741

4,698,017

Thrivent

Mid

Cap

Stock

Portfolio

101,572,999

4,478,652

Thrivent

Small

Cap

Stock

Portfolio

89,237,136

Total

1,479,997,234

U.S.

Unaffiliated  

0.4%  

7,644

Invesco

QQQ

Trust

Series

1

3,730,807

19,753

SPDR

S&P

500

ETF

Trust

11,333,481

8,323

SPDR

S&P

Biotech

ETF

822,313

Total

15,886,601

Total

Registered

Investment

Companies

(cost

$1,268,344,684)

1,495,883,835

Shares

Common

Stock

16.1%

Value

Communications

Services  1.3%

28,685

Alphabet,

Inc.,

Class

A

4,757,407

109,567

Alphabet,

Inc.,

Class

C

18,318,507

14,388

Altice

USA,

Inc.

j

35,394

5,972

AMC

Networks,

Inc.

j

51,897

3,532

Bandwidth,

Inc.

j

61,845

41,306

Cargurus,

Inc.

j

1,240,419

334

Charter

Communications,

Inc.

j

108,243

1,359

Cogent

Communications

Holdings

103,175

24,517

Comcast

Corporation

1,024,075

23,091

E.W.

Scripps

Company

j

51,839

2,729

Electronic

Arts,

Inc.

391,448

1,907

Entravision

Communications

Corporation

3,948

10,377

iHeartMedia,

Inc.

j

19,197

12,797

Integral

Ad

Science

Holding

Corporation

j

138,336

5,003

Iridium

Communications,

Inc.

152,341

2,984

Liberty

Global,

Ltd.,

Class

A

j

62,992

5,575

Liberty

Latin

America,

Ltd.,

Class

A

j

53,409

1,004

Liberty

Media

Corporation-Liberty

Live

Group

j

51,535

11,964

Lumen

Technologies,

Inc.

j

84,944

6,753

Magnite,

Inc.

j

93,529

31,437

Meta

Platforms,

Inc.

17,995,796

3,044

Netflix,

Inc.

j

2,159,018

4,673

New

York

Times

Company

260,146

872

Omnicom

Group,

Inc.

90,156

32,271

Pinterest,

Inc.

j

1,044,612

14,073

QuinStreet,

Inc.

j

269,217

1,527

Sinclair,

Inc.

23,363

3,230

Sirius

XM

Holdings,

Inc.

76,390

1,647

TechTarget,

Inc.

j

40,269

3,799

Telephone

and

Data

Systems,

Inc.

88,327

10,743

Trade

Desk,

Inc.

j

1,177,970

38,661

Verizon

Communications,

Inc.

1,736,266

28,039

Warner

Brothers

Discovery,

Inc.

j

231,322

Total

51,997,332

Consumer

Discretionary  1.9%

100

Adient

plc

j

2,257

100,797

Amazon.com,

Inc.

j

18,781,505

Shares

Common

Stock  16.1%

Value

Consumer

Discretionary  1.9%

-

continued

13,703

American

Axle

&

Manufacturing

Holdings,

Inc.

j

$

84,685

9,962

American

Eagle

Outfitters,

Inc.

223,049

7,255

Aptiv

plc

j

522,433

2,375

Aramark

91,984

2,515

Autoliv,

Inc.

234,826

23,947

Best

Buy

Company,

Inc.

2,473,725

143

Booking

Holdings,

Inc.

602,333

3,879

Boot

Barn

Holdings,

Inc.

j

648,879

4,287

BorgWarner,

Inc.

155,575

1,553

Bright

Horizons

Family

Solutions,

Inc.

j

217,622

704

Brunswick

Corporation

59,009

528

Carvana

Company

j

91,930

141

Cavco

Industries,

Inc.

j

60,382

15,316

Champion

Homes,

Inc.

j

1,452,723

845

Chewy,

Inc.

j

24,750

52,847

Chipotle

Mexican

Grill,

Inc.

j

3,045,044

3,460

Columbia

Sportswear

Company

287,837

3,299

Cooper-Standard

Holdings,

Inc.

j

45,757

609

Crocs,

Inc.

j

88,189

2,042

D.R.

Horton,

Inc.

389,552

10,190

Dana,

Inc.

107,606

280

Darden

Restaurants,

Inc.

45,956

6,247

Deckers

Outdoor

Corporation

j

996,084

17,906

DoorDash,

Inc.

j

2,555,723

188

Dorman

Products,

Inc.

j

21,267

40,830

eBay,

Inc.

2,658,441

430

El

Pollo

Loco

Holdings,

Inc.

j

5,891

1,319

Etsy,

Inc.

j

73,244

18,114

Expedia

Group,

Inc.

j

2,681,234

1,229

Ford

Motor

Company

12,978

1,671

Fox

Factory

Holding

Corporation

j

69,346

364

Frontdoor,

Inc.

j

17,468

10,166

Gap,

Inc.

224,160

781

Garmin,

Ltd.

137,479

16,556

Gentex

Corporation

491,548

1,664

Genuine

Parts

Company

232,428

3,799

Goodyear

Tire

&

Rubber

Company

j

33,621

3,496

Grand

Canyon

Education,

Inc.

j

495,908

840

Group

1

Automotive,

Inc.

321,754

2,644

H&R

Block,

Inc.

168,026

14,905

Hanesbrands,

Inc.

j

109,552

2,144

Hasbro,

Inc.

155,054

15,695

Hilton

Worldwide

Holdings,

Inc.

3,617,698

16,588

Home

Depot,

Inc.

6,721,458

1,328

Installed

Building

Products,

Inc.

327,047

60

KB

Home

5,141

4,361

Latham

Group,

Inc.

j

29,655

14,498

Laureate

Education,

Inc.

240,812

1,235

LCI

Industries

148,867

1,146

Lear

Corporation

125,086

1,918

Leggett

&

Platt,

Inc.

26,123

723

Lennar

Corporation

135,548

8,433

LKQ

Corporation

336,645

2,740

Lowe's

Companies,

Inc.

742,129

2,638

Lululemon

Athletica,

Inc.

j

715,821

250

M/I

Homes,

Inc.

j

42,840

4,115

Mattel,

Inc.

j

78,391

6,777

McDonald's

Corporation

2,063,664

3,116

Modine

Manufacturing

Company

j

413,774

2,158

Mohawk

Industries,

Inc.

j

346,747

126

NVR,

Inc.

j

1,236,287

275

OneSpaWorld

Holdings,

Ltd.

4,540

1,676

O'Reilly

Automotive,

Inc.

j

1,930,082

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Shares

Common

Stock  16.1%

Value

Consumer

Discretionary  1.9%

-

continued

2,447

Patrick

Industries,

Inc.

$

348,379

2,432

Pool

Corporation

916,378

173

PVH

Corporation

17,444

44,124

Qurate

Retail,

Inc.

j

26,920

333

Ralph

Lauren

Corporation

64,559

2,137

Revolve

Group,

Inc.

j

52,955

9,825

Ross

Stores,

Inc.

1,478,761

1,734

Service

Corporation

International/

US

136,865

15,551

SharkNinja,

Inc.

1,690,549

4,154

Sony

Group

Corporation

ADR

401,152

1,731

Steven

Madden,

Ltd.

84,802

1,955

Stitch

Fix,

Inc.

j

5,513

18,265

Stoneridge,

Inc.

j

204,385

1,150

Strategic

Education,

Inc.

106,433

27,945

Tesla,

Inc.

j

7,311,250

3,338

Texas

Roadhouse,

Inc.

589,491

241

TopBuild

Corporation

j

98,041

2,658

Travel

+

Leisure

Company

122,481

269

Ulta

Beauty,

Inc.

j

104,673

2,605

Upbound

Group,

Inc.

83,334

2,439

Urban

Outfitters,

Inc.

j

93,438

1,759

Valvoline,

Inc.

j

73,614

9,868

VF

Corporation

196,867

50

Visteon

Corporation

j

4,762

25

Wingstop,

Inc.

10,402

19,057

Wyndham

Hotels

&

Resorts,

Inc.

1,489,114

14,298

Yum

China

Holding,

Inc.

643,696

Total

76,843,427

Consumer

Staples  0.5%

25,618

Altria

Group,

Inc.

1,307,543

3,003

BellRing

Brands,

Inc.

j

182,342

1,804

BJ's

Wholesale

Club

Holdings,

Inc.

j

148,794

237

Casey's

General

Stores,

Inc.

89,043

23,045

Coca-Cola

Company

1,656,014

2,779

Colgate-Palmolive

Company

288,488

642

Costco

Wholesale

Corporation

569,146

39,567

Coty,

Inc.

j

371,534

8,047

e.l.f.

Beauty,

Inc.

j

877,364

8,289

J

&

J

Snack

Foods

Corporation

1,426,703

3,129

J.M.

Smucker

Company

378,922

825

John

B.

Sanfilippo

&

Son,

Inc.

77,806

36,148

Kenvue,

Inc.

836,103

2,482

Keurig

Dr

Pepper,

Inc.

93,025

309

Kimberly-Clark

Corporation

43,964

2,617

Kroger

Company

149,954

5,545

Lamb

Weston

Holdings,

Inc.

358,983

3,802

Lancaster

Colony

Corporation

671,319

3,969

McCormick

&

Company,

Inc.

326,649

25,692

Philip

Morris

International,

Inc.

3,119,009

1,072

Pilgrim's

Pride

Corporation

j

49,366

290

PriceSmart,

Inc.

26,616

8,859

Procter

&

Gamble

Company

1,534,379

12,684

Sysco

Corporation

990,113

1,005

Turning

Point

Brands,

Inc.

43,366

5,941

Tyson

Foods,

Inc.

353,846

1,938

US

Foods

Holding

Corporation

j

119,187

48,658

Walmart,

Inc.

3,929,133

252

WD-40

Company

64,986

Total

20,083,697

Energy  0.4%

32,341

Archrock,

Inc.

654,582

Shares

Common

Stock  16.1%

Value

Energy  0.4%

-

continued

26,994

Baker

Hughes

Company

$

975,833

2,345

Civitas

Resources,

Inc.

118,821

7,188

ConocoPhillips

756,753

529

Coterra

Energy,

Inc.

12,669

33,122

Devon

Energy

Corporation

1,295,733

24,324

Enterprise

Products

Partners,

LP

708,072

16,945

EOG

Resources,

Inc.

2,083,049

3,059

Expand

Energy

Corporation

251,603

5,194

Expro

Group

Holdings

NV

j

89,181

20,840

Exxon

Mobil

Corporation

2,442,865

935

Gulfport

Energy

Corporation

j

141,512

90,560

Halliburton

Company

2,630,768

8,385

Hess

Midstream,

LP

295,739

2,005

Kodiak

Gas

Services,

Inc.

58,145

2,479

Marathon

Petroleum

Corporation

403,854

13,815

Matador

Resources

Company

682,737

3,938

Noble

Corporation

plc

f

142,319

8,115

NOV,

Inc.

129,596

4,871

Ovintiv,

Inc.

186,608

2,986

Par

Pacific

Holdings,

Inc.

j

52,554

2,106

Phillips

66

276,834

9,541

Schlumberger

NV

400,245

4,592

Shell

plc

ADR

302,842

6,469

SM

Energy

Company

258,566

2,743

Solaris

Energy

Infrastructure,

Inc.

35,001

106

Targa

Resources

Corporation

15,689

53,223

TechnipFMC

plc

1,396,039

2,333

Williams

Companies,

Inc.

106,501

Total

16,904,710

Financials  2.1%

1,634

1st

Source

Corporation

97,844

3,906

Allstate

Corporation

740,773

6,066

Ally

Financial,

Inc.

215,889

2,249

Amalgamated

Financial

Corporation

70,551

7,606

American

Express

Company

2,062,747

6,283

American

International

Group,

Inc.

460,104

4,809

Ameriprise

Financial,

Inc.

2,259,316

509

Ameris

Bancorp

31,757

538

AMERISAFE,

Inc.

26,002

6,348

Annaly

Capital

Management,

Inc.

127,404

1,788

Arch

Capital

Group,

Ltd.

j

200,041

2,898

Arthur

J.

Gallagher

&

Company

815,410

3,191

Artisan

Partners

Asset

Management,

Inc.

138,234

6,247

Associated

Banc-Corp

134,560

943

Assurant,

Inc.

187,525

1,175

Assured

Guaranty,

Ltd.

93,436

653

Atlantic

Union

Bankshares

Corporation

24,599

450

Axis

Capital

Holdings,

Ltd.

35,825

1,671

Axos

Financial,

Inc.

j

105,072

50,944

Bank

of

America

Corporation

2,021,458

46

Bank

of

Hawaii

Corporation

2,887

1,262

Bank

of

Marin

Bancorp

25,354

1,584

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

58,418

13,043

Bank

of

New

York

Mellon

Corporation

937,270

8,659

Bank

OZK

372,250

1,256

BankFinancial

Corporation

15,298

316

BankUnited,

Inc.

11,515

1,075

Bar

Harbor

Bankshares

33,153

404

BayCom

Corporation

9,583

2,362

BCB

Bancorp,

Inc.

29,147

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Shares

Common

Stock  16.1%

Value

Financials  2.1%

-

continued

5,667

Berkshire

Hathaway,

Inc.

j

$

2,608,293

2,435

Berkshire

Hills

Bancorp,

Inc.

65,575

1,646

Block,

Inc.

j

110,496

16,762

Blue

Owl

Capital,

Inc.

324,512

120

BOK

Financial

Corporation

12,554

3,686

Bridgewater

Bancshares,

Inc.

j

52,231

1,948

Brighthouse

Financial,

Inc.

j

87,718

1,270

BrightSpire

Capital,

Inc.

7,112

14,435

Brookline

Bancorp,

Inc.

145,649

14,861

Brown

&

Brown,

Inc.

1,539,600

2,270

Business

First

Bancshares,

Inc.

58,271

2,319

Byline

Bancorp,

Inc.

62,080

2,056

Cadence

Bank

65,484

280

Camden

National

Corporation

11,570

146

Capital

City

Bank

Group,

Inc.

5,152

3,492

Capital

One

Financial

Corporation

522,857

5,734

Capitol

Federal

Financial,

Inc.

33,487

6,102

Carlyle

Group,

Inc.

262,752

1,163

Cathay

General

Bancorp

49,951

5,236

Cboe

Global

Markets,

Inc.

1,072,699

3,182

Central

Pacific

Financial

Corporation

93,901

12,740

Charles

Schwab

Corporation

825,679

5,145

Chubb,

Ltd.

1,483,767

2,235

Cincinnati

Financial

Corporation

304,228

4,429

Citigroup,

Inc.

277,255

902

Citizens

Financial

Group,

Inc.

37,045

2,257

CNB

Financial

Corporation

54,303

3,323

CNO

Financial

Group,

Inc.

116,637

5,446

Columbia

Banking

System,

Inc.

142,195

1,778

Comerica,

Inc.

106,520

1,613

Commerce

Bancshares,

Inc.

95,812

322

Community

Financial

System,

Inc.

18,699

5,206

Community

Trust

Bancorp,

Inc.

258,530

1,743

ConnectOne

Bancorp,

Inc.

43,662

774

Cullen/Frost

Bankers,

Inc.

86,580

2,257

Customers

Bancorp,

Inc.

j

104,838

5,151

CVB

Financial

Corporation

91,791

1,475

Dime

Community

Bancshares,

Inc.

42,480

4,680

Discover

Financial

Services

656,557

2,692

Eagle

Bancorp,

Inc.

60,785

2,366

East

West

Bancorp,

Inc.

195,763

6,073

Ellington

Credit

Company

42,390

557

Employers

Holdings,

Inc.

26,719

1,317

Enova

International,

Inc.

j

110,351

178

Enterprise

Bancorp,

Inc./MA

5,689

2,595

Enterprise

Financial

Services

Corporation

133,020

3,265

Equitable

Holdings,

Inc.

137,228

1,131

Equity

Bancshares,

Inc.

46,235

14,937

F.N.B.

Corporation

210,761

3,448

FactSet

Research

Systems,

Inc.

1,585,563

28

Federal

Agricultural

Mortgage

Corporation

5,247

11,081

Federated

Hermes,

Inc.

407,448

2,050

Fidelity

National

Information

Services,

Inc.

171,687

1,710

Fifth

Third

Bancorp

73,256

2,751

Financial

Institutions,

Inc.

70,068

1,151

First

Bancorp/Puerto

Rico

24,367

2,816

First

Bancshares,

Inc.

90,478

1,352

First

Busey

Corporation

35,179

203

First

Citizens

BancShares,

Inc./NC

373,713

3,654

First

Financial

Bancorp

92,190

1,081

First

Financial

Bankshares,

Inc.

40,008

Shares

Common

Stock  16.1%

Value

Financials  2.1%

-

continued

1,209

First

Financial

Corporation

$

53,015

6,293

First

Foundation,

Inc.

39,268

671

First

Hawaiian,

Inc.

15,534

29,204

First

Horizon

Corporation

453,538

1,264

First

Internet

Bancorp

43,305

2,659

First

Interstate

BancSystem,

Inc.

81,578

1,211

First

Merchants

Corporation

45,049

2,319

First

Mid-Illinois

Bancshares,

Inc.

90,232

3,544

First

of

Long

Island

Corporation

45,611

4,938

Fiserv,

Inc.

j

887,112

3,208

Flushing

Financial

Corporation

46,773

8,804

Fulton

Financial

Corporation

159,617

8,897

Glacier

Bancorp,

Inc.

406,593

1,371

Global

Payments,

Inc.

140,418

2,670

Great

Southern

Bancorp,

Inc.

153,018

1,395

Green

Dot

Corporation

j

16,335

4,512

Hamilton

Lane,

Inc.

759,776

2,580

Hancock

Whitney

Corporation

132,019

11,117

Hanmi

Financial

Corporation

206,776

654

Hanover

Insurance

Group,

Inc.

96,864

2,795

Hartford

Financial

Services

Group,

Inc.

328,720

1,417

Heartland

Financial

USA,

Inc.

80,344

1,355

Heritage

Commerce

Corporation

13,387

5,434

Heritage

Financial

Corporation

118,298

1,933

Home

BancShares,

Inc.

52,365

4,032

Hometrust

Bancshares,

Inc.

137,411

8,374

Hope

Bancorp,

Inc.

105,177

284

Horace

Mann

Educators

Corporation

9,926

4,642

Horizon

Bancorp,

Inc.

72,183

8,284

Houlihan

Lokey,

Inc.

1,309,038

3,029

Huntington

Bancshares,

Inc./OH

44,526

1,478

Independent

Bank

Corporation/MA

87,394

2,864

Independent

Bank

Corporation/MI

95,514

26,088

Intercontinental

Exchange,

Inc.

4,190,776

69

International

Bancshares

Corporation

4,126

12,513

Invesco,

Ltd.

219,728

331

Investar

Holding

Corporation

6,421

25,486

J.P.

Morgan

Chase

&

Company

5,373,978

5,146

Jack

Henry

&

Associates,

Inc.

908,475

10,662

Janus

Henderson

Group

plc

405,902

925

Jefferies

Financial

Group,

Inc.

56,934

8,145

Kearny

Financial

Corporation/MD

55,956

78,030

KeyCorp

1,307,002

3,590

Kinsale

Capital

Group,

Inc.

1,671,396

958

LendingTree,

Inc.

j

55,593

408

M&T

Bank

Corporation

72,673

705

MarketAxess

Holdings,

Inc.

180,621

11,655

Marsh

&

McLennan

Companies,

Inc.

2,600,114

4,492

Mastercard,

Inc.

2,218,150

2,026

Mercantile

Bank

Corporation

88,577

7,213

MetLife,

Inc.

594,928

1,053

Metropolitan

Bank

Holding

Corporation

j

55,367

8,762

MFA

Financial,

Inc.

111,453

36,492

MGIC

Investment

Corporation

934,195

673

Mid

Penn

Bancorp,

Inc.

20,076

3,552

Midland

States

Bancorp,

Inc.

79,494

7,335

MidWestOne

Financial

Group,

Inc.

209,268

1,539

Moody's

Corporation

730,394

322

Morningstar,

Inc.

102,757

4,120

Mr.

Cooper

Group,

Inc.

j

379,782

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Shares

Common

Stock  16.1%

Value

Financials  2.1%

-

continued

1,999

MSCI,

Inc.

$

1,165,277

195

MVB

Financial

Corporation

3,775

50,595

Nasdaq,

Inc.

3,693,941

47

Nelnet,

Inc.

5,324

2,025

New

York

Community

Bancorp,

Inc.

22,741

14,606

NMI

Holdings,

Inc.

j

601,621

10,793

Northern

Trust

Corporation

971,694

3,655

Northfield

Bancorp,

Inc.

42,398

2,616

Northwest

Bancshares,

Inc.

35,002

15,769

OceanFirst

Financial

Corporation

293,146

5,633

OFG

Bancorp

253,034

3,937

Old

National

Bancorp

73,464

2,631

Old

Republic

International

Corporation

93,190

4,172

Old

Second

Bancorp,

Inc.

65,041

4,884

OneMain

Holdings,

Inc.

229,890

402

Orrstown

Financial

Services,

Inc.

14,456

174

Pacific

Premier

Bancorp,

Inc.

4,378

573

Palomar

Holdings,

Inc.

j

54,246

25

Park

National

Corporation

4,199

33,446

PayPal

Holdings,

Inc.

j

2,609,791

785

PCB

Bancorp

14,750

628

PennyMac

Financial

Services,

Inc.

71,573

2,755

Peoples

Bancorp,

Inc./OH

82,898

1,007

Pinnacle

Financial

Partners,

Inc.

98,656

20

Piper

Sandler

Companies

5,676

501

PNC

Financial

Services

Group,

Inc.

92,610

4,173

Popular,

Inc.

418,427

722

Principal

Financial

Group,

Inc.

62,020

8,486

Progressive

Corporation

2,153,407

2,217

Prosperity

Bancshares,

Inc.

159,779

1,230

Prudential

Financial,

Inc.

148,953

8,620

Radian

Group,

Inc.

299,028

1,881

Regions

Financial

Corporation

43,884

310

Reinsurance

Group

of

America,

Inc.

67,540

5,747

Rithm

Capital

Corporation

65,228

3,365

RLI

Corporation

521,508

2,340

S&P

Global,

Inc.

1,208,891

10,214

SEI

Investments

Company

706,707

404

ServisFirst

Bancshares,

Inc.

32,502

3,384

Shore

Bancshares,

Inc.

47,342

204

Simmons

First

National

Corporation

4,394

883

Skyward

Specialty

Insurance

Group,

Inc.

j

35,965

77

Southern

First

Bancshares,

Inc.

j

2,624

507

Southern

Missouri

Bancorp,

Inc.

28,640

1,749

Southside

Bancshares,

Inc.

58,469

980

SouthState

Corporation

95,236

566

Stellar

Bancorp,

Inc.

14,654

3,672

StepStone

Group,

Inc.

208,680

435

Stifel

Financial

Corporation

40,847

1,873

Synovus

Financial

Corporation

83,292

239

Texas

Capital

Bancshares,

Inc.

j

17,079

137

Towne

Bank/Portsmouth,

VA

4,529

19,764

TPG,

Inc.

1,137,616

12,525

Tradeweb

Markets,

Inc.

1,548,967

7,299

Triumph

Financial,

Inc.

j

580,562

923

Truist

Financial

Corporation

39,477

1,735

TrustCo

Bank

Corporation

NY

57,376

1,556

U.S.

Bancorp

71,156

436

UMB

Financial

Corporation

45,828

1,348

United

Bankshares,

Inc.

50,011

Shares

Common

Stock  16.1%

Value

Financials  2.1%

-

continued

882

United

Community

Banks,

Inc.

$

25,649

2,221

Univest

Financial

Corporation

62,499

3,508

Unum

Group

208,516

10,887

Valley

National

Bancorp

98,636

8,723

Virtu

Financial,

Inc.

265,703

19,697

Visa,

Inc.

5,415,690

299

WaFd,

Inc.

10,420

480

Walker

&

Dunlop,

Inc.

54,523

9,978

Webster

Financial

Corporation

465,075

40,171

Wells

Fargo

&

Company

2,269,260

2,016

Westamerica

Bancorporation

99,631

9,201

Western

Alliance

Bancorp

795,794

14,764

Western

Union

Company

176,135

715

Willis

Towers

Watson

plc

210,589

831

Wintrust

Financial

Corporation

90,188

375

WSFS

Financial

Corporation

19,121

11,756

Zions

Bancorp

NA

555,118

Total

87,666,875

Health

Care  2.0%

18,314

Abbott

Laboratories

2,087,979

7,759

AbbVie,

Inc.

1,532,247

1,745

ACELYRIN,

Inc.

j

8,603

529

ADMA

Biologics,

Inc.

j

10,575

20,872

Agilent

Technologies,

Inc.

3,099,075

1,146

Agios

Pharmaceuticals,

Inc.

j

50,917

3,258

Align

Technology,

Inc.

j

828,575

7,105

Amgen,

Inc.

2,289,302

1,355

AMN

Healthcare

Services,

Inc.

j

57,438

1,070

Anika

Therapeutics,

Inc.

j

26,429

2,852

Arcellx,

Inc.

j

238,171

1,507

Argenx

SE

ADR

j

816,915

283

Arvinas,

Inc.

j

6,970

3,171

Ascendis

Pharma

AS

ADR

j

473,462

670

Astria

Therapeutics,

Inc.

j

7,377

42,403

Avantor,

Inc.

j

1,096,966

1,484

Biogen,

Inc.

j

287,659

3,903

Bio-Techne

Corporation

311,967

9,248

Boston

Scientific

Corporation

j

774,982

2,996

Bruker

Corporation

206,904

3,788

CareDx,

Inc.

j

118,280

5,001

Caribou

Biosciences,

Inc.

j

9,802

1,089

Castle

Biosciences,

Inc.

j

31,058

4,041

Cencora,

Inc.

909,548

2,386

Centene

Corporation

j

179,618

1,738

Charles

River

Laboratories

International,

Inc.

j

342,334

2,301

Chemed

Corporation

1,382,832

1,632

Cigna

Group

565,390

2,484

Cooper

Companies,

Inc.

j

274,085

559

CRISPR

Therapeutics

AG

f,j

26,262

13,240

Danaher

Corporation

3,680,985

2,447

Definitive

Healthcare

Corporation

j

10,938

6,549

Denali

Therapeutics,

Inc.

j

190,772

12,772

Dentsply

Sirona,

Inc.

345,610

14,114

Dexcom,

Inc.

j

946,203

117

Doximity,

Inc.

j

5,098

4,010

Editas

Medicine,

Inc.

j

13,674

6,241

Edwards

Lifesciences

Corporation

j

411,844

26,497

Elanco

Animal

Health,

Inc.

j

389,241

1,866

Elevance

Health,

Inc.

970,320

9,260

Eli

Lilly

&

Company

8,203,804

387

Enanta

Pharmaceuticals,

Inc.

j

4,009

4,318

Encompass

Health

Corporation

417,292

4,756

Erasca,

Inc.

j

12,984

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Shares

Common

Stock  16.1%

Value

Health

Care  2.0%

-

continued

381

Exelixis,

Inc.

j

$

9,887

5,851

Fate

Therapeutics,

Inc.

j

20,478

27,417

Gilead

Sciences,

Inc.

2,298,641

7,916

Globus

Medical,

Inc.

j

566,311

5,844

GoodRx

Holdings,

Inc.

f,j

40,557

5,430

Haemonetics

Corporation

j

436,463

3,997

Halozyme

Therapeutics,

Inc.

j

228,788

5,262

HealthEquity,

Inc.

j

430,695

4,513

Humana,

Inc.

1,429,448

3,041

ICON

plc

j

873,710

6,662

IDEXX

Laboratories,

Inc.

j

3,365,776

791

Illumina,

Inc.

j

103,154

1,725

Inspire

Medical

Systems,

Inc.

j

364,061

232

Integra

LifeSciences

Holdings

Corporation

j

4,215

1,418

Intellia

Therapeutics,

Inc.

j

29,140

6,934

Intuitive

Surgical,

Inc.

j

3,406,466

842

IQVIA

Holding,

Inc.

j

199,529

387

iTeos

Therapeutics,

Inc.

j

3,951

10,423

Johnson

&

Johnson

1,689,151

487

Kymera

Therapeutics,

Inc.

j

23,050

9,477

Labcorp

Holdings,

Inc.

2,117,920

7,169

Legend

Biotech

Corporation

ADR

j

349,345

54

Ligand

Pharmaceuticals,

Inc.

j

5,405

25

Medpace

Holdings,

Inc.

j

8,345

32,161

Medtronic

plc

2,895,455

26,143

Merck

&

Company,

Inc.

2,968,799

1,272

Mettler-Toledo

International,

Inc.

j

1,907,618

4,559

Molina

Healthcare,

Inc.

j

1,570,849

1,765

Myriad

Genetics,

Inc.

j

48,343

3,303

Natera,

Inc.

j

419,316

198

Neurocrine

Biosciences,

Inc.

j

22,814

1,706

Novocure,

Ltd.

j

26,665

20,659

Option

Care

Health,

Inc.

j

646,627

13,628

Paragon

28,

Inc.

j

91,035

2,310

Penumbra,

Inc.

j

448,856

15,214

Pfizer,

Inc.

440,293

356

Phibro

Animal

Health

Corporation

8,017

825

Prestige

Consumer

Healthcare,

Inc.

j

59,482

2,212

Prothena

Corporation

plc

j

37,007

1,830

PTC

Therapeutics,

Inc.

j

67,893

633

QIAGEN

NV

28,846

532

Quest

Diagnostics,

Inc.

82,593

7,488

Relay

Therapeutics,

Inc.

j

53,015

9,209

Repligen

Corporation

j

1,370,483

3,500

Rocket

Pharmaceuticals,

Inc.

j

64,645

17,807

Royalty

Pharma

plc

503,760

4,727

RxSight,

Inc.

j

233,656

1,671

Sage

Therapeutics,

Inc.

j

12,065

8,049

Sanofi

SA

ADR

463,864

4,789

Sarepta

Therapeutics,

Inc.

j

598,098

21,622

scPharmaceuticals,

Inc.

j

98,596

17,326

Stevanato

Group

SPA

346,520

4,315

Stryker

Corporation

1,558,837

947

Teleflex,

Inc.

234,212

470

Tenet

Healthcare

Corporation

j

78,114

3,650

Thermo

Fisher

Scientific,

Inc.

2,257,780

6,976

Twist

Bioscience

Corporation

j

315,176

296

United

Therapeutics

Corporation

j

106,072

1,784

UnitedHealth

Group,

Inc.

1,043,069

5,195

Veeva

Systems,

Inc.

j

1,090,275

7,713

Vericel

Corporation

j

325,874

4,623

Vertex

Pharmaceuticals,

Inc.

j

2,150,065

4,963

Viatris,

Inc.

57,620

Shares

Common

Stock  16.1%

Value

Health

Care  2.0%

-

continued

4,627

Viemed

Healthcare,

Inc.

j

$

33,916

890

West

Pharmaceutical

Services,

Inc.

267,142

3,167

Xencor,

Inc.

j

63,688

2,015

Xenon

Pharmaceuticals,

Inc.

j

79,331

1,286

Zentalis

Pharmaceuticals,

Inc.

j

4,732

5,628

Zimmer

Biomet

Holdings,

Inc.

607,543

16,403

Zoetis,

Inc.

3,204,818

Total

80,652,456

Industrials  1.9%

3,833

A.O.

Smith

Corporation

344,318

2,966

AAR

Corporation

j

193,858

565

ABM

Industries,

Inc.

29,809

257

Acuity

Brands,

Inc.

70,775

8,209

Advanced

Drainage

Systems,

Inc.

1,290,126

14,504

AECOM

1,497,828

2,595

Air

Lease

Corporation

117,528

1,614

Allison

Transmission

Holdings,

Inc.

155,057

3,476

Amentum

Holdings,

Inc.

j

112,101

10,707

AMETEK,

Inc.

1,838,499

1,137

Applied

Industrial

Technologies,

Inc.

253,699

1,592

Arcosa,

Inc.

150,858

5,426

Armstrong

World

Industries,

Inc.

713,139

7,950

Atmus

Filtration

Technologies,

Inc.

298,364

7,485

Automatic

Data

Processing,

Inc.

2,071,324

264

Axon

Enterprise,

Inc.

j

105,494

14,045

AZEK

Company,

Inc.

j

657,306

15,964

Badger

Infrastructure

Solutions,

Ltd.

434,024

590

Barrett

Business

Services,

Inc.

22,131

3,348

Beacon

Roofing

Supply,

Inc.

j

289,368

7,716

Brady

Corporation

591,277

12,620

BWX

Technologies,

Inc.

1,371,794

246

Carlisle

Companies,

Inc.

110,639

3,858

Casella

Waste

Systems,

Inc.

j

383,832

6,615

Caterpillar,

Inc.

2,587,259

5,541

CECO

Environmental

Corporation

j

156,256

3,775

Clean

Harbors,

Inc.

j

912,455

49,925

CNH

Industrial

NV

554,168

717

CSW

Industrials,

Inc.

262,702

92,049

CSX

Corporation

3,178,452

1,144

Cummins,

Inc.

370,416

317

Curtiss-Wright

Corporation

104,195

1,472

Dayforce,

Inc.

j

90,160

11,442

Delta

Air

Lines,

Inc.

581,139

2,033

DNOW,

Inc.

j

26,287

4,054

Donaldson

Company,

Inc.

298,780

17

Dover

Corporation

3,260

2,611

EMCOR

Group,

Inc.

1,124,114

85

ESCO

Technologies,

Inc.

10,963

46,940

ExlService

Holdings,

Inc.

j

1,790,761

753

Expeditors

International

of

Washington,

Inc.

98,944

79,521

Fastenal

Company

5,679,390

11,597

Ferguson

Enterprises,

Inc.

2,302,816

28,296

Flowserve

Corporation

1,462,620

8,076

Fluor

Corporation

j

385,306

2,157

General

Dynamics

Corporation

651,845

843

Gibraltar

Industries,

Inc.

j

58,951

10,430

Graco,

Inc.

912,729

589

Griffon

Corporation

41,230

9,240

Helios

Technologies,

Inc.

440,748

380

Herc

Holdings,

Inc.

60,583

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Shares

Common

Stock  16.1%

Value

Industrials  1.9%

-

continued

3,156

Honeywell

International,

Inc.

$

652,377

45,542

Howmet

Aerospace,

Inc.

4,565,586

508

Huntington

Ingalls

Industries,

Inc.

134,305

927

IDEX

Corporation

198,842

53

IES

Holdings,

Inc.

j

10,580

11,451

Ingersoll

Rand,

Inc.

1,124,030

1,609

Interface,

Inc.

30,523

2,746

ITT

Corporation

410,554

3,476

Jacobs

Solutions,

Inc.

455,008

30,364

Janus

International

Group,

Inc.

j

306,980

3,046

JB

Hunt

Transport

Services,

Inc.

524,917

2,152

Kirby

Corporation

j

263,469

1,725

Knight-Swift

Transportation

Holdings,

Inc.

93,064

4,577

Korn

Ferry

344,373

3,212

Kratos

Defense

&

Security

Solutions,

Inc.

j

74,840

2,570

L3Harris

Technologies,

Inc.

611,326

1,519

Landstar

System,

Inc.

286,894

5,759

Leidos

Holdings,

Inc.

938,717

446

Lincoln

Electric

Holdings,

Inc.

85,641

1,901

ManpowerGroup,

Inc.

139,762

13,970

Masco

Corporation

1,172,642

22,667

Masterbrand,

Inc.

j

420,246

689

Miller

Industries,

Inc.

42,029

419

Moog,

Inc.

84,646

18,760

Mueller

Water

Products,

Inc.

407,092

4,163

Northrop

Grumman

Corporation

2,198,355

19,232

nVent

Electric

plc

1,351,240

5,413

Old

Dominion

Freight

Line,

Inc.

1,075,238

1,066

Otis

Worldwide

Corporation

110,800

12,740

Owens

Corning,

Inc.

2,248,865

1,096

PACCAR,

Inc.

108,153

2,098

Parker-Hannifin

Corporation

1,325,558

12,478

Pentair

plc

1,220,224

498

Quanta

Services,

Inc.

148,479

5,267

Regal

Rexnord

Corporation

873,690

510

Republic

Services,

Inc.

102,428

1,352

Robert

Half,

Inc.

91,138

2,980

Rockwell

Automation,

Inc.

800,011

1,184

Rush

Enterprises,

Inc.

62,551

2,235

Saia,

Inc.

j

977,276

8,435

Schneider

National,

Inc.

240,735

2,179

Simpson

Manufacturing

Company,

Inc.

416,777

3,012

SkyWest,

Inc.

j

256,080

3,681

SS&C

Technologies

Holdings,

Inc.

273,167

982

Tennant

Company

94,311

6,186

Timken

Company

521,418

7,541

Trane

Technologies

plc

2,931,413

181

TransDigm

Group,

Inc.

258,311

10,351

TransUnion

1,083,750

49,558

Uber

Technologies,

Inc.

j

3,724,779

49

UniFirst

Corporation/MA

9,734

1,007

Union

Pacific

Corporation

248,205

18,713

United

Parcel

Service,

Inc.

2,551,330

479

United

Rentals,

Inc.

387,861

1,701

Verisk

Analytics,

Inc.

455,800

3,182

Verra

Mobility

Corporation

j

88,491

26

Viad

Corporation

j

932

507

Wabtec

Corporation

92,157

5,813

Waste

Connections,

Inc.

1,039,481

1,741

Waste

Management,

Inc.

361,432

1,874

Watsco,

Inc.

921,783

Shares

Common

Stock  16.1%

Value

Industrials  1.9%

-

continued

7,174

WNS

Holdings,

Ltd.

j

$

378,142

Total

79,658,215

Information

Technology  4.7%

2,686

A10

Networks,

Inc.

38,786

2,915

ACI

Worldwide,

Inc.

j

148,373

3,390

Adobe,

Inc.

j

1,755,274

28,766

Advanced

Micro

Devices,

Inc.

j

4,719,925

3,522

Agilysys,

Inc.

j

383,792

1,458

Ambarella,

Inc.

j

82,238

46,913

Amphenol

Corporation

3,056,851

139,348

Apple,

Inc.

32,468,084

22,823

Applied

Materials,

Inc.

4,611,387

343

AppLovin

Corporation

j

44,779

3,903

Arista

Networks,

Inc.

j

1,498,049

3,769

ASGN,

Inc.

j

351,384

445

Atlassian

Corporation

j

70,670

12,660

Autodesk,

Inc.

j

3,487,577

33,736

Broadcom,

Inc.

5,819,460

12,595

CDW

Corporation

2,850,249

2,889

Ciena

Corporation

j

177,934

47,143

Cisco

Systems,

Inc.

2,508,950

3,009

Clearwater

Analytics

Holdings,

Inc.

j

75,977

1,651

Coherent

Corporation

j

146,790

1,930

Cohu,

Inc.

j

49,601

1,696

CommScope

Holding

Company,

Inc.

j

10,363

976

CommVault

Systems,

Inc.

j

150,158

418

Consensus

Cloud

Solutions,

Inc.

j

9,844

2,022

Credo

Technology

Group

Holding,

Ltd.

j

62,278

3,098

CrowdStrike

Holdings,

Inc.

j

868,896

3,619

CyberArk

Software,

Ltd.

j

1,055,337

1,637

Datadog,

Inc.

j

188,353

4,836

Descartes

Systems

Group,

Inc.

j

497,915

2,479

DocuSign,

Inc.

j

153,921

4,119

Dolby

Laboratories,

Inc.

315,227

17,892

Dynatrace

Holdings,

LLC

j

956,685

232

Elastic

NV

j

17,808

785

Enphase

Energy,

Inc.

j

88,721

1,021

F5,

Inc.

j

224,824

2,677

Fabrinet

j

632,950

6,681

Flex,

Ltd.

j

223,346

27,560

Fortinet,

Inc.

j

2,137,278

2,030

Gartner,

Inc.

j

1,028,723

21,559

Gitlab,

Inc.

j

1,111,151

3,772

Globant

SA

j

747,384

10,899

Guidewire

Software,

Inc.

j

1,993,863

1,400

Hewlett

Packard

Enterprise

Company

28,644

1,978

HubSpot,

Inc.

j

1,051,505

204

Insight

Enterprises,

Inc.

j

43,940

16,606

International

Business

Machines

Corporation

3,671,254

650

IPG

Photonics

Corporation

j

48,308

1,151

Itron,

Inc.

j

122,938

37,232

JFrog,

Ltd.

j

1,081,217

1,662

Keysight

Technologies,

Inc.

j

264,142

1,835

KLA

Corporation

1,421,042

1,189

Lam

Research

Corporation

970,319

26,428

Lattice

Semiconductor

Corporation

j

1,402,534

1,918

Littelfuse,

Inc.

508,750

12,155

Marvell

Technology,

Inc.

876,619

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

Shares

Common

Stock  16.1%

Value

Information

Technology  4.7%

-

continued

79,682

Microsoft

Corporation

$

34,287,165

1,613

MKS

Instruments,

Inc.

175,349

3,956

MongoDB,

Inc.

j

1,069,505

1,715

Monolithic

Power

Systems,

Inc.

1,585,518

4,475

Motorola

Solutions,

Inc.

2,012,094

3,051

Napco

Security

Technologies,

Inc.

123,443

1,018

nCino,

Inc.

j

32,159

5,146

NetApp,

Inc.

635,582

263,755

NVIDIA

Corporation

32,030,407

1,042

Okta,

Inc.

j

77,462

999

ON

Semiconductor

Corporation

j

72,537

2,564

Onto

Innovation,

Inc.

j

532,184

1,307

Palo

Alto

Networks,

Inc.

j

446,733

121

PC

Connection,

Inc.

9,127

7,034

PDF

Solutions,

Inc.

j

222,837

506

Plexus

Corporation

j

69,175

330

Procore

Technologies,

Inc.

j

20,368

6,582

PTC,

Inc.

j

1,189,104

3,155

Q2

Holdings,

Inc.

j

251,674

891

Qorvo,

Inc.

j

92,040

30,479

QUALCOMM,

Inc.

5,182,954

19,589

Salesforce,

Inc.

5,361,705

17,331

Samsung

Electronics

Company,

Ltd.

810,030

7,886

ServiceNow,

Inc.

j

7,053,160

2,553

Silicon

Laboratories,

Inc.

j

295,050

4,840

SolarWinds

Corporation

63,162

1,802

Synopsys,

Inc.

j

912,515

3,196

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

555,049

4,045

TD

SYNNEX

Corporation

485,724

1,500

TE

Connectivity

plc

226,485

212

Teledyne

Technologies,

Inc.

j

92,784

1,664

Tenable

Holdings,

Inc.

j

67,425

32,445

Trimble,

Inc.

j

2,014,510

18,659

TTM

Technologies,

Inc.

j

340,527

1,598

Tyler

Technologies,

Inc.

j

932,785

3,833

Unisys

Corporation

j

21,771

173

Universal

Display

Corporation

36,313

11,907

Varonis

Systems,

Inc.

j

672,746

4,820

VeriSign,

Inc.

j

915,607

763

Viavi

Solutions,

Inc.

j

6,882

6,848

Vontier

Corporation

231,052

4,541

Workiva,

Inc.

j

359,284

845

Xerox

Holdings

Corporation

8,771

Total

189,893,121

Materials  0.4%

627

Albemarle

Corporation

59,383

1,408

Alcoa

Corporation

54,321

511

AptarGroup,

Inc.

81,857

3,314

Avient

Corporation

166,761

17,805

Axalta

Coating

Systems,

Ltd.

j

644,363

1,133

Ball

Corporation

76,942

549

Berry

Plastics

Group,

Inc.

37,321

633

Celanese

Corporation

86,063

7,549

CF

Industries

Holdings,

Inc.

647,704

10,275

Chemours

Company

208,788

6,346

Corteva,

Inc.

373,081

1,867

DuPont

de

Nemours,

Inc.

166,368

1,152

Eagle

Materials,

Inc.

331,373

11,091

Eastman

Chemical

Company

1,241,637

12,888

Ecolab,

Inc.

3,290,693

9,321

Element

Solutions,

Inc.

253,158

Shares

Common

Stock  16.1%

Value

Materials  0.4%

-

continued

1,466

Greif,

Inc.

$

91,860

16,609

Hecla

Mining

Company

110,782

1,221

Huntsman

Corporation

29,548

4,174

Ingevity

Corporation

j

162,786

1,950

Innospec,

Inc.

220,526

153

International

Flavors

&

Fragrances,

Inc.

16,054

5,076

Ivanhoe

Mines,

Ltd.

j

75,514

1,742

Kaiser

Aluminum

Corporation

126,330

3,166

Knife

River

Corporation

j

283,009

1,322

Koppers

Holdings,

Inc.

48,293

1,088

Linde

plc

518,824

213

LyondellBasell

Industries

NV

20,427

1,661

Martin

Marietta

Materials,

Inc.

894,033

1,812

Minerals

Technologies,

Inc.

139,941

8,779

Mosaic

Company

235,102

17,082

Nucor

Corporation

2,568,108

2,861

O-I

Glass,

Inc.

j

37,536

3,551

Orion

SA

63,243

31

Packaging

Corporation

of

America

6,677

709

PPG

Industries,

Inc.

93,914

1,626

Radius

Recycling,

Inc.

30,146

725

Ranpak

Holdings

Corporation

j

4,734

118

Royal

Gold,

Inc.

16,555

5,500

RPM

International,

Inc.

665,500

1,187

Sensient

Technologies

Corporation

95,221

3,453

Sonoco

Products

Company

188,637

2,028

Steel

Dynamics,

Inc.

255,690

739

Stepan

Company

57,088

7,133

Summit

Materials,

Inc.

j

278,401

7,627

Trinseo

plc

38,974

14,274

Tronox

Holdings

plc

208,829

662

United

States

Lime

&

Minerals,

Inc.

64,651

4,293

United

States

Steel

Corporation

151,672

1,152

Vulcan

Materials

Company

288,495

1,121

West

Fraser

Timber

Company,

Ltd.

109,141

Total

15,916,054

Real

Estate  0.6%

12,326

Agree

Realty

Corporation

928,518

586

Alexandria

Real

Estate

Equities,

Inc.

69,588

7,401

AvalonBay

Communities,

Inc.

1,667,075

1,941

Brixmor

Property

Group,

Inc.

54,076

11,470

CBRE

Group,

Inc.

j

1,427,786

21,580

Compass,

Inc.

j

131,854

11,420

CoStar

Group,

Inc.

j

861,525

5,646

Crown

Castle,

Inc.

669,785

721

CTO

Realty

Growth,

Inc.

13,713

12,202

Cushman

and

Wakefield

plc

j

166,313

680

DiamondRock

Hospitality

Company

5,936

12,017

Douglas

Elliman,

Inc.

j

21,991

7,608

EastGroup

Properties,

Inc.

1,421,327

9,005

EPR

Properties

441,605

2,637

Equinix,

Inc.

2,340,680

29,160

Equity

Commonwealth

j

580,284

95,166

Essential

Properties

Realty

Trust,

Inc.

3,249,919

512

Essex

Property

Trust,

Inc.

151,255

440

Extra

Space

Storage,

Inc.

79,284

3,059

First

Industrial

Realty

Trust,

Inc.

171,243

7,927

Four

Corners

Property

Trust,

Inc.

232,340

5,631

Getty

Realty

Corporation

179,122

25,442

Healthcare

Realty

Trust,

Inc.

461,772

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Shares

Common

Stock  16.1%

Value

Real

Estate  0.6%

-

continued

1,587

Howard

Hughes

Holdings,

Inc.

j

$

122,881

10,528

Independence

Realty

Trust,

Inc.

215,824

5,373

Industrial

Logistics

Properties

Trust

25,576

9,024

Invitation

Homes,

Inc.

318,186

9,725

National

Storage

Affiliates

Trust

468,745

13,760

NetSTREIT

Corporation

227,453

7,448

Pebblebrook

Hotel

Trust

98,537

4,771

Phillips

Edison

and

Company,

Inc.

179,914

2,558

Plymouth

Industrial

REIT,

Inc.

57,811

957

RE/MAX

Holdings,

Inc.

j

11,915

6,389

Rexford

Industrial

Realty,

Inc.

321,431

1,171

RMR

Group,

Inc.

29,720

33,704

Sabra

Health

Care

REIT,

Inc.

627,231

3,541

SBA

Communications

Corporation

852,319

26,082

STAG

Industrial,

Inc.

1,019,545

2,161

Sun

Communities,

Inc.

292,059

10,494

Tanger,

Inc.

348,191

15,843

Terreno

Realty

Corporation

1,058,788

11,138

UDR,

Inc.

504,997

3,938

Uniti

Group,

Inc.

22,210

7,074

Zillow

Group,

Inc.,

Class

A

j

438,093

4,862

Zillow

Group,

Inc.,

Class

C

j

310,439

Total

22,878,856

Utilities  0.3%

10,774

AES

Corporation

216,126

2,260

Alliant

Energy

Corporation

137,159

7,076

American

Water

Works

Company,

Inc.

1,034,794

1,361

Black

Hills

Corporation

83,184

3,044

California

Water

Service

Group

165,046

3,911

CenterPoint

Energy,

Inc.

115,062

13,490

Clearway

Energy,

Inc.,

Class

A

384,060

15,870

Clearway

Energy,

Inc.,

Class

C

486,892

2,530

Constellation

Energy

Corporation

657,851

6,744

Duke

Energy

Corporation

777,583

6,371

Entergy

Corporation

838,487

1,209

Evergy,

Inc.

74,970

2,691

Eversource

Energy

183,123

10,825

Hawaiian

Electric

Industries,

Inc.

j

104,786

32,431

NextEra

Energy

Partners,

LP

f

895,744

4,303

NiSource,

Inc.

149,099

476

Northwestern

Energy

Group,

Inc.

27,237

985

Portland

General

Electric

Company

47,181

7,569

Public

Service

Enterprise

Group,

Inc.

675,230

654

Spire,

Inc.

44,008

6,414

TXNM

Energy,

Inc.

280,741

91,074

UGI

Corporation

2,278,671

11,625

Vistra

Energy

Corporation

1,378,028

43,619

Xcel

Energy,

Inc.

2,848,321

Total

13,883,383

Total

Common

Stock

(cost

$423,918,842)

656,378,126

Shares

Private

Equity

Funds

0.5%

Value

Secondary  0.5%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,j,k

408,151

1

ASF

IX,

LP

*,j,k

2,611,960

1

ASF

VIII

Sidecar

(Cayman),

LP

*,j,k

272,757

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,j,k

2,379,190

Shares

Private

Equity

Funds

0.5%

Value

Secondary  0.5%

-

continued

1

LCP

X

(Offshore),

LP

*,j,k

$

11,929,199

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,j,k

1,682,636

Total

19,283,893

Total

Private

Equity

Funds

(cost

$14,566,374)

19,283,893

Shares

Collateral

Held

for

Securities

Loaned

0.3%

Value

11,626,735

Thrivent

Cash

Management

Trust

11,626,735

Total

Collateral

Held

for

Securities

Loaned

(cost

$11,626,735)

11,626,735

Shares

or

Principal

Amount

Short-Term

Investments

10.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

5.180%,

10/4/2024

l,m

299,845

5,400,000

5.170%,

10/9/2024

l,m

5,393,723

1,300,000

5.094%,

10/16/2024

l,m

1,297,313

1,200,000

5.195%,

10/18/2024

l,m

1,197,210

400,000

5.215%,

10/30/2024

l,m

398,450

1,100,000

5.050%,

11/1/2024

l,m

1,095,580

8,500,000

4.838%,

11/13/2024

l,m

8,453,042

1,600,000

4.930%,

11/15/2024

l,m

1,590,759

1,200,000

4.989%,

11/22/2024

l,m

1,192,015

5,800,000

4.810%,

11/29/2024

l,m

5,756,307

Thrivent

Core

Short-Term

Reserve

Fund

40,423,406

5.250%

404,234,065

U.S.

Treasury

Bills

280,000

5.110%,

10/24/2024

l,n

279,155

400,000

4.837%,

11/12/2024

l

397,826

Total

Short-Term

Investments

(cost

$431,399,738)

431,585,290

Total

Investments

(cost

$3,707,372,148)

101.2%

$4,116,982,315

Other

Assets

and

Liabilities,

Net

(1.2%)

(47,059,790)

Total

Net

Assets

100.0%

$4,069,922,525

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$228,155,178

or

5.6%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

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

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2024.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

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.

h

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.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Conservative

Allocation

Portfolio

as

of

September

30,

2024

was

$19,361,393

or

0.48%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

–

ASF

IX,

LP 

3/18/2024

1,820,644

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

239,809

Credit

Suisse

Group

AG 

9/5/2018

775,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

1,872,000

LCP

X

(Offshore),

LP 

10/25/2023

9,193,921

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

1,440,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Conservative

Allocation

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

10,510,993

Common

Stock

666,958

Total

lending

$11,177,951

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$11,626,735

Net

amounts

due

to

counterparty

$448,784

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

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

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

35,930,131

–

35,930,131

–

Basic

Materials

12,062,351

–

12,062,351

–

Capital

Goods

27,273,862

–

27,273,862

–

Collateralized

Mortgage

Obligations

56,732,445

–

56,732,445

–

Commercial

Mortgage-Backed

Securities

31,229,325

–

31,229,325

–

Communications

Services

41,023,277

–

41,023,277

–

Consumer

Cyclical

47,160,055

–

47,160,055

–

Consumer

Non-Cyclical

48,567,190

–

48,567,190

–

Energy

37,978,901

–

37,978,901

–

Financials

129,521,603

–

129,521,603

–

Foreign

Government

1,376,121

–

1,376,121

–

Mortgage-Backed

Securities

476,058,531

–

476,058,531

–

Technology

31,932,043

–

31,932,043

–

Transportation

9,370,474

–

9,370,474

–

U.S.

Government

&

Agencies

485,828,417

–

485,828,417

–

Utilities

30,179,710

–

30,179,710

–

Registered

Investment

Companies

U.S.

Affiliated

1,197,206,929

1,197,206,929

–

–

U.S.

Unaffiliated

15,886,601

15,886,601

–

–

Common

Stock

Communications

Services

51,997,332

51,997,332

–

–

Consumer

Discretionary

76,843,427

76,843,427

–

–

Consumer

Staples

20,083,697

20,083,697

–

–

Energy

16,904,710

16,904,710

–

–

Financials

87,666,875

87,666,875

–

–

Health

Care

80,652,456

80,652,456

–

–

Industrials

79,658,215

79,224,191

434,024

–

Information

Technology

189,893,121

189,083,091

810,030

–

Materials

15,916,054

15,840,540

75,514

–

Real

Estate

22,878,856

22,878,856

–

–

Utilities

13,883,383

13,883,383

–

–

Private

Equity

Funds

Secondary

19,283,893

–

–

19,283,893

Short-Term

Investments

27,351,225

–

27,351,225

–

Subtotal

Investments

in

Securities

$3,418,331,210

$1,868,152,088

$1,530,895,229

$19,283,893

Other

Investments  *

Total

Affiliated

Short-Term

Investments

404,234,065

U.S.

Affiliated

Registered

Investment

Cos.

282,790,305

Collateral

Held

for

Securities

Loaned

11,626,735

Subtotal

Other

Investments

$698,651,105

Total

Investments

at

Value

$4,116,982,315

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

13,199,938

13,199,938

–

–

Total

Asset

Derivatives

$13,199,938

$13,199,938

$–

$–

Liability

Derivatives

Futures

Contracts

12,675,338

10,855,449

1,819,889

–

Total

Rate

of

Return

Swaps

522,502

–

522,502

–

Total

Liability

Derivatives

$13,197,840

$10,855,449

$2,342,391

$–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

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

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$26,719,544

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

30

December

2024

$

3,428,989

(

$

552)

CBOT

2-Yr.

U.S.

Treasury

Note

930

December

2024

193,260,789

404,448

CBOT

5-Yr.

U.S.

Treasury

Note

85

December

2024

9,333,899

6,140

CBOT

U.S.

Long

Bond

257

December

2024

32,069,509

(

153,321)

CME

E-mini

Russell

2000

Index

6

December

2024

661,967

12,793

CME

E-mini

S&P

500

Index

1,370

December

2024

387,935,854

10,340,271

CME

E-mini

S&P

Mid-Cap

400

Index

1

December

2024

306,642

8,218

CME

Ultra

Long

Term

U.S.

Treasury

Bond

24

December

2024

3,218,508

(

24,258)

ICE

mini

MSCI

EAFE

Index

826

December

2024

100,318,163

2,427,977

Ultra

10-Yr.

U.S.

Treasury

Note

15

December

2024

1,776,720

(

2,267)

Total

Futures

Long

Contracts

$

732,311,040

$

13,019,449

CBOT

10-Yr.

U.S.

Treasury

Note

(18)

December

2024

(

$

2,057,153)

$

91

CME

E-mini

Russell

2000

Index

(1,127)

December

2024

(

121,344,821)

(

5,397,599)

CME

E-mini

S&P

Mid-Cap

400

Index

(421)

December

2024

(

127,905,573)

(

4,650,487)

CME

Euro

Foreign

Exchange

Currency

(367)

December

2024

(

50,806,786)

(

419,533)

Eurex

Euro

STOXX

50

Index

(924)

December

2024

(

50,029,435)

(

1,819,889)

ICE

US

mini

MSCI

Emerging

Markets

Index

(55)

December

2024

(

3,017,493)

(

207,432)

Total

Futures

Short

Contracts

(

$

355,161,261)

($12,494,849)

Total

Futures

Contracts

$

377,149,779

$524,600

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

total

rate

of

return

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$279,155

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Rate

of

Return

Swaps                

Reference

Entity

Fund

Pays

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

5,700,927

(

$

522,502)

$

–

(

$

522,502)

Total

Rate

of

Return

Swaps

(

$

522,502)

$

–

($522,502)

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$140,309

$5,807

$27,246

$124,882

14,902

3.1%

Core

Emerging

Markets

Equity

36,993

–

–

43,272

4,242

1.1

Core

International

Equity

33,935

–

–

38,160

3,353

0.9

Core

Low

Volatility

Equity

23,442

–

21,600

2,241

183

0.1

Core

Mid

Cap

Value

42,522

–

6,001

40,453

3,452

1.0

Core

Small

Cap

Value

35,934

–

7,000

33,781

2,930

0.8

Global

Stock

58,754

2,116

21,000

45,254

2,970

1.1

High

Yield

97,012

4,467

12,567

90,715

21,332

2.2

Income

291,884

9,113

40,011

267,198

29,425

6.6

International

Allocation

81,309

2,630

–

91,359

8,845

2.2

International

Index

22,311

619

–

25,179

1,723

0.6

Large

Cap

Value

294,402

13,687

–

337,050

14,006

8.3

Limited

Maturity

Bond

164,920

4,526

23,472

149,641

15,198

3.7

Mid

Cap

Stock

101,811

1,730

12,000

101,573

4,698

2.5

Small

Cap

Stock

79,077

534

–

89,237

4,479

2.2

Total

U.S.

Affiliated

Registered

Investment

Companies

1,504,615

1,479,995

36.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

469,090

918,773

983,629

404,234

40,423

9.9

Total

Affiliated

Short-Term

Investments

469,090

404,234

9.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

14,564

110,056

112,993

11,627

11,627

0.3

Total

Collateral

Held

for

Securities

Loaned

14,564

11,627

0.3

Total

Value

$1,988,269

$1,895,856

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($6,558)

$12,570

$

–

$5,806

Core

Emerging

Markets

Equity

–

6,279

–

–

Core

International

Equity

–

4,225

–

–

Core

Low

Volatility

Equity

644

(245)

–

–

Core

Mid

Cap

Value

Fund

586

3,346

–

–

Core

Small

Cap

Value

Fund

320

4,527

–

–

Global

Stock

2,665

2,719

1,256

860

High

Yield

(1,856)

3,659

–

4,470

Income

(5,635)

11,847

–

9,119

International

Allocation

–

7,420

–

2,631

International

Index

–

2,249

–

619

Large

Cap

Value

–

28,961

8,629

5,060

Limited

Maturity

Bond

(333)

4,000

–

4,515

Mid

Cap

Stock

1,640

8,392

1,152

578

Small

Cap

Stock

–

9,626

–

534

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

–

–

–

17,826

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$52,018

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

55

Total

Affiliated

Income

from

Securities

Loaned,

Net

$55

Total

Value

($8,527)

$109,575

$

11,037

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

Principal

Amount

Long-Term

Fixed

Income

83.5%

Value

Asset-Backed

Securities  11.3%

720

East

CLO,

Ltd.

$

300,000

9.532%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

a,b

$

301,450

Affirm

Asset

Securitization

Trust

200,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

202,610

Anchorage

Capital

CLO

16,

Ltd.

700,000

7.941%, 

(TSFR3M

+

2.662%),

1/19/2035,

Ser.

2020-16A,

Class

CR

a,b

701,313

Anchorage

Capital

CLO

21,

Ltd.

400,000

7.944%, 

(TSFR3M

+

2.662%),

10/20/2034,

Ser.

2021-21A,

Class

C

a,b

400,771

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

450,000

5.570%, 

10/20/2028,

Ser.

2024-2A,

Class

B

a

459,816

Barings

CLO,

Ltd.

350,000

8.694%, 

(TSFR3M

+

3.412%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

a,b

351,077

Business

Jet

Securities,

LLC

278,588

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

274,539

325,076

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

335,069

250,000

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

250,318

Capital

Automotive

REIT

400,000

4.400%, 

10/15/2054,

Ser.

2024-3A,

Class

A1

a,c,d

392,500

CarVal

CLO

I,

Ltd.

225,000

7.136%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

225,674

CarVal

CLO,

Ltd.

300,000

8.982%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

301,187

College

Avenue

Student

Loans,

LLC

57,196

6.619%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

57,203

Dryden

36

Senior

Loan

Fund

275,000

7.613%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

a,b

275,245

Education

Funding

Trust

189,742

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

177,008

FirstKey

Homes

Trust

700,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

674,885

FRTKL

Trust

200,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

187,784

GMAC

Mortgage

Corporation

Loan

Trust

19,487

5.469%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,e

10,307

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Asset-Backed

Securities  11.3%

-

continued

GSAA

Home

Equity

Trust

$

76,740

4.325%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

$

71,653

Hertz

Vehicle

Financing

III,

LLC

650,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

662,035

Home

Equity

Asset

Trust

332,557

6.289%, 

(TSFR1M

+

1.434%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

319,572

Hotwire

Funding,

LLC

300,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

307,778

HTAP

194,646

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

194,663

HTAP

Issuer

Trust

450,000

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

445,394

Long

Beach

Mortgage

Loan

Trust

303,964

6.469%, 

(TSFR1M

+

1.614%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

318,645

Madison

Park

Funding

XVIII,

Ltd.

550,000

7.444%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

550,547

MetroNet

Infrastructure

Issuer,

LLC

200,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

206,168

Neuberger

Berman

CLO,

Ltd.

425,000

8.563%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

425,422

OZLM

XVII,

Ltd.

400,000

7.282%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

400,750

Pagaya

AI

Debt

Grantor

Trust

375,000

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

375,940

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

274,599

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

277,180

Pagaya

AI

Debt

Trust

61,527

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

a

61,745

Pagaya

AI

Technology

in

Housing

Trust

300,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

a

295,015

12,839

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

A

a

12,691

Palmer

Square

Loan

Funding,

Ltd.

500,000

7.499%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

500,365

PPM

CLO

3,

Ltd.

400,000

7.097%, 

(TSFR3M

+

1.812%),

4/17/2034,

Ser.

2019-3A,

Class

BR

a,b

399,484

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Asset-Backed

Securities  11.3%

-

continued

Preston

Ridge

Partners

Mortgage

Trust,

LLC

$

354,811

6.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

a,f

$

350,130

Pretium

Mortgage

Credit

Partners,

LLC

225,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,f

215,056

173,337

7.021%, 

2/25/2054,

Ser.

2024-NPL2,

Class

A1

a,f

174,704

261,091

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,f

264,719

289,940

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,f

294,238

226,920

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

*,f

219,962

252,333

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,f

246,367

247,819

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,f

250,759

257,281

2.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

a,f

256,245

Progress

Residential

Trust

350,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

339,399

RCKT

Mortgage

Trust

289,379

6.147%, 

6/25/2044,

Ser.

2024-CES4,

Class

A1A

a,f

294,013

RCO

VII

Mortgage,

LLC

150,623

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,f

151,701

Renaissance

Home

Equity

Loan

Trust

216,611

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

f

82,250

Saxon

Asset

Securities

Trust

120,405

3.009%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

106,044

Sculptor

CLO,

Ltd.

425,000

7.944%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

a,b

425,571

Shackleton

CLO,

Ltd.

250,000

7.744%, 

(TSFR3M

+

2.462%),

10/20/2034,

Ser.

2021-16A,

Class

C

a,b

250,184

Silver

Point

CLO

2,

Ltd.

200,000

7.982%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

201,058

Sound

Point

CLO,

Ltd.

450,000

7.794%, 

(TSFR3M

+

2.512%),

1/20/2032,

Ser.

2019-1A,

Class

CR

a,b

450,109

Stanwich

Mortgage

Loan

Company,

LLC

50,277

2.735%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a,f

50,471

Symphony

CLO

XX,

Ltd.

250,000

8.332%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

250,507

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Asset-Backed

Securities  11.3%

-

continued

TCW

CLO,

Ltd.

$

700,000

6.390%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b,c

$

700,121

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

254,385

Unlock

HEA

Trust

274,081

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

273,714

336,032

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

337,484

500,000

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

498,220

VCAT

Asset

Securitization,

LLC

72,029

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

a,f

71,907

VERDE

CLO,

Ltd.

400,000

8.963%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

401,386

Vericrest

Opportunity

Loan

Transferee

362,875

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a,f

353,390

415,093

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a,f

406,143

462,823

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a,f

439,110

205,845

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a,f

198,848

332,922

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,f

312,415

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,f

231,721

Voya

CLO,

Ltd.

350,000

7.248%, 

(TSFR3M

+

1.962%),

7/16/2034,

Ser.

2020-1A,

Class

BR

a,b

350,461

Whitebox

CLO

I,

Ltd.

200,000

6.659%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

200,285

Whitebox

CLO

III,

Ltd.

450,000

7.763%, 

(TSFR3M

+

2.462%),

10/15/2034,

Ser.

2021-3A,

Class

C

a,b

450,281

Whitebox

CLO

IV,

Ltd.

450,000

7.882%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

453,908

Wind

River

CLO,

Ltd.

200,000

7.544%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

200,141

Total

22,411,210

Basic

Materials  1.6%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

40,000

8.625%, 

6/15/2029

a

42,506

ATI,

Inc.

119,000

7.250%, 

8/15/2030

126,716

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Basic

Materials  1.6%

-

continued

Cascades,

Inc./Cascades

USA,

Inc.

$

121,000

5.125%, 

1/15/2026

a

$

119,833

Chemours

Company

185,000

5.750%, 

11/15/2028

a

175,734

Cleveland-Cliffs,

Inc.

55,000

5.875%, 

6/1/2027

55,122

150,000

4.625%, 

3/1/2029

a,g

141,606

49,000

4.875%, 

3/1/2031

a

45,537

49,000

6.250%, 

10/1/2040

g

43,807

Consolidated

Energy

Finance

SA

146,000

5.625%, 

10/15/2028

a

123,412

Ecolab,

Inc.

58,000

2.125%, 

2/1/2032

50,399

First

Quantum

Minerals,

Ltd.

64,000

6.875%, 

10/15/2027

a

63,276

FMC

Corporation

44,000

5.150%, 

5/18/2026

44,402

FMG

Resources

August

2006,

Pty.

Ltd.

49,000

5.875%, 

4/15/2030

a

49,629

Glencore

Funding,

LLC

36,000

5.893%, 

4/4/2054

a

37,864

63,000

4.000%, 

3/27/2027

a

62,411

69,000

6.125%, 

10/6/2028

a

73,109

Hecla

Mining

Company

65,000

7.250%, 

2/15/2028

66,289

Hudbay

Minerals,

Inc.

83,000

4.500%, 

4/1/2026

a

82,096

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

60,000

9.000%, 

7/1/2028

a

60,660

INEOS

Finance

plc

147,000

7.500%, 

4/15/2029

a

153,598

International

Flavors

&

Fragrances,

Inc.

75,000

1.230%, 

10/1/2025

a

72,385

Mercer

International,

Inc.

63,000

5.125%, 

2/1/2029

53,750

Methanex

Corporation

21,000

4.250%, 

12/1/2024

20,924

76,000

5.125%, 

10/15/2027

75,203

51,000

5.250%, 

12/15/2029

g

50,347

Mineral

Resources,

Ltd.

83,000

9.250%, 

10/1/2028

a

88,377

Mosaic

Company

56,000

5.375%, 

11/15/2028

g

58,007

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

50,000

5.350%, 

3/15/2034

52,398

Novelis

Corporation

21,000

3.250%, 

11/15/2026

a

20,264

38,000

4.750%, 

1/30/2030

a

36,841

65,000

3.875%, 

8/15/2031

a

59,421

Nutrien,

Ltd.

84,000

4.000%, 

12/15/2026

83,376

Olin

Corporation

80,000

5.125%, 

9/15/2027

79,540

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

110,000

5.375%, 

11/1/2026

a

108,634

Sherwin-Williams

Company

74,000

4.800%, 

9/1/2031

75,474

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Basic

Materials  1.6%

-

continued

Smurfit

Kappa

Treasury,

ULC

$

56,000

5.777%, 

4/3/2054

a

$

59,950

SNF

Group

SACA

174,000

3.375%, 

3/15/2030

a

156,808

SunCoke

Energy,

Inc.

201,000

4.875%, 

6/30/2029

a

182,246

Taseko

Mines,

Ltd.

104,000

8.250%, 

5/1/2030

a

109,146

Tronox,

Inc.

55,000

4.625%, 

3/15/2029

a,g

51,377

United

States

Steel

Corporation

65,000

6.875%, 

3/1/2029

65,936

Westlake

Corporation

42,000

3.600%, 

8/15/2026

41,421

Total

3,219,831

Capital

Goods  3.3%

Advanced

Drainage

Systems,

Inc.

99,000

6.375%, 

6/15/2030

a

101,126

Amcor

Finance

USA,

Inc.

38,000

5.625%, 

5/26/2033

40,002

Amsted

Industries,

Inc.

26,000

5.625%, 

7/1/2027

a

25,930

10,000

4.625%, 

5/15/2030

a

9,551

Array

Technologies,

Inc.,

Convertible

17,000

1.000%, 

12/1/2028

12,622

Boeing

Company

36,000

6.858%, 

5/1/2054

a

39,514

104,000

5.930%, 

5/1/2060

99,618

163,000

2.196%, 

2/4/2026

156,967

63,000

3.250%, 

3/1/2028

59,402

76,000

5.150%, 

5/1/2030

76,183

17,000

6.528%, 

5/1/2034

a

18,246

Bombardier,

Inc.

27,000

7.875%, 

4/15/2027

a

27,076

112,000

6.000%, 

2/15/2028

a,g

112,740

69,000

7.250%, 

7/1/2031

a

72,946

139,000

7.000%, 

6/1/2032

a,g

145,385

Brand

Industrial

Services,

Inc.

88,000

10.375%, 

8/1/2030

a

94,235

Builders

FirstSource,

Inc.

100,000

5.000%, 

3/1/2030

a

98,070

Camelot

Return

Merger

Sub,

Inc.

73,000

8.750%, 

8/1/2028

a,g

73,870

Canpack

SA/Canpack

US,

LLC

153,000

3.875%, 

11/15/2029

a

143,263

Carrier

Global

Corporation

85,000

2.722%, 

2/15/2030

78,584

Chart

Industries,

Inc.

131,000

7.500%, 

1/1/2030

a

138,064

Clean

Harbors,

Inc.

25,000

6.375%, 

2/1/2031

a

25,610

Clydesdale

Acquisition

Holdings,

Inc.

29,000

6.625%, 

4/15/2029

a

29,275

Crown

Cork

&

Seal

Company,

Inc.

80,000

7.375%, 

12/15/2026

84,302

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

108,000

6.625%, 

12/15/2030

a

111,358

EquipmentShare.com,

Inc.

54,000

8.625%, 

5/15/2032

a

56,651

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Capital

Goods  3.3%

-

continued

ESAB

Corporation

$

41,000

6.250%, 

4/15/2029

a

$

42,109

Fluor

Corporation,

Convertible

80,000

1.125%, 

8/15/2029

g

97,680

GFL

Environmental,

Inc.

101,000

4.000%, 

8/1/2028

a

97,000

189,000

3.500%, 

9/1/2028

a

179,936

Greenbrier

Companies,

Inc.,

Convertible

52,000

2.875%, 

4/15/2028

g

57,044

H&E

Equipment

Services,

Inc.

161,000

3.875%, 

12/15/2028

a

151,154

Herc

Holdings,

Inc.

80,000

6.625%, 

6/15/2029

a

82,862

Honeywell

International,

Inc.

69,000

5.250%, 

3/1/2054

71,965

Howmet

Aerospace,

Inc.

59,000

6.750%, 

1/15/2028

63,040

Huntington

Ingalls

Industries,

Inc.

63,000

4.200%, 

5/1/2030

61,952

Ingersoll

Rand,

Inc.

52,000

5.176%, 

6/15/2029

53,792

19,000

5.700%, 

8/14/2033

20,357

John

Bean

Technologies

Corporation,

Convertible

54,000

25.000%, 

5/15/2026

50,582

John

Deere

Capital

Corporation

37,000

4.700%, 

6/10/2030

38,123

111,000

4.400%, 

9/8/2031

111,784

42,000

3.900%, 

6/7/2032

41,007

16,000

5.150%, 

9/8/2033

16,899

L3Harris

Technologies,

Inc.

31,000

5.400%, 

1/15/2027

31,818

Lockheed

Martin

Corporation

42,000

5.200%, 

2/15/2064

43,473

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

31,000

6.750%, 

4/1/2032

a

32,135

MIWD

Holdco

II,

LLC

99,000

5.500%, 

2/1/2030

a

96,162

Mueller

Water

Products,

Inc.

109,000

4.000%, 

6/15/2029

a

103,971

Nesco

Holdings

II,

Inc.

122,000

5.500%, 

4/15/2029

a

112,457

New

Enterprise

Stone

and

Lime

Company,

Inc.

153,000

5.250%, 

7/15/2028

a

149,404

Northrop

Grumman

Corporation

65,000

5.200%, 

6/1/2054

66,184

21,000

4.700%, 

3/15/2033

21,314

OI

European

Group

BV

104,000

4.750%, 

2/15/2030

a

98,337

Otis

Worldwide

Corporation

71,000

2.056%, 

4/5/2025

70,015

Owens-Brockway

Glass

Container,

Inc.

98,000

6.625%, 

5/13/2027

a

98,461

Pactiv

Evergreen

Group

48,000

4.375%, 

10/15/2028

a

45,976

Parker-Hannifin

Corporation

35,000

4.250%, 

9/15/2027

35,113

Patrick

Industries,

Inc.,

Convertible

28,000

1.750%, 

12/1/2028

42,168

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Capital

Goods  3.3%

-

continued

Republic

Services,

Inc.

$

42,000

3.950%, 

5/15/2028

$

41,774

38,000

5.000%, 

12/15/2033

39,167

Resideo

Funding,

Inc.

103,000

6.500%, 

7/15/2032

a

105,731

Reworld

Holding

Corporation

47,000

4.875%, 

12/1/2029

a

44,243

Roller

Bearing

Company

of

America,

Inc.

109,000

4.375%, 

10/15/2029

a

104,572

RTX

Corporation

44,000

5.750%, 

1/15/2029

46,602

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

79,000

6.125%, 

2/1/2028

a

80,323

Smyrna

Ready

Mix

Concrete,

LLC

155,000

8.875%, 

11/15/2031

a

167,198

Spirit

AeroSystems,

Inc.

164,000

9.750%, 

11/15/2030

a

182,860

SRM

Escrow

Issuer,

LLC

96,000

6.000%, 

11/1/2028

a

96,354

Standard

Industries,

Inc./NY

49,000

4.750%, 

1/15/2028

a

47,995

49,000

3.375%, 

1/15/2031

a

43,651

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

45,000

7.250%, 

1/15/2031

a

47,668

Textron,

Inc.

63,000

3.650%, 

3/15/2027

62,018

Trane

Technologies

Financing,

Ltd.

40,000

5.100%, 

6/13/2034

41,685

TransDigm,

Inc.

187,000

7.125%, 

12/1/2031

a

197,783

146,000

6.625%, 

3/1/2032

a

152,036

120,000

6.000%, 

1/15/2033

a

121,700

Trivium

Packaging

Finance

75,000

5.500%, 

8/15/2026

a

74,708

United

Rentals

North

America,

Inc.

7,000

5.500%, 

5/15/2027

7,011

219,000

4.875%, 

1/15/2028

217,379

120,000

4.000%, 

7/15/2030

113,408

Veralto

Corporation

35,000

5.350%, 

9/18/2028

36,449

Waste

Connections,

Inc.

23,000

3.200%, 

6/1/2032

21,028

WESCO

Distribution,

Inc.

105,000

7.250%, 

6/15/2028

a

107,519

52,000

6.375%, 

3/15/2029

a

53,722

36,000

6.625%, 

3/15/2032

a

37,498

Total

6,506,946

Collateralized

Mortgage

Obligations  8.8%

A&D

Mortgage

Trust

187,714

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,f

190,803

258,107

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,f

261,987

498,252

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

500,603

Arroyo

Mortgage

Trust

500,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

a,f

467,387

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Collateralized

Mortgage

Obligations  8.8%

-

continued

Banc

of

America

Alternative

Loan

Trust

$

82,573

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

$

73,815

Banc

of

America

Mortgage

Securities

Trust

69,098

6.397%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

65,335

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

80,240

5.656%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

69,810

19,639

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

18,644

CAFL

Issuer,

LLC

180,288

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,f

178,429

ChaseFlex

Trust

148,165

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

107,776

CHL

Mortgage

Pass-Through

Trust

22,344

6.402%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

21,577

68,229

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

33,417

CHNGE

Mortgage

Trust

219,062

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

210,401

191,150

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

190,635

204,828

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,f

205,406

459,922

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,f

458,888

267,375

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,f

266,219

Citigroup

Mortgage

Loan

Trust,

Inc.

166,251

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

162,504

264,518

5.206%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

237,371

Countrywide

Alternative

Loan

Trust

70,581

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

58,428

113,127

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

92,075

43,824

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

31,264

27,686

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

22,415

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

73,194

4.686%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

60,506

Credit

Suisse

Mortgage

Trust

200,058

6.567%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

200,465

202,495

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

176,615

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Collateralized

Mortgage

Obligations  8.8%

-

continued

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

$

95,388

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

$

87,294

Federal

Home

Loan

Mortgage

Corporation

300,509

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

h

29,101

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

102,840

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

101,181

304,737

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

253,440

3,225,492

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

h

261,356

95,441

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

h

2,068

108,124

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

h

2,909

228,246

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

h

19,173

217,384

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

h

9,486

Federal

National

Mortgage

Association

-

REMIC

153,400

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

153,736

79,142

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

h

1,855

121,229

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

h

2,817

132,528

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

h

2,028

319,703

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

h

8,889

169,852

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

h

4,379

76,690

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

h

1,944

225,604

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

h

5,314

218,624

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

h

4,898

167,454

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

h

4,943

97,594

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

h

1,189

222,400

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

h

17,394

First

Horizon

Alternative

Mortgage

Securities

Trust

25,320

6.158%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

23,603

Flagstar

Mortgage

Trust

261,110

3.000%, 

3/25/2050,

Ser.

2020-1INV,

Class

A3

a,b

230,315

510,471

2.500%, 

8/25/2051,

Ser.

2021-6INV,

Class

A4

a,b

430,238

206,568

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

187,009

GCAT

Trust

686,758

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

696,729

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Collateralized

Mortgage

Obligations  8.8%

-

continued

$

185,074

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

$

178,260

348,315

5.730%, 

8/25/2067,

Ser.

2022-NQM4,

Class

A3

a,f

346,848

392,768

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

395,898

GMAC

Mortgage

Corporation

Loan

Trust

27,245

3.868%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

23,309

542

4.431%, 

9/19/2035,

Ser.

2005-AR5,

Class

5A1

b

498

GMACM

Mortgage

Loan

Trust

14,360

3.656%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

12,762

GS

Mortgage-Backed

Securities

Trust

224,537

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

223,774

Home

RE,

Ltd.

350,000

9.880%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

364,433

200,000

8.780%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

202,510

IndyMac

IMJA

Mortgage

Loan

Trust

81,421

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

37,260

IndyMac

INDA

Mortgage

Loan

Trust

462,779

3.800%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

369,902

J.P.

Morgan

Mortgage

Trust

187,081

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

158,906

319,651

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

317,696

32,641

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

33,780

30,401

6.255%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

29,374

LHOME

Mortgage

Trust

200,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,f

203,948

200,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,f

203,243

275,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,f

280,399

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,f

203,921

375,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,f

379,781

MASTR

Alternative

Loans

Trust

33,345

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

27,855

Merrill

Lynch

Alternative

Note

Asset

Trust

164,921

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

59,403

MFA

Trust

200,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,f

202,714

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Collateralized

Mortgage

Obligations  8.8%

-

continued

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

$

465,795

5.429%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

$

383,228

New

Residential

Mortgage

Loan

Trust

386,000

3.875%, 

1/25/2064,

Ser.

2024-RPL1,

Class

B2

a,b

311,051

NYMT

Loan

Trust

200,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,f

202,864

375,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,f

380,512

Preston

Ridge

Partners

Mortgage

Trust,

LLC

228,743

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,f

225,305

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,f

280,234

230,772

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,f

232,458

500,000

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,c,d,f

500,000

PRKCM

Trust

75,441

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

76,139

175,093

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,f

179,604

Radnor

Re,

Ltd.

700,000

8.496%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

699,980

Residential

Accredit

Loans,

Inc.

Trust

106,436

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

94,615

86,229

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

69,959

55,518

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

46,632

ROC

Securities

Trust

Series

187,466

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

187,083

Saluda

Grade

Alternative

Mortgage

Trust

200,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,f

203,141

350,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,f

355,240

Toorak

Mortgage

Trust

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,f

405,435

Triangle

Re,

Ltd.

250,000

8.680%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

254,419

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,f

351,299

Verus

Securitization

Trust

345,116

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

a,b

300,992

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

302

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Collateralized

Mortgage

Obligations  8.8%

-

continued

$

197,850

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

$

178,196

229,233

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,f

230,910

17,704

3.226%, 

5/25/2060,

Ser.

2020-2,

Class

A1

a,b

17,627

Washington

Mutual

Mortgage

Pass-Through

Certificates

85,614

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

73,346

Total

17,402,806

Commercial

Mortgage-Backed

Securities  0.5%

BANK

2022-BNK39

3,973,489

0.529%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,h

101,434

BANK5

2023-5YR1

200,000

6.624%, 

4/15/2056,

Ser.

2023-5YR1,

Class

AS

b

208,768

BBCMS

Mortgage

Trust

1,991,308

1.325%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,h

145,952

Benchmark

Mortgage

Trust

300,000

6.064%, 

8/15/2057,

Ser.

2024-V9,

Class

AS

b

313,306

Velocity

Commercial

Capital

Loan

Trust

237,461

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

242,814

Total

1,012,274

Communications

Services  4.1%

AMC

Networks,

Inc.

26,000

10.250%, 

1/15/2029

a

26,719

American

Tower

Corporation

41,000

1.450%, 

9/15/2026

38,817

68,000

5.500%, 

3/15/2028

70,423

35,000

5.800%, 

11/15/2028

36,768

63,000

3.800%, 

8/15/2029

61,294

AT&T,

Inc.

175,000

3.550%, 

9/15/2055

128,001

123,000

4.300%, 

2/15/2030

122,850

37,000

5.400%, 

2/15/2034

38,823

Bell

Telephone

Company

of

Canada

74,000

5.550%, 

2/15/2054

77,298

43,000

5.100%, 

5/11/2033

43,936

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

94,000

6.375%, 

9/1/2029

a

94,111

303,000

4.750%, 

3/1/2030

a

278,711

85,000

4.500%, 

8/15/2030

a

77,051

21,000

4.250%, 

2/1/2031

a

18,516

293,000

4.750%, 

2/1/2032

a

258,214

178,000

4.250%, 

1/15/2034

a

146,006

CenterPoint

Energy,

Inc.,

Convertible

1,445

3.369%, 

9/15/2029

54,144

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

27,000

6.150%, 

11/10/2026

27,751

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Communications

Services  4.1%

-

continued

$

63,000

5.050%, 

3/30/2029

$

62,671

48,000

6.550%, 

6/1/2034

49,928

Clear

Channel

Outdoor

Holdings,

Inc.

25,000

7.875%, 

4/1/2030

a

26,142

Clear

Channel

Worldwide

Holdings,

Inc.

133,000

5.125%, 

8/15/2027

a

130,753

Comcast

Corporation

109,000

5.650%, 

6/1/2054

116,404

105,000

3.400%, 

4/1/2030

100,733

Crown

Castle,

Inc.

71,000

2.900%, 

3/15/2027

68,687

50,000

4.900%, 

9/1/2029

50,822

Deutsche

Telekom

International

Finance

BV

144,000

8.750%, 

6/15/2030

173,887

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

275,000

5.875%, 

8/15/2027

a

270,004

Frontier

Communications

Holdings,

LLC

122,000

5.875%, 

10/15/2027

a

122,496

49,000

8.625%, 

3/15/2031

a

52,826

GCI,

LLC

159,000

4.750%, 

10/15/2028

a

152,687

Gray

Television,

Inc.

82,000

7.000%, 

5/15/2027

a,g

80,598

139,000

10.500%, 

7/15/2029

a,g

145,180

Iliad

Holding

SASU

47,000

6.500%, 

10/15/2026

a,g

47,512

129,000

8.500%, 

4/15/2031

a

138,753

Intelsat

Jackson

Holdings

SA

134,000

6.500%, 

3/15/2030

a

128,208

Lamar

Media

Corporation

78,000

3.625%, 

1/15/2031

71,288

LCPR

Senior

Secured

Financing

DAC

225,000

6.750%, 

10/15/2027

a

205,881

Level

3

Financing,

Inc.

50,503

10.500%, 

4/15/2029

a

55,051

50,503

11.000%, 

11/15/2029

a

55,936

95,000

10.500%, 

5/15/2030

a,g

102,244

McGraw-Hill

Education,

Inc.

147,000

5.750%, 

8/1/2028

a

145,271

Meta

Platforms,

Inc.

95,000

5.550%, 

8/15/2064

101,467

30,000

3.850%, 

8/15/2032

29,163

110,000

4.750%, 

8/15/2034

112,277

News

Corporation

81,000

3.875%, 

5/15/2029

a

76,612

Nexstar

Media,

Inc.

60,000

5.625%, 

7/15/2027

a

59,432

49,000

4.750%, 

11/1/2028

a,g

46,817

Optics

Bidco

SPA

117,000

6.000%, 

9/30/2034

a

118,441

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

72,000

4.625%, 

3/15/2030

a

68,414

Paramount

Global

102,000

6.375%, 

3/30/2062

b

94,349

Playtika

Holding

Corporation

171,000

4.250%, 

3/15/2029

a

156,936

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

303

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Communications

Services  4.1%

-

continued

Rogers

Communications,

Inc.

$

75,000

5.250%, 

3/15/2082

a,b

$

73,640

29,000

5.000%, 

2/15/2029

29,595

58,000

5.300%, 

2/15/2034

59,007

Scripps

Escrow

II,

Inc.

48,000

3.875%, 

1/15/2029

a,g

35,763

Sinclair

Television

Group,

Inc.

45,000

4.125%, 

12/1/2030

a,g

35,100

Sirius

XM

Radio,

Inc.

108,000

5.000%, 

8/1/2027

a

106,248

185,000

4.000%, 

7/15/2028

a

174,537

60,000

4.125%, 

7/1/2030

a

54,413

Sprint

Capital

Corporation

118,000

6.875%, 

11/15/2028

128,834

65,000

8.750%, 

3/15/2032

80,595

Take-Two

Interactive

Software,

Inc.

37,000

5.600%, 

6/12/2034

38,821

TEGNA,

Inc.

175,000

4.625%, 

3/15/2028

166,985

T-Mobile

USA,

Inc.

35,000

5.500%, 

1/15/2055

36,256

87,000

5.250%, 

6/15/2055

86,570

70,000

3.375%, 

4/15/2029

67,183

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

158,000

4.750%, 

4/15/2028

a

146,569

Univision

Communications,

Inc.

22,000

8.500%, 

7/31/2031

a

22,049

20,000

8.000%, 

8/15/2028

a

20,449

184,000

4.500%, 

5/1/2029

a

164,372

73,000

7.375%, 

6/30/2030

a

70,649

Urban

One,

Inc.

31,000

7.375%, 

2/1/2028

a

22,376

Verizon

Communications,

Inc.

39,000

5.500%, 

2/23/2054

40,884

132,000

3.150%, 

3/22/2030

124,389

18,000

2.355%, 

3/15/2032

15,508

78,000

4.780%, 

2/15/2035

a

77,888

Viasat,

Inc.

83,000

6.500%, 

7/15/2028

a,g

65,131

Virgin

Media

Finance

plc

68,000

5.000%, 

7/15/2030

a

59,808

Virgin

Media

Secured

Finance

plc

141,000

5.500%, 

5/15/2029

a

135,233

VMED

O2

UK

Financing

I

plc

59,000

4.750%, 

7/15/2031

a

52,512

Vodafone

Group

plc

74,000

5.125%, 

6/4/2081

b

60,954

64,000

5.750%, 

6/28/2054

66,256

39,000

5.875%, 

6/28/2064

40,224

112,000

7.000%, 

4/4/2079

b

118,151

VZ

Secured

Financing

BV

134,000

5.000%, 

1/15/2032

a

123,313

Walt

Disney

Company

42,000

3.800%, 

3/22/2030

41,321

Warnermedia

Holdings,

Inc.

166,000

4.054%, 

3/15/2029

157,258

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

56,000

7.750%, 

8/15/2028

a

56,053

36,000

8.250%, 

10/1/2031

a,c

36,599

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Communications

Services  4.1%

-

continued

Zegona

Finance

plc

$

91,000

8.625%, 

7/15/2029

a

$

97,143

Ziggo

Bond

Company

BV

65,000

5.125%, 

2/28/2030

a,g

59,916

Ziggo

BV

56,000

4.875%, 

1/15/2030

a

53,212

Total

8,119,067

Consumer

Cyclical  5.7%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

73,000

4.375%, 

1/15/2028

a

70,921

Adient

Global

Holdings,

Ltd.

87,000

8.250%, 

4/15/2031

a,g

92,307

Alimentation

Couche-Tard,

Inc.

53,000

5.617%, 

2/12/2054

a

54,361

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

225,000

4.625%, 

6/1/2028

a

211,140

40,000

4.625%, 

6/1/2028

a

37,606

Allison

Transmission,

Inc.

103,000

3.750%, 

1/30/2031

a

93,647

Amazon.com,

Inc.

42,000

1.500%, 

6/3/2030

36,745

86,000

4.700%, 

12/1/2032

89,404

American

Axle

&

Manufacturing,

Inc.

55,000

6.875%, 

7/1/2028

54,910

145,000

5.000%, 

10/1/2029

g

133,129

American

Honda

Finance

Corporation

84,000

5.050%, 

7/10/2031

86,463

44,000

4.900%, 

1/10/2034

44,754

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

28,000

7.000%, 

4/15/2030

a,g

26,011

Arko

Corporation

115,000

5.125%, 

11/15/2029

a,g

106,818

Asbury

Automotive

Group,

Inc.

88,000

5.000%, 

2/15/2032

a

83,449

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

105,000

4.625%, 

8/1/2029

a

100,794

19,000

4.625%, 

4/1/2030

a

18,204

Aston

Martin

Capital

Holdings,

Ltd.

67,000

10.000%, 

3/31/2029

a

65,746

Beazer

Homes

USA,

Inc.

86,000

7.500%, 

3/15/2031

a

89,237

Best

Buy

Company,

Inc.

42,000

1.950%, 

10/1/2030

36,549

Booking

Holdings,

Inc.,

Convertible

34,000

0.750%, 

5/1/2025

76,066

Boyd

Gaming

Corporation

145,000

4.750%, 

6/15/2031

a

138,452

Boyne

USA,

Inc.

84,000

4.750%, 

5/15/2029

a

80,752

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

73,000

4.875%, 

2/15/2030

a

68,722

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

304

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Cyclical  5.7%

-

continued

Burlington

Stores,

Inc.,

Convertible

$

36,000

2.250%, 

4/15/2025

$

44,838

32,000

1.250%, 

12/15/2027

45,072

Caesars

Entertainment,

Inc.

203,000

4.625%, 

10/15/2029

a,g

193,097

64,000

6.500%, 

2/15/2032

a

66,202

Carnival

Corporation

124,000

7.625%, 

3/1/2026

a

125,148

210,000

5.750%, 

3/1/2027

a

212,678

128,000

4.000%, 

8/1/2028

a

123,625

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

25,000

5.375%, 

4/15/2027

24,929

148,000

5.250%, 

7/15/2029

145,416

Choice

Hotels

International,

Inc.

53,000

3.700%, 

12/1/2029

g

50,307

Churchill

Downs,

Inc.

43,000

4.750%, 

1/15/2028

a

42,161

77,000

6.750%, 

5/1/2031

a

79,515

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

118,000

6.750%, 

5/15/2028

a

121,629

Crocs,

Inc.

48,000

4.250%, 

3/15/2029

a

45,379

Cushman

&

Wakefield

US

Borrower,

LLC

25,000

6.750%, 

5/15/2028

a

25,227

Dana,

Inc.

50,000

5.625%, 

6/15/2028

49,023

73,000

4.250%, 

9/1/2030

65,546

79,000

4.500%, 

2/15/2032

70,061

eG

Global

Finance

plc

25,000

12.000%, 

11/30/2028

a,g

27,901

Expedia

Group,

Inc.

73,000

3.250%, 

2/15/2030

68,837

Expedia

Group,

Inc.,

Convertible

55,000

Zero

Coupon, 

2/15/2026

52,497

Ford

Motor

Company,

Convertible

80,000

Zero

Coupon, 

3/15/2026

78,280

Ford

Motor

Credit

Company,

LLC

80,000

2.900%, 

2/10/2029

72,617

67,000

7.122%, 

11/7/2033

72,434

Forestar

Group,

Inc.

53,000

3.850%, 

5/15/2026

a

51,821

Gap,

Inc.

36,000

3.625%, 

10/1/2029

a

32,562

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

70,000

7.750%, 

5/31/2032

a

71,638

General

Motors

Financial

Company,

Inc.

38,000

1.200%, 

10/15/2024

37,938

145,000

2.900%, 

2/26/2025

143,795

41,000

2.750%, 

6/20/2025

40,341

20,000

5.800%, 

6/23/2028

20,750

45,000

5.800%, 

1/7/2029

46,805

108,000

4.900%, 

10/6/2029

108,122

84,000

5.700%, 

9/30/2030

b,i

82,205

14,000

5.750%, 

2/8/2031

14,475

58,000

5.950%, 

4/4/2034

60,026

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Cyclical  5.7%

-

continued

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

$

50,000

3.500%, 

3/1/2029

a

$

46,913

Goodyear

Tire

&

Rubber

Company

50,000

4.875%, 

3/15/2027

48,834

100,000

5.000%, 

7/15/2029

g

91,973

Hanesbrands,

Inc.

59,000

4.875%, 

5/15/2026

a

58,483

26,000

9.000%, 

2/15/2031

a

28,064

Harley-Davidson

Financial

Services,

Inc.

53,000

5.950%, 

6/11/2029

a

54,283

Hilton

Domestic

Operating

Company,

Inc.

156,000

4.875%, 

1/15/2030

153,931

25,000

4.000%, 

5/1/2031

a

23,376

141,000

3.625%, 

2/15/2032

a

127,383

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

181,000

5.000%, 

6/1/2029

a

171,960

Home

Depot,

Inc.

39,000

5.300%, 

6/25/2054

40,987

39,000

5.400%, 

6/25/2064

41,293

68,000

3.250%, 

4/15/2032

63,632

Hyundai

Capital

America

33,000

5.500%, 

3/30/2026

a

33,489

63,000

3.000%, 

2/10/2027

a,g

61,002

30,000

6.500%, 

1/16/2029

a

32,183

International

Game

Technology

plc

127,000

5.250%, 

1/15/2029

a

126,509

Jacobs

Entertainment,

Inc.

111,000

6.750%, 

2/15/2029

a

107,955

Jaguar

Land

Rover

Automotive

plc

61,000

5.500%, 

7/15/2029

a

60,274

KB

Home

135,000

4.800%, 

11/15/2029

133,202

L

Brands,

Inc.

278,000

6.625%, 

10/1/2030

a

283,404

Las

Vegas

Sands

Corporation

26,000

5.900%, 

6/1/2027

26,700

Light

&

Wonder

International,

Inc.

123,000

7.250%, 

11/15/2029

a

127,259

Live

Nation

Entertainment,

Inc.

56,000

4.750%, 

10/15/2027

a

55,208

Live

Nation

Entertainment,

Inc.,

Convertible

35,000

2.000%, 

2/15/2025

g

37,857

89,000

3.125%, 

1/15/2029

g

109,447

Lowe's

Companies,

Inc.

98,000

4.500%, 

4/15/2030

99,261

Macy's

Retail

Holdings,

LLC

135,000

5.875%, 

4/1/2029

a,g

133,245

51,000

6.125%, 

3/15/2032

a

49,431

Marriott

International,

Inc./MD

46,000

4.900%, 

4/15/2029

46,942

62,000

4.625%, 

6/15/2030

62,578

Marriott

Vacations

Worldwide

Corporation,

Convertible

89,000

3.250%, 

12/15/2027

81,969

Mattamy

Group

Corporation

76,000

5.250%, 

12/15/2027

a

75,553

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

305

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Cyclical  5.7%

-

continued

McDonald's

Corporation

$

40,000

4.950%, 

8/14/2033

$

41,572

Melco

Resorts

Finance,

Ltd.

140,000

5.375%, 

12/4/2029

a

130,785

83,000

7.625%, 

4/17/2032

a

85,559

Meritage

Homes

Corporation,

Convertible

34,000

1.750%, 

5/15/2028

a

38,709

Michaels

Companies,

Inc.

73,000

5.250%, 

5/1/2028

a

53,882

NCL

Corporation,

Ltd.

59,000

5.875%, 

3/15/2026

a

59,004

135,000

5.875%, 

2/15/2027

a

135,478

Nordstrom,

Inc.

46,000

4.375%, 

4/1/2030

g

42,201

64,000

4.250%, 

8/1/2031

56,372

PENN

Entertainment,

Inc.

130,000

4.125%, 

7/1/2029

a,g

118,444

PetSmart,

Inc./PetSmart

Finance

Corporation

145,000

4.750%, 

2/15/2028

a

139,014

46,000

7.750%, 

2/15/2029

a

45,410

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

163,000

5.750%, 

4/15/2026

a

163,744

QVC,

Inc.

32,000

6.875%, 

4/15/2029

a,g

26,575

Raising

Cane's

Restaurants,

LLC

67,000

9.375%, 

5/1/2029

a

72,550

Rakuten

Group,

Inc.

76,000

11.250%, 

2/15/2027

a

83,109

89,000

9.750%, 

4/15/2029

a

97,121

Royal

Caribbean

Cruises,

Ltd.

236,000

4.250%, 

7/1/2026

a

233,337

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

6,000

6.625%, 

3/1/2030

a

5,955

SeaWorld

Parks

and

Entertainment,

Inc.

122,000

5.250%, 

8/15/2029

a

119,055

Service

Corporation

International/

US

50,000

3.375%, 

8/15/2030

45,314

Six

Flags

Entertainment

Corporation

24,000

7.250%, 

5/15/2031

a,g

24,857

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

25,000

6.625%, 

5/1/2032

a

25,890

Six

Flags

Theme

Parks,

Inc.

29,000

7.000%, 

7/1/2025

a,g

29,023

Staples,

Inc.

100,000

10.750%, 

9/1/2029

a

97,030

Station

Casinos,

LLC

139,000

4.625%, 

12/1/2031

a

128,896

Tenneco,

Inc.

171,000

8.000%, 

11/17/2028

a

158,676

Toyota

Motor

Credit

Corporation

35,000

5.550%, 

11/20/2030

37,396

30,000

4.800%, 

1/5/2034

30,590

Tractor

Supply

Company

44,000

5.250%, 

5/15/2033

45,787

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Cyclical  5.7%

-

continued

Uber

Technologies,

Inc.

$

60,000

5.350%, 

9/15/2054

$

59,508

80,000

4.800%, 

9/15/2034

79,889

Uber

Technologies,

Inc.,

Convertible

20,000

Zero

Coupon, 

12/15/2025

22,050

88,000

0.875%, 

12/1/2028

a

110,176

VICI

Properties,

LP/VICI

Note

Company,

Inc.

152,000

5.750%, 

2/1/2027

a

154,619

Victoria's

Secret

&

Company

120,000

4.625%, 

7/15/2029

a

105,985

Viking

Cruises,

Ltd.

259,000

5.875%, 

9/15/2027

a

258,819

Volkswagen

Group

of

America

Finance,

LLC

21,000

3.350%, 

5/13/2025

a

20,799

Wabash

National

Corporation

183,000

4.500%, 

10/15/2028

a

167,649

Walgreens

Boots

Alliance,

Inc.

88,000

3.200%, 

4/15/2030

71,393

37,000

4.800%, 

11/18/2044

g

27,686

WASH

Multifamily

Acquisition,

Inc.

55,000

5.750%, 

4/15/2026

a

54,701

Wyndham

Hotels

&

Resorts,

Inc.

129,000

4.375%, 

8/15/2028

a

124,436

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

106,000

7.125%, 

2/15/2031

a

114,363

Yum!

Brands,

Inc.

188,000

4.750%, 

1/15/2030

a

185,787

ZF

North

America

Capital,

Inc.

104,000

7.125%, 

4/14/2030

a

107,803

Total

11,240,662

Consumer

Non-Cyclical  4.9%

1375209

B.C.,

Ltd.

50,000

9.000%, 

1/30/2028

a,g

49,556

AbbVie,

Inc.

86,000

5.500%, 

3/15/2064

91,826

48,000

5.350%, 

3/15/2044

50,633

AdaptHealth,

LLC

220,000

4.625%, 

8/1/2029

a

203,741

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

159,000

4.625%, 

1/15/2027

a

154,685

166,000

3.500%, 

3/15/2029

a

154,782

Altria

Group,

Inc.

35,000

6.200%, 

11/1/2028

37,261

Amgen,

Inc.

62,000

5.150%, 

3/2/2028

63,842

Anheuser-Busch

InBev

Worldwide,

Inc.

84,000

4.750%, 

1/23/2029

86,188

99,000

5.000%, 

6/15/2034

103,175

ANI

Pharmaceuticals,

Inc.,

Convertible

41,000

2.250%, 

9/1/2029

a

43,178

Archer-Daniels-Midland

Company

43,000

4.500%, 

8/15/2033

43,202

AstraZeneca

Finance,

LLC

98,000

1.750%, 

5/28/2028

90,481

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

306

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Non-Cyclical  4.9%

-

continued

$

42,000

5.000%, 

2/26/2034

$

43,861

B&G

Foods,

Inc.

98,000

8.000%, 

9/15/2028

a

102,513

BAT

Capital

Corporation

40,000

6.343%, 

8/2/2030

43,295

43,000

7.750%, 

10/19/2032

50,877

Bausch

+

Lomb

Corporation

34,000

8.375%, 

10/1/2028

a

35,955

Bausch

Health

Companies,

Inc.

81,000

5.500%, 

11/1/2025

a,g

79,130

187,000

4.875%, 

6/1/2028

a

146,327

Becton,

Dickinson

and

Company

48,000

4.693%, 

2/13/2028

48,617

63,000

2.823%, 

5/20/2030

58,123

BellRing

Brands,

Inc.

109,000

7.000%, 

3/15/2030

a

114,076

Bio-Rad

Laboratories,

Inc.

70,000

3.300%, 

3/15/2027

68,318

Bristol-Myers

Squibb

Company

63,000

5.550%, 

2/22/2054

66,741

30,000

5.750%, 

2/1/2031

32,491

19,000

5.900%, 

11/15/2033

20,996

Bunge,

Ltd.

Finance

Corporation

30,000

4.650%, 

9/17/2034

29,935

Campbell

Soup

Company

110,000

5.400%, 

3/21/2034

115,351

Cargill,

Inc.

88,000

2.125%, 

11/10/2031

a

76,429

Catalent

Pharma

Solutions,

Inc.

63,000

3.125%, 

2/15/2029

a

61,885

Central

Garden

&

Pet

Company

112,000

4.125%, 

10/15/2030

104,121

Charles

River

Laboratories

International,

Inc.

60,000

4.000%, 

3/15/2031

a

55,311

Chefs'

Warehouse,

Inc.,

Convertible

27,000

2.375%, 

12/15/2028

g

31,589

Cheplapharm

Arzneimittel

GmbH

30,000

5.500%, 

1/15/2028

a

29,096

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

44,000

4.625%, 

11/15/2028

a

42,850

CHS/Community

Health

Systems,

Inc.

115,000

5.625%, 

3/15/2027

a

113,168

47,000

8.000%, 

12/15/2027

a

47,150

86,000

6.000%, 

1/15/2029

a

83,488

68,000

5.250%, 

5/15/2030

a

62,581

76,000

4.750%, 

2/15/2031

a

66,808

69,000

10.875%, 

1/15/2032

a

76,037

Cigna

Group

30,000

5.600%, 

2/15/2054

30,979

51,000

2.400%, 

3/15/2030

46,183

Coca-Cola

Company

36,000

5.300%, 

5/13/2054

38,345

Concentra

Escrow

Issuer

Corporation

25,000

6.875%, 

7/15/2032

a

26,288

Constellation

Brands,

Inc.

29,000

4.800%, 

1/15/2029

29,527

84,000

3.150%, 

8/1/2029

79,694

28,000

4.900%, 

5/1/2033

28,292

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Non-Cyclical  4.9%

-

continued

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

$

227,000

4.750%, 

1/15/2029

a

$

221,998

CVS

Health

Corporation

76,000

6.050%, 

6/1/2054

79,290

47,000

5.000%, 

2/20/2026

47,321

33,000

4.300%, 

3/25/2028

32,911

100,000

4.780%, 

3/25/2038

94,351

116,000

6.000%, 

6/1/2044

119,895

Diageo

Capital

plc

39,000

2.000%, 

4/29/2030

34,760

40,000

5.625%, 

10/5/2033

43,106

Edgewell

Personal

Care

Company

110,000

5.500%, 

6/1/2028

a

109,356

Eli

Lilly

&

Company

66,000

5.000%, 

2/9/2054

67,100

87,000

4.700%, 

2/27/2033

89,503

Embecta

Corporation

66,000

6.750%, 

2/15/2030

a,g

62,501

Encompass

Health

Corporation

66,000

4.500%, 

2/1/2028

64,780

Endo

Finance

Holdings,

Inc.

51,000

8.500%, 

4/15/2031

a,g

54,648

Energizer

Holdings,

Inc.

35,000

4.750%, 

6/15/2028

a

33,962

65,000

4.375%, 

3/31/2029

a

61,555

Envista

Holdings

Corporation,

Convertible

4,000

2.375%, 

6/1/2025

4,343

38,000

1.750%, 

8/15/2028

34,319

Fortrea

Holdings,

Inc.

49,000

7.500%, 

7/1/2030

a,g

49,322

GE

HealthCare

Technologies,

Inc.

100,000

6.377%, 

11/22/2052

116,930

General

Mills,

Inc.

18,000

4.950%, 

3/29/2033

18,464

Gilead

Sciences,

Inc.

30,000

5.250%, 

10/15/2033

31,641

HCA,

Inc.

55,000

5.950%, 

9/15/2054

57,778

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

48,000

7.875%, 

9/1/2025

a

47,822

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

93,000

4.875%, 

6/1/2029

a

58,514

Insulet

Corporation,

Convertible

89,000

0.375%, 

9/1/2026

106,221

Integer

Holdings

Corporation,

Convertible

69,000

2.125%, 

2/15/2028

108,779

Jazz

Investments

I,

Ltd.,

Convertible

99,000

2.000%, 

6/15/2026

98,654

59,000

3.125%, 

9/15/2030

a

61,449

Jazz

Securities

DAC

83,000

4.375%, 

1/15/2029

a

80,271

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

114,000

2.500%, 

1/15/2027

109,067

49,000

3.625%, 

1/15/2032

44,798

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

307

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Non-Cyclical  4.9%

-

continued

Johnson

&

Johnson

$

72,000

5.250%, 

6/1/2054

$

77,982

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

53,000

9.000%, 

2/15/2029

a

55,115

Keurig

Dr

Pepper,

Inc.

72,000

3.200%, 

5/1/2030

67,952

66,000

5.300%, 

3/15/2034

69,043

Kraft

Heinz

Foods

Company

45,000

6.750%, 

3/15/2032

50,886

Kroger

Company

42,000

4.500%, 

1/15/2029

42,430

LifePoint

Health,

Inc.

59,000

9.875%, 

8/15/2030

a

64,959

68,000

11.000%, 

10/15/2030

a

76,730

Mattel,

Inc.

137,000

3.375%, 

4/1/2026

a

133,923

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

113,000

6.250%, 

4/1/2029

a

116,427

Medtronic

Global

Holdings

SCA

45,000

4.500%, 

3/30/2033

45,251

Mozart

Debt

Merger

Sub,

Inc.

156,000

3.875%, 

4/1/2029

a

147,695

61,000

5.250%, 

10/1/2029

a

59,852

MPH

Acquisition

Holdings,

LLC

49,000

5.500%, 

9/1/2028

a

35,332

Newell

Brands,

Inc.

52,000

6.375%, 

9/15/2027

g

52,593

52,000

6.625%, 

9/15/2029

52,647

Novartis

Capital

Corporation

121,000

4.700%, 

9/18/2054

118,415

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

69,000

4.125%, 

4/30/2028

a

66,350

191,000

5.125%, 

4/30/2031

a,g

179,945

Owens

&

Minor,

Inc.

85,000

6.625%, 

4/1/2030

a,g

82,509

PepsiCo,

Inc.

75,000

5.250%, 

7/17/2054

79,337

Performance

Food

Group,

Inc.

76,000

4.250%, 

8/1/2029

a

72,272

Perrigo

Finance

Unlimited

Company

93,000

4.900%, 

6/15/2030

90,576

Philip

Morris

International,

Inc.

88,000

4.875%, 

2/15/2028

89,963

43,000

5.625%, 

11/17/2029

45,662

23,000

5.125%, 

2/13/2031

23,906

43,000

5.750%, 

11/17/2032

46,216

39,000

5.250%, 

2/13/2034

40,502

Post

Holdings,

Inc.

76,000

4.625%, 

4/15/2030

a

72,721

133,000

4.500%, 

9/15/2031

a

124,250

Post

Holdings,

Inc.,

Convertible

67,000

2.500%, 

8/15/2027

79,663

Roche

Holdings,

Inc.

52,000

5.218%, 

3/8/2054

a

54,634

39,000

1.930%, 

12/13/2028

a

35,896

68,000

2.076%, 

12/13/2031

a

58,739

Royalty

Pharma

plc

97,000

1.200%, 

9/2/2025

93,956

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Consumer

Non-Cyclical  4.9%

-

continued

$

40,000

5.150%, 

9/2/2029

$

41,028

Scotts

Miracle-Gro

Company

38,000

4.500%, 

10/15/2029

36,541

Simmons

Foods,

Inc.

203,000

4.625%, 

3/1/2029

a

192,599

Spectrum

Brands,

Inc.,

Convertible

32,000

3.375%, 

6/1/2029

a

33,128

Star

Parent,

Inc.

63,000

9.000%, 

10/1/2030

a

67,635

Sysco

Corporation

42,000

5.950%, 

4/1/2030

45,095

Takeda

Pharmaceutical

Company,

Ltd.

95,000

5.650%, 

7/5/2054

99,771

75,000

5.000%, 

11/26/2028

76,894

Tenet

Healthcare

Corporation

398,000

5.125%, 

11/1/2027

396,496

108,000

4.375%, 

1/15/2030

103,619

Teva

Pharmaceutical

Finance

Netherlands

III

BV

130,000

3.150%, 

10/1/2026

124,957

Topgolf

Callaway

Brands

Corporation,

Convertible

35,000

2.750%, 

5/1/2026

35,560

US

Acute

Care

Solutions,

LLC

48,000

9.750%, 

5/15/2029

a

49,716

Viterra

Finance

BV

60,000

3.200%, 

4/21/2031

a

54,878

Winnebago

Industries,

Inc.,

Convertible

31,000

3.250%, 

1/15/2030

a

30,396

Wyeth,

LLC

106,000

6.500%, 

2/1/2034

122,105

Zoetis,

Inc.

56,000

5.600%, 

11/16/2032

59,969

Total

9,779,102

Energy  4.8%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

115,000

5.375%, 

6/15/2029

a

113,791

Apache

Corporation

59,000

4.375%, 

10/15/2028

57,884

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

55,000

6.250%, 

4/1/2028

a

55,273

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

106,000

8.250%, 

12/31/2028

a

108,594

50,000

5.875%, 

6/30/2029

a

49,395

Baytex

Energy

Corporation

121,000

8.500%, 

4/30/2030

a

125,406

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

80,000

7.000%, 

7/15/2029

a

83,167

BP

Capital

Markets

America,

Inc.

69,000

4.234%, 

11/6/2028

69,248

61,000

4.812%, 

2/13/2033

61,816

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,i

50,447

37,000

6.450%, 

12/1/2033

b,i

38,922

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

308

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Energy  4.8%

-

continued

Buckeye

Partners,

LP

$

75,000

4.500%, 

3/1/2028

a

$

72,736

97,000

6.875%, 

7/1/2029

a

99,383

California

Resources

Corporation

60,000

8.250%, 

6/15/2029

a

61,145

Cheniere

Energy

Partners,

LP

42,000

4.500%, 

10/1/2029

41,426

41,000

3.250%, 

1/31/2032

36,663

52,000

5.950%, 

6/30/2033

55,024

Cheniere

Energy,

Inc.

28,000

5.650%, 

4/15/2034

a

28,969

Civitas

Resources,

Inc.

78,000

8.375%, 

7/1/2028

a

81,079

85,000

8.750%, 

7/1/2031

a

89,976

CNX

Resources

Corporation

71,000

6.000%, 

1/15/2029

a

71,385

CNX

Resources

Corporation,

Convertible

47,000

2.250%, 

5/1/2026

119,850

Columbia

Pipelines

Holding

Company,

LLC

34,000

6.055%, 

8/15/2026

a

34,830

77,000

6.042%, 

8/15/2028

a

80,510

Comstock

Resources,

Inc.

101,000

6.750%, 

3/1/2029

a

98,297

40,000

5.875%, 

1/15/2030

a

37,404

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

147,000

5.500%, 

6/15/2031

a

144,181

Crescent

Energy

Finance,

LLC

156,000

7.625%, 

4/1/2032

a

156,049

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

113,000

8.625%, 

3/15/2029

a

118,893

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

45,000

8.500%, 

10/1/2030

a

47,019

Diamondback

Energy,

Inc.

82,000

5.750%, 

4/18/2054

82,629

DT

Midstream,

Inc.

91,000

4.125%, 

6/15/2029

a

87,045

Enbridge,

Inc.

75,000

7.375%, 

1/15/2083

b

77,263

57,000

7.625%, 

1/15/2083

b

60,885

51,000

5.950%, 

4/5/2054

53,939

22,000

5.700%, 

3/8/2033

23,187

Enerflex,

Ltd.

38,000

9.000%, 

10/15/2027

a

39,201

Energy

Transfer,

LP

31,000

5.950%, 

5/15/2054

31,727

155,000

8.000%, 

5/15/2054

b

166,775

36,000

6.050%, 

9/1/2054

37,294

65,000

6.750%, 

5/15/2025

b,i

64,659

30,000

4.400%, 

3/15/2027

30,048

15,000

7.125%, 

5/15/2030

b,i

15,323

28,000

6.400%, 

12/1/2030

30,503

41,000

5.600%, 

9/1/2034

42,596

Enterprise

Products

Operating,

LLC

76,000

5.550%, 

2/16/2055

78,509

42,000

4.150%, 

10/16/2028

41,975

40,000

8.343%, 

(TSFR3M

+

3.248%),

8/16/2077

b

39,999

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Energy  4.8%

-

continued

EQM

Midstream

Partners,

LP

$

230,000

4.750%, 

1/15/2031

a

$

222,711

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

80,000

8.875%, 

4/15/2030

84,098

120,000

7.875%, 

5/15/2032

122,178

Harvest

Midstream

I,

LP

136,000

7.500%, 

9/1/2028

a

139,172

Hess

Midstream

Operations,

LP

114,000

4.250%, 

2/15/2030

a

108,853

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

102,000

5.750%, 

2/1/2029

a

99,230

50,000

6.000%, 

4/15/2030

a

48,737

66,000

6.250%, 

4/15/2032

a

64,239

Howard

Midstream

Energy

Partners,

LLC

140,000

7.375%, 

7/15/2032

a

144,998

ITT

Holdings,

LLC

91,000

6.500%, 

8/1/2029

a

86,209

Kinder

Morgan,

Inc.

94,000

5.950%, 

8/1/2054

97,551

Kodiak

Gas

Services,

LLC

66,000

7.250%, 

2/15/2029

a

68,304

Laredo

Petroleum,

Inc.

89,000

7.750%, 

7/31/2029

a,g

88,549

MEG

Energy

Corporation

72,000

5.875%, 

2/1/2029

a

70,435

MPLX,

LP

105,000

1.750%, 

3/1/2026

101,117

21,000

5.000%, 

3/1/2033

21,012

25,000

5.500%, 

6/1/2034

25,685

Nabors

Industries,

Inc.

50,000

7.375%, 

5/15/2027

a

50,111

129,000

9.125%, 

1/31/2030

a

133,037

National

Fuel

Gas

Company

92,000

5.500%, 

1/15/2026

g

92,830

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

43,000

8.125%, 

2/15/2029

a

44,090

65,000

8.375%, 

2/15/2032

a

66,986

Noble

Finance

II,

LLC

51,000

8.000%, 

4/15/2030

a

52,621

Northern

Oil

and

Gas,

Inc.

123,000

8.750%, 

6/15/2031

a

128,168

Northern

Oil

and

Gas,

Inc.,

Convertible

69,000

3.625%, 

4/15/2029

78,764

NuStar

Logistics,

LP

105,000

6.375%, 

10/1/2030

108,950

Occidental

Petroleum

Corporation

53,000

5.000%, 

8/1/2027

53,729

70,000

8.875%, 

7/15/2030

82,570

ONEOK,

Inc.

86,000

5.700%, 

11/1/2054

85,511

42,000

5.650%, 

11/1/2028

43,898

78,000

4.750%, 

10/15/2031

78,000

Ovintiv,

Inc.

37,000

5.650%, 

5/15/2028

38,169

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

88,000

6.000%, 

2/15/2028

86,866

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

309

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Energy  4.8%

-

continued

Permian

Resources

Operating,

LLC,

Convertible

$

21,000

3.250%, 

4/1/2028

$

49,804

Pioneer

Natural

Resources

Company

63,000

1.900%, 

8/15/2030

55,234

Plains

All

American

Pipeline,

LP

62,000

9.490%, 

(TSFR3M

+

4.372%),

11/1/2024

b,i

61,733

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

103,000

4.650%, 

10/15/2025

102,836

Prairie

Acquiror,

LP

83,000

9.000%, 

8/1/2029

a

85,696

Precision

Drilling

Corporation

59,000

6.875%, 

1/15/2029

a

58,877

Range

Resources

Corporation

98,000

4.750%, 

2/15/2030

a

94,531

Rockies

Express

Pipeline,

LLC

136,000

4.950%, 

7/15/2029

a

130,068

Saturn

Oil

&

Gas,

Inc.

57,000

9.625%, 

6/15/2029

a

56,312

Schlumberger

Holdings

Corporation

27,000

4.300%, 

5/1/2029

a

27,005

SM

Energy

Company

70,000

6.500%, 

7/15/2028

69,923

34,000

7.000%, 

8/1/2032

a

34,131

South

Bow

USA

Infrastructure

Holdings,

LLC

30,000

5.584%, 

10/1/2034

a

30,289

Southwestern

Energy

Company

92,000

4.750%, 

2/1/2032

88,009

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

50,000

5.875%, 

3/1/2027

49,915

Suncor

Energy,

Inc.

43,000

7.150%, 

2/1/2032

48,513

Sunoco,

LP

152,000

7.000%, 

5/1/2029

a

158,812

Sunoco,

LP/Sunoco

Finance

Corporation

64,000

5.875%, 

3/15/2028

64,320

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

122,000

5.500%, 

1/15/2028

a

118,118

76,000

7.375%, 

2/15/2029

a

76,857

Talos

Production,

Inc.

53,000

9.000%, 

2/1/2029

a

54,572

Targa

Resources

Partners,

LP

115,000

4.875%, 

2/1/2031

114,153

Teine

Energy,

Ltd.

120,000

6.875%, 

4/15/2029

a

118,142

TGNR

Intermediate

Holdings,

LLC

129,000

5.500%, 

10/15/2029

a

122,565

TotalEnergies

Capital

SA

102,000

5.488%, 

4/5/2054

105,411

TransCanada

Trust

90,000

5.875%, 

8/15/2076

b

89,355

UGI

Corporation,

Convertible

26,000

5.000%, 

6/1/2028

a

27,652

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Energy  4.8%

-

continued

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

$

90,000

7.125%, 

3/15/2029

a

$

92,696

Valaris,

Ltd.

119,000

8.375%, 

4/30/2030

a

122,570

Venture

Global

Calcasieu

Pass,

LLC

217,000

3.875%, 

8/15/2029

a

205,072

90,000

4.125%, 

8/15/2031

a

83,676

Venture

Global

LNG,

Inc.

188,000

8.125%, 

6/1/2028

a

195,994

77,000

9.000%, 

9/30/2029

a,b,i

78,049

63,000

8.375%, 

6/1/2031

a

66,523

244,000

9.875%, 

2/1/2032

a

271,131

Viridien

SA

25,000

8.750%, 

4/1/2027

a,g

24,364

Williams

Companies,

Inc.

65,000

4.900%, 

3/15/2029

66,043

42,000

2.600%, 

3/15/2031

37,114

Total

9,445,762

Financials  12.2%

Acrisure,

LLC/Acrisure

Finance,

Inc.

35,000

4.250%, 

2/15/2029

a

33,064

49,000

7.500%, 

11/6/2030

a

50,426

AerCap

Holdings

NV

40,000

5.875%, 

10/10/2079

b

39,999

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

25,000

6.950%, 

3/10/2055

b

25,920

63,000

6.500%, 

7/15/2025

63,644

108,000

3.000%, 

10/29/2028

102,021

Agree,

LP

34,000

5.625%, 

6/15/2034

35,568

Air

Lease

Corporation

40,000

2.300%, 

2/1/2025

39,604

11,000

3.375%, 

7/1/2025

10,871

72,000

4.650%, 

6/15/2026

b,i

70,185

52,000

3.125%, 

12/1/2030

47,584

Aircastle,

Ltd.

66,000

5.250%, 

6/15/2026

a,b,i

65,504

51,000

2.850%, 

1/26/2028

a

47,705

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

51,000

4.250%, 

10/15/2027

a

48,823

64,000

6.750%, 

4/15/2028

a

65,036

69,000

7.000%, 

1/15/2031

a

70,904

Ally

Financial,

Inc.

112,000

4.700%, 

5/15/2026

b,i

97,601

138,000

8.000%, 

11/1/2031

156,232

79,000

6.700%, 

2/14/2033

g

80,793

American

Express

Company

35,000

3.550%, 

9/15/2026

b,i

33,169

65,000

6.338%, 

10/30/2026

b

66,290

89,000

2.550%, 

3/4/2027

85,920

American

Homes

4

Rent,

LP

50,000

2.375%, 

7/15/2031

42,944

American

International

Group,

Inc.

76,000

5.125%, 

3/27/2033

78,321

AmWINS

Group,

Inc.

42,000

6.375%, 

2/15/2029

a

43,025

130,000

4.875%, 

6/30/2029

a

124,656

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

310

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

Aon

North

America,

Inc.

$

66,000

5.750%, 

3/1/2054

$

69,916

Apollo

Debt

Solutions

BDC

71,000

6.700%, 

7/29/2031

a,g

73,145

Ares

Capital

Corporation

21,000

4.250%, 

3/1/2025

20,910

90,000

2.150%, 

7/15/2026

85,525

35,000

5.875%, 

3/1/2029

35,841

Ares

Strategic

Income

Fund

78,000

5.600%, 

2/15/2030

a,c

77,383

Arthur

J.

Gallagher

&

Company

49,000

5.750%, 

7/15/2054

51,147

Assurant,

Inc.

67,000

6.100%, 

2/27/2026

67,747

Aviation

Capital

Group,

LLC

41,000

4.875%, 

10/1/2025

a

40,958

Avolon

Holdings

Funding,

Ltd.

96,000

4.250%, 

4/15/2026

a

95,007

62,000

5.750%, 

3/1/2029

a

63,912

Banco

Santander

Mexico

SA

26,000

5.375%, 

4/17/2025

a

26,039

Banco

Santander

SA

29,000

4.750%, 

11/12/2026

b,g,i

27,607

Bank

of

America

Corporation

41,000

6.100%, 

3/17/2025

b,i

41,057

2,000

1.319%, 

6/19/2026

b

1,951

163,000

1.197%, 

10/24/2026

b

157,301

85,000

6.125%, 

4/27/2027

b,g,i

86,913

61,000

1.734%, 

7/22/2027

b

58,236

89,000

4.376%, 

4/27/2028

b

89,141

126,000

3.593%, 

7/21/2028

b

123,679

59,000

4.948%, 

7/22/2028

b

60,037

60,000

5.819%, 

9/15/2029

b

63,143

202,000

3.974%, 

2/7/2030

b

198,482

149,000

2.687%, 

4/22/2032

b

132,889

62,000

2.572%, 

10/20/2032

b

54,364

92,000

2.972%, 

2/4/2033

b

82,390

49,000

5.468%, 

1/23/2035

b

51,529

164,000

5.425%, 

8/15/2035

b

168,117

45,000

3.846%, 

3/8/2037

b

41,597

Bank

of

Montreal

68,000

5.203%, 

2/1/2028

70,121

46,000

3.088%, 

1/10/2037

b

39,697

Bank

of

New

York

Mellon

Corporation

29,000

6.317%, 

10/25/2029

b

31,194

59,000

4.596%, 

7/26/2030

b

59,858

30,000

6.474%, 

10/25/2034

b

33,906

Bank

of

Nova

Scotia

53,000

4.900%, 

6/4/2025

b,i

52,277

Barclays

plc

61,000

6.125%, 

12/15/2025

b,i

60,794

49,000

2.852%, 

5/7/2026

b

48,356

50,000

5.501%, 

8/9/2028

b

51,292

64,000

4.972%, 

5/16/2029

b

64,712

54,000

6.224%, 

5/9/2034

b

58,178

35,000

7.119%, 

6/27/2034

b

38,974

BlackRock

Funding,

Inc.

35,000

5.250%, 

3/14/2054

36,266

Blue

Owl

Capital

Corporation

II

37,000

8.450%, 

11/15/2026

a

38,848

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

Blue

Owl

Credit

Income

Corporation

$

68,000

4.700%, 

2/8/2027

$

66,722

Blue

Owl

Technology

Finance

Corporation

20,000

4.750%, 

12/15/2025

a

19,728

63,000

3.750%, 

6/17/2026

a

60,632

Blue

Owl

Technology

Finance

Corporation

II

18,000

6.750%, 

4/4/2029

a

18,084

BNP

Paribas

SA

58,000

2.819%, 

11/19/2025

a,b

57,778

66,000

3.132%, 

1/20/2033

a,b

58,928

BPCE

SA

40,000

2.375%, 

1/14/2025

a

39,674

Brixmor

Operating

Partnership,

LP

83,000

2.250%, 

4/1/2028

76,530

Burford

Capital

Global

Finance,

LLC

120,000

9.250%, 

7/1/2031

a

129,132

Camden

Property

Trust

28,000

4.900%, 

1/15/2034

28,175

Canadian

Imperial

Bank

of

Commerce

30,000

5.926%, 

10/2/2026

30,996

Capital

One

Financial

Corporation

60,000

3.950%, 

9/1/2026

b,i

56,529

69,000

3.273%, 

3/1/2030

b

64,873

Capital

One

NA

60,000

2.280%, 

1/28/2026

b

59,409

Castlelake

Aviation

Finance

DAC

49,000

5.000%, 

4/15/2027

a

49,125

Centene

Corporation

178,000

3.000%, 

10/15/2030

159,350

38,000

2.625%, 

8/1/2031

32,584

Charles

Schwab

Corporation

102,000

5.375%, 

6/1/2025

b,i

101,829

90,000

0.900%, 

3/11/2026

85,733

74,000

4.000%, 

6/1/2026

b,i

70,980

30,000

5.875%, 

8/24/2026

30,868

63,000

2.000%, 

3/20/2028

58,706

41,000

6.136%, 

8/24/2034

b

44,820

Citigroup,

Inc.

53,000

4.000%, 

12/10/2025

b,i

51,890

90,000

3.875%, 

2/18/2026

b,i

86,623

148,000

1.122%, 

1/28/2027

b

141,592

83,000

1.462%, 

6/9/2027

b

79,077

98,000

3.070%, 

2/24/2028

b

95,247

27,000

7.375%, 

5/15/2028

b,i

28,344

92,000

7.625%, 

11/15/2028

b,i

98,290

168,000

4.075%, 

4/23/2029

b

166,352

32,000

7.125%, 

8/15/2029

b,i

33,310

41,000

6.174%, 

5/25/2034

b

43,747

45,000

7.000%, 

8/15/2034

b,i

48,155

Citizens

Financial

Group,

Inc.

78,000

4.000%, 

10/6/2026

b,i

73,721

42,000

5.718%, 

7/23/2032

b

43,556

CNA

Financial

Corporation

53,000

5.125%, 

2/15/2034

54,197

Coinbase

Global,

Inc.,

Convertible

60,000

0.500%, 

6/1/2026

58,710

54,000

0.250%, 

4/1/2030

a

48,843

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,i

41,726

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

311

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

$

15,000

5.982%, 

1/30/2030

b

$

15,463

Commonwealth

Bank

of

Australia

51,000

2.688%, 

3/11/2031

a

44,901

Cooperatieve

Rabobank

UA

41,000

1.339%, 

6/24/2026

a,b

39,958

COPT

Defense

Properties,

LP

82,000

2.250%, 

3/15/2026

79,201

COPT

Defense

Properties,

LP,

Convertible

17,000

5.250%, 

9/15/2028

a

19,567

Corebridge

Financial,

Inc.

72,000

6.375%, 

9/15/2054

b

72,741

44,000

6.875%, 

12/15/2052

b

45,547

35,000

6.050%, 

9/15/2033

37,316

35,000

5.750%, 

1/15/2034

36,890

Credit

Acceptance

Corporation

94,000

9.250%, 

12/15/2028

a

100,524

Credit

Agricole

SA

42,000

3.250%, 

1/14/2030

a

38,936

Credit

Suisse

Group

AG

64,000

7.250%, 

12/29/2049

*,j

6,400

110,000

7.500%, 

12/29/2049

*,j

11,000

Dai-ichi

Life

Insurance

Company,

Ltd.

55,000

5.100%, 

10/28/2024

a,b,i

54,971

Deutsche

Bank

AG/New

York,

NY

143,000

2.129%, 

11/24/2026

b

138,479

90,000

2.311%, 

11/16/2027

b

85,623

51,000

6.819%, 

11/20/2029

b

54,900

68,000

3.742%, 

1/7/2033

b

59,516

Discover

Bank

84,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

86,740

Discover

Financial

Services

22,000

6.700%, 

11/29/2032

24,171

Diversified

Healthcare

Trust

60,000

Zero

Coupon, 

1/15/2026

a

55,235

Drawbridge

Special

Opportunities

Fund,

LP

167,000

3.875%, 

2/15/2026

a

162,710

Elevance

Health,

Inc.

72,000

5.650%, 

6/15/2054

75,982

133,000

2.550%, 

3/15/2031

119,052

Encore

Capital

Group,

Inc.,

Convertible

49,000

4.000%, 

3/15/2029

49,368

Extra

Space

Storage,

LP

38,000

5.900%, 

1/15/2031

40,308

41,000

2.400%, 

10/15/2031

35,272

Fairfax

Financial

Holdings,

Ltd.

50,000

6.350%, 

3/22/2054

a

53,435

Federal

Realty

OP,

LP,

Convertible

28,000

3.250%, 

1/15/2029

a

29,545

Fifth

Third

Bancorp

56,000

4.500%, 

9/30/2025

b,i

55,356

40,000

4.772%, 

7/28/2030

b

40,309

Fifth

Third

Bank

NA

111,000

3.850%, 

3/15/2026

109,817

First

Horizon

Bank

62,000

5.750%, 

5/1/2030

62,952

FirstCash,

Inc.

122,000

5.625%, 

1/1/2030

a

120,881

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

Fortress

Transportation

and

Infrastructure

Investors,

LLC

$

51,000

5.500%, 

5/1/2028

a

$

50,787

94,000

7.000%, 

5/1/2031

a

99,077

69,000

7.000%, 

6/15/2032

a

72,429

Freedom

Mortgage

Corporation

54,000

7.625%, 

5/1/2026

a

54,482

Freedom

Mortgage

Holdings,

LLC

113,000

9.250%, 

2/1/2029

a

117,457

48,000

9.125%, 

5/15/2031

a

49,349

FS

KKR

Capital

Corporation

41,000

3.400%, 

1/15/2026

39,970

42,000

2.625%, 

1/15/2027

39,502

GGAM

Finance,

Ltd.

52,000

8.000%, 

6/15/2028

a

55,737

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

154,000

3.750%, 

12/15/2027

a

143,557

goeasy,

Ltd.

88,000

9.250%, 

12/1/2028

a

94,746

25,000

7.625%, 

7/1/2029

a

25,900

Goldman

Sachs

BDC,

Inc.

26,000

6.375%, 

3/11/2027

26,799

Goldman

Sachs

Group,

Inc.

106,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2025

b,i

106,304

62,000

0.855%, 

2/12/2026

b

61,008

45,000

3.650%, 

8/10/2026

b,i

42,657

75,000

4.125%, 

11/10/2026

b,i

71,843

135,000

1.948%, 

10/21/2027

b

128,697

45,000

2.640%, 

2/24/2028

b

43,253

132,000

3.615%, 

3/15/2028

b

129,867

86,000

4.482%, 

8/23/2028

b

86,455

84,000

3.814%, 

4/23/2029

b

82,353

42,000

3.800%, 

3/15/2030

40,859

42,000

2.615%, 

4/22/2032

b

37,116

42,000

2.383%, 

7/21/2032

b

36,425

32,000

6.125%, 

11/10/2034

b,i

32,139

77,000

5.330%, 

7/23/2035

b

79,763

Hartford

Financial

Services

Group,

Inc.

42,000

2.800%, 

8/19/2029

39,163

44,000

7.505%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

40,757

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

4,000

Zero

Coupon, 

5/1/2025

a

4,238

18,000

3.750%, 

8/15/2028

a

24,777

Health

Care

Service

Corporation

70,000

5.450%, 

6/15/2034

a

72,795

HSBC

Holdings

plc

49,000

2.633%, 

11/7/2025

b

48,854

37,000

1.645%, 

4/18/2026

b

36,316

118,000

4.583%, 

6/19/2029

b

118,151

50,000

2.804%, 

5/24/2032

b

44,239

HUB

International,

Ltd.

147,000

7.250%, 

6/15/2030

a

153,156

Huntington

Bancshares,

Inc./OH

110,000

4.450%, 

10/15/2027

b,i

104,922

77,000

5.709%, 

2/2/2035

b

80,161

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

73,000

6.250%, 

5/15/2026

72,431

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

312

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

$

136,000

5.250%, 

5/15/2027

$

130,321

ING

Groep

NV

84,000

1.726%, 

4/1/2027

b

80,614

Intercontinental

Exchange,

Inc.

67,000

4.350%, 

6/15/2029

67,537

Intesa

Sanpaolo

SPA

63,000

4.198%, 

6/1/2032

a,b

56,147

Invitation

Homes

Operating

Partnership,

LP

72,000

2.000%, 

8/15/2031

60,430

J.P.

Morgan

Chase

&

Company

66,000

4.600%, 

2/1/2025

b,i

65,427

72,000

4.000%, 

4/1/2025

b,i

71,044

35,000

3.650%, 

6/1/2026

b,i

33,860

129,000

1.045%, 

11/19/2026

b

123,960

84,000

1.578%, 

4/22/2027

b

80,469

105,000

2.947%, 

2/24/2028

b

101,836

126,000

4.005%, 

4/23/2029

b

124,656

41,000

2.069%, 

6/1/2029

b

37,933

168,000

4.493%, 

3/24/2031

b

168,901

45,000

2.963%, 

1/25/2033

b

40,496

39,000

4.912%, 

7/25/2033

b

39,834

42,000

5.717%, 

9/14/2033

b

44,531

30,000

5.350%, 

6/1/2034

b

31,392

25,000

6.254%, 

10/23/2034

b

27,805

16,000

5.336%, 

1/23/2035

b

16,724

50,000

5.766%, 

4/22/2035

b

53,881

J.P.

Morgan

Chase

Bank

NA

77,000

5.110%, 

12/8/2026

78,731

Jane

Street

Group/JSG

Finance,

Inc.

79,000

4.500%, 

11/15/2029

a

76,039

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

54,000

5.000%, 

8/15/2028

a

51,344

Jefferson

Capital

Holdings,

LLC

44,000

6.000%, 

8/15/2026

a

44,005

108,000

9.500%, 

2/15/2029

a

115,311

KeyBank

NA/Cleveland,

OH

63,000

3.900%, 

4/13/2029

60,254

82,000

5.000%, 

1/26/2033

81,255

Kilroy

Realty,

LP

55,000

4.250%, 

8/15/2029

52,661

20,000

6.250%, 

1/15/2036

20,478

Kite

Realty

Group,

LP,

Convertible

2,000

0.750%, 

4/1/2027

a

2,239

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

52,000

4.250%, 

2/1/2027

a

50,722

140,000

4.750%, 

6/15/2029

a

136,734

Liberty

Mutual

Group,

Inc.

28,000

4.125%, 

12/15/2051

a,b

26,488

Lincoln

National

Corporation

90,000

7.721%, 

(TSFR3M

+

2.619%),

11/18/2024

b

71,586

Lloyds

Banking

Group

plc

124,000

1.627%, 

5/11/2027

b

118,482

M&T

Bank

Corporation

99,000

3.500%, 

9/1/2026

b,i

87,890

Macquarie

Airfinance

Holdings,

Ltd.

66,000

6.400%, 

3/26/2029

a

68,692

70,000

5.150%, 

3/17/2030

a

70,152

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

$

24,000

6.500%, 

3/26/2031

a

$

25,334

Macquarie

Group,

Ltd.

83,000

1.629%, 

9/23/2027

a,b

78,495

Manufacturers

&

Traders

Trust

Company

87,000

4.700%, 

1/27/2028

87,458

Marsh

&

McLennan

Companies,

Inc.

45,000

2.375%, 

12/15/2031

39,381

MetLife,

Inc.

64,000

3.850%, 

9/15/2025

b,i

62,967

61,000

5.875%, 

3/15/2028

b,i

62,071

82,000

6.400%, 

12/15/2036

86,942

Metropolitan

Life

Global

Funding

I

68,000

2.950%, 

4/9/2030

a

63,409

Mid-America

Apartments,

LP

84,000

4.200%, 

6/15/2028

83,787

Mitsubishi

UFJ

Financial

Group,

Inc.

81,000

1.538%, 

7/20/2027

b

77,110

Mizuho

Financial

Group,

Inc.

111,000

1.554%, 

7/9/2027

b

105,602

84,000

2.564%, 

9/13/2031

72,091

39,000

5.748%, 

7/6/2034

b

41,598

Molina

Healthcare,

Inc.

139,000

4.375%, 

6/15/2028

a

135,132

Morgan

Stanley

82,000

1.164%, 

10/21/2025

b

81,834

115,000

2.630%, 

2/18/2026

b

113,909

61,000

0.985%, 

12/10/2026

b

58,450

84,000

1.593%, 

5/4/2027

b

80,379

82,000

1.512%, 

7/20/2027

b

77,979

30,000

5.123%, 

2/1/2029

b

30,757

201,000

3.622%, 

4/1/2031

b

192,993

45,000

2.943%, 

1/21/2033

b

40,196

40,000

4.889%, 

7/20/2033

b

40,500

43,000

5.250%, 

4/21/2034

b

44,410

25,000

5.831%, 

4/19/2035

b

26,854

85,000

2.484%, 

9/16/2036

b

71,124

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

153,000

4.625%, 

8/1/2029

g

123,063

Nasdaq,

Inc.

31,000

5.350%, 

6/28/2028

32,205

Nationstar

Mortgage

Holdings,

Inc.

24,000

5.500%, 

8/15/2028

a

23,758

76,000

5.125%, 

12/15/2030

a

72,907

NatWest

Group

plc

42,000

4.892%, 

5/18/2029

b

42,437

63,000

3.754%, 

11/1/2029

b

62,904

83,000

6.475%, 

6/1/2034

b

87,342

Navient

Corporation

30,000

5.000%, 

3/15/2027

29,735

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

33,000

4.500%, 

9/30/2028

a

30,970

New

Mountain

Finance

Corporation,

Convertible

6,000

7.500%, 

10/15/2025

6,045

New

York

Life

Global

Funding

44,000

4.550%, 

1/28/2033

a

44,187

27,000

5.000%, 

1/9/2034

a

27,902

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

313

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

Nippon

Life

Insurance

Company

$

130,000

5.950%, 

4/16/2054

a,b

$

135,762

55,000

5.100%, 

10/16/2044

a,b

54,975

NNN

REIT,

Inc.

42,000

2.500%, 

4/15/2030

37,748

Nomura

Holdings,

Inc.

62,000

2.172%, 

7/14/2028

56,828

63,000

5.783%, 

7/3/2034

66,188

Omega

Healthcare

Investors,

Inc.

43,000

4.750%, 

1/15/2028

42,927

42,000

3.375%, 

2/1/2031

38,269

OneMain

Finance

Corporation

194,000

3.500%, 

1/15/2027

185,429

223,000

3.875%, 

9/15/2028

206,837

Panther

Escrow

Issuer,

LLC

146,000

7.125%, 

6/1/2031

a

153,141

Park

Intermediate

Holdings,

LLC

123,000

4.875%, 

5/15/2029

a

119,343

Pebblebrook

Hotel

Trust,

Convertible

104,000

1.750%, 

12/15/2026

95,368

PNC

Bank

NA

42,000

2.700%, 

10/22/2029

38,472

PNC

Financial

Services

Group,

Inc.

98,000

6.200%, 

9/15/2027

b,i

99,764

31,000

5.582%, 

6/12/2029

b

32,267

79,000

6.250%, 

3/15/2030

b,i

80,224

65,000

5.492%, 

5/14/2030

b

67,923

30,000

6.875%, 

10/20/2034

b

34,349

PRA

Group,

Inc.

80,000

8.375%, 

2/1/2028

a

82,825

Prologis

Targeted

US

Logistics

Fund,

LP

46,000

5.250%, 

4/1/2029

a

47,376

57,000

5.250%, 

1/15/2035

a

58,294

Prologis,

LP

41,000

5.250%, 

3/15/2054

41,634

Provident

Financing

Trust

I

47,000

7.405%, 

3/15/2038

50,523

Prudential

Financial,

Inc.

45,000

5.125%, 

3/1/2052

b

44,655

65,000

6.750%, 

3/1/2053

b

70,553

157,000

6.500%, 

3/15/2054

b

167,795

42,000

3.700%, 

10/1/2050

b

38,782

Realty

Income

Corporation

41,000

4.875%, 

6/1/2026

41,355

68,000

3.200%, 

1/15/2027

66,478

63,000

3.950%, 

8/15/2027

62,614

Redwood

Trust,

Inc.,

Convertible

7,000

7.750%, 

6/15/2027

6,979

Regency

Centers,

LP

45,000

5.250%, 

1/15/2034

46,451

Regions

Financial

Corporation

45,000

2.250%, 

5/18/2025

44,207

24,000

5.750%, 

6/15/2025

b,i

23,896

41,000

5.502%, 

9/6/2035

b

41,723

Reinsurance

Group

of

America,

Inc.

35,000

6.000%, 

9/15/2033

37,509

50,000

5.750%, 

9/15/2034

52,671

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

Rexford

Industrial

Realty,

LP,

Convertible

$

32,000

4.375%, 

3/15/2027

a

$

33,216

25,000

4.125%, 

3/15/2029

a,g

26,475

RGA

Global

Funding

26,000

5.500%, 

1/11/2031

a

27,175

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

25,000

4.750%, 

10/15/2027

24,695

48,000

4.500%, 

2/15/2029

a

46,444

RLJ

Lodging

Trust,

LP

45,000

4.000%, 

9/15/2029

a

41,424

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

125,000

3.625%, 

3/1/2029

a

117,535

59,000

3.875%, 

3/1/2031

a

54,324

71,000

4.000%, 

10/15/2033

a

63,423

Santander

Holdings

USA,

Inc.

84,000

3.450%, 

6/2/2025

83,115

47,000

2.490%, 

1/6/2028

b

44,550

Santander

UK

Group

Holdings

plc

81,000

1.673%, 

6/14/2027

b

77,048

Service

Properties

Trust

65,000

8.375%, 

6/15/2029

64,927

86,000

8.625%, 

11/15/2031

a

93,521

Simon

Property

Group,

LP

82,000

2.650%, 

7/15/2030

75,185

35,000

6.250%, 

1/15/2034

38,697

SLM

Corporation

70,000

4.200%, 

10/29/2025

69,201

Societe

Generale

SA

48,000

2.625%, 

10/16/2024

a

47,943

49,000

1.488%, 

12/14/2026

a,b

46,934

Standard

Chartered

plc

66,000

2.608%, 

1/12/2028

a,b

62,986

35,000

5.688%, 

5/14/2028

a,b

35,942

Starwood

Property

Trust,

Inc.,

Convertible

50,000

6.750%, 

7/15/2027

53,365

State

Street

Corporation

69,000

6.700%, 

3/15/2029

b,i

71,483

42,000

4.421%, 

5/13/2033

b

41,756

Sumitomo

Life

Insurance

Company

65,000

3.375%, 

4/15/2081

a,b

58,675

Sumitomo

Mitsui

Financial

Group,

Inc.

66,000

2.174%, 

1/14/2027

63,060

63,000

2.142%, 

9/23/2030

55,161

59,000

5.766%, 

1/13/2033

63,440

Summit

Hotel

Properties,

Inc.,

Convertible

29,000

1.500%, 

2/15/2026

27,302

Synchrony

Financial

42,000

5.935%, 

8/2/2030

b,g

43,149

53,000

7.250%, 

2/2/2033

55,062

Synovus

Bank

43,000

5.625%, 

2/15/2028

43,232

Toronto-Dominion

Bank

40,000

8.125%, 

10/31/2082

b

42,912

53,000

5.523%, 

7/17/2028

55,444

42,000

4.456%, 

6/8/2032

41,727

44,000

5.146%, 

9/10/2034

b

44,420

Truist

Bank

42,000

2.250%, 

3/11/2030

37,050

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

314

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Financials  12.2%

-

continued

Truist

Financial

Corporation

$

74,000

6.047%, 

6/8/2027

b

$

75,934

42,000

1.887%, 

6/7/2029

b

38,422

140,000

5.100%, 

3/1/2030

b,i

137,518

105,000

5.153%, 

8/5/2032

b

107,543

25,000

5.711%, 

1/24/2035

b

26,337

U.S.

Bancorp

59,000

4.548%, 

7/22/2028

b

59,465

15,000

5.836%, 

6/12/2034

b

16,016

46,000

5.678%, 

1/23/2035

b

48,760

UBS

Group

AG

55,000

4.875%, 

2/12/2027

a,b,i

52,630

83,000

3.869%, 

1/12/2029

a,b

81,212

UDR,

Inc.

94,000

3.000%, 

8/15/2031

85,678

UniCredit

SPA

49,000

5.861%, 

6/19/2032

a,b

49,306

United

Wholesale

Mortgage,

LLC

141,000

5.500%, 

4/15/2029

a

137,334

UnitedHealth

Group,

Inc.

106,000

5.375%, 

4/15/2054

110,193

85,000

4.200%, 

5/15/2032

84,332

USB

Realty

Corporation

122,000

6.710%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,i

94,337

Ventas

Realty,

LP,

Convertible

42,000

3.750%, 

6/1/2026

50,967

Vornado

Realty,

LP

38,000

3.400%, 

6/1/2031

32,761

Wells

Fargo

&

Company

80,000

2.406%, 

10/30/2025

b

79,781

107,000

3.900%, 

3/15/2026

b,i

103,994

6,000

2.188%, 

4/30/2026

b

5,902

46,000

3.526%, 

3/24/2028

b

45,129

99,000

3.584%, 

5/22/2028

b

97,080

59,000

4.808%, 

7/25/2028

b

59,689

65,000

7.625%, 

9/15/2028

b,g,i

70,787

230,000

4.478%, 

4/4/2031

b

230,260

30,000

5.389%, 

4/24/2034

b

31,116

28,000

6.491%, 

10/23/2034

b

31,289

136,000

5.499%, 

1/23/2035

b

142,567

Welltower

OP,

LLC,

Convertible

68,000

2.750%, 

5/15/2028

a

93,710

Westpac

Banking

Corporation

63,000

4.110%, 

7/24/2034

b

60,927

Willis

North

America,

Inc.

33,000

5.900%, 

3/5/2054

34,623

84,000

4.500%, 

9/15/2028

83,959

XHR,

LP

88,000

4.875%, 

6/1/2029

a

84,347

Total

24,025,482

Foreign

Government  0.1%

NBN

Company,

Ltd.

74,000

2.625%, 

5/5/2031

a

65,868

Saudi

Arabian

Oil

Company

54,000

5.750%, 

7/17/2054

a

54,676

Total

120,544

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Mortgage-Backed

Securities  13.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

846,553

2.500%, 

5/1/2051

$

739,568

623,237

3.500%, 

5/1/2052

584,641

382,236

4.000%, 

5/1/2052

370,241

281,401

5.000%, 

7/1/2053

283,267

69,192

5.000%, 

8/1/2053

69,969

239,990

5.500%, 

9/1/2053

246,554

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

371,975

2.500%, 

7/1/2030

358,491

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

248,094

3.500%, 

5/1/2040

241,491

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,096,862

3.000%, 

1/1/2052

993,737

81,122

2.000%, 

2/1/2051

68,039

111,996

2.000%, 

2/1/2051

93,935

478,397

2.500%, 

2/1/2051

415,529

992,120

2.000%, 

3/1/2051

821,743

1,154,383

4.000%, 

3/1/2051

1,120,612

1,131,158

3.000%, 

3/1/2052

1,018,155

725,547

2.000%, 

4/1/2051

600,948

698,875

3.000%, 

4/1/2051

633,108

740,065

3.000%, 

5/1/2050

675,916

120,150

2.000%, 

5/1/2051

100,231

362,514

3.000%, 

5/1/2051

332,227

354,606

4.000%, 

6/1/2052

341,033

674,842

2.500%, 

7/1/2051

593,060

959,317

4.000%, 

7/1/2052

922,650

197,509

3.500%, 

8/1/2050

186,814

663,935

3.500%, 

8/1/2052

619,104

897,458

4.500%, 

8/1/2052

886,629

92,956

5.000%, 

8/1/2053

93,750

206,448

3.500%, 

9/1/2052

194,083

460,592

3.500%, 

9/1/2052

432,876

64,516

5.000%, 

9/1/2052

64,649

1,207,912

4.500%, 

9/1/2053

1,189,734

341,907

4.000%, 

10/1/2052

329,808

117,068

2.000%, 

11/1/2051

97,958

255,786

3.500%, 

11/1/2052

240,856

548,277

2.000%, 

12/1/2050

457,747

1,161,820

4.500%, 

12/1/2052

1,153,045

2,900,000

6.000%, 

10/1/2041

c

2,963,884

350,000

4.000%, 

10/1/2048

c

336,099

3,200,000

4.500%, 

10/1/2048

c

3,145,687

1,575,000

5.000%, 

10/1/2048

c

1,573,954

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

402,458

2.500%, 

3/1/2062

335,324

338,267

3.500%, 

7/1/2061

309,540

162,018

4.000%, 

12/1/2061

154,423

Total

26,391,109

Technology  3.4%

Advanced

Micro

Devices,

Inc.

42,000

3.924%, 

6/1/2032

40,981

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

315

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Technology  3.4%

-

continued

Akamai

Technologies,

Inc.,

Convertible

$

49,000

0.125%, 

5/1/2025

$

54,439

15,000

0.375%, 

9/1/2027

15,465

52,000

1.125%, 

2/15/2029

52,702

Analog

Devices,

Inc.

20,000

2.100%, 

10/1/2031

17,416

Apple,

Inc.

90,000

1.650%, 

2/8/2031

78,669

173,000

3.750%, 

9/12/2047

149,061

Automatic

Data

Processing,

Inc.

111,000

4.450%, 

9/9/2034

111,257

Block,

Inc.

169,000

6.500%, 

5/15/2032

a

175,983

Block,

Inc.,

Convertible

64,000

0.250%, 

11/1/2027

55,168

Boost

Newco

Borrower,

LLC

128,000

7.500%, 

1/15/2031

a

137,350

Broadcom,

Inc.

46,000

4.000%, 

4/15/2029

a

45,309

47,000

4.800%, 

10/15/2034

c

46,961

Cadence

Design

Systems,

Inc.

45,000

4.700%, 

9/10/2034

45,281

Cisco

Systems,

Inc.

69,000

5.350%, 

2/26/2064

73,272

Clarivate

Science

Holdings

Corporation

56,000

3.875%, 

7/1/2028

a

53,742

Cloud

Software

Group,

Inc.

279,000

6.500%, 

3/31/2029

a

277,596

Consensus

Cloud

Solutions,

Inc.

26,000

6.000%, 

10/15/2026

a

25,929

CoreLogic,

Inc.

31,000

4.500%, 

5/1/2028

a

29,258

CSG

Systems

International,

Inc.,

Convertible

61,000

3.875%, 

9/15/2028

60,786

Dayforce,

Inc.,

Convertible

65,000

0.250%, 

3/15/2026

g

61,067

Dell

International,

LLC/EMC

Corporation

32,000

5.300%, 

10/1/2029

33,330

Dell,

Inc.

45,000

6.500%, 

4/15/2038

49,452

Dye

&

Durham,

Ltd.

79,000

8.625%, 

4/15/2029

a

83,572

Fiserv,

Inc.

67,000

5.350%, 

3/15/2031

70,083

22,000

5.600%, 

3/2/2033

23,299

67,000

5.450%, 

3/15/2034

70,025

94,000

5.150%, 

8/12/2034

96,386

Gen

Digital,

Inc.

5,000

6.750%, 

9/30/2027

a

5,137

63,000

7.125%, 

9/30/2030

a,g

66,106

Global

Payments,

Inc.

42,000

5.950%, 

8/15/2052

43,352

17,000

2.650%, 

2/15/2025

16,840

65,000

4.950%, 

8/15/2027

66,070

42,000

3.200%, 

8/15/2029

39,348

Global

Payments,

Inc.,

Convertible

73,000

1.500%, 

3/1/2031

a

69,715

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Technology  3.4%

-

continued

Hewlett

Packard

Enterprise

Company

$

77,000

4.850%, 

10/15/2031

$

76,841

IBM

International

Capital

Private,

Ltd.

33,000

5.300%, 

2/5/2054

33,411

II-VI,

Inc.

58,000

5.000%, 

12/15/2029

a

56,711

InterDigital,

Inc.,

Convertible

64,000

3.500%, 

6/1/2027

118,500

Iron

Mountain,

Inc.

109,000

5.000%, 

7/15/2028

a

107,566

156,000

4.875%, 

9/15/2029

a

152,778

30,000

5.250%, 

7/15/2030

a

29,621

218,000

4.500%, 

2/15/2031

a

206,794

Jabil,

Inc.

43,000

5.450%, 

2/1/2029

44,265

Marvell

Technology,

Inc.

42,000

2.950%, 

4/15/2031

37,934

Mastercard,

Inc.

46,000

2.000%, 

11/18/2031

39,751

12,000

4.875%, 

5/9/2034

12,413

Microchip

Technology,

Inc.

20,000

5.050%, 

3/15/2029

20,539

Microchip

Technology,

Inc.,

Convertible

65,000

0.750%, 

6/1/2030

a

64,447

Micron

Technology,

Inc.

27,000

5.300%, 

1/15/2031

28,055

MKS

Instruments,

Inc.,

Convertible

115,000

1.250%, 

6/1/2030

a

114,597

Moody's

Corporation

43,000

4.250%, 

8/8/2032

42,353

NCR

Atleos

Corporation

42,000

9.500%, 

4/1/2029

a

46,236

NCR

Voyix

Corporation

73,000

5.000%, 

10/1/2028

a

71,650

43,000

5.125%, 

4/15/2029

a

42,077

Neptune

Bidco

US,

Inc.

106,000

9.290%, 

4/15/2029

a

103,832

Newfold

Digital

Holdings

Group,

Inc.

31,000

11.750%, 

10/15/2028

a

30,513

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

21,000

2.700%, 

5/1/2025

20,710

42,000

4.300%, 

6/18/2029

41,789

ON

Semiconductor

Corporation,

Convertible

48,000

Zero

Coupon, 

5/1/2027

70,320

50,000

0.500%, 

3/1/2029

50,550

Open

Text

Corporation

81,000

3.875%, 

12/1/2029

a

75,297

Open

Text

Holdings,

Inc.

180,000

4.125%, 

2/15/2030

a

168,959

Oracle

Corporation

88,000

5.375%, 

9/27/2054

87,946

121,000

6.900%, 

11/9/2052

145,851

142,000

2.950%, 

4/1/2030

132,042

63,000

6.250%, 

11/9/2032

69,710

PayPal

Holdings,

Inc.

72,000

5.500%, 

6/1/2054

75,772

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

316

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Technology  3.4%

-

continued

Pitney

Bowes,

Inc.

$

26,000

6.875%, 

3/15/2027

a,g

$

25,842

Progress

Software

Corporation,

Convertible

31,000

1.000%, 

4/15/2026

g

38,363

14,000

3.500%, 

3/1/2030

a,g

16,821

PTC,

Inc.

45,000

4.000%, 

2/15/2028

a

43,654

RingCentral,

Inc.

115,000

8.500%, 

8/15/2030

a

123,032

Rocket

Software,

Inc.

63,000

9.000%, 

11/28/2028

a

65,746

S&P

Global,

Inc.

46,000

2.900%, 

3/1/2032

41,836

Salesforce.com,

Inc.

116,000

1.950%, 

7/15/2031

100,711

Seagate

HDD

Cayman

93,330

9.625%, 

12/1/2032

108,369

Semtech

Corporation,

Convertible

39,000

1.625%, 

11/1/2027

g

55,146

Sensata

Technologies,

Inc.

28,000

3.750%, 

2/15/2031

a

25,635

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

50,000

4.625%, 

11/1/2026

a

49,485

SS&C

Technologies,

Inc.

148,000

5.500%, 

9/30/2027

a

147,936

Texas

Instruments,

Inc.

30,000

5.150%, 

2/8/2054

30,824

UKG,

Inc.

60,000

6.875%, 

2/1/2031

a

61,998

Verint

Systems,

Inc.,

Convertible

28,000

0.250%, 

4/15/2026

26,026

Verisk

Analytics,

Inc.

95,000

5.250%, 

6/5/2034

98,124

Viavi

Solutions,

Inc.

138,000

3.750%, 

10/1/2029

a

125,223

Viavi

Solutions,

Inc.,

Convertible

9,000

1.625%, 

3/15/2026

8,910

Vishay

Intertechnology,

Inc.,

Convertible

89,000

2.250%, 

9/15/2030

g

81,480

VMware,

LLC

82,000

1.400%, 

8/15/2026

77,685

141,000

4.700%, 

5/15/2030

142,056

61,000

2.200%, 

8/15/2031

52,396

Western

Digital

Corporation,

Convertible

96,000

3.000%, 

11/15/2028

a

142,272

Xerox

Holdings

Corporation

14,000

5.000%, 

8/15/2025

a

13,871

147,000

5.500%, 

8/15/2028

a

125,509

Xerox

Holdings

Corporation,

Convertible

42,000

3.750%, 

3/15/2030

a

32,991

Xilinx,

Inc.

24,000

2.375%, 

6/1/2030

21,792

Ziff

Davis,

Inc.,

Convertible

24,000

3.625%, 

3/1/2028

a

22,935

Total

6,666,905

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Transportation  1.0%

Air

Canada

$

98,000

3.875%, 

8/15/2026

a

$

95,431

Air

Transport

Services

Group,

Inc.,

Convertible

48,000

3.875%, 

8/15/2029

45,077

American

Airlines

Group,

Inc.

45,000

3.750%, 

3/1/2025

a

44,538

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

263,083

5.500%, 

4/20/2026

a

262,333

50,568

5.750%, 

4/20/2029

a

50,484

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

71,000

5.375%, 

3/1/2029

a,g

66,364

Burlington

Northern

Santa

Fe,

LLC

36,000

5.500%, 

3/15/2055

38,830

Canadian

Pacific

Railway

Company

89,000

1.750%, 

12/2/2026

84,679

Delta

Air

Lines,

Inc.

91,000

4.375%, 

4/19/2028

g

90,106

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

39,615

4.500%, 

10/20/2025

a

39,373

ERAC

USA

Finance,

LLC

59,000

3.850%, 

11/15/2024

a

58,887

51,000

5.200%, 

10/30/2034

a

53,172

Hawaiian

Brand

Intellectual

Property,

Ltd./HawaiianMiles

Loyalty,

Ltd.

45,375

11.000%, 

4/15/2029

a

45,556

JetBlue

Airways

Corporation,

Convertible

54,000

2.500%, 

9/1/2029

a

67,878

Mileage

Plus

Holdings,

LLC

69,300

6.500%, 

6/20/2027

a

70,162

Norfolk

Southern

Corporation

65,000

4.450%, 

3/1/2033

64,819

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

41,000

1.200%, 

11/15/2025

a

39,475

31,000

5.750%, 

5/24/2026

a

31,562

42,000

1.700%, 

6/15/2026

a

40,078

Rand

Parent,

LLC

72,000

8.500%, 

2/15/2030

a

73,429

RXO,

Inc.

74,000

7.500%, 

11/15/2027

a

76,317

Ryder

System,

Inc.

51,000

2.850%, 

3/1/2027

49,313

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

42,774

Southwest

Airlines

Company,

Convertible

61,000

1.250%, 

5/1/2025

61,453

Stena

International

SA

87,000

7.250%, 

1/15/2031

a

91,422

United

Airlines,

Inc.

156,000

4.375%, 

4/15/2026

a

153,496

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

36,000

7.875%, 

5/1/2027

a

35,137

60,000

6.375%, 

2/1/2030

a,g

51,548

Total

1,923,693

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

317

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

U.S.

Government

&

Agencies  5.3%

U.S.

Treasury

Notes

$

600,000

4.750%, 

7/31/2025

$

603,211

1,000,000

4.250%, 

12/31/2025

1,004,531

800,000

4.625%, 

6/30/2026

812,313

4,700,000

4.375%, 

7/31/2026

4,756,547

1,980,000

1.250%, 

12/31/2026

1,880,149

300,000

4.125%, 

7/31/2028

305,824

450,000

4.125%, 

11/15/2032

462,885

565,000

3.375%, 

5/15/2033

549,308

100,000

4.500%, 

11/15/2033

105,605

Total

10,480,373

Utilities  3.2%

AEP

Texas,

Inc.

43,000

4.700%, 

5/15/2032

43,153

AES

Corporation

35,000

7.600%, 

1/15/2055

b

36,821

81,000

3.950%, 

7/15/2030

a

77,247

Algonquin

Power

&

Utilities

Corporation

45,000

4.750%, 

1/18/2082

b

42,047

Alliant

Energy

Corporation,

Convertible

29,000

3.875%, 

3/15/2026

30,291

Alpha

Generation,

LLC

38,000

6.750%, 

10/15/2032

a

38,536

Ameren

Corporation

52,000

1.750%, 

3/15/2028

47,809

American

Electric

Power

Company,

Inc.

48,000

6.950%, 

12/15/2054

b

51,080

42,000

2.300%, 

3/1/2030

37,739

22,000

5.625%, 

3/1/2033

23,211

American

Water

Capital

Corporation

49,000

5.450%, 

3/1/2054

51,465

American

Water

Capital

Corporation,

Convertible

58,000

3.625%, 

6/15/2026

59,392

Arizona

Public

Service

Company

37,000

5.550%, 

8/1/2033

38,575

Atmos

Energy

Corporation

52,000

5.000%, 

12/15/2054

c

50,789

Calpine

Corporation

135,000

4.500%, 

2/15/2028

a

131,813

CenterPoint

Energy,

Inc.

45,000

7.000%, 

2/15/2055

b,g

46,743

62,000

1.450%, 

6/1/2026

59,121

63,000

2.650%, 

6/1/2031

55,770

CenterPoint

Energy,

Inc.,

Convertible

40,000

4.250%, 

8/15/2026

40,500

Consolidated

Edison

Company

of

New

York,

Inc.

109,000

5.700%, 

5/15/2054

118,047

Constellation

Energy

Generation,

LLC

51,000

5.750%, 

3/15/2054

53,959

43,000

5.800%, 

3/1/2033

46,125

Dominion

Energy,

Inc.

59,000

6.875%, 

2/1/2055

b

62,662

59,000

7.000%, 

6/1/2054

b

64,418

55,000

4.350%, 

1/15/2027

b,i

53,567

52,000

3.375%, 

4/1/2030

49,284

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Utilities  3.2%

-

continued

DTE

Energy

Company

$

64,000

4.220%, 

11/1/2024

$

63,943

39,000

4.875%, 

6/1/2028

39,818

Duke

Energy

Carolinas,

LLC

88,000

5.400%, 

1/15/2054

91,552

Duke

Energy

Corporation

52,000

3.250%, 

1/15/2082

b

47,971

61,000

5.800%, 

6/15/2054

64,393

32,000

6.450%, 

9/1/2054

b

33,226

107,000

2.450%, 

6/1/2030

96,524

43,000

4.500%, 

8/15/2032

42,520

35,000

5.750%, 

9/15/2033

37,642

Duke

Energy

Corporation,

Convertible

79,000

4.125%, 

4/15/2026

83,622

Duke

Energy

Ohio,

Inc.

33,000

5.550%, 

3/15/2054

34,503

Edison

International

69,000

7.875%, 

6/15/2054

b

72,479

58,000

4.950%, 

4/15/2025

57,955

65,000

5.000%, 

12/15/2026

b,g,i

63,511

73,000

5.450%, 

6/15/2029

75,815

Enel

Finance

International

NV

81,000

1.625%, 

7/12/2026

a

77,077

Entergy

Corporation

42,000

1.900%, 

6/15/2028

38,544

Evergy,

Inc.,

Convertible

53,000

4.500%, 

12/15/2027

a

58,353

Eversource

Energy

73,000

4.600%, 

7/1/2027

73,457

Exelon

Corporation

137,000

5.600%, 

3/15/2053

142,576

42,000

4.050%, 

4/15/2030

41,358

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

a

96,866

FirstEnergy

Corporation,

Convertible

65,000

4.000%, 

5/1/2026

68,023

Georgia

Power

Company

27,000

4.950%, 

5/17/2033

27,756

ITC

Holdings

Corporation

42,000

4.950%, 

9/22/2027

a

42,628

Jersey

Central

Power

&

Light

Company

86,000

2.750%, 

3/1/2032

a

75,299

MidAmerican

Energy

Company

133,000

5.300%, 

2/1/2055

137,470

National

Rural

Utilities

Cooperative

Finance

Corporation

22,000

4.850%, 

2/7/2029

22,566

NextEra

Energy

Capital

Holdings,

Inc.

20,000

3.800%, 

3/15/2082

b

19,050

64,000

6.750%, 

6/15/2054

b

69,062

42,000

6.051%, 

3/1/2025

42,177

42,000

2.250%, 

6/1/2030

37,540

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

32,000

3.000%, 

3/1/2027

a

41,808

NextEra

Energy

Operating

Partners,

LP

197,000

3.875%, 

10/15/2026

a

191,896

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

15,281

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

318

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Utilities  3.2%

-

continued

$

34,000

6.950%, 

11/30/2054

b

$

35,123

42,000

2.950%, 

9/1/2029

39,352

Northern

States

Power

Company/

MN

31,000

5.400%, 

3/15/2054

32,737

NRG

Energy,

Inc.

53,000

2.000%, 

12/2/2025

a

51,136

50,000

10.250%, 

3/15/2028

a,b,i

56,398

51,000

3.375%, 

2/15/2029

a

47,541

75,000

5.250%, 

6/15/2029

a

74,751

NRG

Energy,

Inc.,

Convertible

34,000

2.750%, 

6/1/2048

75,361

Oncor

Electric

Delivery

Company,

LLC

62,000

5.550%, 

6/15/2054

a

65,972

Pacific

Gas

and

Electric

Company

33,000

6.750%, 

1/15/2053

37,626

67,000

5.550%, 

5/15/2029

69,595

69,000

6.950%, 

3/15/2034

78,421

PG&E

Corporation

17,000

7.375%, 

3/15/2055

b

17,831

101,000

5.000%, 

7/1/2028

100,117

PG&E

Corporation,

Convertible

53,000

4.250%, 

12/1/2027

a

57,399

Pinnacle

West

Capital

Corporation,

Convertible

12,000

4.750%, 

6/15/2027

a

12,984

PPL

Capital

Funding,

Inc.

84,000

5.250%, 

9/1/2034

86,489

Public

Service

Enterprise

Group,

Inc.

30,000

5.875%, 

10/15/2028

31,640

42,000

1.600%, 

8/15/2030

35,901

San

Diego

Gas

&

Electric

Company

33,000

5.550%, 

4/15/2054

34,874

Sempra

32,000

6.400%, 

10/1/2054

b

32,060

84,000

4.875%, 

10/15/2025

b,i

83,098

Southern

California

Edison

Company

70,000

5.450%, 

6/1/2031

74,067

21,000

5.950%, 

11/1/2032

22,855

Southern

Company

40,000

5.700%, 

10/15/2032

42,866

102,000

4.850%, 

3/15/2035

102,822

41,000

4.000%, 

1/15/2051

b

40,421

106,000

3.750%, 

9/15/2051

b

102,591

Southern

Company,

Convertible

79,000

3.875%, 

12/15/2025

87,848

37,000

4.500%, 

6/15/2027

a

40,478

TerraForm

Power

Operating,

LLC

196,000

5.000%, 

1/31/2028

a

193,911

TXNM

Energy,

Inc.,

Convertible

23,000

5.750%, 

6/1/2054

a

24,935

Virginia

Electric

and

Power

Company

52,000

5.350%, 

1/15/2054

53,174

Vistra

Corporation

48,000

8.000%, 

10/15/2026

a,b,i

50,282

122,000

7.000%, 

12/15/2026

a,b,i

124,538

Vistra

Operations

Company,

LLC

323,000

5.000%, 

7/31/2027

a

321,422

Principal

Amount

Long-Term

Fixed

Income  83.5%

Value

Utilities  3.2%

-

continued

WEC

Energy

Group,

Inc.,

Convertible

$

20,000

4.375%, 

6/1/2027

a

$

21,759

35,000

4.375%, 

6/1/2029

a

38,728

Xcel

Energy,

Inc.

51,000

4.000%, 

6/15/2028

50,371

65,000

4.600%, 

6/1/2032

64,394

Total

6,248,293

Total

Long-Term

Fixed

Income

(cost

$165,356,842)

164,994,059

Shares

Registered

Investment

Companies  

13.3%

Value

U.S.

Affiliated  

9.3%  

2,179,263

Thrivent

Core

Emerging

Markets

Debt

Fund

18,262,225

Total

18,262,225

U.S.

Unaffiliated  

4.0%  

6,977

abrdn

Asia-Pacific

Income

Fund,

Inc.

121,400

23,877

abrdn

Income

Credit

Strategies

Fund

158,066

4,056

abrdn

Total

Dynamic

Dividend

Fund

36,910

13,565

AllianceBernstein

Global

High

Income

Fund,

Inc.

153,827

23,300

Allspring

Income

Opportunities

Fund

166,129

2,837

Barings

Global

Short

Duration

High

Yield

Fund

43,066

2,497

BlackRock

Capital

Allocation

Term

Trust

41,076

3,875

BlackRock

Core

Bond

Trust

46,655

15,679

BlackRock

Corporate

High

Yield

Fund,

Inc.

157,731

16,164

BlackRock

Credit

Allocation

Income

Trust

182,330

2,248

BlackRock

Debt

Strategies

Fund,

Inc.

24,795

3,393

BlackRock

Enhanced

Equity

Dividend

Trust

29,349

15,208

BlackRock

Enhanced

Global

Dividend

Trust

171,242

10,526

BlackRock

Enhanced

International

Dividend

Trust

61,051

800

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

10,560

5,032

BlackRock

Income

Trust,

Inc.

62,548

8,215

BlackRock

Multi-Sector

Income

Trust

124,868

12,135

Blackstone

Strategic

Credit

2027

Term

Fund

149,503

2,724

BNY

Mellon

High

Yield

Strategies

Fund

7,328

11,134

Cornerstone

Strategic

Value

Fund,

Inc.

85,509

15,475

Eaton

Vance

Limited

Duration

Income

Fund

162,642

6,064

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

52,878

1,131

Invesco

Dynamic

Credit

Opportunities

Fund

d

11,779

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

319

Shares

Registered

Investment

Companies  13.3%

Value

U.S.

Unaffiliated  

4.0%  -

continued

27,500

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

g

$

3,106,950

3,000

iShares

Preferred

and

Income

Securities

ETF

g

99,690

690

New

America

High

Income

Fund,

Inc.

5,748

25,612

Nuveen

Credit

Strategies

Income

Fund

148,293

1,581

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund

13,944

722

Nuveen

Global

High

Income

Fund

9,660

14,329

Nuveen

Preferred

Income

Opportunities

Fund

115,635

13,322

PGIM

Global

High

Yield

Fund,

Inc.

170,255

13,066

PGIM

High

Yield

Bond

Fund,

Inc.

182,140

5,770

Pimco

Dynamic

Income

Fund

116,958

8,234

PIMCO

High

Income

Fund

41,170

5,968

PIMCO

Income

Strategy

Fund

II

45,476

1,660

Tri-Continental

Corporation

54,846

8,800

Vanguard

Intermediate-Term

Corporate

Bond

ETF

g

737,000

3,968

Vanguard

Short-Term

Corporate

Bond

ETF

315,139

10,701

Virtus

Convertible

&

Income

Fund

g

37,453

12,712

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

165,765

2,300

Virtus

Equity

&

Convertible

Income

Fund

52,923

571

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

3,911

21,985

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

123,995

2,627

Western

Asset

Diversified

Income

Fund

41,191

40,077

Western

Asset

High

Income

Opportunity

Fund,

Inc.

162,312

Total

7,811,696

Total

Registered

Investment

Companies

(cost

$27,779,174)

26,073,921

Shares

Collateral

Held

for

Securities

Loaned

4.2%

Value

8,223,299

Thrivent

Cash

Management

Trust

8,223,299

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,223,299)

8,223,299

Shares

Preferred

Stock

1.0%

Value

Basic

Materials  <0.1%

1,660

Albemarle

Corporation,

Convertible,

7.250%

74,700

Total

74,700

Communications

Services  0.1%

4,075

AT&T,

Inc.,

4.750%

i

85,616

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

i

67,865

Total

153,481

Financials  0.8%

1,425

AEGON

Funding

Company,

LLC,

5.100%

31,706

3,200

Allstate

Corporation,

5.100%

i

78,688

Shares

Preferred

Stock  1.0%

Value

Financials  0.8%

-

continued

1,080

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

$

73,429

4,350

Bank

of

America

Corporation,

4.250%

i

88,957

3,300

Bank

of

America

Corporation,

4.375%

i

69,432

1,650

Bank

of

America

Corporation,

4.750%

i

37,636

3,300

Bank

of

America

Corporation,

5.000%

i

77,253

91

Bank

of

America

Corporation,

Convertible,

7.250%

i

115,844

2,600

Capital

One

Financial

Corporation,

5.000%

i

55,770

525

Citizens

Financial

Group,

Inc.,

7.375%

i

14,185

1,275

Equitable

Holdings,

Inc.,

5.250%

g,i

29,542

3,600

J.P.

Morgan

Chase

&

Company,

4.200%

i

76,140

3,300

J.P.

Morgan

Chase

&

Company,

4.625%

i

75,570

3,125

J.P.

Morgan

Chase

&

Company,

4.750%

i

73,969

2,000

KeyCorp,

6.200%

b,i

49,000

2,300

Morgan

Stanley,

4.250%

i

47,610

1,380

Morgan

Stanley,

5.850%

b,i

34,376

2,200

Morgan

Stanley,

7.125%

b,i

55,660

2,925

Public

Storage,

4.125%

i

59,290

668

Public

Storage,

4.625%

i

14,643

100

Public

Storage,

4.700%

i

2,247

550

Regions

Financial

Corporation,

5.700%

b,g,i

13,426

425

Synovus

Financial

Corporation,

8.397%

b,i

11,190

1,800

U.S.

Bancorp,

4.000%

i

35,550

2,000

Wells

Fargo

&

Company,

4.250%

i

40,540

3,300

Wells

Fargo

&

Company,

4.375%

i

68,508

1,750

Wells

Fargo

&

Company,

4.750%

i

37,958

110

Wells

Fargo

&

Company,

Convertible,

7.500%

i

141,042

Total

1,509,161

Technology  <0.1%

1,024

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

k

61,962

Total

61,962

Utilities  0.1%

4,025

CMS

Energy

Corporation,

4.200%

i

79,655

755

NextEra

Energy,

Inc.,

Convertible,

6.926%

35,651

944

NextEra

Energy,

Inc.,

Convertible,

7.299%

52,581

2,875

Southern

Company,

4.950%

68,252

Total

236,139

Total

Preferred

Stock

(cost

$2,138,682)

2,035,443

Shares

Common

Stock

<0.1%

Value

Communications

Services  <0.1%

31

Liberty

Media

Corporation-Liberty

Formula

One

Group

k

2,400

Total

2,400

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

320

Shares

Common

Stock  <0.1%

Value

Financials  <0.1%

428

AGNC

Investment

Corporation

$

4,477

236

Annaly

Capital

Management,

Inc.

4,736

445

Apollo

Commercial

Real

Estate

Finance,

Inc.

4,090

224

Chimera

Investment

Corporation

3,546

761

Rithm

Capital

Corporation

8,637

Total

25,486

Information

Technology  <0.1%

84

Semtech

Corporation

k

3,836

Total

3,836

Materials  <0.1%

674

United

States

Steel

Corporation

23,813

Total

23,813

Total

Common

Stock

(cost

$59,046)

55,535

Shares

or

Principal

Amount

Short-Term

Investments

6.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

5.170%,

10/9/2024

l,m

199,768

Thrivent

Core

Short-Term

Reserve

Fund

1,277,785

5.250%

12,777,845

U.S.

Treasury

Bills

100,000

4.790%,

11/21/2024

l,n

99,344

Total

Short-Term

Investments

(cost

$13,075,213)

13,076,957

Total

Investments

(cost

$216,632,256)

108.6%

$214,459,214

Other

Assets

and

Liabilities,

Net

(8.6%)

(16,910,209)

Total

Net

Assets

100.0%

$197,549,005

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2024,

the

value

of

these

investments

was

$78,423,677

or

39.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2024.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2024.

g

All

or

a

portion

of

the

security

is

on

loan.

h

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.

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

Defaulted

security.  Interest

is

not

being

accrued.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Opportunity

Income

Plus

Portfolio

as

of

September

30,

2024

was

$237,362

or

0.12%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2024.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

8/24/2015

$

118,598

Credit

Suisse

Group

AG 

5/17/2021

70,948

Pretium

Mortgage

Credit

Partners,

LLC,

6/27/2060

6/16/2021

226,920

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Opportunity

Income

Plus

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,176,535

Common

Stock

3,802,856

Total

lending

$7,979,391

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,223,299

Net

amounts

due

to

counterparty

$243,908

Definitions:

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

321

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

322

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Opportunity

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

22,411,210

–

22,018,710

392,500

Basic

Materials

3,219,831

–

3,219,831

–

Capital

Goods

6,506,946

–

6,506,946

–

Collateralized

Mortgage

Obligations

17,402,806

–

16,902,806

500,000

Commercial

Mortgage-Backed

Securities

1,012,274

–

1,012,274

–

Communications

Services

8,119,067

–

8,119,067

–

Consumer

Cyclical

11,240,662

–

11,240,662

–

Consumer

Non-Cyclical

9,779,102

–

9,779,102

–

Energy

9,445,762

–

9,445,762

–

Financials

24,025,482

–

24,025,482

–

Foreign

Government

120,544

–

120,544

–

Mortgage-Backed

Securities

26,391,109

–

26,391,109

–

Technology

6,666,905

–

6,666,905

–

Transportation

1,923,693

–

1,923,693

–

U.S.

Government

&

Agencies

10,480,373

–

10,480,373

–

Utilities

6,248,293

–

6,248,293

–

Registered

Investment

Companies

U.S.

Unaffiliated

7,811,696

7,799,917

–

11,779

Preferred

Stock

Basic

Materials

74,700

74,700

–

–

Communications

Services

153,481

153,481

–

–

Financials

1,509,161

1,509,161

–

–

Technology

61,962

61,962

–

–

Utilities

236,139

147,907

88,232

–

Common

Stock

Communications

Services

2,400

2,400

–

–

Financials

25,486

25,486

–

–

Information

Technology

3,836

3,836

–

–

Materials

23,813

23,813

–

–

Short-Term

Investments

299,112

–

299,112

–

Subtotal

Investments

in

Securities

$175,195,845

$9,802,663

$164,488,903

$904,279

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

18,262,225

Affiliated

Short-Term

Investments

12,777,845

Collateral

Held

for

Securities

Loaned

8,223,299

Subtotal

Other

Investments

$39,263,369

Total

Investments

at

Value

$214,459,214

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Opportunity

Income

Plus

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

18,265

18,265

–

–

Total

Asset

Derivatives

$18,265

$18,265

$–

$–

Liability

Derivatives

Credit

Default

Swaps

18,672

–

18,672

–

Total

Liability

Derivatives

$18,672

$–

$18,672

$–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

323

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$199,768

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

42

December

2024

$

8,727,907

$

18,265

Total

Futures

Long

Contracts

$

8,727,907

$

18,265

Total

Futures

Contracts

$

8,727,907

$18,265

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2024.

Investments

totaling

$99,344

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

42,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2029

$

1,265,000

$

–

(

$

18,672)

(

$

18,672)

Total

Credit

Default

Swaps

$–

($18,672)

($18,672)

1

As

the

buyer

of

protection,

Opportunity

Income

Plus

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Opportunity

Income

Plus

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Opportunity

Income

Plus

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

324

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$16,046

$4,434

$2,586

$18,262

2,179

9.3%

Total

U.S.

Affiliated

Registered

Investment

Companies

16,046

18,262

9.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

7,293

82,235

76,750

12,778

1,278

6.5

Total

Affiliated

Short-Term

Investments

7,293

12,778

6.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,208

42,063

38,048

8,223

8,223

4.2

Total

Collateral

Held

for

Securities

Loaned

4,208

8,223

4.2

Total

Value

$27,547

$39,263

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($510)

$878

$

–

$700

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

–

–

–

379

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,079

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

27

Total

Affiliated

Income

from

Securities

Loaned,

Net

$27

Total

Value

($510)

$878

$

–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

325

Shares

Common

Stock

99.0%

Value

Data

Center

REITs  9.3%

28,298

Digital

Realty

Trust,

Inc.

$

4,579,465

12,098

Equinix,

Inc.

10,738,548

Total

15,318,013

Diversified

REITs  2.6%

91,593

Broadstone

Net

Lease,

Inc.

1,735,687

71,725

Essential

Properties

Realty

Trust,

Inc.

2,449,409

2,385

WP

Carey,

Inc.

148,586

Total

4,333,682

Health

Care

REITs  10.7%

27,889

Alexandria

Real

Estate

Equities,

Inc.

3,311,819

60,387

Global

Medical

REIT,

Inc.

598,435

29,204

Healthpeak

Properties,

Inc.

667,895

15,817

National

Health

Investors,

Inc.

1,329,577

113,883

Sabra

Health

Care

REIT,

Inc.

2,119,363

22,717

Ventas,

Inc.

1,456,841

63,620

Welltower,

Inc.

8,145,269

Total

17,629,199

Hotel

&

Resort

REITs  1.3%

113,545

DiamondRock

Hospitality

Company

991,248

11,850

Host

Hotels

&

Resorts,

Inc.

208,560

64,536

Xenia

Hotels

&

Resorts,

Inc.

953,196

Total

2,153,004

Industrial

REITs  13.7%

12,943

EastGroup

Properties,

Inc.

2,418,011

39,649

First

Industrial

Realty

Trust,

Inc.

2,219,551

193,899

Industrial

Logistics

Properties

Trust

922,959

14,397

Innovative

Industrial

Properties,

Inc.

1,937,836

30,350

Plymouth

Industrial

REIT,

Inc.

685,910

95,430

Prologis,

Inc.

12,050,901

6,884

Rexford

Industrial

Realty,

Inc.

346,334

52,707

STAG

Industrial,

Inc.

2,060,317

271

Terreno

Realty

Corporation

18,111

Total

22,659,930

Multi-Family

Residential

REITs  9.7%

23,010

AvalonBay

Communities,

Inc.

5,183,003

22,243

Equity

Residential

1,656,214

12,440

Essex

Property

Trust,

Inc.

3,675,025

95,618

Independence

Realty

Trust,

Inc.

1,960,169

3,248

Mid-America

Apartment

Communities,

Inc.

516,107

67,995

UDR,

Inc.

3,082,893

Total

16,073,411

Office

REITs  1.8%

9,590

BXP,

Inc.

771,612

15,839

COPT

Defense

Properties

480,397

59,384

Cousins

Properties,

Inc.

1,750,640

Total

3,002,649

Other

Specialized

REITs  9.7%

25,528

EPR

Properties

1,251,893

58,767

Four

Corners

Property

Trust,

Inc.

1,722,461

59,445

Gaming

and

Leisure

Properties,

Inc.

3,058,445

20,126

Iron

Mountain,

Inc.

2,391,573

Shares

Common

Stock  99.0%

Value

Other

Specialized

REITs  9.7%

-

continued

4,214

Lamar

Advertising

Company

$

562,990

29,466

Safehold,

Inc.

772,893

164,593

Uniti

Group,

Inc.

928,305

158,979

VICI

Properties,

Inc.

5,295,590

Total

15,984,150

Retail

REITs  15.9%

35,736

Agree

Realty

Corporation

2,691,993

81,143

Brixmor

Property

Group,

Inc.

2,260,644

22,942

Getty

Realty

Corporation

729,785

38,248

InvenTrust

Properties

Corporation

1,085,096

127,202

Kimco

Realty

Corporation

2,953,630

75,963

Kite

Realty

Group

Trust

2,017,577

43,094

NetSTREIT

Corporation

712,344

23,747

NNN

REIT,

Inc.

1,151,492

73,186

Realty

Income

Corporation

4,641,456

13,140

Regency

Centers

Corporation

949,102

30,283

Simon

Property

Group,

Inc.

5,118,433

59,334

Tanger,

Inc.

1,968,702

Total

26,280,254

Self-Storage

REITs  6.3%

16,362

Extra

Space

Storage,

Inc.

2,948,269

20,595

Public

Storage

7,493,902

Total

10,442,171

Single-Family

Residential

REITs  5.4%

31,969

American

Homes

4

Rent

1,227,290

11,658

Equity

Lifestyle

Properties,

Inc.

831,682

104,239

Invitation

Homes,

Inc.

3,675,467

24,344

Sun

Communities,

Inc.

3,290,091

Total

9,024,530

Telecom

Tower

REITs  11.8%

59,303

American

Tower

Corporation

13,791,506

35,843

Crown

Castle,

Inc.

4,252,055

6,096

SBA

Communications

Corporation

1,467,307

Total

19,510,868

Timber

REITs  0.8%

40,209

Weyerhaeuser

Company

1,361,477

Total

1,361,477

Total

Common

Stock

(cost

$109,288,634)

163,773,338

Shares

or

Principal

Amount

Short-Term

Investments

0.8%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.800%,

11/29/2024

a,b

99,247

Thrivent

Core

Short-Term

Reserve

Fund

130,490

5.250%

1,304,897

Total

Short-Term

Investments

(cost

$1,404,111)

1,404,144

Total

Investments

(cost

$110,692,745)

99.8%

$165,177,482

Other

Assets

and

Liabilities,

Net

0.2%

270,860

Total

Net

Assets

100.0%

$165,448,342

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

326

a

The

interest

rate

shown

reflects

the

yield.

b

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Real

Estate

Securities

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Data

Center

REITs

15,318,013

15,318,013

–

–

Diversified

REITs

4,333,682

4,333,682

–

–

Health

Care

REITs

17,629,199

17,629,199

–

–

Hotel

&

Resort

REITs

2,153,004

2,153,004

–

–

Industrial

REITs

22,659,930

22,659,930

–

–

Multi-Family

Residential

REITs

16,073,411

16,073,411

–

–

Office

REITs

3,002,649

3,002,649

–

–

Other

Specialized

REITs

15,984,150

15,984,150

–

–

Retail

REITs

26,280,254

26,280,254

–

–

Self-Storage

REITs

10,442,171

10,442,171

–

–

Single-Family

Residential

REITs

9,024,530

9,024,530

–

–

Telecom

Tower

REITs

19,510,868

19,510,868

–

–

Timber

REITs

1,361,477

1,361,477

–

–

Short-Term

Investments

99,247

–

99,247

–

Subtotal

Investments

in

Securities

$163,872,585

$163,773,338

$99,247

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,304,897

Subtotal

Other

Investments

$1,304,897

Total

Investments

at

Value

$165,177,482

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Real

Estate

Securities

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

27,023

27,023

–

–

Total

Asset

Derivatives

$27,023

$27,023

$–

$–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

327

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

The

following

table

presents

Real

Estate

Securities

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$99,247

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

Micro

E-mini

S&P

500

Index

44

December

2024

$

1,252,112

$

27,023

Total

Futures

Long

Contracts

$

1,252,112

$

27,023

Total

Futures

Contracts

$

1,252,112

$27,023

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$905

$11,947

$11,547

$1,305

130

0.8%

Total

Affiliated

Short-Term

Investments

905

1,305

0.8

Total

Value

$905

$1,305

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$45

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$45

Total

Value

$–

$–

$

–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

328

Shares

Common

Stock

98.5%

Value

Communications

Services  2.5%

75,649

Cargurus,

Inc.

a

$

2,271,740

52,439

QuinStreet,

Inc.

a

1,003,158

Total

3,274,898

Consumer

Discretionary  14.2%

16,190

Boot

Barn

Holdings,

Inc.

a

2,708,263

23,433

Champion

Homes,

Inc.

a

2,222,620

8,432

Grand

Canyon

Education,

Inc.

a

1,196,079

3,917

Group

1

Automotive,

Inc.

1,500,368

6,210

Installed

Building

Products,

Inc.

1,529,337

14,552

Modine

Manufacturing

Company

a

1,932,360

11,426

Patrick

Industries,

Inc.

1,626,719

14,903

SharkNinja,

Inc.

1,620,105

70,268

Stoneridge,

Inc.

a

786,299

13,455

Texas

Roadhouse,

Inc.

2,376,153

17,314

Wyndham

Hotels

&

Resorts,

Inc.

1,352,916

Total

18,851,219

Consumer

Staples  3.6%

14,867

e.l.f.

Beauty,

Inc.

a

1,620,949

14,904

J

&

J

Snack

Foods

Corporation

2,565,276

3,212

Lancaster

Colony

Corporation

567,143

Total

4,753,368

Energy  2.0%

4,402

Gulfport

Energy

Corporation

a

666,243

18,102

Matador

Resources

Company

894,601

43,083

TechnipFMC

plc

1,130,067

Total

2,690,911

Financials  8.3%

27,496

Glacier

Bancorp,

Inc.

1,256,567

11,901

Hamilton

Lane,

Inc.

2,004,010

11,214

Houlihan

Lokey,

Inc.

1,772,036

3,837

Kinsale

Capital

Group,

Inc.

1,786,392

11,892

RLI

Corporation

1,843,022

28,992

Triumph

Financial,

Inc.

a

2,306,024

Total

10,968,051

Health

Care  20.3%

1,665

Argenx

SE

ADR

a

902,563

3,656

Ascendis

Pharma

AS

ADR

a

545,877

2,146

Chemed

Corporation

1,289,682

16,762

Encompass

Health

Corporation

1,619,880

36,945

Globus

Medical,

Inc.

a

2,643,045

20,112

Haemonetics

Corporation

a

1,616,603

18,603

Halozyme

Therapeutics,

Inc.

a

1,064,836

24,576

HealthEquity,

Inc.

a

2,011,546

8,011

Inspire

Medical

Systems,

Inc.

a

1,690,721

11,529

Natera,

Inc.

a

1,463,606

67,894

Option

Care

Health,

Inc.

a

2,125,082

63,891

Paragon

28,

Inc.

a

426,792

9,130

Penumbra,

Inc.

a

1,774,050

13,444

Repligen

Corporation

a

2,000,736

22,066

RxSight,

Inc.

a

1,090,722

100,821

scPharmaceuticals,

Inc.

a

459,744

67,901

Stevanato

Group

SPA

1,358,020

28,281

Twist

Bioscience

Corporation

a

1,277,736

36,015

Vericel

Corporation

a

1,521,634

Total

26,882,875

Industrials  20.6%

13,834

AAR

Corporation

a

904,190

Shares

Common

Stock  98.5%

Value

Industrials  20.6%

-

continued

55,928

Badger

Infrastructure

Solutions,

Ltd.

$

1,520,553

15,604

Beacon

Roofing

Supply,

Inc.

a

1,348,654

13,610

BWX

Technologies,

Inc.

1,479,407

18,010

Casella

Waste

Systems,

Inc.

a

1,791,815

25,841

CECO

Environmental

Corporation

a

728,716

74,642

ExlService

Holdings,

Inc.

a

2,847,592

31,923

Flowserve

Corporation

1,650,100

28,624

Fluor

Corporation

a

1,365,651

33,899

Helios

Technologies,

Inc.

1,616,982

115,605

Janus

International

Group,

Inc.

a

1,168,767

17,910

Korn

Ferry

1,347,548

5,437

Landstar

System,

Inc.

1,026,886

84,942

Masterbrand,

Inc.

a

1,574,825

3,641

Saia,

Inc.

a

1,592,064

26,000

Schneider

National,

Inc.

742,040

9,358

Simpson

Manufacturing

Company,

Inc.

1,789,905

16,010

Timken

Company

1,349,483

27,947

WNS

Holdings,

Ltd.

a

1,473,086

Total

27,318,264

Information

Technology  22.7%

16,428

Agilysys,

Inc.

a

1,790,159

14,847

ASGN,

Inc.

a

1,384,186

5,396

CyberArk

Software,

Ltd.

a

1,573,528

22,581

Descartes

Systems

Group,

Inc.

a

2,324,940

10,682

Fabrinet

a

2,525,652

27,974

Gitlab,

Inc.

a

1,441,780

20,038

Guidewire

Software,

Inc.

a

3,665,752

50,747

JFrog,

Ltd.

a

1,473,693

36,973

Lattice

Semiconductor

Corporation

a

1,962,157

7,896

Littelfuse,

Inc.

2,094,414

10,734

Onto

Innovation,

Inc.

a

2,227,949

32,964

PDF

Solutions,

Inc.

a

1,044,299

11,922

Silicon

Laboratories,

Inc.

a

1,377,825

58,796

TTM

Technologies,

Inc.

a

1,073,027

43,555

Varonis

Systems,

Inc.

a

2,460,857

21,181

Workiva,

Inc.

a

1,675,841

Total

30,096,059

Materials  1.5%

33,273

Summit

Materials,

Inc.

a

1,298,645

45,612

Tronox

Holdings

plc

667,304

Total

1,965,949

Real

Estate  2.8%

17,189

Agree

Realty

Corporation

1,294,847

32,236

National

Storage

Affiliates

Trust

1,553,775

13,021

Terreno

Realty

Corporation

870,194

Total

3,718,816

Total

Common

Stock

(cost

$101,859,836)

130,520,410

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

329

Shares

Short-Term

Investments

1.6%

Value

Thrivent

Core

Short-Term

Reserve

Fund

207,158

5.250%

$

2,071,578

Total

Short-Term

Investments

(cost

$2,071,578)

2,071,578

Total

Investments

(cost

$103,931,414)

100.1%

$132,591,988

Other

Assets

and

Liabilities,

Net

(0.1%)

(108,492)

Total

Net

Assets

100.0%

$132,483,496

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.

plc

-

Public

Limited

Company

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

330

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

3,274,898

3,274,898

–

–

Consumer

Discretionary

18,851,219

18,851,219

–

–

Consumer

Staples

4,753,368

4,753,368

–

–

Energy

2,690,911

2,690,911

–

–

Financials

10,968,051

10,968,051

–

–

Health

Care

26,882,875

26,882,875

–

–

Industrials

27,318,264

25,797,711

1,520,553

–

Information

Technology

30,096,059

30,096,059

–

–

Materials

1,965,949

1,965,949

–

–

Real

Estate

3,718,816

3,718,816

–

–

Subtotal

Investments

in

Securities

$130,520,410

$128,999,857

$1,520,553

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,071,578

Subtotal

Other

Investments

$2,071,578

Total

Investments

at

Value

$132,591,988

*

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

the

table

above

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$2,775

$29,011

$29,714

$2,072

207

1.6%

Total

Affiliated

Short-Term

Investments

2,775

2,072

1.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

1,870

1,870

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$2,775

$2,072

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$109

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$109

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

331

Shares

Common

Stock

99.3%

Value

Communications

Services  3.4%

3,619

Cable

One,

Inc.

$

1,265,890

68,611

Cargurus,

Inc.

a

2,060,388

47,697

Cars.com,

Inc.

a

799,402

83,857

Cinemark

Holdings,

Inc.

a

2,334,579

33,114

Cogent

Communications

Holdings

2,514,015

59,545

Consolidated

Communications

Holdings,

Inc.

a

276,289

94,773

EchoStar

Corporation

a

2,352,266

46,856

Gogo,

Inc.

a

336,426

55,515

IAC,

Inc.

a

2,987,817

32,374

John

Wiley

and

Sons,

Inc.

1,562,046

798,490

Lumen

Technologies,

Inc.

a

5,669,279

13,118

Madison

Square

Garden

Sports

Corporation

a

2,731,955

43,408

QuinStreet,

Inc.

a

830,395

19,608

Scholastic

Corporation

627,652

35,998

Shenandoah

Telecommunications

Company

507,932

19,191

Shutterstock,

Inc.

678,786

20,194

TechTarget,

Inc.

a

493,743

129,912

TEGNA,

Inc.

2,050,011

76,581

Telephone

and

Data

Systems,

Inc.

1,780,508

26,798

Thryv

Holdings,

Inc.

a

461,730

85,972

Tripadvisor,

Inc.

a

1,245,734

52,542

Yelp,

Inc.

a

1,843,173

35,135

Ziff

Davis,

Inc.

a

1,709,669

Total

37,119,685

Consumer

Discretionary  14.4%

56,639

Academy

Sports

and

Outdoors,

Inc.

3,305,452

68,469

Adient

plc

a

1,545,345

29,597

Adtalem

Global

Education,

Inc.

a

2,233,982

46,821

Advance

Auto

Parts,

Inc.

1,825,551

92,335

American

Axle

&

Manufacturing

Holdings,

Inc.

a

570,630

140,371

American

Eagle

Outfitters,

Inc.

3,142,907

15,690

Asbury

Automotive

Group,

Inc.

a

3,743,477

175,301

Bath

&

Body

Works,

Inc.

5,595,608

18,183

BJ's

Restaurants,

Inc.

a

592,039

59,387

Bloomin'

Brands,

Inc.

981,667

23,955

Boot

Barn

Holdings,

Inc.

a

4,007,192

34,938

Brinker

International,

Inc.

a

2,673,805

23,490

Buckle,

Inc.

1,032,855

27,587

Caleres,

Inc.

911,750

6,481

Cavco

Industries,

Inc.

a

2,775,423

21,655

Century

Communities,

Inc.

2,230,032

36,753

Cheesecake

Factory,

Inc.

1,490,334

13,531

Chuy's

Holdings,

Inc.

a

506,059

17,435

Cracker

Barrel

Old

Country

Store,

Inc.

790,677

101,326

Dana,

Inc.

1,070,003

24,853

Dave

&

Buster's

Entertainment,

Inc.

a

846,245

21,367

Dorman

Products,

Inc.

a

2,417,035

17,760

Ethan

Allen

Interiors,

Inc.

566,366

90,114

Etsy,

Inc.

a

5,004,030

64,712

Foot

Locker,

Inc.

1,672,158

32,733

Fox

Factory

Holding

Corporation

a

1,358,420

60,094

Frontdoor,

Inc.

a

2,883,911

24,607

Gentherm,

Inc.

a

1,145,456

31,089

G-III

Apparel

Group,

Ltd.

a

948,836

16,677

Golden

Entertainment,

Inc.

530,162

24,110

Green

Brick

Partners,

Inc.

a

2,013,667

10,276

Group

1

Automotive,

Inc.

3,936,119

Shares

Common

Stock  99.3%

Value

Consumer

Discretionary  14.4%

-

continued

22,278

Guess

?,

Inc.

b

$

448,456

276,174

Hanesbrands,

Inc.

a

2,029,879

17,915

Helen

of

Troy,

Ltd.

a

1,108,043

18,296

Installed

Building

Products,

Inc.

4,505,756

15,019

Jack

in

the

Box,

Inc.

698,984

87,329

Kohl's

Corporation

1,842,642

39,356

Kontoor

Brands,

Inc.

3,218,534

33,027

La-Z-Boy,

Inc.

1,417,849

19,995

LCI

Industries

2,410,197

105,359

Leggett

&

Platt,

Inc.

1,434,990

145,076

Leslie's,

Inc.

a

458,440

16,240

LGI

Homes,

Inc.

a

1,924,765

21,527

M/I

Homes,

Inc.

a

3,688,867

15,423

MarineMax,

Inc.

a

543,969

28,527

Meritage

Homes

Corporation

5,850,032

73,292

Mister

Car

Wash,

Inc.

a

477,131

9,998

Monarch

Casino

&

Resort,

Inc.

792,541

23,497

Monro,

Inc.

678,123

61,752

National

Vision

Holdings,

Inc.

a

673,714

326,680

Newell

Brands,

Inc.

2,508,902

26,371

ODP

Corporation

a

784,537

11,571

Oxford

Industries,

Inc.

1,003,900

25,621

Papa

John's

International,

Inc.

1,380,203

17,592

Patrick

Industries,

Inc.

2,504,573

117,471

PENN

Entertainment,

Inc.

a

2,215,503

48,478

Perdoceo

Education

Corporation

1,078,151

34,300

Phinia,

Inc.

1,578,829

302,883

Sabre

Corporation

a

1,111,581

80,604

Sally

Beauty

Holdings,

Inc.

a

1,093,796

31,398

Shake

Shack,

Inc.

a

3,240,588

13,862

Shoe

Carnival,

Inc.

607,849

35,029

Signet

Jewelers,

Ltd.

3,612,891

73,126

Six

Flags

Entertainment

Corporation

2,947,709

11,449

Sonic

Automotive,

Inc.

669,538

95,028

Sonos,

Inc.

a

1,167,894

16,198

Standard

Motor

Products,

Inc.

537,774

57,025

Steven

Madden,

Ltd.

2,793,655

19,143

Strategic

Education,

Inc.

1,771,685

33,412

Stride,

Inc.

a

2,850,378

13,236

Sturm,

Ruger

&

Company,

Inc.

551,677

111,141

Topgolf

Callaway

Brands

Corporation

a

1,220,328

73,495

Tri

Pointe

Homes,

Inc.

a

3,330,058

38,219

Upbound

Group,

Inc.

1,222,626

44,740

Urban

Outfitters,

Inc.

a

1,713,989

259,778

VF

Corporation

5,182,571

61,488

Victoria's

Secret

&

Company

a

1,580,242

45,867

Vista

Outdoor,

Inc.

a

1,797,069

22,738

Winnebago

Industries,

Inc.

1,321,305

62,832

Wolverine

World

Wide,

Inc.

1,094,533

24,406

Worthington

Enterprises,

Inc.

1,011,629

17,799

XPEL,

Inc.

a

771,943

Total

154,808,011

Consumer

Staples  3.1%

25,231

Andersons,

Inc.

1,265,082

62,167

B&G

Foods,

Inc.

552,043

31,961

Cal-Maine

Foods,

Inc.

2,391,961

7,482

Central

Garden

&

Pet

Company

a

272,869

40,840

Central

Garden

&

Pet

Company,

Class

A

a

1,282,376

27,209

Chefs'

Warehouse,

Inc.

a

1,143,050

38,722

Edgewell

Personal

Care

Company

1,407,157

51,306

Energizer

Holdings,

Inc.

1,629,479

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

332

Shares

Common

Stock  99.3%

Value

Consumer

Staples  3.1%

-

continued

26,351

Fresh

Del

Monte

Produce,

Inc.

$

778,409

76,951

Grocery

Outlet

Holding

Corporation

a

1,350,490

70,554

Hain

Celestial

Group,

Inc.

a

608,881

14,083

Inter

Parfums,

Inc.

1,823,467

12,203

J

&

J

Snack

Foods

Corporation

2,100,380

7,072

John

B.

Sanfilippo

&

Son,

Inc.

666,960

11,051

MGP

Ingredients,

Inc.

b

919,996

18,372

National

Beverage

Corporation

862,382

19,747

PriceSmart,

Inc.

1,812,380

71,559

Simply

Good

Foods

Company

a

2,488,106

26,500

SpartanNash

Company

593,865

12,945

Tootsie

Roll

Industries,

Inc.

400,907

36,681

TreeHouse

Foods,

Inc.

a

1,539,868

46,701

United

Natural

Foods,

Inc.

a

785,511

19,391

Universal

Corporation

1,029,856

8,678

USANA

Health

Sciences,

Inc.

a

329,070

106,284

Vector

Group,

Ltd.

c

1,585,757

10,639

WD-40

Company

2,743,585

51,942

WK

Kellogg

Company

888,728

Total

33,252,615

Energy  4.4%

132,666

Archrock,

Inc.

2,685,160

19,328

Bristow

Group,

Inc.

a

670,488

52,206

Cactus,

Inc.

3,115,132

54,640

California

Resources

Corporation

2,866,961

71,148

Comstock

Resources,

Inc.

b

791,877

21,005

CONSOL

Energy,

Inc.

2,198,173

36,840

Core

Laboratories,

Inc.

682,645

26,841

CVR

Energy,

Inc.

b

618,148

28,448

Dorian

LPG,

Ltd.

979,180

50,773

Green

Plains,

Inc.

a

687,466

112,241

Helix

Energy

Solutions

Group,

Inc.

a

1,245,875

77,551

Helmerich

&

Payne,

Inc.

2,359,101

27,055

Innovex

International,

Inc.

a

397,167

129,833

Liberty

Energy,

Inc.

2,478,512

147,762

Magnolia

Oil

&

Gas

Corporation

b

3,608,348

7,049

Nabors

Industries,

Ltd.

a

454,449

78,287

Northern

Oil

and

Gas,

Inc.

2,772,143

79,692

Oceaneering

International,

Inc.

a

1,981,940

44,236

Par

Pacific

Holdings,

Inc.

a

778,554

280,879

Patterson-UTI

Energy,

Inc.

2,148,724

98,868

Peabody

Energy

Corporation

2,623,957

62,984

ProPetro

Holding

Corporation

a

482,457

12,096

REX

American

Resources

Corporation

a

559,924

64,877

RPC,

Inc.

412,618

89,851

SM

Energy

Company

3,591,345

97,617

Talos

Energy,

Inc.

a

1,010,336

37,924

Tidewater,

Inc.

a

2,722,564

21,182

Vital

Energy,

Inc.

a

569,796

46,406

World

Kinect

Corporation

1,434,410

Total

46,927,450

Financials  18.7%

37,255

Ambac

Financial

Group,

Inc.

a

417,629

50,793

Ameris

Bancorp

3,168,975

14,966

AMERISAFE,

Inc.

723,307

99,951

Apollo

Commercial

Real

Estate

Finance,

Inc.

918,550

148,065

Arbor

Realty

Trust,

Inc.

2,303,891

38,296

ARMOUR

Residential

REIT,

Inc.

781,238

54,892

Artisan

Partners

Asset

Management,

Inc.

2,377,921

Shares

Common

Stock  99.3%

Value

Financials  18.7%

-

continued

38,838

Assured

Guaranty,

Ltd.

$

3,088,398

70,506

Atlantic

Union

Bankshares

Corporation

2,655,961

42,499

Axos

Financial,

Inc.

a

2,672,337

108,153

Banc

of

California,

Inc.

1,593,094

15,559

BancFirst

Corporation

1,637,585

38,447

Bancorp,

Inc.

a

2,056,914

31,200

Bank

of

Hawaii

Corporation

1,958,424

58,704

BankUnited,

Inc.

2,139,174

27,058

Banner

Corporation

1,611,574

33,139

Berkshire

Hills

Bancorp,

Inc.

892,433

297,162

BGC

Group,

Inc.

2,727,947

136,342

Blackstone

Mortgage

Trust,

Inc.

2,591,861

39,011

Bread

Financial

Holdings,

Inc.

1,856,143

21,831

BrightSphere

Investment

Group

554,507

69,821

Brookline

Bancorp,

Inc.

704,494

95,898

Capitol

Federal

Financial,

Inc.

560,044

56,674

Cathay

General

Bancorp

2,434,148

21,253

Central

Pacific

Financial

Corporation

627,176

11,545

City

Holding

Company

1,355,268

21,039

Cohen

&

Steers,

Inc.

2,018,692

104,184

Comerica,

Inc.

6,241,663

41,262

Community

Financial

System,

Inc.

2,396,084

23,149

Customers

Bancorp,

Inc.

a

1,075,271

103,110

CVB

Financial

Corporation

1,837,420

27,669

Dime

Community

Bancshares,

Inc.

796,867

20,975

Donnelley

Financial

Solutions,

Inc.

a

1,380,784

23,698

Eagle

Bancorp,

Inc.

535,101

68,265

Ellington

Financial,

Inc.

b

879,936

19,504

Employers

Holdings,

Inc.

935,607

18,604

Encore

Capital

Group,

Inc.

a

879,411

20,728

Enova

International,

Inc.

a

1,736,799

50,242

EVERTEC,

Inc.

1,702,701

40,654

EZCORP,

Inc.

a

455,731

27,471

FB

Financial

Corporation

1,289,214

127,873

First

Bancorp/Puerto

Rico

2,707,071

32,416

First

Bancorp/Southern

Pines,

NC

1,348,181

80,136

First

Commonwealth

Financial

Corporation

1,374,332

74,981

First

Financial

Bancorp

1,891,771

100,427

First

Hawaiian,

Inc.

2,324,885

64,259

Franklin

BSP

Realty

Trust,

Inc.

839,223

142,848

Fulton

Financial

Corporation

2,589,834

339,269

Genworth

Financial,

Inc.

a

2,323,993

19,011

Goosehead

Insurance,

Inc.

a

1,697,682

42,180

Green

Dot

Corporation

a

493,928

91,450

HA

Sustainable

Infrastructure

Capital,

Inc.

3,152,282

23,615

Hanmi

Financial

Corporation

439,239

6,629

HCI

Group,

Inc.

709,701

27,089

Heritage

Financial

Corporation

589,728

36,215

Hilltop

Holdings,

Inc.

1,164,674

94,809

Hope

Bancorp,

Inc.

1,190,801

32,015

Horace

Mann

Educators

Corporation

1,118,924

33,361

Independent

Bank

Corporation/MA

1,972,636

28,313

Independent

Bank

Group,

Inc.

1,632,528

59,086

Jackson

Financial,

Inc.

5,390,416

45,735

KKR

Real

Estate

Finance

Trust,

Inc.

564,827

20,030

Lakeland

Financial

Corporation

1,304,354

133,654

Lincoln

National

Corporation

4,211,438

20,872

Mercury

General

Corporation

1,314,519

55,256

Moelis

&

Company

3,785,589

50,639

Mr.

Cooper

Group,

Inc.

a

4,667,903

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

333

Shares

Common

Stock  99.3%

Value

Financials  18.7%

-

continued

29,776

National

Bank

Holdings

Corporation

$

1,253,570

61,861

Navient

Corporation

964,413

37,043

NBT

Bancorp,

Inc.

1,638,412

56,794

NCR

Atleos

Corporation

a

1,620,333

71,131

New

York

Mortgage

Trust,

Inc.

450,259

62,566

NMI

Holdings,

Inc.

a

2,577,094

100,023

Northwest

Bancshares,

Inc.

1,338,308

36,565

OFG

Bancorp

1,642,500

75,722

Pacific

Premier

Bancorp,

Inc.

1,905,166

20,563

Palomar

Holdings,

Inc.

a

1,946,699

11,416

Park

National

Corporation

1,917,660

19,614

Pathward

Financial,

Inc.

1,294,720

198,745

Payoneer

Global,

Inc.

a

1,496,550

68,211

PennyMac

Mortgage

Investment

Trust

972,689

12,433

Piper

Sandler

Companies

3,528,610

18,685

PJT

Partners,

Inc.

2,491,458

30,953

PRA

Group,

Inc.

a

692,109

9,739

Preferred

Bank/Los

Angeles,

CA

781,555

40,172

ProAssurance

Corporation

a

604,187

33,235

PROG

Holdings,

Inc.

1,611,565

102,469

Provident

Financial

Services,

Inc.

1,901,825

118,122

Radian

Group,

Inc.

4,097,652

132,098

Ready

Capital

Corporation

1,007,908

103,828

Redwood

Trust,

Inc.

802,590

49,910

Renasant

Corporation

1,622,075

30,042

S&T

Bancorp,

Inc.

1,260,863

11,651

Safety

Insurance

Group,

Inc.

952,819

66,385

Seacoast

Banking

Corporation

of

Florida

1,769,160

39,396

ServisFirst

Bancshares,

Inc.

3,169,408

98,593

Simmons

First

National

Corporation

2,123,693

76,497

SiriusPoint,

Ltd.

a

1,096,967

22,342

Southside

Bancshares,

Inc.

746,893

37,444

Stellar

Bancorp,

Inc.

969,425

49,212

StepStone

Group,

Inc.

2,796,718

21,736

Stewart

Information

Services

Corporation

1,624,549

22,219

StoneX

Group,

Inc.

a

1,819,292

9,836

Tompkins

Financial

Corporation

568,422

17,211

Triumph

Financial,

Inc.

a

1,368,963

26,158

Trupanion,

Inc.

a,b

1,098,113

14,928

TrustCo

Bank

Corporation

NY

493,669

48,065

Trustmark

Corporation

1,529,428

81,374

Two

Harbors

Investment

Corporation

1,129,471

93,609

United

Community

Banks,

Inc.

2,722,150

16,712

United

Fire

Group,

Inc.

349,782

42,709

Veritex

Holdings,

Inc.

1,124,101

64,365

Virtu

Financial,

Inc.

1,960,558

5,227

Virtus

Investment

Partners,

Inc.

1,094,795

63,781

WaFd,

Inc.

2,222,768

25,177

Walker

&

Dunlop,

Inc.

2,859,855

20,956

Westamerica

Bancorporation

1,035,646

93,473

WisdomTree,

Inc.

933,795

2,585

World

Acceptance

Corporation

a

304,978

46,543

WSFS

Financial

Corporation

2,373,228

Total

201,030,149

Health

Care  11.1%

82,987

AdaptHealth

Corporation

a

931,944

14,056

Addus

HomeCare

Corporation

a

1,869,870

183,037

ADMA

Biologics,

Inc.

a

3,658,910

Shares

Common

Stock  99.3%

Value

Health

Care  11.1%

-

continued

129,312

Alkermes

plc

a

$

3,619,443

29,843

AMN

Healthcare

Services,

Inc.

a

1,265,045

29,815

Amphastar

Pharmaceuticals,

Inc.

a

1,446,922

13,028

ANI

Pharmaceuticals,

Inc.

a

777,250

42,360

Arcus

Biosciences,

Inc.

a

647,684

29,608

Artivion,

Inc.

a

788,165

32,617

Astrana

Health,

Inc.

a

1,889,829

36,084

Avanos

Medical,

Inc.

a

867,098

28,261

BioLife

Solutions,

Inc.

a

707,655

87,612

Catalyst

Pharmaceuticals,

Inc.

a

1,741,727

85,910

Certara,

Inc.

a

1,006,006

25,297

Collegium

Pharmaceutical,

Inc.

a

977,476

24,187

CONMED

Corporation

1,739,529

73,030

Corcept

Therapeutics,

Inc.

a

3,379,828

7,130

CorVel

Corporation

a

2,330,726

24,957

Cross

Country

Healthcare,

Inc.

a

335,422

83,648

Cytek

Biosciences,

Inc.

a

463,410

95,704

Dynavax

Technologies

Corporation

a

1,066,143

45,292

Embecta

Corporation

638,617

70,362

Fortrea

Holdings,

Inc.

a

1,407,240

15,703

Fulgent

Genetics,

Inc.

a

341,226

43,152

Glaukos

Corporation

a

5,621,843

23,655

Harmony

Biosciences

Holdings,

Inc.

a

946,200

18,864

HealthStream,

Inc.

544,038

19,181

ICU

Medical,

Inc.

a

3,495,162

39,351

Inari

Medical,

Inc.

a

1,622,835

43,234

Innoviva,

Inc.

a

834,848

23,419

Inspire

Medical

Systems,

Inc.

a

4,942,580

26,331

Integer

Holdings

Corporation

a

3,423,030

52,395

Integra

LifeSciences

Holdings

Corporation

a

952,017

110,389

Ironwood

Pharmaceuticals,

Inc.

a

454,803

19,854

Krystal

Biotech,

Inc.

a

3,614,024

16,057

LeMaitre

Vascular,

Inc.

1,491,535

14,347

Ligand

Pharmaceuticals,

Inc.

a

1,435,991

45,711

Merit

Medical

Systems,

Inc.

a

4,517,618

4,248

Mesa

Laboratories,

Inc.

551,645

71,320

Myriad

Genetics,

Inc.

a

1,953,455

9,690

National

HealthCare

Corporation

1,218,711

100,641

NeoGenomics,

Inc.

a

1,484,455

6,287

OmniAb,

Inc.,

12.5

Earnout

Share

a,d

1

6,287

OmniAb,

Inc.,

15.0

Earnout

Share

a,d

1

36,118

Omnicell,

Inc.

a

1,574,745

202,190

Organon

&

Company

3,867,895

58,029

Owens

&

Minor,

Inc.

a

910,475

36,223

Pacira

Pharmaceuticals,

Inc.

a

545,156

61,604

Patterson

Companies,

Inc.

1,345,431

66,364

Pediatrix

Medical

Group,

Inc.

a

769,159

15,971

Phibro

Animal

Health

Corporation

359,667

82,314

Premier,

Inc.

1,646,280

38,917

Prestige

Consumer

Healthcare,

Inc.

a

2,805,916

80,581

Privia

Health

Group,

Inc.

a

1,467,380

61,677

Progyny,

Inc.

a

1,033,706

46,257

Protagonist

Therapeutics,

Inc.

a

2,081,565

45,407

QuidelOrtho

Corporation

a

2,070,559

51,108

RadNet,

Inc.

a

3,546,384

35,706

REGENXBIO,

Inc.

a

374,556

43,473

Schrodinger,

Inc./United

States

a

806,424

82,704

Select

Medical

Holdings

Corporation

2,883,888

12,727

Simulations

Plus,

Inc.

407,519

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

334

Shares

Common

Stock  99.3%

Value

Health

Care  11.1%

-

continued

38,615

STAAR

Surgical

Company

a

$

1,434,547

43,273

Supernus

Pharmaceuticals,

Inc.

a

1,349,252

51,409

Tandem

Diabetes

Care,

Inc.

a

2,180,256

104,764

TG

Therapeutics,

Inc.

a

2,450,430

26,196

TransMedics

Group,

Inc.

a

4,112,772

11,840

U.S.

Physical

Therapy,

Inc.

1,002,019

5,725

UFP

Technologies,

Inc.

a

1,813,107

38,503

Vericel

Corporation

a

1,626,752

71,892

Vir

Biotechnology,

Inc.

a

538,471

48,557

Xencor,

Inc.

a

976,481

Total

118,982,749

Industrials  17.5%

27,654

AAR

Corporation

a

1,807,465

49,288

ABM

Industries,

Inc.

2,600,435

22,000

AeroVironment,

Inc.

a

4,411,000

81,341

Air

Lease

Corporation

3,683,934

8,145

Alamo

Group,

Inc.

1,467,159

99,071

Alaska

Air

Group,

Inc.

a

4,479,000

24,502

Albany

International

Corporation

2,177,003

11,391

Allegiant

Travel

Company

627,188

12,240

American

Woodmark

Corporation

a

1,143,828

17,224

Apogee

Enterprises,

Inc.

1,205,938

18,569

ArcBest

Corporation

2,013,808

38,309

Arcosa,

Inc.

3,630,161

34,317

Armstrong

World

Industries,

Inc.

4,510,283

17,905

Astec

Industries,

Inc.

571,886

23,414

AZZ,

Inc.

1,934,231

35,880

Barnes

Group,

Inc.

1,449,911

30,563

Boise

Cascade

Company

4,308,772

34,508

Brady

Corporation

2,644,348

86,594

CoreCivic,

Inc.

a

1,095,414

22,189

CSG

Systems

International,

Inc.

1,079,495

13,060

CSW

Industrials,

Inc.

4,785,053

34,719

Deluxe

Corporation

676,673

83,610

DNOW,

Inc.

a

1,081,077

10,043

DXP

Enterprises,

Inc.

a

535,894

22,846

Dycom

Industries,

Inc.

a

4,502,947

42,641

Enerpac

Tool

Group

Corporation

1,786,231

16,472

EnPro,

Inc.

2,671,429

62,911

Enviri

Corporation

a

650,500

20,223

ESCO

Technologies,

Inc.

2,608,363

48,017

Federal

Signal

Corporation

4,487,669

15,010

Forward

Air

Corporation

b

531,354

30,844

Franklin

Electric

Company,

Inc.

3,233,068

177,574

Gates

Industrial

Corporation

plc

a

3,116,424

106,815

GEO

Group,

Inc.

a

1,372,573

23,935

Gibraltar

Industries,

Inc.

a

1,673,775

31,138

GMS,

Inc.

a

2,820,169

34,306

Granite

Construction,

Inc.

2,719,780

24,447

Greenbrier

Companies,

Inc.

1,244,108

32,109

Griffon

Corporation

2,247,630

111,499

Hayward

Holdings,

Inc.

a

1,710,395

57,627

Healthcare

Services

Group,

Inc.

a

643,694

33,902

Heartland

Express,

Inc.

416,317

15,955

Heidrick

&

Struggles

International,

Inc.

620,011

96,258

Hertz

Global

Holdings,

Inc.

a,b

317,651

55,148

Hillenbrand,

Inc.

1,533,114

37,018

HNI

Corporation

1,993,049

48,371

Hub

Group,

Inc.

2,198,462

15,270

Insteel

Industries,

Inc.

474,744

45,786

Interface,

Inc.

868,560

234,233

JetBlue

Airways

Corporation

a

1,536,568

Shares

Common

Stock  99.3%

Value

Industrials  17.5%

-

continued

25,005

John

Bean

Technologies

Corporation

$

2,463,243

85,298

KAR

Auction

Services,

Inc.

a

1,439,830

25,340

Kelly

Services,

Inc.

542,529

61,175

Kennametal,

Inc.

1,586,268

41,426

Korn

Ferry

3,116,892

8,549

Lindsay

Corporation

1,065,547

17,503

Liquidity

Services,

Inc.

a

399,068

45,393

Marten

Transport,

Ltd.

803,456

99,786

Masterbrand,

Inc.

a

1,850,032

26,369

Matson,

Inc.

3,760,747

24,028

Matthews

International

Corporation

557,450

39,654

Mercury

Systems,

Inc.

a

1,467,198

54,838

MillerKnoll,

Inc.

1,357,789

22,589

Moog,

Inc.

4,563,430

88,993

Mueller

Industries,

Inc.

6,594,381

12,964

MYR

Group,

Inc.

a

1,325,310

4,014

National

Presto

Industries,

Inc.

301,612

10,228

NV5

Global,

Inc.

a

956,113

122,641

Pitney

Bowes,

Inc.

874,430

7,343

Powell

Industries,

Inc.

1,630,073

19,749

Proto

Labs,

Inc.

a

580,028

37,107

Quanex

Building

Products

Corporation

1,029,719

114,976

Resideo

Technologies,

Inc.

a

2,315,617

80,335

Robert

Half,

Inc.

5,415,382

48,585

Rush

Enterprises,

Inc.

2,566,746

107,817

RXO,

Inc.

a

3,018,876

36,921

Schneider

National,

Inc.

1,053,725

31,493

SkyWest,

Inc.

a

2,677,535

36,305

SPX

Technologies,

Inc.

a

5,789,195

9,310

Standex

International

Corporation

1,701,682

30,687

Sun

Country

Airlines

Holdings,

Inc.

a

344,001

175,543

Sunrun,

Inc.

a

3,170,307

14,845

Tennant

Company

1,425,714

38,532

Titan

International,

Inc.

a

313,265

64,745

Trinity

Industries,

Inc.

2,255,716

60,724

Triumph

Group,

Inc.

a

782,732

11,797

UniFirst

Corporation/MA

2,343,474

129,305

Verra

Mobility

Corporation

a

3,595,972

89,829

Vestis

Corporation

1,338,452

16,620

Viad

Corporation

a

595,495

18,062

Vicor

Corporation

a

760,410

34,552

Wabash

National

Corporation

663,053

48,537

Werner

Enterprises,

Inc.

1,873,043

112,751

Zurn

Elkay

Water

Solutions

Corporation

4,052,271

Total

188,216,349

Information

Technology  11.7%

58,007

A10

Networks,

Inc.

837,621

82,186

ACI

Worldwide,

Inc.

a

4,183,267

85,521

Adeia,

Inc.

1,018,555

29,584

Advanced

Energy

Industries,

Inc.

3,113,420

17,502

Agilysys,

Inc.

a

1,907,193

38,675

Alarm.com

Holdings,

Inc.

a

2,114,362

18,654

Alpha

and

Omega

Semiconductor,

Ltd.

a

692,436

78,478

Arlo

Technologies,

Inc.

a

950,369

25,615

Axcelis

Technologies,

Inc.

a

2,685,733

23,097

Badger

Meter,

Inc.

5,044,616

28,354

Benchmark

Electronics,

Inc.

1,256,649

40,525

BlackLine,

Inc.

a

2,234,548

114,250

Box,

Inc.

a

3,739,402

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

335

Shares

Common

Stock  99.3%

Value

Information

Technology  11.7%

-

continued

45,989

Calix,

Inc.

a

$

1,783,913

18,601

CEVA,

Inc.

a

449,214

72,443

Clear

Secure,

Inc.

2,400,761

36,845

Cohu,

Inc.

a

946,916

35,167

Corsair

Gaming,

Inc.

a

244,762

23,846

CTS

Corporation

1,153,669

28,597

Digi

International,

Inc.

a

787,275

49,687

DigitalOcean

Holdings,

Inc.

a

2,006,858

36,384

Diodes,

Inc.

a

2,331,851

110,833

DoubleVerify

Holdings,

Inc.

a

1,866,428

141,991

DXC

Technology

Company

a

2,946,313

39,472

Envestnet,

Inc.

a

2,471,737

20,875

ePlus,

Inc.

a

2,052,848

102,352

Extreme

Networks,

Inc.

a

1,538,351

60,772

FormFactor,

Inc.

a

2,795,512

91,350

Harmonic,

Inc.

a

1,330,970

26,455

Ichor

Holdings,

Ltd.

a

841,534

17,884

Impinj,

Inc.

a

3,872,244

22,007

Insight

Enterprises,

Inc.

a

4,740,088

19,817

InterDigital,

Inc.

2,806,682

35,309

Itron,

Inc.

a

3,771,354

69,441

Knowles

Corporation

a

1,252,021

42,805

Kulicke

and

Soffa

Industries,

Inc.

1,931,790

52,310

LiveRamp

Holding,

Inc.

a

1,296,242

231,248

MARA

Holdings,

Inc.

a,b

3,750,843

59,955

MaxLinear,

Inc.

a

868,148

55,276

N-able,

Inc./US

a

721,905

114,159

NCR

Voyix

Corporation

a

1,549,138

56,006

NetScout

Systems,

Inc.

a

1,218,131

12,451

OSI

Systems,

Inc.

a

1,890,435

9,704

PC

Connection,

Inc.

731,973

24,341

PDF

Solutions,

Inc.

a

771,123

27,608

Perficient,

Inc.

a

2,083,852

49,754

Photronics,

Inc.

a

1,231,909

21,380

Plexus

Corporation

a

2,922,860

33,591

Progress

Software

Corporation

2,263,026

13,291

Rogers

Corporation

a

1,502,016

42,914

Sanmina

Corporation

a

2,937,463

17,852

ScanSource,

Inc.

a

857,432

58,922

Semtech

Corporation

a

2,690,379

14,714

SiTime

Corporation

a

2,523,598

41,554

SMART

Global

Holdings,

Inc.

a

870,556

44,996

SolarEdge

Technologies,

Inc.

a

1,030,858

42,571

SolarWinds

Corporation

555,552

94,555

Sprinklr,

Inc.

a

730,910

29,132

SPS

Commerce,

Inc.

a

5,656,560

80,061

TTM

Technologies,

Inc.

a

1,461,113

35,362

Ultra

Clean

Holdings,

Inc.

a

1,412,005

44,593

Veeco

Instruments,

Inc.

a

1,477,366

66,227

ViaSat,

Inc.

a

790,750

174,265

Viavi

Solutions,

Inc.

a

1,571,870

98,832

Wolfspeed,

Inc.

a

958,670

90,793

Xerox

Holdings

Corporation

942,431

Total

125,370,376

Materials  5.5%

20,977

AdvanSix,

Inc.

637,281

97,741

Allegheny

Technologies,

Inc.

a

6,539,850

8,586

Alpha

Metallurgical

Resources,

Inc.

2,027,842

14,201

Arch

Resources,

Inc.

1,962,010

25,478

Balchem

Corporation

4,484,128

39,223

Carpenter

Technology

Corporation

6,259,206

40,804

Century

Aluminum

Company

a

662,249

13,061

Clearwater

Paper

Corporation

a

372,761

Shares

Common

Stock  99.3%

Value

Materials  5.5%

-

continued

42,816

H.B.

Fuller

Company

$

3,398,734

14,938

Hawkins,

Inc.

1,904,147

9,972

Haynes

International,

Inc.

593,733

28,541

Ingevity

Corporation

a

1,113,099

19,586

Innospec,

Inc.

2,214,981

12,516

Kaiser

Aluminum

Corporation

907,660

16,113

Koppers

Holdings,

Inc.

588,608

16,292

Materion

Corporation

1,822,423

42,662

Mativ,

Inc.

724,827

30,033

Metallus,

Inc.

a

445,389

25,262

Minerals

Technologies,

Inc.

1,950,984

96,106

MP

Materials

Corporation

a

1,696,271

29,230

Myers

Industries,

Inc.

403,959

122,287

O-I

Glass,

Inc.

a

1,604,406

10,831

Quaker

Chemical

Corporation

1,824,915

114,396

Sealed

Air

Corporation

4,152,575

33,276

Sensient

Technologies

Corporation

2,669,401

16,604

Stepan

Company

1,282,659

66,036

SunCoke

Energy,

Inc.

573,193

27,045

Sylvamo

Corporation

2,321,813

41,079

Warrior

Met

Coal,

Inc.

2,624,948

27,304

Worthington

Steel,

Inc.

928,609

Total

58,692,661

Real

Estate  7.5%

82,715

Acadia

Realty

Trust

1,942,148

57,029

Alexander

&

Baldwin,

Inc.

1,094,957

37,304

American

Assets

Trust,

Inc.

996,763

175,819

Apple

Hospitality

REIT,

Inc.

2,610,912

53,300

Armada

Hoffler

Properties,

Inc.

577,239

135,282

Brandywine

Realty

Trust

735,934

121,099

CareTrust

REIT,

Inc.

3,737,115

12,015

Centerspace

846,697

180,028

Cushman

and

Wakefield

plc

a

2,453,782

162,758

DiamondRock

Hospitality

Company

1,420,877

131,465

Douglas

Emmett,

Inc.

2,309,840

76,026

Easterly

Government

Properties,

Inc.

1,032,433

69,114

Elme

Communities

1,215,715

137,685

Essential

Properties

Realty

Trust,

Inc.

4,701,943

66,399

eXp

World

Holdings,

Inc.

b

935,562

72,769

Four

Corners

Property

Trust,

Inc.

2,132,859

39,147

Getty

Realty

Corporation

1,245,266

155,402

Global

Net

Lease,

Inc.

1,308,485

83,248

Highwoods

Properties,

Inc.

2,789,640

110,760

Hudson

Pacific

Properties,

Inc.

529,433

22,249

Innovative

Industrial

Properties,

Inc.

2,994,715

67,935

JBG

SMITH

Properties

1,187,504

92,801

Kennedy-Wilson

Holdings,

Inc.

1,025,451

34,153

LTC

Properties,

Inc.

1,253,074

231,142

LXP

Industrial

Trust

2,322,977

169,616

Macerich

Company

3,093,796

18,850

Marcus

and

Millichap,

Inc.

747,025

471,219

Medical

Properties

Trust,

Inc.

2,756,631

17,356

NexPoint

Residential

Trust,

Inc.

763,838

108,185

Outfront

Media,

Inc.

1,988,440

94,630

Pebblebrook

Hotel

Trust

1,251,955

96,198

Phillips

Edison

and

Company,

Inc.

3,627,627

100,088

Retail

Opportunity

Investments

Corporation

1,574,384

35,902

Safehold,

Inc.

941,709

9,477

Saul

Centers,

Inc.

397,655

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

336

/

Shares

Common

Stock  99.3%

Value

Real

Estate  7.5%

-

continued

130,271

Service

Properties

Trust

$

594,036

37,025

SITE

Centers

Corporation

2,240,012

50,898

SL

Green

Realty

Corporation

3,543,010

29,808

St.

Joe

Company

1,738,104

85,075

Summit

Hotel

Properties,

Inc.

583,615

159,683

Sunstone

Hotel

Investors,

Inc.

1,647,929

85,874

Tanger,

Inc.

2,849,299

191,729

Uniti

Group,

Inc.

1,081,352

10,005

Universal

Health

Realty

Income

Trust

457,729

95,282

Urban

Edge

Properties

2,038,082

63,428

Veris

Residential,

Inc.

1,132,824

34,598

Whitestone

REIT

468,111

80,071

Xenia

Hotels

&

Resorts,

Inc.

1,182,649

Total

80,101,133

Utilities  2.0%

29,415

American

States

Water

Company

2,449,975

61,806

Avista

Corporation

2,394,982

46,195

California

Water

Service

Group

2,504,693

17,630

Chesapeake

Utilities

Corporation

2,189,117

27,182

Clearway

Energy,

Inc.,

Class

A

773,872

65,045

Clearway

Energy,

Inc.,

Class

C

1,995,581

28,408

MGE

Energy,

Inc.

2,597,912

14,002

Middlesex

Water

Company

913,490

30,366

Northwest

Natural

Holding

Company

1,239,540

32,847

Otter

Tail

Corporation

2,567,322

23,376

SJW

Group

1,358,379

12,701

Unitil

Corporation

769,427

Total

21,754,290

Total

Common

Stock

(cost

$762,592,385)

1,066,255,468

Shares

Collateral

Held

for

Securities

Loaned

1.0%

Value

10,986,620

Thrivent

Cash

Management

Trust

10,986,620

Total

Collateral

Held

for

Securities

Loaned

(cost

$10,986,620)

10,986,620

Shares

Registered

Investment

Companies  

0.5%

Value

U.S.

Unaffiliated  

0.5%

46,203

iShares

Core

S&P

Small-Cap

ETF

5,403,903

Total

5,403,903

Total

Registered

Investment

Companies

(cost

$5,341,966)

5,403,903

Shares

or

Principal

Amount

Short-Term

Investments

0.1%

Value

Federal

National

Mortgage

Association

Discount

Notes

300,000

4.985%,

11/8/2024

e,f

298,531

Shares

or

Principal

Amount

Short-Term

Investments  0.1%

Value

Thrivent

Core

Short-Term

Reserve

Fund

75,892

5.250%

$

758,925

Total

Short-Term

Investments

(cost

$1,057,346)

1,057,456

Total

Investments

(cost

$779,978,317)

100.9%

$1,083,703,447

Other

Assets

and

Liabilities,

Net

(0.9%)

(9,976,689)

Total

Net

Assets

100.0%

$1,073,726,758

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

received

as

part

of

a

corporate

restructure

prior

to

period

end

with

a

contractual

restriction

on

its

sale

of

less

than

one

month.

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

Small

Cap

Index

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

10,424,427

Total

lending

$10,424,427

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$10,986,620

Net

amounts

due

to

counterparty

$562,193

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

337

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

37,119,685

37,119,685

–

–

Consumer

Discretionary

154,808,011

154,808,011

–

–

Consumer

Staples

33,252,615

33,252,615

–

–

Energy

46,927,450

46,927,450

–

–

Financials

201,030,149

201,030,149

–

–

Health

Care

118,982,749

118,982,747

–

2

Industrials

188,216,349

188,216,349

–

–

Information

Technology

125,370,376

125,370,376

–

–

Materials

58,692,661

58,692,661

–

–

Real

Estate

80,101,133

80,101,133

–

–

Utilities

21,754,290

21,754,290

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

5,403,903

5,403,903

–

–

Short-Term

Investments

298,531

–

298,531

–

Subtotal

Investments

in

Securities

$1,071,957,902

$1,071,659,369

$298,531

$2

Other

Investments  *

Total

Affiliated

Short-Term

Investments

758,925

Collateral

Held

for

Securities

Loaned

10,986,620

Subtotal

Other

Investments

$11,745,545

Total

Investments

at

Value

$1,083,703,447

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

in

valuing

Small

Cap

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

41,453

41,453

–

–

Total

Asset

Derivatives

$41,453

$41,453

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2024.

Investments

and/or

cash

totaling

$298,531

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

20

December

2024

$

2,207,747

$

41,453

Total

Futures

Long

Contracts

$

2,207,747

$

41,453

Total

Futures

Contracts

$

2,207,747

$41,453

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(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

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$635

$46,365

$46,241

$759

76

0.1%

Total

Affiliated

Short-Term

Investments

635

759

0.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

13,922

90,543

93,478

10,987

10,987

1.0

Total

Collateral

Held

for

Securities

Loaned

13,922

10,987

1.0

Total

Value

$14,557

$11,746

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$–

$–

$

–

$35

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$35

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

90

Total

Affiliated

Income

from

Securities

Loaned,

Net

$90

Total

Value

$–

$–

$

–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

339

Shares

Common

Stock

97.1%

Value

Communications

Services  2.3%

224,650

Cogent

Communications

Holdings

$

17,055,428

468,420

QuinStreet,

Inc.

a

8,960,875

Total

26,016,303

Consumer

Discretionary  10.6%

66,334

Boot

Barn

Holdings,

Inc.

a

11,096,351

116,468

Brunswick

Corporation

9,762,348

101,986

Champion

Homes,

Inc.

a

9,673,372

158,651

Columbia

Sportswear

Company

13,198,177

545,148

Cooper-Standard

Holdings,

Inc.

a

7,561,203

55,207

Grand

Canyon

Education,

Inc.

a

7,831,113

285,771

SharkNinja,

Inc.

31,066,165

513,613

Stoneridge,

Inc.

a

5,747,329

71,066

Texas

Roadhouse,

Inc.

12,550,256

106,547

Wyndham

Hotels

&

Resorts,

Inc.

8,325,583

Total

116,811,897

Consumer

Staples  6.3%

99,188

BJ's

Wholesale

Club

Holdings,

Inc.

a

8,181,026

68,348

e.l.f.

Beauty,

Inc.

a

7,451,983

75,327

J

&

J

Snack

Foods

Corporation

12,965,283

136,369

John

B.

Sanfilippo

&

Son,

Inc.

12,860,960

70,851

Lancaster

Colony

Corporation

12,510,161

177,258

Pilgrim's

Pride

Corporation

a

8,162,731

165,946

Turning

Point

Brands,

Inc.

7,160,570

Total

69,292,714

Energy  4.4%

192,499

Expand

Energy

Corporation

15,833,043

137,112

Matador

Resources

Company

6,776,075

229,727

Noble

Corporation

plc

b

8,302,334

635,168

NOV,

Inc.

10,143,633

311,429

TechnipFMC

plc

8,168,782

Total

49,223,867

Financials  13.5%

253,231

Ally

Financial,

Inc.

9,012,491

261,812

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

9,655,627

609,297

Bridgewater

Bancshares,

Inc.

a

8,633,738

798,795

F.N.B.

Corporation

11,270,997

4,710

Federal

Agricultural

Mortgage

Corporation

882,701

302,935

Glacier

Bancorp,

Inc.

13,844,130

97,579

Houlihan

Lokey,

Inc.

15,419,434

43,363

Kinsale

Capital

Group,

Inc.

20,188,512

172,004

Prosperity

Bancshares,

Inc.

12,396,328

134,543

RLI

Corporation

20,851,474

178,470

Triumph

Financial,

Inc.

a

14,195,504

154,798

Western

Alliance

Bancorp

13,388,479

Total

149,739,415

Health

Care  9.1%

20,302

Chemed

Corporation

12,200,893

118,970

Encompass

Health

Corporation

11,497,261

185,466

Haemonetics

Corporation

a

14,907,757

544,401

Option

Care

Health,

Inc.

a

17,039,751

57,705

Penumbra,

Inc.

a

11,212,659

84,703

Repligen

Corporation

a

12,605,500

457,958

Stevanato

Group

SPA

9,159,160

151,666

Twist

Bioscience

Corporation

a

6,852,270

764,728

Viemed

Healthcare,

Inc.

a

5,605,456

Total

101,080,707

Shares

Common

Stock  97.1%

Value

Industrials  23.8%

428,932

Air

Lease

Corporation

$

19,426,330

662,161

Badger

Infrastructure

Solutions,

Ltd.

18,002,632

97,814

Barrett

Business

Services,

Inc.

3,669,003

94,404

BWX

Technologies,

Inc.

10,261,715

243,409

Dayforce,

Inc.

a,b

14,908,801

320,180

ExlService

Holdings,

Inc.

a

12,214,867

317,745

Fluor

Corporation

a

15,159,614

327,620

Helios

Technologies,

Inc.

15,627,474

8,819

IES

Holdings,

Inc.

a

1,760,449

913,523

Janus

International

Group,

Inc.

a

9,235,718

285,192

Knight-Swift

Transportation

Holdings,

Inc.

15,386,108

122,831

Korn

Ferry

9,241,804

59,169

Landstar

System,

Inc.

11,175,249

740,138

Masterbrand,

Inc.

a

13,722,159

113,905

Miller

Industries,

Inc.

6,948,205

69,336

Moog,

Inc.

14,007,259

223,479

Robert

Half,

Inc.

15,064,719

472,241

Schneider

National,

Inc.

13,477,758

28,996

Simpson

Manufacturing

Company,

Inc.

5,546,065

149,017

Tennant

Company

14,311,593

161,154

Timken

Company

13,583,671

196,549

WNS

Holdings,

Ltd.

a

10,360,098

Total

263,091,291

Information

Technology  12.3%

97,045

ASGN,

Inc.

a

9,047,505

152,033

Ciena

Corporation

a

9,363,712

318,741

Cohu,

Inc.

a

8,191,644

64,400

Fabrinet

a

15,226,736

73,908

Guidewire

Software,

Inc.

a

13,520,730

33,840

Insight

Enterprises,

Inc.

a

7,288,798

313,119

JFrog,

Ltd.

a

9,092,976

39,052

Littelfuse,

Inc.

10,358,543

44,286

Onto

Innovation,

Inc.

a

9,192,002

83,571

Plexus

Corporation

a

11,424,991

999,067

TTM

Technologies,

Inc.

a

18,232,973

28,717

Universal

Display

Corporation

6,027,698

157,092

Varonis

Systems,

Inc.

a

8,875,698

Total

135,844,006

Materials  7.1%

232,785

Alcoa

Corporation

8,980,846

123,488

Greif,

Inc.

7,737,758

241,289

Ingevity

Corporation

a

9,410,271

838,957

Ivanhoe

Mines,

Ltd.

a

12,480,916

743,254

Tronox

Holdings

plc

10,873,806

109,308

United

States

Lime

&

Minerals,

Inc.

10,675,019

185,350

West

Fraser

Timber

Company,

Ltd.

18,045,676

Total

78,204,292

Real

Estate  5.9%

186,289

Agree

Realty

Corporation

14,033,150

1,054,304

Cushman

and

Wakefield

plc

a

14,370,164

469,411

National

Storage

Affiliates

Trust

22,625,610

215,946

Terreno

Realty

Corporation

14,431,671

Total

65,460,595

Utilities  1.8%

78,720

Northwestern

Energy

Group,

Inc.

4,504,359

162,858

Portland

General

Electric

Company

7,800,898

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

340

Shares

Common

Stock  97.1%

Value

Utilities  1.8%

-

continued

108,224

Spire,

Inc.

$

7,282,393

Total

19,587,650

Total

Common

Stock

(cost

$858,077,039)

1,074,352,737

Shares

Collateral

Held

for

Securities

Loaned

1.3%

Value

14,410,525

Thrivent

Cash

Management

Trust

14,410,525

Total

Collateral

Held

for

Securities

Loaned

(cost

$14,410,525)

14,410,525

Shares

Short-Term

Investments

2.9%

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,262,778

5.250%

32,627,775

Total

Short-Term

Investments

(cost

$32,627,775)

32,627,775

Total

Investments

(cost

$905,115,339)

101.3%

$1,121,391,037

Other

Assets

and

Liabilities,

Net

(1.3%)

(14,838,629)

Total

Net

Assets

100.0%

$1,106,552,408

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Stock

Portfolio

as

of

September

30,

2024:

Securities

Lending

Transactions

Common

Stock

$

14,342,264

Total

lending

$14,342,264

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$14,410,525

Net

amounts

due

to

counterparty

$68,261

Definitions:

plc

-

Public

Limited

Company

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

341

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2024,

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

26,016,303

26,016,303

–

–

Consumer

Discretionary

116,811,897

116,811,897

–

–

Consumer

Staples

69,292,714

69,292,714

–

–

Energy

49,223,867

49,223,867

–

–

Financials

149,739,415

149,739,415

–

–

Health

Care

101,080,707

101,080,707

–

–

Industrials

263,091,291

245,088,659

18,002,632

–

Information

Technology

135,844,006

135,844,006

–

–

Materials

78,204,292

65,723,376

12,480,916

–

Real

Estate

65,460,595

65,460,595

–

–

Utilities

19,587,650

19,587,650

–

–

Subtotal

Investments

in

Securities

$1,074,352,737

$1,043,869,189

$30,483,548

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

32,627,775

Collateral

Held

for

Securities

Loaned

14,410,525

Subtotal

Other

Investments

$47,038,300

Total

Investments

at

Value

$1,121,391,037

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

9/30/2024

Shares

Held

at

9/30/2024

%

of

Net

Assets

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$30,694

$152,812

$150,878

$32,628

3,263

2.9%

Total

Affiliated

Short-Term

Investments

30,694

32,628

2.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

9,934

133,394

128,917

14,411

14,411

1.3

Total

Collateral

Held

for

Securities

Loaned

9,934

14,411

1.3

Total

Value

$40,628

$47,039

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

9/30/2024

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.250%

$1

($1)

$

–

$787

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$787

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

28

Total

Affiliated

Income

from

Securities

Loaned,

Net

$28

Total

Value

$1

($1)

$

–

Notes

to

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

342

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments

—

The

Portfolios

record

their

investments

at

fair

value

using

market quotations

when

they

are

readily

available

pursuant

to Rule

2a-5. 

The

Portfolios'

investments

are

recorded

at

fair value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the last

sale price

on

the

principal exchange as

of the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system. 

Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time. 

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Fund's

Board

of

Directors

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations obtained from dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements

are

valued at the

clearinghouse

end

of

day

price. Swap

agreements

not

cleared

on

exchanges

will

be

valued

using

the

mid-price

from

the

primary

approved

pricing

service.  Forward

foreign

currency

exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange rates

provided

by the

pricing

service. 

Investments

in

open-ended

mutual

funds

are

valued

at

their

net

asset

value

at

the

close

of

each

business

day.

Thrivent

Money

Market seeks

to

maintain

a

stable

net

asset

value

of

$1.00

per

share,

pursuant

to

procedures

established

by

the

Board,

and

generally

utilizes

the

amortized

cost

method.

Valuing

securities

held

by

Money

Market

on

the

basis

of

amortized

cost

(which

approximates

market

value)

involves

a

constant

amortization

of

premium

or

accretion

of

discount

to

maturity.

Money

Market

will

not

value

a

security

at

amortized

cost,

but

will

instead

make

a

fair

value

determination

of

each

security,

if

it

determines

that

amortized

cost

is

not

approximately

the

same

as

the

fair

value

of

the

security.

The

Board

has

chosen the

Portfolios'

Investment

Adviser

as

the

valuation

designee,

responsible

for

daily

valuation

of

the

Portfolios'

securities. 

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.

Certain Portfolios

may

invest

in

Private

Equity Funds

("Private

Funds"),

which

are

fair

valued

by

the

Portfolios

pursuant

to

valuation

procedures

designed

by

the

Committee. Private

Funds

are

typically

valued

at

an

amount

equal

to

the

Net

Asset

Value

(NAV)

of

a

portfolio's

investment

in

the Private

Fund

when

this

information

is

readily

available

to

the

portfolio.

This

is

commonly

referred

to

as

using

the

NAV

as

a

practical

expedient,

which

allows

for

the

estimation

of

the

fair

value

of

an

investment

in

an

investment

company

based

on

the

NAV

of

the

investment

company,

if

it

is

calculated

in

a

manner

consistent

with

ASC

946.

The

Committee

has

determined

that

for

the Private

Funds

held

by

the

Portfolios,

if

the

NAV

of

the Private

Fund

is

not

readily

available

for

the

daily

pricing

needs

of

the

Portfolios,

the

Committee,

pursuant

to

the

valuation

procedures,

will

adjust

the

daily

value

of

the Private

Fund

via

a

model

utilizing

unobservable

inputs.

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

Notes

to

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

343

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.

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,

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 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

contract.

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.

Notes

to

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

344

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,

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

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

the

Portfolio

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Portfolio

or

sell

to

the

Portfolio

the

underlying

asset

as

required.

In

the

case

where

the

Portfolio

has

written

an

option,

the

Portfolio

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-the-

counter

options

is

partially

mitigated

by

the

Portfolio’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Portfolio,

the

Portfolio

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

During

the nine

months

ended

September

30,

2024,

no

Portfolios

engaged

in

this

type

of

investment. 

Futures

Contracts

—

All

Portfolios, with

the

exception

of

the

Money

Market, may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Portfolios

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the nine

months

ended

September

30,

2024,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Government

Bond, Income, Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and Opportunity

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Portfolio

versus its

benchmark.

During

the nine

months

ended

September

30,

2024,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, ESG

Index,

Emerging

Markets

Equity,

Global

Stock, International

Allocation,

International

Index,

Large

Cap Index, Mid

Cap

Index,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation,

Real

Estate

Securities,

and

Small

Cap

Index used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the nine

months

ended

September

30,

2024,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

foreign

exchange

futures

to

hedge

the

currency

risk.

Foreign

Currency

Forward

Contracts 

—

In

connection

with

purchases

and

sales

of

securities

denominated

in

foreign

currencies,

all

Portfolios,

with

the

exception

of

the Money

Market,

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

Notes

to

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

345

contracts

are

over-the-counter

and a

Portfolio

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Portfolio.

During

the nine

months

ended

September

30,

2024,

no

Portfolios

engaged

in

this

type

of

investment. 

Swap

Agreements

—

All

Portfolios,

with

the

exception

of

the

Money

Market,

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

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

("CDS")

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

CDS

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

CDS

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

CDS

is

said

to

buy

protection

whereas

a

seller

of

a

CDS

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

CDSs or

through

credit

default

swap

indices

("CDX

Indices").

CDX

indices

are

static

pools

of

equally

weighted

CDSs

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Portfolios

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Portfolios

buy

default

protection

in

order

to reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Portfolio

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.   

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the nine

months

ended

September

30,

2024, Balanced

Income

Plus,

Diversified

Income

Plus,

High

Yield,

Income, and

Opportunity

Income

Plus

used

CDX

indices

(comprised

of

CDSs)

to

help

manage

credit

risk

exposure

within

the

Portfolio.

Total

Rate

of

Return Swaps

—

A

total

rate

of

return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return

of

a

particular

reference

asset. 

A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

marked

linked

return

based

on

a

notional

amount. 

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

falls

short

of

the

offsetting

interest

Notes

to

Schedule

of

Investments

as

of

September

30,

2024

(unaudited)

346

obligation,

the

Portfolios

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty. 

The

Portfolios

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset. 

During

the nine

months

ended September

30,

2024, Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Global

Stock, Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used total

rate

of

return

swaps to

achieve

exposure

to

asset

classes

where

liquid

future

contracts

do

not

exist or

where

pricing

of

the

swap

contract

is

more

attractive

than

the

futures

contract. 

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.

Bank Loans

(Leveraged Loans) 

—

Certain

Portfolios

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A

Portfolio

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a

Portfolio

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate, plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a

Portfolio

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A

Portfolio

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments may

be

unfunded.

A

Portfolio

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Portfolio

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments

and

included

in

Payable

for

investments

purchased

on

a

delayed-delivery

basis

on

the

Statement

of

Assets

and

Liabilities.

As

of

September

30,

2024,

the

Portfolios

have

the

following

unfunded

bank

loan

commitments:

Private

Equity

Funds

— 

Typically,

when

a

Portfolio

invests

in

a

Private

Equity

Fund, it

makes

a

commitment

to

invest

a

specified

amount

of

capital

in

the

applicable

Private

Equity

Fund.

The

capital

commitment

may

be

drawn

by

the

general

partner

of

the

Private

Equity

Fund

either

all

at

once

or

through

a

series

of

capital

calls

at

the

discretion

of

the

general

partner.

Thus,

an

unfunded

capital

commitment

represents

the

portion

of

the

Portfolio’s

overall

capital

commitment

that

has

not

yet

been

called

by

the

general

partner.

Unfunded

commitments

may

subject

the Portfolio

to

certain

risks.

For

example,

the Portfolio

may

be

required

to:

liquidate

other

portfolio

investments,

potentially

at

inopportune

times,

to

obtain

the

cash

needed

to

satisfy

its

obligations

with

respect

to

a

capital

call

or

borrow

under

a

credit

facility

which

may

result

in

additional

expenses

to

the

Portfolio.

Management

recognizes

these

risks

as

potentially

detrimental

to

the

overall

strategy

and

so

the

Fund

will

generally

maintain

with

its

custodian

cash

and/or,

liquid

investments

having

an

aggregate

value

at

least

equal

to

the

par

value

of

unfunded

capital

commitments. 

As

of

September

30,

2024, private

equity capital

commitments

were

as

follows:

Additional

information

for

the

Portfolio's

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Portfolio's

most

recent

annual

or

semiannual

shareholder

report.

Fund/Borrower

Unfunded

Loan

Commitments

Thrivent

High

Yield

Portfolio

USI,

Inc./NY,

Term

Loan

$1,126,208

Total

$1,126,208

Portfolio

Total

Commitments

Unfunded

Commitments

Percent

Funded

Aggressive

Allocation

120,000,000

101,268,770

15.61%

Moderate

Allocation

278,500,000

235,156,607

15.56%

Moderately

Aggressive

Allocation

226,500,000

190,416,640

15.93%

Moderately

Conservative

Allocation

85,000,000

70,120,161

17.51%

710,000,000

596,962,179

15.92%