Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

45.0%

Value

Communications

Services  4.7%

76,964

Alphabet,

Inc.,

Class

A

$

18,709,948

99,259

Alphabet,

Inc.,

Class

C

24,174,529

43,180

AT&T,

Inc.

1,219,403

48,150

CarGurus,

Inc.

a

1,792,624

67,979

Comcast

Corporation

2,135,900

15,056

E.W.

Scripps

Company

a

37,038

887

Electronic

Arts,

Inc.

178,908

2,031

Fox

Corporation,

Class

A

128,075

1,239

Fox

Corporation,

Class

B

70,982

585

Globalstar,

Inc.

a

21,288

1,761

Iridium

Communications,

Inc.

30,747

7,369

Liberty

Global,

Ltd.,

Class

A

a

84,449

819

Liberty

Media

Corporation-Liberty

Formula

One

a

85,545

240

Liberty

Media

Corporation-Liberty

Live

Group

a

23,273

565

Madison

Square

Garden

Entertainment

Corporation

a

35,098

116

Madison

Square

Garden

Sports

Corporation

a

26,332

3,552

Magnite,

Inc.

a

77,363

16,221

Match

Group,

Inc.

572,926

51,442

Meta

Platforms,

Inc.

37,777,976

10,637

Netflix,

Inc.

a

12,752,912

6,462

New

York

Times

Company

370,919

17,509

News

Corporation,

Class

A

537,701

46,937

Pinterest,

Inc.

a

1,509,963

111

Reddit,

Inc.

a

25,529

8,085

ROBLOX

Corporation

a

1,119,934

671

Sirius

XM

Holdings,

Inc.

15,618

6,875

Spotify

Technology

SA

a

4,798,750

2,509

T-Mobile

US,

Inc.

600,604

595

Trade

Desk,

Inc.

a

29,161

49,345

Uniti

Group,

Inc.

301,991

19,146

Verizon

Communications,

Inc.

841,467

11,224

Walt

Disney

Company

1,285,148

140,857

Warner

Brothers

Discovery,

Inc.

a

2,750,937

55,777

Warner

Music

Group

Corporation

1,899,765

Total

116,022,803

Consumer

Discretionary  5.4%

3,174

Adient

plc

a

76,430

97,725

ADT,

Inc.

851,185

4,419

Advance

Auto

Parts,

Inc.

271,327

183,369

Amazon.com,

Inc.

a

40,262,331

9,034

American

Axle

&

Manufacturing

Holdings,

Inc.

a

54,294

3,315

American

Eagle

Outfitters,

Inc.

56,720

33,296

Aptiv

plc

a

2,870,781

893

Aramark

34,291

166

Asbury

Automotive

Group,

Inc.

a

40,579

349

Autoliv,

Inc.

43,101

6,681

Bath

&

Body

Works,

Inc.

172,103

504

Booking

Holdings,

Inc.

2,721,232

6,463

Boot

Barn

Holdings,

Inc.

a

1,071,048

11,541

BorgWarner,

Inc.

507,342

350

Bright

Horizons

Family

Solutions,

Inc.

a

37,999

193

Brinker

International,

Inc.

a

24,449

575

Buckle,

Inc.

33,730

13,149

Build-A-Bear

Workshop,

Inc.

857,446

687

CarMax,

Inc.

a

30,826

42,369

Carnival

Corporation

a

1,224,888

96

Carvana

Company

a

36,215

41

Cavco

Industries,

Inc.

a

23,810

Shares

Common

Stock  45.0%

Value

Consumer

Discretionary  5.4%

-

continued

6,497

Champion

Homes,

Inc.

a

$

496,176

3,404

Chewy,

Inc.

a

137,692

10,499

Columbia

Sportswear

Company

549,098

3,728

Coursera,

Inc.

a

43,655

525

Crocs,

Inc.

a

43,864

13,292

D.R.

Horton,

Inc.

2,252,595

2,354

Dana,

Inc.

47,174

188

Darden

Restaurants,

Inc.

35,788

6,858

Deckers

Outdoor

Corporation

a

695,195

254

Domino's

Pizza,

Inc.

109,654

29,029

DoorDash,

Inc.

a

7,895,598

483

Dorman

Products,

Inc.

a

75,290

71

Dutch

Bros,

Inc.

a

3,716

1,486

eBay,

Inc.

135,152

5,304

Etsy,

Inc.

a

352,133

19,411

Expedia

Group,

Inc.

4,149,101

925

Five

Below,

Inc.

a

143,098

22,643

Ford

Motor

Company

270,810

2,397

Fox

Factory

Holding

Corporation

a

58,223

3,965

Frontdoor,

Inc.

a

266,805

5,505

Gap,

Inc.

117,752

1,683

Garmin,

Ltd.

414,388

2,521

Garrett

Motion,

Inc.

34,336

379

General

Motors

Company

23,108

9,192

Gentex

Corporation

260,134

2,036

GigaCloud

Technology,

Inc.

a

57,822

7,838

Goodyear

Tire

&

Rubber

Company

a

58,628

3,445

Grand

Canyon

Education,

Inc.

a

756,246

514

Group

1

Automotive,

Inc.

224,880

5,367

Hasbro,

Inc.

407,087

13,599

Hilton

Worldwide

Holdings,

Inc.

3,528,125

29,188

Home

Depot,

Inc.

11,826,686

4,886

Installed

Building

Products,

Inc.

1,205,181

10,060

Laureate

Education,

Inc.

a

317,292

7,691

La-Z-Boy,

Inc.

263,955

477

Lear

Corporation

47,991

224

Lithia

Motors,

Inc.

70,784

11,477

Lowe's

Companies,

Inc.

2,884,285

435

Lululemon

Athletica,

Inc.

a

77,400

172

M/I

Homes,

Inc.

a

24,844

10,738

Mattel,

Inc.

a

180,721

1,671

McDonald's

Corporation

507,800

4,010

MGM

Resorts

International

a

138,987

8,519

Modine

Manufacturing

Company

a

1,211,061

1,282

Mohawk

Industries,

Inc.

a

165,275

1,904

Murphy

USA,

Inc.

739,247

1,901

National

Vision

Holdings,

Inc.

a

55,490

96

NVR,

Inc.

a

771,327

14,042

O'Reilly

Automotive,

Inc.

a

1,513,868

328

Planet

Fitness,

Inc.

a

34,046

2,481

Pool

Corporation

769,284

420

PulteGroup,

Inc.

55,495

980

Ralph

Lauren

Corporation

307,289

352

Red

Rock

Resorts,

Inc.

21,493

17,680

Ross

Stores,

Inc.

2,694,255

23

Royal

Caribbean

Cruises,

Ltd.

7,442

1,452

Service

Corporation

International/

US

120,835

11,977

SharkNinja,

Inc.

a

1,235,428

2,940

Sonos,

Inc.

a

46,452

86,884

Sony

Group

Corporation

ADR

2,501,390

2,383

Stoneridge,

Inc.

a

18,158

568

Strategic

Education,

Inc.

48,854

687

Tapestry,

Inc.

77,782

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock  45.0%

Value

Consumer

Discretionary  5.4%

-

continued

290

Taylor

Morrison

Home

Corporation

a

$

19,143

42,272

Tesla,

Inc.

a

18,799,204

199

Texas

Roadhouse,

Inc.

33,064

635

Toll

Brothers,

Inc.

87,719

46

TopBuild

Corporation

a

17,980

1,914

Travel

+

Leisure

Company

113,864

541

Ulta

Beauty,

Inc.

a

295,792

72

United

Parks

&

Resorts,

Inc.

a

3,722

2,974

Universal

Technical

Institute,

Inc.

a

96,804

264

Urban

Outfitters,

Inc.

a

18,858

1,266

Valvoline,

Inc.

a

45,462

3,812

VF

Corporation

55,007

1,707

Viking

Holdings,

Ltd.

a

106,107

662

Visteon

Corporation

79,347

556

Wayfair,

Inc.

a

49,667

8,982

Wingstop,

Inc.

2,260,590

248

Winmark

Corporation

123,447

35,790

Wyndham

Hotels

&

Resorts,

Inc.

2,859,621

6,779

Wynn

Resorts,

Ltd.

869,542

1,221

Yum!

Brands,

Inc.

185,592

Total

131,006,379

Consumer

Staples  1.2%

3,664

Albertsons

Companies,

Inc.

64,157

2,859

Altria

Group,

Inc.

188,865

1,331

Archer-Daniels-Midland

Company

79,514

713

BellRing

Brands,

Inc.

a

25,918

11,518

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,074,053

2,865

Casey's

General

Stores,

Inc.

1,619,642

1,488

Central

Garden

&

Pet

Company,

Class

A

a

43,941

1,958

Church

&

Dwight

Company,

Inc.

171,579

7,042

Colgate-Palmolive

Company

562,937

6,168

Conagra

Brands,

Inc.

112,936

406

Costco

Wholesale

Corporation

375,806

225,273

Coty,

Inc.

a

910,103

1,657

Darling

Ingredients,

Inc.

a

51,152

271

e.l.f.

Beauty,

Inc.

a

35,902

663

Ingredion,

Inc.

80,959

9,731

J

&

J

Snack

Foods

Corporation

935,052

5,428

John

B.

Sanfilippo

&

Son,

Inc.

348,912

122,890

Kenvue,

Inc.

1,994,505

56,022

Keurig

Dr

Pepper,

Inc.

1,429,121

900

Kimberly-Clark

Corporation

111,906

445

Kraft

Heinz

Company

11,588

1,418

Kroger

Company

95,587

2,765

Maplebear,

Inc.

a

101,641

1,970

Marzetti

Company

340,396

1,412

McCormick

&

Company,

Inc.

94,477

3,892

Monster

Beverage

Corporation

a

261,970

4,724

Philip

Morris

International,

Inc.

766,233

613

Primo

Brands

Corporation

13,547

9,881

Procter

&

Gamble

Company

1,518,216

124

Sprouts

Farmers

Markets,

Inc.

a

13,491

44,790

Sysco

Corporation

3,688,009

3,695

Turning

Point

Brands,

Inc.

365,288

1,278

Tyson

Foods,

Inc.

69,395

55,645

Unilever

plc

ADR

3,298,636

1,440

US

Foods

Holding

Corporation

a

110,333

18,564

Vita

Coco

Company,

Inc.

a

788,413

79,764

Walmart,

Inc.

8,220,478

Total

29,974,658

Shares

Common

Stock  45.0%

Value

Energy  1.3%

32,645

Antero

Midstream

Corporation

$

634,619

3,754

Antero

Resources

Corporation

a

125,984

2,684

APA

Corporation

65,168

2,054

Archrock,

Inc.

54,041

12,677

Baker

Hughes

Company

617,623

597

Cactus,

Inc.

23,564

610

California

Resources

Corporation

32,440

4,983

Cheniere

Energy,

Inc.

1,170,905

1,267

Chevron

Corporation

196,752

648

Chord

Energy

Corporation

64,392

3,214

Civitas

Resources,

Inc.

104,455

56,994

ConocoPhillips

5,391,063

67,670

Devon

Energy

Corporation

2,372,510

5,058

DHT

Holdings,

Inc.

60,443

1,656

DT

Midstream,

Inc.

187,227

102,830

Enterprise

Products

Partners,

LP

3,215,494

6,738

EOG

Resources,

Inc.

755,465

1,824

EQT

Corporation

99,280

3,625

Expand

Energy

Corporation

385,120

58,951

Exxon

Mobil

Corporation

6,646,725

2,547

Gulfport

Energy

Corporation

a

460,956

60,105

Halliburton

Company

1,478,583

10,322

Hess

Midstream,

LP

356,625

1,551

HF

Sinclair

Corporation

81,179

28,087

Kinder

Morgan,

Inc.

795,143

1,443

Kodiak

Gas

Services,

Inc.

53,348

18,188

Kosmos

Energy,

Ltd.

a

30,192

11,318

Marathon

Petroleum

Corporation

2,181,431

5,348

Matador

Resources

Company

240,286

870

Noble

Corporation

plc

24,604

948

Occidental

Petroleum

Corporation

44,793

2,153

Oceaneering

International,

Inc.

a

53,351

2,587

Oil

States

International,

Inc.

a

15,677

2,602

ONEOK,

Inc.

189,868

7,598

Ovintiv,

Inc.

306,807

1,266

Par

Pacific

Holdings,

Inc.

a

44,842

6,280

Permian

Resources

Corporation

80,384

647

Phillips

66

88,005

3,124

Range

Resources

Corporation

117,587

304

Ranger

Energy

Services,

Inc.

4,268

3,513

Ring

Energy,

Inc.

a

3,829

19,154

Shell

plc

ADR

1,370,086

1,130

SM

Energy

Company

28,216

2,223

Talos

Energy,

Inc.

a

21,319

135

Targa

Resources

Corporation

22,618

43,961

TechnipFMC

plc

1,734,261

302

Valero

Energy

Corporation

51,419

92

Weatherford

International

plc

6,296

14,098

Williams

Companies,

Inc.

893,108

Total

32,982,351

Financials  6.1%

288

1st

Source

Corporation

17,729

2,410

Affiliated

Managers

Group,

Inc.

574,616

1,198

Affirm

Holdings,

Inc.

a

87,550

712

Aflac,

Inc.

79,530

14,928

AGNC

Investment

Corporation

146,145

11,813

Allstate

Corporation

2,535,660

13,283

Ally

Financial,

Inc.

520,694

10,562

Amalgamated

Financial

Corporation

286,758

4,269

Amerant

Bancorp,

Inc.

82,264

13,669

American

Express

Company

4,540,295

26,541

American

International

Group,

Inc.

2,084,530

6,016

Ameriprise

Financial,

Inc.

2,955,360

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock  45.0%

Value

Financials  6.1%

-

continued

590

Ameris

Bancorp

$

43,253

489

AMERISAFE,

Inc.

21,438

3,676

Annaly

Capital

Management,

Inc.

74,292

2,623

Arch

Capital

Group,

Ltd.

237,985

8,877

Ares

Management

Corporation

1,419,344

3,460

Arthur

J.

Gallagher

&

Company

1,071,700

2,303

Artisan

Partners

Asset

Management,

Inc.

99,950

14,650

Associated

Banc-Corp

376,651

632

Assurant,

Inc.

136,891

7,514

Atlantic

Union

Bankshares

Corporation

265,169

873

Axis

Capital

Holdings,

Ltd.

83,633

148,364

Bank

of

America

Corporation

7,654,099

5,634

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

241,811

30,078

Bank

of

New

York

Mellon

Corporation

3,277,299

757

Bank

OZK

38,592

1,003

BankFinancial

Corporation

12,066

2,058

BankUnited,

Inc.

78,533

1,292

Bar

Harbor

Bankshares

39,354

1,446

BCB

Bancorp,

Inc.

12,551

13,977

Beacon

Financial

Corporation

331,395

4,551

Berkshire

Hathaway,

Inc.

a

2,287,970

447

BlackRock,

Inc.

521,144

985

Blackstone

Mortgage

Trust,

Inc.

18,134

1,288

Block,

Inc.

a

93,084

7,156

Blue

Owl

Capital,

Inc.

121,151

935

Bread

Financial

Holdings,

Inc.

52,145

12,690

Bridgewater

Bancshares,

Inc.

a

223,344

2,080

Brown

&

Brown,

Inc.

195,083

1,357

Burke

&

Herbert

Financial

Services

Corporation

83,713

1,769

Business

First

Bancshares,

Inc.

41,766

5,604

Byline

Bancorp,

Inc.

155,399

297

C&F

Financial

Corporation

19,958

1,448

Cadence

Bank

54,358

2,444

California

BanCorp

a

40,766

155

Camden

National

Corporation

5,981

561

Capital

City

Bank

Group,

Inc.

23,444

25,350

Capital

One

Financial

Corporation

5,388,903

7,629

Capitol

Federal

Financial,

Inc.

48,444

773

Carlyle

Group,

Inc.

48,467

118

Cathay

General

Bancorp

5,665

3,714

Central

Pacific

Financial

Corporation

112,683

72,027

Charles

Schwab

Corporation

6,876,418

10,308

Chubb,

Ltd.

2,909,433

991

Cincinnati

Financial

Corporation

156,677

4,542

Citigroup,

Inc.

461,013

1,021

Citizens

Financial

Group,

Inc.

54,276

1,818

Civista

Bancshares,

Inc.

36,924

1,483

CNB

Financial

Corporation

35,889

2,897

CNO

Financial

Group,

Inc.

114,576

955

Coinbase

Global,

Inc.

a

322,303

1,737

Colony

Bankcorp,

Inc.

29,546

4,765

Columbia

Banking

System,

Inc.

122,651

1,245

Comerica,

Inc.

85,307

1,169

Commerce

Bancshares,

Inc.

69,859

98

Community

Financial

System,

Inc.

5,747

3,483

Community

Trust

Bancorp,

Inc.

194,874

529

Community

West

Bancshares

11,024

1,160

ConnectOne

Bancorp,

Inc.

28,780

519

Cullen/Frost

Bankers,

Inc.

65,794

171

Dave,

Inc.

a

34,089

Shares

Common

Stock  45.0%

Value

Financials  6.1%

-

continued

126

Diamond

Hill

Investment

Group,

Inc.

$

17,641

6,856

Donnelley

Financial

Solutions,

Inc.

a

352,604

2,484

Dynex

Capital,

Inc.

30,528

1,664

East

West

Bancorp,

Inc.

177,133

980

Eastern

Bankshares,

Inc.

17,787

1,430

Enact

Holdings,

Inc.

54,826

2,750

Enova

International,

Inc.

a

316,498

4,332

Enterprise

Financial

Services

Corporation

251,169

2,069

Equitable

Holdings,

Inc.

105,064

423

Equity

Bancshares,

Inc.

17,216

2,859

Essent

Group,

Ltd.

181,718

477

Euronet

Worldwide,

Inc.

a

41,885

609

Evercore,

Inc.

205,428

2,487

F.N.B.

Corporation

40,066

1,668

Farmers

National

Banc

Corporation

24,036

2,063

Federal

Agricultural

Mortgage

Corporation

346,543

4,110

Federated

Hermes,

Inc.

213,432

1,086

Fidelity

National

Information

Services,

Inc.

71,611

2,054

Fifth

Third

Bancorp

91,506

3,853

Financial

Institutions,

Inc.

104,802

2,294

First

American

Financial

Corporation

147,367

3,097

First

Bancorp/Puerto

Rico

68,289

1,151

First

Citizens

BancShares,

Inc./NC

2,059,323

4,150

First

Financial

Bancorp

104,788

682

First

Financial

Bankshares,

Inc.

22,949

1,924

First

Financial

Corporation

108,591

419

First

Hawaiian,

Inc.

10,404

5,399

First

Horizon

Corporation

122,071

1,595

First

Internet

Bancorp

35,776

15

First

Interstate

BancSystem,

Inc.

478

1,701

First

Merchants

Corporation

64,128

1,770

First

Mid-Illinois

Bancshares,

Inc.

67,048

560

FirstCash

Holdings,

Inc.

88,715

3,804

Fiserv,

Inc.

a

490,450

889

Flagstar

Financial,

Inc.

10,268

2,760

Flushing

Financial

Corporation

38,116

809

Flywire

Corporation

a

10,954

3,310

Franklin

Resources,

Inc.

76,560

18,627

Fulton

Financial

Corporation

347,021

3,410

Genworth

Financial,

Inc.

a

30,349

25,320

Glacier

Bancorp,

Inc.

1,232,324

466

Global

Life,

Inc.

66,624

580

Global

Payments,

Inc.

48,186

3,252

Great

Southern

Bancorp,

Inc.

199,185

76

Hamilton

Lane,

Inc.

10,244

536

Hancock

Whitney

Corporation

33,559

252

Hanover

Insurance

Group,

Inc.

45,771

2,655

HarborOne

Bancorp,

Inc.

36,108

1,874

Hartford

Insurance

Group,

Inc.

249,973

194

HBT

Financial,

Inc.

4,889

1,682

Heritage

Financial

Corporation

40,688

324

Home

Bancorp,

Inc.

17,601

1,333

Home

BancShares,

Inc.

37,724

2,795

Hometrust

Bancshares,

Inc.

114,427

5,560

Horizon

Bancorp,

Inc.

89,016

14,106

Houlihan

Lokey,

Inc.

2,896,244

4,069

Huntington

Bancshares,

Inc./OH

70,272

43

Independent

Bank

Corporation/MA

2,974

2,135

Independent

Bank

Corporation/MI

66,132

23,654

Intercontinental

Exchange,

Inc.

3,985,226

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock  45.0%

Value

Financials  6.1%

-

continued

45,940

Invesco,

Ltd.

$

1,053,864

99

Jack

Henry

&

Associates,

Inc.

14,744

703

Jackson

Financial,

Inc.

71,165

18,151

Janus

Henderson

Group

plc

807,901

618

Jefferies

Financial

Group,

Inc.

40,430

48,303

JPMorgan

Chase

&

Company

15,236,215

6,330

Kearny

Financial

Corporation/MD

41,588

131,063

KeyCorp

2,449,567

1,707

Ladder

Capital

Corporation

18,623

3,012

Lazard,

Inc.

158,973

1,864

LendingClub

Corporation

a

28,314

2,354

Lincoln

National

Corporation

94,937

265

Loews

Corporation

26,603

1,325

M&T

Bank

Corporation

261,847

471

MarketAxess

Holdings,

Inc.

82,072

4,635

Marsh

&

McLennan

Companies,

Inc.

934,092

3,398

Mastercard,

Inc.

1,932,816

1,594

Mercantile

Bank

Corporation

71,730

30,009

MetLife,

Inc.

2,471,841

32,641

MGIC

Investment

Corporation

926,025

2,155

Midland

States

Bancorp,

Inc.

36,937

7,424

MidWestOne

Financial

Group,

Inc.

210,025

2,326

Moody's

Corporation

1,108,292

699

Morningstar,

Inc.

162,175

1,566

MSCI,

Inc.

888,564

25,586

Nasdaq,

Inc.

2,263,082

1,478

National

Bank

Holdings

Corporation

57,110

7,714

NMI

Holdings,

Inc.

a

295,755

1,720

Northeast

Community

Bancorp,

Inc.

35,380

9,682

Northern

Trust

Corporation

1,303,197

3,882

Northfield

Bancorp,

Inc.

45,808

22,580

Northwest

Bancshares,

Inc.

279,766

1,485

OceanFirst

Financial

Corporation

26,091

4,405

OFG

Bancorp

191,573

52,653

Old

National

Bancorp

1,155,733

15,798

Old

Republic

International

Corporation

670,941

12,461

Old

Second

Bancorp,

Inc.

215,388

11,755

OneMain

Holdings,

Inc.

663,687

1,197

Orange

County

Bancorp,

Inc.

30,176

1,114

Origin

Bancorp,

Inc.

38,455

2,151

Orrstown

Financial

Services,

Inc.

73,091

413

Palomar

Holdings,

Inc.

a

48,218

21

Park

National

Corporation

3,413

672

Paymentus

Holdings,

Inc.

a

20,563

849

PCB

Bancorp

17,829

1,510

Peoples

Bancorp,

Inc./OH

45,285

583

Peoples

Financial

Services

Corporation

28,340

711

Pinnacle

Financial

Partners,

Inc.

66,685

274

PNC

Financial

Services

Group,

Inc.

55,055

3,250

Popular,

Inc.

412,783

1,190

Principal

Financial

Group,

Inc.

98,663

5,823

Progressive

Corporation

1,437,990

715

Prosperity

Bancshares,

Inc.

47,440

14,268

Provident

Financial

Services,

Inc.

275,087

1,248

Prudential

Financial,

Inc.

129,468

4,669

Radian

Group,

Inc.

169,111

2,343

Regions

Financial

Corporation

61,785

800

Reinsurance

Group

of

America,

Inc.

153,704

175

RenaissanceRe

Holdings,

Ltd.

44,438

Shares

Common

Stock  45.0%

Value

Financials  6.1%

-

continued

261

Renasant

Corporation

$

9,628

1,572

Repay

Holdings

Corporation

a

8,222

12,689

Rithm

Capital

Corporation

144,528

14,586

RLI

Corporation

951,299

43,069

Robinhood

Markets,

Inc.

a

6,166,619

3,282

S&P

Global,

Inc.

1,597,382

15,505

SEI

Investments

Company

1,315,599

238

ServisFirst

Bancshares,

Inc.

19,166

4,922

Shore

Bancshares,

Inc.

80,770

1,173

Sierra

Bancorp

33,911

3,792

Simmons

First

National

Corporation

72,693

17,376

Sony

Financial

Group,

Inc.

ADR

a,b

96,347

819

Southern

Missouri

Bancorp,

Inc.

43,047

1,073

SouthState

Bank

Corporation

106,088

932

Starwood

Property

Trust,

Inc.

18,053

2,404

StepStone

Group,

Inc.

157,005

1,419

Stifel

Financial

Corporation

161,014

545

StoneX

Group,

Inc.

a

55,001

1,277

Synchrony

Financial

90,731

2,450

Synovus

Financial

Corporation

120,246

685

Third

Coast

Bancshares,

Inc.

a

26,009

16,247

Toast,

Inc.

a

593,178

679

Tompkins

Financial

Corporation

44,957

2,042

Towne

Bank/Portsmouth,

VA

70,592

5,325

TPG

RE

Finance

Trust,

Inc.

45,582

534

TPG,

Inc.

30,678

11,863

Tradeweb

Markets,

Inc.

1,316,556

24,430

Triumph

Financial,

Inc.

a

1,222,477

4,201

Trustmark

Corporation

166,360

1,588

U.S.

Bancorp

76,748

690

UMB

Financial

Corporation

81,662

1,022

United

Bankshares,

Inc.

38,029

2,834

United

Community

Banks,

Inc.

88,846

751

Unity

Bancorp,

Inc.

36,701

1,633

Univest

Financial

Corporation

49,023

2,731

Unum

Group

212,417

3,219

Valley

National

Bancorp

34,121

1,463

Virtu

Financial,

Inc.

51,937

47,326

Visa,

Inc.

16,156,150

435

WaFd,

Inc.

13,176

1,576

Washington

Trust

Bancorp,

Inc.

45,546

1,816

Webster

Financial

Corporation

107,943

106,900

Wells

Fargo

&

Company

8,960,358

8,817

WesBanco,

Inc.

281,527

929

Western

Alliance

Bancorp

80,563

11,259

Western

Union

Company

89,959

3

White

Mountains

Insurance

Group,

Ltd.

5,015

192

Willis

Towers

Watson

plc

66,326

2,977

Wintrust

Financial

Corporation

394,274

3,939

WisdomTree,

Inc.

54,752

177

WSFS

Financial

Corporation

9,546

11,520

Zions

Bancorp

NA

651,802

Total

148,336,813

Health

Care  4.3%

12,052

AbbVie,

Inc.

2,790,520

66,447

ADMA

Biologics,

Inc.

a

974,113

16,824

Agilent

Technologies,

Inc.

2,159,360

623

Agios

Pharmaceuticals,

Inc.

a

25,007

93

Align

Technology,

Inc.

a

11,646

457

Alkermes

plc

a

13,710

15,921

Amgen,

Inc.

4,492,906

2,947

Amicus

Therapeutics,

Inc.

a

23,222

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock  45.0%

Value

Health

Care  4.3%

-

continued

8,313

Amneal

Pharmaceuticals,

Inc.

a

$

83,213

3,074

ANI

Pharmaceuticals,

Inc.

a

281,578

849

Anika

Therapeutics,

Inc.

a

7,981

1,192

Argenx

SE

ADR

a

879,172

446

Artivion,

Inc.

a

18,884

2,358

Aurinia

Pharmaceuticals,

Inc.

a

26,056

70,000

Avantor,

Inc.

a

873,600

1,088

Azenta,

Inc.

a

31,247

460

Becton,

Dickinson

and

Company

86,098

5,211

Biogen,

Inc.

a

729,957

744

Biohaven,

Ltd.

a

11,167

18,222

BioMarin

Pharmaceutical,

Inc.

a

986,904

3,309

Bio-Techne

Corporation

184,080

24,927

Boston

Scientific

Corporation

a

2,433,623

256

Bruker

Corporation

8,318

369

Cardinal

Health,

Inc.

57,918

1,830

CareDx,

Inc.

a

26,608

3,192

Caribou

Biosciences,

Inc.

a

7,437

5,435

Cencora,

Inc.

1,698,601

1,197

Charles

River

Laboratories

International,

Inc.

a

187,283

6,951

Cigna

Group

2,003,626

51,530

Concentra

Group

Holdings

Parent,

Inc.

1,078,523

4,985

Cooper

Companies,

Inc.

a

341,772

13,860

CorVel

Corporation

a

1,073,041

26,259

Danaher

Corporation

5,206,109

3,203

Denali

Therapeutics,

Inc.

a

46,508

5,207

Dentsply

Sirona,

Inc.

66,077

14,387

Dexcom,

Inc.

a

968,101

1,080

Doximity,

Inc.

a

79,002

2,111

Dyne

Therapeutics,

Inc.

a

26,704

825

Edwards

Lifesciences

Corporation

a

64,160

10,791

Elanco

Animal

Health,

Inc.

a

217,331

12,026

Eli

Lilly

&

Company

9,175,838

3,053

Enanta

Pharmaceuticals,

Inc.

a

36,544

19,409

Encompass

Health

Corporation

2,465,331

2,300

Fate

Therapeutics,

Inc.

a

2,898

8,253

Fortrea

Holdings,

Inc.

a

69,490

1,084

GE

HealthCare

Technologies,

Inc.

81,408

25,973

Gilead

Sciences,

Inc.

2,883,003

4,262

GoodRx

Holdings,

Inc.

a

18,028

4,083

Halozyme

Therapeutics,

Inc.

a

299,447

17,004

HealthEquity,

Inc.

a

1,611,469

423

Henry

Schein,

Inc.

a

28,075

28

Hims

&

Hers

Health,

Inc.

a

1,588

4,253

IDEXX

Laboratories,

Inc.

a

2,717,199

3,075

Illumina,

Inc.

a

292,033

5,066

Incyte

Corporation

a

429,648

10,921

Indivior

plc

a

263,305

404

Insmed,

Inc.

a

58,180

1,668

Insulet

Corporation

a

514,962

10,862

Intuitive

Surgical,

Inc.

a

4,857,812

892

Ionis

Pharmaceuticals,

Inc.

a

58,355

1,019

IQVIA

Holding,

Inc.

a

193,549

594

Jazz

Pharmaceuticals,

Inc.

a

78,289

46,537

Johnson

&

Johnson

8,628,891

5,292

Kura

Oncology,

Inc.

a

46,834

12,286

Labcorp

Holdings,

Inc.

3,526,819

1,893

Medpace

Holdings,

Inc.

a

973,305

28,923

Medtronic

plc

2,754,627

56,167

Merck

&

Company,

Inc.

4,714,096

13,558

Merit

Medical

Systems,

Inc.

a

1,128,432

282

Mettler-Toledo

International,

Inc.

a

346,186

1,672

Myriad

Genetics,

Inc.

a

12,089

Shares

Common

Stock  45.0%

Value

Health

Care  4.3%

-

continued

6,887

Natera,

Inc.

a

$

1,108,600

2,975

Neurocrine

Biosciences,

Inc.

a

417,631

358

Option

Care

Health,

Inc.

a

9,938

5,392

Organon

&

Company

57,587

9,857

Penumbra,

Inc.

a

2,496,975

846

Perrigo

Company

plc

18,840

14,754

Pfizer,

Inc.

375,932

595

Prestige

Consumer

Healthcare,

Inc.

a

37,128

10,664

Progyny,

Inc.

a

229,489

2,065

Prothena

Corporation

plc

a

20,154

1,971

QIAGEN

NV

88,064

673

Quest

Diagnostics,

Inc.

128,260

3,142

REGENXBIO,

Inc.

a

30,320

7,861

Relay

Therapeutics,

Inc.

a

41,034

8,143

Repligen

Corporation

a

1,088,475

155

ResMed,

Inc.

42,428

39

Revvity,

Inc.

3,418

105

Rigel

Pharmaceuticals,

Inc.

a

2,975

3,317

Rocket

Pharmaceuticals,

Inc.

a

10,813

17,867

Royalty

Pharma

plc

630,348

54,330

Sanofi

SA

ADR

2,564,376

432

SIGA

Technologies,

Inc.

3,953

1,052

Sotera

Health

Company

a

16,548

11,935

STERIS

plc

2,953,196

30,822

Stevanato

Group

SPA

793,667

3,239

Stryker

Corporation

1,197,361

112

Supernus

Pharmaceuticals,

Inc.

a

5,353

1,210

Teleflex,

Inc.

148,056

3,098

Tenet

Healthcare

Corporation

a

629,018

2,383

Thermo

Fisher

Scientific,

Inc.

1,155,803

32,261

Twist

Bioscience

Corporation

a

907,825

1,430

UFP

Technologies,

Inc.

a

285,428

215

United

Therapeutics

Corporation

a

90,130

9,564

UnitedHealth

Group,

Inc.

3,302,449

273

Universal

Health

Services,

Inc.

55,812

1,056

Vaxcyte,

Inc.

a

38,037

387

Veeva

Systems,

Inc.

a

115,291

13,352

Vericel

Corporation

a

420,188

3,185

Vertex

Pharmaceuticals,

Inc.

a

1,247,373

29,207

Viatris,

Inc.

289,149

2,054

Viemed

Healthcare,

Inc.

a

13,947

1,042

Viking

Therapeutics,

Inc.

a,c

27,384

24,145

Waystar

Holding

Corporation

a

915,578

3,555

West

Pharmaceutical

Services,

Inc.

932,583

3,245

Xencor,

Inc.

a

38,064

1,448

Xenon

Pharmaceuticals,

Inc.

a

58,137

26,095

Zimmer

Biomet

Holdings,

Inc.

2,570,358

Total

106,162,366

Industrials  4.7%

2,566

A.O.

Smith

Corporation

188,370

332

Acuity,

Inc.

114,337

7,413

Advanced

Drainage

Systems,

Inc.

1,028,183

1,741

AECOM

227,148

206

AGCO

Corporation

22,056

465

Alaska

Air

Group,

Inc.

a

23,148

1,300

Allegheny

Technologies,

Inc.

a

105,742

1,024

Allegion

plc

181,606

1,727

Allison

Transmission

Holdings,

Inc.

146,588

44,037

Amentum

Holdings,

Inc.

a

1,054,686

12,356

AMETEK,

Inc.

2,322,928

1,841

API

Group

Corporation

a

63,275

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock  45.0%

Value

Industrials  4.7%

-

continued

311

Applied

Industrial

Technologies,

Inc.

$

81,187

715

Arcosa,

Inc.

67,003

1,705

Armstrong

World

Industries,

Inc.

334,197

15,590

Atmus

Filtration

Technologies,

Inc.

702,953

6,277

Automatic

Data

Processing,

Inc.

1,842,299

2,457

Axon

Enterprise,

Inc.

a

1,763,241

230

AZZ,

Inc.

25,100

7,573

Badger

Infrastructure

Solutions,

Ltd.

334,002

25,783

Barrett

Business

Services,

Inc.

1,142,703

1,877

Brady

Corporation

146,462

77

Brink's

Company

8,998

174

Broadridge

Financial

Solutions,

Inc.

41,442

21,132

BWX

Technologies,

Inc.

3,896,107

1,346

C.H.

Robinson

Worldwide,

Inc.

178,210

7,803

Casella

Waste

Systems,

Inc.

a

740,349

17,131

Caterpillar,

Inc.

8,174,057

12,717

CECO

Environmental

Corporation

a

651,110

6,067

Clean

Harbors,

Inc.

a

1,408,879

208,176

CNH

Industrial

NV

2,258,710

1,113

Copart,

Inc.

a

50,052

111

CSW

Industrials,

Inc.

26,945

111,563

CSX

Corporation

3,961,602

620

Cummins,

Inc.

261,869

1,388

Curtiss-Wright

Corporation

753,601

67,287

Delta

Air

Lines,

Inc.

3,818,537

3,372

DNOW,

Inc.

a

51,423

618

Donaldson

Company,

Inc.

50,583

96

Dycom

Industries,

Inc.

a

28,009

1,512

EMCOR

Group,

Inc.

982,104

1,458

Energy

Recovery,

Inc.

a

22,482

28,277

Enerpac

Tool

Group

Corporation

1,159,357

1,038

EnerSys

117,252

6,913

EnPro,

Inc.

1,562,338

31,076

ExlService

Holdings,

Inc.

a

1,368,276

938

Expeditors

International

of

Washington,

Inc.

114,989

143,209

Fastenal

Company

7,022,969

8,177

Federal

Signal

Corporation

972,981

3,616

Ferguson

Enterprises,

Inc.

812,081

37,277

Flowserve

Corporation

1,980,900

2,587

Fortive

Corporation

126,737

1,067

Fortune

Brands

Innovations,

Inc.

56,967

44,940

Gates

Industrial

Corporation

plc

a

1,115,411

390

Generac

Holdings,

Inc.

a

65,286

8,951

General

Dynamics

Corporation

3,052,291

3,954

General

Electric

Company

1,189,442

260

Gorman-Rupp

Company

12,067

5,708

Graco,

Inc.

484,952

9,541

Great

Lakes

Dredge

&

Dock

Corporation

a

114,397

8,520

Helios

Technologies,

Inc.

444,148

36,006

Hexcel

Corporation

2,257,576

764

HNI

Corporation

35,793

14,540

Honeywell

International,

Inc.

3,060,670

10,675

Howmet

Aerospace,

Inc.

2,094,755

2,444

Hudson

Technologies,

Inc.

a

24,269

6,488

Huron

Consulting

Group,

Inc.

a

952,244

410

ICF

International,

Inc.

38,048

503

IDEX

Corporation

81,868

685

IES

Holdings,

Inc.

a

272,390

1,569

Ingersoll

Rand,

Inc.

129,631

239

Insteel

Industries,

Inc.

9,163

Shares

Common

Stock  45.0%

Value

Industrials  4.7%

-

continued

1,931

ITT

Corporation

$

345,186

15,506

Jacobs

Solutions,

Inc.

2,323,729

11,298

JB

Hunt

Transport

Services,

Inc.

1,515,853

1,696

Johnson

Controls

International

plc

186,475

1,066

Kirby

Corporation

a

88,958

6,096

Knight-Swift

Transportation

Holdings,

Inc.

240,853

4,244

Korn

Ferry

296,995

11,226

L3Harris

Technologies,

Inc.

3,428,533

1,277

Legalzoom.com,

Inc.

a

13,255

770

Leidos

Holdings,

Inc.

145,499

10,485

Limbach

Holdings,

Inc.

a

1,018,303

470

Lincoln

Electric

Holdings,

Inc.

110,840

2,819

Lyft,

Inc.

a

62,046

13,605

Masco

Corporation

957,656

199

MasTec,

Inc.

a

42,349

59,994

Masterbrand,

Inc.

a

790,121

420

Maximus,

Inc.

38,375

1,941

McGrath

RentCorp

227,679

932

Middleby

Corporation

a

123,891

6,765

Moog,

Inc.

1,404,888

30,055

Mueller

Water

Products,

Inc.

767,004

2,797

NEXTracker,

Inc.

a

206,950

45

Nordson

Corporation

10,213

17,765

nVent

Electric

plc

1,752,340

7,074

Old

Dominion

Freight

Line,

Inc.

995,878

547

Oshkosh

Corporation

70,946

5,762

Otis

Worldwide

Corporation

526,820

9,050

Parker-Hannifin

Corporation

6,861,257

122

Paylocity

Holding

Corporation

a

19,431

4,821

Pentair

plc

533,974

492

Pitney

Bowes,

Inc.

5,614

155

Primoris

Services

Corporation

21,286

408

Quanta

Services,

Inc.

169,083

2,748

RBC

Bearings,

Inc.

a

1,072,517

213

Regal

Rexnord

Corporation

30,553

2,933

Republic

Services,

Inc.

673,065

5,262

Rockwell

Automation,

Inc.

1,839,227

68

Ryder

System,

Inc.

12,828

3,140

Schneider

National,

Inc.

66,442

2,290

Sensata

Technologies

Holding

plc

69,960

7,524

Shoals

Technologies

Group,

Inc.

a

55,753

398

SkyWest,

Inc.

a

40,047

2,980

Southwest

Airlines

Company

95,092

334

SPX

Technologies,

Inc.

a

62,385

988

SS&C

Technologies

Holdings,

Inc.

87,695

2,336

Stanley

Black

&

Decker,

Inc.

173,635

1,978

Sterling

Construction

Company,

Inc.

a

671,887

1,122

Textron,

Inc.

94,798

1,705

Timken

Company

128,182

1,420

Toro

Company

108,204

1,172

Trane

Technologies

plc

494,537

14,595

TransUnion

1,222,769

4,920

Trex

Company,

Inc.

a

254,216

1,489

Trinity

Industries,

Inc.

41,752

50,767

Uber

Technologies,

Inc.

a

4,973,643

2,784

UFP

Industries,

Inc.

260,276

544

UL

Solutions,

Inc.

38,548

488

UniFirst

Corporation/MA

81,589

3,398

Union

Pacific

Corporation

803,185

2,303

United

Airlines

Holdings,

Inc.

a

222,240

17,559

United

Parcel

Service,

Inc.

1,466,703

371

United

Rentals,

Inc.

354,179

2,108

Upwork,

Inc.

a

39,146

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock  45.0%

Value

Industrials  4.7%

-

continued

3,210

Veralto

Corporation

$

342,218

8,092

Verisk

Analytics,

Inc.

2,035,219

2,296

Verra

Mobility

Corporation

a

56,711

867

Wabtec

Corporation

173,807

5,923

Waste

Connections,

Inc.

1,041,263

1,673

Waste

Management,

Inc.

369,449

1,931

Watsco,

Inc.

780,703

114

WESCO

International,

Inc.

24,111

1,792

Xylem,

Inc.

264,320

2,196

Zurn

Elkay

Water

Solutions

Corporation

103,278

Total

116,039,943

Information

Technology  13.8%

2,621

Adobe,

Inc.

a

924,558

9,853

Advanced

Micro

Devices,

Inc.

a

1,594,117

8,426

Agilysys,

Inc.

a

886,837

951

Ambarella,

Inc.

a

78,477

2,993

Amkor

Technology,

Inc.

85,001

40,103

Amphenol

Corporation

4,962,746

3,989

Analog

Devices,

Inc.

980,097

171,206

Apple,

Inc.

43,594,184

1,861

Applied

Materials,

Inc.

381,021

7,010

AppLovin

Corporation

a

5,036,965

22,754

Arista

Networks,

Inc.

a

3,315,485

269

Arrow

Electronics,

Inc.

a

32,549

453

Astera

Labs,

Inc.

a

88,697

200

Atlassian

Corporation

a

31,940

9,096

Autodesk,

Inc.

a

2,889,526

640

Avnet,

Inc.

33,459

6,073

Bel

Fuse,

Inc.

856,414

246

BILL

Holdings,

Inc.

a

13,031

11,501

BlackLine,

Inc.

a

610,703

68,563

Broadcom,

Inc.

22,619,619

2,195

Cadence

Design

Systems,

Inc.

a

771,016

150

Calix,

Inc.

a

9,206

18,509

CDW

Corporation

2,948,114

676

Ciena

Corporation

a

98,473

1,216

Cirrus

Logic,

Inc.

a

152,353

100,472

Cisco

Systems,

Inc.

6,874,294

16,873

Cognex

Corporation

764,347

1,259

Cognizant

Technology

Solutions

Corporation

84,441

6,516

Coherent

Corporation

a

701,904

3,584

CommScope

Holding

Company,

Inc.

a

55,480

626

CommVault

Systems,

Inc.

a

118,176

13,621

CompoSecure,

Inc.

283,589

2,453

Corning,

Inc.

201,220

6,630

Crane

NXT

Company

444,674

154

Credo

Technology

Group

Holding,

Ltd.

a

22,424

89

CTS

Corporation

3,555

2,952

CyberArk

Software,

Ltd.

a

1,426,259

869

Datadog,

Inc.

a

123,746

8,703

Descartes

Systems

Group,

Inc.

a

820,084

20,737

DigitalOcean

Holdings,

Inc.

a

708,376

1,793

DocuSign,

Inc.

a

129,257

1,824

Dolby

Laboratories,

Inc.

132,003

33,612

Dropbox,

Inc.

a

1,015,419

28,412

Dynatrace

Holdings,

LLC

a

1,376,561

2,407

Enphase

Energy,

Inc.

a

85,184

266

EPAM

Systems,

Inc.

a

40,110

879

F5,

Inc.

a

284,084

3,231

Fabrinet

a

1,178,087

Shares

Common

Stock  45.0%

Value

Information

Technology  13.8%

-

continued

334

First

Solar,

Inc.

a

$

73,657

8,233

Flex,

Ltd.

a

477,267

7,311

Fortinet,

Inc.

a

614,709

2,422

Gen

Digital,

Inc.

68,761

28,035

Gitlab,

Inc.

a

1,263,818

10,449

Guidewire

Software,

Inc.

a

2,401,807

8,504

Hewlett

Packard

Enterprise

Company

208,858

2,752

HubSpot,

Inc.

a

1,287,386

24,791

I3

Verticals,

Inc.

a

804,716

4,028

Impinj,

Inc.

a

728,061

166

Intapp,

Inc.

a

6,789

23,984

International

Business

Machines

Corporation

6,767,325

482

IPG

Photonics

Corporation

a

38,170

465

Itron,

Inc.

a

57,920

53,262

JFrog,

Ltd.

a

2,520,890

4,075

Keysight

Technologies,

Inc.

a

712,799

639

KLA

Corporation

689,225

2,298

Knowles

Corporation

a

53,566

11,529

Lam

Research

Corporation

1,543,733

19,539

Lattice

Semiconductor

Corporation

a

1,432,599

1,319

Littelfuse,

Inc.

341,634

196

MACOM

Technology

Solutions

Holdings,

Inc.

a

24,400

69

Manhattan

Associates,

Inc.

a

14,144

14,126

Marvell

Technology,

Inc.

1,187,573

1,561

Microchip

Technology,

Inc.

100,247

30,047

Micron

Technology,

Inc.

5,027,464

116,372

Microsoft

Corporation

60,274,877

456

Mirion

Technologies,

Inc.

a

10,607

1,069

MKS,

Inc.

132,310

398

Monday.com,

Ltd.

a

77,089

764

Monolithic

Power

Systems,

Inc.

703,369

4,433

Motorola

Solutions,

Inc.

2,027,167

3,608

Napco

Security

Technologies,

Inc.

154,964

1,529

NetApp,

Inc.

181,125

16,912

Nokia

Oyj

ADR

81,347

358,749

NVIDIA

Corporation

66,935,388

1,411

NXP

Semiconductors

NV

321,327

1,238

ON

Semiconductor

Corporation

a

61,046

10,731

Onto

Innovation,

Inc.

a

1,386,660

23,929

Oracle

Corporation

6,729,792

40,210

Palantir

Technologies,

Inc.

a

7,335,108

22,016

Pegasystems,

Inc.

1,265,920

1,468

Plexus

Corporation

a

212,405

242

Procore

Technologies,

Inc.

a

17,647

7,096

PTC,

Inc.

a

1,440,630

236

Q2

Holdings,

Inc.

a

17,084

3,340

Qorvo,

Inc.

a

304,207

29,221

Qualcomm,

Inc.

4,861,206

3,881

Salesforce,

Inc.

919,797

72,767

Samsung

Electronics

Company,

Ltd.

4,362,406

13,367

SAP

SE

ADR

3,571,796

10,507

ServiceNow,

Inc.

a

9,669,382

5,480

Silicon

Laboratories,

Inc.

a

718,592

2,785

Skyworks

Solutions,

Inc.

214,389

34,572

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

9,655,614

25,055

TD

SYNNEX

Corporation

4,102,756

1,656

TE

Connectivity

plc

363,542

697

Teledyne

Technologies,

Inc.

a

408,470

1,022

Tenable

Holdings,

Inc.

a

29,802

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock  45.0%

Value

Information

Technology  13.8%

-

continued

2,046

Teradyne,

Inc.

$

281,611

1,389

Texas

Instruments,

Inc.

255,201

23,061

Trimble,

Inc.

a

1,882,931

19,314

TTM

Technologies,

Inc.

a

1,112,486

124

Twilio,

Inc.

a

12,411

2,826

Tyler

Technologies,

Inc.

a

1,478,450

2,208

Unity

Software,

Inc.

a

88,408

1,292

Varonis

Systems,

Inc.

a

74,251

3,355

VeriSign,

Inc.

937,957

22,276

Vontier

Corporation

934,924

92,723

Weave

Communications,

Inc.

a

619,390

11,436

Western

Digital

Corporation

1,373,006

446

Zebra

Technologies

Corporation

a

132,533

11,591

Zoom

Communications,

Inc.

a

956,258

255

Zscaler,

Inc.

a

76,413

Total

337,079,431

Materials  1.2%

868

Albemarle

Corporation

70,377

2,687

Alcoa

Corporation

88,375

37,588

Amcor

plc

307,470

1,098

AptarGroup,

Inc.

146,759

545

Avery

Dennison

Corporation

88,383

2,782

Avient

Corporation

91,667

49,807

Axalta

Coating

Systems,

Ltd.

a

1,425,476

558

Balchem

Corporation

83,733

2,641

Ball

Corporation

133,159

39,781

CF

Industries

Holdings,

Inc.

3,568,356

8,403

Coeur

Mining,

Inc.

a

157,640

675

Commercial

Metals

Company

38,664

23,695

Constellium

SE

a

352,582

3,778

Corteva,

Inc.

255,506

23,255

Crown

Holdings,

Inc.

2,246,200

8,453

DuPont

de

Nemours,

Inc.

658,489

14,199

Eastman

Chemical

Company

895,247

6,903

Ecolab,

Inc.

1,890,456

17,538

Element

Solutions,

Inc.

441,431

702

FMC

Corporation

23,608

48,556

Freeport-McMoRan,

Inc.

1,904,366

5,124

Greif,

Inc.

306,210

17,671

Hecla

Mining

Company

213,819

4,760

Huntsman

Corporation

42,745

972

Ingevity

Corporation

a

53,645

554

International

Flavors

&

Fragrances,

Inc.

34,093

37,088

Ivanhoe

Mines,

Ltd.

a

393,345

1,242

Kaiser

Aluminum

Corporation

95,833

175

Knife

River

Corporation

a

13,452

949

Koppers

Holdings,

Inc.

26,572

4,592

Linde

plc

2,181,200

1,970

Martin

Marietta

Materials,

Inc.

1,241,652

895

Minerals

Technologies,

Inc.

55,597

9,682

Mosaic

Company

335,772

467

MP

Materials

Corporation

a,c

31,322

35

NewMarket

Corporation

28,987

5,150

Newmont

Corporation

434,196

25,318

Nucor

Corporation

3,428,817

1,781

O-I

Glass,

Inc.

a

23,100

28,083

Olin

Corporation

701,794

3,434

Packaging

Corporation

of

America

748,372

1,752

PPG

Industries,

Inc.

184,153

124

Reliance,

Inc.

34,823

1,064

Royal

Gold,

Inc.

213,417

5,036

RPM

International,

Inc.

593,644

1,022

Scotts

Miracle-Gro

Company

58,203

Shares

Common

Stock  45.0%

Value

Materials  1.2%

-

continued

1,908

Sealed

Air

Corporation

$

67,448

141

Sensient

Technologies

Corporation

13,233

2,478

Sonoco

Products

Company

106,777

1,901

Steel

Dynamics,

Inc.

265,056

531

Stepan

Company

25,329

8,800

Tronox

Holdings

plc

35,376

3,190

Vulcan

Materials

Company

981,308

4,819

West

Fraser

Timber

Company,

Ltd.

327,596

Total

28,164,830

Real

Estate  1.1%

1,540

Agree

Realty

Corporation

109,402

1,350

Alexandria

Real

Estate

Equities,

Inc.

112,509

568

Alpine

Income

Property

Trust,

Inc.

8,049

4,730

AvalonBay

Communities,

Inc.

913,694

12,111

Brixmor

Property

Group,

Inc.

335,232

36,101

Broadstone

Net

Lease,

Inc.

645,125

1,400

CareTrust

REIT,

Inc.

48,552

643

CBL

&

Associates

Properties,

Inc.

19,663

24,070

CBRE

Group,

Inc.

a

3,792,469

4,364

Chatham

Lodging

Trust

29,282

5,565

Colliers

International

Group,

Inc.

869,309

1,780

Compass,

Inc.

a

14,293

17,942

CoStar

Group,

Inc.

a

1,513,767

5,376

Cousins

Properties,

Inc.

155,581

34,273

Crown

Castle,

Inc.

3,307,002

3,055

Curbline

Properties

Corporation

68,127

15,958

Cushman

and

Wakefield

plc

a

254,051

687

Digital

Realty

Trust,

Inc.

118,769

14,836

Easterly

Government

Properties,

Inc.

340,189

9,843

EPR

Properties

570,992

53,352

Essential

Properties

Realty

Trust,

Inc.

1,587,756

651

Essex

Property

Trust,

Inc.

174,247

781

Extra

Space

Storage,

Inc.

110,074

526

Federal

Realty

Investment

Trust

53,289

6,084

First

Industrial

Realty

Trust,

Inc.

313,143

1,416

Getty

Realty

Corporation

37,991

557

Global

Net

Lease,

Inc.

4,528

123,007

Healthcare

Realty

Trust,

Inc.

2,217,816

50,718

Host

Hotels

&

Resorts,

Inc.

863,220

355

Howard

Hughes

Holdings,

Inc.

a

29,170

7,286

Independence

Realty

Trust,

Inc.

119,418

22,163

Industrial

Logistics

Properties

Trust

129,210

9,115

Innovative

Industrial

Properties,

Inc.

488,382

7,697

InvenTrust

Properties

Corporation

220,288

613

Iron

Mountain,

Inc.

62,489

465

Jones

Lang

LaSalle,

Inc.

a

138,700

2,098

Kimco

Realty

Corporation

45,841

107

Lamar

Advertising

Company

13,099

31,155

Millrose

Properties,

Inc.

1,047,120

50

National

Health

Investors,

Inc.

3,975

25,916

National

Storage

Affiliates

Trust

783,182

4,308

NetSTREIT

Corporation

77,802

417

NNN

REIT,

Inc.

17,752

25,029

Outfront

Media,

Inc.

458,531

6,883

Park

Hotels

&

Resorts,

Inc.

76,264

2,392

Peakstone

Realty

Trust

31,383

15,730

Pebblebrook

Hotel

Trust

179,165

1,440

Postal

Realty

Trust,

Inc.

22,594

445

RE/MAX

Holdings,

Inc.

a

4,196

723

Regency

Centers

Corporation

52,707

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock  45.0%

Value

Real

Estate  1.1%

-

continued

1,263

Rexford

Industrial

Realty,

Inc.

$

51,922

7,753

RLJ

Lodging

Trust

55,822

945

RMR

Group,

Inc.

14,865

647

Ryman

Hospitality

Properties

57,965

41,971

Sabra

Health

Care

REIT,

Inc.

782,339

4,824

Safehold,

Inc.

74,724

516

SBA

Communications

Corporation

99,769

13,060

Sila

Realty

Trust,

Inc.

327,806

141

Simon

Property

Group,

Inc.

26,461

7,645

STAG

Industrial,

Inc.

269,792

6,406

Summit

Hotel

Properties,

Inc.

35,169

29,606

Tanger,

Inc.

1,001,867

13,756

Terreno

Realty

Corporation

780,653

2,341

VICI

Properties,

Inc.

76,340

10,196

Xenia

Hotels

&

Resorts,

Inc.

139,889

2,472

Zillow

Group,

Inc.,

Class

A

a

184,016

2,687

Zillow

Group,

Inc.,

Class

C

a

207,033

Total

26,775,821

Utilities  1.2%

81,185

AES

Corporation

1,068,395

1,609

Alliant

Energy

Corporation

108,463

1,465

American

States

Water

Company

107,414

1,515

American

Water

Works

Company,

Inc.

210,873

438

Artesian

Resources

Corporation

14,277

582

Avista

Corporation

22,005

4,080

Black

Hills

Corporation

251,287

11,398

Brookfield

Infrastructure

Corporation

468,686

242

California

Water

Service

Group

11,105

3,064

CenterPoint

Energy,

Inc.

118,883

6,831

Clearway

Energy,

Inc.,

Class

A

183,959

7,089

Clearway

Energy,

Inc.,

Class

C

200,264

100

Consolidated

Edison,

Inc.

10,052

9,052

Constellation

Energy

Corporation

2,978,742

32,607

Duke

Energy

Corporation

4,035,116

27,238

Edison

International

1,505,717

52,492

Entergy

Corporation

4,891,729

4,163

Essential

Utilities,

Inc.

166,104

24,785

Evergy,

Inc.

1,884,156

3,409

Eversource

Energy

242,516

5,321

Exelon

Corporation

239,498

2,451

FirstEnergy

Corporation

112,305

2,390

MDU

Resources

Group,

Inc.

42,566

708

Middlesex

Water

Company

38,317

4,888

New

Jersey

Resources

Corporation

235,357

2,701

NiSource,

Inc.

116,953

2,675

Northwestern

Energy

Group,

Inc.

156,782

337

Otter

Tail

Corporation

27,624

56,661

PG&E

Corporation

854,448

472

Pinnacle

West

Capital

Corporation

42,319

38,761

Portland

General

Electric

Company

1,705,484

3,599

Spire,

Inc.

293,390

65,255

UGI

Corporation

2,170,381

758

Unitil

Corporation

36,278

19,240

Vistra

Energy

Corporation

3,769,501

11,616

XPLR

Infrastructure,

LP

118,135

Total

28,439,081

Total

Common

Stock

(cost

$727,469,499)

1,100,984,476

Shares

Registered

Investment

Companies  

35.5%

Value

U.S.

Affiliated  

35.0%  

5,244,250

Thrivent

Core

Emerging

Markets

Equity

Fund

$

61,619,934

5,373,009

Thrivent

Core

International

Equity

Fund

69,043,162

148,220

Thrivent

Core

Low

Volatility

Equity

Fund

1,820,139

3,763,685

Thrivent

Core

Mid

Cap

Value

Fund

43,131,835

1,437,001

Thrivent

Core

Small

Cap

Value

Fund

15,936,343

6,818,695

Thrivent

Global

Stock

Portfolio

107,156,472

16,337,522

Thrivent

International

Equity

Portfolio

192,264,856

940,253

Thrivent

International

Index

Portfolio

15,462,926

5,850,447

Thrivent

Large

Cap

Value

Portfolio

136,468,115

6,535,728

Thrivent

Mid

Cap

Stock

Portfolio

127,065,013

4,701,556

Thrivent

Small

Cap

Stock

Portfolio

87,282,035

Total

857,250,830

U.S.

Unaffiliated  

0.5%  

5,054

Invesco

QQQ

Trust

Series

1

3,034,270

1,473

iShares

Semiconductor

ETF

399,360

10,828

SPDR

S&P

500

ETF

Trust

7,213,397

7,488

SPDR

S&P

Biotech

ETF

750,297

3,096

SPDR

S&P

Software

&

Services

ETF

612,265

3,244

VanEck

Semiconductor

ETF

1,058,712

Total

13,068,301

Total

Registered

Investment

Companies

(cost

$689,682,310)

870,319,131

Principal

Amount

Long-Term

Fixed

Income

4.2%

Value

Commercial

Mortgage-Backed

Securities  <0.1%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

175,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

d

181,027

Total

181,027

Mortgage-Backed

Securities  2.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

448,699

2.000%, 

5/1/2051

367,060

877,285

2.500%, 

5/1/2051

749,221

431,848

3.500%, 

5/1/2052

397,909

405,034

4.000%, 

5/1/2052

385,253

129,829

5.000%, 

7/1/2053

129,974

872,208

5.500%, 

7/1/2053

888,764

737,810

5.000%, 

8/1/2053

740,415

1,693,383

5.500%, 

9/1/2053

1,730,921

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

138,246

2.500%, 

7/1/2030

134,018

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

4,800,000

5.000%, 

10/1/2040

e

4,849,439

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income  4.2%

Value

Mortgage-Backed

Securities  2.3%

-

continued

$

5,250,000

5.500%, 

10/1/2040

e

$

5,365,251

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

487,835

3.000%, 

8/1/2038

462,923

443,086

3.500%, 

5/1/2040

423,703

422,417

2.500%, 

4/1/2042

377,367

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

833,798

3.000%, 

1/1/2052

738,919

90,005

2.000%, 

2/1/2051

73,629

133,825

2.000%, 

2/1/2051

109,476

657,925

2.500%, 

2/1/2051

562,129

478,749

2.500%, 

2/1/2051

404,027

1,480,955

5.500%, 

2/1/2055

1,508,011

1,189,773

2.000%, 

3/1/2051

966,726

1,443,869

4.000%, 

3/1/2051

1,384,974

254,067

2.000%, 

3/1/2052

207,556

927,746

3.000%, 

3/1/2052

822,405

569,456

3.000%, 

4/1/2051

501,734

591,279

5.500%, 

4/1/2054

603,450

568,085

3.000%, 

5/1/2050

500,704

185,052

2.000%, 

5/1/2051

150,659

423,261

3.000%, 

5/1/2051

380,818

1,155,070

2.000%, 

6/1/2050

941,411

347,705

3.000%, 

6/1/2050

313,528

365,100

4.000%, 

6/1/2052

345,062

112,688

5.000%, 

6/1/2053

112,961

684,483

2.500%, 

7/1/2051

586,629

291,948

3.500%, 

7/1/2051

269,855

1,044,444

4.000%, 

7/1/2052

987,124

307,495

3.500%, 

8/1/2050

285,243

417,836

3.500%, 

8/1/2052

383,075

2,951,152

4.500%, 

8/1/2052

2,878,001

997,781

5.000%, 

8/1/2053

1,000,194

944,215

6.000%, 

8/1/2054

986,517

155,224

3.500%, 

9/1/2052

143,198

124,949

3.500%, 

9/1/2052

115,114

756,336

5.000%, 

9/1/2052

756,960

790,598

4.500%, 

9/1/2053

774,030

2,243,801

4.500%, 

9/1/2053

2,189,219

660,339

4.000%, 

10/1/2052

627,063

3,375,000

2.500%, 

10/1/2055

e

2,842,896

180,570

2.000%, 

11/1/2051

147,712

147,422

3.500%, 

11/1/2052

136,449

737,312

2.000%, 

12/1/2050

600,470

764,197

2.500%, 

12/1/2051

651,785

354,564

4.500%, 

12/1/2052

347,344

2,890,000

4.500%, 

10/1/2048

e

2,802,889

4,717,907

5.000%, 

10/1/2048

e

4,678,546

4,075,000

3.000%, 

10/1/2049

e

3,578,670

625,000

3.500%, 

10/1/2049

e

570,951

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

475,764

2.500%, 

3/1/2062

387,987

151,419

3.500%, 

7/1/2061

135,939

336,049

4.000%, 

12/1/2061

314,525

Total

56,808,782

U.S.

Government

&

Agencies  1.9%

U.S.

Treasury

Bonds

1,880,000

1.625%, 

11/15/2050

1,008,738

Principal

Amount

Long-Term

Fixed

Income  4.2%

Value

U.S.

Government

&

Agencies  1.9%

-

continued

$

2,950,000

4.000%, 

11/15/2052

$

2,610,635

170,000

5.250%, 

11/15/2028

177,962

3,030,000

1.375%, 

11/15/2040

1,976,838

120,000

3.000%, 

5/15/2042

97,355

2,413,000

2.500%, 

5/15/2046

1,696,735

U.S.

Treasury

Notes

640,000

2.625%, 

1/31/2026

637,156

3,330,000

2.500%, 

2/28/2026

3,310,683

5,800,000

4.625%, 

2/28/2026

5,816,041

2,600,000

4.500%, 

3/31/2026

2,608,328

2,000,000

4.375%, 

7/31/2026

2,009,594

2,200,000

3.875%, 

5/31/2027

2,207,648

920,000

2.250%, 

11/15/2027

894,413

300,000

0.750%, 

1/31/2028

280,922

900,000

3.500%, 

1/31/2028

897,609

1,700,000

3.625%, 

3/31/2028

1,700,465

5,000,000

2.875%, 

5/15/2028

4,906,445

5,200,000

4.375%, 

8/31/2028

5,305,828

2,600,000

4.125%, 

3/31/2029

2,639,609

125,000

0.875%, 

11/15/2030

108,379

90,000

1.375%, 

11/15/2031

77,899

2,500,000

2.875%, 

5/15/2032

2,350,391

2,500,000

3.375%, 

5/15/2033

2,401,367

Total

45,721,040

Total

Long-Term

Fixed

Income

(cost

$105,507,709)

102,710,849

Shares

Private

Equity

Funds

2.1%

Value

Secondary  2.1%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,a,b

8,461,098

1

ASF

IX,

LP

*,a,b

5,315,001

1

ASF

VIII

Sidecar

(Cayman),

LP

*,a,b

1,528,182

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,a,b

5,482,881

1

LCP

X

(Offshore),

LP

*,a,b

17,916,484

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,a,b

12,637,253

Total

51,340,899

Total

Private

Equity

Funds

(cost

$39,989,304)

51,340,899

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

54,170

Thrivent

Cash

Management

Trust

54,170

Total

Collateral

Held

for

Securities

Loaned

(cost

$54,170)

54,170

Shares

or

Principal

Amount

Short-Term

Investments

14.0%

Value

Federal

Farm

Credit

Bank

Discount

Notes

2,400,000

4.250%,

10/2/2025

f

2,399,463

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Shares

or

Principal

Amount

Short-Term

Investments  14.0%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.230%,

10/3/2025

f,g

$

99,966

900,000

4.258%,

10/8/2025

f,g

899,194

200,000

4.260%,

10/10/2025

f,g

199,776

4,100,000

4.250%,

10/24/2025

f,g

4,088,985

100,000

4.240%,

10/29/2025

f,g

99,675

1,700,000

4.150%,

11/3/2025

f,g

1,693,851

8,700,000

4.150%,

11/19/2025

f,g

8,653,721

2,600,000

3.935%,

12/12/2025

f,g

2,579,676

2,900,000

3.890%,

12/17/2025

f,g

2,875,778

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

3,300,000

3.870%,

12/8/2025

f,g

3,275,617

4,700,000

3.900%,

12/23/2025

f,g

4,657,723

Federal

National

Mortgage

Association

Discount

Notes

100,000

4.155%,

10/22/2025

f,g

99,754

5,100,000

3.960%,

12/3/2025

f,g

5,065,048

200,000

3.955%,

12/4/2025

f,g

198,608

1,900,000

3.860%,

12/22/2025

f,g

1,883,113

State

Street

Institutional

U.S.

Government

Money

Market

Fund

104,126,659

4.090%

f

104,126,658

Thrivent

Core

Short-Term

Reserve

Fund

20,053,311

4.410%

200,533,112

U.S.

Treasury

Bills

300,000

4.230%,

10/16/2025

f

299,493

Total

Short-Term

Investments

(cost

$343,644,622)

343,729,211

Total

Investments

(cost

$1,906,347,614)

100.8%

$2,469,138,736

Other

Assets

and

Liabilities,

Net

(0.8%)

(20,665,997)

Total

Net

Assets

100.0%

$2,448,472,739

a

Non-income

producing

security.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

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

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

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,

2025

was

$51,340,899

or

2.10%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

6,656,204

ASF

IX,

LP 

3/18/2024

4,126,104

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

1,348,454

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

4,160,000

LCP

X

(Offshore),

LP 

10/25/2023

13,794,501

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

9,904,041

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

53,108

Total

lending

$53,108

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$54,170

Net

amounts

due

to

counterparty

$1,062

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

116,022,803

116,022,803

–

–

Consumer

Discretionary

131,006,379

131,006,379

–

–

Consumer

Staples

29,974,658

29,974,658

–

–

Energy

32,982,351

32,982,351

–

–

Financials

148,336,813

148,240,466

–

96,347

Health

Care

106,162,366

106,162,366

–

–

Industrials

116,039,943

115,705,941

334,002

–

Information

Technology

337,079,431

332,717,025

4,362,406

–

Materials

28,164,830

27,771,485

393,345

–

Real

Estate

26,775,821

26,775,821

–

–

Utilities

28,439,081

28,439,081

–

–

Registered

Investment

Companies

U.S.

Affiliated

665,699,417

665,699,417

–

–

U.S.

Unaffiliated

13,068,301

13,068,301

–

–

Long-Term

Fixed

Income

Commercial

Mortgage-Backed

Securities

181,027

–

181,027

–

Mortgage-Backed

Securities

56,808,782

–

56,808,782

–

U.S.

Government

&

Agencies

45,721,040

–

45,721,040

–

Private

Equity

Funds

Secondary

51,340,899

–

–

51,340,899

Short-Term

Investments

143,196,099

104,126,658

39,069,441

–

Subtotal

Investments

in

Securities

$2,077,000,041

$1,878,692,752

$146,870,043

$51,437,246

Other

Investments  *

Total

Affiliated

Short-Term

Investments

200,533,112

U.S.

Affiliated

Registered

Investment

Cos.

191,551,413

Collateral

Held

for

Securities

Loaned

54,170

Subtotal

Other

Investments

$392,138,695

Total

Investments

at

Value

$2,469,138,736

*

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,

2025,

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

8,723,157

8,723,157

–

–

Total

Asset

Derivatives

$8,723,157

$8,723,157

$–

$–

Liability

Derivatives

Futures

Contracts

1,560,056

839,530

720,526

–

Total

Liability

Derivatives

$1,560,056

$839,530

$720,526

$–

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

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

12/31/2024

Realized

Gain/

(Loss)

%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

9/30/2025

Common

Stock

Financials

$-

$-

$50,994

$45,353

$-

$-

$-

$96,347

Private

Equity

Funds

 Secondary

35,512,014

-

5,629,772

17,981,807

(7,782,694)

-

-

51,340,899

Total 

$35,512,014

$-

$5,680,766

$18,027,160

$(7,782,694)

$-

$-

$51,437,246

 Investments

in

Securities

Ending

Value 

9/30/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$51,340,899

Adjusted

reported

investment

of

net

asset

value

Fair

Value

adjustment

**

N/A

Total 

$51,340,899

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$36,505,485

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

40

December

2025

$

4,487,295

$

12,705

CBOT

2-Yr.

U.S.

Treasury

Note

5

December

2025

1,042,191

(

199)

CBOT

5-Yr.

U.S.

Treasury

Note

60

December

2025

6,553,264

(

1,545)

CME

E-mini

Russell

2000

Index

11

December

2025

1,342,041

8,484

CME

E-mini

S&P

500

Index

1,624

December

2025

539,896,144

7,290,357

CME

E-mini

S&P

Mid-Cap

400

Index

2

December

2025

669,344

(

12,104)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

3

December

2025

351,688

8,499

Ultra

10-Yr.

U.S.

Treasury

Note

8

December

2025

912,897

7,728

Total

Futures

Long

Contracts

$

555,254,864

$

7,313,925

CME

E-mini

Russell

2000

Index

(77)

December

2025

(

$

9,399,296)

(

$

54,379)

CME

E-mini

S&P

Mid-Cap

400

Index

(253)

December

2025

(

84,507,871)

1,367,011

CME

Euro

Foreign

Exchange

Currency

(112)

December

2025

(

16,537,173)

28,373

Eurex

Euro

STOXX

50

Index

(399)

December

2025

(

25,297,038)

(

720,526)

ICE

mini

MSCI

EAFE

Index

(423)

December

2025

(

58,755,416)

(

153,679)

ICE

US

mini

MSCI

Emerging

Markets

Index

(502)

December

2025

(

33,510,846)

(

617,624)

Total

Futures

Short

Contracts

(

$

228,007,640)

($150,824)

Total

Futures

Contracts

$

327,247,224

$7,163,101

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$48,667

$–

$–

$61,620

5,244

2.5%

Core

International

Equity

54,922

–

11

69,043

5,373

2.8

Core

Low

Volatility

Equity

1,650

–

–

1,820

148

0.1

Core

Mid

Cap

Value

56,613

–

15,999

43,132

3,764

1.8

Core

Small

Cap

Value

26,888

–

11,001

15,936

1,437

0.6

Global

Stock

91,511

10,448

–

107,156

6,819

4.4

International

Equity

153,089

3,981

–

192,265

16,338

7.8

International

Index

12,296

322

–

15,463

940

0.6

Large

Cap

Value

119,700

17,355

–

136,468

5,850

5.6

Mid

Cap

Stock

138,467

15,633

15,010

127,065

6,536

5.2

Small

Cap

Stock

86,406

5,222

0

87,282

4,702

3.6

Total

U.S.

Affiliated

Registered

Investment

Companies

790,209

857,250

35.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

267,164

148,273

214,904

200,533

20,053

8.2

Total

Affiliated

Short-Term

Investments

267,164

200,533

8.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,135

166,658

167,739

54

54

<0.1

Total

Collateral

Held

for

Securities

Loaned

1,135

54

<0.1

Total

Value

$1,058,508

$1,057,837

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$12,953

$

–

$–

Core

International

Equity

(0)

14,132

–

–

Core

Low

Volatility

Equity

–

170

–

–

Core

Mid

Cap

Value

Fund

800

1,718

–

–

Core

Small

Cap

Value

Fund

165

(116)

–

–

Global

Stock

–

5,197

8,679

1,769

International

Equity

–

35,195

–

3,981

International

Index

–

2,845

–

323

Large

Cap

Value

–

(587)

15,341

2,014

Mid

Cap

Stock

(2,138)

(9,887)

14,531

1,101

Small

Cap

Stock

(0)

(4,346)

4,728

495

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

–

–

–

5,579

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$15,262

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

($1,173)

$57,274

$

43,279

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

99.4%

Value

Communications

Services  11.1%

24,401

Alphabet,

Inc.,

Class

A

$

5,931,883

15,872

Alphabet,

Inc.,

Class

C

3,865,626

39,440

AT&T,

Inc.

1,113,786

7,874

Match

Group,

Inc.

278,110

8,945

Meta

Platforms,

Inc.

6,569,029

2,306

Netflix,

Inc.

a

2,764,709

692

New

York

Times

Company

39,721

9,595

News

Corporation,

Class

A

294,662

2,363

T-Mobile

US,

Inc.

565,655

33,180

Uniti

Group,

Inc.

203,062

17,752

Verizon

Communications,

Inc.

780,200

10,252

Walt

Disney

Company

1,173,854

Total

23,580,297

Consumer

Discretionary  10.6%

63,878

ADT,

Inc.

556,377

37,634

Amazon.com,

Inc.

a

8,263,297

8,310

Aptiv

plc

a

716,488

100

Booking

Holdings,

Inc.

539,927

33,961

Carnival

Corporation

a

981,813

2,139

Etsy,

Inc.

a

142,008

2,793

Frontdoor,

Inc.

a

187,941

5,572

Hilton

Worldwide

Holdings,

Inc.

1,445,600

5,588

Home

Depot,

Inc.

2,264,202

4,949

Laureate

Education,

Inc.

a

156,092

1,573

McDonald's

Corporation

478,019

12,835

O'Reilly

Automotive,

Inc.

a

1,383,741

6,888

Ross

Stores,

Inc.

1,049,662

9,641

Tesla,

Inc.

a

4,287,546

Total

22,452,713

Consumer

Staples  1.8%

2,653

Altria

Group,

Inc.

175,257

6,445

Colgate-Palmolive

Company

515,213

369

Costco

Wholesale

Corporation

341,558

159

Kimberly-Clark

Corporation

19,770

3,653

Monster

Beverage

Corporation

a

245,884

4,318

Philip

Morris

International,

Inc.

700,380

8,982

Procter

&

Gamble

Company

1,380,084

4,970

Walmart,

Inc.

512,208

Total

3,890,354

Energy  2.0%

13,816

Antero

Midstream

Corporation

268,583

5,471

Baker

Hughes

Company

266,547

1,718

Cheniere

Energy,

Inc.

403,696

1,158

Chevron

Corporation

179,826

11,061

Devon

Energy

Corporation

387,799

4,642

DHT

Holdings,

Inc.

55,472

6,132

EOG

Resources,

Inc.

687,520

5,495

Exxon

Mobil

Corporation

619,561

5,100

Hess

Midstream,

LP

176,205

13,349

Kinder

Morgan,

Inc.

377,910

1,368

TechnipFMC

plc

53,967

11,815

Williams

Companies,

Inc.

748,480

Total

4,225,566

Financials  12.3%

1,164

Affiliated

Managers

Group,

Inc.

277,533

1,537

Allstate

Corporation

329,917

7,014

Amalgamated

Financial

Corporation

190,430

8,565

Associated

Banc-Corp

220,206

18,611

Bank

of

America

Corporation

960,142

8,137

Beacon

Financial

Corporation

192,928

Shares

Common

Stock  99.4%

Value

Financials  12.3%

-

continued

4,137

Berkshire

Hathaway,

Inc.

a

$

2,079,835

421

BlackRock,

Inc.

490,831

1,810

Byline

Bancorp,

Inc.

50,191

972

Central

Pacific

Financial

Corporation

29,491

20,416

Charles

Schwab

Corporation

1,949,116

188

Chubb,

Ltd.

53,063

4,239

Citigroup,

Inc.

430,259

2,670

Community

Trust

Bancorp,

Inc.

149,387

100

Enact

Holdings,

Inc.

3,834

1,511

Enova

International,

Inc.

a

173,901

1,172

Financial

Institutions,

Inc.

31,878

388

First

Financial

Corporation

21,899

825

First

Mid-Illinois

Bancshares,

Inc.

31,251

3,496

Fiserv,

Inc.

a

450,739

11,347

Fulton

Financial

Corporation

211,395

2,394

Great

Southern

Bancorp,

Inc.

146,633

2,538

Hometrust

Bancshares,

Inc.

103,906

1,318

Independent

Bank

Corporation/MI

40,825

9,793

Intercontinental

Exchange,

Inc.

1,649,925

20,996

Invesco,

Ltd.

481,648

7,679

Janus

Henderson

Group

plc

341,792

8,728

JPMorgan

Chase

&

Company

2,753,073

3,089

Mastercard,

Inc.

1,757,054

12,943

MGIC

Investment

Corporation

367,193

5,795

MidWestOne

Financial

Group,

Inc.

163,941

2,138

Moody's

Corporation

1,018,714

957

MSCI,

Inc.

543,011

18,818

Nasdaq,

Inc.

1,664,452

1,642

NMI

Holdings,

Inc.

a

62,954

13,352

Northwest

Bancshares,

Inc.

165,431

2,392

OFG

Bancorp

104,028

6,987

Old

Second

Bancorp,

Inc.

120,770

719

Orrstown

Financial

Services,

Inc.

24,432

308

PNC

Financial

Services

Group,

Inc.

61,886

1,869

Popular,

Inc.

237,382

5,319

Progressive

Corporation

1,313,527

9,123

Provident

Financial

Services,

Inc.

175,891

3,000

S&P

Global,

Inc.

1,460,130

9,786

SEI

Investments

Company

830,342

3,840

Trustmark

Corporation

152,064

1,095

U.S.

Bancorp

52,921

2,709

Visa,

Inc.

924,798

8,829

Wells

Fargo

&

Company

740,047

4,575

WesBanco,

Inc.

146,080

4,526

Zions

Bancorp

NA

256,081

Total

26,189,157

Health

Care  11.5%

11,001

AbbVie,

Inc.

2,547,172

12,335

Agilent

Technologies,

Inc.

1,583,197

1,885

Amgen,

Inc.

531,947

1,863

ANI

Pharmaceuticals,

Inc.

a

170,651

3,469

Biogen,

Inc.

a

485,937

22,768

Boston

Scientific

Corporation

a

2,222,840

6,942

Danaher

Corporation

1,376,321

3,998

Dexcom,

Inc.

a

269,025

1,357

Eli

Lilly

&

Company

1,035,391

5,815

Gilead

Sciences,

Inc.

645,465

3,452

Halozyme

Therapeutics,

Inc.

a

253,170

1,578

IDEXX

Laboratories,

Inc.

a

1,008,168

2,446

Incyte

Corporation

a

207,445

7,008

Indivior

plc

a

168,963

1,282

Insulet

Corporation

a

395,792

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock  99.4%

Value

Health

Care  11.5%

-

continued

13,913

Johnson

&

Johnson

$

2,579,748

1,137

Medpace

Holdings,

Inc.

a

584,600

26,404

Medtronic

plc

2,514,717

1,257

Neurocrine

Biosciences,

Inc.

a

176,458

13,684

Pfizer,

Inc.

348,668

5,535

Royalty

Pharma

plc

195,275

5,504

STERIS

plc

1,361,910

2,959

Stryker

Corporation

1,093,854

1,888

Tenet

Healthcare

Corporation

a

383,339

2,178

Thermo

Fisher

Scientific,

Inc.

1,056,374

55

UnitedHealth

Group,

Inc.

18,991

2,911

Vertex

Pharmaceuticals,

Inc.

a

1,140,064

Total

24,355,482

Industrials  6.2%

8,539

AMETEK,

Inc.

1,605,332

319

Armstrong

World

Industries,

Inc.

62,527

5,756

Automatic

Data

Processing,

Inc.

1,689,386

1,328

Caterpillar,

Inc.

633,655

47,985

CSX

Corporation

1,703,947

637

Curtiss-Wright

Corporation

345,853

1,809

Ferguson

Enterprises,

Inc.

406,265

703

General

Dynamics

Corporation

239,723

3,594

General

Electric

Company

1,081,147

1,188

Graco,

Inc.

100,933

550

Great

Lakes

Dredge

&

Dock

Corporation

a

6,595

1,592

Johnson

Controls

International

plc

175,040

8,108

Masco

Corporation

570,722

736

McGrath

RentCorp

86,333

2,408

Otis

Worldwide

Corporation

220,164

1,372

Parker-Hannifin

Corporation

1,040,182

2,067

Republic

Services,

Inc.

474,335

726

Trane

Technologies

plc

306,343

5,363

Uber

Technologies,

Inc.

a

525,413

3,166

Union

Pacific

Corporation

748,347

1,309

Veralto

Corporation

139,553

2,826

Verisk

Analytics,

Inc.

710,767

1,557

Waste

Management,

Inc.

343,832

Total

13,216,394

Information

Technology  35.9%

2,409

Adobe,

Inc.

a

849,775

9,043

Advanced

Micro

Devices,

Inc.

a

1,463,067

22,596

Amphenol

Corporation

2,796,255

3,646

Analog

Devices,

Inc.

895,822

54,548

Apple,

Inc.

13,889,557

1,726

Applied

Materials,

Inc.

353,381

11,092

Arista

Networks,

Inc.

a

1,616,215

7,576

Autodesk,

Inc.

a

2,406,668

12,932

Broadcom,

Inc.

4,266,396

2,007

Cadence

Design

Systems,

Inc.

a

704,979

29,529

Cisco

Systems,

Inc.

2,020,374

21,875

Dropbox,

Inc.

a

660,844

2,099

Flex,

Ltd.

a

121,679

6,782

Fortinet,

Inc.

a

570,230

1,752

Keysight

Technologies,

Inc.

a

306,460

596

KLA

Corporation

642,846

10,568

Lam

Research

Corporation

1,415,055

12,802

Micron

Technology,

Inc.

2,142,031

25,120

Microsoft

Corporation

13,010,904

665

Monolithic

Power

Systems,

Inc.

612,226

3,548

Motorola

Solutions,

Inc.

1,622,465

1,676

Napco

Security

Technologies,

Inc.

71,984

88,791

NVIDIA

Corporation

16,566,625

Shares

Common

Stock  99.4%

Value

Information

Technology  35.9%

-

continued

1,292

NXP

Semiconductors

NV

$

294,227

1,940

Oracle

Corporation

545,606

2,639

Palantir

Technologies,

Inc.

a

481,406

726

PTC,

Inc.

a

147,392

3,017

Qualcomm,

Inc.

501,908

3,552

Salesforce,

Inc.

841,824

1,549

ServiceNow,

Inc.

a

1,425,514

479

TE

Connectivity

plc

105,155

1,295

Texas

Instruments,

Inc.

237,930

2,185

VeriSign,

Inc.

610,860

9,876

Vontier

Corporation

414,496

7,362

Western

Digital

Corporation

883,882

8,024

Zoom

Communications,

Inc.

a

661,980

Total

76,158,018

Materials  3.5%

5,125

Crown

Holdings,

Inc.

495,024

3,517

DuPont

de

Nemours,

Inc.

273,974

6,328

Ecolab,

Inc.

1,732,986

39,528

Freeport-McMoRan,

Inc.

1,550,288

4,211

Linde

plc

2,000,225

4,776

Newmont

Corporation

402,665

1,744

Packaging

Corporation

of

America

380,070

1,562

Vulcan

Materials

Company

480,502

Total

7,315,734

Real

Estate  2.2%

16,308

Broadstone

Net

Lease,

Inc.

291,424

2,587

CBRE

Group,

Inc.

a

407,608

3,773

EPR

Properties

218,872

40,159

Essential

Properties

Realty

Trust,

Inc.

1,195,132

24,968

Host

Hotels

&

Resorts,

Inc.

424,955

3,191

Innovative

Industrial

Properties,

Inc.

170,974

14,035

Millrose

Properties,

Inc.

471,716

9,602

Outfront

Media,

Inc.

175,909

30,705

Sabra

Health

Care

REIT,

Inc.

572,341

2,157

Sila

Realty

Trust,

Inc.

54,141

18,844

Tanger,

Inc.

637,681

3,673

Xenia

Hotels

&

Resorts,

Inc.

50,393

Total

4,671,146

Utilities  2.3%

27,207

AES

Corporation

358,044

1,088

Black

Hills

Corporation

67,010

6,521

Brookfield

Infrastructure

Corporation

268,144

129

Clearway

Energy,

Inc.,

Class

C

3,644

17,619

Edison

International

973,978

41,768

PG&E

Corporation

629,861

20,356

Portland

General

Electric

Company

895,664

49,391

UGI

Corporation

1,642,745

Total

4,839,090

Total

Common

Stock

(cost

$153,728,970)

210,893,951

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

Shares

or

Principal

Amount

Short-Term

Investments

0.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.250%,

10/24/2025

b,c

$

99,731

200,000

4.240%,

10/29/2025

b,c

199,351

State

Street

Institutional

U.S.

Government

Money

Market

Fund

347,336

4.090%

b

347,336

Total

Short-Term

Investments

(cost

$646,405)

646,418

Total

Investments

(cost

$154,375,375)

99.7%

$211,540,369

Other

Assets

and

Liabilities,

Net

0.3%

589,487

Total

Net

Assets

100.0%

$212,129,856

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

c

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:

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

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

23,580,297

23,580,297

–

–

Consumer

Discretionary

22,452,713

22,452,713

–

–

Consumer

Staples

3,890,354

3,890,354

–

–

Energy

4,225,566

4,225,566

–

–

Financials

26,189,157

26,189,157

–

–

Health

Care

24,355,482

24,355,482

–

–

Industrials

13,216,394

13,216,394

–

–

Information

Technology

76,158,018

76,158,018

–

–

Materials

7,315,734

7,315,734

–

–

Real

Estate

4,671,146

4,671,146

–

–

Utilities

4,839,090

4,839,090

–

–

Short-Term

Investments

646,418

347,336

299,082

–

Subtotal

Investments

in

Securities

$211,540,369

$211,241,287

$299,082

$–

Total

Investments

at

Value

$211,540,369

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

All

Cap

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

26,404

26,404

–

–

Total

Asset

Derivatives

$

26,404

$26,404

$–

$–

The

following

table

presents

All

Cap

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$299,082

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

9

December

2025

$

3,006,034

$

26,404

Total

Futures

Long

Contracts

$

3,006,034

$

26,404

Total

Futures

Contracts

$

3,006,034

$26,404

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$5,433

$622

$6,055

$–

–

–

Total

Affiliated

Short-Term

Investments

5,433

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,880

12,717

14,597

–

–

–

Total

Collateral

Held

for

Securities

Loaned

1,880

–

–

Total

Value

$7,313

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$12

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$12

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

36

Total

Affiliated

Income

from

Securities

Loaned,

Net

$36

Total

Value

$–

$–

$

–

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

66.2%

Value

Asset-Backed

Securities  5.8%

Anchorage

Capital

CLO

20,

Ltd.

$

150,000

7.526%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

$

150,331

Anchorage

Capital

CLO

21,

Ltd.

875,000

6.226%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

876,550

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

550,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

559,917

500,000

4.770%, 

2/20/2032,

Ser.

2025-4A,

Class

B

a

499,315

Balboa

Bay

Loan

Funding,

Ltd.

500,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

499,994

675,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

675,383

Barings

CLO,

Ltd.

650,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

a,b

649,977

Barings

Loan

Partners

CLO,

Ltd.

2

1,000,000

5.976%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

999,771

Battalion

CLO

XI,

Ltd.

850,000

6.269%, 

(TSFR3M

+

1.950%),

4/24/2034,

Ser.

2017-11A,

Class

CR2

a,b

850,065

Battalion

CLO

XXI,

Ltd.

1,300,000

6.318%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

1,299,956

Business

Jet

Securities,

LLC

534,471

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

528,953

CarVal

CLO,

Ltd.

1,250,000

8.026%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

1,252,186

Cascade

Funding

Mortgage

Trust,

LLC

13,151

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

13,141

Dryden

72

CLO,

Ltd.

650,000

5.861%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

651,349

Hertz

Vehicle

Financing

III,

LLC

875,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

884,175

Hotwire

Funding,

LLC

1,000,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,016,917

HTAP

Issuer

Trust

408,053

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

406,908

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Asset-Backed

Securities  5.8%

-

continued

LCM

41,

Ltd.

$

1,400,000

7.918%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

$

1,405,874

Marathon

CLO,

Ltd.

600,000

5.868%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,b

600,304

MetroNet

Infrastructure

Issuer,

LLC

800,000

5.400%, 

8/20/2055,

Ser.

2025-2A,

Class

A2

a

811,951

MFA

Trust

440,819

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c

441,356

Pagaya

AI

Debt

Grantor

Trust

260,739

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

262,033

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

286,715

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

288,735

Palmer

Square

Loan

Funding,

Ltd.

250,000

6.018%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

250,180

525,000

5.811%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

520,554

Park

Blue

CLO,

Ltd.

450,000

6.506%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

452,080

Point

Securitization

Trust

633,069

6.250%, 

6/25/2055,

Ser.

2025-1,

Class

A1

a

633,165

PRET,

LLC

950,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,c

953,385

462,101

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,c

465,357

PRPM,

LLC

900,000

3.000%, 

5/25/2055,

Ser.

2025-RPL4,

Class

A2

a,c

818,423

423,000

8.569%, 

7/25/2030,

Ser.

2025-5,

Class

A2

a,c

423,142

Renaissance

Home

Equity

Loan

Trust

1,130,711

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

c

394,645

RFS

Asset

Securitization

V,

LLC

800,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

804,145

Rockford

Tower

CLO,

Ltd.

1,075,000

6.113%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-2A,

Class

CR

a,b

1,075,386

Saxon

Asset

Securities

Trust

399,056

3.030%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

358,591

Sculptor

CLO

XXVIII,

Ltd.

650,000

6.276%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

650,151

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Asset-Backed

Securities  5.8%

-

continued

Signal

Peak

CLO

1,

Ltd.

$

250,000

6.272%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

$

250,121

Sunnova

Hestia

II

Issuer,

LLC

684,101

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

684,888

Symphony

CLO

XX,

Ltd.

700,000

7.318%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

701,207

TCW

CLO,

Ltd.

750,000

6.119%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

750,226

Unlock

HEA

Trust

859,112

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

862,723

759,926

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

761,795

391,844

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

391,131

Vericrest

Opportunity

Loan

Transferee

409,324

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

409,357

1,199,671

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

1,199,869

869,729

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

869,852

201,136

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

200,969

1,366,107

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

1,366,209

287,720

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

286,545

Veros

Auto

Receivables

Trust

578,454

5.310%, 

9/15/2028,

Ser.

2025-1,

Class

A

a

580,554

Whitebox

CLO

I,

Ltd.

250,000

6.319%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

250,184

Wind

River

CLO,

Ltd.

208,269

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

208,275

Zayo

Issuer,

LLC

975,000

5.570%, 

10/20/2055,

Ser.

2025-3A,

Class

A2

a,e

980,976

Total

34,179,226

Basic

Materials  0.7%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

108,000

8.625%, 

6/15/2029

a

114,322

Alumina,

Pty.

Ltd.

52,000

6.125%, 

3/15/2030

a

53,180

Axalta

Coating

Systems

Dutch

Holding

B

BV

105,000

7.250%, 

2/15/2031

a

109,853

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Basic

Materials  0.7%

-

continued

Cascades,

Inc./Cascades

USA,

Inc.

$

102,000

6.750%, 

7/15/2030

a

$

103,887

Celanese

US

Holdings,

LLC

29,000

6.850%, 

11/15/2028

30,094

47,000

6.500%, 

4/15/2030

f

47,307

35,000

6.629%, 

7/15/2032

35,763

16,000

6.750%, 

4/15/2033

f

15,933

Chemours

Company

175,000

5.750%, 

11/15/2028

a

170,691

Cleveland-Cliffs,

Inc.

160,000

4.625%, 

3/1/2029

a

154,153

76,000

4.875%, 

3/1/2031

a

70,954

50,000

7.375%, 

5/1/2033

a

51,044

76,000

6.250%, 

10/1/2040

64,637

Consolidated

Energy

Finance

SA

189,000

5.625%, 

10/15/2028

a

157,435

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

56,000

6.125%, 

6/15/2028

a

55,909

Eastman

Chemical

Company

136,000

5.000%, 

8/1/2029

138,498

First

Quantum

Minerals,

Ltd.

43,000

9.375%, 

3/1/2029

a

45,573

FMC

Corporation

88,000

8.450%, 

11/1/2055

b

92,874

Fortescue

Treasury,

Pty.

Ltd.

76,000

5.875%, 

4/15/2030

a

77,890

Hecla

Mining

Company

66,000

7.250%, 

2/15/2028

66,597

INEOS

Finance

plc

227,000

7.500%, 

4/15/2029

a,f

220,848

Magnera

Corporation

115,000

7.250%, 

11/15/2031

a

108,213

Mercer

International,

Inc.

93,000

5.125%, 

2/1/2029

68,552

Methanex

Corporation

78,000

5.250%, 

12/15/2029

77,885

15,000

5.650%, 

12/1/2044

12,807

Methanex

US

Operations,

Inc.

66,000

6.250%, 

3/15/2032

a

67,153

Mineral

Resources,

Ltd.

124,000

9.250%, 

10/1/2028

a

129,928

21,000

7.000%, 

4/1/2031

a,e

21,272

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

130,000

5.350%, 

3/15/2034

135,595

Novelis

Corporation

80,000

4.750%, 

1/30/2030

a

77,173

110,000

3.875%, 

8/15/2031

a

100,286

Olin

Corporation

66,000

6.625%, 

4/1/2033

a

66,340

Peabody

Energy

Corporation,

Convertible

225,000

3.250%, 

3/1/2028

337,209

Qnity

Electronics,

Inc.

136,000

5.750%, 

8/15/2032

a

137,037

Smurfit

Kappa

Treasury,

ULC

136,000

5.777%, 

4/3/2054

138,681

SNF

Group

SACA

148,000

3.375%, 

3/15/2030

a

137,394

Solstice

Advanced

Materials,

Inc.

54,000

5.625%, 

9/30/2033

a

54,178

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Basic

Materials  0.7%

-

continued

Steel

Dynamics,

Inc.

$

60,000

5.250%, 

5/15/2035

$

61,309

SunCoke

Energy,

Inc.

171,000

4.875%, 

6/30/2029

a

159,822

Taseko

Mines,

Ltd.

162,000

8.250%, 

5/1/2030

a

171,581

Total

3,939,857

Capital

Goods  1.8%

Advanced

Drainage

Systems,

Inc.

155,000

6.375%, 

6/15/2030

a

157,745

AECOM

111,000

6.000%, 

8/1/2033

a

113,485

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

59,000

7.000%, 

5/21/2030

a

61,024

Amrize

Finance

US,

LLC

74,000

5.400%, 

4/7/2035

a

76,230

Array

Technologies,

Inc.,

Convertible

177,000

1.000%, 

12/1/2028

153,241

262,000

2.875%, 

7/1/2031

a

333,133

ATI,

Inc.

80,000

7.250%, 

8/15/2030

83,975

Axon

Enterprise,

Inc.

24,000

6.125%, 

3/15/2030

a

24,649

24,000

6.250%, 

3/15/2033

a

24,703

Axon

Enterprise,

Inc.,

Convertible

115,000

0.500%, 

12/15/2027

360,525

Boeing

Company

88,000

6.858%, 

5/1/2054

100,382

166,000

2.196%, 

2/4/2026

164,743

147,000

3.250%, 

3/1/2028

143,508

145,000

5.150%, 

5/1/2030

148,793

44,000

6.528%, 

5/1/2034

48,641

Bombardier,

Inc.

121,000

7.250%, 

7/1/2031

a

128,264

217,000

7.000%, 

6/1/2032

a,f

226,805

29,000

6.750%, 

6/15/2033

a

30,263

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

48,000

7.500%, 

2/1/2032

a

48,497

Builders

FirstSource,

Inc.

185,000

5.000%, 

3/1/2030

a

183,119

60,000

6.750%, 

5/15/2035

a

62,648

Canpack

SA/Canpack

US,

LLC

119,000

3.875%, 

11/15/2029

a

111,669

Carrier

Global

Corporation

147,000

2.722%, 

2/15/2030

137,766

Chart

Industries,

Inc.

61,000

7.500%, 

1/1/2030

a

63,485

Clydesdale

Acquisition

Holdings,

Inc.

39,000

6.625%, 

4/15/2029

a

39,444

62,000

6.750%, 

4/15/2032

a

63,603

Crown

Cork

&

Seal

Company,

Inc.

92,000

7.375%, 

12/15/2026

94,871

Deere

&

Company

60,000

5.700%, 

1/19/2055

63,106

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

164,000

6.625%, 

12/15/2030

a

168,584

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Capital

Goods  1.8%

-

continued

ESAB

Corporation

$

64,000

6.250%, 

4/15/2029

a

$

65,747

Fluor

Corporation,

Convertible

233,000

1.125%, 

8/15/2029

276,454

General

Dynamics

Corporation

43,000

4.950%, 

8/15/2035

43,803

GFL

Environmental,

Inc.

141,000

4.000%, 

8/1/2028

a

137,656

Greenbrier

Companies,

Inc.,

Convertible

141,000

2.875%, 

4/15/2028

150,926

Herc

Holdings,

Inc.

49,000

5.500%, 

7/15/2027

a

48,877

124,000

6.625%, 

6/15/2029

a

127,410

74,000

7.000%, 

6/15/2030

a

76,866

53,000

7.250%, 

6/15/2033

a

55,327

Honeywell

International,

Inc.

176,000

5.250%, 

3/1/2054

169,403

Howmet

Aerospace,

Inc.

132,000

6.750%, 

1/15/2028

139,663

Huntington

Ingalls

Industries,

Inc.

147,000

4.200%, 

5/1/2030

144,958

Ingersoll

Rand,

Inc.

43,000

5.700%, 

8/14/2033

45,680

JBT

Marel

Corporation,

Convertible

187,000

0.250%, 

5/15/2026

188,178

222,000

0.375%, 

9/15/2030

a

215,673

Lockheed

Martin

Corporation

120,000

5.200%, 

2/15/2064

113,237

Martin

Marietta

Materials,

Inc.

70,000

5.150%, 

12/1/2034

71,438

Mirion

Technologies,

Inc.,

Convertible

239,000

0.250%, 

6/1/2030

a

294,089

213,000

Zero

Coupon, 

10/1/2031

a

228,553

Mueller

Water

Products,

Inc.

161,000

4.000%, 

6/15/2029

a

155,041

Nesco

Holdings

II,

Inc.

44,000

5.500%, 

4/15/2029

a

43,091

New

Enterprise

Stone

and

Lime

Company,

Inc.

122,000

5.250%, 

7/15/2028

a

120,874

Northrop

Grumman

Corporation

177,000

5.200%, 

6/1/2054

168,526

42,000

4.700%, 

3/15/2033

42,293

OI

European

Group

BV

161,000

4.750%, 

2/15/2030

a

153,642

Owens-Brockway

Glass

Container,

Inc.

140,000

6.625%, 

5/13/2027

a

139,741

Patrick

Industries,

Inc.,

Convertible

109,000

1.750%, 

12/1/2028

176,689

Quikrete

Holdings,

Inc.

241,000

6.375%, 

3/1/2032

a

249,638

QXO

Building

Products,

Inc.

90,000

6.750%, 

4/30/2032

a

93,186

Republic

Services,

Inc.

90,000

5.000%, 

12/15/2033

93,002

Resideo

Funding,

Inc.

158,000

6.500%, 

7/15/2032

a

161,935

Reworld

Holding

Corporation

72,000

4.875%, 

12/1/2029

a

67,714

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Capital

Goods  1.8%

-

continued

Roller

Bearing

Company

of

America,

Inc.

$

39,000

4.375%, 

10/15/2029

a

$

37,879

RTX

Corporation

370,000

4.500%, 

6/1/2042

334,587

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

121,000

6.125%, 

2/1/2028

a

122,671

Siemens

Funding

BV

125,000

5.800%, 

5/28/2055

a

134,124

Smyrna

Ready

Mix

Concrete,

LLC

165,000

8.875%, 

11/15/2031

a,f

174,231

Spirit

AeroSystems,

Inc.

202,000

4.600%, 

6/15/2028

f

201,741

39,000

9.750%, 

11/15/2030

a

42,892

SRM

Escrow

Issuer,

LLC

66,000

6.000%, 

11/1/2028

a

66,021

Standard

Building

Solutions,

Inc.

125,000

6.250%, 

8/1/2033

a

126,673

Standard

Industries,

Inc./NY

76,000

4.750%, 

1/15/2028

a

75,346

76,000

3.375%, 

1/15/2031

a

68,823

Textron,

Inc.

147,000

3.650%, 

3/15/2027

145,530

TopBuild

Corporation

27,000

5.625%, 

1/31/2034

a

26,902

Trane

Technologies

Financing,

Ltd.

131,000

5.100%, 

6/13/2034

134,492

TransDigm,

Inc.

222,000

7.125%, 

12/1/2031

a

231,566

227,000

6.625%, 

3/1/2032

a

233,707

54,000

6.000%, 

1/15/2033

a

54,598

14,000

6.250%, 

1/31/2034

a,f

14,398

27,000

6.750%, 

1/31/2034

a

27,917

United

Rentals

North

America,

Inc.

240,000

4.000%, 

7/15/2030

229,560

Waste

Connections,

Inc.

46,000

3.200%, 

6/1/2032

42,595

WESCO

Distribution,

Inc.

81,000

6.375%, 

3/15/2029

a

83,396

57,000

6.625%, 

3/15/2032

a

59,236

Total

10,345,096

Collateralized

Mortgage

Obligations  7.8%

A&D

Mortgage

Trust

181,316

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,c

184,105

ACRA

Trust

386,948

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

389,920

Alternative

Loan

Trust

347,825

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

175,147

Banc

of

America

Alternative

Loan

Trust

613,152

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

550,569

Banc

of

America

Mortgage

Securities

Trust

191,898

5.592%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

183,119

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Collateralized

Mortgage

Obligations  7.8%

-

continued

Bear

Stearns

ARM

Trust

$

17,454

6.420%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

$

16,686

CAFL

Issuer,

LLC

449,432

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

449,432

CHNGE

Mortgage

Trust

795,909

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

781,072

434,759

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

436,392

412,403

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,c

410,890

279,612

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

281,621

CIM

Trust

751,357

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,c

755,093

Citigroup

Mortgage

Loan

Trust,

Inc.

199,159

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

197,305

46,942

6.952%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

47,771

587,392

5.243%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

529,610

COLT

Mortgage

Loan

Trust

615,176

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,c

620,754

Countrywide

Alternative

Loan

Trust

289,193

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

238,609

114,974

3.927%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

102,953

162,278

3.963%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

138,965

163,692

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

130,101

CSMC

Trust

350,712

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

349,481

334,734

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

296,350

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

456,624

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

398,338

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,083,122

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

1,070,683

1,050,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

1,058,588

850,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

842,377

700,000

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

682,162

852,925

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

699,337

999,372

7.932%, 

(SOFR30A

+

4.000%),

10/25/2025,

Ser.

5567,

Class

MB

b

1,018,156

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Collateralized

Mortgage

Obligations  7.8%

-

continued

$

3,796,450

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

g

$

369,406

131,902

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

g

1,596

199,784

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

g

3,588

242,016

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

g

4,389

95,866

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

g

1,656

218,957

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

g

3,961

360,855

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

g

7,558

681,322

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

g

50,831

397,482

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

24,958

519,437

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

g

19,523

Federal

Home

Loan

Mortgage

Corporation

STRIPS

969,447

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

g

88,102

Federal

National

Mortgage

Association

-

REMIC

1,000,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

988,604

1,200,000

5.000%, 

4/25/2055,

Ser.

2025-15,

Class

BD

1,164,413

740,778

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

740,985

1,075,000

5.500%, 

8/25/2054,

Ser.

2024-50,

Class

DB

1,092,059

650,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

632,719

327,212

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

g

5,048

175,930

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

g

2,409

65,679

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

g

173

217,964

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

g

3,631

631,840

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

g

11,274

418,641

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

g

6,871

158,283

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

g

2,635

381,036

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

g

5,765

72,357

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

g

482

270,031

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

g

5,461

98,197

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

g

2,147

627,519

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

g

43,764

First

Horizon

Alternative

Mortgage

Securities

Trust

91,572

6.018%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

89,671

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Collateralized

Mortgage

Obligations  7.8%

-

continued

$

81,207

5.389%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

$

76,521

Flagstar

Mortgage

Trust

303,859

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

273,971

GCAT

Trust

675,000

5.500%, 

5/25/2055,

Ser.

2025-INV2,

Class

A12

a,b

674,817

629,807

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

598,693

245,669

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

249,028

GMAC

Mortgage

Corporation

Loan

Trust

297,413

4.016%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

265,805

Government

National

Mortgage

Association

13,271

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

g

109

GS

Mortgage-Backed

Securities

Trust

525,885

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

528,108

Home

RE,

Ltd.

901,740

8.956%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

924,785

IndyMac

IMJA

Mortgage

Loan

Trust

563,755

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

219,931

J.P.

Morgan

Mortgage

Trust

418,788

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

357,879

509,172

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

506,930

51,913

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

54,192

232,707

5.244%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

160,923

LHOME

Mortgage

Trust

600,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

606,614

500,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

505,795

Merrill

Lynch

Alternative

Note

Asset

Trust

503,701

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

161,122

MFA

Trust

1,000,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

1,006,588

Morgan

Stanley

Residential

Mortgage

Loan

Trust

796,892

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,c

798,832

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,071,696

4.732%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

940,078

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Collateralized

Mortgage

Obligations  7.8%

-

continued

NYMT

Loan

Trust

$

650,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,c

$

653,730

750,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

757,655

PMT

Loan

Trust

796,522

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

807,413

800,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

a,b

799,044

PRET,

LLC

625,000

7.507%, 

8/25/2055,

Ser.

2025-NPL9,

Class

A2

a,c

625,093

250,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,c

250,467

PRKCM

Trust

601,731

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

603,826

588,712

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,c

598,918

PRPM

Trust

680,000

6.251%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

678,346

900,000

7.250%, 

11/25/2068,

Ser.

2023-NQM3,

Class

M1

a,b

914,983

PRPM,

LLC

646,115

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

636,677

639,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

609,686

459,136

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,c

459,227

450,385

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

450,631

500,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,c

500,243

955,106

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,c

958,573

RCO

IX

Mortgage,

LLC

605,375

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,c

607,494

Residential

Accredit

Loans,

Inc.

Trust

255,286

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

227,187

176,583

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

140,883

178,215

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

151,546

Residential

Asset

Securitization

Trust

263,065

4.692%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

251,275

Residential

Funding

Mortgage

Security

I

Trust

420,550

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

341,435

Roc

Mortgage

Trust

800,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,c

804,469

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Collateralized

Mortgage

Obligations  7.8%

-

continued

Saluda

Grade

Alternative

Mortgage

Trust

$

1,200,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

$

1,207,862

Sequoia

Mortgage

Trust

294,725

3.573%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

193,414

Structured

Adjustable

Rate

Mortgage

Loan

Trust

116,882

4.652%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

102,746

Toorak

Mortgage

Trust

1,000,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,c

1,005,781

Triangle

Re,

Ltd.

577,524

7.756%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

582,898

Verus

Securitization

Trust

1,029,180

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,c

1,037,867

650,601

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

587,169

416,934

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,c

417,018

Vontive

Mortgage

Trust

850,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

865,016

WaMu

Mortgage

Pass-Through

Certificates

79,287

6.491%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

79,260

Washington

Mutual

Mortgage

Pass-Through

Certificates

226,439

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

197,733

Total

46,425,551

Commercial

Mortgage-Backed

Securities  1.1%

AMSR

Trust

800,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

761,021

BANK

2018-BNK12

650,000

4.473%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

637,721

BANK

2025-BNK49

4,592,061

0.833%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,g

217,629

BBCMS

Mortgage

Trust

3,971,987

1.324%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,g

253,536

400,000

5.382%, 

9/15/2058,

Ser.

2025-5C37,

Class

AS

b

409,101

FirstKey

Homes

Trust

900,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

895,653

HTAP

Issuer

Trust

857,207

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

858,246

Progress

Residential

Trust

1,500,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

1,472,516

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Commercial

Mortgage-Backed

Securities  1.1%

-

continued

Silver

Hill

Trust

$

48,510

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

$

48,031

Velocity

Commercial

Capital

Loan

Trust

355,453

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

359,803

300,025

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

304,918

491,849

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

501,642

Total

6,719,817

Communications

Services  1.9%

AMC

Networks,

Inc.

104,000

10.250%, 

1/15/2029

a

109,590

American

Tower

Corporation

127,000

5.500%, 

3/15/2028

130,884

126,000

3.800%, 

8/15/2029

123,607

101,000

5.000%, 

1/31/2030

103,359

180,000

4.900%, 

3/15/2030

183,553

AppLovin

Corporation

140,000

5.500%, 

12/1/2034

144,514

AT&T,

Inc.

144,000

5.700%, 

3/1/2057

f

141,984

92,000

6.050%, 

8/15/2056

95,360

445,000

3.550%, 

9/15/2055

306,658

Bell

Telephone

Company

of

Canada

93,000

7.000%, 

9/15/2055

b

97,195

87,000

5.100%, 

5/11/2033

88,535

Cable

One,

Inc.,

Convertible

176,000

Zero

Coupon, 

3/15/2026

f

171,425

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

139,000

5.125%, 

5/1/2027

a

138,067

34,000

5.000%, 

2/1/2028

a

33,673

372,000

4.750%, 

3/1/2030

a

356,959

224,000

4.250%, 

2/1/2031

a

206,356

19,000

4.750%, 

2/1/2032

a,f

17,570

250,000

4.250%, 

1/15/2034

a,f

216,141

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

95,000

6.700%, 

12/1/2055

96,135

142,000

6.550%, 

6/1/2034

151,332

Comcast

Corporation

143,000

6.050%, 

5/15/2055

f

147,786

264,000

5.650%, 

6/1/2054

259,086

Crown

Castle,

Inc.

133,000

2.900%, 

3/15/2027

130,436

55,000

4.900%, 

9/1/2029

55,790

Deluxe

Corporation

92,000

8.125%, 

9/15/2029

a

96,068

Deutsche

Telekom

International

Finance

BV

244,000

8.750%, 

6/15/2030

287,605

DIRECTV

Financing,

LLC

31,000

8.875%, 

2/1/2030

a

30,743

80,000

8.875%, 

2/1/2030

a

79,018

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Communications

Services  1.9%

-

continued

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

$

172,000

5.875%, 

8/15/2027

a

$

171,807

62,000

10.000%, 

2/15/2031

a

61,909

FiberCop

SPA

178,000

6.000%, 

9/30/2034

a

169,663

Frontier

Communications

Holdings,

LLC

83,000

5.875%, 

10/15/2027

a

82,950

Gray

Media,

Inc.

47,000

10.500%, 

7/15/2029

a,f

50,819

42,000

7.250%, 

8/15/2033

a

41,620

Level

3

Financing,

Inc.

33,000

3.625%, 

1/15/2029

a

28,560

47,000

4.875%, 

6/15/2029

a

44,185

129,000

6.875%, 

6/30/2033

a

131,474

123,000

7.000%, 

3/31/2034

a

125,129

Liberty

Media

Corporation-Liberty

Formula

One,

Convertible

8,000

2.250%, 

8/15/2027

10,608

Maya

SAS/Paris,

France

75,000

8.500%, 

4/15/2031

a

80,437

103,000

7.000%, 

4/15/2032

a

105,040

McGraw-Hill

Education,

Inc.

228,000

5.750%, 

8/1/2028

a

227,866

Meta

Platforms,

Inc.

162,000

5.550%, 

8/15/2064

160,810

Nexstar

Media,

Inc.

101,000

4.750%, 

11/1/2028

a,f

98,580

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

86,000

4.625%, 

3/15/2030

a,f

82,654

Paramount

Global

190,000

6.375%, 

3/30/2062

b

189,683

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b

49,615

48,000

7.000%, 

4/15/2055

b

50,040

153,000

7.125%, 

4/15/2055

b

162,205

132,000

5.000%, 

2/15/2029

134,519

Scripps

Escrow

II,

Inc.

41,000

3.875%, 

1/15/2029

a,f

36,120

Sinclair

Television

Group,

Inc.

32,000

8.125%, 

2/15/2033

a

32,841

Sirius

XM

Radio,

LLC

181,000

5.000%, 

8/1/2027

a

180,131

58,000

4.000%, 

7/15/2028

a

56,044

60,000

3.875%, 

9/1/2031

a,f

54,377

Snap,

Inc.

55,000

6.875%, 

3/15/2034

a

55,667

Snap,

Inc.,

Convertible

69,000

0.750%, 

8/1/2026

65,835

313,000

0.500%, 

5/1/2030

267,615

Sprint

Capital

Corporation

286,000

6.875%, 

11/15/2028

307,635

136,000

8.750%, 

3/15/2032

165,687

Take-Two

Interactive

Software,

Inc.

108,000

5.600%, 

6/12/2034

112,779

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

a

198,396

TELUS

Corporation

180,000

6.625%, 

10/15/2055

b

185,312

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Communications

Services  1.9%

-

continued

T-Mobile

USA,

Inc.

$

89,000

5.500%, 

1/15/2055

$

86,052

167,000

5.250%, 

6/15/2055

155,458

165,000

3.375%, 

4/15/2029

160,203

60,000

5.125%, 

5/15/2032

61,749

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

246,000

4.750%, 

4/15/2028

a

240,898

Univision

Communications,

Inc.

31,000

8.000%, 

8/15/2028

a

32,123

140,000

4.500%, 

5/1/2029

a,f

132,052

114,000

7.375%, 

6/30/2030

a,f

114,545

63,000

8.500%, 

7/31/2031

a

65,056

Verizon

Communications,

Inc.

103,000

5.500%, 

2/23/2054

f

101,450

194,000

2.355%, 

3/15/2032

170,126

150,000

4.780%, 

2/15/2035

147,557

126,000

5.250%, 

4/2/2035

128,131

139,000

5.401%, 

7/2/2037

a

141,218

Viasat,

Inc.

66,000

5.625%, 

4/15/2027

a

65,734

Virgin

Media

Finance

plc

97,000

5.000%, 

7/15/2030

a

90,094

Virgin

Media

Secured

Finance

plc

206,000

5.500%, 

5/15/2029

a

203,671

Virgin

Media

Vendor

Financing

Notes

IV

DAC

40,000

5.000%, 

7/15/2028

a

39,182

VMED

O2

UK

Financing

I

plc

80,000

7.750%, 

4/15/2032

a

84,051

Vodafone

Group

plc

114,000

5.125%, 

6/4/2081

b

89,848

83,000

5.875%, 

6/28/2064

82,617

240,000

7.000%, 

4/4/2079

b

253,571

VZ

Secured

Financing

BV

128,000

5.000%, 

1/15/2032

a

115,804

WarnerMedia

Holdings,

Inc.

54,000

5.141%, 

3/15/2052

40,230

224,000

4.054%, 

3/15/2029

216,160

61,000

4.279%, 

3/15/2032

55,891

175,000

5.050%, 

3/15/2042

139,706

Windstream

Services,

LLC

67,000

7.500%, 

10/15/2033

a,e

66,982

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

87,000

8.250%, 

10/1/2031

a

90,121

Zegona

Finance

plc

77,000

8.625%, 

7/15/2029

a

81,967

Ziggo

BV

86,000

4.875%, 

1/15/2030

a

81,172

Total

11,511,460

Consumer

Cyclical  2.8%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

111,000

4.375%, 

1/15/2028

a

109,066

215,000

5.625%, 

9/15/2029

a

217,585

Adient

Global

Holdings,

Ltd.

44,000

8.250%, 

4/15/2031

a,f

46,146

65,000

7.500%, 

2/15/2033

a

67,305

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Cyclical  2.8%

-

continued

ADT

Security

Corporation

$

86,000

4.875%, 

7/15/2032

a

$

83,286

Advance

Auto

Parts,

Inc.

57,000

7.000%, 

8/1/2030

a

58,645

57,000

7.375%, 

8/1/2033

a

58,781

Alimentation

Couche-Tard,

Inc.

144,000

5.617%, 

2/12/2054

a,f

143,893

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

294,000

4.625%, 

6/1/2028

a

288,169

Allison

Transmission,

Inc.

51,000

3.750%, 

1/30/2031

a

47,118

American

Axle

&

Manufacturing,

Inc.

225,000

5.000%, 

10/1/2029

f

213,813

54,000

6.375%, 

10/15/2032

a,e

53,909

53,000

7.750%, 

10/15/2033

a,e

53,413

American

Honda

Finance

Corporation

135,000

4.900%, 

1/10/2034

f

136,003

Asbury

Automotive

Group,

Inc.

136,000

5.000%, 

2/15/2032

a

130,592

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

180,000

4.625%, 

8/1/2029

a

172,363

Aston

Martin

Capital

Holdings,

Ltd.

114,000

10.000%, 

3/31/2029

a,f

111,612

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

71,000

9.500%, 

7/1/2032

a

74,310

Beach

Acquisition

Bidco,

LLC

64,000

10.000%, 

7/15/2033

a

69,034

Belron

UK

Finance

plc

81,000

5.750%, 

10/15/2029

a

82,056

Best

Buy

Company,

Inc.

98,000

1.950%, 

10/1/2030

87,062

Block

Financial,

LLC

163,000

5.375%, 

9/15/2032

164,311

Boyd

Gaming

Corporation

93,000

4.750%, 

6/15/2031

a

89,653

Brightstar

Lottery

plc

144,000

5.250%, 

1/15/2029

a

143,353

Brinker

International,

Inc.

58,000

8.250%, 

7/15/2030

a

61,357

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

114,000

4.875%, 

2/15/2030

a

106,914

Burlington

Stores,

Inc.,

Convertible

117,000

1.250%, 

12/15/2027

157,540

Caesars

Entertainment,

Inc.

107,000

4.625%, 

10/15/2029

a

102,317

97,000

6.500%, 

2/15/2032

a

98,939

Carnival

Corporation

53,000

5.125%, 

5/1/2029

a,e

53,000

145,000

5.750%, 

8/1/2032

a

147,563

40,000

6.125%, 

2/15/2033

a

41,001

Carnival

Corporation,

Convertible

207,000

5.750%, 

12/1/2027

462,321

Carvana

Company

71,690

9.000%, 

6/1/2031

a

81,169

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Cyclical  2.8%

-

continued

Churchill

Downs,

Inc.

$

116,000

6.750%, 

5/1/2031

a

$

118,883

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

38,000

0.625%, 

6/15/2026

36,366

39,000

1.750%, 

9/15/2030

a

35,929

Cushman

&

Wakefield

US

Borrower,

LLC

39,000

6.750%, 

5/15/2028

a

39,355

Dana,

Inc.

117,000

4.500%, 

2/15/2032

f

115,205

DraftKings

Holdings,

Inc.,

Convertible

481,000

Zero

Coupon, 

3/15/2028

431,697

Dream

Finders

Homes,

Inc.

80,000

6.875%, 

9/15/2030

a

80,476

eG

Global

Finance

plc

39,000

12.000%, 

11/30/2028

a

42,836

Expedia

Group,

Inc.

165,000

5.400%, 

2/15/2035

169,325

Expedia

Group,

Inc.,

Convertible

161,000

Zero

Coupon, 

2/15/2026

162,127

EZCORP,

Inc.,

Convertible

95,000

3.750%, 

12/15/2029

a

173,470

Ford

Motor

Company,

Convertible

277,000

Zero

Coupon, 

3/15/2026

280,739

Ford

Motor

Credit

Company,

LLC

200,000

5.850%, 

5/17/2027

202,472

168,000

2.900%, 

2/10/2029

155,656

148,000

7.122%, 

11/7/2033

158,194

Forestar

Group,

Inc.

48,000

6.500%, 

3/15/2033

a

49,104

FORVIA

SE

87,000

8.000%, 

6/15/2030

a,f

92,053

51,000

6.750%, 

9/15/2033

a

51,742

Gap,

Inc.

56,000

3.625%, 

10/1/2029

a

52,387

22,000

3.875%, 

10/1/2031

a

19,989

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

109,000

7.750%, 

5/31/2032

a

114,341

General

Motors

Company

117,000

5.350%, 

4/15/2028

119,709

General

Motors

Financial

Company,

Inc.

135,000

5.800%, 

6/23/2028

139,896

104,000

5.800%, 

1/7/2029

108,083

193,000

4.900%, 

10/6/2029

195,231

36,000

5.700%, 

9/30/2030

b,f,h

35,841

63,000

5.750%, 

2/8/2031

65,636

53,000

5.625%, 

4/4/2032

54,702

194,000

5.950%, 

4/4/2034

201,479

Genting

New

York,

LLC/GENNY

Capital,

Inc.

34,000

7.250%, 

10/1/2029

a

35,121

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

58,000

11.500%, 

8/15/2029

a,f

61,190

52,000

8.750%, 

1/15/2032

a

50,570

Goodyear

Tire

&

Rubber

Company

78,000

4.875%, 

3/15/2027

77,536

66,000

5.000%, 

7/15/2029

63,735

Group

1

Automotive,

Inc.

36,000

6.375%, 

1/15/2030

a

36,829

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Cyclical  2.8%

-

continued

Hilton

Domestic

Operating

Company,

Inc.

$

99,000

4.875%, 

1/15/2030

$

98,445

39,000

4.000%, 

5/1/2031

a

36,903

219,000

3.625%, 

2/15/2032

a

200,408

56,000

5.750%, 

9/15/2033

a

56,748

Home

Depot,

Inc.

81,000

5.300%, 

6/25/2054

79,275

81,000

5.400%, 

6/25/2064

80,020

51,000

3.250%, 

4/15/2032

47,764

Hyundai

Capital

America

2,000

5.500%, 

3/30/2026

a

2,010

147,000

3.000%, 

2/10/2027

a

144,452

89,000

6.500%, 

1/16/2029

a

94,341

Jacobs

Entertainment,

Inc.

158,000

6.750%, 

2/15/2029

a

154,241

K

Hovnanian

Enterprises,

Inc.

40,000

8.000%, 

4/1/2031

a

41,017

KB

Home

108,000

4.800%, 

11/15/2029

106,881

Kingpin

Intermediate

Holdings,

LLC

50,000

7.250%, 

10/15/2032

a

47,509

L

Brands,

Inc.

110,000

6.625%, 

10/1/2030

a

112,453

86,000

6.875%, 

11/1/2035

89,442

Las

Vegas

Sands

Corporation

40,000

5.900%, 

6/1/2027

40,808

50,000

5.625%, 

6/15/2028

51,118

Lennar

Corporation

128,000

5.200%, 

7/30/2030

131,834

Life

Time,

Inc.

94,000

6.000%, 

11/15/2031

a

95,501

Light

&

Wonder

International,

Inc.

55,000

7.250%, 

11/15/2029

a

56,450

Lindblad

Expeditions,

LLC

55,000

7.000%, 

9/15/2030

a

56,061

Lithia

Motors,

Inc.

27,000

4.625%, 

12/15/2027

a

26,734

Live

Nation

Entertainment,

Inc.

87,000

4.750%, 

10/15/2027

a

86,424

Live

Nation

Entertainment,

Inc.,

Convertible

189,000

3.125%, 

1/15/2029

304,878

150,000

2.875%, 

1/15/2030

a

166,275

Macy's

Retail

Holdings,

LLC

28,000

7.375%, 

8/1/2033

a

29,196

Marriott

International,

Inc./MD

83,000

4.900%, 

4/15/2029

84,729

68,000

5.100%, 

4/15/2032

69,789

Marriott

Ownership

Resorts,

Inc.

216,000

6.500%, 

10/1/2033

a

215,012

Marriott

Vacations

Worldwide

Corporation,

Convertible

123,000

Zero

Coupon, 

1/15/2026

120,934

191,000

3.250%, 

12/15/2027

182,061

Match

Group

Holdings

II,

LLC

64,000

4.125%, 

8/1/2030

a

60,448

Mattamy

Group

Corporation

116,000

5.250%, 

12/15/2027

a

115,249

Melco

Resorts

Finance,

Ltd.

217,000

5.375%, 

12/4/2029

a

212,809

122,000

7.625%, 

4/17/2032

a

127,806

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Cyclical  2.8%

-

continued

$

51,000

6.500%, 

9/24/2033

a

$

51,040

Meritage

Homes

Corporation

136,000

5.650%, 

3/15/2035

138,090

Meritage

Homes

Corporation,

Convertible

99,000

1.750%, 

5/15/2028

f

101,323

MGM

Resorts

International

55,000

6.125%, 

9/15/2029

55,979

Michaels

Companies,

Inc.

35,000

5.250%, 

5/1/2028

a

32,214

Millrose

Properties,

Inc.

68,000

6.375%, 

8/1/2030

a

69,155

36,000

6.250%, 

9/15/2032

a

36,094

Muvico,

LLC

43,000

9.000%,PIK

6.000%,

2/19/2029

a,f,i

46,632

NCL

Corporation,

Ltd.

81,000

5.875%, 

1/15/2031

a

80,997

140,000

6.750%, 

2/1/2032

a

143,980

67,000

6.250%, 

9/15/2033

a

67,347

New

Home

Company,

Inc.

58,000

8.500%, 

11/1/2030

a

60,208

Nissan

Motor

Acceptance

Company,

LLC

110,000

5.625%, 

9/29/2028

a

110,071

110,000

6.125%, 

9/30/2030

a

110,038

Nissan

Motor

Company,

Ltd.

52,000

7.500%, 

7/17/2030

a

54,574

93,000

4.810%, 

9/17/2030

a

87,614

PetSmart,

LLC/PetSmart

Finance

Corporation

78,000

7.500%, 

9/15/2032

a

78,116

Phinia,

Inc.

55,000

6.625%, 

10/15/2032

a

56,685

Rakuten

Group,

Inc.

28,000

11.250%, 

2/15/2027

a

30,348

140,000

9.750%, 

4/15/2029

a

157,425

56,000

8.125%, 

12/15/2029

a,b,h

58,212

Raven

Acquisition

Holdings,

LLC

67,000

6.875%, 

11/15/2031

a

68,854

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

32,000

4.625%, 

4/16/2029

a

28,968

S&S

Holdings,

LLC

60,000

8.375%, 

10/1/2031

a

58,822

Service

Corporation

International/

US

78,000

3.375%, 

8/15/2030

72,272

Six

Flags

Entertainment

Corporation

38,000

7.250%, 

5/15/2031

a,f

38,015

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

39,000

5.375%, 

4/15/2027

38,899

79,000

5.250%, 

7/15/2029

76,399

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

39,000

6.625%, 

5/1/2032

a,f

39,734

Sonic

Automotive,

Inc.

95,000

4.875%, 

11/15/2031

a,f

90,840

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Cyclical  2.8%

-

continued

Staples,

Inc.

$

69,000

10.750%, 

9/1/2029

a

$

68,225

Station

Casinos,

LLC

48,000

4.625%, 

12/1/2031

a

45,279

Tenneco,

Inc.

138,000

8.000%, 

11/17/2028

a

138,252

Toyota

Motor

Credit

Corporation

135,000

4.800%, 

5/15/2030

138,261

88,000

5.550%, 

11/20/2030

93,158

87,000

4.800%, 

1/5/2034

88,539

Tractor

Supply

Company

88,000

5.250%, 

5/15/2033

90,737

Uber

Technologies,

Inc.

150,000

4.800%, 

9/15/2034

150,282

136,000

4.800%, 

9/15/2035

134,766

Uber

Technologies,

Inc.,

Convertible

116,000

Zero

Coupon, 

12/15/2025

141,288

114,000

Zero

Coupon, 

5/15/2028

a

121,068

168,000

0.875%, 

12/1/2028

246,960

Vail

Resorts,

Inc.

40,000

5.625%, 

7/15/2030

a

40,250

Vail

Resorts,

Inc.,

Convertible

155,000

Zero

Coupon, 

1/1/2026

152,830

VICI

Properties,

LP/VICI

Note

Company,

Inc.

326,000

5.750%, 

2/1/2027

a

330,069

Victoria's

Secret

&

Company

27,000

4.625%, 

7/15/2029

a,f

25,773

Victra

Holdings,

LLC/Victra

Finance

Corporation

38,000

8.750%, 

9/15/2029

a,f

39,838

Viking

Cruises,

Ltd.

102,000

5.875%, 

9/15/2027

a

102,039

128,000

5.875%, 

10/15/2033

a,e

128,090

Wayfair,

LLC

40,000

7.250%, 

10/31/2029

a

41,242

71,000

7.750%, 

9/15/2030

a

74,461

Wyndham

Hotels

&

Resorts,

Inc.

134,000

4.375%, 

8/15/2028

a

130,810

Wynn

Macau,

Ltd.

75,000

6.750%, 

2/15/2034

a

76,032

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

190,000

7.125%, 

2/15/2031

a

204,506

Yum!

Brands,

Inc.

184,000

4.750%, 

1/15/2030

a

182,859

ZF

North

America

Capital,

Inc.

150,000

7.125%, 

4/14/2030

a

148,529

67,000

6.750%, 

4/23/2030

a

65,384

Total

16,806,000

Consumer

Non-Cyclical  3.0%

1261229

B.C.,

Ltd.

111,000

10.000%, 

4/15/2032

a

113,781

AbbVie,

Inc.

220,000

5.500%, 

3/15/2064

219,884

260,000

4.500%, 

5/14/2035

255,138

132,000

5.350%, 

3/15/2044

132,425

Acadia

Healthcare

Company,

Inc.

75,000

7.375%, 

3/15/2033

a,f

77,864

AdaptHealth,

LLC

239,000

4.625%, 

8/1/2029

a

225,925

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Non-Cyclical  3.0%

-

continued

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

$

61,000

4.625%, 

1/15/2027

a

$

60,617

261,000

3.500%, 

3/15/2029

a

247,338

Altria

Group,

Inc.

88,000

6.200%, 

11/1/2028

92,935

Amneal

Pharmaceuticals,

LLC

28,000

6.875%, 

8/1/2032

a

28,958

Anheuser-Busch

InBev

Worldwide,

Inc.

266,000

5.000%, 

6/15/2034

274,416

294,000

5.450%, 

1/23/2039

303,766

AstraZeneca

Finance,

LLC

131,000

5.000%, 

2/26/2034

135,100

BAT

Capital

Corporation

97,000

6.343%, 

8/2/2030

104,714

93,000

7.750%, 

10/19/2032

108,681

Bausch

+

Lomb

Corporation

48,000

8.375%, 

10/1/2028

a

50,025

Becton,

Dickinson

and

Company

71,000

4.693%, 

2/13/2028

71,895

147,000

2.823%, 

5/20/2030

137,752

BellRing

Brands,

Inc.

45,000

7.000%, 

3/15/2030

a

46,473

BioMarin

Pharmaceutical,

Inc.,

Convertible

214,000

1.250%, 

5/15/2027

202,872

Bio-Rad

Laboratories,

Inc.

133,000

3.300%, 

3/15/2027

131,164

Bristol-Myers

Squibb

Company

176,000

5.550%, 

2/22/2054

175,412

89,000

5.750%, 

2/1/2031

95,191

43,000

5.900%, 

11/15/2033

46,738

Bunge,

Ltd.

Finance

Corporation

178,000

3.200%, 

4/21/2031

166,704

48,000

4.650%, 

9/17/2034

47,054

Cargill,

Inc.

172,000

2.125%, 

11/10/2031

a

151,090

286,000

5.125%, 

2/11/2035

a

294,621

Cencora,

Inc.

104,000

5.150%, 

2/15/2035

106,208

Central

Garden

&

Pet

Company

86,000

4.125%, 

10/15/2030

f

81,688

Champ

Acquisition

Corporation

43,000

8.375%, 

12/1/2031

a

45,715

Chefs'

Warehouse,

Inc.,

Convertible

187,000

2.375%, 

12/15/2028

269,841

CHS/Community

Health

Systems,

Inc.

58,000

6.875%, 

4/15/2029

a,f

46,110

109,000

10.875%, 

1/15/2032

a

115,442

94,000

9.750%, 

1/15/2034

a

96,303

Cigna

Group

88,000

5.600%, 

2/15/2054

86,535

110,000

2.400%, 

3/15/2030

101,531

176,000

4.875%, 

9/15/2032

177,775

169,000

5.250%, 

1/15/2036

171,154

Coca-Cola

Company

88,000

5.300%, 

5/13/2054

87,603

Conagra

Brands,

Inc.

137,000

5.750%, 

8/1/2035

139,462

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Non-Cyclical  3.0%

-

continued

Concentra

Health

Services,

Inc.

$

66,000

6.875%, 

7/15/2032

a

$

68,533

Constellation

Brands,

Inc.

90,000

4.800%, 

1/15/2029

91,410

195,000

3.150%, 

8/1/2029

187,532

32,000

4.900%, 

5/1/2033

32,299

CVS

Health

Corporation

176,000

6.050%, 

6/1/2054

178,030

168,000

6.750%, 

12/10/2054

b

173,415

81,000

5.000%, 

2/20/2026

81,116

77,000

4.300%, 

3/25/2028

77,051

267,000

4.780%, 

3/25/2038

250,242

282,000

6.000%, 

6/1/2044

286,093

DaVita,

Inc.

40,000

3.750%, 

2/15/2031

a

36,636

111,000

6.875%, 

9/1/2032

a

114,667

58,000

6.750%, 

7/15/2033

a

59,809

Edgewell

Personal

Care

Company

81,000

5.500%, 

6/1/2028

a

80,827

Eli

Lilly

&

Company

176,000

5.000%, 

2/9/2054

166,514

52,000

5.500%, 

2/12/2055

53,114

116,000

4.550%, 

10/15/2032

116,910

176,000

4.700%, 

2/27/2033

179,568

Embecta

Corporation

91,000

6.750%, 

2/15/2030

a,f

88,725

Encompass

Health

Corporation

101,000

4.500%, 

2/1/2028

100,136

Endo

Finance

Holdings,

Inc.

78,000

8.500%, 

4/15/2031

a,f

83,684

Energizer

Holdings,

Inc.

94,000

6.000%, 

9/15/2033

a

91,934

Envista

Holdings

Corporation,

Convertible

76,000

1.750%, 

8/15/2028

71,582

General

Mills,

Inc.

35,000

4.950%, 

3/29/2033

35,470

Gilead

Sciences,

Inc.

89,000

5.250%, 

10/15/2033

93,335

Grifols

SA

25,000

4.750%, 

10/15/2028

a

24,284

HCA,

Inc.

80,000

5.950%, 

9/15/2054

79,825

114,000

5.250%, 

3/1/2030

117,696

150,000

5.750%, 

3/1/2035

156,821

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

74,000

4.875%, 

6/1/2029

a

65,064

Insulet

Corporation

36,000

6.500%, 

4/1/2033

a

37,427

Integer

Holdings

Corporation,

Convertible

72,000

2.125%, 

2/15/2028

93,852

320,000

1.875%, 

3/15/2030

a

310,080

IQVIA,

Inc.

116,000

6.250%, 

6/1/2032

a

119,264

Jazz

Investments

I,

Ltd.,

Convertible

193,000

2.000%, 

6/15/2026

204,869

229,000

3.125%, 

9/15/2030

f

271,708

Jazz

Securities

DAC

66,000

4.375%, 

1/15/2029

a

64,300

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Non-Cyclical  3.0%

-

continued

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

$

114,000

3.625%, 

1/15/2032

$

106,267

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

114,000

6.375%, 

4/15/2066

a

117,197

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

130,000

5.950%, 

4/20/2035

a

136,565

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

78,000

9.000%, 

2/15/2029

a

82,068

Kenvue,

Inc.

162,000

4.850%, 

5/22/2032

164,339

Keurig

Dr

Pepper,

Inc.

107,000

3.200%, 

5/1/2030

100,941

Kraft

Heinz

Foods

Company

87,000

6.750%, 

3/15/2032

96,172

135,000

5.400%, 

3/15/2035

f

137,934

59,000

5.000%, 

6/4/2042

54,466

Lamb

Weston

Holdings,

Inc.

66,000

4.375%, 

1/31/2032

a

62,378

LCI

Industries,

Convertible

192,000

3.000%, 

3/1/2030

a

196,032

LifePoint

Health,

Inc.

52,000

9.875%, 

8/15/2030

a

56,313

98,000

11.000%, 

10/15/2030

a

108,011

Mars,

Inc.

15,000

5.650%, 

5/1/2045

a

15,216

Mattel,

Inc.

272,000

3.375%, 

4/1/2026

a

270,047

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

78,000

6.250%, 

4/1/2029

a

79,982

Medtronic

Global

Holdings

SCA

86,000

4.500%, 

3/30/2033

86,057

Mozart

Debt

Merger

Sub,

Inc.

135,000

3.875%, 

4/1/2029

a

130,200

141,000

5.250%, 

10/1/2029

a

139,781

Nestle

Capital

Corporation

150,000

5.100%, 

3/12/2054

a

145,557

Newell

Brands,

Inc.

81,000

6.375%, 

9/15/2027

82,105

80,000

6.625%, 

9/15/2029

80,457

40,000

6.375%, 

5/15/2030

39,632

Novartis

Capital

Corporation

204,000

4.700%, 

9/18/2054

186,204

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

169,000

5.125%, 

4/30/2031

a,f

148,052

Owens

&

Minor,

Inc.

58,000

6.625%, 

4/1/2030

a,f

47,850

PepsiCo,

Inc.

167,000

5.250%, 

7/17/2054

164,673

Performance

Food

Group,

Inc.

117,000

4.250%, 

8/1/2029

a

113,652

82,000

6.125%, 

9/15/2032

a

83,993

Perrigo

Finance

Unlimited

Company

136,000

4.900%, 

6/15/2030

132,731

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Consumer

Non-Cyclical  3.0%

-

continued

Philip

Morris

International,

Inc.

$

93,000

5.625%, 

11/17/2029

$

97,857

88,000

5.125%, 

2/13/2031

91,071

93,000

5.750%, 

11/17/2032

99,086

132,000

5.250%, 

2/13/2034

136,302

76,000

4.900%, 

11/1/2034

76,598

Post

Holdings,

Inc.

117,000

4.625%, 

4/15/2030

a

112,789

195,000

4.500%, 

9/15/2031

a

182,179

Post

Holdings,

Inc.,

Convertible

375,000

2.500%, 

8/15/2027

420,750

Prime

Healthcare

Services,

Inc.

106,000

9.375%, 

9/1/2029

a

110,240

Radiology

Partners,

Inc.

40,000

8.500%, 

7/15/2032

a

41,393

Roche

Holdings,

Inc.

130,000

5.218%, 

3/8/2054

a

127,993

136,000

2.076%, 

12/13/2031

a

119,350

Royalty

Pharma

plc

123,000

5.150%, 

9/2/2029

126,200

75,000

5.200%, 

9/25/2035

74,936

Simmons

Foods,

Inc.

186,000

4.625%, 

3/1/2029

a

178,312

Sotera

Health

Holdings,

LLC

80,000

7.375%, 

6/1/2031

a

84,001

Spectrum

Brands,

Inc.,

Convertible

226,000

3.375%, 

6/1/2029

209,728

Star

Parent,

Inc.

84,000

9.000%, 

10/1/2030

a

88,804

Stryker

Corporation

100,000

5.200%, 

2/10/2035

103,125

Sysco

Corporation

84,000

5.950%, 

4/1/2030

89,039

Takeda

Pharmaceutical

Company,

Ltd.

230,000

5.650%, 

7/5/2054

229,697

161,000

5.000%, 

11/26/2028

164,532

Tenet

Healthcare

Corporation

277,000

5.125%, 

11/1/2027

276,492

281,000

4.375%, 

1/15/2030

273,285

US

Acute

Care

Solutions,

LLC

76,000

9.750%, 

5/15/2029

a

77,823

Whirlpool

Corporation

47,000

6.500%, 

6/15/2033

46,903

Winnebago

Industries,

Inc.,

Convertible

302,000

3.250%, 

1/15/2030

269,686

Wyeth,

LLC

215,000

6.500%, 

2/1/2034

243,106

Zoetis,

Inc.

131,000

5.600%, 

11/16/2032

139,324

Total

17,523,195

Energy  2.3%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

164,000

5.375%, 

6/15/2029

a

163,399

APA

Corporation

131,000

4.375%, 

10/15/2028

127,707

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Energy  2.3%

-

continued

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

$

84,000

6.250%, 

4/1/2028

a

$

84,116

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

78,000

5.875%, 

6/30/2029

a

77,839

58,000

6.625%, 

7/15/2033

a

58,966

Baytex

Energy

Corporation

90,000

8.500%, 

4/30/2030

a

92,481

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

124,000

7.000%, 

7/15/2029

a

128,580

BP

Capital

Markets

America,

Inc.

127,000

4.812%, 

2/13/2033

128,494

120,000

5.227%, 

11/17/2034

123,946

BP

Capital

Markets

plc

165,000

4.875%, 

3/22/2030

b,h

163,834

177,000

6.450%, 

12/1/2033

b,h

188,993

Buckeye

Partners,

LP

111,000

4.500%, 

3/1/2028

a

109,621

85,000

6.875%, 

7/1/2029

a

88,092

California

Resources

Corporation

93,000

8.250%, 

6/15/2029

a

96,985

30,000

7.000%, 

1/15/2034

a,e

29,793

Cheniere

Energy

Partners,

LP

97,000

4.500%, 

10/1/2029

96,689

97,000

3.250%, 

1/31/2032

88,368

114,000

5.950%, 

6/30/2033

120,680

Cheniere

Energy,

Inc.

77,000

5.650%, 

4/15/2034

79,375

Civitas

Resources,

Inc.

37,000

8.375%, 

7/1/2028

a

38,352

131,000

8.750%, 

7/1/2031

a

134,211

87,000

9.625%, 

6/15/2033

a

91,890

CNX

Resources

Corporation

101,000

6.000%, 

1/15/2029

a

101,041

CNX

Resources

Corporation,

Convertible

136,000

2.250%, 

5/1/2026

340,272

Columbia

Pipelines

Holding

Company,

LLC

78,000

6.055%, 

8/15/2026

a

79,050

175,000

6.042%, 

8/15/2028

a

182,614

Comstock

Resources,

Inc.

84,000

6.750%, 

3/1/2029

a

83,496

183,000

5.875%, 

1/15/2030

a

176,239

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

107,000

5.500%, 

6/15/2031

a

106,005

Crescent

Energy

Finance,

LLC

70,000

7.625%, 

4/1/2032

a

69,516

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

175,000

8.625%, 

3/15/2029

a

182,490

57,000

7.375%, 

6/30/2033

a

57,963

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

64,000

8.500%, 

10/1/2030

a

67,820

Diamondback

Energy,

Inc.

208,000

5.750%, 

4/18/2054

200,219

Eastern

Energy

Gas

Holdings,

LLC

153,000

5.800%, 

1/15/2035

160,963

Enbridge,

Inc.

140,000

7.375%, 

1/15/2083

b

145,478

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Energy  2.3%

-

continued

$

182,000

7.625%, 

1/15/2083

b

$

197,236

132,000

5.950%, 

4/5/2054

135,572

44,000

5.700%, 

3/8/2033

46,304

Enerflex,

Ltd.

52,000

9.000%, 

10/15/2027

a

52,945

Energy

Transfer,

LP

136,000

6.500%, 

2/15/2056

b

135,363

89,000

5.950%, 

5/15/2054

86,190

107,000

8.000%, 

5/15/2054

b

114,343

88,000

6.050%, 

9/1/2054

86,405

54,000

7.125%, 

5/15/2030

b,h

55,798

87,000

6.400%, 

12/1/2030

94,292

Enterprise

Products

Operating,

LLC

115,000

5.550%, 

2/16/2055

113,665

Excelerate

Energy,

LP

29,000

8.000%, 

5/15/2030

a

30,870

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

124,000

8.875%, 

4/15/2030

131,276

102,000

7.875%, 

5/15/2032

106,381

Harvest

Midstream

I,

LP

195,000

7.500%, 

9/1/2028

a

197,098

Hess

Midstream

Operations,

LP

175,000

4.250%, 

2/15/2030

a

169,617

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

162,000

5.750%, 

2/1/2029

a

159,586

78,000

6.000%, 

4/15/2030

a

76,654

40,000

6.250%, 

4/15/2032

a

38,374

Howard

Midstream

Energy

Partners,

LLC

66,000

7.375%, 

7/15/2032

a

68,510

81,000

6.625%, 

1/15/2034

a

82,586

ITT

Holdings,

LLC

140,000

6.500%, 

8/1/2029

a

137,639

Kinder

Morgan,

Inc.

162,000

5.950%, 

8/1/2054

163,151

Kodiak

Gas

Services,

LLC

54,000

6.500%, 

10/1/2033

a

54,981

27,000

6.750%, 

10/1/2035

a

27,722

MEG

Energy

Corporation

65,000

5.875%, 

2/1/2029

a

64,996

MPLX,

LP

136,000

4.800%, 

2/15/2031

136,821

43,000

5.000%, 

3/1/2033

43,011

123,000

5.500%, 

6/1/2034

125,348

Nabors

Industries,

Inc.

61,000

7.375%, 

5/15/2027

a

61,922

117,000

9.125%, 

1/31/2030

a

121,680

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

65,000

8.125%, 

2/15/2029

a

66,646

97,000

8.375%, 

2/15/2032

a

99,391

Noble

Finance

II,

LLC

78,000

8.000%, 

4/15/2030

a

80,735

Northern

Oil

and

Gas,

Inc.

90,000

8.750%, 

6/15/2031

a

92,979

Northern

Oil

and

Gas,

Inc.,

Convertible

329,000

3.625%, 

4/15/2029

329,493

5,000

3.625%, 

4/15/2029

a

5,007

Occidental

Petroleum

Corporation

58,000

5.000%, 

8/1/2027

58,607

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Energy  2.3%

-

continued

$

174,000

8.875%, 

7/15/2030

$

201,029

ONEOK,

Inc.

168,000

5.700%, 

11/1/2054

158,604

87,000

5.650%, 

11/1/2028

90,219

113,000

4.750%, 

10/15/2031

113,036

Ovintiv,

Inc.

124,000

7.200%, 

11/1/2031

136,744

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

127,000

6.000%, 

2/15/2028

126,220

30,000

7.875%, 

9/15/2030

a

29,620

Phillips

66

Company

76,000

6.200%, 

3/15/2056

b

76,203

Pioneer

Natural

Resources

Company

120,000

1.900%, 

8/15/2030

107,770

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

191,000

4.650%, 

10/15/2025

191,001

Prairie

Acquiror,

LP

130,000

9.000%, 

8/1/2029

a

135,344

Precision

Drilling

Corporation

77,000

6.875%, 

1/15/2029

a

77,414

Range

Resources

Corporation

140,000

4.750%, 

2/15/2030

a

136,938

Rockies

Express

Pipeline,

LLC

98,000

4.950%, 

7/15/2029

a

97,205

Saturn

Oil

&

Gas,

Inc.

36,000

9.625%, 

6/15/2029

a,f

37,295

Schlumberger

Holdings

Corporation

61,000

4.300%, 

5/1/2029

a

61,250

SESI,

LLC

53,000

7.875%, 

9/30/2030

a,e

53,000

SM

Energy

Company

61,000

6.500%, 

7/15/2028

61,398

53,000

7.000%, 

8/1/2032

a

53,041

South

Bow

USA

Infrastructure

Holdings,

LLC

46,000

5.584%, 

10/1/2034

46,247

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

78,000

5.875%, 

3/1/2027

77,776

Sunoco,

LP

92,000

7.000%, 

5/1/2029

a

95,257

108,000

5.875%, 

3/15/2034

a

107,065

Sunoco,

LP/Sunoco

Finance

Corporation

114,000

5.875%, 

3/15/2028

114,030

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

52,000

5.500%, 

1/15/2028

a

51,735

117,000

7.375%, 

2/15/2029

a

120,492

134,000

6.750%, 

3/15/2034

a

132,655

Talos

Production,

Inc.

34,000

9.000%, 

2/1/2029

a

35,157

Targa

Resources

Corporation

88,000

6.125%, 

5/15/2055

88,489

Targa

Resources

Partners,

LP

233,000

4.875%, 

2/1/2031

233,681

TGNR

Intermediate

Holdings,

LLC

185,000

5.500%, 

10/15/2029

a

181,031

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Energy  2.3%

-

continued

Tidewater,

Inc.

$

28,000

9.125%, 

7/15/2030

a

$

30,029

TotalEnergies

Capital

SA

264,000

5.488%, 

4/5/2054

261,115

TransCanada

Trust

133,000

5.875%, 

8/15/2076

b

133,080

Transocean

International,

Ltd.

31,000

8.250%, 

5/15/2029

a

30,562

82,500

8.750%, 

2/15/2030

a

86,804

UGI

Corporation,

Convertible

83,000

5.000%, 

6/1/2028

106,088

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

138,000

7.125%, 

3/15/2029

a

142,323

80,000

6.250%, 

10/1/2033

a

80,306

Valaris,

Ltd.

172,000

8.375%, 

4/30/2030

a

178,509

Venture

Global

LNG,

Inc.

158,000

8.125%, 

6/1/2028

a

163,541

118,000

9.000%, 

9/30/2029

a,b,h

116,947

188,000

8.375%, 

6/1/2031

a

197,394

129,000

9.875%, 

2/1/2032

a,f

140,445

Venture

Global

Plaquemines

LNG,

LLC

52,000

6.500%, 

1/15/2034

a

54,738

60,000

7.750%, 

5/1/2035

a

67,722

117,000

6.750%, 

1/15/2036

a

124,275

Vital

Energy,

Inc.

89,000

7.750%, 

7/31/2029

a

88,138

82,000

7.875%, 

4/15/2032

a,f

79,600

Williams

Companies,

Inc.

164,000

4.900%, 

3/15/2029

167,037

98,000

2.600%, 

3/15/2031

88,982

48,000

5.600%, 

3/15/2035

49,812

Total

13,729,164

Financials  7.8%

Acrisure,

LLC/Acrisure

Finance,

Inc.

22,000

4.250%, 

2/15/2029

a

21,195

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

150,000

6.950%, 

3/10/2055

b

157,005

150,000

5.750%, 

6/6/2028

155,414

254,000

3.000%, 

10/29/2028

244,778

175,000

5.375%, 

12/15/2031

180,992

Agree,

LP

91,000

5.625%, 

6/15/2034

94,743

Air

Lease

Corporation

180,000

4.650%, 

6/15/2026

b,h

177,632

98,000

3.125%, 

12/1/2030

90,602

Aircastle,

Ltd.

165,000

5.250%, 

6/15/2026

a,b,h

164,095

98,000

2.850%, 

1/26/2028

a

94,498

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

78,000

4.250%, 

10/15/2027

a

76,705

92,000

6.750%, 

4/15/2028

a

93,631

108,000

7.000%, 

1/15/2031

a

111,589

Ally

Financial,

Inc.

255,000

4.700%, 

5/15/2026

b,h

248,352

254,000

8.000%, 

11/1/2031

289,552

122,000

6.700%, 

2/14/2033

f

127,080

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

American

Express

Company

$

190,000

3.550%, 

9/15/2026

b,h

$

186,369

5,000

6.338%, 

10/30/2026

b

5,008

American

Homes

4

Rent,

LP

75,000

4.950%, 

6/15/2030

76,367

American

International

Group,

Inc.

176,000

5.125%, 

3/27/2033

181,056

Americold

Realty

Operating

Partnership,

LP

125,000

5.600%, 

5/15/2032

f

126,513

Ameriprise

Financial,

Inc.

166,000

5.200%, 

4/15/2035

169,098

AmWINS

Group,

Inc.

65,000

6.375%, 

2/15/2029

a

66,322

69,000

4.875%, 

6/30/2029

a

67,060

Aon

North

America,

Inc.

176,000

5.750%, 

3/1/2054

177,246

Apollo

Debt

Solutions

BDC

137,000

6.700%, 

7/29/2031

145,194

Ares

Capital

Corporation

108,000

5.875%, 

3/1/2029

111,117

Ares

Strategic

Income

Fund

220,000

5.450%, 

9/9/2028

a

221,716

Arthur

J.

Gallagher

&

Company

132,000

5.750%, 

7/15/2054

131,547

Aviation

Capital

Group,

LLC

96,000

4.875%, 

10/1/2025

a

96,000

Avolon

Holdings

Funding,

Ltd.

180,000

5.750%, 

3/1/2029

a

186,356

171,000

5.375%, 

5/30/2030

a

175,409

Azorra

Finance,

Ltd.

168,000

7.750%, 

4/15/2030

a

176,801

Banco

Santander

SA

82,000

4.750%, 

11/12/2026

b,h

80,568

Bank

of

America

Corporation

225,000

6.125%, 

4/27/2027

b,h

227,551

186,000

4.376%, 

4/27/2028

b

186,670

294,000

3.593%, 

7/21/2028

b

291,305

145,000

5.819%, 

9/15/2029

b

151,626

392,000

3.974%, 

2/7/2030

b

389,108

160,000

5.162%, 

1/24/2031

b

165,134

328,000

2.687%, 

4/22/2032

b

298,801

144,000

2.572%, 

10/20/2032

b

129,062

179,000

2.972%, 

2/4/2033

b

163,004

134,000

5.468%, 

1/23/2035

b

139,927

339,000

5.425%, 

8/15/2035

b

345,817

92,000

3.846%, 

3/8/2037

b

85,955

Bank

of

Montreal

92,000

3.088%, 

1/10/2037

b

81,893

Bank

of

New

York

Mellon

Corporation

150,000

5.950%, 

12/20/2030

b,h

151,675

91,000

6.474%, 

10/25/2034

b

101,427

Bank

of

Nova

Scotia

200,000

6.875%, 

10/27/2085

b,e

199,404

Barclays

plc

124,000

6.125%, 

12/15/2025

b,h

124,021

85,000

5.501%, 

8/9/2028

b

86,827

145,000

4.972%, 

5/16/2029

b

147,157

200,000

4.942%, 

9/10/2030

b

202,973

110,000

6.224%, 

5/9/2034

b

118,336

88,000

7.119%, 

6/27/2034

b

98,377

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

Belrose

Funding

Trust

II

$

127,000

6.792%, 

5/15/2055

a

$

137,533

BlackRock

Funding,

Inc.

88,000

5.250%, 

3/14/2054

85,819

Blackstone

Mortgage

Trust,

Inc.,

Convertible

26,000

5.500%, 

3/15/2027

25,480

Blackstone

Private

Credit

Fund

161,000

5.600%, 

11/22/2029

163,825

128,000

5.050%, 

9/10/2030

126,510

Blue

Owl

Credit

Income

Corporation

136,000

4.700%, 

2/8/2027

f

135,765

Blue

Owl

Technology

Finance

Corporation

48,000

4.750%, 

12/15/2025

a

47,879

171,000

6.100%, 

3/15/2028

a

173,199

44,000

6.750%, 

4/4/2029

45,395

BNP

Paribas

SA

122,000

3.132%, 

1/20/2033

a,b

111,027

100,000

7.450%, 

6/27/2035

a,b,h

104,375

Boston

Properties,

LP,

Convertible

108,000

2.000%, 

10/1/2030

a

107,568

Brixmor

Operating

Partnership,

LP

159,000

2.250%, 

4/1/2028

151,432

Brookfield

Asset

Management,

Ltd.

23,000

6.077%, 

9/15/2055

23,866

Brookfield

Finance,

Inc.

106,000

5.813%, 

3/3/2055

106,788

Brown

&

Brown,

Inc.

35,000

6.250%, 

6/23/2055

36,830

35,000

5.550%, 

6/23/2035

36,003

Burford

Capital

Global

Finance,

LLC

186,000

9.250%, 

7/1/2031

a

197,637

56,000

7.500%, 

7/15/2033

a

56,986

Capital

One

Financial

Corporation

110,000

3.950%, 

9/1/2026

b,f,h

107,984

135,000

3.273%, 

3/1/2030

b

130,101

46,000

6.700%, 

11/29/2032

50,748

Capital

One

NA

196,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

202,953

Capital

Southwest

Corporation,

Convertible

12,000

5.125%, 

11/15/2029

11,820

Charles

Schwab

Corporation

240,000

4.000%, 

6/1/2026

b,h

237,300

87,000

6.136%, 

8/24/2034

b

94,768

CHL

Mortgage

Pass-Through

Trust

57,611

6.314%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

56,513

547,872

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

233,257

Citadel,

LP

102,000

6.375%, 

1/23/2032

a

107,958

Citigroup,

Inc.

325,000

3.875%, 

2/18/2026

b,h

321,998

194,000

1.462%, 

6/9/2027

b

190,310

172,000

3.070%, 

2/24/2028

b

169,361

90,000

7.375%, 

5/15/2028

b,h

93,774

175,000

7.625%, 

11/15/2028

b,h

183,725

391,000

4.075%, 

4/23/2029

b

390,053

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

$

107,000

7.125%, 

8/15/2029

b,h

$

110,544

94,000

6.950%, 

2/15/2030

b,h

96,539

162,000

6.875%, 

8/15/2030

b,h

166,950

210,000

4.952%, 

5/7/2031

b

213,990

87,000

6.174%, 

5/25/2034

b

92,569

150,000

7.000%, 

8/15/2034

b,h

159,322

145,000

6.020%, 

1/24/2036

b

151,900

197,000

5.174%, 

9/11/2036

b

198,999

Citizens

Financial

Group,

Inc.

155,000

4.000%, 

10/6/2026

b,h

151,894

72,000

5.718%, 

7/23/2032

b

75,178

CNA

Financial

Corporation

176,000

5.125%, 

2/15/2034

177,605

Coinbase

Global,

Inc.,

Convertible

180,000

0.500%, 

6/1/2026

f

199,800

199,000

0.250%, 

4/1/2030

249,844

94,000

Zero

Coupon, 

10/1/2032

a

103,823

Comerica,

Inc.

48,000

5.982%, 

1/30/2030

b

49,951

Commonwealth

Bank

of

Australia

117,000

2.688%, 

3/11/2031

a

105,844

COPT

Defense

Properties,

LP

192,000

2.250%, 

3/15/2026

190,042

COPT

Defense

Properties,

LP,

Convertible

49,000

5.250%, 

9/15/2028

a

55,902

Corebridge

Financial,

Inc.

173,000

6.375%, 

9/15/2054

b

177,567

101,000

6.875%, 

12/15/2052

b

103,572

87,000

6.050%, 

9/15/2033

92,835

100,000

5.750%, 

1/15/2034

105,187

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

211,091

5.147%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

174,357

Cousins

Properties,

LP

40,000

5.375%, 

2/15/2032

41,011

Credit

Agricole

SA

98,000

3.250%, 

1/14/2030

a

92,457

Credit

Suisse

Group

AG

110,000

7.250%, 

N/A

*,j

9,350

110,000

7.500%, 

N/A

*,j

9,350

Dai-ichi

Life

Insurance

Company,

Ltd.

205,000

6.200%, 

1/16/2035

a,b,h

213,090

Deutsche

Bank

AG/New

York,

NY

332,000

2.129%, 

11/24/2026

b

330,784

150,000

2.311%, 

11/16/2027

b

146,718

136,000

3.742%, 

1/7/2033

b

125,265

Digital

Realty

Trust,

LP,

Convertible

133,000

1.875%, 

11/15/2029

a

139,650

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

250,000

5.950%, 

9/17/2030

a

244,020

Elevance

Health,

Inc.

176,000

5.650%, 

6/15/2054

172,979

257,000

2.550%, 

3/15/2031

233,331

Encore

Capital

Group,

Inc.

82,000

9.250%, 

4/1/2029

a

86,523

Encore

Capital

Group,

Inc.,

Convertible

81,000

4.000%, 

3/15/2029

79,965

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

ERP

Operating,

LP

$

140,000

4.950%, 

6/15/2032

$

143,497

Essential

Properties,

LP

48,000

5.400%, 

12/1/2035

48,180

Fairfax

Financial

Holdings,

Ltd.

132,000

6.350%, 

3/22/2054

139,506

Federal

Realty

OP,

LP,

Convertible

53,000

3.250%, 

1/15/2029

a

53,821

Fifth

Third

Bancorp

86,000

4.772%, 

7/28/2030

b

86,967

Fifth

Third

Bank

NA

237,000

3.850%, 

3/15/2026

f

236,563

First

Citizens

BancShares,

Inc./NC

176,000

5.600%, 

9/5/2035

b

175,535

FirstCash,

Inc.

190,000

5.625%, 

1/1/2030

a

189,724

Five

Corners

Funding

Trust

III

100,000

5.791%, 

2/15/2033

a

105,739

Franklin

BSP

Capital

Corporation

129,000

6.000%, 

10/2/2030

a,e

127,587

Freedom

Mortgage

Holdings,

LLC

176,000

9.250%, 

2/1/2029

a

185,183

76,000

9.125%, 

5/15/2031

a

80,830

28,000

8.375%, 

4/1/2032

a

29,348

55,000

7.875%, 

4/1/2033

a

56,660

FS

KKR

Capital

Corporation

97,000

2.625%, 

1/15/2027

f

94,248

FTAI

Aviation

Investors,

LLC

79,000

5.500%, 

5/1/2028

a

79,013

52,000

7.000%, 

5/1/2031

a

54,395

48,000

7.000%, 

6/15/2032

a

50,233

GGAM

Finance,

Ltd.

81,000

8.000%, 

6/15/2028

a

85,735

139,000

5.875%, 

3/15/2030

a

140,737

Global

Aircraft

Leasing

Company,

Ltd.

64,000

8.750%, 

9/1/2027

a

66,121

Global

Net

Lease,

Inc.

52,000

4.500%, 

9/30/2028

a

50,868

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

102,000

3.750%, 

12/15/2027

a

99,002

goeasy,

Ltd.

24,000

9.250%, 

12/1/2028

a

25,050

39,000

7.625%, 

7/1/2029

a

39,523

112,000

6.875%, 

2/15/2031

a

108,505

Goldman

Sachs

BDC,

Inc.

80,000

6.375%, 

3/11/2027

81,831

177,000

5.650%, 

9/9/2030

178,032

Goldman

Sachs

Group,

Inc.

93,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2026

b,h

93,908

124,000

3.650%, 

8/10/2026

b,h

121,453

188,000

4.125%, 

11/10/2026

b,h

184,868

173,000

1.948%, 

10/21/2027

b

168,928

92,000

2.640%, 

2/24/2028

b

90,065

185,000

4.482%, 

8/23/2028

b

186,157

196,000

3.814%, 

4/23/2029

b

194,329

98,000

2.615%, 

4/22/2032

b

88,907

97,000

2.383%, 

7/21/2032

b

86,572

98,000

6.125%, 

11/10/2034

b,f,h

99,461

165,000

5.330%, 

7/23/2035

b

169,858

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

$

250,000

5.016%, 

10/23/2035

b

$

251,662

Hartford

Insurance

Group,

Inc.

98,000

2.800%, 

8/19/2029

92,700

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

48,000

3.750%, 

8/15/2028

a

59,976

Hercules

Capital,

Inc.,

Convertible

29,000

4.750%, 

9/1/2028

a

28,810

HSBC

Holdings

plc

273,000

4.583%, 

6/19/2029

b

274,931

117,000

2.804%, 

5/24/2032

b

106,049

200,000

5.741%, 

9/10/2036

b

204,062

HUB

International,

Ltd.

103,000

7.250%, 

6/15/2030

a

107,419

Huntington

Bancshares,

Inc./OH

105,000

4.450%, 

10/15/2027

b,h

103,442

214,000

5.709%, 

2/2/2035

b

223,047

140,000

6.141%, 

11/18/2039

b

145,686

Huntington

Bank

Auto

Credit-

Linked

Notes

160,004

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

161,557

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

25,000

6.250%, 

5/15/2026

24,970

193,000

5.250%, 

5/15/2027

189,709

Invitation

Homes

Operating

Partnership,

LP

145,000

2.000%, 

8/15/2031

125,290

150,000

4.950%, 

1/15/2033

150,728

Jane

Street

Group/JSG

Finance,

Inc.

123,000

4.500%, 

11/15/2029

a

120,076

40,000

7.125%, 

4/30/2031

a

41,956

67,000

6.125%, 

11/1/2032

a

67,908

90,000

6.750%, 

5/1/2033

a

93,477

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

78,000

5.000%, 

8/15/2028

a

75,362

98,000

6.625%, 

10/15/2031

a

98,653

Jefferson

Capital

Holdings,

LLC

65,000

6.000%, 

8/15/2026

a

64,984

162,000

9.500%, 

2/15/2029

a

170,621

JPMorgan

Chase

&

Company

190,000

3.650%, 

6/1/2026

b,h

187,917

294,000

4.005%, 

4/23/2029

b

293,265

97,000

2.069%, 

6/1/2029

b

92,041

101,000

6.500%, 

4/1/2030

b,h

104,549

392,000

4.493%, 

3/24/2031

b

395,680

92,000

2.963%, 

1/25/2033

b

84,166

83,000

4.912%, 

7/25/2033

b

84,636

94,000

5.717%, 

9/14/2033

b

99,407

83,000

5.350%, 

6/1/2034

b

86,482

98,000

6.254%, 

10/23/2034

b

107,989

44,000

5.336%, 

1/23/2035

b

45,733

147,000

5.766%, 

4/22/2035

b

156,612

84,000

5.502%, 

1/24/2036

b

87,882

156,000

5.534%, 

11/29/2045

b

160,427

KeyBank

NA/Cleveland,

OH

147,000

3.900%, 

4/13/2029

143,816

166,000

5.000%, 

1/26/2033

167,070

Kilroy

Realty,

LP

127,000

4.250%, 

8/15/2029

124,588

116,000

5.875%, 

10/15/2035

117,544

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

Kite

Realty

Group,

LP,

Convertible

$

9,000

0.750%, 

4/1/2027

a

$

9,145

Liberty

Mutual

Group,

Inc.

44,000

4.125%, 

12/15/2051

a,b

43,216

Lincoln

National

Corporation

74,000

6.804%, 

(TSFR3M

+

2.619%),

11/17/2025

b

63,598

Lloyds

Banking

Group

plc

310,000

1.627%, 

5/11/2027

b

305,010

LPL

Holdings,

Inc.

148,000

4.900%, 

4/3/2028

149,600

M&T

Bank

Corporation

290,000

3.500%, 

9/1/2026

b,h

279,433

Macquarie

AirFinance

Holdings,

Ltd.

35,000

6.400%, 

3/26/2029

a

36,859

96,000

5.150%, 

3/17/2030

a

97,342

Macquarie

Bank,

Ltd.

200,000

5.642%, 

8/13/2036

a,b

202,593

Macquarie

Group,

Ltd.

195,000

1.629%, 

9/23/2027

a,b

190,041

Marsh

&

McLennan

Companies,

Inc.

88,000

2.375%, 

12/15/2031

78,365

MetLife,

Inc.

96,000

6.350%, 

3/15/2055

b

101,997

115,000

5.875%, 

3/15/2028

b,h

118,253

137,000

6.400%, 

12/15/2036

144,167

Metropolitan

Life

Global

Funding

I

159,000

2.950%, 

4/9/2030

a

150,356

Mid-America

Apartments,

LP

196,000

4.200%, 

6/15/2028

196,561

Mizuho

Financial

Group,

Inc.

200,000

2.564%, 

9/13/2031

177,087

88,000

5.748%, 

7/6/2034

b

93,502

Molina

Healthcare,

Inc.

32,000

4.375%, 

6/15/2028

a

31,208

77,000

6.250%, 

1/15/2033

a

77,855

Morgan

Stanley

116,000

5.516%, 

11/19/2055

b

117,256

193,000

1.512%, 

7/20/2027

b

188,865

65,000

5.123%, 

2/1/2029

b

66,401

118,000

3.622%, 

4/1/2031

b

114,496

92,000

2.943%, 

1/21/2033

b

83,642

85,000

4.889%, 

7/20/2033

b

86,308

88,000

5.250%, 

4/21/2034

b

90,748

102,000

5.424%, 

7/21/2034

b

106,274

72,000

5.831%, 

4/19/2035

b

76,755

61,000

5.587%, 

1/18/2036

b

63,867

185,000

2.484%, 

9/16/2036

b

160,696

Nationstar

Mortgage

Holdings,

Inc.

38,000

5.500%, 

8/15/2028

a

38,000

120,000

5.125%, 

12/15/2030

a

121,056

31,000

7.125%, 

2/1/2032

a

32,358

NatWest

Group

plc

98,000

4.892%, 

5/18/2029

b

99,540

225,000

6.475%, 

6/1/2034

b

236,672

Navient

Corporation

47,000

5.000%, 

3/15/2027

46,788

New

York

Life

Global

Funding

83,000

4.550%, 

1/28/2033

a

82,880

89,000

5.000%, 

1/9/2034

a

91,049

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

Nippon

Life

Insurance

Company

$

425,000

5.950%, 

4/16/2054

a,b

$

443,315

Nomura

Holdings,

Inc.

145,000

2.172%, 

7/14/2028

136,996

200,000

5.783%, 

7/3/2034

211,803

North

Haven

Private

Income

Fund,

LLC

41,000

5.125%, 

9/25/2028

a

40,788

Northwestern

Mutual

Life

Insurance

Company

148,000

6.170%, 

5/29/2055

a

159,212

Omega

Healthcare

Investors,

Inc.

129,000

5.200%, 

7/1/2030

130,963

OneMain

Finance

Corporation

134,000

3.500%, 

1/15/2027

130,961

63,000

6.750%, 

3/15/2032

64,167

248,000

7.125%, 

9/15/2032

256,193

Osaic

Holdings,

Inc.

84,000

6.750%, 

8/1/2032

a

86,758

Panther

Escrow

Issuer,

LLC

71,000

7.125%, 

6/1/2031

a

73,848

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

210,000

4.875%, 

5/15/2029

a

204,749

Pebblebrook

Hotel

Trust,

Convertible

256,000

1.750%, 

12/15/2026

252,284

252,000

1.625%, 

1/15/2030

a

247,762

PennyMac

Financial

Services,

Inc.

28,000

7.125%, 

11/15/2030

a

29,155

89,000

6.875%, 

5/15/2032

a

92,222

27,000

6.750%, 

2/15/2034

a

27,542

Phoenix

Aviation

Capital,

Ltd.

91,000

9.250%, 

7/15/2030

a

96,816

PNC

Bank

NA

98,000

2.700%, 

10/22/2029

92,202

PNC

Financial

Services

Group,

Inc.

131,000

6.200%, 

9/15/2027

b,h

133,175

77,000

5.582%, 

6/12/2029

b

79,790

140,000

6.250%, 

3/15/2030

b,h

143,654

87,000

6.875%, 

10/20/2034

b

98,567

PRA

Group,

Inc.

123,000

8.375%, 

2/1/2028

a

125,806

Prologis

Targeted

US

Logistics

Fund,

LP

128,000

5.250%, 

4/1/2029

a

132,111

81,000

5.250%, 

1/15/2035

a

82,842

Prologis,

LP

107,000

5.250%, 

3/15/2054

103,516

Provident

Financing

Trust

I

112,000

7.405%, 

3/15/2038

121,795

Prudential

Financial,

Inc.

90,000

5.125%, 

3/1/2052

b

90,326

138,000

6.750%, 

3/1/2053

b

148,822

220,000

6.500%, 

3/15/2054

b

235,423

85,000

3.700%, 

10/1/2050

b

79,397

Realty

Income

Corporation

163,000

3.200%, 

1/15/2027

161,098

Regency

Centers,

LP

135,000

5.250%, 

1/15/2034

138,747

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

Reinsurance

Group

of

America,

Inc.

$

87,000

6.000%, 

9/15/2033

$

93,021

170,000

5.750%, 

9/15/2034

177,731

RenaissanceRe

Holdings,

Ltd.

175,000

5.800%, 

4/1/2035

183,492

Rexford

Industrial

Realty,

LP,

Convertible

63,000

4.375%, 

3/15/2027

a

62,937

114,000

4.125%, 

3/15/2029

a

114,798

RGA

Global

Funding

83,000

5.500%, 

1/11/2031

a

86,591

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

39,000

4.750%, 

10/15/2027

38,829

76,000

4.500%, 

2/15/2029

a

74,535

Rithm

Capital

Corporation

58,000

8.000%, 

7/15/2030

a

59,377

RLJ

Lodging

Trust,

LP

70,000

4.000%, 

9/15/2029

a

66,102

Rocket

Companies,

Inc.

87,000

6.375%, 

8/1/2033

a

89,794

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

113,000

3.625%, 

3/1/2029

a

107,771

46,000

3.875%, 

3/1/2031

a

42,957

41,000

4.000%, 

10/15/2033

a

37,445

Royal

Bank

of

Canada

150,000

6.750%, 

8/24/2085

b

154,725

Ryan

Specialty,

LLC

40,000

4.375%, 

2/1/2030

a

38,755

52,000

5.875%, 

8/1/2032

a

52,582

Santander

Holdings

USA,

Inc.

90,000

2.490%, 

1/6/2028

b

87,819

149,000

5.473%, 

3/20/2029

b

151,839

Shift4

Payments,

Inc.,

Convertible

258,000

Zero

Coupon, 

12/15/2025

264,708

199,000

0.500%, 

8/1/2027

195,832

Simon

Property

Group,

LP

87,000

6.250%, 

1/15/2034

96,006

Sixth

Street

Lending

Partners

85,000

6.125%, 

7/15/2030

a

87,879

SLM

Corporation

18,000

6.500%, 

1/31/2030

18,757

Societe

Generale

SA

133,000

1.488%, 

12/14/2026

a,b

132,175

67,000

10.000%, 

11/14/2028

a,b,h

74,216

200,000

5.249%, 

5/22/2029

a,b

203,371

200,000

5.439%, 

10/3/2036

a,b,e

199,482

Standard

Chartered

plc

131,000

2.608%, 

1/12/2028

a,b

128,152

Starwood

Property

Trust,

Inc.

41,000

4.375%, 

1/15/2027

a

40,648

80,000

5.250%, 

10/15/2028

a,e

80,023

31,000

6.500%, 

10/15/2030

a

32,022

27,000

5.750%, 

1/15/2031

a,e

26,983

Starwood

Property

Trust,

Inc.,

Convertible

155,000

6.750%, 

7/15/2027

163,835

State

Street

Corporation

88,000

6.700%, 

3/15/2029

b,h

91,527

91,000

4.421%, 

5/13/2033

b

90,726

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Financials  7.8%

-

continued

Stonex

Escrow

Issuer,

LLC

$

102,000

6.875%, 

7/15/2032

a

$

104,990

Sumitomo

Life

Insurance

Company

265,000

3.375%, 

4/15/2081

a,b,f

245,454

Sumitomo

Mitsui

Financial

Group,

Inc.

200,000

5.716%, 

9/14/2028

208,862

132,000

5.766%, 

1/13/2033

141,053

Synchrony

Financial

65,000

5.935%, 

8/2/2030

b

67,375

82,000

7.250%, 

2/2/2033

87,502

Synovus

Bank

87,000

5.625%, 

2/15/2028

88,823

Toronto-Dominion

Bank

125,000

8.125%, 

10/31/2082

b

132,116

91,000

4.456%, 

6/8/2032

90,931

69,000

5.146%, 

9/10/2034

b

69,841

Truist

Bank

99,000

2.250%, 

3/11/2030

90,248

Truist

Financial

Corporation

160,000

6.047%, 

6/8/2027

b

161,857

80,000

1.887%, 

6/7/2029

b

75,391

315,000

5.100%, 

3/1/2030

b,h

314,467

155,000

5.153%, 

8/5/2032

b

159,520

129,000

5.711%, 

1/24/2035

b

135,369

U.S.

Bancorp

127,000

4.548%, 

7/22/2028

b

127,962

42,000

5.836%, 

6/12/2034

b

44,755

125,000

5.678%, 

1/23/2035

b

131,611

UBS

Group

AG

191,000

3.869%, 

1/12/2029

a,b

189,400

United

Wholesale

Mortgage,

LLC

212,000

5.500%, 

4/15/2029

a

209,086

UnitedHealth

Group,

Inc.

264,000

5.375%, 

4/15/2054

253,538

Ventas

Realty,

LP,

Convertible

108,000

3.750%, 

6/1/2026

139,482

Wells

Fargo

&

Company

100,000

3.900%, 

3/15/2026

b,h

99,029

89,000

3.526%, 

3/24/2028

b

88,206

196,000

3.584%, 

5/22/2028

b

194,231

127,000

4.808%, 

7/25/2028

b

128,499

180,000

7.625%, 

9/15/2028

b,h

192,676

196,000

4.478%, 

4/4/2031

b

197,073

62,000

5.389%, 

4/24/2034

b

64,422

88,000

5.557%, 

7/25/2034

b

92,435

101,000

6.491%, 

10/23/2034

b

112,220

357,000

5.499%, 

1/23/2035

b

372,383

Welltower

OP,

LLC,

Convertible

133,000

2.750%, 

5/15/2028

a

248,843

101,000

3.125%, 

7/15/2029

a

148,318

Westpac

Banking

Corporation

147,000

4.110%, 

7/24/2034

b

143,954

Willis

North

America,

Inc.

88,000

5.900%, 

3/5/2054

89,647

XHR,

LP

109,000

4.875%, 

6/1/2029

a

106,757

33,000

6.625%, 

5/15/2030

a

33,907

Total

46,331,044

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Foreign

Government  0.1%

Mexico

Government

International

Bond

$

200,000

5.625%, 

9/22/2035

$

199,012

Saudi

Arabian

Oil

Company

130,000

5.750%, 

7/17/2054

a

129,285

Teine

Energy,

Ltd.

95,000

6.875%, 

4/15/2029

a

93,466

Total

421,763

Mortgage-Backed

Securities  20.1%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

305,837

2.000%, 

1/1/2052

250,190

142,551

6.000%, 

1/1/2055

148,586

3,374,174

2.500%, 

5/1/2051

2,881,618

3,552,929

3.500%, 

5/1/2052

3,273,704

2,237,333

4.000%, 

5/1/2052

2,128,062

4,414,181

5.000%, 

7/1/2053

4,419,120

5,233,249

5.500%, 

7/1/2053

5,332,583

295,124

5.000%, 

8/1/2053

296,166

1,098,411

5.500%, 

9/1/2053

1,122,759

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,896,645

2.500%, 

7/1/2030

1,838,632

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

2,530,960

3.500%, 

5/1/2040

2,420,244

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

5,162,451

3.000%, 

1/1/2052

4,575,012

432,026

2.000%, 

2/1/2051

353,419

682,741

2.000%, 

2/1/2051

558,517

3,248,652

2.500%, 

2/1/2051

2,741,615

2,677,603

2.500%, 

2/1/2051

2,287,733

4,479,144

2.000%, 

3/1/2051

3,639,439

3,449,243

4.000%, 

3/1/2051

3,308,550

5,875,723

3.000%, 

3/1/2052

5,208,566

4,879,426

2.000%, 

4/1/2051

3,948,675

2,206,641

3.000%, 

4/1/2051

1,944,220

2,163,330

5.500%, 

4/1/2054

2,207,862

832,732

2.000%, 

5/1/2051

677,967

1,969,084

3.000%, 

5/1/2051

1,771,634

2,086,232

3.000%, 

6/1/2050

1,881,168

993,883

4.000%, 

6/1/2052

939,336

2,772,136

5.000%, 

6/1/2053

2,778,838

4,654,484

2.500%, 

7/1/2051

3,989,077

2,262,597

3.500%, 

7/1/2051

2,091,374

2,209,400

4.000%, 

7/1/2052

2,088,148

989,681

2.500%, 

8/1/2050

852,082

4,268,758

3.500%, 

8/1/2050

3,959,847

4,024,424

3.500%, 

8/1/2052

3,689,622

2,426,934

4.500%, 

8/1/2052

2,366,777

412,127

5.000%, 

8/1/2053

413,124

3,104,489

3.500%, 

9/1/2052

2,863,951

1,166,192

3.500%, 

9/1/2052

1,074,394

340,351

5.000%, 

9/1/2052

340,632

707,377

4.500%, 

9/1/2053

692,553

2,542,975

4.500%, 

9/1/2053

2,481,114

3,728,971

4.000%, 

10/1/2052

3,541,062

794,506

2.000%, 

11/1/2051

649,931

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Mortgage-Backed

Securities  20.1%

-

continued

$

1,516,344

3.500%, 

11/1/2052

$

1,403,479

3,301,145

2.000%, 

12/1/2050

2,688,470

10,715,717

4.500%, 

12/1/2052

10,497,513

675,000

5.000%, 

10/1/2048

e

669,369

1,175,000

3.000%, 

10/1/2049

e

1,031,886

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,283,045

2.500%, 

3/1/2062

4,308,338

1,885,857

3.500%, 

7/1/2061

1,693,057

1,941,618

4.000%, 

12/1/2061

1,817,253

PRPM,

LLC

550,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,c

514,809

279,502

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

a,c

280,135

Total

118,932,212

Technology  2.2%

Accenture

Capital,

Inc.

143,000

4.500%, 

10/4/2034

141,030

Akamai

Technologies,

Inc.,

Convertible

123,000

0.375%, 

9/1/2027

117,649

111,000

1.125%, 

2/15/2029

104,118

197,000

0.250%, 

5/15/2033

a

197,689

Alphabet,

Inc.

87,000

5.250%, 

5/15/2055

87,190

Apple,

Inc.

444,000

3.750%, 

9/12/2047

357,040

Avnet,

Inc.,

Convertible

71,000

1.750%, 

9/1/2030

a

71,674

Block,

Inc.

54,000

5.625%, 

8/15/2030

a

54,712

194,000

6.500%, 

5/15/2032

200,791

54,000

6.000%, 

8/15/2033

a

55,298

Block,

Inc.,

Convertible

34,000

0.250%, 

11/1/2027

30,923

Boost

Newco

Borrower,

LLC

197,000

7.500%, 

1/15/2031

a

208,996

Broadcom,

Inc.

89,000

4.000%, 

4/15/2029

a

88,586

237,000

4.900%, 

7/15/2032

242,448

84,000

4.800%, 

10/15/2034

84,588

175,000

4.900%, 

2/15/2038

174,062

CACI

International,

Inc.

38,000

6.375%, 

6/15/2033

a

39,199

Central

Parent,

Inc./CDK

Global,

Inc.

44,000

7.250%, 

6/15/2029

a

37,886

Cisco

Systems,

Inc.

176,000

5.350%, 

2/26/2064

172,791

Clarivate

Science

Holdings

Corporation

86,000

3.875%, 

7/1/2028

a

82,762

Cloud

Software

Group,

Inc.

353,000

6.500%, 

3/31/2029

a

356,184

119,000

9.000%, 

9/30/2029

a

123,428

CommScope

Technologies,

LLC

58,000

5.000%, 

3/15/2027

a

57,544

CommScope,

LLC

63,000

4.750%, 

9/1/2029

a

62,596

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Technology  2.2%

-

continued

Consensus

Cloud

Solutions,

Inc.

$

40,000

6.000%, 

10/15/2026

a

$

39,923

CoreWeave,

Inc.

83,000

9.000%, 

2/1/2031

a

85,065

CSG

Systems

International,

Inc.,

Convertible

174,000

3.875%, 

9/15/2028

193,053

Dell,

Inc.

118,000

6.500%, 

4/15/2038

128,035

Diebold

Nixdorf,

Inc.

49,000

7.750%, 

3/31/2030

a

51,688

Euronet

Worldwide,

Inc.,

Convertible

103,000

0.625%, 

10/1/2030

a

98,107

Fair

Isaac

Corporation

103,000

6.000%, 

5/15/2033

a

104,282

Fiserv,

Inc.

172,000

5.350%, 

3/15/2031

178,866

43,000

5.600%, 

3/2/2033

45,055

172,000

5.450%, 

3/15/2034

177,748

138,000

5.150%, 

8/12/2034

139,649

Gen

Digital,

Inc.

97,000

7.125%, 

9/30/2030

a

99,880

30,000

6.250%, 

4/1/2033

a

30,626

Global

Payments,

Inc.

137,000

4.950%, 

8/15/2027

138,638

Global

Payments,

Inc.,

Convertible

233,000

1.500%, 

3/1/2031

213,254

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

78,000

3.500%, 

3/1/2029

a

73,903

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

59,000

4.625%, 

5/1/2028

a

57,062

Hewlett

Packard

Enterprise

Company

115,000

4.850%, 

10/15/2031

116,201

IBM

International

Capital

Private,

Ltd.

137,000

5.300%, 

2/5/2054

131,111

II-VI,

Inc.

83,000

5.000%, 

12/15/2029

a

81,855

Intel

Corporation

237,000

4.900%, 

7/29/2045

209,562

InterDigital,

Inc.,

Convertible

56,000

3.500%, 

6/1/2027

250,404

ION

Trading

Technologies

SARL

83,000

9.500%, 

5/30/2029

a

87,662

Iron

Mountain,

Inc.

334,000

4.875%, 

9/15/2027

a

332,394

220,000

4.500%, 

2/15/2031

a

209,996

Jabil,

Inc.

88,000

5.450%, 

2/1/2029

90,811

Kioxia

Holdings

Corporation

136,000

6.625%, 

7/24/2033

a

139,812

Marvell

Technology,

Inc.

98,000

2.950%, 

4/15/2031

90,507

Mastercard,

Inc.

97,000

4.875%, 

5/9/2034

99,296

Microchip

Technology,

Inc.

55,000

5.050%, 

3/15/2029

56,198

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Technology  2.2%

-

continued

Microchip

Technology,

Inc.,

Convertible

$

117,000

0.750%, 

6/1/2030

$

113,432

Micron

Technology,

Inc.

36,000

5.650%, 

11/1/2032

37,780

MKS,

Inc.,

Convertible

459,000

1.250%, 

6/1/2030

502,605

Moody's

Corporation

94,000

4.250%, 

8/8/2032

92,816

NCR

Atleos

Corporation

65,000

9.500%, 

4/1/2029

a

70,364

NCR

Voyix

Corporation

48,000

5.000%, 

10/1/2028

a

47,283

86,000

5.125%, 

4/15/2029

a

84,617

Neptune

Bidco

US,

Inc.

118,000

9.290%, 

4/15/2029

a

115,839

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

98,000

4.300%, 

6/18/2029

97,881

ON

Semiconductor

Corporation,

Convertible

183,000

Zero

Coupon, 

5/1/2027

208,254

289,000

0.500%, 

3/1/2029

266,652

Open

Text

Corporation

96,000

3.875%, 

12/1/2029

a

90,744

Open

Text

Holdings,

Inc.

54,000

4.125%, 

2/15/2030

a

51,154

Oracle

Corporation

163,000

5.375%, 

9/27/2054

149,735

312,000

6.900%, 

11/9/2052

347,147

95,000

4.800%, 

9/26/2032

95,114

102,000

5.875%, 

9/26/2045

102,277

Paychex,

Inc.

29,000

5.600%, 

4/15/2035

30,360

PayPal

Holdings,

Inc.

176,000

5.500%, 

6/1/2054

f

176,571

Pitney

Bowes,

Inc.

40,000

6.875%, 

3/15/2027

a

39,968

RingCentral,

Inc.

167,000

8.500%, 

8/15/2030

a

177,694

Rocket

Software,

Inc.

96,000

9.000%, 

11/28/2028

a

98,959

Sabre

GLBL,

Inc.

58,000

11.125%, 

7/15/2030

a

56,170

Seagate

Data

Storage

Technology,

Private

Ltd.

29,000

9.625%, 

12/1/2032

a

32,848

Semtech

Corporation,

Convertible

137,000

1.625%, 

11/1/2027

269,548

Sensata

Technologies

BV

143,000

4.000%, 

4/15/2029

a

137,233

Sensata

Technologies,

Inc.

44,000

3.750%, 

2/15/2031

a

40,607

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

112,000

6.750%, 

8/15/2032

a

115,796

SS&C

Technologies,

Inc.

162,000

5.500%, 

9/30/2027

a

161,720

33,000

6.500%, 

6/1/2032

a

34,117

Synaptics,

Inc.,

Convertible

180,000

0.750%, 

12/1/2031

a

177,210

Synopsys,

Inc.

109,000

5.700%, 

4/1/2055

110,006

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Technology  2.2%

-

continued

Texas

Instruments,

Inc.

$

88,000

5.150%, 

2/8/2054

f

$

84,855

UKG,

Inc.

88,000

6.875%, 

2/1/2031

a

90,801

Verint

Systems,

Inc.,

Convertible

121,000

0.250%, 

4/15/2026

f

118,278

Verisk

Analytics,

Inc.

60,000

5.250%, 

3/15/2035

61,166

Viavi

Solutions,

Inc.

61,000

3.750%, 

10/1/2029

a

57,513

Viavi

Solutions,

Inc.,

Convertible

123,000

1.625%, 

3/15/2026

128,996

85,000

0.625%, 

3/1/2031

a

93,341

Vishay

Intertechnology,

Inc.,

Convertible

307,000

2.250%, 

9/15/2030

278,784

VMware,

LLC

237,000

4.700%, 

5/15/2030

239,930

Western

Digital

Corporation,

Convertible

183,000

3.000%, 

11/15/2028

f

586,973

Xerox

Corporation

43,000

10.250%, 

10/15/2030

a

43,681

Ziff

Davis,

Inc.,

Convertible

23,000

1.750%, 

11/1/2026

f

22,034

77,000

3.625%, 

3/1/2028

a

74,209

Total

12,912,889

Transportation  0.4%

Air

Canada

68,000

3.875%, 

8/15/2026

a

67,383

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

78,250

5.500%, 

4/20/2026

a

78,284

116,920

5.750%, 

4/20/2029

a

117,367

Avianca

Midco

2

plc

51,000

9.000%, 

12/1/2028

a

50,936

60,000

9.625%, 

2/14/2030

a

59,682

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

101,000

5.375%, 

3/1/2029

a,f

98,491

Burlington

Northern

Santa

Fe,

LLC

88,000

5.500%, 

3/15/2055

88,198

DCLI

Bidco,

LLC

78,000

7.750%, 

11/15/2029

a

81,102

Delta

Air

Lines,

Inc.

181,000

4.375%, 

4/19/2028

f

181,055

139,000

5.250%, 

7/10/2030

141,807

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

18,558

4.500%, 

10/20/2025

a

18,536

ERAC

USA

Finance,

LLC

179,000

5.200%, 

10/30/2034

a

184,825

Norfolk

Southern

Corporation

136,000

4.450%, 

3/1/2033

135,190

OneSky

Flight,

LLC

106,000

8.875%, 

12/15/2029

a

111,465

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

111,000

1.200%, 

11/15/2025

a

110,535

96,000

1.700%, 

6/15/2026

a

94,222

Rand

Parent,

LLC

165,000

8.500%, 

2/15/2030

a,f

171,446

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Transportation  0.4%

-

continued

RXO,

Inc.

$

61,000

7.500%, 

11/15/2027

a

$

62,027

Ryder

System,

Inc.

81,000

2.850%, 

3/1/2027

79,572

Southwest

Airlines

Company

100,000

5.125%, 

6/15/2027

101,209

Stena

International

SA

129,000

7.250%, 

1/15/2031

a

131,518

Union

Pacific

Corporation

70,000

5.600%, 

12/1/2054

71,086

United

Airlines,

Inc.

175,000

4.625%, 

4/15/2029

a

172,320

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

52,000

7.875%, 

5/1/2027

a

52,811

88,000

6.375%, 

2/1/2030

a,f

85,772

Watco

Companies,

LLC/Watco

Finance

Corporation

54,000

7.125%, 

8/1/2032

a

55,894

Total

2,602,733

U.S.

Government

&

Agencies  6.1%

U.S.

Treasury

Bonds

2,517,000

3.625%, 

5/15/2053

2,078,885

952,000

4.750%, 

11/15/2053

953,636

4,556,000

4.625%, 

2/15/2035

4,734,681

U.S.

Treasury

Notes

400,000

4.250%, 

12/31/2025

400,278

16,900,000

4.375%, 

7/31/2026

16,981,067

1,000,000

3.625%, 

8/31/2027

999,961

7,400,000

4.125%, 

7/31/2028

7,498,281

2,501,000

4.000%, 

2/28/2030

2,530,015

Total

36,176,804

Utilities  2.3%

AEP

Texas,

Inc.

82,000

5.850%, 

10/15/2055

81,633

AES

Corporation

136,000

7.600%, 

1/15/2055

b

140,876

156,000

3.950%, 

7/15/2030

a

150,638

Algonquin

Power

&

Utilities

Corporation

256,000

4.750%, 

1/18/2082

b

249,792

Alliant

Energy

Corporation,

Convertible

88,000

3.875%, 

3/15/2026

94,644

56,000

3.250%, 

5/30/2028

a

57,708

Ameren

Corporation

98,000

1.750%, 

3/15/2028

92,567

American

Electric

Power

Company,

Inc.

161,000

6.950%, 

12/15/2054

b

174,243

98,000

2.300%, 

3/1/2030

89,689

American

Water

Capital

Corporation

62,000

5.700%, 

9/1/2055

62,971

American

Water

Capital

Corporation,

Convertible

122,000

3.625%, 

6/15/2026

122,171

Arizona

Public

Service

Company

87,000

5.550%, 

8/1/2033

90,995

Atmos

Energy

Corporation

104,000

5.450%, 

1/15/2056

e

102,791

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Utilities  2.3%

-

continued

$

84,000

5.000%, 

12/15/2054

$

78,186

Calpine

Corporation

130,000

4.500%, 

2/15/2028

a

129,452

CenterPoint

Energy,

Inc.

93,000

7.000%, 

2/15/2055

b

96,910

47,000

6.700%, 

5/15/2055

b

48,537

95,000

1.450%, 

6/1/2026

93,234

146,000

2.650%, 

6/1/2031

132,141

CenterPoint

Energy,

Inc.,

Convertible

132,000

4.250%, 

8/15/2026

146,520

87,000

3.000%, 

8/1/2028

a

88,335

CMS

Energy

Corporation,

Convertible

90,000

3.375%, 

5/1/2028

98,550

Consolidated

Edison

Company

of

New

York,

Inc.

264,000

5.700%, 

5/15/2054

270,581

Constellation

Energy

Generation,

LLC

132,000

5.750%, 

3/15/2054

133,746

90,000

5.800%, 

3/1/2033

96,146

Dominion

Energy,

Inc.

138,000

6.875%, 

2/1/2055

b

144,441

138,000

7.000%, 

6/1/2054

b

149,632

98,000

3.375%, 

4/1/2030

94,130

DTE

Energy

Company

80,000

4.875%, 

6/1/2028

81,386

Duke

Energy

Carolinas,

LLC

272,000

5.400%, 

1/15/2054

269,695

Duke

Energy

Corporation

180,000

3.250%, 

1/15/2082

b

173,703

121,000

5.800%, 

6/15/2054

122,243

100,000

6.450%, 

9/1/2054

b

105,628

93,000

4.500%, 

8/15/2032

92,414

95,000

5.750%, 

9/15/2033

100,905

Duke

Energy

Corporation,

Convertible

211,000

4.125%, 

4/15/2026

226,509

Duke

Energy

Ohio,

Inc.

88,000

5.550%, 

3/15/2054

87,906

Edison

International

138,000

5.000%, 

12/15/2026

b,h

130,753

Enel

Finance

International

NV

200,000

5.125%, 

6/26/2029

a

204,884

Entergy

Louisiana,

LLC

93,000

5.800%, 

3/15/2055

95,219

Evergy,

Inc.,

Convertible

134,000

4.500%, 

12/15/2027

168,371

Exelon

Corporation

349,000

5.600%, 

3/15/2053

341,177

98,000

4.050%, 

4/15/2030

96,939

Fells

Point

Funding

Trust

165,000

3.046%, 

1/31/2027

a

162,327

FirstEnergy

Corporation,

Convertible

52,000

4.000%, 

5/1/2026

54,002

165,000

3.625%, 

1/15/2029

a

174,950

140,000

3.875%, 

1/15/2031

a

151,060

Georgia

Power

Company

54,000

4.950%, 

5/17/2033

55,085

Hawaiian

Electric

Company,

Inc.

27,000

6.000%, 

10/1/2033

a

27,235

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Utilities  2.3%

-

continued

ITC

Holdings

Corporation

$

93,000

4.950%, 

9/22/2027

a

$

94,105

Jersey

Central

Power

&

Light

Company

185,000

2.750%, 

3/1/2032

a

165,411

Lightning

Power,

LLC

72,000

7.250%, 

8/15/2032

a

76,228

Long

Ridge

Energy,

LLC

96,000

8.750%, 

2/15/2032

a

98,679

MidAmerican

Energy

Company

357,000

5.300%, 

2/1/2055

347,345

National

Rural

Utilities

Cooperative

Finance

Corporation

89,000

4.850%, 

2/7/2029

91,034

NextEra

Energy

Capital

Holdings,

Inc.

149,000

5.900%, 

3/15/2055

153,557

100,000

3.800%, 

3/15/2082

b

97,516

214,000

6.750%, 

6/15/2054

b

229,992

98,000

2.250%, 

6/1/2030

89,476

55,000

5.300%, 

3/15/2032

57,116

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

92,000

3.000%, 

3/1/2027

108,652

NiSource,

Inc.

49,000

6.375%, 

3/31/2055

b

50,714

146,000

5.850%, 

4/1/2055

148,063

102,000

6.950%, 

11/30/2054

b

106,145

98,000

2.950%, 

9/1/2029

93,487

Northern

States

Power

Company/

MN

88,000

5.400%, 

3/15/2054

87,243

NRG

Energy,

Inc.

111,000

2.000%, 

12/2/2025

a

110,414

128,000

10.250%, 

3/15/2028

a,b,h

139,567

73,000

3.375%, 

2/15/2029

a

69,008

135,000

5.250%, 

6/15/2029

a

134,563

54,000

6.000%, 

2/1/2033

a

54,841

160,000

5.750%, 

1/15/2034

a,e

159,837

54,000

6.250%, 

11/1/2034

a

55,355

Oncor

Electric

Delivery

Company,

LLC

116,000

5.550%, 

6/15/2054

115,450

Pacific

Gas

and

Electric

Company

88,000

6.750%, 

1/15/2053

94,815

172,000

5.550%, 

5/15/2029

177,047

PG&E

Corporation

44,000

5.000%, 

7/1/2028

43,593

PG&E

Corporation,

Convertible

477,000

4.250%, 

12/1/2027

482,390

Pinnacle

West

Capital

Corporation,

Convertible

65,000

4.750%, 

6/15/2027

69,810

PPL

Capital

Funding,

Inc.

129,000

5.250%, 

9/1/2034

131,935

PPL

Capital

Funding,

Inc.,

Convertible

131,000

2.875%, 

3/15/2028

149,537

San

Diego

Gas

&

Electric

Company

88,000

5.550%, 

4/15/2054

86,534

Sempra

101,000

6.550%, 

4/1/2055

b

103,208

101,000

6.625%, 

4/1/2055

b

102,561

Principal

Amount

Long-Term

Fixed

Income  66.2%

Value

Utilities  2.3%

-

continued

$

100,000

6.400%, 

10/1/2054

b

$

102,179

101,000

6.875%, 

10/1/2054

b

104,653

101,000

4.875%, 

10/15/2025

b,h

100,980

Southern

California

Edison

Company

176,000

5.450%, 

6/1/2031

181,136

Southern

Company

112,000

5.700%, 

10/15/2032

118,596

193,000

4.850%, 

3/15/2035

191,020

111,000

4.000%, 

1/15/2051

b

110,597

317,000

3.750%, 

9/15/2051

b

312,773

Southern

Company,

Convertible

118,000

3.875%, 

12/15/2025

132,809

180,000

4.500%, 

6/15/2027

200,070

72,000

3.250%, 

6/15/2028

a

72,864

TerraForm

Power

Operating,

LLC

173,000

5.000%, 

1/31/2028

a

171,751

Virginia

Electric

and

Power

Company

119,000

5.350%, 

1/15/2054

114,355

Vistra

Corporation

76,000

8.000%, 

10/15/2026

a,b,h

77,737

78,000

7.000%, 

12/15/2026

a,b,h

79,191

Vistra

Operations

Company,

LLC

103,000

5.000%, 

7/31/2027

a

102,659

WEC

Energy

Group,

Inc.,

Convertible

92,000

4.375%, 

6/1/2027

110,216

108,000

3.375%, 

6/1/2028

a

111,564

110,000

4.375%, 

6/1/2029

f

134,915

Xcel

Energy,

Inc.

138,000

4.600%, 

6/1/2032

136,915

89,000

5.600%, 

4/15/2035

92,261

XPLR

Infrastructure

Operating

Partners,

LP

214,000

3.875%, 

10/15/2026

a

210,928

XPLR

Infrastructure,

LP,

Convertible

133,000

2.500%, 

6/15/2026

a,f

129,675

Total

13,708,722

Total

Long-Term

Fixed

Income

(cost

$393,675,220)

392,265,533

Shares

Common

Stock

15.3%

Value

Communications

Services  1.4%

5,798

Alphabet,

Inc.,

Class

A

1,409,494

7,601

Alphabet,

Inc.,

Class

C

1,851,223

6,169

AT&T,

Inc.

174,213

8,940

Comcast

Corporation

280,895

1,228

Match

Group,

Inc.

43,373

3,489

Meta

Platforms,

Inc.

2,562,252

683

Netflix,

Inc.

k

818,862

84

New

York

Times

Company

4,822

1,500

News

Corporation,

Class

A

46,065

272

Spotify

Technology

SA

k

189,856

358

T-Mobile

US,

Inc.

85,698

342

Tripadvisor,

Inc.

k

5,561

5,188

Uniti

Group,

Inc.

31,751

2,735

Verizon

Communications,

Inc.

120,203

1,603

Walt

Disney

Company

183,543

18,523

Warner

Brothers

Discovery,

Inc.

k

361,754

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Common

Stock  15.3%

Value

Communications

Services  1.4%

-

continued

7,336

Warner

Music

Group

Corporation

$

249,864

Total

8,419,429

Consumer

Discretionary  1.5%

9,926

ADT,

Inc.

86,455

863

Advance

Auto

Parts,

Inc.

52,988

11,522

Amazon.com,

Inc.

k

2,529,886

3,987

Aptiv

plc

k

343,759

169

Asbury

Automotive

Group,

Inc.

k

41,312

67

Booking

Holdings,

Inc.

361,751

336

Boot

Barn

Holdings,

Inc.

k

55,682

894

Build-A-Bear

Workshop,

Inc.

58,298

5,296

Carnival

Corporation

k

153,107

1,381

Columbia

Sportswear

Company

72,226

534

Crocs,

Inc.

k

44,616

1,749

D.R.

Horton,

Inc.

296,403

851

DoorDash,

Inc.

k

231,464

328

Etsy,

Inc.

k

21,776

768

Expedia

Group,

Inc.

164,160

436

Frontdoor,

Inc.

k

29,338

825

Garmin,

Ltd.

203,132

99

Group

1

Automotive,

Inc.

43,313

868

Hilton

Worldwide

Holdings,

Inc.

225,194

1,782

Home

Depot,

Inc.

722,049

680

Laureate

Education,

Inc.

k

21,447

1,506

La-Z-Boy,

Inc.

51,686

1,509

Lowe's

Companies,

Inc.

379,227

239

McDonald's

Corporation

72,630

442

Modine

Manufacturing

Company

k

62,835

15

NVR,

Inc.

k

120,520

2,007

O'Reilly

Automotive,

Inc.

k

216,375

1,077

Ross

Stores,

Inc.

164,124

806

SharkNinja,

Inc.

k

83,139

11,426

Sony

Group

Corporation

ADR

f

328,955

2,763

Tesla,

Inc.

k

1,228,761

203

Ulta

Beauty,

Inc.

k

110,990

579

Universal

Technical

Institute,

Inc.

k

18,846

1,726

Viking

Holdings,

Ltd.

k

107,288

178

Wingstop,

Inc.

44,799

3,290

Wyndham

Hotels

&

Resorts,

Inc.

262,871

1,142

Wynn

Resorts,

Ltd.

146,484

Total

9,157,886

Consumer

Staples  0.5%

408

Altria

Group,

Inc.

26,952

904

BJ's

Wholesale

Club

Holdings,

Inc.

k

84,298

183

Casey's

General

Stores,

Inc.

103,454

1,127

Church

&

Dwight

Company,

Inc.

98,759

1,005

Colgate-Palmolive

Company

80,340

58

Costco

Wholesale

Corporation

53,686

29,627

Coty,

Inc.

k

119,693

298

J

&

J

Snack

Foods

Corporation

28,635

1,057

John

B.

Sanfilippo

&

Son,

Inc.

67,944

15,517

Kenvue,

Inc.

251,841

7,280

Keurig

Dr

Pepper,

Inc.

185,713

25

Kimberly-Clark

Corporation

3,108

1,862

Maplebear,

Inc.

k

68,447

359

Marzetti

Company

62,032

556

Monster

Beverage

Corporation

k

37,424

675

Philip

Morris

International,

Inc.

109,485

1,412

Procter

&

Gamble

Company

216,954

5,564

Sysco

Corporation

458,140

720

Turning

Point

Brands,

Inc.

71,179

7,318

Unilever

plc

ADR

433,811

Shares

Common

Stock  15.3%

Value

Consumer

Staples  0.5%

-

continued

3,706

Walmart,

Inc.

$

381,940

Total

2,943,835

Energy  0.6%

2,151

Antero

Midstream

Corporation

41,815

855

Baker

Hughes

Company

41,656

264

Cheniere

Energy,

Inc.

62,035

181

Chevron

Corporation

28,107

5,025

ConocoPhillips

475,315

11,390

Devon

Energy

Corporation

399,333

721

DHT

Holdings,

Inc.

8,616

13,524

Enterprise

Products

Partners,

LP

422,895

963

EOG

Resources,

Inc.

107,972

1,940

Expand

Energy

Corporation

206,106

7,820

Exxon

Mobil

Corporation

881,705

7,145

Halliburton

Company

175,767

782

Hess

Midstream,

LP

27,018

2,026

Kinder

Morgan,

Inc.

57,356

1,371

Marathon

Petroleum

Corporation

264,247

1,043

Matador

Resources

Company

46,862

2,519

Shell

plc

ADR

180,184

1,742

TechnipFMC

plc

68,722

1,840

Williams

Companies,

Inc.

116,564

Total

3,612,275

Financials  2.4%

179

Affiliated

Managers

Group,

Inc.

42,679

1,347

Allstate

Corporation

289,134

4,618

Ally

Financial,

Inc.

181,026

1,076

Amalgamated

Financial

Corporation

29,213

540

American

Express

Company

179,366

3,490

American

International

Group,

Inc.

274,105

374

Ameriprise

Financial,

Inc.

183,728

1,989

Arch

Capital

Group,

Ltd.

180,462

1,319

Associated

Banc-Corp

33,912

1,329

Atlantic

Union

Bankshares

Corporation

46,900

19,742

Bank

of

America

Corporation

1,018,490

1,097

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

47,083

3,644

Bank

of

New

York

Mellon

Corporation

397,050

1,264

Beacon

Financial

Corporation

29,970

650

Berkshire

Hathaway,

Inc.

k

326,781

5,735

BlackRock

Income

Trust,

Inc.,

Rights

k

338

64

BlackRock,

Inc.

74,616

123

Blackstone

Mortgage

Trust,

Inc.

2,264

31

Block,

Inc.

k

2,240

2,475

Bridgewater

Bancshares,

Inc.

k

43,560

351

Byline

Bancorp,

Inc.

9,733

3,317

Capital

One

Financial

Corporation

705,128

116

Central

Pacific

Financial

Corporation

3,519

9,726

Charles

Schwab

Corporation

928,541

1,357

Chubb,

Ltd.

383,013

649

Citigroup,

Inc.

65,874

408

Community

Trust

Bancorp,

Inc.

22,828

1,340

Donnelley

Financial

Solutions,

Inc.

k

68,916

12

Enact

Holdings,

Inc.

460

11

Encore

Capital

Group,

Inc.

k

459

235

Enova

International,

Inc.

k

27,046

845

Enterprise

Financial

Services

Corporation

48,993

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Shares

Common

Stock  15.3%

Value

Financials  2.4%

-

continued

405

Federal

Agricultural

Mortgage

Corporation

$

68,032

265

Financial

Institutions,

Inc.

7,208

149

First

Citizens

BancShares,

Inc./NC

266,585

46

First

Financial

Corporation

2,596

90

First

Mid-Illinois

Bancshares,

Inc.

3,409

543

Fiserv,

Inc.

k

70,009

1,727

Fulton

Financial

Corporation

32,174

1,261

Glacier

Bancorp,

Inc.

61,373

366

Great

Southern

Bancorp,

Inc.

22,418

390

Hometrust

Bancshares,

Inc.

15,967

697

Houlihan

Lokey,

Inc.

143,108

157

Independent

Bank

Corporation/MI

4,863

3,231

Intercontinental

Exchange,

Inc.

544,359

3,283

Invesco,

Ltd.

75,312

1,183

Janus

Henderson

Group

plc

52,655

4,497

JPMorgan

Chase

&

Company

1,418,489

17,029

KeyCorp

318,272

824

M&T

Bank

Corporation

162,839

610

Marsh

&

McLennan

Companies,

Inc.

122,933

485

Mastercard,

Inc.

275,873

3,947

MetLife,

Inc.

325,114

1,994

MGIC

Investment

Corporation

56,570

887

MidWestOne

Financial

Group,

Inc.

25,093

332

Moody's

Corporation

158,191

149

MSCI,

Inc.

84,544

2,944

Nasdaq,

Inc.

260,397

198

NMI

Holdings,

Inc.

k

7,591

1,062

Northern

Trust

Corporation

142,945

2,075

Northwest

Bancshares,

Inc.

25,709

427

OFG

Bancorp

18,570

2,230

Old

National

Bancorp

48,949

4,323

Old

Republic

International

Corporation

183,598

1,054

Old

Second

Bancorp,

Inc.

18,218

112

Orrstown

Financial

Services,

Inc.

3,806

37

PNC

Financial

Services

Group,

Inc.

7,434

286

Popular,

Inc.

36,325

832

Progressive

Corporation

205,462

1,420

Provident

Financial

Services,

Inc.

27,378

994

RLI

Corporation

64,829

1,841

Robinhood

Markets,

Inc.

k

263,594

469

S&P

Global,

Inc.

228,267

1,530

SEI

Investments

Company

129,821

2,285

Sony

Financial

Group,

Inc.

ADR

k,l

12,670

842

Tradeweb

Markets,

Inc.

93,445

1,250

Triumph

Financial,

Inc.

k

62,550

600

Trustmark

Corporation

23,760

231

U.S.

Bancorp

11,164

2,179

Visa,

Inc.

743,867

14,167

Wells

Fargo

&

Company

1,187,478

715

WesBanco,

Inc.

22,830

458

Wintrust

Financial

Corporation

60,658

3,248

Zions

Bancorp

NA

183,772

Total

14,040,500

Health

Care  1.6%

1,722

AbbVie,

Inc.

398,712

3,616

ADMA

Biologics,

Inc.

k

53,011

1,917

Agilent

Technologies,

Inc.

246,047

842

Amgen,

Inc.

237,612

290

ANI

Pharmaceuticals,

Inc.

k

26,564

8,008

Avantor,

Inc.

k

99,940

Shares

Common

Stock  15.3%

Value

Health

Care  1.6%

-

continued

539

Biogen,

Inc.

k

$

75,503

2,396

BioMarin

Pharmaceutical,

Inc.

k

129,767

3,559

Boston

Scientific

Corporation

k

347,465

715

Cencora,

Inc.

223,459

914

Cigna

Group

263,460

2,880

Concentra

Group

Holdings

Parent,

Inc.

60,278

316

CorVel

Corporation

k

24,465

1,815

Danaher

Corporation

359,842

672

Dexcom,

Inc.

k

45,219

629

Eli

Lilly

&

Company

479,927

1,180

Encompass

Health

Corporation

149,884

3,487

Gilead

Sciences,

Inc.

387,057

536

Halozyme

Therapeutics,

Inc.

k

39,310

243

IDEXX

Laboratories,

Inc.

k

155,250

858

Illumina,

Inc.

k

81,484

381

Incyte

Corporation

k

32,313

1,089

Indivior

plc

k

26,256

197

Insulet

Corporation

k

60,820

431

Intuitive

Surgical,

Inc.

k

192,756

6,294

Johnson

&

Johnson

1,167,033

1,595

Labcorp

Holdings,

Inc.

457,861

271

Medpace

Holdings,

Inc.

k

139,337

4,128

Medtronic

plc

393,151

7,387

Merck

&

Company,

Inc.

619,991

556

Merit

Medical

Systems,

Inc.

k

46,276

94

Mettler-Toledo

International,

Inc.

k

115,395

899

Neurocrine

Biosciences,

Inc.

k

126,202

292

Penumbra,

Inc.

k

73,969

2,108

Pfizer,

Inc.

53,712

2,363

Progyny,

Inc.

k

50,852

429

Repligen

Corporation

k

57,344

852

Royalty

Pharma

plc

30,059

7,145

Sanofi

SA

ADR

337,244

1,297

STERIS

plc

320,930

2,319

Stevanato

Group

SPA

59,714

463

Stryker

Corporation

171,157

691

Teleflex,

Inc.

84,551

294

Tenet

Healthcare

Corporation

k

59,694

341

Thermo

Fisher

Scientific,

Inc.

165,392

1,250

Twist

Bioscience

Corporation

k

35,175

218

United

Therapeutics

Corporation

k

91,388

1,258

UnitedHealth

Group,

Inc.

434,387

455

Vertex

Pharmaceuticals,

Inc.

k

178,196

401

Viemed

Healthcare,

Inc.

k

2,723

598

Waystar

Holding

Corporation

k

22,676

3,344

Zimmer

Biomet

Holdings,

Inc.

329,384

Total

9,820,194

Industrials  1.6%

5,792

Amentum

Holdings,

Inc.

k

138,718

1,791

AMETEK,

Inc.

336,708

38

Armstrong

World

Industries,

Inc.

7,448

897

Automatic

Data

Processing,

Inc.

263,270

118

Axon

Enterprise,

Inc.

k

84,682

1,477

Badger

Infrastructure

Solutions,

Ltd.

65,142

1,871

Barrett

Business

Services,

Inc.

82,923

477

BWX

Technologies,

Inc.

87,945

1,178

Caterpillar,

Inc.

562,083

27,378

CNH

Industrial

NV

297,051

15,260

CSX

Corporation

541,883

97

Curtiss-Wright

Corporation

52,665

8,492

Delta

Air

Lines,

Inc.

481,921

889

Enerpac

Tool

Group

Corporation

36,449

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Shares

Common

Stock  15.3%

Value

Industrials  1.6%

-

continued

797

Expeditors

International

of

Washington,

Inc.

$

97,704

7,771

Fastenal

Company

381,090

282

Ferguson

Enterprises,

Inc.

63,332

4,481

Flowserve

Corporation

238,120

3,095

Gates

Industrial

Corporation

plc

k

76,818

1,185

General

Dynamics

Corporation

404,085

565

General

Electric

Company

169,963

183

Graco,

Inc.

15,548

66

Great

Lakes

Dredge

&

Dock

Corporation

k

791

1,657

Helios

Technologies,

Inc.

86,379

4,577

Hexcel

Corporation

286,978

1,912

Honeywell

International,

Inc.

402,476

760

Howmet

Aerospace,

Inc.

149,135

79

ICF

International,

Inc.

7,331

134

IES

Holdings,

Inc.

k

53,285

1,931

Jacobs

Solutions,

Inc.

289,380

1,418

JB

Hunt

Transport

Services,

Inc.

190,253

242

Johnson

Controls

International

plc

26,608

1,092

Knight-Swift

Transportation

Holdings,

Inc.

43,145

830

Korn

Ferry

58,083

1,402

L3Harris

Technologies,

Inc.

428,185

783

Leidos

Holdings,

Inc.

147,956

556

Limbach

Holdings,

Inc.

k

53,999

470

Lincoln

Electric

Holdings,

Inc.

110,840

1,260

Masco

Corporation

88,691

101

McGrath

RentCorp

11,847

350

Moog,

Inc.

72,685

913

Old

Dominion

Freight

Line,

Inc.

128,532

374

Otis

Worldwide

Corporation

34,195

507

Parker-Hannifin

Corporation

384,382

287

Quanta

Services,

Inc.

118,939

327

Republic

Services,

Inc.

75,040

543

Rockwell

Automation,

Inc.

189,795

613

Schneider

National,

Inc.

12,971

3,033

Southwest

Airlines

Company

96,783

1,722

Timken

Company

129,460

113

Trane

Technologies

plc

47,682

960

Trex

Company,

Inc.

k

49,603

2,594

Uber

Technologies,

Inc.

k

254,134

543

UFP

Industries,

Inc.

50,765

485

Union

Pacific

Corporation

114,639

2,310

United

Parcel

Service,

Inc.

192,954

199

United

Rentals,

Inc.

189,977

205

Veralto

Corporation

21,855

434

Verisk

Analytics,

Inc.

109,155

239

Waste

Management,

Inc.

52,778

Total

9,247,234

Information

Technology  4.2%

374

Adobe,

Inc.

k

131,928

1,405

Advanced

Micro

Devices,

Inc.

k

227,315

3,510

Amphenol

Corporation

434,362

570

Analog

Devices,

Inc.

140,049

12,978

Apple,

Inc.

3,304,588

266

Applied

Materials,

Inc.

54,461

180

AppLovin

Corporation

k

129,337

1,728

Arista

Networks,

Inc.

k

251,787

1,179

Autodesk,

Inc.

k

374,533

4,183

Broadcom,

Inc.

1,380,014

314

Cadence

Design

Systems,

Inc.

k

110,296

731

CDW

Corporation

116,434

13,580

Cisco

Systems,

Inc.

929,144

Shares

Common

Stock  15.3%

Value

Information

Technology  4.2%

-

continued

1,023

CompoSecure,

Inc.

$

21,299

1,292

Crane

NXT

Company

86,654

879

Datadog,

Inc.

k

125,170

1,777

DocuSign,

Inc.

k

128,104

3,420

Dropbox,

Inc.

k

103,318

194

Fabrinet

k

70,736

288

Flex,

Ltd.

k

16,695

1,044

Fortinet,

Inc.

k

87,780

1,508

International

Business

Machines

Corporation

425,497

1,585

JFrog,

Ltd.

k

75,018

274

Keysight

Technologies,

Inc.

k

47,928

91

KLA

Corporation

98,153

1,646

Lam

Research

Corporation

220,399

257

Littelfuse,

Inc.

66,566

4,108

Micron

Technology,

Inc.

687,351

8,824

Microsoft

Corporation

4,570,391

403

Monday.com,

Ltd.

k

78,057

104

Monolithic

Power

Systems,

Inc.

95,747

553

Motorola

Solutions,

Inc.

252,881

262

Napco

Security

Technologies,

Inc.

11,253

17,093

Nokia

Oyj

ADR

f

82,217

24,429

NVIDIA

Corporation

4,557,963

201

NXP

Semiconductors

NV

45,774

433

Onto

Innovation,

Inc.

k

55,952

1,168

Oracle

Corporation

328,488

1,716

Palantir

Technologies,

Inc.

k

313,033

1,927

Pegasystems,

Inc.

110,802

286

Plexus

Corporation

k

41,381

111

PTC,

Inc.

k

22,535

1,718

Qorvo,

Inc.

k

156,475

3,880

Qualcomm,

Inc.

645,477

81

RingCentral,

Inc.

k

2,296

554

Salesforce,

Inc.

131,298

9,570

Samsung

Electronics

Company,

Ltd.

573,725

529

SAP

SE

ADR

141,354

597

ServiceNow,

Inc.

k

549,407

46

Silicon

Laboratories,

Inc.

k

6,032

2,590

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

723,361

3,236

TD

SYNNEX

Corporation

529,895

74

TE

Connectivity

plc

16,245

198

Texas

Instruments,

Inc.

36,379

2,841

Trimble,

Inc.

k

231,968

1,242

TTM

Technologies,

Inc.

k

71,539

335

VeriSign,

Inc.

93,656

1,538

Vontier

Corporation

64,550

1,148

Western

Digital

Corporation

137,829

451

Zebra

Technologies

Corporation

k

134,019

1,249

Zoom

Communications,

Inc.

k

103,042

Total

24,759,937

Materials  0.5%

877

Albemarle

Corporation

71,107

9,040

Amcor

plc

73,947

5,888

Axalta

Coating

Systems,

Ltd.

k

168,515

4,850

CF

Industries

Holdings,

Inc.

435,045

2,919

Crown

Holdings,

Inc.

281,946

550

DuPont

de

Nemours,

Inc.

42,845

1,747

Eastman

Chemical

Company

110,149

985

Ecolab,

Inc.

269,752

1,835

Element

Solutions,

Inc.

46,187

6,142

Freeport-McMoRan,

Inc.

240,889

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

Shares

Common

Stock  15.3%

Value

Materials  0.5%

-

continued

900

Greif,

Inc.

$

53,784

7,265

Ivanhoe

Mines,

Ltd.

k

77,051

656

Linde

plc

311,600

736

Newmont

Corporation

62,052

3,282

Nucor

Corporation

444,481

1,478

Olin

Corporation

36,935

267

Packaging

Corporation

of

America

58,187

1,672

Steel

Dynamics,

Inc.

233,127

238

Vulcan

Materials

Company

73,214

939

West

Fraser

Timber

Company,

Ltd.

63,833

Total

3,154,646

Real

Estate  0.4%

301

Agree

Realty

Corporation

21,383

622

AvalonBay

Communities,

Inc.

120,152

2,512

Broadstone

Net

Lease,

Inc.

44,890

2,025

CBRE

Group,

Inc.

k

319,059

4,509

Crown

Castle,

Inc.

435,073

3,111

Cushman

and

Wakefield

plc

k

49,527

581

EPR

Properties

33,704

6,240

Essential

Properties

Realty

Trust,

Inc.

185,702

733

Extra

Space

Storage,

Inc.

103,309

2,729

First

Industrial

Realty

Trust,

Inc.

140,462

16,177

Healthcare

Realty

Trust,

Inc.

291,671

3,831

Host

Hotels

&

Resorts,

Inc.

65,204

499

Innovative

Industrial

Properties,

Inc.

26,736

397

Kite

Realty

Group

Trust

8,853

2,194

Millrose

Properties,

Inc.

73,740

1,424

National

Storage

Affiliates

Trust

43,033

1,501

Outfront

Media,

Inc.

27,498

4,731

Sabra

Health

Care

REIT,

Inc.

88,186

521

SBA

Communications

Corporation

100,735

399

Sila

Realty

Trust,

Inc.

10,015

2,946

Tanger,

Inc.

99,693

1,094

Terreno

Realty

Corporation

62,085

444

Xenia

Hotels

&

Resorts,

Inc.

6,092

Total

2,356,802

Utilities  0.6%

4,228

AES

Corporation

55,640

1,626

Alliant

Energy

Corporation

109,609

141

Black

Hills

Corporation

8,684

1,005

Brookfield

Infrastructure

Corporation

41,326

3,095

CenterPoint

Energy,

Inc.

120,086

16

Clearway

Energy,

Inc.,

Class

C

452

1,191

Constellation

Energy

Corporation

391,922

4,288

Duke

Energy

Corporation

530,640

2,767

Edison

International

152,960

6,904

Entergy

Corporation

643,384

3,260

Evergy,

Inc.

247,825

2,729

NiSource,

Inc.

118,166

522

Northwestern

Energy

Group,

Inc.

30,594

6,395

PG&E

Corporation

96,437

4,262

Portland

General

Electric

Company

187,528

702

Spire,

Inc.

57,227

7,702

UGI

Corporation

256,169

Shares

Common

Stock  15.3%

Value

Utilities  0.6%

-

continued

1,546

Vistra

Energy

Corporation

$

302,892

Total

3,351,541

Total

Common

Stock

(cost

$61,259,184)

90,864,279

Shares

Registered

Investment

Companies  

9.4%

Value

U.S.

Affiliated  

8.6%  

4,937,784

Thrivent

Core

Emerging

Markets

Debt

Fund

42,711,835

643,667

Thrivent

Core

International

Equity

Fund

8,271,115

Total

50,982,950

U.S.

Unaffiliated  

0.8%  

9,010

abrdn

Asia-Pacific

Income

Fund,

Inc.

f

146,773

27,032

abrdn

Income

Credit

Strategies

Fund

156,786

7,991

abrdn

Total

Dynamic

Dividend

Fund

75,595

17,145

AllianceBernstein

Global

High

Income

Fund,

Inc.

192,195

24,503

Allspring

Income

Opportunities

Fund

171,766

5,890

BlackRock

Capital

Allocation

Term

Trust

87,113

4,112

BlackRock

Core

Bond

Trust

40,873

16,974

BlackRock

Corporate

High

Yield

Fund,

Inc.

161,253

19,260

BlackRock

Credit

Allocation

Income

Trust

212,823

1,742

BlackRock

Debt

Strategies

Fund,

Inc.

18,500

2,666

BlackRock

Enhanced

Equity

Dividend

Trust

24,287

12,250

BlackRock

Enhanced

Global

Dividend

Trust

141,733

7,542

BlackRock

Enhanced

International

Dividend

Trust

43,367

5,735

BlackRock

Income

Trust,

Inc.

64,461

15,364

BlackRock

Multi-Sector

Income

Trust

205,724

12,865

Blackstone

Strategic

Credit

2027

Term

Fund

156,567

12,946

Cornerstone

Strategic

Investment

Fund,

Inc.

107,193

18,986

Eaton

Vance

Limited

Duration

Income

Fund

192,708

7,811

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

71,080

287

iShares

Semiconductor

ETF

77,811

31,444

Nuveen

Credit

Strategies

Income

Fund

165,710

11,861

Nuveen

Preferred

Income

Opportunities

Fund

97,260

12,757

PGIM

Global

High

Yield

Fund,

Inc.

164,310

11,997

PGIM

High

Yield

Bond

Fund,

Inc.

172,517

5,965

Pimco

Dynamic

Income

Fund

118,107

10,417

PIMCO

High

Income

Fund

51,981

10,595

PIMCO

Income

Strategy

Fund

II

80,416

1,827

Tri-Continental

Corporation

62,118

8,044

Vanguard

Short-Term

Corporate

Bond

ETF

642,957

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

Shares

Registered

Investment

Companies  9.4%

Value

U.S.

Unaffiliated  

0.8%  -

continued

3,393

Virtus

Convertible

&

Income

Fund

$

50,895

12,463

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

162,144

2,846

Virtus

Equity

&

Convertible

Income

Fund

71,463

27,753

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

164,575

3,255

Western

Asset

Diversified

Income

Fund

47,881

42,572

Western

Asset

High

Income

Opportunity

Fund,

Inc.

163,477

Total

4,564,419

Total

Registered

Investment

Companies

(cost

$55,651,370)

55,547,369

Shares

Preferred

Stock

1.5%

Value

Basic

Materials  0.1%

5,265

Albemarle

Corporation,

Convertible,

7.250%

199,438

Total

199,438

Capital

Goods  0.1%

9,789

Boeing

Company,

Convertible,

6.000%

681,021

Total

681,021

Communications

Services  0.1%

14,875

AT&T,

Inc.,

4.750%

h

296,310

11,250

Telephone

and

Data

Systems,

Inc.,

6.000%

h

222,750

Total

519,060

Financials  1.0%

7,525

AEGON

Funding

Company,

LLC,

5.100%

154,639

7,500

Allstate

Corporation,

5.100%

h

166,800

3,188

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

224,053

3,302

Ares

Management

Corporation,

Convertible,

6.750%

164,076

4,800

Athene

Holding,

Ltd.,

5.625%

h

105,408

12,300

Bank

of

America

Corporation,

4.250%

h

222,261

10,000

Bank

of

America

Corporation,

4.375%

h

185,800

5,000

Bank

of

America

Corporation,

4.750%

h

102,350

7,500

Bank

of

America

Corporation,

5.000%

h

159,900

353

Bank

of

America

Corporation,

Convertible,

7.250%

h

451,840

2,400

Capital

One

Financial

Corporation,

4.800%

h

46,248

9,875

Capital

One

Financial

Corporation,

5.000%

h

199,277

2,400

Charles

Schwab

Corporation,

4.450%

f,h

47,160

1,775

Citizens

Financial

Group,

Inc.,

7.375%

h

46,949

4,050

Corebridge

Financial,

Inc.,

6.375%

99,427

4,800

Fifth

Third

Bancorp,

4.950%

h

99,360

4,800

Huntington

Bancshares,

Inc./OH,

4.500%

h

89,184

Shares

Preferred

Stock  1.5%

Value

Financials  1.0%

-

continued

10,400

JPMorgan

Chase

&

Company,

4.200%

h

$

196,352

10,000

JPMorgan

Chase

&

Company,

4.625%

h

202,700

6,925

JPMorgan

Chase

&

Company,

4.750%

h

145,287

2,400

KeyCorp,

5.650%

h

55,272

10,750

KeyCorp,

6.200%

b,h

271,330

5,694

KKR

&

Company,

Inc.,

Convertible,

6.250%

298,081

2,400

MetLife,

Inc.,

4.750%

h

50,064

9,050

Morgan

Stanley,

4.250%

h

166,882

7,800

Morgan

Stanley,

5.850%

h

191,022

5,100

Morgan

Stanley,

7.125%

h

129,591

6,350

Public

Storage,

4.125%

h

111,316

3,775

Public

Storage,

4.625%

h

74,103

958

Public

Storage,

4.700%

h

19,103

4,800

Regions

Financial

Corporation,

4.450%

h

89,040

2,700

Regions

Financial

Corporation,

5.700%

b,h

66,123

2,675

Synovus

Financial

Corporation,

8.397%

b,h

70,486

4,800

Truist

Financial

Corporation,

4.750%

h

98,400

5,000

U.S.

Bancorp,

4.000%

h

84,250

7,500

Wells

Fargo

&

Company,

4.250%

h

133,275

10,000

Wells

Fargo

&

Company,

4.375%

h

181,900

4,800

Wells

Fargo

&

Company,

4.700%

h

94,032

4,600

Wells

Fargo

&

Company,

4.750%

h

90,804

507

Wells

Fargo

&

Company,

Convertible,

7.500%

h

625,785

Total

6,009,930

Technology  0.1%

3,451

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

234,323

3,613

Microchip

Technology,

Inc.,

Convertible,

7.500%

213,275

Total

447,598

Utilities  0.1%

9,250

CMS

Energy

Corporation,

4.200%

h

179,172

3,770

Nextera

Energy,

Inc.,

Convertible,

7.234%

177,303

3,971

NextEra

Energy,

Inc.,

Convertible,

7.299%

198,034

6,200

Southern

Company,

4.950%

130,076

Total

684,585

Total

Preferred

Stock

(cost

$9,075,379)

8,541,632

Shares

Collateral

Held

for

Securities

Loaned

1.4%

Value

8,250,892

Thrivent

Cash

Management

Trust

8,250,892

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,250,892)

8,250,892

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Shares

or

Principal

Amount

Short-Term

Investments

7.9%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.265%,

10/8/2025

m,n

$

99,910

500,000

4.250%,

10/24/2025

m,n

498,657

700,000

4.240%,

10/29/2025

m,n

697,727

100,000

3.935%,

12/12/2025

m,n

99,218

500,000

3.890%,

12/17/2025

m,n

495,824

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

600,000

3.900%,

12/8/2025

m,n

595,567

300,000

3.900%,

12/23/2025

m,n

297,301

Federal

National

Mortgage

Association

Discount

Notes

800,000

3.860%,

12/22/2025

m,n

792,890

State

Street

Institutional

U.S.

Government

Money

Market

Fund

17,293,232

4.090%

m

17,293,232

Thrivent

Core

Short-Term

Reserve

Fund

2,571,100

4.410%

25,711,000

U.S.

Treasury

Bills

100,000

4.233%,

10/2/2025

m,o

99,989

100,000

4.206%,

10/14/2025

m,o

99,854

200,000

3.899%,

12/9/2025

m,o

198,519

Total

Short-Term

Investments

(cost

$46,979,236)

46,979,688

Total

Investments

(cost

$574,891,281)

101.7%

$602,449,393

Other

Assets

and

Liabilities,

Net

(1.7%)

(9,780,990)

Total

Net

Assets

100.0%

$592,668,403

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,

2025,

the

value

of

these

investments

was

$127,150,417

or

21.5%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

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,

2025.

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

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,

2025.

j

Defaulted

security.  Interest

is

not

being

accrued.

k

Non-income

producing

security.

l

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Conservative

Allocation

Portfolio

as

of

September

30,

2025

was

$18,700

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

12/4/2013

$

110,000

Credit

Suisse

Group

AG 

5/17/2021

121,941

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

Conservative

Allocation

Portfolio

as

of

September

30,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

7,407,120

Common

Stock

580,502

Total

lending

$7,987,622

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,250,892

Net

amounts

due

to

counterparty

$263,270

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

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

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

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

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

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

34,179,226

–

34,179,226

–

Basic

Materials

3,939,857

–

3,939,857

–

Capital

Goods

10,345,096

–

10,345,096

–

Collateralized

Mortgage

Obligations

46,425,551

–

46,425,551

–

Commercial

Mortgage-Backed

Securities

6,719,817

–

6,719,817

–

Communications

Services

11,511,460

–

11,511,460

–

Consumer

Cyclical

16,806,000

–

16,806,000

–

Consumer

Non-Cyclical

17,523,195

–

17,523,195

–

Energy

13,729,164

–

13,729,164

–

Financials

46,331,044

–

46,331,044

–

Foreign

Government

421,763

–

421,763

–

Mortgage-Backed

Securities

118,932,212

–

118,932,212

–

Technology

12,912,889

–

12,912,889

–

Transportation

2,602,733

–

2,602,733

–

U.S.

Government

&

Agencies

36,176,804

–

36,176,804

–

Utilities

13,708,722

–

13,708,722

–

Common

Stock

Communications

Services

8,419,429

8,419,429

–

–

Consumer

Discretionary

9,157,886

9,157,886

–

–

Consumer

Staples

2,943,835

2,943,835

–

–

Energy

3,612,275

3,612,275

–

–

Financials

14,040,500

14,027,830

–

12,670

Health

Care

9,820,194

9,820,194

–

–

Industrials

9,247,234

9,182,092

65,142

–

Information

Technology

24,759,937

24,186,212

573,725

–

Materials

3,154,646

3,077,595

77,051

–

Real

Estate

2,356,802

2,356,802

–

–

Utilities

3,351,541

3,351,541

–

–

Preferred

Stock

Basic

Materials

199,438

199,438

–

–

Capital

Goods

681,021

681,021

–

–

Communications

Services

519,060

519,060

–

–

Financials

6,009,930

6,009,930

–

–

Technology

447,598

447,598

–

–

Utilities

684,585

684,585

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

4,564,419

4,564,419

–

–

Short-Term

Investments

21,268,688

17,293,232

3,975,456

–

Subtotal

Investments

in

Securities

$517,504,551

$120,534,974

$396,956,907

$12,670

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

50,982,950

Affiliated

Short-Term

Investments

25,711,000

Collateral

Held

for

Securities

Loaned

8,250,892

Subtotal

Other

Investments

$84,944,842

Total

Investments

at

Value

$602,449,393

*

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.  

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

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,

2025,

in

valuing

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

617,409

617,409

–

–

Total

Asset

Derivatives

$617,409

$617,409

$–

$–

Liability

Derivatives

Futures

Contracts

341,887

76,430

265,457

–

Credit

Default

Swaps

1,376

–

1,376

–

Total

Liability

Derivatives

$343,263

$76,430

$266,833

$–

The

following

table

presents

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$3,430,972

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

10

December

2025

$

2,084,382

(

$

398)

CME

E-mini

S&P

500

Index

111

December

2025

36,903,650

496,412

ICE

mini

MSCI

EAFE

Index

66

December

2025

9,156,333

35,158

ICE

US

mini

MSCI

Emerging

Markets

Index

22

December

2025

1,469,215

26,455

Total

Futures

Long

Contracts

$

49,613,580

$

557,627

CBOT

U.S.

Long

Bond

(16)

December

2025

(

$

1,831,205)

(

$

34,295)

CME

E-mini

Russell

2000

Index

(39)

December

2025

(

4,760,682)

(

27,543)

CME

E-mini

S&P

Mid-Cap

400

Index

(9)

December

2025

(

3,006,578)

48,998

CME

Euro

Foreign

Exchange

Currency

(41)

December

2025

(

6,053,786)

10,386

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(5)

December

2025

(

586,118)

(

14,194)

Eurex

Euro

STOXX

50

Index

(147)

December

2025

(

9,319,961)

(

265,457)

Total

Futures

Short

Contracts

(

$

25,558,330)

($282,105)

Total

Futures

Contracts

$

24,055,250

$275,522

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

1

As

the

buyer

of

protection,

Conservative

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Conservative

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Conservative

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Conservative

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2025.

Investments

totaling

$398,362

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

45,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2030

$

7,350,000

$

–

(

$

1,376)

(

$

1,376)

Total

Credit

Default

Swaps

$–

($1,376)

($1,376)

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

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

Conservative

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$49,160

$1,983

$11,080

$42,712

4,938

7.2%

Core

International

Equity

6,583

–

5

8,271

644

1.4

Total

U.S.

Affiliated

Registered

Investment

Companies

55,743

50,983

8.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

16,613

47,146

38,048

25,711

2,571

4.3

Total

Affiliated

Short-Term

Investments

16,613

25,711

4.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,762

64,462

61,973

8,251

8,251

1.4

Total

Collateral

Held

for

Securities

Loaned

5,762

8,251

1.4

Total

Value

$78,118

$84,945

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($2,167)

$4,816

$

–

$1,983

Core

International

Equity

0

1,693

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

1

(1)

–

420

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,403

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

Value

($2,166)

$6,508

$

–

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income

47.0%

Value

Asset-Backed

Securities  4.2%

Anchorage

Capital

CLO

20,

Ltd.

$

150,000

7.526%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

$

150,332

Anchorage

Capital

CLO

21,

Ltd.

250,000

6.226%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

250,443

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

250,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

254,508

250,000

4.770%, 

2/20/2032,

Ser.

2025-4A,

Class

B

a

249,658

Balboa

Bay

Loan

Funding,

Ltd.

300,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

300,170

Barings

Loan

Partners

CLO,

Ltd.

2

500,000

5.976%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

499,886

Battalion

CLO

XI,

Ltd.

400,000

6.269%, 

(TSFR3M

+

1.950%),

4/24/2034,

Ser.

2017-11A,

Class

CR2

a,b

400,030

Battalion

CLO

XXI,

Ltd.

500,000

6.318%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

499,983

Business

Jet

Securities,

LLC

160,341

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

158,686

291,747

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

292,969

CarVal

CLO,

Ltd.

350,000

8.026%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

350,612

Cascade

Funding

Mortgage

Trust,

LLC

8,219

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

8,213

College

Avenue

Student

Loans,

LLC

53,032

5.922%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

53,448

Dryden

72

CLO,

Ltd.

300,000

5.861%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

300,623

GMAC

Mortgage

Corporation

Loan

Trust

21,106

4.772%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

9,982

GSAA

Home

Equity

Trust

76,740

4.276%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

71,073

Hertz

Vehicle

Financing

III,

LLC

475,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

484,593

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Asset-Backed

Securities  4.2%

-

continued

$

400,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

$

404,194

Hotwire

Funding,

LLC

425,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

432,190

HTAP

Issuer

Trust

272,035

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

271,272

LCM

41,

Ltd.

650,000

7.918%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

652,727

MetroNet

Infrastructure

Issuer,

LLC

400,000

5.400%, 

8/20/2055,

Ser.

2025-2A,

Class

A2

a

405,975

MFA

Trust

352,655

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

353,084

Pagaya

AI

Debt

Grantor

Trust

150,721

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

151,362

162,962

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

163,771

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

104,260

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

104,994

Palmer

Square

Loan

Funding,

Ltd.

750,000

6.868%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

750,518

250,000

6.018%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

250,180

250,000

5.811%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

247,883

Park

Blue

CLO,

Ltd.

200,000

6.506%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

200,924

PRET,

LLC

500,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,d

501,782

Radnor

Re,

Ltd.

550,000

7.256%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

554,242

RFS

Asset

Securitization

V,

LLC

400,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

402,072

Rockford

Tower

CLO,

Ltd.

500,000

6.113%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-2A,

Class

CR

a,b

500,180

Sculptor

CLO

XXVIII,

Ltd.

300,000

6.276%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

300,070

Signal

Peak

CLO

1,

Ltd.

250,000

6.272%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

250,121

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Asset-Backed

Securities  4.2%

-

continued

Sunnova

Hestia

II

Issuer,

LLC

$

319,247

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

$

319,614

Symphony

CLO

XX,

Ltd.

500,000

7.318%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

500,862

TCW

CLO,

Ltd.

450,000

6.119%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

450,135

Unlock

HEA

Trust

300,689

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

301,953

253,309

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

253,932

368,795

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

368,124

VERDE

CLO,

Ltd.

500,000

7.518%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

501,310

Vericrest

Opportunity

Loan

Transferee

86,173

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

86,180

260,798

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

260,841

385,323

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

385,377

178,788

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

178,640

382,510

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

382,539

261,563

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,d

260,496

Veros

Auto

Receivables

Trust

253,074

5.310%, 

9/15/2028,

Ser.

2025-1,

Class

A

a

253,992

Whitebox

CLO

I,

Ltd.

150,000

6.319%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

150,110

Wind

River

CLO,

Ltd.

57,454

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

57,455

Zayo

Issuer,

LLC

475,000

5.570%, 

10/20/2055,

Ser.

2025-3A,

Class

A2

a,e

477,911

Total

16,422,221

Basic

Materials  0.4%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

40,000

8.625%, 

6/15/2029

a

42,341

Alumina,

Pty.

Ltd.

22,000

6.125%, 

3/15/2030

a

22,499

Cascades,

Inc./Cascades

USA,

Inc.

42,000

6.750%, 

7/15/2030

a

42,777

Celanese

US

Holdings,

LLC

16,000

6.850%, 

11/15/2028

16,604

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Basic

Materials  0.4%

-

continued

$

18,000

6.500%, 

4/15/2030

f

$

18,118

16,000

6.629%, 

7/15/2032

16,349

6,000

6.750%, 

4/15/2033

f

5,975

Cerdia

Finanz

GmbH

33,000

9.375%, 

10/3/2031

a

34,939

Chemours

Company

65,000

5.750%, 

11/15/2028

a

63,399

Cleveland-Cliffs,

Inc.

80,000

4.625%, 

3/1/2029

a,f

77,077

31,000

6.875%, 

11/1/2029

a

31,591

28,000

4.875%, 

3/1/2031

a,f

26,141

19,000

7.375%, 

5/1/2033

a

19,397

28,000

6.250%, 

10/1/2040

23,814

Consolidated

Energy

Finance

SA

80,000

5.625%, 

10/15/2028

a

66,639

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

22,000

6.125%, 

6/15/2028

a

21,964

Eastman

Chemical

Company

59,000

5.000%, 

8/1/2029

60,084

First

Quantum

Minerals,

Ltd.

18,000

9.375%, 

3/1/2029

a

19,077

FMC

Corporation

23,000

8.450%, 

11/1/2055

b

24,274

Fortescue

Treasury,

Pty.

Ltd.

28,000

5.875%, 

4/15/2030

a

28,696

Glencore

Funding,

LLC

67,000

4.000%, 

3/27/2027

a

66,681

Hecla

Mining

Company

14,000

7.250%, 

2/15/2028

14,127

INEOS

Finance

plc

83,000

7.500%, 

4/15/2029

a

80,750

Magnera

Corporation

43,000

7.250%, 

11/15/2031

a

40,462

Mercer

International,

Inc.

33,000

5.125%, 

2/1/2029

24,325

Methanex

Corporation

28,000

5.250%, 

12/15/2029

27,959

7,000

5.650%, 

12/1/2044

5,977

Methanex

US

Operations,

Inc.

25,000

6.250%, 

3/15/2032

a

25,437

Mineral

Resources,

Ltd.

44,000

9.250%, 

10/1/2028

a

46,104

9,000

7.000%, 

4/1/2031

a,e

9,116

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

59,000

5.350%, 

3/15/2034

61,539

Novelis

Corporation

29,000

4.750%, 

1/30/2030

a

27,975

30,000

3.875%, 

8/15/2031

a

27,351

Olin

Corporation

26,000

6.625%, 

4/1/2033

a

26,134

Peabody

Energy

Corporation,

Convertible

112,000

3.250%, 

3/1/2028

167,855

Qnity

Electronics,

Inc.

58,000

5.750%, 

8/15/2032

a

58,442

Smurfit

Kappa

Treasury,

ULC

61,000

5.777%, 

4/3/2054

62,203

SNF

Group

SACA

56,000

3.375%, 

3/15/2030

a

51,987

Solstice

Advanced

Materials,

Inc.

23,000

5.625%, 

9/30/2033

a

23,076

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Basic

Materials  0.4%

-

continued

Steel

Dynamics,

Inc.

$

26,000

5.250%, 

5/15/2035

$

26,567

SunCoke

Energy,

Inc.

75,000

4.875%, 

6/30/2029

a

70,097

Taseko

Mines,

Ltd.

57,000

8.250%, 

5/1/2030

a

60,371

Total

1,666,290

Capital

Goods  1.2%

Advanced

Drainage

Systems,

Inc.

57,000

6.375%, 

6/15/2030

a

58,010

AECOM

47,000

6.000%, 

8/1/2033

a

48,052

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

24,000

7.000%, 

5/21/2030

a

24,823

Amrize

Finance

US,

LLC

32,000

5.400%, 

4/7/2035

a

32,964

Amsted

Industries,

Inc.

20,000

4.625%, 

5/15/2030

a

19,328

53,000

6.375%, 

3/15/2033

a

54,398

Array

Technologies,

Inc.,

Convertible

87,000

1.000%, 

12/1/2028

75,322

132,000

2.875%, 

7/1/2031

a

167,838

ATI,

Inc.

35,000

7.250%, 

8/15/2030

36,739

Axon

Enterprise,

Inc.

23,000

6.125%, 

3/15/2030

a

23,622

23,000

6.250%, 

3/15/2033

a

23,674

Axon

Enterprise,

Inc.,

Convertible

57,000

0.500%, 

12/15/2027

178,695

Boeing

Company

40,000

6.858%, 

5/1/2054

45,628

52,000

2.196%, 

2/4/2026

51,606

67,000

3.250%, 

3/1/2028

65,408

83,000

5.150%, 

5/1/2030

85,171

20,000

6.528%, 

5/1/2034

22,109

Bombardier,

Inc.

11,000

6.000%, 

2/15/2028

a

11,028

39,000

7.250%, 

7/1/2031

a

41,341

79,000

7.000%, 

6/1/2032

a,f

82,569

12,000

6.750%, 

6/15/2033

a

12,523

Brundage

-Bone

Concrete

Pumping

Holdings,

Inc.

28,000

7.500%, 

2/1/2032

a

28,290

Builders

FirstSource

,

Inc.

45,000

5.000%, 

3/1/2030

a

44,542

24,000

6.750%, 

5/15/2035

a

25,059

Canpack

SA/

Canpack

US,

LLC

53,000

3.875%, 

11/15/2029

a

49,735

Carrier

Global

Corporation

75,000

2.722%, 

2/15/2030

70,289

Chart

Industries,

Inc.

25,000

7.500%, 

1/1/2030

a

26,018

Clean

Harbors,

Inc.

21,000

6.375%, 

2/1/2031

a

21,505

Clydesdale

Acquisition

Holdings,

Inc.

10,000

6.625%, 

4/15/2029

a

10,114

43,000

6.875%, 

1/15/2030

a

44,110

11,000

8.750%, 

4/15/2030

a

11,300

24,000

6.750%, 

4/15/2032

a

24,621

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Capital

Goods  1.2%

-

continued

Crown

Cork

&

Seal

Company,

Inc.

$

34,000

7.375%, 

12/15/2026

$

35,061

Deere

&

Company

28,000

5.700%, 

1/19/2055

29,450

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

86,000

6.625%, 

12/15/2030

a

88,404

ESAB

Corporation

53,000

6.250%, 

4/15/2029

a

54,447

Fluor

Corporation,

Convertible

115,000

1.125%, 

8/15/2029

136,447

General

Dynamics

Corporation

19,000

4.950%, 

8/15/2035

19,355

GFL

Environmental,

Inc.

57,000

4.000%, 

8/1/2028

a

55,648

Greenbrier

Companies,

Inc.,

Convertible

70,000

2.875%, 

4/15/2028

74,928

Herc

Holdings,

Inc.

18,000

5.500%, 

7/15/2027

a

17,955

46,000

6.625%, 

6/15/2029

a

47,265

30,000

7.000%, 

6/15/2030

a

31,162

22,000

7.250%, 

6/15/2033

a

22,966

Honeywell

International,

Inc.

80,000

5.250%, 

3/1/2054

77,001

Howmet

Aerospace,

Inc.

61,000

6.750%, 

1/15/2028

64,541

Huntington

Ingalls

Industries,

Inc.

67,000

4.200%, 

5/1/2030

66,069

Ingersoll

Rand,

Inc.

20,000

5.700%, 

8/14/2033

21,246

JBT

Marel

Corporation,

Convertible

93,000

0.250%, 

5/15/2026

93,586

112,000

0.375%, 

9/15/2030

a

108,808

John

Deere

Capital

Corporation

35,000

3.900%, 

6/7/2032

34,121

17,000

5.150%, 

9/8/2033

17,769

Lockheed

Martin

Corporation

54,000

5.200%, 

2/15/2064

50,957

Martin

Marietta

Materials,

Inc.

25,000

5.150%, 

12/1/2034

25,514

Mirion

Technologies,

Inc.,

Convertible

120,000

0.250%, 

6/1/2030

a

147,660

108,000

Zero

Coupon, 

10/1/2031

a

115,886

Mueller

Water

Products,

Inc.

49,000

4.000%, 

6/15/2029

a

47,186

Nesco

Holdings

II,

Inc.

18,000

5.500%, 

4/15/2029

a

17,628

New

Enterprise

Stone

and

Lime

Company,

Inc.

51,000

5.250%, 

7/15/2028

a

50,529

Northrop

Grumman

Corporation

79,000

5.200%, 

6/1/2054

75,218

22,000

4.700%, 

3/15/2033

22,153

OI

European

Group

BV

57,000

4.750%, 

2/15/2030

a

54,395

Owens-Brockway

Glass

Container,

Inc.

46,000

6.625%, 

5/13/2027

a

45,915

23,000

7.375%, 

6/1/2032

a

23,223

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Capital

Goods  1.2%

-

continued

Patrick

Industries,

Inc.,

Convertible

$

55,000

1.750%, 

12/1/2028

$

89,155

Quikrete

Holdings,

Inc.

93,000

6.375%, 

3/1/2032

a

96,333

QXO

Building

Products,

Inc.

36,000

6.750%, 

4/30/2032

a

37,274

Republic

Services,

Inc.

43,000

5.000%, 

12/15/2033

44,434

Resideo

Funding,

Inc.

58,000

6.500%, 

7/15/2032

a

59,444

Reworld

Holding

Corporation

25,000

4.875%, 

12/1/2029

a

23,512

Roller

Bearing

Company

of

America,

Inc.

16,000

4.375%, 

10/15/2029

a

15,540

RTX

Corporation

145,000

4.500%, 

6/1/2042

131,122

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

44,000

6.125%, 

2/1/2028

a

44,608

Smyrna

Ready

Mix

Concrete,

LLC

70,000

8.875%, 

11/15/2031

a,f

73,916

Spirit

AeroSystems

,

Inc.

92,000

4.600%, 

6/15/2028

f

91,882

15,000

9.750%, 

11/15/2030

a

16,497

SRM

Escrow

Issuer,

LLC

25,000

6.000%, 

11/1/2028

a

25,008

Standard

Building

Solutions,

Inc.

26,000

6.500%, 

8/15/2032

a

26,677

52,000

6.250%, 

8/1/2033

a

52,696

Standard

Industries,

Inc./NY

28,000

4.750%, 

1/15/2028

a

27,759

28,000

3.375%, 

1/15/2031

a

25,356

Textron,

Inc.

67,000

3.650%, 

3/15/2027

66,330

TopBuild

Corporation

11,000

5.625%, 

1/31/2034

a

10,960

Trane

Technologies

Financing,

Ltd.

65,000

5.100%, 

6/13/2034

66,733

TransDigm

,

Inc.

23,000

6.750%, 

8/15/2028

a

23,438

95,000

7.125%, 

12/1/2031

a

99,094

79,000

6.625%, 

3/1/2032

a

81,334

33,000

6.000%, 

1/15/2033

a

33,366

6,000

6.250%, 

1/31/2034

a,f

6,171

12,000

6.750%, 

1/31/2034

a

12,408

United

Rentals

North

America,

Inc.

35,000

4.875%, 

1/15/2028

34,893

85,000

4.000%, 

7/15/2030

81,302

Waste

Connections,

Inc.

21,000

3.200%, 

6/1/2032

19,446

WESCO

Distribution,

Inc.

28,000

6.375%, 

3/15/2029

a

28,828

20,000

6.625%, 

3/15/2032

a

20,784

Total

4,755,224

Collateralized

Mortgage

Obligations  6.2%

A&D

Mortgage

Trust

163,184

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,d

165,694

362,632

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,d

367,951

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Collateralized

Mortgage

Obligations  6.2%

-

continued

$

334,561

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

$

335,650

ACRA

Trust

343,954

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

346,595

Banc

of

America

Alternative

Loan

Trust

168,143

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

150,981

Banc

of

America

Mortgage

Securities

Trust

19,222

5.119%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

16,889

47,975

5.592%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

45,780

Bear

Stearns

ARM

Trust

41,866

5.732%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

36,903

CAFL

Issuer,

LLC

158,134

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

158,134

CHNGE

Mortgage

Trust

187,273

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

183,782

144,920

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

145,464

317,233

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,d

316,069

149,126

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,d

150,198

CIM

Trust

341,526

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,d

343,224

Citigroup

Mortgage

Loan

Trust,

Inc.

59,748

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

59,192

143,851

5.243%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

129,700

COLT

Mortgage

Loan

Trust

269,140

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,d

271,580

CSMC

Trust

215,823

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

215,065

185,963

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

164,639

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

109,590

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

95,601

67,820

4.159%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

60,161

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

473,866

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

468,424

500,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

504,090

400,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

396,413

325,000

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

316,718

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Collateralized

Mortgage

Obligations  6.2%

-

continued

$

307,053

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

$

251,761

400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

402,431

487,499

7.932%, 

(SOFR30A

+

4.000%),

10/25/2025,

Ser.

5567,

Class

MB

b

496,661

41,859

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

g

507

185,815

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

g

13,863

153,477

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

g

5,768

Federal

Home

Loan

Mortgage

Corporation

STRIPS

287,244

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

g

26,104

Federal

National

Mortgage

Association

-

REMIC

450,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

444,872

550,000

5.000%, 

4/25/2055,

Ser.

2025-15,

Class

BD

533,689

289,870

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

289,951

525,000

5.500%, 

8/25/2054,

Ser.

2024-50,

Class

DB

533,331

300,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

292,024

79,447

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

g

1,226

54,132

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

g

741

21,017

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

g

56

174,847

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

g

3,120

139,547

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

g

2,290

49,463

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

g

824

124,058

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

g

1,877

71,828

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

g

1,453

103,047

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

g

1,842

69,875

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

g

1,605

193,420

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

g

13,489

Flagstar

Mortgage

Trust

121,544

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

109,588

GCAT

Trust

507,299

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

517,777

251,923

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

239,477

491,338

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

498,056

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Collateralized

Mortgage

Obligations  6.2%

-

continued

GMAC

Mortgage

Corporation

Loan

Trust

$

55,765

4.016%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

$

49,838

GMACM

Mortgage

Loan

Trust

22,622

3.685%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

18,547

GS

Mortgage-Backed

Securities

Trust

385,649

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

387,279

Home

RE,

Ltd.

315,609

8.956%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

323,675

IndyMac

INDA

Mortgage

Loan

Trust

486,241

3.645%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

381,093

J.P.

Morgan

Mortgage

Trust

174,495

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

149,116

381,879

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

380,197

68,322

5.244%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

47,247

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

352,085

300,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

303,307

500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

504,424

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,d

202,318

500,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,d

503,301

Merrill

Lynch

Alternative

Note

Asset

Trust

247,976

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

79,322

MFA

Trust

250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

251,647

Morgan

Stanley

Residential

Mortgage

Loan

Trust

373,543

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,d

374,453

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

500,125

4.732%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

438,703

NYMT

Loan

Trust

400,000

5.456%, 

10/25/2060,

Ser.

2025-INV2,

Class

A3

a,d

399,775

250,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

251,435

300,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

303,062

PMT

Loan

Trust

281,126

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

284,969

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Collateralized

Mortgage

Obligations  6.2%

-

continued

PRET,

LLC

$

300,000

7.507%, 

8/25/2055,

Ser.

2025-NPL9,

Class

A2

a,d

$

300,045

150,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,d

150,280

PRKCM

Trust

257,370

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

258,266

228,943

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,d

232,913

PRPM

Trust

150,000

6.251%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

149,635

PRPM,

LLC

266,047

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

262,161

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,d

286,238

417,397

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,d

417,479

450,385

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

450,631

300,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,d

300,146

465,905

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,d

467,597

RCO

IX

Mortgage,

LLC

279,404

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,d

280,382

Residential

Accredit

Loans,

Inc.

Trust

68,076

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

60,583

66,218

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

52,831

Residential

Asset

Securitization

Trust

87,688

4.692%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

83,758

Residential

Funding

Mortgage

Security

I

Trust

133,297

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

108,221

Roc

Mortgage

Trust

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

402,235

Saluda

Grade

Alternative

Mortgage

Trust

300,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,d

303,575

650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,d

654,258

Structured

Adjustable

Rate

Mortgage

Loan

Trust

42,369

4.652%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

37,245

Toorak

Mortgage

Trust

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,d

402,312

Triangle

Re,

Ltd.

236,260

7.756%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

238,458

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Collateralized

Mortgage

Obligations  6.2%

-

continued

TVC

Mortgage

Trust

$

550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

$

550,951

Verus

Securitization

Trust

491,200

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,d

495,346

212,153

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

191,468

416,933

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,d

417,018

Vontive

Mortgage

Trust

400,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,d

407,066

Total

24,076,171

Commercial

Mortgage-Backed

Securities  1.0%

AMSR

Trust

250,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

237,819

BANK

2018-BNK12

600,000

4.473%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

588,666

BANK

2025-BNK49

2,096,375

0.833%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,g

99,352

BBCMS

Mortgage

Trust

2,234,243

1.324%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,g

142,614

250,000

5.382%, 

9/15/2058,

Ser.

2025-5C37,

Class

AS

b

255,688

FirstKey

Homes

Trust

650,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

646,860

HTAP

Issuer

Trust

476,226

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

476,803

Progress

Residential

Trust

550,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

539,923

Silver

Hill

Trust

10,546

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

10,442

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

254,867

Velocity

Commercial

Capital

Loan

Trust

200,014

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

202,461

225,018

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

228,688

245,925

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

250,821

Total

3,935,004

Communications

Services  1.3%

AMC

Networks,

Inc.

42,000

10.250%, 

1/15/2029

a

44,257

American

Tower

Corporation

59,000

5.500%, 

3/15/2028

60,804

41,000

5.800%, 

11/15/2028

42,813

57,000

3.800%, 

8/15/2029

55,918

32,000

5.000%, 

1/31/2030

32,747

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Communications

Services  1.3%

-

continued

$

78,000

4.900%, 

3/15/2030

$

79,540

AppLovin

Corporation

45,000

5.500%, 

12/1/2034

46,451

AT&T,

Inc.

63,000

5.700%, 

3/1/2057

f

62,118

40,000

6.050%, 

8/15/2056

41,461

202,000

3.550%, 

9/15/2055

139,202

76,000

4.300%, 

2/15/2030

76,165

Bell

Telephone

Company

of

Canada

27,500

7.000%, 

9/15/2055

b

28,740

40,000

5.100%, 

5/11/2033

40,706

Cable

One,

Inc.,

Convertible

86,000

Zero

Coupon, 

3/15/2026

f

83,764

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

55,000

5.125%, 

5/1/2027

a

54,631

12,000

5.000%, 

2/1/2028

a

11,884

30,000

5.375%, 

6/1/2029

a

29,800

64,000

4.250%, 

2/1/2031

a

58,959

246,000

4.750%, 

2/1/2032

a,f

227,491

63,000

4.250%, 

1/15/2034

a,f

54,467

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

42,000

6.700%, 

12/1/2055

42,502

64,000

6.550%, 

6/1/2034

68,206

Clear

Channel

Outdoor

Holdings,

Inc.

22,000

7.875%, 

4/1/2030

a

23,101

Comcast

Corporation

63,000

6.050%, 

5/15/2055

f

65,108

119,000

5.650%, 

6/1/2054

116,785

Crown

Castle,

Inc.

24,000

4.900%, 

9/1/2029

24,345

Deluxe

Corporation

55,000

8.125%, 

9/15/2029

a

57,432

Deutsche

Telekom

International

Finance

BV

113,000

8.750%, 

6/15/2030

133,194

DIRECTV

Financing,

LLC

12,000

8.875%, 

2/1/2030

a

11,901

34,000

8.875%, 

2/1/2030

a

33,583

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

62,000

5.875%, 

8/15/2027

a

61,930

24,000

10.000%, 

2/15/2031

a

23,965

FiberCop

SPA

67,000

6.000%, 

9/30/2034

a

63,862

Frontier

Communications

Holdings,

LLC

44,000

5.875%, 

10/15/2027

a

43,973

Gray

Media,

Inc.

25,000

10.500%, 

7/15/2029

a,f

27,031

22,000

7.250%, 

8/15/2033

a

21,801

Level

3

Financing,

Inc.

12,000

3.625%, 

1/15/2029

a

10,385

24,000

4.875%, 

6/15/2029

a

22,562

53,000

6.875%, 

6/30/2033

a

54,017

52,000

7.000%, 

3/31/2034

a

52,900

Liberty

Media

Corporation-Liberty

Formula

One,

Convertible

4,000

2.250%, 

8/15/2027

5,304

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Communications

Services  1.3%

-

continued

Maya

SAS/Paris,

France

$

33,000

8.500%, 

4/15/2031

a

$

35,392

39,000

7.000%, 

4/15/2032

a

39,772

McGraw-Hill

Education,

Inc.

83,000

5.750%, 

8/1/2028

a

82,951

Meta

Platforms,

Inc.

70,000

5.550%, 

8/15/2064

69,486

Nexstar

Media,

Inc.

37,000

4.750%, 

11/1/2028

a,f

36,114

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

34,000

4.625%, 

3/15/2030

a,f

32,677

Paramount

Global

57,000

6.375%, 

3/30/2062

b

56,905

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b

49,615

19,000

7.000%, 

4/15/2055

b

19,808

53,500

7.125%, 

4/15/2055

b

56,719

60,000

5.000%, 

2/15/2029

61,145

Scripps

Escrow

II,

Inc.

17,000

3.875%, 

1/15/2029

a,f

14,977

Sinclair

Television

Group,

Inc.

12,000

8.125%, 

2/15/2033

a

12,315

Sirius

XM

Radio,

LLC

38,000

5.000%, 

8/1/2027

a

37,818

26,000

4.000%, 

7/15/2028

a

25,123

35,000

4.125%, 

7/1/2030

a

32,827

25,000

3.875%, 

9/1/2031

a,f

22,657

Snap,

Inc.

23,000

6.875%, 

3/15/2034

a

23,279

Snap,

Inc.,

Convertible

34,000

0.750%, 

8/1/2026

f

32,440

156,000

0.500%, 

5/1/2030

133,380

Sprint

Capital

Corporation

137,000

6.875%, 

11/15/2028

147,364

61,000

8.750%, 

3/15/2032

74,315

Take-Two

Interactive

Software,

Inc.

52,000

5.600%, 

6/12/2034

54,301

Telecom

Italia

Capital

SA

24,000

6.000%, 

9/30/2034

f

24,363

TELUS

Corporation

58,000

6.625%, 

10/15/2055

b

59,712

T-Mobile

USA,

Inc.

40,000

5.500%, 

1/15/2055

38,675

70,000

5.250%, 

6/15/2055

65,162

77,000

3.375%, 

4/15/2029

74,762

29,000

5.125%, 

5/15/2032

29,846

Uniti

Group,

LP/

Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

86,000

4.750%, 

4/15/2028

a

84,216

Univision

Communications,

Inc.

11,000

8.000%, 

8/15/2028

a

11,398

67,000

4.500%, 

5/1/2029

a,f

63,196

42,000

7.375%, 

6/30/2030

a,f

42,201

23,000

8.500%, 

7/31/2031

a

23,751

Verizon

Communications,

Inc.

46,000

5.500%, 

2/23/2054

f

45,308

88,000

2.355%, 

3/15/2032

77,171

68,000

4.780%, 

2/15/2035

66,892

55,000

5.250%, 

4/2/2035

55,930

63,000

5.401%, 

7/2/2037

a

64,005

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Communications

Services  1.3%

-

continued

Viasat

,

Inc.

$

25,000

5.625%, 

4/15/2027

a

$

24,899

Virgin

Media

Finance

plc

34,000

5.000%, 

7/15/2030

a

31,579

Virgin

Media

Secured

Finance

plc

72,000

5.500%, 

5/15/2029

a

71,186

Virgin

Media

Vendor

Financing

Notes

IV

DAC

30,000

5.000%, 

7/15/2028

a

29,387

VMED

O2

UK

Financing

I

plc

29,000

7.750%, 

4/15/2032

a

30,469

Vodafone

Group

plc

42,000

5.125%, 

6/4/2081

b

33,102

37,000

5.875%, 

6/28/2064

36,829

67,000

7.000%, 

4/4/2079

b

70,789

VZ

Secured

Financing

BV

64,000

5.000%, 

1/15/2032

a

57,902

WarnerMedia

Holdings,

Inc.

23,000

5.141%, 

3/15/2052

17,135

98,000

4.054%, 

3/15/2029

94,570

36,000

4.279%, 

3/15/2032

32,985

74,000

5.050%, 

3/15/2042

59,076

Windstream

Services,

LLC

28,000

7.500%, 

10/15/2033

a,e

27,992

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

32,000

8.250%, 

10/1/2031

a

33,148

Zegona

Finance

plc

27,000

8.625%, 

7/15/2029

a

28,742

Ziggo

BV

30,000

4.875%, 

1/15/2030

a

28,316

Total

4,921,879

Consumer

Cyclical  1.9%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

39,000

4.375%, 

1/15/2028

a

38,321

59,000

5.625%, 

9/15/2029

a

59,709

Adient

Global

Holdings,

Ltd.

16,000

8.250%, 

4/15/2031

a,f

16,781

25,000

7.500%, 

2/15/2033

a

25,887

ADT

Security

Corporation

46,000

4.875%, 

7/15/2032

a

44,549

Advance

Auto

Parts,

Inc.

35,000

7.000%, 

8/1/2030

a

36,010

35,000

7.375%, 

8/1/2033

a

36,094

Alimentation

Couche-Tard,

Inc.

66,000

5.617%, 

2/12/2054

a

65,951

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

60,000

4.625%, 

6/1/2028

a

58,810

50,000

4.625%, 

6/1/2028

a

49,028

Allison

Transmission,

Inc.

19,000

3.750%, 

1/30/2031

a

17,554

American

Axle

&

Manufacturing,

Inc.

79,000

5.000%, 

10/1/2029

75,072

23,000

6.375%, 

10/15/2032

a,e

22,961

23,000

7.750%, 

10/15/2033

a,e

23,179

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Cyclical  1.9%

-

continued

American

Honda

Finance

Corporation

$

61,000

4.900%, 

1/10/2034

$

61,453

Asbury

Automotive

Group,

Inc.

48,000

5.000%, 

2/15/2032

a

46,091

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

45,000

4.625%, 

8/1/2029

a

43,091

Aston

Martin

Capital

Holdings,

Ltd.

42,000

10.000%, 

3/31/2029

a,f

41,120

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

29,000

9.500%, 

7/1/2032

a

30,352

Beach

Acquisition

Bidco

,

LLC

33,000

10.000%, 

7/15/2033

a

35,596

Belron

UK

Finance

plc

33,000

5.750%, 

10/15/2029

a

33,430

Best

Buy

Company,

Inc.

45,000

1.950%, 

10/1/2030

39,977

Block

Financial,

LLC

72,000

5.375%, 

9/15/2032

72,579

Boyd

Gaming

Corporation

38,000

4.750%, 

6/15/2031

a

36,632

Brightstar

Lottery

plc

60,000

5.250%, 

1/15/2029

a

59,730

Brinker

International,

Inc.

27,000

8.250%, 

7/15/2030

a

28,563

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

50,000

4.875%, 

2/15/2030

a

46,892

Burlington

Stores,

Inc.,

Convertible

59,000

1.250%, 

12/15/2027

79,443

Caesars

Entertainment,

Inc.

67,000

4.625%, 

10/15/2029

a

64,068

34,000

6.500%, 

2/15/2032

a

34,680

26,000

6.000%, 

10/15/2032

a,f

25,609

Carnival

Corporation

23,000

5.125%, 

5/1/2029

a,e

23,000

71,000

5.750%, 

8/1/2032

a

72,255

16,000

6.125%, 

2/15/2033

a

16,401

Carnival

Corporation,

Convertible

103,000

5.750%, 

12/1/2027

230,044

Carvana

Company

25,000

11.000%, 

6/1/2030

a

26,155

27,820

9.000%, 

6/1/2031

a

31,499

Churchill

Downs,

Inc.

35,000

6.750%, 

5/1/2031

a

35,870

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

20,000

0.625%, 

6/15/2026

19,140

19,000

1.750%, 

9/15/2030

a

17,504

Cushman

&

Wakefield

US

Borrower,

LLC

14,000

6.750%, 

5/15/2028

a

14,127

Dana,

Inc.

41,000

4.500%, 

2/15/2032

f

40,371

DraftKings

Holdings,

Inc.,

Convertible

240,000

Zero

Coupon, 

3/15/2028

215,400

Dream

Finders

Homes,

Inc.

34,000

6.875%, 

9/15/2030

a

34,202

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Cyclical  1.9%

-

continued

eG

Global

Finance

plc

$

14,000

12.000%, 

11/30/2028

a

$

15,377

Expedia

Group,

Inc.

72,000

5.400%, 

2/15/2035

73,887

Expedia

Group,

Inc.,

Convertible

79,000

Zero

Coupon, 

2/15/2026

79,553

EZCORP,

Inc.,

Convertible

47,000

3.750%, 

12/15/2029

a

85,822

Ford

Motor

Company,

Convertible

137,000

Zero

Coupon, 

3/15/2026

138,849

Ford

Motor

Credit

Company,

LLC

76,000

2.900%, 

2/10/2029

70,416

68,000

7.122%, 

11/7/2033

72,684

Forestar

Group,

Inc.

44,000

6.500%, 

3/15/2033

a

45,012

FORVIA

SE

34,000

8.000%, 

6/15/2030

a,f

35,975

21,000

6.750%, 

9/15/2033

a

21,306

Gap,

Inc.

20,000

3.625%, 

10/1/2029

a

18,710

15,000

3.875%, 

10/1/2031

a

13,629

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

39,000

7.750%, 

5/31/2032

a

40,911

General

Motors

Company

51,000

5.350%, 

4/15/2028

52,181

General

Motors

Financial

Company,

Inc.

61,000

5.800%, 

6/23/2028

63,212

48,000

5.800%, 

1/7/2029

49,884

66,000

4.900%, 

10/6/2029

66,763

28,000

5.750%, 

2/8/2031

29,172

23,000

5.625%, 

4/4/2032

23,738

92,000

5.950%, 

4/4/2034

95,547

Genting

New

York,

LLC/GENNY

Capital,

Inc.

15,000

7.250%, 

10/1/2029

a

15,494

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

24,000

11.500%, 

8/15/2029

a,f

25,320

26,000

8.750%, 

1/15/2032

a

25,285

Goodyear

Tire

&

Rubber

Company

28,000

4.875%, 

3/15/2027

27,833

24,000

5.000%, 

7/15/2029

23,176

Group

1

Automotive,

Inc.

14,000

6.375%, 

1/15/2030

a

14,322

Hanesbrands,

Inc.

13,000

9.000%, 

2/15/2031

a,f

13,759

Hilton

Domestic

Operating

Company,

Inc.

68,000

4.875%, 

1/15/2030

67,619

14,000

4.000%, 

5/1/2031

a

13,247

80,000

3.625%, 

2/15/2032

a

73,208

23,000

5.750%, 

9/15/2033

a

23,307

Home

Depot,

Inc.

34,000

5.300%, 

6/25/2054

33,276

34,000

5.400%, 

6/25/2064

33,589

Hyundai

Capital

America

67,000

3.000%, 

2/10/2027

a

65,839

40,000

6.500%, 

1/16/2029

a

42,400

Jacobs

Entertainment,

Inc.

49,000

6.750%, 

2/15/2029

a

47,834

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Cyclical  1.9%

-

continued

K

Hovnanian

Enterprises,

Inc.

$

17,000

8.000%, 

4/1/2031

a

$

17,432

KB

Home

45,000

4.800%, 

11/15/2029

44,534

Kingpin

Intermediate

Holdings,

LLC

23,000

7.250%, 

10/15/2032

a

21,854

L

Brands,

Inc.

46,000

6.625%, 

10/1/2030

a

47,026

34,000

6.875%, 

11/1/2035

35,361

Las

Vegas

Sands

Corporation

15,000

5.900%, 

6/1/2027

15,303

20,000

5.625%, 

6/15/2028

20,447

Lennar

Corporation

59,000

5.200%, 

7/30/2030

60,767

Life

Time,

Inc.

35,000

6.000%, 

11/15/2031

a

35,559

Light

&

Wonder

International,

Inc.

16,000

7.250%, 

11/15/2029

a

16,422

Lindblad

Expeditions,

LLC

23,000

7.000%, 

9/15/2030

a

23,444

Lithia

Motors,

Inc.

11,000

4.625%, 

12/15/2027

a

10,892

Live

Nation

Entertainment,

Inc.

31,000

4.750%, 

10/15/2027

a

30,795

Live

Nation

Entertainment,

Inc.,

Convertible

93,000

3.125%, 

1/15/2029

150,019

80,000

2.875%, 

1/15/2030

a

88,680

Macy's

Retail

Holdings,

LLC

12,000

7.375%, 

8/1/2033

a

12,513

Marriott

International,

Inc./MD

40,000

4.900%, 

4/15/2029

40,833

30,000

5.100%, 

4/15/2032

30,789

Marriott

Ownership

Resorts,

Inc.

92,000

6.500%, 

10/1/2033

a

91,579

Marriott

Vacations

Worldwide

Corporation,

Convertible

65,000

Zero

Coupon, 

1/15/2026

63,908

94,000

3.250%, 

12/15/2027

89,601

Match

Group

Holdings

II,

LLC

25,000

4.125%, 

8/1/2030

a

23,612

Mattamy

Group

Corporation

55,000

5.250%, 

12/15/2027

a

54,644

Melco

Resorts

Finance,

Ltd.

77,000

5.375%, 

12/4/2029

a

75,513

70,000

7.625%, 

4/17/2032

a

73,331

21,000

6.500%, 

9/24/2033

a

21,017

Meritage

Homes

Corporation

59,000

5.650%, 

3/15/2035

59,907

Meritage

Homes

Corporation,

Convertible

49,000

1.750%, 

5/15/2028

f

50,150

MGM

Resorts

International

33,000

6.125%, 

9/15/2029

33,587

Michaels

Companies,

Inc.

11,000

5.250%, 

5/1/2028

a

10,124

Millrose

Properties,

Inc.

29,000

6.375%, 

8/1/2030

a

29,493

22,000

6.250%, 

9/15/2032

a

22,058

Muvico

,

LLC

18,000

9.000%,PIK

6.000%,

2/19/2029

a,f,h

19,520

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Cyclical  1.9%

-

continued

NCL

Corporation,

Ltd.

$

34,000

5.875%, 

1/15/2031

a

$

33,999

59,000

6.750%, 

2/1/2032

a

60,677

29,000

6.250%, 

9/15/2033

a

29,150

New

Home

Company,

Inc.

24,000

8.500%, 

11/1/2030

a

24,913

Nissan

Motor

Acceptance

Company,

LLC

50,000

5.625%, 

9/29/2028

a

50,032

50,000

6.125%, 

9/30/2030

a

50,017

Nissan

Motor

Company,

Ltd.

20,000

7.500%, 

7/17/2030

a

20,990

51,000

4.810%, 

9/17/2030

a

48,046

PetSmart,

LLC/PetSmart

Finance

Corporation

33,000

7.500%, 

9/15/2032

a

33,049

Phinia

,

Inc.

23,000

6.625%, 

10/15/2032

a

23,705

Rakuten

Group,

Inc.

41,000

11.250%, 

2/15/2027

a

44,438

48,000

9.750%, 

4/15/2029

a

53,974

22,000

8.125%, 

12/15/2029

a,b,i

22,869

Raven

Acquisition

Holdings,

LLC

25,000

6.875%, 

11/15/2031

a

25,692

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

26,000

4.625%, 

4/16/2029

a

23,537

S&S

Holdings,

LLC

58,000

8.375%, 

10/1/2031

a

56,861

Service

Corporation

International/

US

28,000

3.375%, 

8/15/2030

25,944

38,000

5.750%, 

10/15/2032

38,497

Six

Flags

Entertainment

Corporation

14,000

7.250%, 

5/15/2031

a,f

14,006

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

14,000

5.375%, 

4/15/2027

13,964

46,000

5.250%, 

7/15/2029

f

44,485

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

14,000

6.625%, 

5/1/2032

a,f

14,263

Sonic

Automotive,

Inc.

35,000

4.875%, 

11/15/2031

a,f

33,467

Staples,

Inc.

29,000

10.750%, 

9/1/2029

a

28,674

Station

Casinos,

LLC

31,000

4.625%, 

12/1/2031

a

29,243

Tenneco,

Inc.

51,000

8.000%, 

11/17/2028

a

51,093

Toyota

Motor

Credit

Corporation

59,000

4.800%, 

5/15/2030

60,425

40,000

5.550%, 

11/20/2030

42,345

40,000

4.800%, 

1/5/2034

40,707

Tractor

Supply

Company

41,000

5.250%, 

5/15/2033

42,275

Uber

Technologies,

Inc.

52,000

4.800%, 

9/15/2034

52,098

60,000

4.800%, 

9/15/2035

59,456

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Cyclical  1.9%

-

continued

Uber

Technologies,

Inc.,

Convertible

$

58,000

Zero

Coupon, 

12/15/2025

$

70,644

56,000

Zero

Coupon, 

5/15/2028

a

59,472

84,000

0.875%, 

12/1/2028

123,480

Vail

Resorts,

Inc.

16,000

5.625%, 

7/15/2030

a

16,100

Vail

Resorts,

Inc.,

Convertible

81,000

Zero

Coupon, 

1/1/2026

79,866

VICI

Properties,

LP/VICI

Note

Company,

Inc.

150,000

5.750%, 

2/1/2027

a

151,872

Victoria's

Secret

&

Company

11,000

4.625%, 

7/15/2029

a,f

10,500

Victra

Holdings,

LLC/

Victra

Finance

Corporation

15,000

8.750%, 

9/15/2029

a,f

15,726

Viking

Cruises,

Ltd.

91,000

5.875%, 

9/15/2027

a

91,035

65,000

5.875%, 

10/15/2033

a,e

65,046

Wayfair,

LLC

13,000

7.750%, 

9/15/2030

a

13,634

Wyndham

Hotels

&

Resorts,

Inc.

48,000

4.375%, 

8/15/2028

a

46,857

Wynn

Macau,

Ltd.

30,000

6.750%, 

2/15/2034

a

30,413

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

66,000

7.125%, 

2/15/2031

a

71,039

Yum!

Brands,

Inc.

71,000

4.750%, 

1/15/2030

a

70,560

ZF

North

America

Capital,

Inc.

48,000

7.125%, 

4/14/2030

a

47,529

25,000

6.750%, 

4/23/2030

a

24,397

Total

7,365,091

Consumer

Non-Cyclical  2.0%

1261229

B.C.,

Ltd.

44,000

10.000%, 

4/15/2032

a

45,102

AbbVie,

Inc.

100,000

5.500%, 

3/15/2064

99,947

100,000

4.500%, 

5/14/2035

98,130

60,000

5.350%, 

3/15/2044

60,193

Acadia

Healthcare

Company,

Inc.

29,000

7.375%, 

3/15/2033

a,f

30,107

AdaptHealth

,

LLC

97,000

4.625%, 

8/1/2029

a,f

91,693

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

32,000

4.625%, 

1/15/2027

a

31,799

93,000

3.500%, 

3/15/2029

a

88,132

10,000

6.250%, 

3/15/2033

a

10,227

Altria

Group,

Inc.

40,000

6.200%, 

11/1/2028

42,243

Amneal

Pharmaceuticals,

LLC

12,000

6.875%, 

8/1/2032

a

12,411

Anheuser-Busch

InBev

Worldwide,

Inc.

119,000

5.000%, 

6/15/2034

122,765

132,000

5.450%, 

1/23/2039

136,385

AstraZeneca

Finance,

LLC

59,000

5.000%, 

2/26/2034

60,846

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Non-Cyclical  2.0%

-

continued

BAT

Capital

Corporation

$

45,000

6.343%, 

8/2/2030

$

48,579

43,000

7.750%, 

10/19/2032

50,250

Bausch

+

Lomb

Corporation

16,000

8.375%, 

10/1/2028

a

16,675

Becton,

Dickinson

and

Company

38,000

4.693%, 

2/13/2028

38,479

67,000

2.823%, 

5/20/2030

62,785

BellRing

Brands,

Inc.

19,000

7.000%, 

3/15/2030

a

19,622

BioMarin

Pharmaceutical,

Inc.,

Convertible

103,000

1.250%, 

5/15/2027

97,644

Bio-Rad

Laboratories,

Inc.

61,000

3.300%, 

3/15/2027

60,158

Bristol-Myers

Squibb

Company

80,000

5.550%, 

2/22/2054

79,733

41,000

5.750%, 

2/1/2031

43,852

20,000

5.900%, 

11/15/2033

21,739

Bunge,

Ltd.

Finance

Corporation

83,000

3.200%, 

4/21/2031

77,733

14,000

4.650%, 

9/17/2034

13,724

Cargill,

Inc.

79,000

2.125%, 

11/10/2031

a

69,396

124,000

5.125%, 

2/11/2035

a

127,738

Cencora

,

Inc.

36,000

5.150%, 

2/15/2035

36,764

Central

Garden

&

Pet

Company

32,000

4.125%, 

10/15/2030

f

30,395

Champ

Acquisition

Corporation

18,000

8.375%, 

12/1/2031

a

19,136

Chefs'

Warehouse,

Inc.,

Convertible

94,000

2.375%, 

12/15/2028

135,642

CHS/Community

Health

Systems,

Inc.

24,000

6.875%, 

4/15/2029

a,f

19,080

22,000

4.750%, 

2/15/2031

a

19,024

39,000

10.875%, 

1/15/2032

a

41,305

46,000

9.750%, 

1/15/2034

a

47,127

Cigna

Group

40,000

5.600%, 

2/15/2054

39,334

51,000

2.400%, 

3/15/2030

47,073

78,000

4.875%, 

9/15/2032

78,786

75,000

5.250%, 

1/15/2036

75,956

Coca-Cola

Company

40,000

5.300%, 

5/13/2054

39,819

Conagra

Brands,

Inc.

71,000

5.750%, 

8/1/2035

72,276

Concentra

Health

Services,

Inc.

24,000

6.875%, 

7/15/2032

a

24,921

Constellation

Brands,

Inc.

40,000

4.800%, 

1/15/2029

40,627

90,000

3.150%, 

8/1/2029

86,553

16,000

4.900%, 

5/1/2033

16,150

CVS

Health

Corporation

80,000

6.050%, 

6/1/2054

80,923

58,000

6.750%, 

12/10/2054

b

59,870

41,000

5.000%, 

2/20/2026

41,059

35,000

4.300%, 

3/25/2028

35,023

120,000

4.780%, 

3/25/2038

112,468

127,000

6.000%, 

6/1/2044

128,843

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Non-Cyclical  2.0%

-

continued

DaVita,

Inc.

$

27,000

3.750%, 

2/15/2031

a

$

24,729

36,000

6.875%, 

9/1/2032

a

37,189

24,000

6.750%, 

7/15/2033

a

24,749

Edgewell

Personal

Care

Company

34,000

5.500%, 

6/1/2028

a

33,927

Eli

Lilly

&

Company

80,000

5.000%, 

2/9/2054

75,688

16,000

5.500%, 

2/12/2055

16,343

52,000

4.550%, 

10/15/2032

52,408

82,000

4.700%, 

2/27/2033

83,662

Embecta

Corporation

23,000

6.750%, 

2/15/2030

a,f

22,425

Encompass

Health

Corporation

37,000

4.500%, 

2/1/2028

36,683

Endo

Finance

Holdings,

Inc.

28,000

8.500%, 

4/15/2031

a,f

30,040

Energizer

Holdings,

Inc.

40,000

6.000%, 

9/15/2033

a

39,121

Envista

Holdings

Corporation,

Convertible

36,000

1.750%, 

8/15/2028

33,908

General

Mills,

Inc.

16,000

4.950%, 

3/29/2033

16,215

Gilead

Sciences,

Inc.

46,000

5.250%, 

10/15/2033

48,241

Grifols

SA

20,000

4.750%, 

10/15/2028

a

19,427

HCA,

Inc.

34,000

5.950%, 

9/15/2054

33,925

49,000

5.250%, 

3/1/2030

50,589

65,000

5.750%, 

3/1/2035

67,956

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

27,000

4.875%, 

6/1/2029

a

23,740

Insulet

Corporation

15,000

6.500%, 

4/1/2033

a

15,594

Integer

Holdings

Corporation,

Convertible

33,000

2.125%, 

2/15/2028

43,016

169,000

1.875%, 

3/15/2030

a

163,761

IQVIA,

Inc.

48,000

6.250%, 

6/1/2032

a

49,351

Jazz

Investments

I,

Ltd.,

Convertible

93,000

2.000%, 

6/15/2026

98,720

115,000

3.125%, 

9/15/2030

f

136,448

Jazz

Securities

DAC

28,000

4.375%, 

1/15/2029

a

27,279

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

52,000

3.625%, 

1/15/2032

48,473

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

62,000

6.375%, 

4/15/2066

a

63,738

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

55,000

5.950%, 

4/20/2035

a

57,778

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Non-Cyclical  2.0%

-

continued

KeHE

Distributors,

LLC/

KeHE

Finance

Corporation/

NextWave

Distribution,

Inc.

$

49,000

9.000%, 

2/15/2029

a

$

51,556

Kenvue

,

Inc.

82,000

4.850%, 

5/22/2032

83,184

Keurig

Dr

Pepper,

Inc.

70,000

3.200%, 

5/1/2030

66,036

Kraft

Heinz

Foods

Company

41,000

6.750%, 

3/15/2032

45,322

59,000

5.400%, 

3/15/2035

60,282

26,000

5.000%, 

6/4/2042

24,002

Lamb

Weston

Holdings,

Inc.

25,000

4.375%, 

1/31/2032

a

23,628

LCI

Industries,

Convertible

95,000

3.000%, 

3/1/2030

a

96,995

LifePoint

Health,

Inc.

21,000

9.875%, 

8/15/2030

a

22,742

34,000

11.000%, 

10/15/2030

a

37,473

Mars,

Inc.

7,000

5.650%, 

5/1/2045

a

7,101

Mattel,

Inc.

124,000

3.375%, 

4/1/2026

a

123,110

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

29,000

6.250%, 

4/1/2029

a

29,737

Medtronic

Global

Holdings

SCA

41,000

4.500%, 

3/30/2033

41,027

Mozart

Debt

Merger

Sub,

Inc.

58,000

3.875%, 

4/1/2029

a

55,938

60,000

5.250%, 

10/1/2029

a

59,481

Newell

Brands,

Inc.

29,000

6.375%, 

9/15/2027

29,395

29,000

6.625%, 

9/15/2029

29,166

15,000

6.375%, 

5/15/2030

14,862

Novartis

Capital

Corporation

87,000

4.700%, 

9/18/2054

79,410

Organon

&

Company/

Organon

Foreign

Debt

Co-Issuer

BV

65,000

5.125%, 

4/30/2031

a,f

56,943

Owens

&

Minor,

Inc.

24,000

6.625%, 

4/1/2030

a,f

19,800

PepsiCo,

Inc.

75,000

5.250%, 

7/17/2054

73,955

Performance

Food

Group,

Inc.

42,000

4.250%, 

8/1/2029

a

40,798

33,000

6.125%, 

9/15/2032

a

33,802

Perrigo

Finance

Unlimited

Company

47,000

4.900%, 

6/15/2030

45,870

Philip

Morris

International,

Inc.

43,000

5.625%, 

11/17/2029

45,246

40,000

5.125%, 

2/13/2031

41,396

43,000

5.750%, 

11/17/2032

45,814

60,000

5.250%, 

2/13/2034

61,955

30,000

4.900%, 

11/1/2034

30,236

Post

Holdings,

Inc.

42,000

4.625%, 

4/15/2030

a

40,489

56,000

4.500%, 

9/15/2031

a

52,318

33,000

6.250%, 

10/15/2034

a

33,275

Post

Holdings,

Inc.,

Convertible

188,000

2.500%, 

8/15/2027

210,936

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Consumer

Non-Cyclical  2.0%

-

continued

Prime

Healthcare

Services,

Inc.

$

57,000

9.375%, 

9/1/2029

a

$

59,280

Radiology

Partners,

Inc.

21,000

8.500%, 

7/15/2032

a

21,732

Roche

Holdings,

Inc.

58,000

5.218%, 

3/8/2054

a

57,105

62,000

2.076%, 

12/13/2031

a

54,409

Royalty

Pharma

plc

54,000

5.150%, 

9/2/2029

55,405

33,000

5.200%, 

9/25/2035

32,972

Simmons

Foods,

Inc.

69,000

4.625%, 

3/1/2029

a

66,148

Sotera

Health

Holdings,

LLC

29,000

7.375%, 

6/1/2031

a

30,451

Spectrum

Brands,

Inc.

6,000

3.875%, 

3/15/2031

a

4,815

Spectrum

Brands,

Inc.,

Convertible

111,000

3.375%, 

6/1/2029

f

103,008

Star

Parent,

Inc.

27,000

9.000%, 

10/1/2030

a

28,544

Stryker

Corporation

43,000

5.200%, 

2/10/2035

44,344

Sysco

Corporation

38,000

5.950%, 

4/1/2030

40,280

Takeda

Pharmaceutical

Company,

Ltd.

103,000

5.650%, 

7/5/2054

102,864

89,000

5.000%, 

11/26/2028

90,952

Tenet

Healthcare

Corporation

76,000

5.125%, 

11/1/2027

75,861

76,000

4.375%, 

1/15/2030

73,913

68,000

6.750%, 

5/15/2031

70,399

US

Acute

Care

Solutions,

LLC

50,000

9.750%, 

5/15/2029

a

51,199

Whirlpool

Corporation

20,000

6.500%, 

6/15/2033

19,959

Winnebago

Industries,

Inc.,

Convertible

131,000

3.250%, 

1/15/2030

116,983

Wyeth,

LLC

99,000

6.500%, 

2/1/2034

111,942

Zoetis,

Inc.

62,000

5.600%, 

11/16/2032

65,939

Total

7,753,148

Energy  1.5%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

57,000

5.375%, 

6/15/2029

a

56,791

APA

Corporation

61,000

4.375%, 

10/15/2028

59,467

Archrock

Partners,

LP/

Archrock

Partners

Finance

Corporation

30,000

6.250%, 

4/1/2028

a

30,041

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

28,000

5.875%, 

6/30/2029

a

27,942

24,000

6.625%, 

7/15/2033

a

24,400

Baytex

Energy

Corporation

35,000

8.500%, 

4/30/2030

a

35,965

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Energy  1.5%

-

continued

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

$

45,000

7.000%, 

7/15/2029

a

$

46,662

BP

Capital

Markets

America,

Inc.

61,000

4.812%, 

2/13/2033

61,717

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,i

50,640

56,000

6.450%, 

12/1/2033

b,i

59,794

Buckeye

Partners,

LP

39,000

4.500%, 

3/1/2028

a

38,515

30,000

6.875%, 

7/1/2029

a

31,091

California

Resources

Corporation

34,000

8.250%, 

6/15/2029

a

35,457

10,000

7.000%, 

1/15/2034

a,e

9,931

Cheniere

Energy

Partners,

LP

45,000

4.500%, 

10/1/2029

44,856

44,000

3.250%, 

1/31/2032

40,085

55,000

5.950%, 

6/30/2033

58,223

Cheniere

Energy,

Inc.

35,000

5.650%, 

4/15/2034

36,079

Civitas

Resources,

Inc.

15,000

8.375%, 

7/1/2028

a

15,548

64,000

8.750%, 

7/1/2031

a

65,569

36,000

9.625%, 

6/15/2033

a

38,023

CNX

Resources

Corporation

33,000

6.000%, 

1/15/2029

a

33,014

CNX

Resources

Corporation,

Convertible

68,000

2.250%, 

5/1/2026

170,136

Columbia

Pipelines

Holding

Company,

LLC

36,000

6.055%, 

8/15/2026

a

36,485

81,000

6.042%, 

8/15/2028

a

84,524

Comstock

Resources,

Inc.

33,000

6.750%, 

3/1/2029

a

32,802

53,000

5.875%, 

1/15/2030

a

51,042

ConocoPhillips

Company

57,000

4.850%, 

1/15/2032

58,273

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

44,000

5.500%, 

6/15/2031

a

43,591

Crescent

Energy

Finance,

LLC

30,000

7.625%, 

4/1/2032

a

29,793

Delek

Logistics

Partners,

LP/

Delek

Logistics

Finance

Corporation

62,000

8.625%, 

3/15/2029

a

64,654

24,000

7.375%, 

6/30/2033

a

24,406

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

22,000

8.500%, 

10/1/2030

a

23,313

Diamondback

Energy,

Inc.

94,000

5.750%, 

4/18/2054

90,484

Eastern

Energy

Gas

Holdings,

LLC

68,000

5.800%, 

1/15/2035

71,539

Enbridge,

Inc.

40,000

7.375%, 

1/15/2083

b

41,565

56,000

7.625%, 

1/15/2083

b

60,688

60,000

5.950%, 

4/5/2054

61,623

20,000

5.700%, 

3/8/2033

21,047

Enerflex

,

Ltd.

19,000

9.000%, 

10/15/2027

a

19,345

Energy

Transfer,

LP

58,000

6.500%, 

2/15/2056

b

57,728

40,000

5.950%, 

5/15/2054

38,737

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Energy  1.5%

-

continued

$

34,000

8.000%, 

5/15/2054

b

$

36,333

40,000

6.050%, 

9/1/2054

39,275

17,000

7.125%, 

5/15/2030

b,i

17,566

40,000

6.400%, 

12/1/2030

43,353

Enterprise

Products

Operating,

LLC

49,000

5.550%, 

2/16/2055

48,431

Excelerate

Energy,

LP

14,000

8.000%, 

5/15/2030

a

14,903

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

45,000

8.875%, 

4/15/2030

47,640

41,000

7.875%, 

5/15/2032

42,761

Harvest

Midstream

I,

LP

68,000

7.500%, 

9/1/2028

a

68,732

Hess

Midstream

Operations,

LP

63,000

4.250%, 

2/15/2030

a

61,062

Hilcorp

Energy

I,

LP/

Hilcorp

Finance

Company

64,000

5.750%, 

2/1/2029

a

63,046

28,000

6.000%, 

4/15/2030

a

27,517

48,000

6.250%, 

4/15/2032

a

46,049

Howard

Midstream

Energy

Partners,

LLC

27,000

7.375%, 

7/15/2032

a

28,027

37,000

6.625%, 

1/15/2034

a

37,724

ITT

Holdings,

LLC

65,000

6.500%, 

8/1/2029

a

63,904

Kinder

Morgan,

Inc.

68,000

5.950%, 

8/1/2054

68,483

Kodiak

Gas

Services,

LLC

23,000

6.500%, 

10/1/2033

a

23,418

11,000

6.750%, 

10/1/2035

a

11,294

MEG

Energy

Corporation

26,000

5.875%, 

2/1/2029

a

25,999

MPLX,

LP

46,000

4.800%, 

2/15/2031

46,278

20,000

5.000%, 

3/1/2033

20,005

56,000

5.500%, 

6/1/2034

57,069

Nabors

Industries,

Inc.

22,000

7.375%, 

5/15/2027

a

22,332

49,000

9.125%, 

1/31/2030

a

50,960

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

23,000

8.125%, 

2/15/2029

a

23,582

41,000

8.375%, 

2/15/2032

a

42,010

Noble

Finance

II,

LLC

28,000

8.000%, 

4/15/2030

a

28,982

Northern

Oil

and

Gas,

Inc.

36,000

8.750%, 

6/15/2031

a

37,191

Northern

Oil

and

Gas,

Inc.,

Convertible

164,000

3.625%, 

4/15/2029

164,246

6,000

3.625%, 

4/15/2029

a

6,009

Occidental

Petroleum

Corporation

22,000

5.000%, 

8/1/2027

22,230

80,000

8.875%, 

7/15/2030

92,427

ONEOK,

Inc.

67,000

5.700%, 

11/1/2054

63,253

41,000

5.650%, 

11/1/2028

42,517

40,000

4.750%, 

10/15/2031

40,013

Ovintiv

,

Inc.

54,000

7.200%, 

11/1/2031

59,550

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Energy  1.5%

-

continued

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

$

44,000

6.000%, 

2/15/2028

$

43,730

13,000

7.875%, 

9/15/2030

a

12,835

Permian

Resources

Operating,

LLC

23,000

6.250%, 

2/1/2033

a

23,429

Phillips

66

Company

26,000

6.200%, 

3/15/2056

b

26,070

Pioneer

Natural

Resources

Company

57,000

1.900%, 

8/15/2030

51,191

Prairie

Acquiror

,

LP

45,000

9.000%, 

8/1/2029

a

46,850

Precision

Drilling

Corporation

29,000

6.875%, 

1/15/2029

a

29,156

Range

Resources

Corporation

46,000

4.750%, 

2/15/2030

a

44,994

Rockies

Express

Pipeline,

LLC

42,000

4.950%, 

7/15/2029

a

41,659

Saturn

Oil

&

Gas,

Inc.

14,000

9.625%, 

6/15/2029

a,f

14,503

Schlumberger

Holdings

Corporation

29,000

4.300%, 

5/1/2029

a

29,119

SESI,

LLC

23,000

7.875%, 

9/30/2030

a,e

23,000

SM

Energy

Company

35,000

6.500%, 

7/15/2028

35,228

19,000

7.000%, 

8/1/2032

a

19,015

South

Bow

USA

Infrastructure

Holdings,

LLC

15,000

5.584%, 

10/1/2034

15,081

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

28,000

5.875%, 

3/1/2027

f

27,920

Sunoco,

LP

41,000

7.000%, 

5/1/2029

a

42,452

46,000

5.875%, 

3/15/2034

a

45,602

Sunoco,

LP/Sunoco

Finance

Corporation

44,000

5.875%, 

3/15/2028

44,011

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

22,000

5.500%, 

1/15/2028

a

21,888

42,000

7.375%, 

2/15/2029

a

43,253

58,000

6.750%, 

3/15/2034

a

57,418

Talos

Production,

Inc.

13,000

9.000%, 

2/1/2029

a

13,442

Targa

Resources

Corporation

35,000

6.125%, 

5/15/2055

35,195

Targa

Resources

Partners,

LP

106,000

4.875%, 

2/1/2031

106,310

TGNR

Intermediate

Holdings,

LLC

60,000

5.500%, 

10/15/2029

a

58,713

Tidewater,

Inc.

12,000

9.125%, 

7/15/2030

a

12,869

TotalEnergies

Capital

SA

120,000

5.488%, 

4/5/2054

118,689

TransCanada

Trust

55,000

5.875%, 

8/15/2076

b

55,033

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Energy  1.5%

-

continued

Transocean

International,

Ltd.

$

15,000

8.250%, 

5/15/2029

a

$

14,788

54,750

8.750%, 

2/15/2030

a

57,606

UGI

Corporation,

Convertible

41,000

5.000%, 

6/1/2028

52,405

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

48,000

7.125%, 

3/15/2029

a

49,504

34,000

6.250%, 

10/1/2033

a

34,130

Valaris

,

Ltd.

57,000

8.375%, 

4/30/2030

a

59,157

Venture

Global

LNG,

Inc.

103,000

8.125%, 

6/1/2028

a

106,612

43,000

9.000%, 

9/30/2029

a,b,i

42,616

102,000

8.375%, 

6/1/2031

a

107,097

47,000

9.875%, 

2/1/2032

a,f

51,170

Venture

Global

Plaquemines

LNG,

LLC

22,000

6.500%, 

1/15/2034

a

23,158

24,000

7.750%, 

5/1/2035

a

27,089

50,000

6.750%, 

1/15/2036

a

53,109

Vital

Energy,

Inc.

35,000

7.750%, 

7/31/2029

a

34,661

37,000

7.875%, 

4/15/2032

a,f

35,917

Williams

Companies,

Inc.

71,000

4.900%, 

3/15/2029

72,315

45,000

2.600%, 

3/15/2031

40,859

21,000

5.600%, 

3/15/2035

21,793

Total

5,638,397

Financials  5.0%

Acrisure

,

LLC/

Acrisure

Finance,

Inc.

9,000

4.250%, 

2/15/2029

a

8,671

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

40,000

6.950%, 

3/10/2055

b

41,868

114,000

3.000%, 

10/29/2028

109,861

Agree,

LP

39,000

5.625%, 

6/15/2034

40,604

Air

Lease

Corporation

49,000

4.650%, 

6/15/2026

b,i

48,355

45,000

3.125%, 

12/1/2030

41,603

Aircastle

,

Ltd.

45,000

5.250%, 

6/15/2026

a,b,i

44,753

45,000

2.850%, 

1/26/2028

a

43,392

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

28,000

4.250%, 

10/15/2027

a

27,535

58,000

6.750%, 

4/15/2028

a

59,028

39,000

7.000%, 

1/15/2031

a

40,296

Ally

Financial,

Inc.

88,000

4.700%, 

5/15/2026

b,i

85,706

108,000

8.000%, 

11/1/2031

123,117

43,000

6.700%, 

2/14/2033

44,790

American

Express

Company

50,000

3.550%, 

9/15/2026

b,i

49,044

American

Homes

4

Rent,

LP

33,000

4.950%, 

6/15/2030

33,601

American

International

Group,

Inc.

81,000

5.125%, 

3/27/2033

83,327

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

Americold

Realty

Operating

Partnership,

LP

$

55,000

5.600%, 

5/15/2032

f

$

55,666

Ameriprise

Financial,

Inc.

72,000

5.200%, 

4/15/2035

73,344

AmWINS

Group,

Inc.

23,000

6.375%, 

2/15/2029

a

23,468

34,000

4.875%, 

6/30/2029

a

33,044

Aon

North

America,

Inc.

80,000

5.750%, 

3/1/2054

80,566

Apollo

Debt

Solutions

BDC

55,000

6.700%, 

7/29/2031

58,290

Ares

Capital

Corporation

48,000

5.875%, 

3/1/2029

49,385

Ares

Strategic

Income

Fund

88,000

5.450%, 

9/9/2028

a

88,686

Arthur

J.

Gallagher

&

Company

60,000

5.750%, 

7/15/2054

59,794

Aviation

Capital

Group,

LLC

48,000

4.875%, 

10/1/2025

a

48,000

Avolon

Holdings

Funding,

Ltd.

80,000

5.750%, 

3/1/2029

a

82,825

75,000

5.375%, 

5/30/2030

a

76,934

Azorra

Finance,

Ltd.

62,000

7.750%, 

4/15/2030

a

65,248

Banco

Santander

SA

25,000

4.750%, 

11/12/2026

b,i

24,563

Bank

of

America

Corporation

80,000

6.125%, 

4/27/2027

b,i

80,907

84,000

4.376%, 

4/27/2028

b

84,303

134,000

3.593%, 

7/21/2028

b

132,772

125,000

5.819%, 

9/15/2029

b

130,712

179,000

3.974%, 

2/7/2030

b

177,679

70,000

5.162%, 

1/24/2031

b

72,246

159,000

2.687%, 

4/22/2032

b

144,846

65,000

2.572%, 

10/20/2032

b

58,257

82,000

2.972%, 

2/4/2033

b

74,672

60,000

5.468%, 

1/23/2035

b

62,654

142,000

5.425%, 

8/15/2035

b

144,856

42,000

3.846%, 

3/8/2037

b

39,240

Bank

of

Montreal

42,000

3.088%, 

1/10/2037

b

37,386

Bank

of

New

York

Mellon

Corporation

50,000

5.950%, 

12/20/2030

b,i

50,558

41,000

6.474%, 

10/25/2034

b

45,698

Bank

of

Nova

Scotia

43,000

6.875%, 

10/27/2085

b,e

42,872

Barclays

plc

35,000

6.125%, 

12/15/2025

b,i

35,006

80,000

5.501%, 

8/9/2028

b

81,719

68,000

4.972%, 

5/16/2029

b

69,012

51,000

6.224%, 

5/9/2034

b

54,865

41,000

7.119%, 

6/27/2034

b

45,835

BlackRock

Funding,

Inc.

40,000

5.250%, 

3/14/2054

39,009

Blackstone

Mortgage

Trust,

Inc.,

Convertible

14,000

5.500%, 

3/15/2027

13,720

Blackstone

Private

Credit

Fund

40,000

5.600%, 

11/22/2029

40,702

57,000

5.050%, 

9/10/2030

56,337

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

Blue

Owl

Credit

Income

Corporation

$

62,000

4.700%, 

2/8/2027

f

$

61,893

Blue

Owl

Technology

Finance

Corporation

22,000

4.750%, 

12/15/2025

a

21,945

76,000

6.100%, 

3/15/2028

a

76,977

20,000

6.750%, 

4/4/2029

20,634

BNP

Paribas

SA

55,000

3.132%, 

1/20/2033

a,b

50,053

32,000

7.450%, 

6/27/2035

a,b,i

33,400

Boston

Properties,

LP,

Convertible

54,000

2.000%, 

10/1/2030

a

53,784

Brixmor

Operating

Partnership,

LP

73,000

2.250%, 

4/1/2028

69,525

Brookfield

Asset

Management,

Ltd.

10,000

6.077%, 

9/15/2055

10,376

Brookfield

Finance,

Inc.

46,000

5.813%, 

3/3/2055

46,342

Brown

&

Brown,

Inc.

15,000

6.250%, 

6/23/2055

15,784

15,000

5.550%, 

6/23/2035

15,430

Burford

Capital

Global

Finance,

LLC

66,000

9.250%, 

7/1/2031

a

70,129

23,000

7.500%, 

7/15/2033

a

23,405

Capital

One

Financial

Corporation

28,000

3.950%, 

9/1/2026

b,f,i

27,487

61,000

3.273%, 

3/1/2030

b

58,786

19,000

6.700%, 

11/29/2032

20,961

Capital

One

NA

90,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

93,193

Capital

Southwest

Corporation,

Convertible

6,000

5.125%, 

11/15/2029

5,910

Charles

Schwab

Corporation

54,000

4.000%, 

6/1/2026

b,i

53,393

40,000

6.136%, 

8/24/2034

b

43,572

CHL

Mortgage

Pass-Through

Trust

17,636

6.314%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

17,299

175,319

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

74,642

Citadel,

LP

44,000

6.375%, 

1/23/2032

a

46,570

Citigroup,

Inc.

105,000

3.875%, 

2/18/2026

b,i

104,030

91,000

1.462%, 

6/9/2027

b

89,269

78,000

3.070%, 

2/24/2028

b

76,803

29,000

7.375%, 

5/15/2028

b,i

30,216

55,000

7.625%, 

11/15/2028

b,i

57,742

180,000

4.075%, 

4/23/2029

b

179,564

34,000

7.125%, 

8/15/2029

b,i

35,126

28,000

6.950%, 

2/15/2030

b,i

28,756

52,000

6.875%, 

8/15/2030

b,i

53,589

93,000

4.952%, 

5/7/2031

b

94,767

41,000

6.174%, 

5/25/2034

b

43,625

45,000

7.000%, 

8/15/2034

b,i

47,797

62,000

6.020%, 

1/24/2036

b

64,950

84,000

5.174%, 

9/11/2036

b

84,852

Citizens

Financial

Group,

Inc.

45,000

4.000%, 

10/6/2026

b,i

44,098

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

$

30,000

5.718%, 

7/23/2032

b

$

31,324

CNA

Financial

Corporation

80,000

5.125%, 

2/15/2034

80,730

Coinbase

Global,

Inc.,

Convertible

89,000

0.500%, 

6/1/2026

f

98,790

98,000

0.250%, 

4/1/2030

123,039

48,000

Zero

Coupon, 

10/1/2032

a

53,016

Comerica,

Inc.

21,000

5.982%, 

1/30/2030

b

21,854

Commonwealth

Bank

of

Australia

54,000

2.688%, 

3/11/2031

a

48,851

COPT

Defense

Properties,

LP

91,000

2.250%, 

3/15/2026

90,072

COPT

Defense

Properties,

LP,

Convertible

25,000

5.250%, 

9/15/2028

a

28,522

Corebridge

Financial,

Inc.

56,000

6.375%, 

9/15/2054

b

57,478

32,000

6.875%, 

12/15/2052

b

32,815

42,000

6.050%, 

9/15/2033

44,817

48,000

5.750%, 

1/15/2034

50,490

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

311,840

5.147%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

257,573

Cousins

Properties,

LP

10,000

5.375%, 

2/15/2032

10,253

Credit

Agricole

SA

45,000

3.250%, 

1/14/2030

a

42,455

Credit

Suisse

Group

AG

32,000

7.250%, 

N/A

*,j

2,720

22,000

7.500%, 

N/A

*,j

1,870

Dai-ichi

Life

Insurance

Company,

Ltd.

60,000

6.200%, 

1/16/2035

a,b,i

62,368

Deutsche

Bank

AG/New

York,

NY

152,000

2.129%, 

11/24/2026

b

151,443

64,000

2.311%, 

11/16/2027

b

62,600

62,000

3.742%, 

1/7/2033

b

57,106

Digital

Realty

Trust,

LP,

Convertible

65,000

1.875%, 

11/15/2029

a

68,250

Elevance

Health,

Inc.

80,000

5.650%, 

6/15/2054

78,627

124,000

2.550%, 

3/15/2031

112,580

Encore

Capital

Group,

Inc.

41,000

9.250%, 

4/1/2029

a

43,262

15,000

8.500%, 

5/15/2030

a

15,929

Encore

Capital

Group,

Inc.,

Convertible

41,000

4.000%, 

3/15/2029

40,476

ERP

Operating,

LP

62,000

4.950%, 

6/15/2032

63,549

Essential

Properties,

LP

21,000

5.400%, 

12/1/2035

21,079

Fairfax

Financial

Holdings,

Ltd.

60,000

6.350%, 

3/22/2054

63,412

Federal

Realty

OP,

LP,

Convertible

28,000

3.250%, 

1/15/2029

a

28,434

Fifth

Third

Bancorp

44,000

4.772%, 

7/28/2030

b

44,495

Fifth

Third

Bank

NA

110,000

3.850%, 

3/15/2026

f

109,797

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

First

Citizens

BancShares

,

Inc./NC

$

78,000

5.600%, 

9/5/2035

b

$

77,794

FirstCash

,

Inc.

69,000

5.625%, 

1/1/2030

a

68,900

Franklin

BSP

Capital

Corporation

57,000

6.000%, 

10/2/2030

a,e

56,376

Freedom

Mortgage

Holdings,

LLC

65,000

9.250%, 

2/1/2029

a

68,391

28,000

9.125%, 

5/15/2031

a

29,779

23,000

7.875%, 

4/1/2033

a

23,694

FS

KKR

Capital

Corporation

45,000

2.625%, 

1/15/2027

f

43,723

FTAI

Aviation

Investors,

LLC

29,000

5.500%, 

5/1/2028

a

29,005

21,000

7.000%, 

5/1/2031

a

21,967

32,000

7.000%, 

6/15/2032

a

33,489

GGAM

Finance,

Ltd.

22,000

7.750%, 

5/15/2026

a

22,055

28,000

8.000%, 

6/15/2028

a

29,637

53,000

5.875%, 

3/15/2030

a

53,662

Global

Aircraft

Leasing

Company,

Ltd.

70,000

8.750%, 

9/1/2027

a

72,320

Global

Net

Lease,

Inc.

18,000

4.500%, 

9/30/2028

a

17,608

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

42,000

3.750%, 

12/15/2027

a

40,765

goeasy

,

Ltd.

10,000

9.250%, 

12/1/2028

a

10,438

15,000

7.625%, 

7/1/2029

a

15,201

45,000

6.875%, 

2/15/2031

a

43,596

Goldman

Sachs

BDC,

Inc.

36,000

6.375%, 

3/11/2027

36,824

69,000

5.650%, 

9/9/2030

69,402

Goldman

Sachs

Group,

Inc.

31,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2026

b,i

31,303

33,000

3.650%, 

8/10/2026

b,i

32,322

57,000

4.125%, 

11/10/2026

b,i

56,050

60,000

1.948%, 

10/21/2027

b

58,588

42,000

2.640%, 

2/24/2028

b

41,117

124,000

3.615%, 

3/15/2028

b

123,070

86,000

4.482%, 

8/23/2028

b

86,538

90,000

3.814%, 

4/23/2029

b

89,233

44,000

2.615%, 

4/22/2032

b

39,918

45,000

2.383%, 

7/21/2032

b

40,162

29,000

6.125%, 

11/10/2034

b,f,i

29,432

70,000

5.330%, 

7/23/2035

b

72,061

60,000

5.016%, 

10/23/2035

b

60,399

Hartford

Insurance

Group,

Inc.

45,000

2.800%, 

8/19/2029

42,566

22,000

6.598%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

20,562

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

23,000

3.750%, 

8/15/2028

a

28,739

Hercules

Capital,

Inc.,

Convertible

14,000

4.750%, 

9/1/2028

a

13,908

HSBC

Holdings

plc

126,000

4.583%, 

6/19/2029

b

126,891

23,000

6.875%, 

9/11/2029

b,i

23,836

53,000

2.804%, 

5/24/2032

b

48,039

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

HUB

International,

Ltd.

$

43,000

7.250%, 

6/15/2030

a

$

44,845

Huntington

Bancshares,

Inc./OH

28,000

4.450%, 

10/15/2027

b,i

27,585

95,000

5.709%, 

2/2/2035

b

99,016

54,000

6.141%, 

11/18/2039

b

56,193

Huntington

Bank

Auto

Credit-

Linked

Notes

192,004

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

193,869

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

8,000

6.250%, 

5/15/2026

7,991

78,000

5.250%, 

5/15/2027

76,670

Invitation

Homes

Operating

Partnership,

LP

68,000

2.000%, 

8/15/2031

58,756

67,000

4.950%, 

1/15/2033

67,325

Jane

Street

Group/JSG

Finance,

Inc.

45,000

4.500%, 

11/15/2029

a

43,930

15,000

7.125%, 

4/30/2031

a

15,733

25,000

6.125%, 

11/1/2032

a

25,339

36,000

6.750%, 

5/1/2033

a

37,391

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

24,000

5.000%, 

8/15/2028

a

23,188

36,000

6.625%, 

10/15/2031

a

36,240

Jefferson

Capital

Holdings,

LLC

22,000

6.000%, 

8/15/2026

a

21,995

56,000

9.500%, 

2/15/2029

a

58,980

JPMorgan

Chase

&

Company

40,000

3.650%, 

6/1/2026

b,i

39,561

134,000

4.005%, 

4/23/2029

b

133,665

45,000

2.069%, 

6/1/2029

b

42,700

30,000

6.500%, 

4/1/2030

b,i

31,054

179,000

4.493%, 

3/24/2031

b

180,680

42,000

2.963%, 

1/25/2033

b

38,423

44,000

4.912%, 

7/25/2033

b

44,867

42,000

5.717%, 

9/14/2033

b

44,416

29,000

5.350%, 

6/1/2034

b

30,217

36,000

6.254%, 

10/23/2034

b

39,669

20,000

5.336%, 

1/23/2035

b

20,788

72,000

5.766%, 

4/22/2035

b

76,708

36,000

5.502%, 

1/24/2036

b

37,664

60,000

5.534%, 

11/29/2045

b

61,703

KeyBank

NA/Cleveland,

OH

67,000

3.900%, 

4/13/2029

65,549

77,000

5.000%, 

1/26/2033

77,496

Kilroy

Realty,

LP

58,000

4.250%, 

8/15/2029

56,899

46,000

5.875%, 

10/15/2035

46,612

Kite

Realty

Group,

LP,

Convertible

4,000

0.750%, 

4/1/2027

a

4,064

Liberty

Mutual

Group,

Inc.

16,000

4.125%, 

12/15/2051

a,b

15,715

Lincoln

National

Corporation

16,000

6.804%, 

(TSFR3M

+

2.619%),

11/17/2025

b

13,751

Lloyds

Banking

Group

plc

143,000

1.627%, 

5/11/2027

b

140,698

LPL

Holdings,

Inc.

65,000

4.900%, 

4/3/2028

65,703

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

M&T

Bank

Corporation

$

96,000

3.500%, 

9/1/2026

b,i

$

92,502

Macquarie

AirFinance

Holdings,

Ltd.

16,000

6.400%, 

3/26/2029

a

16,850

33,000

5.150%, 

3/17/2030

a

33,461

Macquarie

Group,

Ltd.

89,000

1.629%, 

9/23/2027

a,b

86,737

Marsh

&

McLennan

Companies,

Inc.

40,000

2.375%, 

12/15/2031

35,620

MetLife,

Inc.

30,000

6.350%, 

3/15/2055

b

31,874

34,000

5.875%, 

3/15/2028

b,i

34,962

37,000

6.400%, 

12/15/2036

38,936

Metropolitan

Life

Global

Funding

I

73,000

2.950%, 

4/9/2030

a

69,031

Mid-America

Apartments,

LP

90,000

4.200%, 

6/15/2028

90,258

Mitsubishi

UFJ

Financial

Group,

Inc.

91,000

1.538%, 

7/20/2027

b

89,054

Mizuho

Financial

Group,

Inc.

93,000

2.564%, 

9/13/2031

82,346

40,000

5.748%, 

7/6/2034

b

42,501

Molina

Healthcare,

Inc.

14,000

4.375%, 

6/15/2028

a

13,653

29,000

6.250%, 

1/15/2033

a

29,322

Morgan

Stanley

44,000

5.516%, 

11/19/2055

b

44,476

39,000

0.985%, 

12/10/2026

b

38,744

93,000

1.512%, 

7/20/2027

b

91,008

28,000

5.123%, 

2/1/2029

b

28,603

69,000

3.622%, 

4/1/2031

b

66,951

42,000

2.943%, 

1/21/2033

b

38,184

44,000

4.889%, 

7/20/2033

b

44,677

42,000

5.250%, 

4/21/2034

b

43,311

47,000

5.424%, 

7/21/2034

b

48,969

33,000

5.831%, 

4/19/2035

b

35,179

26,000

5.587%, 

1/18/2036

b

27,222

78,000

2.484%, 

9/16/2036

b

67,753

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

31,000

8.500%, 

2/15/2032

a

32,939

Nasdaq,

Inc.

30,000

5.350%, 

6/28/2028

30,933

Nationstar

Mortgage

Holdings,

Inc.

14,000

5.500%, 

8/15/2028

a

14,000

44,000

5.125%, 

12/15/2030

a

44,387

12,000

7.125%, 

2/1/2032

a

12,526

NatWest

Group

plc

45,000

4.892%, 

5/18/2029

b

45,707

97,000

6.475%, 

6/1/2034

b

102,032

Navient

Corporation

17,000

5.000%, 

3/15/2027

16,923

New

York

Life

Global

Funding

43,000

4.550%, 

1/28/2033

a

42,938

40,000

5.000%, 

1/9/2034

a

40,921

Nippon

Life

Insurance

Company

135,000

5.950%, 

4/16/2054

a,b

140,818

Nomura

Holdings,

Inc.

67,000

2.172%, 

7/14/2028

63,302

69,000

5.783%, 

7/3/2034

73,072

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

North

Haven

Private

Income

Fund,

LLC

$

18,000

5.125%, 

9/25/2028

a

$

17,907

Northwestern

Mutual

Life

Insurance

Company

66,000

6.170%, 

5/29/2055

a

71,000

Omega

Healthcare

Investors,

Inc.

68,000

5.200%, 

7/1/2030

69,035

OneMain

Finance

Corporation

46,000

3.500%, 

1/15/2027

44,957

24,000

6.750%, 

3/15/2032

24,445

101,000

7.125%, 

9/15/2032

104,337

Osaic

Holdings,

Inc.

35,000

6.750%, 

8/1/2032

a

36,149

Panther

Escrow

Issuer,

LLC

32,000

7.125%, 

6/1/2031

a

33,284

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

78,000

4.875%, 

5/15/2029

a

76,050

Pebblebrook

Hotel

Trust,

Convertible

122,000

1.750%, 

12/15/2026

120,229

128,000

1.625%, 

1/15/2030

a

125,847

PennyMac

Financial

Services,

Inc.

12,000

7.125%, 

11/15/2030

a

12,495

36,000

6.875%, 

5/15/2032

a

37,303

26,000

6.875%, 

2/15/2033

a

26,861

12,000

6.750%, 

2/15/2034

a

12,241

Phoenix

Aviation

Capital,

Ltd.

38,000

9.250%, 

7/15/2030

a

40,429

PNC

Bank

NA

45,000

2.700%, 

10/22/2029

42,338

PNC

Financial

Services

Group,

Inc.

42,000

6.200%, 

9/15/2027

b,i

42,697

36,000

5.582%, 

6/12/2029

b

37,304

43,000

6.250%, 

3/15/2030

b,i

44,122

40,000

6.875%, 

10/20/2034

b

45,318

PRA

Group,

Inc.

44,000

8.375%, 

2/1/2028

a

45,004

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

26,726

4.499%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-

FP

a,b

24,442

Prologis

Targeted

US

Logistics

Fund,

LP

58,000

5.250%, 

4/1/2029

a

59,863

35,000

5.250%, 

1/15/2035

a

35,796

Prologis,

LP

48,000

5.250%, 

3/15/2054

46,437

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

f

45,673

Prudential

Financial,

Inc.

42,000

5.125%, 

3/1/2052

b

42,152

43,000

6.750%, 

3/1/2053

b

46,372

100,000

6.500%, 

3/15/2054

b

107,010

27,000

3.700%, 

10/1/2050

b

25,220

Realty

Income

Corporation

75,000

3.200%, 

1/15/2027

74,125

Regency

Centers,

LP

61,000

5.250%, 

1/15/2034

62,693

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

Reinsurance

Group

of

America,

Inc.

$

44,000

6.000%, 

9/15/2033

$

47,045

79,000

5.750%, 

9/15/2034

82,593

RenaissanceRe

Holdings,

Ltd.

75,000

5.800%, 

4/1/2035

78,639

Rexford

Industrial

Realty,

LP,

Convertible

34,000

4.375%, 

3/15/2027

a

33,966

54,000

4.125%, 

3/15/2029

a

54,378

RGA

Global

Funding

37,000

5.500%, 

1/11/2031

a

38,601

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

14,000

4.750%, 

10/15/2027

13,939

28,000

4.500%, 

2/15/2029

a

27,460

Rithm

Capital

Corporation

24,000

8.000%, 

7/15/2030

a

24,570

RLJ

Lodging

Trust,

LP

26,000

4.000%, 

9/15/2029

a

24,552

Rocket

Companies,

Inc.

36,000

6.375%, 

8/1/2033

a

37,156

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

20,000

3.625%, 

3/1/2029

a

19,075

38,000

3.875%, 

3/1/2031

a

35,486

20,000

4.000%, 

10/15/2033

a

18,266

Royal

Bank

of

Canada

40,000

6.750%, 

8/24/2085

b

41,260

Ryan

Specialty,

LLC

15,000

4.375%, 

2/1/2030

a

14,533

48,000

5.875%, 

8/1/2032

a

48,537

Santander

Holdings

USA,

Inc.

41,000

2.490%, 

1/6/2028

b

40,006

65,000

5.473%, 

3/20/2029

b

66,239

Shift4

Payments,

Inc.,

Convertible

129,000

Zero

Coupon, 

12/15/2025

132,354

100,000

0.500%, 

8/1/2027

98,408

Simon

Property

Group,

LP

41,000

6.250%, 

1/15/2034

45,244

Sixth

Street

Lending

Partners

36,000

6.125%, 

7/15/2030

a

37,219

SLM

Corporation

7,000

6.500%, 

1/31/2030

7,294

Societe

Generale

SA

41,000

1.488%, 

12/14/2026

a,b

40,746

25,000

10.000%, 

11/14/2028

a,b,i

27,693

Standard

Chartered

plc

63,000

2.608%, 

1/12/2028

a,b

61,631

Starwood

Property

Trust,

Inc.

17,000

4.375%, 

1/15/2027

a

16,854

34,000

5.250%, 

10/15/2028

a,e

34,010

12,000

6.500%, 

10/15/2030

a

12,396

11,000

5.750%, 

1/15/2031

a,e

10,993

Starwood

Property

Trust,

Inc.,

Convertible

78,000

6.750%, 

7/15/2027

82,446

State

Street

Corporation

28,000

6.700%, 

3/15/2029

b,i

29,122

44,000

4.421%, 

5/13/2033

b

43,867

Stonex

Escrow

Issuer,

LLC

42,000

6.875%, 

7/15/2032

a

43,231

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Financials  5.0%

-

continued

Sumitomo

Life

Insurance

Company

$

90,000

3.375%, 

4/15/2081

a,b

$

83,362

Sumitomo

Mitsui

Financial

Group,

Inc.

75,000

5.716%, 

9/14/2028

78,323

54,000

5.766%, 

1/13/2033

57,703

Synchrony

Financial

29,000

5.935%, 

8/2/2030

b

30,059

29,000

7.250%, 

2/2/2033

30,946

Synovus

Bank

40,000

5.625%, 

2/15/2028

40,838

Toronto-Dominion

Bank

32,000

8.125%, 

10/31/2082

b

33,822

44,000

4.456%, 

6/8/2032

43,967

24,000

5.146%, 

9/10/2034

b

24,292

Travelers

Companies,

Inc.

10,000

5.050%, 

7/24/2035

10,178

Truist

Bank

42,000

2.250%, 

3/11/2030

38,287

Truist

Financial

Corporation

74,000

6.047%, 

6/8/2027

b

74,859

37,000

1.887%, 

6/7/2029

b

34,868

85,000

5.100%, 

3/1/2030

b,i

84,856

64,000

5.153%, 

8/5/2032

b

65,866

56,000

5.711%, 

1/24/2035

b

58,765

U.S.

Bancorp

65,000

4.548%, 

7/22/2028

b

65,492

19,000

5.836%, 

6/12/2034

b

20,246

56,000

5.678%, 

1/23/2035

b

58,962

UBS

Group

AG

88,000

3.869%, 

1/12/2029

a,b

87,263

26,000

6.600%, 

8/5/2030

a,b,i

26,139

United

Wholesale

Mortgage,

LLC

76,000

5.500%, 

4/15/2029

a

74,955

UnitedHealth

Group,

Inc.

119,000

5.375%, 

4/15/2054

114,284

Ventas

Realty,

LP,

Convertible

53,000

3.750%, 

6/1/2026

68,450

Wells

Fargo

&

Company

30,000

3.900%, 

3/15/2026

b,i

29,709

41,000

3.526%, 

3/24/2028

b

40,634

89,000

3.584%, 

5/22/2028

b

88,197

65,000

4.808%, 

7/25/2028

b

65,767

58,000

7.625%, 

9/15/2028

b,i

62,084

90,000

4.478%, 

4/4/2031

b

90,493

29,000

5.389%, 

4/24/2034

b

30,133

40,000

5.557%, 

7/25/2034

b

42,016

37,000

6.491%, 

10/23/2034

b

41,110

161,000

5.499%, 

1/23/2035

b

167,938

Welltower

OP,

LLC,

Convertible

65,000

2.750%, 

5/15/2028

a

121,615

51,000

3.125%, 

7/15/2029

a

74,894

Westpac

Banking

Corporation

67,000

4.110%, 

7/24/2034

b

65,612

Willis

North

America,

Inc.

40,000

5.900%, 

3/5/2054

40,748

XHR,

LP

27,000

4.875%, 

6/1/2029

a

26,444

12,000

6.625%, 

5/15/2030

a

12,330

Total

19,319,117

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Foreign

Government  <0.1%

Saudi

Arabian

Oil

Company

$

58,000

5.750%, 

7/17/2054

a

$

57,681

Teine

Energy,

Ltd.

41,000

6.875%, 

4/15/2029

a

40,338

Total

98,019

Mortgage-Backed

Securities  13.8%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

305,837

2.000%, 

1/1/2052

250,190

950,343

6.000%, 

1/1/2055

990,575

1,568,991

2.500%, 

5/1/2051

1,339,953

902,954

3.500%, 

5/1/2052

831,991

945,080

4.000%, 

5/1/2052

898,923

2,466,748

5.000%, 

7/1/2053

2,469,508

628,801

5.500%, 

7/1/2053

640,737

274,044

5.000%, 

8/1/2053

275,011

366,137

5.500%, 

9/1/2053

374,253

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

717,912

2.500%, 

7/1/2030

695,953

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,500,000

5.000%, 

10/1/2040

e

1,515,450

425,000

5.500%, 

10/1/2040

e

434,330

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

738,476

3.500%, 

5/1/2040

706,172

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,253,028

3.000%, 

1/1/2052

1,996,655

351,291

2.000%, 

2/1/2051

287,374

234,014

2.000%, 

2/1/2051

191,435

1,116,943

2.500%, 

2/1/2051

954,311

1,128,479

2.500%, 

2/1/2051

952,350

2,099,599

2.000%, 

3/1/2051

1,705,987

1,123,009

4.000%, 

3/1/2051

1,077,202

2,493,317

3.000%, 

3/1/2052

2,210,214

1,613,964

2.000%, 

4/1/2051

1,306,100

1,530,412

3.000%, 

4/1/2051

1,348,411

1,032,392

5.500%, 

4/1/2054

1,053,644

425,619

2.000%, 

5/1/2051

346,517

754,509

3.000%, 

5/1/2051

678,850

789,024

3.000%, 

6/1/2050

711,467

324,533

4.000%, 

6/1/2052

306,722

1,464,950

5.000%, 

6/1/2053

1,468,492

1,779,656

2.500%, 

7/1/2051

1,525,235

583,896

3.500%, 

7/1/2051

539,709

923,931

4.000%, 

7/1/2052

873,226

726,797

2.500%, 

8/1/2050

625,748

1,266,157

3.500%, 

8/1/2050

1,174,531

1,583,380

3.500%, 

8/1/2052

1,451,655

1,009,605

4.500%, 

8/1/2052

984,579

368,745

5.000%, 

8/1/2053

369,637

1,086,571

3.500%, 

9/1/2052

1,002,383

458,147

3.500%, 

9/1/2052

422,083

302,535

5.000%, 

9/1/2052

302,784

249,662

4.500%, 

9/1/2053

244,430

802,178

4.500%, 

9/1/2053

782,664

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Mortgage-Backed

Securities  13.8%

-

continued

$

1,573,160

4.000%, 

10/1/2052

$

1,493,885

433,367

2.000%, 

11/1/2051

354,508

589,689

3.500%, 

11/1/2052

545,797

1,725,979

2.000%, 

12/1/2050

1,405,647

2,915,305

4.500%, 

12/1/2052

2,855,941

350,000

4.000%, 

10/1/2048

e

329,827

775,000

4.500%, 

10/1/2048

e

751,640

3,325,000

5.000%, 

10/1/2048

e

3,297,260

1,175,000

3.000%, 

10/1/2049

e

1,031,886

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

2,027,167

2.500%, 

3/1/2062

1,653,160

660,738

3.500%, 

7/1/2061

593,188

821,454

4.000%, 

12/1/2061

768,838

PRPM,

LLC

250,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,d

234,004

Total

53,633,022

Technology  1.5%

Accenture

Capital,

Inc.

49,000

4.500%, 

10/4/2034

48,325

Akamai

Technologies,

Inc.,

Convertible

61,000

0.375%, 

9/1/2027

58,346

60,000

1.125%, 

2/15/2029

56,280

97,000

0.250%, 

5/15/2033

a

97,339

Alphabet,

Inc.

38,000

5.250%, 

5/15/2055

38,083

Apple,

Inc.

201,000

3.750%, 

9/12/2047

161,633

Avnet,

Inc.,

Convertible

36,000

1.750%, 

9/1/2030

a

36,342

Block,

Inc.

24,000

5.625%, 

8/15/2030

a

24,316

82,000

6.500%, 

5/15/2032

84,870

24,000

6.000%, 

8/15/2033

a

24,577

Block,

Inc.,

Convertible

18,000

0.250%, 

11/1/2027

16,371

Boost

Newco

Borrower,

LLC

70,000

7.500%, 

1/15/2031

a

74,263

Broadcom,

Inc.

41,000

4.000%, 

4/15/2029

a

40,809

105,000

4.900%, 

7/15/2032

107,414

30,000

4.800%, 

10/15/2034

30,210

67,000

4.900%, 

2/15/2038

66,641

CACI

International,

Inc.

16,000

6.375%, 

6/15/2033

a

16,505

Central

Parent,

Inc./CDK

Global,

Inc.

19,000

7.250%, 

6/15/2029

a

16,360

Cisco

Systems,

Inc.

80,000

5.350%, 

2/26/2064

78,541

Clarivate

Science

Holdings

Corporation

30,000

3.875%, 

7/1/2028

a

28,871

Cloud

Software

Group,

Inc.

144,000

6.500%, 

3/31/2029

a

145,299

55,000

9.000%, 

9/30/2029

a

57,046

CommScope

Technologies,

LLC

24,000

5.000%, 

3/15/2027

a

23,811

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Technology  1.5%

-

continued

CommScope

,

LLC

$

25,000

4.750%, 

9/1/2029

a

$

24,839

Consensus

Cloud

Solutions,

Inc.

14,000

6.000%, 

10/15/2026

a

13,973

CoreWeave

,

Inc.

35,000

9.000%, 

2/1/2031

a

35,871

CSG

Systems

International,

Inc.,

Convertible

86,000

3.875%, 

9/15/2028

95,417

Dell,

Inc.

53,000

6.500%, 

4/15/2038

57,507

Diebold

Nixdorf,

Inc.

61,000

7.750%, 

3/31/2030

a

64,347

Euronet

Worldwide,

Inc.,

Convertible

50,000

0.625%, 

10/1/2030

a

47,625

Fair

Isaac

Corporation

42,000

6.000%, 

5/15/2033

a

42,523

Fiserv,

Inc.

78,000

5.350%, 

3/15/2031

81,114

20,000

5.600%, 

3/2/2033

20,956

78,000

5.450%, 

3/15/2034

80,607

58,000

5.150%, 

8/12/2034

58,693

Gen

Digital,

Inc.

34,000

7.125%, 

9/30/2030

a

35,009

12,000

6.250%, 

4/1/2033

a

12,251

Global

Payments,

Inc.

64,000

4.950%, 

8/15/2027

64,765

Global

Payments,

Inc.,

Convertible

117,000

1.500%, 

3/1/2031

107,085

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

28,000

3.500%, 

3/1/2029

a

26,529

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

23,000

4.625%, 

5/1/2028

a

22,245

Hewlett

Packard

Enterprise

Company

44,000

4.850%, 

10/15/2031

44,459

IBM

International

Capital

Private,

Ltd.

59,000

5.300%, 

2/5/2054

56,464

II-VI,

Inc.

26,000

5.000%, 

12/15/2029

a

25,641

Intel

Corporation

103,000

4.900%, 

7/29/2045

91,076

InterDigital

,

Inc.,

Convertible

28,000

3.500%, 

6/1/2027

125,202

ION

Trading

Technologies

SARL

33,000

9.500%, 

5/30/2029

a

34,854

Iron

Mountain,

Inc.

24,000

4.875%, 

9/15/2029

a

23,627

68,000

5.250%, 

7/15/2030

a

67,250

66,000

4.500%, 

2/15/2031

a

62,999

Jabil,

Inc.

41,000

5.450%, 

2/1/2029

42,310

Kioxia

Holdings

Corporation

57,000

6.625%, 

7/24/2033

a

58,598

Marvell

Technology,

Inc.

44,000

2.950%, 

4/15/2031

40,636

Mastercard

,

Inc.

48,000

4.875%, 

5/9/2034

49,136

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Technology  1.5%

-

continued

Microchip

Technology,

Inc.

$

25,000

5.050%, 

3/15/2029

$

25,545

Microchip

Technology,

Inc.,

Convertible

65,000

0.750%, 

6/1/2030

63,017

Micron

Technology,

Inc.

16,000

5.650%, 

11/1/2032

16,791

MKS,

Inc.,

Convertible

230,000

1.250%, 

6/1/2030

251,850

Moody's

Corporation

42,000

4.250%, 

8/8/2032

41,471

NCR

Atleos

Corporation

23,000

9.500%, 

4/1/2029

a

24,898

NCR

Voyix

Corporation

22,000

5.000%, 

10/1/2028

a

21,671

26,000

5.125%, 

4/15/2029

a

25,582

Neptune

Bidco

US,

Inc.

48,000

9.290%, 

4/15/2029

a

47,121

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

45,000

4.300%, 

6/18/2029

44,946

ON

Semiconductor

Corporation,

Convertible

94,000

Zero

Coupon, 

5/1/2027

106,972

137,000

0.500%, 

3/1/2029

126,406

Open

Text

Corporation

74,000

3.875%, 

12/1/2029

a

69,949

Oracle

Corporation

66,000

5.375%, 

9/27/2054

60,629

141,000

6.900%, 

11/9/2052

156,884

14,000

6.150%, 

11/9/2029

14,929

42,000

4.800%, 

9/26/2032

42,050

45,000

5.875%, 

9/26/2045

45,122

Paychex,

Inc.

16,000

5.600%, 

4/15/2035

16,750

PayPal

Holdings,

Inc.

80,000

5.500%, 

6/1/2054

80,259

Pitney

Bowes,

Inc.

14,000

6.875%, 

3/15/2027

a

13,989

RingCentral,

Inc.

55,000

8.500%, 

8/15/2030

a

58,522

Rocket

Software,

Inc.

34,000

9.000%, 

11/28/2028

a

35,048

Sabre

GLBL,

Inc.

6,000

8.625%, 

6/1/2027

a,f

6,086

24,000

11.125%, 

7/15/2030

a

23,243

Seagate

Data

Storage

Technology,

Private

Ltd.

50,330

9.625%, 

12/1/2032

a

57,008

Semtech

Corporation,

Convertible

67,000

1.625%, 

11/1/2027

131,822

Sensata

Technologies

BV

61,000

4.000%, 

4/15/2029

a

58,540

Sensata

Technologies,

Inc.

16,000

3.750%, 

2/15/2031

a

14,766

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

48,000

6.750%, 

8/15/2032

a

49,627

SS&C

Technologies,

Inc.

56,000

5.500%, 

9/30/2027

a

55,903

12,000

6.500%, 

6/1/2032

a

12,406

Synaptics

,

Inc.,

Convertible

89,000

0.750%, 

12/1/2031

a

87,621

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Technology  1.5%

-

continued

Synopsys,

Inc.

$

48,000

5.700%, 

4/1/2055

$

48,443

Texas

Instruments,

Inc.

40,000

5.150%, 

2/8/2054

38,570

UKG,

Inc.

29,000

6.875%, 

2/1/2031

a

29,923

Verint

Systems,

Inc.,

Convertible

60,000

0.250%, 

4/15/2026

f

58,650

Verisk

Analytics,

Inc.

26,000

5.250%, 

3/15/2035

26,505

Viavi

Solutions,

Inc.

24,000

3.750%, 

10/1/2029

a

22,628

Viavi

Solutions,

Inc.,

Convertible

59,000

1.625%, 

3/15/2026

61,876

42,000

0.625%, 

3/1/2031

a

46,121

Vishay

Intertechnology

,

Inc.,

Convertible

152,000

2.250%, 

9/15/2030

f

138,030

VMware,

LLC

94,000

4.700%, 

5/15/2030

95,162

54,000

2.200%, 

8/15/2031

47,629

Western

Digital

Corporation,

Convertible

92,000

3.000%, 

11/15/2028

f

295,090

Xerox

Corporation

19,000

10.250%, 

10/15/2030

a

19,301

Xerox

Holdings

Corporation

17,000

5.500%, 

8/15/2028

a

9,988

Ziff

Davis,

Inc.,

Convertible

4,000

1.750%, 

11/1/2026

f

3,832

37,000

3.625%, 

3/1/2028

a

35,659

Total

5,810,690

Transportation  0.3%

Air

Canada

26,000

3.875%, 

8/15/2026

a

25,764

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

33,000

5.500%, 

4/20/2026

a

33,014

45,790

5.750%, 

4/20/2029

a

45,965

Avianca

Midco

2

plc

22,000

9.000%, 

12/1/2028

a

21,972

24,000

9.625%, 

2/14/2030

a

23,873

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

35,000

5.375%, 

3/1/2029

a,f

34,131

Burlington

Northern

Santa

Fe,

LLC

40,000

5.500%, 

3/15/2055

40,090

DCLI

Bidco

,

LLC

33,000

7.750%, 

11/15/2029

a

34,312

Delta

Air

Lines,

Inc.

82,000

4.375%, 

4/19/2028

f

82,025

61,000

5.250%, 

7/10/2030

62,232

Delta

Air

Lines,

Inc./

SkyMiles

IP,

Ltd.

7,990

4.500%, 

10/20/2025

a

7,980

ERAC

USA

Finance,

LLC

80,000

5.200%, 

10/30/2034

a

82,603

Norfolk

Southern

Corporation

64,000

4.450%, 

3/1/2033

63,619

OneSky

Flight,

LLC

60,000

8.875%, 

12/15/2029

a

63,093

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Transportation  0.3%

-

continued

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

$

35,000

1.200%, 

11/15/2025

a

$

34,853

47,000

1.700%, 

6/15/2026

a

46,130

Rand

Parent,

LLC

62,000

8.500%, 

2/15/2030

a,f

64,422

RXO,

Inc.

23,000

7.500%, 

11/15/2027

a

23,387

Ryder

System,

Inc.

37,000

2.850%, 

3/1/2027

36,348

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

42,508

Star

Leasing

Company,

LLC

24,000

7.625%, 

2/15/2030

a

23,322

Stena

International

SA

45,000

7.250%, 

1/15/2031

a

45,878

Stonepeak

Nile

Parent,

LLC

19,000

7.250%, 

3/15/2032

a

20,008

Union

Pacific

Corporation

30,000

5.600%, 

12/1/2054

30,466

United

Airlines,

Inc.

80,000

4.625%, 

4/15/2029

a

78,775

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

17,000

7.875%, 

5/1/2027

a

17,265

29,000

6.375%, 

2/1/2030

a,f

28,266

Watco

Companies,

LLC/

Watco

Finance

Corporation

23,000

7.125%, 

8/1/2032

a

23,807

Total

1,136,108

U.S.

Government

&

Agencies  5.2%

U.S.

Treasury

Bonds

300,000

4.250%, 

2/15/2054

276,914

2,500,000

4.750%, 

11/15/2053

2,504,297

1,200,000

4.625%, 

2/15/2035

1,247,062

1,450,000

3.250%, 

5/15/2042

1,218,113

4,000,000

3.375%, 

8/15/2042

3,408,125

1,200,000

4.750%, 

2/15/2045

1,207,500

U.S.

Treasury

Notes

670,000

0.500%, 

4/30/2027

637,887

1,550,000

1.125%, 

2/29/2028

1,461,601

3,100,000

4.125%, 

7/31/2028

3,141,172

2,500,000

3.500%, 

9/30/2029

2,482,324

715,000

1.375%, 

11/15/2031

618,866

900,000

4.125%, 

11/15/2032

910,477

100,000

3.375%, 

5/15/2033

96,055

1,000,000

4.000%, 

2/15/2034

997,383

Total

20,207,776

Utilities  1.5%

AEP

Texas,

Inc.

30,000

5.850%, 

10/15/2055

29,866

AES

Corporation

45,000

7.600%, 

1/15/2055

b

46,614

72,000

3.950%, 

7/15/2030

a

69,525

Algonquin

Power

&

Utilities

Corporation

105,000

4.750%, 

1/18/2082

b

102,454

Alliant

Energy

Corporation,

Convertible

43,000

3.875%, 

3/15/2026

46,246

28,000

3.250%, 

5/30/2028

a

28,854

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Utilities  1.5%

-

continued

Alpha

Generation,

LLC

$

21,000

6.750%, 

10/15/2032

a

$

21,678

Ameren

Corporation

45,000

1.750%, 

3/15/2028

42,505

American

Electric

Power

Company,

Inc.

51,000

6.950%, 

12/15/2054

b

55,195

44,000

2.300%, 

3/1/2030

40,269

American

Water

Capital

Corporation

24,000

5.700%, 

9/1/2055

24,376

American

Water

Capital

Corporation,

Convertible

61,000

3.625%, 

6/15/2026

61,085

Arizona

Public

Service

Company

37,000

5.550%, 

8/1/2033

38,699

Atmos

Energy

Corporation

46,000

5.450%, 

1/15/2056

e

45,465

30,000

5.000%, 

12/15/2054

27,924

Calpine

Corporation

50,000

4.500%, 

2/15/2028

a

49,789

CenterPoint

Energy,

Inc.

29,000

7.000%, 

2/15/2055

b

30,219

14,000

6.700%, 

5/15/2055

b

14,458

56,000

1.450%, 

6/1/2026

54,959

67,000

2.650%, 

6/1/2031

60,640

CenterPoint

Energy,

Inc.,

Convertible

66,000

4.250%, 

8/15/2026

73,260

44,000

3.000%, 

8/1/2028

a

44,675

CMS

Energy

Corporation,

Convertible

45,000

3.375%, 

5/1/2028

49,275

Consolidated

Edison

Company

of

New

York,

Inc.

120,000

5.700%, 

5/15/2054

122,991

Constellation

Energy

Generation,

LLC

60,000

5.750%, 

3/15/2054

60,794

41,000

5.800%, 

3/1/2033

43,800

Dominion

Energy,

Inc.

48,000

6.875%, 

2/1/2055

b

50,240

48,000

7.000%, 

6/1/2054

b

52,046

45,000

3.375%, 

4/1/2030

43,223

DTE

Energy

Company

42,000

4.875%, 

6/1/2028

42,728

Duke

Energy

Carolinas,

LLC

121,000

5.400%, 

1/15/2054

119,975

Duke

Energy

Corporation

56,000

3.250%, 

1/15/2082

b

54,041

55,000

5.800%, 

6/15/2054

55,565

33,000

6.450%, 

9/1/2054

b

34,857

43,000

4.500%, 

8/15/2032

42,729

44,000

5.750%, 

9/15/2033

46,735

Duke

Energy

Corporation,

Convertible

106,000

4.125%, 

4/15/2026

113,791

Duke

Energy

Ohio,

Inc.

40,000

5.550%, 

3/15/2054

39,957

Edison

International

28,000

7.875%, 

6/15/2054

b,f

28,529

43,000

5.000%, 

12/15/2026

b,i

40,742

Entergy

Louisiana,

LLC

40,000

5.800%, 

3/15/2055

40,954

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Utilities  1.5%

-

continued

Evergy

,

Inc.,

Convertible

$

66,000

4.500%, 

12/15/2027

$

82,929

Eversource

Energy

90,000

4.600%, 

7/1/2027

90,508

Exelon

Corporation

157,000

5.600%, 

3/15/2053

153,481

45,000

4.050%, 

4/15/2030

44,513

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

a

98,380

FirstEnergy

Corporation,

Convertible

24,000

4.000%, 

5/1/2026

24,924

81,000

3.625%, 

1/15/2029

a

85,884

69,000

3.875%, 

1/15/2031

a

74,451

Georgia

Power

Company

25,000

4.950%, 

5/17/2033

25,502

Hawaiian

Electric

Company,

Inc.

11,000

6.000%, 

10/1/2033

a

11,096

ITC

Holdings

Corporation

43,000

4.950%, 

9/22/2027

a

43,511

Jersey

Central

Power

&

Light

Company

80,000

2.750%, 

3/1/2032

a

71,529

Lightning

Power,

LLC

45,000

7.250%, 

8/15/2032

a

47,642

Long

Ridge

Energy,

LLC

37,000

8.750%, 

2/15/2032

a

38,033

MidAmerican

Energy

Company

161,000

5.300%, 

2/1/2055

156,646

National

Rural

Utilities

Cooperative

Finance

Corporation

40,000

4.850%, 

2/7/2029

40,914

NextEra

Energy

Capital

Holdings,

Inc.

61,000

5.900%, 

3/15/2055

62,866

31,000

3.800%, 

3/15/2082

b

30,230

68,000

6.750%, 

6/15/2054

b

73,082

45,000

2.250%, 

6/1/2030

41,086

21,000

5.300%, 

3/15/2032

21,808

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

46,000

3.000%, 

3/1/2027

54,326

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

15,525

66,000

5.850%, 

4/1/2055

66,933

32,000

6.950%, 

11/30/2054

b

33,300

45,000

2.950%, 

9/1/2029

42,928

Northern

States

Power

Company/

MN

40,000

5.400%, 

3/15/2054

39,656

NRG

Energy,

Inc.

34,000

2.000%, 

12/2/2025

a

33,820

46,000

10.250%, 

3/15/2028

a,b,i

50,157

24,000

3.375%, 

2/15/2029

a

22,688

35,000

5.250%, 

6/15/2029

a

34,887

20,000

6.000%, 

2/1/2033

a

20,311

70,000

5.750%, 

1/15/2034

a,e

69,929

20,000

6.250%, 

11/1/2034

a

20,502

Oncor

Electric

Delivery

Company,

LLC

52,000

5.550%, 

6/15/2054

51,753

Pacific

Gas

and

Electric

Company

40,000

6.750%, 

1/15/2053

43,098

78,000

5.550%, 

5/15/2029

80,289

Principal

Amount

Long-Term

Fixed

Income  47.0%

Value

Utilities  1.5%

-

continued

PG&E

Corporation

$

18,000

5.000%, 

7/1/2028

$

17,833

PG&E

Corporation,

Convertible

236,000

4.250%, 

12/1/2027

238,667

Pinnacle

West

Capital

Corporation,

Convertible

32,000

4.750%, 

6/15/2027

34,368

PPL

Capital

Funding,

Inc.

56,000

5.250%, 

9/1/2034

57,274

PPL

Capital

Funding,

Inc.,

Convertible

64,000

2.875%, 

3/15/2028

73,056

San

Diego

Gas

&

Electric

Company

40,000

5.550%, 

4/15/2054

39,334

Sempra

28,000

6.550%, 

4/1/2055

b

28,612

28,000

6.625%, 

4/1/2055

b

28,433

31,000

6.400%, 

10/1/2054

b

31,675

28,000

6.875%, 

10/1/2054

b

29,013

28,000

4.875%, 

10/15/2025

b,i

27,994

Southern

California

Edison

Company

79,000

5.450%, 

6/1/2031

81,305

Southern

Company

53,000

5.700%, 

10/15/2032

56,121

78,000

4.850%, 

3/15/2035

77,200

35,000

4.000%, 

1/15/2051

b

34,873

109,000

3.750%, 

9/15/2051

b

107,546

Southern

Company,

Convertible

60,000

3.875%, 

12/15/2025

67,530

89,000

4.500%, 

6/15/2027

98,923

36,000

3.250%, 

6/15/2028

a

36,432

Talen

Energy

Supply,

LLC

55,000

8.625%, 

6/1/2030

a

58,385

TerraForm

Power

Operating,

LLC

72,000

5.000%, 

1/31/2028

a

71,480

Virginia

Electric

and

Power

Company

55,000

5.350%, 

1/15/2054

52,853

Vistra

Corporation

28,000

8.000%, 

10/15/2026

a,b,i

28,640

32,000

7.000%, 

12/15/2026

a,b,i

32,489

Vistra

Operations

Company,

LLC

43,000

5.000%, 

7/31/2027

a

42,858

WEC

Energy

Group,

Inc.,

Convertible

41,000

4.375%, 

6/1/2027

49,118

53,000

3.375%, 

6/1/2028

a

54,749

59,000

4.375%, 

6/1/2029

72,363

Xcel

Energy,

Inc.

64,000

4.600%, 

6/1/2032

63,497

39,000

5.600%, 

4/15/2035

40,429

XPLR

Infrastructure

Operating

Partners,

LP

81,000

3.875%, 

10/15/2026

a

79,837

XPLR

Infrastructure,

LP,

Convertible

70,000

2.500%, 

6/15/2026

a,f

68,250

Total

5,971,981

Total

Long-Term

Fixed

Income

(cost

$183,215,904)

182,710,138

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Shares

Common

Stock

30.0%

Value

Communications

Services  3.0%

7,843

Alphabet,

Inc.,

Class

A

$

1,906,633

10,527

Alphabet,

Inc.,

Class

C

2,563,851

6,826

AT&T,

Inc.

192,766

11,143

Comcast

Corporation

350,113

1,360

Match

Group,

Inc.

48,035

4,988

Meta

Platforms,

Inc.

3,663,088

983

Netflix,

Inc.

k

1,178,538

111

New

York

Times

Company

6,371

1,661

News

Corporation,

Class

A

51,009

496

Spotify

Technology

SA

k

346,208

397

T-Mobile

US,

Inc.

95,034

169

Tripadvisor

,

Inc.

k

2,748

5,745

Uniti

Group,

Inc.

35,159

3,027

Verizon

Communications,

Inc.

133,037

1,774

Walt

Disney

Company

203,123

23,094

Warner

Brothers

Discovery,

Inc.

k

451,026

9,143

Warner

Music

Group

Corporation

311,411

Total

11,538,150

Consumer

Discretionary  3.2%

10,997

ADT,

Inc.

95,784

1,213

Advance

Auto

Parts,

Inc.

74,478

16,776

Amazon.com,

Inc.

k

3,683,506

4,789

Aptiv

plc

k

412,908

171

Asbury

Automotive

Group,

Inc.

k

41,801

82

Booking

Holdings,

Inc.

442,740

471

Boot

Barn

Holdings,

Inc.

k

78,054

1,255

Build-A-Bear

Workshop,

Inc.

81,839

5,866

Carnival

Corporation

k

169,586

1,721

Columbia

Sportswear

Company

90,008

538

Crocs,

Inc.

k

44,950

2,179

D.R.

Horton,

Inc.

369,275

1,551

DoorDash

,

Inc.

k

421,856

364

Etsy,

Inc.

k

24,166

1,403

Expedia

Group,

Inc.

299,891

482

Frontdoor

,

Inc.

k

32,434

837

Garmin,

Ltd.

206,086

140

Group

1

Automotive,

Inc.

61,251

961

Hilton

Worldwide

Holdings,

Inc.

249,322

2,623

Home

Depot,

Inc.

1,062,813

796

Laureate

Education,

Inc.

k

25,106

2,115

La-Z-Boy,

Inc.

72,587

1,881

Lowe's

Companies,

Inc.

472,714

264

McDonald's

Corporation

80,227

620

Modine

Manufacturing

Company

k

88,139

16

NVR,

Inc.

k

128,555

2,222

O'Reilly

Automotive,

Inc.

k

239,554

1,193

Ross

Stores,

Inc.

181,801

1,133

SharkNinja

,

Inc.

k

116,869

14,243

Sony

Group

Corporation

ADR

f

410,056

3,957

Tesla,

Inc.

k

1,759,757

206

Ulta

Beauty,

Inc.

k

112,631

816

Universal

Technical

Institute,

Inc.

k

26,561

1,747

Viking

Holdings,

Ltd.

k

108,594

250

Wingstop

,

Inc.

f

62,920

4,208

Wyndham

Hotels

&

Resorts,

Inc.

336,219

1,156

Wynn

Resorts,

Ltd.

148,280

Total

12,313,318

Consumer

Staples  1.0%

427

Altria

Group,

Inc.

28,208

914

BJ's

Wholesale

Club

Holdings,

Inc.

k

85,230

185

Casey's

General

Stores,

Inc.

104,584

1,140

Church

&

Dwight

Company,

Inc.

99,898

Shares

Common

Stock  30.0%

Value

Consumer

Staples  1.0%

-

continued

1,113

Colgate-Palmolive

Company

$

88,973

64

Costco

Wholesale

Corporation

59,240

36,932

Coty,

Inc.

k

149,205

419

J

&

J

Snack

Foods

Corporation

40,262

1,486

John

B.

Sanfilippo

&

Son,

Inc.

95,520

19,342

Kenvue

,

Inc.

313,921

9,074

Keurig

Dr

Pepper,

Inc.

231,478

27

Kimberly-Clark

Corporation

3,357

1,885

Maplebear

,

Inc.

k

69,293

504

Marzetti

Company

87,086

615

Monster

Beverage

Corporation

k

41,396

748

Philip

Morris

International,

Inc.

121,326

1,562

Procter

&

Gamble

Company

240,001

6,934

Sysco

Corporation

570,946

1,014

Turning

Point

Brands,

Inc.

100,244

9,120

Unilever

plc

ADR

540,634

6,208

Walmart,

Inc.

639,796

Total

3,710,598

Energy  1.1%

2,380

Antero

Midstream

Corporation

46,267

947

Baker

Hughes

Company

46,138

292

Cheniere

Energy,

Inc.

68,614

201

Chevron

Corporation

31,213

6,874

ConocoPhillips

650,212

13,193

Devon

Energy

Corporation

462,547

799

DHT

Holdings,

Inc.

9,548

16,857

Enterprise

Products

Partners,

LP

527,118

1,065

EOG

Resources,

Inc.

119,408

2,100

Expand

Energy

Corporation

223,104

9,659

Exxon

Mobil

Corporation

1,089,052

8,905

Halliburton

Company

219,063

867

Hess

Midstream,

LP

29,955

2,181

Kinder

Morgan,

Inc.

61,744

1,709

Marathon

Petroleum

Corporation

329,393

1,464

Matador

Resources

Company

65,777

3,139

Shell

plc

ADR

224,533

2,434

TechnipFMC

plc

96,021

2,036

Williams

Companies,

Inc.

128,981

Total

4,428,688

Financials  4.5%

198

Affiliated

Managers

Group,

Inc.

47,209

1,644

Allstate

Corporation

352,885

5,173

Ally

Financial,

Inc.

202,782

1,193

Amalgamated

Financial

Corporation

32,390

981

American

Express

Company

325,849

4,351

American

International

Group,

Inc.

341,727

566

Ameriprise

Financial,

Inc.

278,047

2,011

Arch

Capital

Group,

Ltd.

182,458

1,460

Associated

Banc-Corp

37,537

1,867

Atlantic

Union

Bankshares

Corporation

65,886

24,203

Bank

of

America

Corporation

1,248,633

1,542

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

66,183

4,542

Bank

of

New

York

Mellon

Corporation

494,896

1,397

Beacon

Financial

Corporation

33,123

720

Berkshire

Hathaway,

Inc.

k

361,973

2,286

BlackRock

Income

Trust,

Inc.,

Rights

k

135

71

BlackRock,

Inc.

82,777

61

Blackstone

Mortgage

Trust,

Inc.

1,123

15

Block,

Inc.

k

1,084

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Common

Stock  30.0%

Value

Financials  4.5%

-

continued

3,477

Bridgewater

Bancshares,

Inc.

k

$

61,195

291

Byline

Bancorp,

Inc.

8,069

4,134

Capital

One

Financial

Corporation

878,806

154

Central

Pacific

Financial

Corporation

4,672

11,676

Charles

Schwab

Corporation

1,114,708

1,692

Chubb,

Ltd.

477,567

718

Citigroup,

Inc.

72,877

427

Community

Trust

Bancorp,

Inc.

23,891

1,885

Donnelley

Financial

Solutions,

Inc.

k

96,945

16

Enact

Holdings,

Inc.

613

5

Encore

Capital

Group,

Inc.

k

209

260

Enova

International,

Inc.

k

29,923

1,187

Enterprise

Financial

Services

Corporation

68,822

567

Federal

Agricultural

Mortgage

Corporation

95,245

189

Financial

Institutions,

Inc.

5,141

185

First

Citizens

BancShares

,

Inc./NC

330,995

62

First

Financial

Corporation

3,499

132

First

Mid-Illinois

Bancshares,

Inc.

5,000

600

Fiserv,

Inc.

k

77,358

1,911

Fulton

Financial

Corporation

35,602

1,771

Glacier

Bancorp,

Inc.

86,195

383

Great

Southern

Bancorp,

Inc.

23,459

406

Hometrust

Bancshares,

Inc.

16,622

830

Houlihan

Lokey

,

Inc.

170,416

209

Independent

Bank

Corporation/MI

6,474

3,813

Intercontinental

Exchange,

Inc.

642,414

3,635

Invesco,

Ltd.

83,387

1,309

Janus

Henderson

Group

plc

58,264

5,897

JPMorgan

Chase

&

Company

1,860,091

21,227

KeyCorp

396,733

833

M&T

Bank

Corporation

164,617

760

Marsh

&

McLennan

Companies,

Inc.

153,163

537

Mastercard

,

Inc.

305,451

4,919

MetLife,

Inc.

405,178

2,206

MGIC

Investment

Corporation

62,584

927

MidWestOne

Financial

Group,

Inc.

26,225

367

Moody's

Corporation

174,868

165

MSCI,

Inc.

93,623

3,258

Nasdaq,

Inc.

288,170

264

NMI

Holdings,

Inc.

k

10,122

1,074

Northern

Trust

Corporation

144,560

2,293

Northwest

Bancshares,

Inc.

28,410

473

OFG

Bancorp

20,571

3,132

Old

National

Bancorp

68,747

5,111

Old

Republic

International

Corporation

217,064

1,106

Old

Second

Bancorp,

Inc.

19,117

124

Orrstown

Financial

Services,

Inc.

4,213

49

PNC

Financial

Services

Group,

Inc.

9,846

316

Popular,

Inc.

40,135

921

Progressive

Corporation

227,441

1,572

Provident

Financial

Services,

Inc.

30,308

1,396

RLI

Corporation

91,047

2,790

Robinhood

Markets,

Inc.

k

399,472

519

S&P

Global,

Inc.

252,602

1,694

SEI

Investments

Company

143,736

2,848

Sony

Financial

Group,

Inc.

ADR

k,l

15,792

853

Tradeweb

Markets,

Inc.

94,666

1,758

Triumph

Financial,

Inc.

k

87,970

665

Trustmark

Corporation

26,334

190

U.S.

Bancorp

9,183

Shares

Common

Stock  30.0%

Value

Financials  4.5%

-

continued

3,665

Visa,

Inc.

$

1,251,158

17,469

Wells

Fargo

&

Company

1,464,252

792

WesBanco

,

Inc.

25,288

643

Wintrust

Financial

Corporation

85,159

3,354

Zions

Bancorp

NA

189,769

Total

17,522,730

Health

Care  3.1%

1,907

AbbVie,

Inc.

441,547

5,078

ADMA

Biologics,

Inc.

k

74,443

2,119

Agilent

Technologies,

Inc.

271,974

1,325

Amgen,

Inc.

373,915

321

ANI

Pharmaceuticals,

Inc.

k

29,404

9,979

Avantor

,

Inc.

k

124,538

597

Biogen,

Inc.

k

83,628

2,986

BioMarin

Pharmaceutical,

Inc.

k

161,722

3,939

Boston

Scientific

Corporation

k

384,565

891

Cencora

,

Inc.

278,464

1,140

Cigna

Group

328,605

4,044

Concentra

Group

Holdings

Parent,

Inc.

84,641

442

CorVel

Corporation

k

34,220

2,531

Danaher

Corporation

501,796

692

Dexcom

,

Inc.

k

46,565

994

Eli

Lilly

&

Company

758,422

1,430

Encompass

Health

Corporation

181,639

4,219

Gilead

Sciences,

Inc.

468,309

594

Halozyme

Therapeutics,

Inc.

k

43,564

269

IDEXX

Laboratories,

Inc.

k

171,861

867

Illumina,

Inc.

k

82,339

423

Incyte

Corporation

k

35,875

1,207

Indivior

plc

k

29,101

217

Insulet

Corporation

k

66,994

778

Intuitive

Surgical,

Inc.

k

347,945

7,539

Johnson

&

Johnson

1,397,881

1,988

Labcorp

Holdings,

Inc.

570,675

330

Medpace

Holdings,

Inc.

k

169,673

4,608

Medtronic

plc

438,866

9,207

Merck

&

Company,

Inc.

772,743

781

Merit

Medical

Systems,

Inc.

k

65,003

95

Mettler

-Toledo

International,

Inc.

k

116,623

929

Neurocrine

Biosciences,

Inc.

k

130,413

411

Penumbra,

Inc.

k

104,114

2,332

Pfizer,

Inc.

59,419

3,186

Progyny

,

Inc.

k

68,563

601

Repligen

Corporation

k

80,336

943

Royalty

Pharma

plc

33,269

8,905

Sanofi

SA

ADR

420,316

1,393

STERIS

plc

344,684

3,256

Stevanato

Group

SPA

f

83,842

512

Stryker

Corporation

189,271

700

Teleflex,

Inc.

85,652

326

Tenet

Healthcare

Corporation

k

66,191

377

Thermo

Fisher

Scientific,

Inc.

182,852

1,756

Twist

Bioscience

Corporation

k

49,414

220

United

Therapeutics

Corporation

k

92,226

1,568

UnitedHealth

Group,

Inc.

541,430

504

Vertex

Pharmaceuticals,

Inc.

k

197,386

559

Viemed

Healthcare,

Inc.

k

3,796

839

Waystar

Holding

Corporation

k

31,815

4,167

Zimmer

Biomet

Holdings,

Inc.

410,449

Total

12,112,978

Industrials  2.9%

7,218

Amentum

Holdings,

Inc.

k

172,871

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Common

Stock  30.0%

Value

Industrials  2.9%

-

continued

1,938

AMETEK,

Inc.

$

364,344

51

Armstrong

World

Industries,

Inc.

9,997

992

Automatic

Data

Processing,

Inc.

291,152

119

Axon

Enterprise,

Inc.

k

85,399

2,075

Badger

Infrastructure

Solutions,

Ltd.

91,516

2,628

Barrett

Business

Services,

Inc.

116,473

672

BWX

Technologies,

Inc.

123,897

1,711

Caterpillar,

Inc.

816,404

34,130

CNH

Industrial

NV

370,311

17,980

CSX

Corporation

638,470

107

Curtiss-Wright

Corporation

58,095

10,585

Delta

Air

Lines,

Inc.

600,699

1,249

Enerpac

Tool

Group

Corporation

51,209

808

Expeditors

International

of

Washington,

Inc.

99,053

11,734

Fastenal

Company

575,435

312

Ferguson

Enterprises,

Inc.

70,069

5,584

Flowserve

Corporation

296,734

4,345

Gates

Industrial

Corporation

plc

k

107,843

1,463

General

Dynamics

Corporation

498,883

625

General

Electric

Company

188,012

190

Graco

,

Inc.

16,142

88

Great

Lakes

Dredge

&

Dock

Corporation

k

1,055

2,331

Helios

Technologies,

Inc.

121,515

5,704

Hexcel

Corporation

357,641

2,383

Honeywell

International,

Inc.

501,621

769

Howmet

Aerospace,

Inc.

150,901

113

ICF

International,

Inc.

10,486

187

IES

Holdings,

Inc.

k

74,361

2,408

Jacobs

Solutions,

Inc.

360,863

1,768

JB

Hunt

Transport

Services,

Inc.

237,213

253

Johnson

Controls

International

plc

27,817

1,534

Knight-Swift

Transportation

Holdings,

Inc.

60,608

1,163

Korn

Ferry

81,387

1,747

L3Harris

Technologies,

Inc.

533,551

790

Leidos

Holdings,

Inc.

149,278

780

Limbach

Holdings,

Inc.

k

75,754

478

Lincoln

Electric

Holdings,

Inc.

112,727

1,396

Masco

Corporation

98,264

118

McGrath

RentCorp

13,841

493

Moog,

Inc.

102,381

923

Old

Dominion

Freight

Line,

Inc.

129,940

414

Otis

Worldwide

Corporation

37,852

768

Parker-Hannifin

Corporation

582,259

290

Quanta

Services,

Inc.

120,182

362

Republic

Services,

Inc.

83,072

547

Rockwell

Automation,

Inc.

191,193

861

Schneider

National,

Inc.

18,219

3,056

Southwest

Airlines

Company

97,517

1,744

Timken

Company

131,114

125

Trane

Technologies

plc

52,745

1,348

Trex

Company,

Inc.

k

69,651

4,378

Uber

Technologies,

Inc.

k

428,913

763

UFP

Industries,

Inc.

71,333

537

Union

Pacific

Corporation

126,931

2,878

United

Parcel

Service,

Inc.

240,399

201

United

Rentals,

Inc.

191,887

227

Veralto

Corporation

24,200

481

Verisk

Analytics,

Inc.

120,976

257

Waste

Management,

Inc.

56,753

Total

11,489,408

Shares

Common

Stock  30.0%

Value

Information

Technology  8.5%

414

Adobe,

Inc.

k

$

146,038

1,557

Advanced

Micro

Devices,

Inc.

k

251,907

3,889

Amphenol

Corporation

481,264

631

Analog

Devices,

Inc.

155,037

17,468

Apple,

Inc.

4,447,877

294

Applied

Materials,

Inc.

60,194

329

AppLovin

Corporation

k

236,400

1,912

Arista

Networks,

Inc.

k

278,598

1,306

Autodesk,

Inc.

k

414,877

6,164

Broadcom,

Inc.

2,033,565

347

Cadence

Design

Systems,

Inc.

k

121,887

1,335

CDW

Corporation

212,639

16,284

Cisco

Systems,

Inc.

1,114,151

1,438

CompoSecure

,

Inc.

29,939

1,815

Crane

NXT

Company

121,732

889

Datadog

,

Inc.

k

126,594

1,799

DocuSign,

Inc.

k

129,690

3,787

Dropbox,

Inc.

k

114,405

271

Fabrinet

k

98,812

338

Flex,

Ltd.

k

19,594

1,156

Fortinet,

Inc.

k

97,196

2,288

International

Business

Machines

Corporation

645,582

2,227

JFrog

,

Ltd.

k

105,404

303

Keysight

Technologies,

Inc.

k

53,001

101

KLA

Corporation

108,939

1,821

Lam

Research

Corporation

243,832

361

Littelfuse

,

Inc.

93,503

4,841

Micron

Technology,

Inc.

809,996

12,128

Microsoft

Corporation

6,281,698

408

Monday.com,

Ltd.

k

79,026

115

Monolithic

Power

Systems,

Inc.

105,874

612

Motorola

Solutions,

Inc.

279,861

290

Napco

Security

Technologies,

Inc.

12,455

17,302

Nokia

Oyj

ADR

f

83,223

34,306

NVIDIA

Corporation

6,400,813

223

NXP

Semiconductors

NV

50,784

610

Onto

Innovation,

Inc.

k

78,824

1,909

Oracle

Corporation

536,887

2,830

Palantir

Technologies,

Inc.

k

516,249

2,703

Pegasystems

,

Inc.

155,422

404

Plexus

Corporation

k

58,455

116

PTC,

Inc.

k

23,550

1,733

Qorvo

,

Inc.

k

157,842

4,770

Qualcomm,

Inc.

793,537

40

RingCentral,

Inc.

k

1,134

613

Salesforce,

Inc.

145,281

11,928

Samsung

Electronics

Company,

Ltd.

715,088

963

SAP

SE

ADR

257,323

905

ServiceNow

,

Inc.

k

832,853

65

Silicon

Laboratories,

Inc.

k

8,523

3,714

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

1,037,283

4,033

TD

SYNNEX

Corporation

660,404

82

TE

Connectivity

plc

18,001

220

Texas

Instruments,

Inc.

40,421

2,876

Trimble,

Inc.

k

234,825

1,746

TTM

Technologies,

Inc.

k

100,570

371

VeriSign,

Inc.

103,720

1,702

Vontier

Corporation

71,433

1,272

Western

Digital

Corporation

152,716

457

Zebra

Technologies

Corporation

k

135,802

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Shares

Common

Stock  30.0%

Value

Information

Technology  8.5%

-

continued

1,383

Zoom

Communications,

Inc.

k

$

114,097

Total

32,996,627

Materials  1.0%

888

Albemarle

Corporation

71,999

9,132

Amcor

plc

74,700

7,338

Axalta

Coating

Systems,

Ltd.

k

210,014

6,045

CF

Industries

Holdings,

Inc.

542,236

3,527

Crown

Holdings,

Inc.

340,673

609

DuPont

de

Nemours,

Inc.

47,441

2,176

Eastman

Chemical

Company

137,197

1,090

Ecolab,

Inc.

298,507

2,577

Element

Solutions,

Inc.

64,863

6,805

Freeport-McMoRan,

Inc.

266,892

1,264

Greif,

Inc.

75,537

10,166

Ivanhoe

Mines,

Ltd.

k

107,818

726

Linde

plc

344,850

814

Newmont

Corporation

68,628

4,091

Nucor

Corporation

554,044

2,076

Olin

Corporation

51,879

295

Packaging

Corporation

of

America

64,289

1,693

Steel

Dynamics,

Inc.

236,055

263

Vulcan

Materials

Company

80,904

1,316

West

Fraser

Timber

Company,

Ltd.

89,462

Total

3,727,988

Real

Estate  0.7%

421

Agree

Realty

Corporation

29,908

776

AvalonBay

Communities,

Inc.

149,900

2,780

Broadstone

Net

Lease,

Inc.

49,679

2,466

CBRE

Group,

Inc.

k

388,543

5,618

Crown

Castle,

Inc.

542,081

4,370

Cushman

and

Wakefield

plc

k

69,570

643

EPR

Properties

37,300

6,897

Essential

Properties

Realty

Trust,

Inc.

205,255

743

Extra

Space

Storage,

Inc.

104,718

2,763

First

Industrial

Realty

Trust,

Inc.

142,212

20,165

Healthcare

Realty

Trust,

Inc.

363,575

4,245

Host

Hotels

&

Resorts,

Inc.

72,250

552

Innovative

Industrial

Properties,

Inc.

29,576

2,430

Millrose

Properties,

Inc.

81,672

2,001

National

Storage

Affiliates

Trust

60,470

1,662

Outfront

Media,

Inc.

30,448

5,235

Sabra

Health

Care

REIT,

Inc.

97,580

528

SBA

Communications

Corporation

102,089

347

Sila

Realty

Trust,

Inc.

8,710

3,263

Tanger

,

Inc.

110,420

1,535

Terreno

Realty

Corporation

87,111

591

Xenia

Hotels

&

Resorts,

Inc.

8,109

Total

2,771,176

Utilities  1.0%

4,684

AES

Corporation

61,642

1,645

Alliant

Energy

Corporation

110,890

174

Black

Hills

Corporation

10,717

1,111

Brookfield

Infrastructure

Corporation

45,684

3,133

CenterPoint

Energy,

Inc.

121,560

21

Clearway

Energy,

Inc.,

Class

C

593

1,484

Constellation

Energy

Corporation

488,340

5,345

Duke

Energy

Corporation

661,444

3,062

Edison

International

169,267

8,604

Entergy

Corporation

801,807

Shares

Common

Stock  30.0%

Value

Utilities  1.0%

-

continued

4,063

Evergy

,

Inc.

$

308,869

2,763

NiSource,

Inc.

119,638

733

Northwestern

Energy

Group,

Inc.

42,961

7,076

PG&E

Corporation

106,706

5,042

Portland

General

Electric

Company

221,848

987

Spire,

Inc.

80,460

8,531

UGI

Corporation

283,741

1,927

Vistra

Energy

Corporation

377,538

Total

4,013,705

Total

Common

Stock

(cost

$73,249,333)

116,625,366

Shares

Registered

Investment

Companies  

13.3%

Value

U.S.

Affiliated  

12.9%  

2,240,296

Thrivent

Core

Emerging

Markets

Debt

Fund

19,378,559

2,386,042

Thrivent

Core

International

Equity

Fund

30,660,634

Total

50,039,193

U.S.

Unaffiliated  

0.4%  

3,584

abrdn

Asia-Pacific

Income

Fund,

Inc.

f

58,383

10,774

abrdn

Income

Credit

Strategies

Fund

62,489

3,217

abrdn

Total

Dynamic

Dividend

Fund

30,433

6,822

AllianceBernstein

Global

High

Income

Fund,

Inc.

76,475

9,497

Allspring

Income

Opportunities

Fund

66,574

2,371

BlackRock

Capital

Allocation

Term

Trust

35,067

1,649

BlackRock

Core

Bond

Trust

16,391

6,759

BlackRock

Corporate

High

Yield

Fund,

Inc.

64,210

7,532

BlackRock

Credit

Allocation

Income

Trust

83,229

692

BlackRock

Debt

Strategies

Fund,

Inc.

7,349

1,042

BlackRock

Enhanced

Equity

Dividend

Trust

9,493

5,171

BlackRock

Enhanced

Global

Dividend

Trust

59,828

3,060

BlackRock

Enhanced

International

Dividend

Trust

17,595

2,286

BlackRock

Income

Trust,

Inc.

25,695

6,042

BlackRock

Multi-Sector

Income

Trust

80,902

5,026

Blackstone

Strategic

Credit

2027

Term

Fund

61,166

5,094

Cornerstone

Strategic

Investment

Fund,

Inc.

42,178

6,837

Eaton

Vance

Limited

Duration

Income

Fund

69,396

3,089

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

28,110

405

iShares

Semiconductor

ETF

109,804

12,530

Nuveen

Credit

Strategies

Income

Fund

66,033

4,632

Nuveen

Preferred

Income

Opportunities

Fund

37,982

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Shares

Registered

Investment

Companies  13.3%

Value

U.S.

Unaffiliated  

0.4%  -

continued

5,146

PGIM

Global

High

Yield

Fund,

Inc.

$

66,280

4,910

PGIM

High

Yield

Bond

Fund,

Inc.

70,606

2,426

Pimco

Dynamic

Income

Fund

48,035

4,141

PIMCO

High

Income

Fund

20,664

4,167

PIMCO

Income

Strategy

Fund

II

31,628

734

Tri-Continental

Corporation

24,956

3,111

Vanguard

Short-Term

Corporate

Bond

ETF

248,662

1,358

Virtus

Convertible

&

Income

Fund

20,370

4,926

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

64,087

1,132

Virtus

Equity

&

Convertible

Income

Fund

28,424

11,034

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

65,432

1,294

Western

Asset

Diversified

Income

Fund

19,035

16,927

Western

Asset

High

Income

Opportunity

Fund,

Inc.

65,000

Total

1,881,961

Total

Registered

Investment

Companies

(cost

$44,918,020)

51,921,154

Shares

Collateral

Held

for

Securities

Loaned

1.1%

Value

4,219,672

Thrivent

Cash

Management

Trust

4,219,672

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,219,672)

4,219,672

Shares

Preferred

Stock

0.8%

Value

Basic

Materials  <0.1%

2,634

Albemarle

Corporation,

Convertible,

7.250%

99,776

Total

99,776

Capital

Goods  0.1%

4,391

Boeing

Company,

Convertible,

6.000%

305,482

Total

305,482

Communications

Services  <0.1%

4,500

AT&T,

Inc.,

4.750%

i

89,640

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

i

69,300

Total

158,940

Financials  0.6%

2,750

AEGON

Funding

Company,

LLC,

5.100%

56,512

2,700

Allstate

Corporation,

5.100%

i

60,048

1,597

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

112,237

1,648

Ares

Management

Corporation,

Convertible,

6.750%

81,889

1,400

Athene

Holding,

Ltd.,

5.625%

i

30,744

3,775

Bank

of

America

Corporation,

4.250%

i

68,214

3,100

Bank

of

America

Corporation,

4.375%

i

57,598

1,550

Bank

of

America

Corporation,

4.750%

i

31,728

Shares

Preferred

Stock  0.8%

Value

Financials  0.6%

-

continued

2,600

Bank

of

America

Corporation,

5.000%

i

$

55,432

177

Bank

of

America

Corporation,

Convertible,

7.250%

i

226,560

700

Capital

One

Financial

Corporation,

4.800%

i

13,489

2,925

Capital

One

Financial

Corporation,

5.000%

i

59,027

700

Charles

Schwab

Corporation,

4.450%

f,i

13,755

550

Citizens

Financial

Group,

Inc.,

7.375%

i

14,548

1,200

Corebridge

Financial,

Inc.,

6.375%

29,460

1,400

Fifth

Third

Bancorp,

4.950%

i

28,980

1,400

Huntington

Bancshares,

Inc./OH,

4.500%

i

26,012

3,100

JPMorgan

Chase

&

Company,

4.200%

i

58,528

3,100

JPMorgan

Chase

&

Company,

4.625%

i

62,837

2,350

JPMorgan

Chase

&

Company,

4.750%

i

49,303

700

KeyCorp,

5.650%

i

16,121

3,500

KeyCorp,

6.200%

b,i

88,340

2,875

KKR

&

Company,

Inc.,

Convertible,

6.250%

150,506

700

MetLife,

Inc.,

4.750%

i

14,602

2,850

Morgan

Stanley,

4.250%

i

52,554

2,630

Morgan

Stanley,

5.850%

i

64,409

3,100

Morgan

Stanley,

7.125%

i

78,771

2,000

Public

Storage,

4.125%

i

35,060

1,300

Public

Storage,

4.625%

i

25,519

325

Public

Storage,

4.700%

i

6,481

1,400

Regions

Financial

Corporation,

4.450%

i

25,970

825

Regions

Financial

Corporation,

5.700%

b,i

20,204

775

Synovus

Financial

Corporation,

8.397%

b,i

20,421

1,400

Truist

Financial

Corporation,

4.750%

i

28,700

1,600

U.S.

Bancorp,

4.000%

i

26,960

2,300

Wells

Fargo

&

Company,

4.250%

i

40,871

3,100

Wells

Fargo

&

Company,

4.375%

i

56,389

1,400

Wells

Fargo

&

Company,

4.700%

i

27,426

1,400

Wells

Fargo

&

Company,

4.750%

i

27,636

237

Wells

Fargo

&

Company,

Convertible,

7.500%

i

292,527

Total

2,236,368

Technology  <0.1%

1,709

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

116,041

1,775

Microchip

Technology,

Inc.,

Convertible,

7.500%

104,778

Total

220,819

Utilities  0.1%

2,600

CMS

Energy

Corporation,

4.200%

i

50,362

1,380

Nextera

Energy,

Inc.,

Convertible,

7.234%

64,901

2,410

NextEra

Energy,

Inc.,

Convertible,

7.299%

120,187

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Shares

Preferred

Stock  0.8%

Value

Utilities  0.1%

-

continued

2,925

Southern

Company,

4.950%

$

61,367

Total

296,817

Total

Preferred

Stock

(cost

$3,461,025)

3,318,202

Shares

or

Principal

Amount

Short-Term

Investments

10.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

4.250%,

10/24/2025

m,n

498,657

600,000

4.240%,

10/29/2025

m,n

598,052

600,000

4.150%,

11/19/2025

m,n

596,808

400,000

3.890%,

12/17/2025

m,n

396,659

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

3.960%,

12/8/2025

m

99,261

600,000

3.900%,

12/23/2025

m,n

594,603

State

Street

Institutional

U.S.

Government

Money

Market

Fund

12,779,894

4.090%

m

12,779,894

Thrivent

Core

Short-Term

Reserve

Fund

2,549,028

4.410%

25,490,277

U.S.

Treasury

Bills

100,000

3.899%,

12/9/2025

m,o

99,259

Total

Short-Term

Investments

(cost

$41,148,940)

41,153,470

Total

Investments

(cost

$350,212,894)

102.8%

$399,948,002

Other

Assets

and

Liabilities,

Net

(2.8%)

(10,922,285)

Total

Net

Assets

100.0%

$389,025,717

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,

2025,

the

value

of

these

investments

was

$60,875,464

or

15.6%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

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,

2025.

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

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,

2025.

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

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Dynamic

Allocation

Portfolio

as

of

September

30,

2025

was

$4,590

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

35,474

Credit

Suisse

Group

AG 

1/31/2014

23,139

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

Dynamic

Allocation

Portfolio

as

of

September

30,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,411,117

Common

Stock

687,156

Total

lending

$4,098,273

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,219,672

Net

amounts

due

to

counterparty

$121,399

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

x

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

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

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

Dynamic

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

16,422,221

–

16,422,221

–

Basic

Materials

1,666,290

–

1,666,290

–

Capital

Goods

4,755,224

–

4,755,224

–

Collateralized

Mortgage

Obligations

24,076,171

–

24,076,171

–

Commercial

Mortgage-Backed

Securities

3,935,004

–

3,935,004

–

Communications

Services

4,921,879

–

4,921,879

–

Consumer

Cyclical

7,365,091

–

7,365,091

–

Consumer

Non-Cyclical

7,753,148

–

7,753,148

–

Energy

5,638,397

–

5,638,397

–

Financials

19,319,117

–

19,319,117

–

Foreign

Government

98,019

–

98,019

–

Mortgage-Backed

Securities

53,633,022

–

53,633,022

–

Technology

5,810,690

–

5,810,690

–

Transportation

1,136,108

–

1,136,108

–

U.S.

Government

&

Agencies

20,207,776

–

20,207,776

–

Utilities

5,971,981

–

5,971,981

–

Common

Stock

Communications

Services

11,538,150

11,538,150

–

–

Consumer

Discretionary

12,313,318

12,313,318

–

–

Consumer

Staples

3,710,598

3,710,598

–

–

Energy

4,428,688

4,428,688

–

–

Financials

17,522,730

17,506,938

–

15,792

Health

Care

12,112,978

12,112,978

–

–

Industrials

11,489,408

11,397,892

91,516

–

Information

Technology

32,996,627

32,281,539

715,088

–

Materials

3,727,988

3,620,170

107,818

–

Real

Estate

2,771,176

2,771,176

–

–

Utilities

4,013,705

4,013,705

–

–

Preferred

Stock

Basic

Materials

99,776

99,776

–

–

Capital

Goods

305,482

305,482

–

–

Communications

Services

158,940

158,940

–

–

Financials

2,236,368

2,236,368

–

–

Technology

220,819

220,819

–

–

Utilities

296,817

296,817

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,881,961

1,881,961

–

–

Short-Term

Investments

15,663,193

12,779,894

2,883,299

–

Subtotal

Investments

in

Securities

$320,198,860

$133,675,209

$186,507,859

$15,792

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

50,039,193

Affiliated

Short-Term

Investments

25,490,277

Collateral

Held

for

Securities

Loaned

4,219,672

Subtotal

Other

Investments

$79,749,142

Total

Investments

at

Value

$399,948,002

*

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.  

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

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,

2025,

in

valuing

Dynamic

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

773,694

773,694

–

–

Total

Asset

Derivatives

$773,694

$773,694

$–

$–

Liability

Derivatives

Futures

Contracts

164,962

9,661

155,301

–

Credit

Default

Swaps

164

–

164

–

Total

Liability

Derivatives

$165,126

$9,661

$155,465

$–

The

following

table

presents

Dynamic

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$2,750,279

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

2025

$

1,682,736

$

4,764

CBOT

2-Yr.

U.S.

Treasury

Note

49

December

2025

10,213,472

(

1,948)

CBOT

5-Yr.

U.S.

Treasury

Note

135

December

2025

14,744,843

(

3,476)

CBOT

U.S.

Long

Bond

2

December

2025

228,906

4,281

CME

E-mini

S&P

500

Index

88

December

2025

29,257,538

392,962

CME

Ultra

Long

Term

U.S.

Treasury

Bond

36

December

2025

4,220,261

101,989

ICE

mini

MSCI

EAFE

Index

4

December

2025

554,929

2,131

ICE

US

mini

MSCI

Emerging

Markets

Index

73

December

2025

4,875,124

87,781

Ultra

10-Yr.

U.S.

Treasury

Note

2

December

2025

228,224

1,932

Total

Futures

Long

Contracts

$

66,006,033

$

590,416

CME

E-mini

Russell

2000

Index

(6)

December

2025

(

$

732,413)

(

$

4,237)

CME

E-mini

S&P

Mid-Cap

400

Index

(32)

December

2025

(

10,687,614)

171,774

CME

Euro

Foreign

Exchange

Currency

(24)

December

2025

(

3,543,680)

6,080

Eurex

Euro

STOXX

50

Index

(86)

December

2025

(

5,452,494)

(

155,301)

Total

Futures

Short

Contracts

(

$

20,416,201)

$18,316

Total

Futures

Contracts

$

45,589,832

$608,732

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

The

following

table

presents

Dynamic

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2025.

Investments

totaling

$99,259

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

45,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2030

$

875,000

$

–

(

$

164)

(

$

164)

Total

Credit

Default

Swaps

$–

($164)

($164)

1

As

the

buyer

of

protection,

Dynamic

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Dynamic

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Dynamic

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

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

Dynamic

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$20,008

$854

$2,640

$19,379

2,240

5.0%

Core

International

Equity

24,390

–

4

30,661

2,386

7.9

Total

U.S.

Affiliated

Registered

Investment

Companies

44,398

50,040

12.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

31,629

36,098

42,237

25,490

2,549

6.6

Total

Affiliated

Short-Term

Investments

31,629

25,490

6.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,418

32,388

30,586

4,220

4,220

1.1

Total

Collateral

Held

for

Securities

Loaned

2,418

4,220

1.1

Total

Value

$78,445

$79,750

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($479)

$1,636

$

–

$854

Core

International

Equity

0

6,275

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

1

(1)

–

684

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,538

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

($478)

$7,910

$

–

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Shares

Common

Stock

97.7%

Value

Bermuda  0.1%  

20,000

BOE

Varitronix,

Ltd.

$

14,389

311

Credicorp,

Ltd.

82,813

Total

97,202

Brazil  4.0%  

28,100

Allos

SA

136,534

5,800

Alupar

Investimento

SA

34,600

52,300

Ambev

SA

118,608

10,600

Banco

ABC

Brasil

SA

46,246

45,783

Banco

Bradesco

SA

ADR

154,747

27,200

Banco

do

Brasil

SA

112,434

26,300

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

58,705

139,800

Cogna

Educacao

SA

87,995

21,600

Companhia

de

Saneamento

de

Minas

Gerais

COPASA

MG

140,057

890

Companhia

Paranaense

de

Energia

-

COPEL

ADR

7,974

12,700

CPFL

Energia

SA

93,659

24,500

Cury

Construtora

e

Incorporadora

SA

159,137

23,700

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

136,707

70,200

Direcional

Engenharia

SA

213,676

1,500

Equatorial

Energia

SA

10,400

57,601

Itau

Unibanco

Holding

SA

ADR

422,791

84,700

Magazine

Luiza

SA

152,618

8,900

Metalurgica

Gerdau

SA

15,853

11,186

Petroleo

Brasileiro

SA

-

Petrobras

ADR

141,615

14,900

Telefonica

Brasil

SA

95,213

14,200

TIM

SA/Brazil

62,646

3,300

Transmissora

Alianca

de

Energia

Eletrica

SA

22,755

6,800

Tupy

SA

16,724

37,107

Vale

SA

ADR

402,982

Total

2,844,676

Canada  0.1%  

3,700

China

Gold

International

Resources

Corporation,

Ltd.

a

65,905

Total

65,905

Cayman

Islands  18.2%  

25,000

3SBio,

Inc.

b

97,223

65,000

AAC

Technologies

Holdings,

Inc.

381,701

109,400

Alibaba

Group

Holding,

Ltd.

2,446,634

65,500

China

Hongqiao

Group,

Ltd.

221,838

23,000

China

Lesso

Group

Holdings,

Ltd.

14,413

27,000

China

Mengniu

Dairy

Company,

Ltd.

51,922

84,500

China

Resources

Land,

Ltd.

329,338

106,400

Chow

Tai

Fook

Jewellery

Group,

Ltd.

212,629

169,000

Consun

Pharmaceutical

Group,

Ltd.

370,371

142,000

Geely

Automobile

Holdings,

Ltd.

356,736

104,000

Greentown

China

Holdings,

Ltd.

126,576

32,093

Hello

Group,

Inc.

ADR

238,130

659

JD.com,

Inc.

11,546

1,472

JOYY,

Inc.

ADR

86,274

115,000

Kingboard

Holdings,

Ltd.

407,658

17,900

Kuaishou

Technology

b

193,604

15,500

Meituan

a,b

207,061

Shares

Common

Stock  97.7%

Value

Cayman

Islands  18.2%  -

continued

23,000

NetDragon

Websoft

Holdings,

Ltd.

$

45,714

5,791

NetEase,

Inc.

ADR

880,174

13,539

NU

Holdings,

Ltd./Cayman

Islands

a

216,759

2,634

PDD

Holdings,

Inc.

ADR

a

348,136

5,800

Pop

Mart

International

Group,

Ltd.

b

198,660

549,000

Shui

On

Land,

Ltd.

52,246

102,000

Sino

Biopharmaceutical,

Ltd.

106,316

54,300

Tencent

Holdings,

Ltd.

4,626,882

28,000

Tingyi

(Cayman

Islands)

Holding

Corporation

37,405

14,500

WuXi

Biologics

(Cayman),

Inc.

a,b

76,567

79,400

Xiaomi

Corporation

a,b

551,826

Total

12,894,339

Chile  0.5%  

2,814

Banco

de

Chile

ADR

85,264

2,111

Banco

de

Credito

e

Inversiones

SA

93,279

1,360

Banco

Santander

Chile

SA

ADR

36,040

15,078

Cencosud

SA

42,912

302,272

Colbun

SA

47,792

12,825

Parque

Arauco

SA

32,491

Total

337,778

China  12.2%  

72,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

74,472

10,000

Anhui

Expressway

Company,

Ltd.

14,699

16,000

Avary

Holding

Shenzhen

Company,

Ltd.

126,499

419,500

BAIC

Motor

Corporation,

Ltd.

b

114,286

179,600

Bank

of

Beijing

Company,

Ltd.

139,042

170,000

Bank

of

Communications

Company,

Ltd.,

Class

H

142,444

7,300

BYD

Company,

Ltd.,

Class

H

103,183

153,500

Changjiang

Securities

Company,

Ltd.

179,588

444,000

China

Construction

Bank

Corporation,

Class

H

425,870

35,200

China

International

Capital

Corporation,

Ltd.

b

96,315

47,500

China

Life

Insurance

Company,

Ltd.,

Class

A

265,232

53,000

China

Life

Insurance

Company,

Ltd.,

Class

H

150,091

199,000

China

Minsheng

Banking

Corporation,

Ltd.

105,027

76,000

China

National

Building

Material

Company,

Ltd.

53,852

38,900

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

A

192,362

41,400

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

H

164,483

179,400

China

Tower

Corporation,

Ltd.

b

264,460

48,000

CITIC

Securities

Company,

Ltd.,

Class

H

189,543

146,500

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

227,759

78,800

Gree

Electric

Appliances,

Inc.

of

Zhuhai

440,215

20,200

Guosen

Securities

Company,

Ltd.

38,469

77,600

Huatai

Securities

Company,

Ltd.,

Class

H

b

204,572

90,400

Huaxia

Bank

Company,

Ltd.

83,626

13,800

HUAYU

Automotive

Systems

Company,

Ltd.

39,803

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

Shares

Common

Stock  97.7%

Value

China  12.2%  -

continued

659,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

$

485,251

29,700

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

113,991

12,000

Lenovo

Group,

Ltd.

17,782

1,000

Midea

Group

Company,

Ltd.

10,226

39,500

New

China

Life

Insurance

Company,

Ltd.,

Class

A

340,654

26,100

New

China

Life

Insurance

Company,

Ltd.,

Class

H

154,581

515,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

450,544

39,300

PetroChina

Company,

Ltd.,

Class

A

44,487

202,000

PetroChina

Company,

Ltd.,

Class

H

183,126

32,000

PICC

Property

and

Casualty

Company,

Ltd.

72,187

4,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

31,046

100,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

680,309

166,800

SAIC

Motor

Corporation,

Ltd.

402,028

217,700

SDIC

Capital

Company,

Ltd.

241,929

261,600

Shandong

Weigao

Group

Medical

Polymer

Company,

Ltd.

195,310

70,800

Sinopharm

Group

Company,

Ltd.

166,523

62,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

37,874

12,064

Vipshop

Holdings,

Ltd.

ADR

236,937

300

WuXi

AppTec

Company,

Ltd.,

Class

A

4,750

22,900

WuXi

AppTec

Company,

Ltd.,

Class

H

b

350,373

18,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

24,801

21,400

Zhejiang

Dahua

Technology

Company,

Ltd.

60,742

112,000

Zhejiang

Expressway

Company,

Ltd.

103,481

47,700

Zhejiang

Longsheng

Group

Company,

Ltd.

66,892

86,000

Zijin

Mining

Group

Company,

Ltd.

359,568

Total

8,671,284

Colombia  0.5%  

4,361

Grupo

Cibest

SA

67,298

5,472

Grupo

Cibest

SA

ADR

284,216

Total

351,514

Czech

Republic  0.4%  

1,289

CEZ

AS

80,050

1,648

Komercni

Banka

AS

82,708

9,732

Moneta

Money

Bank

AS

b

77,671

42

Philip

Morris

CR

36,461

Total

276,890

Egypt  <0.1%  

7,402

Commercial

International

Bank

Egypt

SAE

GDR

14,912

Total

14,912

Greece  0.9%  

1,822

Aegean

Airlines

SA

28,621

8,983

Alpha

Bank

SA

38,205

39,568

Eurobank

Ergasias

Services

and

Holdings

SA

153,064

Shares

Common

Stock  97.7%

Value

Greece  0.9%  -

continued

7,797

HELLENiQ

ENERGY

Holdings

SA

$

77,169

12,460

National

Bank

of

Greece

SA

181,436

4,116

OPAP

SA

96,020

7,571

Piraeus

Financial

Holdings

SA

64,310

Total

638,825

Hong

Kong  0.4%  

58,000

China

Overseas

Grand

Oceans

Group,

Ltd.

18,546

70,400

China

Taiping

Insurance

Holdings

Company,

Ltd.

137,614

43,000

Genertec

Universal

Medical

Group

Company,

Ltd.

b

33,505

130,000

Guangdong

Investment,

Ltd.

118,157

Total

307,822

Hungary  0.8%  

24,374

MOL

Hungarian

Oil

&

Gas

plc

198,080

4,023

OTP

Bank

Nyrt

348,003

Total

546,083

India  15.7%  

4,913

Aditya

Birla

Sun

Life

Asset

Management

Company,

Ltd.

43,869

8,741

Bajaj

Finserv,

Ltd.

197,490

117,428

Bharat

Petroleum

Corporation,

Ltd.

449,781

42,668

Bharti

Airtel,

Ltd.

902,406

2,574

Ceat,

Ltd.

98,087

43,479

Chambal

Fertilisers

and

Chemicals,

Ltd.

250,103

28,909

Cipla,

Ltd.

490,473

1,865

Coromandel

International,

Ltd.

47,247

2,642

Eicher

Motors,

Ltd.

208,611

9,123

HCL

Technologies,

Ltd.

142,423

9,445

HDFC

Asset

Management

Company,

Ltd.

b

588,422

73,290

HDFC

Bank,

Ltd.

785,427

14,525

HDFC

Life

Insurance

Company,

Ltd.

b

123,692

1,421

Hero

MotoCorp,

Ltd.

87,622

55,160

Hindalco

Industries,

Ltd.

473,387

953

Hindustan

Aeronautics,

Ltd.

50,926

96,688

Hindustan

Petroleum

Corporation,

Ltd.

483,704

15,366

ICICI

Bank,

Ltd.

ADR

464,514

31,057

Infosys,

Ltd.

ADR

505,298

2,721

InterGlobe

Aviation,

Ltd.

b

171,060

11,463

Jindal

Saw,

Ltd.

26,200

29,408

JSW

Steel,

Ltd.

378,679

2,407

Kotak

Mahindra

Bank,

Ltd.

53,968

1,144

Larsen

&

Toubro,

Ltd.

47,160

9,817

LT

Foods,

Ltd.

44,843

1,430

LTIMindtree,

Ltd.

b

83,175

5,869

Lupin,

Ltd.

126,873

4,367

Mahindra

&

Mahindra,

Ltd.

168,543

2,941

Maruti

Suzuki

India,

Ltd.

531,191

129

MRF,

Ltd.

211,910

2,743

Nava,

Ltd.

20,121

19,446

NLC

India,

Ltd.

62,530

117,595

NMDC,

Ltd.

101,162

3,826

Oberoi

Realty,

Ltd.

68,175

3,114

Orient

Cement,

Ltd.

7,692

529

Page

Industries,

Ltd.

242,293

25,654

Paradeep

Phosphates,

Ltd.

b

56,656

1,362

Persistent

Systems,

Ltd.

74,117

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Shares

Common

Stock  97.7%

Value

India  15.7%  -

continued

2,346

Pidilite

Industries,

Ltd.

$

38,778

27,833

Reliance

Industries,

Ltd.

427,509

8,907

SBI

Life

Insurance

Company,

Ltd.

b

179,726

9,833

Tata

Consultancy

Services,

Ltd.

320,058

33,132

Tata

Motors,

Ltd.

253,879

200,140

Tata

Steel,

Ltd.

380,627

23,698

Tech

Mahindra,

Ltd.

374,291

1,200

UltraTech

Cement,

Ltd.

165,232

50,879

Wipro,

Ltd.

ADR

133,812

Total

11,143,742

Kuwait  0.7%  

84,363

Agility

Public

Warehousing

Company

KSCP

41,446

31,663

Burgan

Bank

SAK

24,839

8,663

HumanSoft

Holding

Company

KSCC

70,438

74,936

Kuwait

Finance

House

KSCP

194,988

55,236

National

Bank

of

Kuwait

KSCP

191,720

Total

523,431

Malaysia  0.3%  

17,300

Hong

Leong

Bank

Bhd

84,372

37,900

Public

Bank

Bhd

39,045

31,100

Sime

Darby

Property

Bhd

10,889

72,200

Sunway

Construction

Group

Bhd

103,950

Total

238,256

Mexico  1.0%  

3,858

America

Movil

SAB

de

CV

ADR

81,018

2,800

Arca

Continental

SAB

de

CV

29,409

2,900

Cemex

SAB

de

CV

ADR

26,071

65,600

Fibra

Uno

Administracion

SA

de

CV

97,289

17,210

Grupo

Financiero

Banorte

SAB

de

CV

ADR

172,847

12,500

Grupo

Mexico

SAB

de

CV

108,772

3,400

Industrias

Penoles

SAB

de

CV

a

151,909

24,600

Megacable

Holdings

SAB

de

CV

79,951

Total

747,266

Netherlands  <0.1%  

2,502

JBS

NV

37,355

Total

37,355

Philippines  0.1%  

8,410

International

Container

Terminal

Services,

Inc.

68,204

Total

68,204

Poland  1.1%  

1,335

Asseco

Poland

SA

73,662

4,270

Bank

Millennium

SA

a

17,016

3,035

Bank

Polska

Kasa

Opieki

SA

146,267

8,028

Orlen

SA

191,282

39,680

PGE

Polska

Grupa

Energetyczna

SA

a

117,319

9,147

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

177,733

21,074

Tauron

Polska

Energia

SA

a

52,745

Total

776,024

Qatar  0.4%  

40,930

Commercial

Bank

PSQC

51,560

66,040

Doha

Bank

QPSC

46,179

Shares

Common

Stock  97.7%

Value

Qatar  0.4%  -

continued

9,364

Gulf

Warehousing

Company

$

7,088

5,177

Qatar

Islamic

Bank

QPSC

33,987

27,912

Qatar

National

Bank

QPSC

142,435

Total

281,249

Russian

Federation  <0.1%  

22,154

LUKOIL

PJSC

a,c,d

0

78,093

NovaTek

PJSC

c,d

0

136,926

Sberbank

of

Russia

PJSC

a,c,d

0

Total

0

Saudi

Arabia  2.3%  

4,657

Al

Babtain

Power

&

Telecommunication

Company

71,862

16,961

Al

Rajhi

Bank

484,664

46,052

Arab

National

Bank

303,578

21,948

Banque

Saudi

Fransi

104,467

1,908

Eastern

Province

Cement

Company

13,729

8,713

Riyad

Bank

63,176

2,281

Riyadh

Cement

Company

17,359

24,685

Saudi

Arabian

Oil

Company

b

162,083

27,310

Saudi

National

Bank

285,320

6,763

Saudi

Telecom

Company

79,527

1,873

Theeb

Rent

A

Car

Company

32,575

Total

1,618,340

South

Africa  2.4%  

13,026

Absa

Group,

Ltd.

136,700

23,060

AECI,

Ltd.

129,965

78

Capitec

Bank

Holdings,

Ltd.

15,739

4,412

Coronation

Fund

Managers,

Ltd.

11,389

24,139

DataTec,

Ltd.

83,916

17,042

FirstRand,

Ltd.

76,624

6,978

Gold

Fields,

Ltd.

ADR

292,797

18,733

Growthpoint

Properties,

Ltd.

15,978

4,368

Harmony

Gold

Mining

Company,

Ltd.

ADR

79,279

19,448

Momentum

Group,

Ltd.

36,925

831

Naspers,

Ltd.

301,962

6,830

Nedbank

Group,

Ltd.

84,436

57,032

Redefine

Properties,

Ltd.

16,422

2,469

Sanlam,

Ltd.

11,950

28,892

Sibanye

Stillwater,

Ltd.

a

81,723

18,353

Standard

Bank

Group

251,089

3,616

Vodacom

Group

27,908

37,380

Vukile

Property

Fund,

Ltd.

44,975

Total

1,699,777

South

Korea  10.0%  

9,312

BNK

Financial

Group,

Inc.

96,904

44

Cheil

Worldwide,

Inc.

637

651

CJ

Corporation

85,211

664

E-MART,

Inc.

35,749

3,295

Green

Cross

Holdings

Corporation

36,942

3,761

GS

Holdings

Corporation

123,240

5,138

Hana

Financial

Group,

Inc.

319,455

278

Hanwha

Aerospace

Company,

Ltd.

219,852

1,179

Hanwha

Corporation

71,185

1,690

HD

Hyundai

Company,

Ltd.

187,526

7

HD

Hyundai

Heavy

Industries

Company,

Ltd.

2,571

869

HD

Korea

Shipbuilding

&

Offshore

Engineering

Company,

Ltd.

254,634

822

Hyundai

Glovis

Company,

Ltd.

96,972

12,463

iM

Financial

Group

Company,

Ltd.

122,376

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Shares

Common

Stock  97.7%

Value

South

Korea  10.0%  -

continued

5,393

Industrial

Bank

of

Korea

$

74,828

4,115

KB

Financial

Group,

Inc.

339,635

2,162

Kia

Corporation

155,182

1,804

Korean

Reinsurance

Company

14,022

123

KT&G

Corporation

11,717

3,405

LG

Corporation

174,901

18,004

LG

Uplus

Corporation

196,928

3,227

LX

International

Corporation

73,594

3,918

Mirae

Asset

Securities

Company,

Ltd.

59,833

359

PharmaResearch

Company,

Ltd.

154,303

334

Samsung

Biologics

Company,

Ltd.

a,b

238,025

2,070

Samsung

C&T

Corporation

272,592

31,905

Samsung

Electronics

Company,

Ltd.

1,912,715

2,966

SD

Biosensor,

Inc.

21,085

7,602

Shinhan

Financial

Group

Company,

Ltd.

383,277

3,080

SK

Hynix,

Inc.

763,526

1,437

SK

Square

Company,

Ltd.

a

206,985

4,606

SK

Telecom

Company,

Ltd.

178,552

452

SK,

Inc.

67,692

6,857

Woori

Financial

Group,

Inc.

126,986

Total

7,079,632

Taiwan  19.5%  

4,000

Acter

Group

Corporation,

Ltd.

102,203

22,000

Arcadyan

Technology

Corporation

158,993

276,000

Asia

Cement

Corporation

346,090

6,000

Asustek

Computer,

Inc.

132,554

3,000

Bora

Pharmaceuticals

Company,

Ltd.

68,336

7,000

Catcher

Technology

Company,

Ltd.

42,001

14,000

Charoen

Pokphand

Enterprise

(Taiwan)

Company,

Ltd.

64,594

32,000

Chipbond

Technology

Corporation

58,284

4,438

Chunghwa

Telecom

Company,

Ltd.

ADR

193,586

60,000

Compal

Electronics,

Inc.

64,099

389,000

CTBC

Financial

Holding

Company,

Ltd.

548,614

26,000

Delta

Electronics,

Inc.

732,423

51,000

Far

Eastern

New

Century

Corporation

46,575

28,000

Far

EasTone

Telecommunications

Company,

Ltd.

81,322

53,000

Feng

Hsin

Steel

Company,

Ltd.

113,554

14,000

Hannstar

Board

Corporation

42,264

89,000

Hon

Hai

Precision

Industry

Company,

Ltd.

635,473

75,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

72,920

49,000

Lite-On

Technology

Corporation

278,560

14,000

Marketech

International

Corporation

112,880

11,000

MediaTek,

Inc.

477,067

109,000

Pegatron

Corporation

253,877

7,000

Promate

Electronic

Company,

Ltd.

11,297

5,000

Quanta

Computer,

Inc.

47,896

15,000

Sigurd

Microelectronics

Corporation

44,953

11,000

Simplo

Technology

Company,

Ltd.

133,844

180,000

SinoPac

Financial

Holdings

Company,

Ltd.

147,922

Shares

Common

Stock  97.7%

Value

Taiwan  19.5%  -

continued

54,000

Synnex

Technology

International

Corporation

$

112,204

8,000

Systex

Corporation

31,842

12,840

Taichung

Commercial

Bank

Company,

Ltd.

9,575

45,000

Taiwan

Mobile

Company,

Ltd.

161,093

4,000

Taiwan

Secom

Company,

Ltd.

14,657

180,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

7,840,484

21,704

Topco

Scientific

Company,

Ltd.

224,402

109,000

Uni-President

Enterprises

Corporation

281,032

1,000

United

Integrated

Services

Company,

Ltd.

29,540

19,000

Wah

Lee

Industrial

Corporation

59,712

7,000

WPG

Holdings,

Ltd.

15,226

5,000

Yankey

Engineering

Company,

Ltd.

72,895

Total

13,864,843

Thailand  3.1%  

61,400

Advanced

Info

Service

PCL

NVDR

551,571

344,000

Charoen

Pokphand

Foods

PCL

NVDR

236,682

112,500

Kasikornbank

PCL

NVDR

581,891

8,900

Kiatnakin

Phatra

Bank

PCL

NVDR

16,152

393,000

Krung

Thai

Bank

PCL

NVDR

300,684

82,600

SCB

X

PCL

NVDR

327,701

214,200

Thai

Life

Insurance

PCL

NVDR

70,139

33,000

TIDLOR

Holdings

PCL

NVDR

20,060

23,000

Tisco

Financial

Group

PCL

c

72,401

Total

2,177,281

Turkey  0.3%  

85,682

Dogan

Sirketler

Grubu

Holding

AS

35,346

142,766

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

68,354

11,262

Turk

Hava

Yollari

Anonim

Ortakligi

85,402

Total

189,102

United

Arab

Emirates  2.3%  

13,048

Abu

Dhabi

Commercial

Bank

PJSC

51,851

4,044

Abu

Dhabi

Islamic

Bank

PJSC

24,006

60,147

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

62,226

12,849

Air

Arabia

PJSC

13,142

22,982

Aldar

Properties

PJSC

59,364

136,178

Deyaar

Development

PJSC

37,042

97,919

Dubai

Islamic

Bank

PJSC

255,387

38,338

Emaar

Development

PJSC

140,485

113,858

Emaar

Properties

PJSC

404,527

36,334

Emirates

NBD

Bank

PJSC

240,377

9,701

Emirates

Telecommunications

Group

Company

PJSC

49,759

69,238

First

Abu

Dhabi

Bank

PJSC

294,818

Total

1,632,984

United

Kingdom  0.4%  

3,638

AngloGold

Ashanti

plc

254,020

Total

254,020

Total

Common

Stock

(cost

$53,126,471)

69,378,736

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Shares

Preferred

Stock

1.7%

Value

Brazil  0.9%  

4,300

Bradespar

SA

$

13,670

61,600

Companhia

de

Saneamento

do

Parana

83,449

23,000

Companhia

de

Saneamento

do

Parana,

Units

159,808

8,800

Itausa

SA

19,064

54,200

Petroleo

Brasileiro

SA

319,258

Total

595,249

South

Korea  0.8%  

887

Hyundai

Motor

Company,

2nd

Preferred

105,325

2,080

Hyundai

Motor

Company,

Preferred

241,847

5,012

Samsung

Electronics

Company,

Ltd.

237,875

Total

585,047

Total

Preferred

Stock

(cost

$1,013,097)

1,180,296

Shares

or

Principal

Amount

Short-Term

Investments

0.7%

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.265%,

 10/15/2025

e,f

99,832

100,000

4.240%,

 10/29/2025

e,f

99,676

State

Street

Institutional

U.S.

Government

Money

Market

Fund

317,789

4.090%

e

317,789

Total

Short-Term

Investments

(cost

$517,294)

517,297

Total

Investments

(cost

$54,656,862)

100.1%

$71,076,329

Other

Assets

and

Liabilities,

Net

(0.1%)

(56,570)

Total

Net

Assets

100.0%

$71,019,759

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,

2025,

the

value

of

these

investments

was

$4,068,962

or

5.7%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

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

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

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,

2025,

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

9,102,156

1,479,182

7,622,974

–

Consumer

Discretionary

8,401,523

585,073

7,816,450

–

Consumer

Staples

1,142,680

37,355

1,105,325

–

Energy

@

2,546,362

141,615

2,404,747

0

Financials

@

17,789,647

1,747,144

15,970,102

72,401

Health

Care

2,574,849

–

2,574,849

–

Industrials

3,033,932

–

3,033,932

–

Information

Technology

17,537,925

639,110

16,898,815

–

Materials

4,802,393

801,129

4,001,264

–

Real

Estate

1,659,231

–

1,659,231

–

Utilities

788,038

7,974

780,064

–

Preferred

Stock

Consumer

Discretionary

347,172

–

347,172

–

Energy

319,258

–

319,258

–

Financials

19,064

–

19,064

–

Information

Technology

237,875

–

237,875

–

Materials

13,670

–

13,670

–

Utilities

243,257

–

243,257

–

Short-Term

Investments

517,297

317,789

199,508

–

Subtotal

Investments

in

Securities

$71,076,329

$5,756,371

$65,247,557

$72,401

Total

Investments

at

Value

$71,076,329

@

Level

#

security

in

this

section

is

fair

valued

at

<$1.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

57,574

57,574

–

–

Total

Asset

Derivatives

$57,574

$57,574

$–

$–

The

following

table

presents

Emerging

Markets

Equity

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$199,508

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

50

December

2025

$

3,341,676

$

57,574

Total

Futures

Long

Contracts

$

3,341,676

$

57,574

Total

Futures

Contracts

$

3,341,676

$57,574

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$204

$1,973

$2,177

$–

–

–

Total

Affiliated

Short-Term

Investments

204

–

–

Total

Value

$204

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$1

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1

Total

Value

$–

$–

$

–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Shares

Common

Stock

94.6%

Value

Communications

Services  9.5%

10,791

Alphabet,

Inc.,

Class

A

$

2,623,292

9,110

Alphabet,

Inc.,

Class

C

2,218,741

8

Cable

One,

Inc.

1,416

443

Electronic

Arts,

Inc.

89,353

81

John

Wiley

and

Sons,

Inc.

3,278

1,784

Lumen

Technologies,

Inc.

a

10,918

287

New

York

Times

Company

16,474

365

Omnicom

Group,

Inc.

29,758

54

Scholastic

Corporation

1,479

7,807

Verizon

Communications,

Inc.

343,118

3,333

Walt

Disney

Company

381,629

4,312

Warner

Brothers

Discovery,

Inc.

a

84,213

519

ZoomInfo

Technologies,

Inc.

a

5,662

Total

5,809,331

Consumer

Discretionary  9.1%

404

Aptiv

plc

a

34,833

490

Aramark

18,816

136

Autoliv,

Inc.

16,796

54

AutoNation,

Inc.

a

11,814

379

Best

Buy

Company,

Inc.

28,660

60

Booking

Holdings,

Inc.

323,956

405

BorgWarner,

Inc.

17,804

57

Buckle,

Inc.

3,344

217

Capri

Holdings,

Ltd.

a

4,323

278

CarMax,

Inc.

a

12,474

53

Choice

Hotels

International,

Inc.

5,666

53

Columbia

Sportswear

Company

2,772

217

Darden

Restaurants,

Inc.

41,308

282

Deckers

Outdoor

Corporation

a

28,586

60

Domino's

Pizza,

Inc.

25,903

40

Ethan

Allen

Interiors,

Inc.

1,178

783

GameStop

Corporation

a

21,360

454

Gap,

Inc.

9,711

303

Garmin,

Ltd.

74,605

257

Genuine

Parts

Company

35,620

647

Hanesbrands,

Inc.

a

4,264

217

Harley-Davidson,

Inc.

6,054

242

Hasbro,

Inc.

18,356

443

Hilton

Worldwide

Holdings,

Inc.

114,932

1,845

Home

Depot,

Inc.

747,575

215

Kohl's

Corporation

3,305

81

La-Z-Boy,

Inc.

2,780

478

LKQ

Corporation

14,598

1,039

Lowe's

Companies,

Inc.

261,111

222

Lucid

Group,

Inc.

a,b

5,281

433

Marriott

International,

Inc./MD

112,770

597

Mattel,

Inc.

a

10,047

1,326

McDonald's

Corporation

402,958

134

Meritage

Homes

Corporation

9,706

100

Mohawk

Industries,

Inc.

a

12,892

725

Newell

Brands,

Inc.

3,799

2,186

NIKE,

Inc.

152,430

67

ODP

Corporation

a

1,866

66

Pool

Corporation

20,465

89

PVH

Corporation

7,455

1,454

Rivian

Automotive,

Inc.

a

21,345

478

Royal

Caribbean

Cruises,

Ltd.

154,671

69

Signet

Jewelers,

Ltd.

6,618

2,107

Starbucks

Corporation

178,252

5,375

Tesla,

Inc.

a

2,390,370

257

Topgolf

Callaway

Brands

Corporation

a

2,441

988

Tractor

Supply

Company

56,188

84

Ulta

Beauty,

Inc.

a

45,927

Shares

Common

Stock  94.6%

Value

Consumer

Discretionary  9.1%

-

continued

344

Under

Armour,

Inc.,

Class

A

a

$

1,717

251

Under

Armour,

Inc.,

Class

C

a

1,212

70

Vail

Resorts,

Inc.

10,470

613

VF

Corporation

8,846

100

Whirlpool

Corporation

7,860

228

Williams-Sonoma,

Inc.

44,563

149

Wolverine

World

Wide,

Inc.

4,089

Total

5,566,742

Consumer

Staples  4.3%

883

Archer-Daniels-Midland

Company

52,750

260

Bunge

Global

SA

21,125

359

Campbell's

Company

11,337

454

Church

&

Dwight

Company,

Inc.

39,784

229

Clorox

Company

28,236

7,582

Coca-Cola

Company

502,838

1,425

Colgate-Palmolive

Company

113,914

886

Conagra

Brands,

Inc.

16,223

300

Darling

Ingredients,

Inc.

a

9,261

434

Estee

Lauder

Companies,

Inc.

38,244

1,006

General

Mills,

Inc.

50,722

550

Hormel

Foods

Corporation

13,607

120

Ingredion,

Inc.

14,653

196

J.M.

Smucker

Company

21,286

515

Kellanova

42,240

2,384

Keurig

Dr

Pepper,

Inc.

60,816

617

Kimberly-Clark

Corporation

76,718

1,658

Kraft

Heinz

Company

43,174

1,161

Kroger

Company

78,263

251

Lamb

Weston

Holdings,

Inc.

14,578

464

McCormick

&

Company,

Inc.

31,046

2,397

Mondelez

International,

Inc.

149,741

2,539

PepsiCo,

Inc.

356,577

4,347

Procter

&

Gamble

Company

667,917

899

Sysco

Corporation

74,024

848

Target

Corporation

76,066

103

United

Natural

Foods,

Inc.

a

3,875

Total

2,609,015

Energy  1.2%

1,835

Baker

Hughes

Company

89,401

412

Cheniere

Energy,

Inc.

96,812

87

Core

Laboratories,

Inc.

1,075

1,595

Halliburton

Company

39,237

295

HF

Sinclair

Corporation

15,440

570

Marathon

Petroleum

Corporation

109,862

715

NOV,

Inc.

9,474

1,156

ONEOK,

Inc.

84,353

754

Phillips

66

102,559

403

Targa

Resources

Corporation

67,519

791

TechnipFMC

plc

31,205

581

Valero

Energy

Corporation

98,921

Total

745,858

Financials  11.3%

491

Allstate

Corporation

105,393

499

Ally

Financial,

Inc.

19,561

1,038

American

Express

Company

344,782

177

Ameriprise

Financial,

Inc.

86,951

475

Arthur

J.

Gallagher

&

Company

147,126

73

Bank

of

Hawaii

Corporation

4,792

1,328

Bank

of

New

York

Mellon

Corporation

144,699

273

BlackRock,

Inc.

318,283

130

Cathay

General

Bancorp

6,241

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Shares

Common

Stock  94.6%

Value

Financials  11.3%

-

continued

194

Cboe

Global

Markets,

Inc.

$

47,578

3,201

Charles

Schwab

Corporation

305,599

704

Chubb,

Ltd.

198,704

815

Citizens

Financial

Group,

Inc.

43,325

667

CME

Group,

Inc.

180,217

241

Comerica,

Inc.

16,513

568

Equitable

Holdings,

Inc.

28,843

70

FactSet

Research

Systems,

Inc.

20,054

980

Fidelity

National

Information

Services,

Inc.

64,621

535

Franklin

Resources,

Inc.

12,375

528

Hartford

Insurance

Group,

Inc.

70,430

2,702

Huntington

Bancshares,

Inc./OH

46,664

1,062

Intercontinental

Exchange,

Inc.

178,926

100

International

Bancshares

Corporation

6,875

637

Invesco,

Ltd.

14,613

1,718

KeyCorp

32,109

302

Lincoln

National

Corporation

12,180

331

Loews

Corporation

33,229

301

M&T

Bank

Corporation

59,484

70

MarketAxess

Holdings,

Inc.

12,198

912

Marsh

&

McLennan

Companies,

Inc.

183,795

1,588

Mastercard,

Inc.

903,270

300

Moody's

Corporation

142,944

2,222

Morgan

Stanley

353,209

799

Nasdaq,

Inc.

70,672

361

Northern

Trust

Corporation

48,591

654

Old

National

Bancorp

14,355

1,713

PayPal

Holdings,

Inc.

a

114,874

732

PNC

Financial

Services

Group,

Inc.

147,081

423

Principal

Financial

Group,

Inc.

35,071

1,087

Progressive

Corporation

268,435

656

Prudential

Financial,

Inc.

68,053

355

Raymond

James

Financial,

Inc.

61,273

1,667

Regions

Financial

Corporation

43,959

581

S&P

Global,

Inc.

282,779

534

State

Street

Corporation

61,949

706

Synchrony

Financial

50,161

409

T.

Rowe

Price

Group,

Inc.

41,980

420

Travelers

Companies,

Inc.

117,272

2,423

Truist

Financial

Corporation

110,780

3,172

Visa,

Inc.

1,082,857

178

Voya

Financial,

Inc.

13,314

632

Western

Union

Company

5,050

184

Willis

Towers

Watson

plc

63,563

280

Zions

Bancorp

NA

15,842

Total

6,863,494

Health

Care  7.0%

3,275

AbbVie,

Inc.

758,294

531

Agilent

Technologies,

Inc.

68,154

132

Align

Technology,

Inc.

a

16,529

995

Amgen,

Inc.

280,789

531

Becton,

Dickinson

and

Company

99,387

272

Biogen,

Inc.

a

38,102

346

BioMarin

Pharmaceutical,

Inc.

a

18,739

288

Bio-Techne

Corporation

16,021

3,764

Bristol-Myers

Squibb

Company

169,756

443

Cardinal

Health,

Inc.

69,533

341

Cencora,

Inc.

106,573

918

Centene

Corporation

a

32,754

495

Cigna

Group

142,684

Shares

Common

Stock  94.6%

Value

Health

Care  7.0%

-

continued

364

Cooper

Companies,

Inc.

a

$

24,956

1,194

Danaher

Corporation

236,722

77

DaVita,

Inc.

a

10,231

392

Dentsply

Sirona,

Inc.

4,975

723

Dexcom,

Inc.

a

48,651

1,091

Edwards

Lifesciences

Corporation

a

84,847

419

Elevance

Health,

Inc.

135,387

2,304

Gilead

Sciences,

Inc.

255,744

335

HCA

Healthcare,

Inc.

142,777

204

Henry

Schein,

Inc.

a

13,540

420

Hologic,

Inc.

a

28,346

223

Humana,

Inc.

58,018

149

IDEXX

Laboratories,

Inc.

a

95,195

294

Illumina,

Inc.

a

27,921

129

Insulet

Corporation

a

39,826

321

IQVIA

Holding,

Inc.

a

60,971

106

Jazz

Pharmaceuticals,

Inc.

a

13,971

157

Labcorp

Holdings,

Inc.

45,068

4,655

Merck

&

Company,

Inc.

390,694

39

Mettler-Toledo

International,

Inc.

a

47,877

143

Pediatrix

Medical

Group,

Inc.

a

2,395

206

Quest

Diagnostics,

Inc.

39,260

270

ResMed,

Inc.

73,907

219

Revvity,

Inc.

19,195

199

Select

Medical

Holdings

Corporation

2,555

183

STERIS

plc

45,282

296

Teladoc

Health,

Inc.

a

2,288

286

Veeva

Systems,

Inc.

a

85,202

477

Vertex

Pharmaceuticals,

Inc.

a

186,812

109

Waters

Corporation

a

32,679

134

West

Pharmaceutical

Services,

Inc.

35,152

368

Zimmer

Biomet

Holdings,

Inc.

36,248

825

Zoetis,

Inc.

120,714

Total

4,264,721

Industrials  7.8%

998

3M

Company

154,870

218

A.O.

Smith

Corporation

16,003

57

Acuity,

Inc.

19,630

117

AGCO

Corporation

12,527

198

Air

Lease

Corporation

12,603

161

Allegion

plc

28,553

72

Applied

Industrial

Technologies,

Inc.

18,796

47

ArcBest

Corporation

3,284

753

Automatic

Data

Processing,

Inc.

221,005

33

Avis

Budget

Group,

Inc.

a

5,299

137

Axon

Enterprise,

Inc.

a

98,317

217

Broadridge

Financial

Solutions,

Inc.

51,683

205

Builders

FirstSource,

Inc.

a

24,856

217

C.H.

Robinson

Worldwide,

Inc.

28,731

1,438

Carrier

Global

Corporation

85,849

872

Caterpillar,

Inc.

416,075

1,610

CNH

Industrial

NV

17,469

1,698

Copart,

Inc.

a

76,359

3,483

CSX

Corporation

123,681

255

Cummins,

Inc.

107,704

477

Deere

&

Company

218,113

303

Delta

Air

Lines,

Inc.

17,195

76

Deluxe

Corporation

1,471

254

Dover

Corporation

42,375

725

Eaton

Corporation

plc

271,331

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Shares

Common

Stock  94.6%

Value

Industrials  7.8%

-

continued

83

EMCOR

Group,

Inc.

$

53,912

255

Expeditors

International

of

Washington,

Inc.

31,260

97

Exponent,

Inc.

6,740

2,120

Fastenal

Company

103,965

368

Ferguson

Enterprises,

Inc.

82,645

240

Flowserve

Corporation

12,754

630

Fortive

Corporation

30,864

223

Fortune

Brands

Innovations,

Inc.

11,906

312

Graco,

Inc.

26,508

85

Granite

Construction,

Inc.

9,320

34

Heidrick

&

Struggles

International,

Inc.

1,692

78

HNI

Corporation

3,654

99

Hubbell,

Inc.

42,601

36

ICF

International,

Inc.

3,341

140

IDEX

Corporation

22,786

516

Illinois

Tool

Works,

Inc.

134,552

748

Ingersoll

Rand,

Inc.

61,800

107

Interface,

Inc.

3,097

222

Jacobs

Solutions,

Inc.

33,269

144

JB

Hunt

Transport

Services,

Inc.

19,320

1,225

Johnson

Controls

International

plc

134,689

297

Knight-Swift

Transportation

Holdings,

Inc.

11,734

59

Lennox

International,

Inc.

31,232

106

Lincoln

Electric

Holdings,

Inc.

24,998

95

ManpowerGroup,

Inc.

3,601

392

Masco

Corporation

27,593

94

Middleby

Corporation

a

12,495

418

Norfolk

Southern

Corporation

125,571

161

Owens

Corning,

Inc.

22,775

971

PACCAR,

Inc.

95,469

237

Parker-Hannifin

Corporation

179,682

95

Paycom

Software,

Inc.

19,773

307

Pentair

plc

34,003

274

Quanta

Services,

Inc.

113,551

192

Robert

Half,

Inc.

6,524

210

Rockwell

Automation,

Inc.

73,401

77

Ryder

System,

Inc.

14,525

271

Sensata

Technologies

Holding

plc

8,279

98

Snap-On,

Inc.

33,960

282

Stanley

Black

&

Decker,

Inc.

20,961

143

Steelcase,

Inc.

2,460

33

Tennant

Company

2,675

471

Tetra

Tech,

Inc.

15,722

121

Timken

Company

9,097

415

Trane

Technologies

plc

175,113

359

TransUnion

30,077

179

U-Haul

Holding

Company

9,111

1,109

Union

Pacific

Corporation

262,134

1,360

United

Parcel

Service,

Inc.

113,601

121

United

Rentals,

Inc.

115,514

455

Veralto

Corporation

48,508

85

W.W.

Grainger,

Inc.

81,002

318

Wabtec

Corporation

63,749

447

Xylem,

Inc.

65,933

Total

4,759,277

Information

Technology  38.7%

1,157

Accenture

plc

285,316

788

Adobe,

Inc.

a

277,967

3,003

Advanced

Micro

Devices,

Inc.

a

485,855

270

Akamai

Technologies,

Inc.

a

20,455

920

Analog

Devices,

Inc.

226,044

Shares

Common

Stock  94.6%

Value

Information

Technology  38.7%

-

continued

1,488

Applied

Materials,

Inc.

$

304,653

89

ASGN,

Inc.

a

4,214

309

Atlassian

Corporation

a

49,347

397

Autodesk,

Inc.

a

126,115

506

Cadence

Design

Systems,

Inc.

a

177,738

7,376

Cisco

Systems,

Inc.

504,666

323

Cognex

Corporation

14,632

919

Cognizant

Technology

Solutions

Corporation

61,637

1,509

Corning,

Inc.

123,783

597

Dell

Technologies,

Inc.

84,637

554

Dynatrace

Holdings,

LLC

a

26,841

107

F5,

Inc.

a

34,581

45

Fair

Isaac

Corporation

a

67,344

187

First

Solar,

Inc.

a

41,239

691

Flex,

Ltd.

a

40,057

1,206

Fortinet,

Inc.

a

101,401

142

Gartner,

Inc.

a

37,328

969

Gen

Digital,

Inc.

27,510

148

Guidewire

Software,

Inc.

a

34,019

2,434

Hewlett

Packard

Enterprise

Company

59,779

1,735

HP,

Inc.

47,244

92

HubSpot,

Inc.

a

43,038

8,067

Intel

Corporation

270,648

1,723

International

Business

Machines

Corporation

486,162

517

Intuit,

Inc.

353,064

82

Itron,

Inc.

a

10,214

319

Keysight

Technologies,

Inc.

a

55,800

2,372

Lam

Research

Corporation

317,611

998

Microchip

Technology,

Inc.

64,092

13,092

Microsoft

Corporation

6,781,001

309

Motorola

Solutions,

Inc.

141,303

372

NetApp,

Inc.

44,067

45,242

NVIDIA

Corporation

8,441,252

470

NXP

Semiconductors

NV

107,033

310

Okta,

Inc.

a

28,427

775

ON

Semiconductor

Corporation

a

38,215

3,141

Oracle

Corporation

883,375

1,236

Palo

Alto

Networks,

Inc.

a

251,674

222

PTC,

Inc.

a

45,070

143

RingCentral,

Inc.

a

4,053

199

Roper

Industries,

Inc.

99,239

1,773

Salesforce,

Inc.

420,201

393

Seagate

Technology

Holdings

plc

92,772

384

ServiceNow,

Inc.

a

353,388

284

Skyworks

Solutions,

Inc.

21,862

344

Synopsys,

Inc.

a

169,726

550

TE

Connectivity

plc

120,742

160

Teradata

Corporation

a

3,442

1,686

Texas

Instruments,

Inc.

309,769

442

Trimble,

Inc.

a

36,089

283

Twilio,

Inc.

a

28,325

647

Western

Digital

Corporation

77,679

401

Workday,

Inc.

a

96,533

216

Xerox

Holdings

Corporation

812

95

Zebra

Technologies

Corporation

a

28,230

186

Zscaler,

Inc.

a

55,737

Total

23,545,047

Materials  2.4%

413

Air

Products

and

Chemicals,

Inc.

112,633

216

Albemarle

Corporation

17,513

145

Avery

Dennison

Corporation

23,515

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Shares

Common

Stock  94.6%

Value

Materials  2.4%

-

continued

415

Axalta

Coating

Systems,

Ltd.

a

$

11,877

496

Ball

Corporation

25,008

63

Compass

Minerals

International,

Inc.

a

1,210

1,254

CRH

plc

150,355

474

Ecolab,

Inc.

129,810

98

H.B.

Fuller

Company

5,809

470

International

Flavors

&

Fragrances,

Inc.

28,924

921

International

Paper

Company

42,734

873

Linde

plc

414,675

480

LyondellBasell

Industries

NV

23,539

112

Martin

Marietta

Materials,

Inc.

70,591

63

Minerals

Technologies,

Inc.

3,914

594

Mosaic

Company

20,600

2,041

Newmont

Corporation

172,077

420

PPG

Industries,

Inc.

44,146

267

Sealed

Air

Corporation

9,438

441

Sherwin-Williams

Company

152,701

184

Sonoco

Products

Company

7,929

Total

1,468,998

Real

Estate  2.4%

866

American

Tower

Corporation

166,549

262

AvalonBay

Communities,

Inc.

50,610

273

BXP,

Inc.

20,295

555

CBRE

Group,

Inc.

a

87,446

206

COPT

Defense

Properties

5,986

806

Crown

Castle,

Inc.

77,771

623

Digital

Realty

Trust,

Inc.

107,704

181

Equinix,

Inc.

141,766

669

Equity

Residential

43,304

151

Federal

Realty

Investment

Trust

15,298

1,308

Healthpeak

Properties,

Inc.

25,048

1,306

Host

Hotels

&

Resorts,

Inc.

22,228

541

Iron

Mountain,

Inc.

55,150

88

Jones

Lang

LaSalle,

Inc.

a

26,249

460

Macerich

Company

8,372

1,721

Prologis,

Inc.

197,089

199

SBA

Communications

Corporation

38,477

604

Simon

Property

Group,

Inc.

113,353

837

Ventas,

Inc.

58,582

1,213

Welltower,

Inc.

216,084

Total

1,477,361

Utilities  0.9%

359

American

Water

Works

Company,

Inc.

49,969

294

Atmos

Energy

Corporation

50,200

149

Avista

Corporation

5,634

552

CMS

Energy

Corporation

40,440

666

Consolidated

Edison,

Inc.

66,946

520

Essential

Utilities,

Inc.

20,748

678

Eversource

Energy

48,233

1,868

Exelon

Corporation

84,079

176

New

Jersey

Resources

Corporation

8,474

864

NiSource,

Inc.

37,411

107

Ormat

Technologies,

Inc.

10,299

1,206

Sempra

108,516

Shares

Common

Stock  94.6%

Value

Utilities  0.9%

-

continued

388

UGI

Corporation

$

12,905

Total

543,854

Total

Common

Stock

(cost

$35,249,911)

57,653,698

Shares

Registered

Investment

Companies  

4.2%

Value

U.S.

Unaffiliated  

4.2%  

20,199

iShares

ESG

MSCI

KLD

400

ETF

2,544,064

Total

2,544,064

Total

Registered

Investment

Companies

(cost

$1,503,058)

2,544,064

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

5,445

Thrivent

Cash

Management

Trust

5,445

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,445)

5,445

Shares

or

Principal

Amount

Short-Term

Investments

0.9%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.250%,

10/24/2025

c,d

99,731

State

Street

Institutional

U.S.

Government

Money

Market

Fund

450,092

4.090%

c

450,092

Total

Short-Term

Investments

(cost

$549,821)

549,823

Total

Investments

(cost

$37,308,235)

99.7%

$60,753,030

Other

Assets

and

Liabilities,

Net

0.3%

177,960

Total

Net

Assets

100.0%

$60,930,990

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

5,234

Total

lending

$5,234

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,445

Net

amounts

due

to

counterparty

$211

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

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,

2025,

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

5,809,331

5,809,331

–

–

Consumer

Discretionary

5,566,742

5,566,742

–

–

Consumer

Staples

2,609,015

2,609,015

–

–

Energy

745,858

745,858

–

–

Financials

6,863,494

6,863,494

–

–

Health

Care

4,264,721

4,264,721

–

–

Industrials

4,759,277

4,759,277

–

–

Information

Technology

23,545,047

23,545,047

–

–

Materials

1,468,998

1,468,998

–

–

Real

Estate

1,477,361

1,477,361

–

–

Utilities

543,854

543,854

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,544,064

2,544,064

–

–

Short-Term

Investments

549,823

450,092

99,731

–

Subtotal

Investments

in

Securities

$60,747,585

$60,647,854

$99,731

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

5,445

Subtotal

Other

Investments

$5,445

Total

Investments

at

Value

$60,753,030

*

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,

2025,

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

8,045

8,045

–

–

Total

Asset

Derivatives

$8,045

$8,045

$–

$–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

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,

2025.

Investments

and/or

cash

totaling

$99,731

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

2025

$

598,443

$

8,045

Total

Futures

Long

Contracts

$

598,443

$

8,045

Total

Futures

Contracts

$

598,443

$8,045

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

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

purpose

of

securities

lending

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$401

$1,196

$1,597

$–

–

–

Total

Affiliated

Short-Term

Investments

401

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

29

266

290

5

5

<0.1

Total

Collateral

Held

for

Securities

Loaned

29

5

<0.1

Total

Value

$430

$5

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$2

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Shares

Common

Stock

77.6%

Value

Communications

Services  7.1%

54,313

Alphabet,

Inc.,

Class

A

$

13,203,490

101,148

Alphabet,

Inc.,

Class

C

24,634,595

386,387

Auto

Trader

Group

plc

a

4,104,699

72,490

Bezeq

Israel

Telecommunication

Corporation,

Ltd.

138,874

14,481

CarGurus,

Inc.

b

539,128

116,541

Comcast

Corporation

3,661,718

181,625

Deutsche

Telekom

AG

6,187,885

8,564

E.W.

Scripps

Company

b

21,067

676

Electronic

Arts,

Inc.

136,349

1,556

Fox

Corporation,

Class

A

98,121

951

Fox

Corporation,

Class

B

54,483

333

Globalstar,

Inc.

b

12,118

5,591

Imax

Corporation

b

183,105

7,698

Ipsos

SA

343,959

1,013

Iridium

Communications,

Inc.

17,687

195,700

KDDI

Corporation

3,121,127

4,164

Liberty

Global,

Ltd.,

Class

A

b

47,719

625

Liberty

Media

Corporation-Liberty

Formula

One

b

65,281

137

Liberty

Media

Corporation-Liberty

Live

Group

b

13,285

321

Madison

Square

Garden

Entertainment

Corporation

b

19,941

66

Madison

Square

Garden

Sports

Corporation

b

14,982

2,027

Magnite,

Inc.

b

44,148

4,814

Match

Group,

Inc.

170,031

48,100

Meta

Platforms,

Inc.

35,323,678

171,829

MFE-MediaForEurope

NV

c

642,343

44,820

MONY

Group

plc

119,840

8,744

Netflix,

Inc.

b

10,483,357

3,946

New

York

Times

Company

226,500

5,360

News

Corporation,

Class

A

164,606

15,800

Nintendo

Company,

Ltd.

1,367,004

2,806,300

NTT,

Inc.

2,933,485

18,512

Pinterest,

Inc.

b

595,531

85

Reddit,

Inc.

b

19,549

31,399

Rightmove

plc

299,856

3,022

ROBLOX

Corporation

b

418,608

10,318

Scout24

SE

a

1,294,473

382

Sirius

XM

Holdings,

Inc.

8,891

832,600

SoftBank

Corporation

1,224,588

13,700

SoftBank

Group

Corporation

1,728,674

7,424

Spotify

Technology

SA

b

5,181,952

3,100

TBS

Holdings,

Inc.

117,578

383,083

Telstra

Corporation,

Ltd.

1,221,315

457

Trade

Desk,

Inc.

b

22,398

43,700

TV

Asahi

Holdings

Corporation

989,475

7,486

Uniti

Group,

Inc.

45,814

2,321,169

Vodafone

Group

plc

2,699,296

261,363

Warner

Brothers

Discovery,

Inc.

b

5,104,419

95,635

Warner

Music

Group

Corporation

3,257,328

Total

132,324,350

Consumer

Discretionary  8.2%

1,794

Adient

plc

b

43,199

18,414

ADT,

Inc.

160,386

153,284

Amazon.com,

Inc.

b

33,656,568

5,105

American

Axle

&

Manufacturing

Holdings,

Inc.

b

30,681

1,874

American

Eagle

Outfitters,

Inc.

32,064

37,982

Aptiv

plc

b

3,274,808

505

Aramark

19,392

5,000

Asics

Corporation

130,837

Shares

Common

Stock  77.6%

Value

Consumer

Discretionary  8.2%

-

continued

199

Autoliv,

Inc.

$

24,576

8,174

Avolta

AG

446,331

12,200

Bandai

Namco

Holdings,

Inc.

405,912

4,161

Bath

&

Body

Works,

Inc.

107,187

682

Booking

Holdings,

Inc.

3,682,302

990

Boot

Barn

Holdings,

Inc.

b

164,063

7,607

BorgWarner,

Inc.

334,404

5,000

Bridgestone

Corporation

231,091

202

Bright

Horizons

Family

Solutions,

Inc.

b

21,931

148

Brinker

International,

Inc.

b

18,749

328

Buckle,

Inc.

19,240

1,790

Build-A-Bear

Workshop,

Inc.

116,726

391

CarMax,

Inc.

b

17,544

4,019

Carnival

Corporation

b

116,189

54

Carvana

Company

b

20,371

23

Cavco

Industries,

Inc.

b

13,357

1,356

Champion

Homes,

Inc.

b

103,558

2,137

Chewy,

Inc.

b

86,442

21,262

Columbia

Sportswear

Company

1,112,003

60,042

Compass

Group

plc

2,046,576

2,112

Coursera,

Inc.

b

24,731

24,858

D.R.

Horton,

Inc.

4,212,685

1,343

Dana,

Inc.

26,914

143

Darden

Restaurants,

Inc.

27,221

2,565

Deckers

Outdoor

Corporation

b

260,014

9,600

Denso

Corporation

138,160

195

Domino's

Pizza,

Inc.

84,183

26,155

DoorDash,

Inc.

b

7,113,898

273

Dorman

Products,

Inc.

b

42,555

43

Dutch

Bros,

Inc.

b

2,251

1,136

eBay,

Inc.

103,319

2,008

Etsy,

Inc.

b

133,311

21,027

Expedia

Group,

Inc.

4,494,521

2,100

Fast

Retailing

Company,

Ltd.

637,795

11,127

Ferrari

NV

5,393,505

653

Five

Below,

Inc.

b

101,019

17,349

Ford

Motor

Company

207,494

13,568

FORVIA

SE

183,647

1,354

Fox

Factory

Holding

Corporation

b

32,889

516

Frontdoor,

Inc.

b

34,722

3,116

Gap,

Inc.

66,651

658

Garmin,

Ltd.

162,013

1,450

Garrett

Motion,

Inc.

19,749

291

General

Motors

Company

17,742

5,687

Gentex

Corporation

160,942

1,157

GigaCloud

Technology,

Inc.

b

32,859

5,336

Gildan

Activewear,

Inc.

308,421

4,441

Goodyear

Tire

&

Rubber

Company

b

33,219

1,109

Grand

Canyon

Education,

Inc.

b

243,448

3,331

Hasbro,

Inc.

252,656

16,000

Heiwa

Corporation

227,373

785

Hermes

International

SCA

1,930,352

3,270

Hilton

Worldwide

Holdings,

Inc.

848,369

24,869

Home

Depot,

Inc.

10,076,670

268,000

Honda

Motor

Company,

Ltd.

c

2,765,580

1,021

Installed

Building

Products,

Inc.

251,840

14,092

JB

Hi-Fi,

Ltd.

1,081,529

3,343

Laureate

Education,

Inc.

b

105,438

270

Lear

Corporation

27,165

127

Lithia

Motors,

Inc.

40,132

35,562

Lottomatica

Group

SPA

956,949

19,677

Lowe's

Companies,

Inc.

4,945,027

333

Lululemon

Athletica,

Inc.

b

59,251

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Shares

Common

Stock  77.6%

Value

Consumer

Discretionary  8.2%

-

continued

3,756

LVMH

Moet

Hennessy

Louis

Vuitton

SE

$

2,311,379

98

M/I

Homes,

Inc.

b

14,155

6,945

Mattel,

Inc.

b

116,884

11,313

Mercedes-Benz

Group

AG

713,060

2,968

MGM

Resorts

International

b

102,871

1,308

Modine

Manufacturing

Company

b

185,945

724

Mohawk

Industries,

Inc.

b

93,338

397

Murphy

USA,

Inc.

154,139

1,074

National

Vision

Holdings,

Inc.

b

31,350

23,223

Next

plc

3,871,363

66,500

Nissan

Motor

Company,

Ltd.

b

161,726

30

NVR,

Inc.

b

241,040

185,100

Panasonic

Holdings

Corporation

2,009,094

907

Pandora

AS

118,588

108,758

Pirelli

&

C.

SPA

a

742,341

185

Planet

Fitness,

Inc.

b

19,203

929

Pool

Corporation

288,055

78,129

Prosus

NV

5,524,912

322

PulteGroup,

Inc.

42,546

678

Ralph

Lauren

Corporation

212,594

201

Red

Rock

Resorts,

Inc.

12,273

4,901

Ross

Stores,

Inc.

746,863

17

Royal

Caribbean

Cruises,

Ltd.

5,501

5,400

Sanrio

Company,

Ltd.

253,476

104,200

Sekisui

House,

Ltd.

2,369,778

977

Service

Corporation

International/

US

81,306

2,941

SharkNinja,

Inc.

b

303,364

11,429

Six

Flags

Entertainment

Corporation

259,667

1,672

Sonos,

Inc.

b

26,418

213,900

Sony

Group

Corporation

6,148,920

148,949

Sony

Group

Corporation

ADR

c

4,288,242

1,357

Stoneridge,

Inc.

b

10,340

321

Strategic

Education,

Inc.

27,609

25,400

Subaru

Corporation

517,634

26,500

Sumitomo

Forestry

Company,

Ltd.

316,177

1,873

Tapestry,

Inc.

212,061

167

Taylor

Morrison

Home

Corporation

b

11,024

34,256

Tesla,

Inc.

b

15,234,328

112

Texas

Roadhouse,

Inc.

18,609

359

Toll

Brothers,

Inc.

49,592

24

TopBuild

Corporation

b

9,381

260,700

Toyota

Motor

Corporation

5,007,126

1,082

Travel

+

Leisure

Company

64,368

261

Ulta

Beauty,

Inc.

b

142,702

41

United

Parks

&

Resorts,

Inc.

b

2,120

135

Urban

Outfitters,

Inc.

b

9,643

16,551

Valeo

SE

208,723

715

Valvoline,

Inc.

b

25,676

2,037

VF

Corporation

29,394

374

Visteon

Corporation

44,828

315

Wayfair,

Inc.

b

28,139

2,448

Wingstop,

Inc.

c

616,113

141

Winmark

Corporation

70,186

40,743

Wyndham

Hotels

&

Resorts,

Inc.

3,255,366

2,111

Wynn

Resorts,

Ltd.

270,778

5,543

Yum

China

Holding,

Inc.

237,905

932

Yum!

Brands,

Inc.

141,664

Total

152,316,573

Consumer

Staples  3.0%

3,100

Ain

Holdings,

Inc.

146,370

2,806

Albertsons

Companies,

Inc.

49,133

Shares

Common

Stock  77.6%

Value

Consumer

Staples  3.0%

-

continued

33,200

Anheuser-Busch

InBev

NV

$

1,984,592

1,019

Archer-Daniels-Midland

Company

60,875

10,300

Arcs

Company,

Ltd.

219,865

403

BellRing

Brands,

Inc.

b

14,649

2,399

BJ's

Wholesale

Club

Holdings,

Inc.

b

223,707

1,130

Casey's

General

Stores,

Inc.

638,812

856

Central

Garden

&

Pet

Company,

Class

A

b

25,278

2

Chocoladefabriken

Lindt

and

Spruengli

AG

300,941

644

Church

&

Dwight

Company,

Inc.

56,434

4,282

Conagra

Brands,

Inc.

78,403

386,187

Coty,

Inc.

b

1,560,195

11,034

Danone

SA

961,431

936

Darling

Ingredients,

Inc.

b

28,894

155

e.l.f.

Beauty,

Inc.

b

20,534

63,856

Endeavour

Group,

Ltd.

153,307

115,663

Imperial

Brands

plc

4,913,530

381

Ingredion,

Inc.

46,524

3,358

J

&

J

Snack

Foods

Corporation

322,670

67,700

Japan

Tobacco,

Inc.

2,220,360

206,017

Kenvue,

Inc.

3,343,656

95,415

Keurig

Dr

Pepper,

Inc.

2,434,037

557

Kimberly-Clark

Corporation

69,257

139,019

Koninklijke

Ahold

Delhaize

NV

5,625,351

340

Kraft

Heinz

Company

8,854

1,088

Kroger

Company

73,342

689

Maplebear,

Inc.

b

25,328

73

Marzetti

Company

12,614

1,084

McCormick

&

Company,

Inc.

72,530

30,836

Nestle

SA

2,831,832

347

Primo

Brands

Corporation

7,669

95

Sprouts

Farmers

Markets,

Inc.

b

10,336

80,090

Sysco

Corporation

6,594,611

500,037

Tesco

plc

2,997,066

973

Tyson

Foods,

Inc.

52,834

36,600

Unicharm

Corporation

237,441

813

Unilever

plc

48,055

102,367

Unilever

plc

ADR

6,068,316

827

US

Foods

Holding

Corporation

b

63,365

3,878

Vita

Coco

Company,

Inc.

b

164,699

80,359

Walmart,

Inc.

8,281,798

2,327,500

WH

Group,

Ltd.

a

2,520,569

Total

55,570,064

Energy  2.6%

10,938

Antero

Midstream

Corporation

212,635

2,613

Antero

Resources

Corporation

b

87,692

1,517

APA

Corporation

36,833

1,181

Archrock,

Inc.

31,072

5,123

Baker

Hughes

Company

249,593

343

Cactus,

Inc.

13,538

347

California

Resources

Corporation

18,453

1,421

Cheniere

Energy,

Inc.

333,907

366

Chord

Energy

Corporation

36,369

1,880

Civitas

Resources,

Inc.

61,100

80,667

ConocoPhillips

7,630,292

4,800

Cosmo

Energy

Holdings

Company,

Ltd.

115,841

16,316

Coterra

Energy,

Inc.

385,873

96,009

Devon

Energy

Corporation

3,366,076

1,610

Diamondback

Energy,

Inc.

230,391

1,004

DT

Midstream,

Inc.

113,512

6,370

Eni

SPA

111,450

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Shares

Common

Stock  77.6%

Value

Energy  2.6%

-

continued

185,989

Enterprise

Products

Partners,

LP

$

5,815,876

1,392

EQT

Corporation

75,767

1,141

Expand

Energy

Corporation

121,220

90,861

Exxon

Mobil

Corporation

10,244,578

529

Gulfport

Energy

Corporation

b

95,738

97,548

Halliburton

Company

2,399,681

2,827

Hess

Midstream,

LP

97,673

877

HF

Sinclair

Corporation

45,902

10,649

Kinder

Morgan,

Inc.

301,473

816

Kodiak

Gas

Services,

Inc.

30,168

12,733

Koninklijke

Vopak

NV

584,417

10,278

Kosmos

Energy,

Ltd.

b

17,061

18,555

Marathon

Petroleum

Corporation

3,576,291

5,897

Noble

Corporation

plc

166,767

727

Occidental

Petroleum

Corporation

34,351

1,239

Oceaneering

International,

Inc.

b

30,702

1,320

Oil

States

International,

Inc.

b

7,999

1,984

ONEOK,

Inc.

144,772

4,993

Ovintiv,

Inc.

201,617

724

Par

Pacific

Holdings,

Inc.

b

25,644

3,549

Permian

Resources

Corporation

45,427

494

Phillips

66

67,194

1,777

Range

Resources

Corporation

66,886

191

Ranger

Energy

Services,

Inc.

2,682

2,000

Ring

Energy,

Inc.

b

2,180

38,990

SBM

Offshore

NV

997,799

209,069

Shell

plc

7,451,433

32,839

Shell

plc

ADR

2,348,974

639

SM

Energy

Company

15,956

1,134

Talos

Energy,

Inc.

b

10,875

103

Targa

Resources

Corporation

17,257

3,657

Technip

Energies

NV

172,588

14,792

TechnipFMC

plc

583,544

231

Valero

Energy

Corporation

39,330

74

Weatherford

International

plc

5,064

923

Williams

Companies,

Inc.

58,472

Total

48,937,985

Financials  15.1%

147

1st

Source

Corporation

9,049

30,609

AB

Industrivarden,

Class

A

1,216,021

16,247

ABN

AMRO

Bank

NV

a

521,198

745

Affiliated

Managers

Group,

Inc.

177,630

829

Affirm

Holdings,

Inc.

b

60,583

542

Aflac,

Inc.

60,541

24,602

AGNC

Investment

Corporation

240,854

23,033

AIB

Group

plc

209,987

23,964

Allianz

SE

10,082,323

17,728

Allstate

Corporation

3,805,315

1,915

Ally

Financial,

Inc.

75,068

1,993

Amalgamated

Financial

Corporation

54,110

2,816

Amerant

Bancorp,

Inc.

54,264

14,535

American

Express

Company

4,827,946

45,502

American

International

Group,

Inc.

3,573,727

6,378

Ameriprise

Financial,

Inc.

3,133,193

336

Ameris

Bancorp

24,632

277

AMERISAFE,

Inc.

12,144

2,661

Annaly

Capital

Management,

Inc.

53,779

503

Arch

Capital

Group,

Ltd.

45,637

3,316

Ares

Management

Corporation

530,195

1,329

Arthur

J.

Gallagher

&

Company

411,644

1,301

Artisan

Partners

Asset

Management,

Inc.

56,463

3,391

Associated

Banc-Corp

87,183

Shares

Common

Stock  77.6%

Value

Financials  15.1%

-

continued

357

Assurant,

Inc.

$

77,326

401

Atlantic

Union

Bankshares

Corporation

14,151

65,337

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,434,704

158,813

AXA

SA

7,615,902

493

Axis

Capital

Holdings,

Ltd.

47,229

268,003

Banca

Monte

dei

Paschi

di

Siena

SPA

2,384,751

218,519

Banco

Bilbao

Vizcaya

Argentaria

SA

c

4,210,793

209,511

Banco

Comercial

Portugues

SA

185,993

598,641

Banco

Santander

SA

6,282,348

52,777

Bank

Hapoalim

BM

1,072,808

58,253

Bank

Leumi

Le-Israel

BM

1,147,735

219,626

Bank

of

America

Corporation

11,330,505

27,459

Bank

of

Ireland

Group

plc

454,649

49,314

Bank

of

New

York

Mellon

Corporation

5,373,253

430

Bank

OZK

21,921

567

BankFinancial

Corporation

6,821

1,163

BankUnited,

Inc.

44,380

730

Bar

Harbor

Bankshares

22,236

1,056,631

Barclays

plc

5,436,708

738

BCB

Bancorp,

Inc.

6,406

3,202

Beacon

Financial

Corporation

75,919

557

Blackstone

Mortgage

Trust,

Inc.

10,254

986

Block,

Inc.

b

71,258

4,074

Blue

Owl

Capital,

Inc.

68,973

68,592

BNP

Paribas

SA

6,273,635

534

Bread

Financial

Holdings,

Inc.

29,781

1,587

Brown

&

Brown,

Inc.

148,845

891

Burke

&

Herbert

Financial

Services

Corporation

54,966

1,000

Business

First

Bancshares,

Inc.

23,610

2,069

Byline

Bancorp,

Inc.

57,373

170

C&F

Financial

Corporation

11,424

818

Cadence

Bank

30,708

1,454

California

BanCorp

b

24,253

85

Camden

National

Corporation

3,280

317

Capital

City

Bank

Group,

Inc.

13,247

44,365

Capital

One

Financial

Corporation

9,431,112

4,311

Capitol

Federal

Financial,

Inc.

27,375

4,352

Carlyle

Group,

Inc.

272,870

67

Cathay

General

Bancorp

3,217

1,856

Central

Pacific

Financial

Corporation

56,311

88,729

Charles

Schwab

Corporation

8,470,958

17,385

Chubb,

Ltd.

4,906,916

755

Cincinnati

Financial

Corporation

119,366

778

Citizens

Financial

Group,

Inc.

41,359

1,034

Civista

Bancshares,

Inc.

21,001

838

CNB

Financial

Corporation

20,280

1,648

CNO

Financial

Group,

Inc.

65,178

732

Coinbase

Global,

Inc.

b

247,043

993

Colony

Bankcorp,

Inc.

16,891

2,710

Columbia

Banking

System,

Inc.

69,755

706

Comerica,

Inc.

48,375

660

Commerce

Bancshares,

Inc.

39,442

37,821

Commonwealth

Bank

of

Australia

4,176,706

58

Community

Financial

System,

Inc.

3,401

355

Community

Trust

Bancorp,

Inc.

19,862

299

Community

West

Bancshares

6,231

655

ConnectOne

Bancorp,

Inc.

16,251

236,007

Credit

Agricole

SA

4,650,786

297

Cullen/Frost

Bankers,

Inc.

37,651

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Shares

Common

Stock  77.6%

Value

Financials  15.1%

-

continued

88,200

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

$

693,796

216,200

Daiwa

Securities

Group,

Inc.

1,756,858

98

Dave,

Inc.

b

19,536

6,008

Deutsche

Bank

AG

212,779

19,609

Deutsche

Boerse

AG

5,251,132

71

Diamond

Hill

Investment

Group,

Inc.

9,941

95,311

DNB

Bank

ASA

2,597,796

1,403

Dynex

Capital,

Inc.

17,243

1,000

East

West

Bancorp,

Inc.

106,450

500

Eastern

Bankshares,

Inc.

9,075

760

Enact

Holdings,

Inc.

29,138

641

Enova

International,

Inc.

b

73,773

3,522

Equitable

Holdings,

Inc.

178,847

241

Equity

Bancshares,

Inc.

9,809

1,782

Essent

Group,

Ltd.

113,264

273

Euronet

Worldwide,

Inc.

b

23,972

4,593

Euronext

NV

a

687,627

347

Evercore,

Inc.

117,050

1,537

F.N.B.

Corporation

24,761

945

Farmers

National

Banc

Corporation

13,617

2,365

Federated

Hermes,

Inc.

122,814

832

Fidelity

National

Information

Services,

Inc.

54,862

1,568

Fifth

Third

Bancorp

69,854

1,884

Financial

Institutions,

Inc.

51,245

1,297

First

American

Financial

Corporation

83,319

1,761

First

Bancorp/Puerto

Rico

38,830

1,953

First

Citizens

BancShares,

Inc./NC

3,494,230

2,649

First

Financial

Bancorp

66,887

385

First

Financial

Bankshares,

Inc.

12,955

1,036

First

Financial

Corporation

58,472

209

First

Hawaiian,

Inc.

5,189

3,092

First

Horizon

Corporation

69,910

904

First

Internet

Bancorp

20,277

18

First

Interstate

BancSystem,

Inc.

574

961

First

Merchants

Corporation

36,230

655

First

Mid-Illinois

Bancshares,

Inc.

24,811

316

FirstCash

Holdings,

Inc.

50,061

681

Flagstar

Financial,

Inc.

7,866

1,559

Flushing

Financial

Corporation

21,530

416

Flywire

Corporation

b

5,633

1,876

Franklin

Resources,

Inc.

43,392

4,135

Fulton

Financial

Corporation

77,035

123,056

Generali

4,836,116

1,927

Genworth

Financial,

Inc.

b

17,150

4,176

Glacier

Bancorp,

Inc.

203,246

264

Global

Life,

Inc.

37,744

442

Global

Payments,

Inc.

36,721

389

Great

Southern

Bancorp,

Inc.

23,826

4,000

Hachijuni

Bank,

Ltd.

41,711

43

Hamilton

Lane,

Inc.

5,796

303

Hancock

Whitney

Corporation

18,971

144

Hanover

Insurance

Group,

Inc.

26,155

1,518

HarborOne

Bancorp,

Inc.

20,645

1,431

Hartford

Insurance

Group,

Inc.

190,881

115

HBT

Financial,

Inc.

2,898

953

Heritage

Financial

Corporation

23,053

183

Home

Bancorp,

Inc.

9,941

753

Home

BancShares,

Inc.

21,310

134

Hometrust

Bancshares,

Inc.

5,486

3,657

Horizon

Bancorp,

Inc.

58,549

Shares

Common

Stock  77.6%

Value

Financials  15.1%

-

continued

3,700

Houlihan

Lokey,

Inc.

$

759,684

153,847

HSBC

Holdings

plc

2,171,260

146

HUB24,

Ltd.

9,735

3,102

Huntington

Bancshares,

Inc./OH

53,572

60,389

IG

Group

Holdings

plc

875,872

27

Independent

Bank

Corporation/MA

1,868

782

Independent

Bank

Corporation/MI

24,222

227,052

Insurance

Australia

Group,

Ltd.

1,230,334

22,237

Intercontinental

Exchange,

Inc.

3,746,490

15,393

Invesco,

Ltd.

353,115

76

Jack

Henry

&

Associates,

Inc.

11,319

404

Jackson

Financial,

Inc.

40,897

6,232

Janus

Henderson

Group

plc

277,386

48,000

Japan

Post

Bank

Company,

Ltd.

587,756

191,300

Japan

Post

Holdings

Company,

Ltd.

1,898,710

349

Jefferies

Financial

Group,

Inc.

22,832

52,808

JPMorgan

Chase

&

Company

16,657,227

3,577

Kearny

Financial

Corporation/MD

23,501

223,186

KeyCorp

4,171,346

965

Ladder

Capital

Corporation

10,528

1,722

Lazard,

Inc.

90,887

1,060

LendingClub

Corporation

b

16,101

1,340

Lincoln

National

Corporation

54,042

203

Loews

Corporation

20,379

3,123

M&T

Bank

Corporation

617,167

290

MarketAxess

Holdings,

Inc.

50,533

7,946

Marsh

&

McLennan

Companies,

Inc.

1,601,357

137,502

Medibank,

Private

Ltd.

438,053

1,018

Mercantile

Bank

Corporation

45,810

51,448

MetLife,

Inc.

4,237,772

12,464

MGIC

Investment

Corporation

353,604

1,218

Midland

States

Bancorp,

Inc.

20,877

686

MidWestOne

Financial

Group,

Inc.

19,407

27,800

Mitsubishi

HC

Capital,

Inc.

229,647

400,000

Mitsubishi

UFJ

Financial

Group,

Inc.

6,452,551

91,100

Mizuho

Financial

Group,

Inc.

3,062,406

443

Morningstar,

Inc.

102,780

400

MSCI,

Inc.

226,964

6,445

Muenchener

Rueckversicherungs-

Gesellschaft

AG

4,114,978

3,805

Nasdaq,

Inc.

336,552

60,035

National

Australia

Bank,

Ltd.

1,751,327

845

National

Bank

Holdings

Corporation

32,651

350,062

NatWest

Group

plc

2,472,610

16,315

Netwealth

Group,

Ltd.

317,424

3,609

NMI

Holdings,

Inc.

b

138,369

27,079

NN

Group

NV

1,909,549

108,100

Nomura

Holdings,

Inc.

792,230

981

Northeast

Community

Bancorp,

Inc.

20,179

3,679

Northern

Trust

Corporation

495,193

2,199

Northfield

Bancorp,

Inc.

25,948

5,170

Northwest

Bancshares,

Inc.

64,056

839

OceanFirst

Financial

Corporation

14,741

796

OFG

Bancorp

34,618

9,531

Old

National

Bancorp

209,205

2,132

Old

Republic

International

Corporation

90,546

3,344

Old

Second

Bancorp,

Inc.

57,801

4,697

OneMain

Holdings,

Inc.

265,193

681

Orange

County

Bancorp,

Inc.

17,168

634

Origin

Bancorp,

Inc.

21,886

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Shares

Common

Stock  77.6%

Value

Financials  15.1%

-

continued

773

Orrstown

Financial

Services,

Inc.

$

26,267

233

Palomar

Holdings,

Inc.

b

27,203

15,256

Paragon

Banking

Group

plc

177,992

13

Park

National

Corporation

2,113

380

Paymentus

Holdings,

Inc.

b

11,628

557

PCB

Bancorp

11,697

853

Peoples

Bancorp,

Inc./OH

25,581

332

Peoples

Financial

Services

Corporation

16,139

402

Pinnacle

Financial

Partners,

Inc.

37,704

9,875

Plus500,

Ltd.

427,985

834

Popular,

Inc.

105,926

909

Principal

Financial

Group,

Inc.

75,365

408

Prosperity

Bancshares,

Inc.

27,071

2,591

Provident

Financial

Services,

Inc.

49,954

950

Prudential

Financial,

Inc.

98,553

310,974

QBE

Insurance

Group,

Ltd.

4,231,813

2,638

Radian

Group,

Inc.

95,548

5,100

Rakuten

Bank,

Ltd.

b

284,679

1,789

Regions

Financial

Corporation

47,176

457

Reinsurance

Group

of

America,

Inc.

87,803

99

RenaissanceRe

Holdings,

Ltd.

25,139

148

Renasant

Corporation

5,460

894

Repay

Holdings

Corporation

b

4,676

8,103

Rithm

Capital

Corporation

92,293

1,981

RLI

Corporation

129,201

37,551

Robinhood

Markets,

Inc.

b

5,376,552

19,200

SBI

Holdings,

Inc.

835,920

3,080

SEI

Investments

Company

261,338

2,931

Selective

Insurance

Group,

Inc.

237,616

135

ServisFirst

Bancshares,

Inc.

10,872

3,256

Shore

Bancshares,

Inc.

53,431

663

Sierra

Bancorp

19,167

2,157

Simmons

First

National

Corporation

41,350

219,100

Singapore

Exchange,

Ltd.

2,812,672

91,700

Sompo

Holdings,

Inc.

2,834,957

213,900

Sony

Financial

Group,

Inc.

b

237,209

29,789

Sony

Financial

Group,

Inc.

ADR

b,d

165,176

466

Southern

Missouri

Bancorp,

Inc.

24,493

606

SouthState

Bank

Corporation

59,915

210,349

Standard

Chartered

plc

4,082,361

526

Starwood

Property

Trust,

Inc.

10,189

39,002

Steadfast

Group,

Ltd.

152,847

1,359

StepStone

Group,

Inc.

88,756

802

Stifel

Financial

Corporation

91,003

308

StoneX

Group,

Inc.

b

31,083

26,092

Storebrand

ASA

398,787

55,700

Sumitomo

Mitsui

Financial

Group,

Inc.

1,567,001

5,100

Sumitomo

Mitsui

Trust

Group,

Inc.

148,022

4,586

Svolder

AB

26,410

980

Synchrony

Financial

69,629

1,558

Synovus

Financial

Corporation

76,467

825

Talanx

AG

109,995

1,889

Texas

Capital

Bancshares,

Inc.

b

159,677

389

Third

Coast

Bancshares,

Inc.

b

14,770

6,071

Toast,

Inc.

b

221,652

40,600

Tokio

Marine

Holdings,

Inc.

1,718,320

384

Tompkins

Financial

Corporation

25,425

1,161

Towne

Bank/Portsmouth,

VA

40,136

51,791

TP

ICAP

Group

plc

192,426

3,009

TPG

RE

Finance

Trust,

Inc.

25,757

303

TPG,

Inc.

17,407

Shares

Common

Stock  77.6%

Value

Financials  15.1%

-

continued

4,125

Tradeweb

Markets,

Inc.

$

457,793

3,766

Triumph

Financial,

Inc.

b

188,451

11,038

U.S.

Bancorp

533,467

132,960

UBS

Group

AG

5,466,458

390

UMB

Financial

Corporation

46,157

75,295

UniCredit

SPA

5,729,598

42,579

Unipol

Assicurazioni

SPA

915,348

578

United

Bankshares,

Inc.

21,507

1,602

United

Community

Banks,

Inc.

50,223

427

Unity

Bancorp,

Inc.

20,868

925

Univest

Financial

Corporation

27,769

1,671

Unum

Group

129,970

1,840

Valley

National

Bancorp

19,504

842

Virtu

Financial,

Inc.

29,891

47,892

Visa,

Inc.

16,349,371

4,828

Voya

Financial,

Inc.

361,134

249

WaFd,

Inc.

7,542

893

Washington

Trust

Bancorp,

Inc.

25,808

1,031

Webster

Financial

Corporation

61,283

166,933

Wells

Fargo

&

Company

13,992,324

953

Wendel

SA

91,452

2,426

WesBanco,

Inc.

77,462

525

Western

Alliance

Bancorp

45,528

6,404

Western

Union

Company

51,168

67,614

Westpac

Banking

Corporation

1,742,063

1

White

Mountains

Insurance

Group,

Ltd.

1,672

146

Willis

Towers

Watson

plc

50,436

2,710

Wintrust

Financial

Corporation

358,912

2,226

WisdomTree,

Inc.

30,941

90

WSFS

Financial

Corporation

4,854

2,638

Zions

Bancorp

NA

149,258

3,511

Zurich

Insurance

Group

AG

2,509,604

Total

279,764,392

Health

Care  7.1%

10,011

ADMA

Biologics,

Inc.

b

146,761

2,607

Agilent

Technologies,

Inc.

334,608

353

Agios

Pharmaceuticals,

Inc.

b

14,169

71

Align

Technology,

Inc.

b

8,891

260

Alkermes

plc

b

7,800

14,971

Amgen,

Inc.

4,224,816

1,504

Amicus

Therapeutics,

Inc.

b

11,852

4,733

Amneal

Pharmaceuticals,

Inc.

b

47,377

637

ANI

Pharmaceuticals,

Inc.

b

58,349

480

Anika

Therapeutics,

Inc.

b

4,512

446

Argenx

SE

ADR

b

328,952

228

Artivion,

Inc.

b

9,654

29,450

AstraZeneca

plc

4,511,771

1,342

Aurinia

Pharmaceuticals,

Inc.

b

14,829

124,261

Avantor,

Inc.

b

1,550,777

615

Azenta,

Inc.

b

17,663

353

Becton,

Dickinson

and

Company

66,071

1,093

Biogen,

Inc.

b

153,107

421

Biohaven,

Ltd.

b

6,319

31,240

BioMarin

Pharmaceutical,

Inc.

b

1,691,958

2,087

Bio-Techne

Corporation

116,100

145

Bruker

Corporation

4,711

282

Cardinal

Health,

Inc.

44,263

1,034

CareDx,

Inc.

b

15,034

1,816

Caribou

Biosciences,

Inc.

b

4,231

9,317

Cencora,

Inc.

2,911,842

724

Charles

River

Laboratories

International,

Inc.

b

113,277

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Shares

Common

Stock  77.6%

Value

Health

Care  7.1%

-

continued

15,000

Chugai

Pharmaceutical

Company,

Ltd.

$

665,018

11,917

Cigna

Group

3,435,075

9,300

Concentra

Group

Holdings

Parent,

Inc.

194,649

3,564

Cooper

Companies,

Inc.

b

244,348

2,558

CorVel

Corporation

b

198,040

20,077

Danaher

Corporation

3,980,466

1,810

Denali

Therapeutics,

Inc.

b

26,281

3,088

Dentsply

Sirona,

Inc.

39,187

3,903

Dexcom,

Inc.

b

262,633

768

Doximity,

Inc.

b

56,179

1,193

Dyne

Therapeutics,

Inc.

b

15,091

629

Edwards

Lifesciences

Corporation

b

48,917

6,265

Elanco

Animal

Health,

Inc.

b

126,177

11,386

Eli

Lilly

&

Company

8,687,518

1,738

Enanta

Pharmaceuticals,

Inc.

b

20,804

4,951

Encompass

Health

Corporation

628,876

1,440

Fate

Therapeutics,

Inc.

b

1,814

4,695

Fortrea

Holdings,

Inc.

b

39,532

25,148

Fresenius

Medical

Care

AG

1,328,763

3,059

Galenica

AG

a

332,998

832

GE

HealthCare

Technologies,

Inc.

62,483

4,775

Genmab

AS

b

1,473,318

33,634

Gilead

Sciences,

Inc.

3,733,374

2,408

GoodRx

Holdings,

Inc.

b

10,186

82,509

GSK

plc

1,771,631

447,262

Haleon

plc

2,012,760

245

Halozyme

Therapeutics,

Inc.

b

17,968

4,888

HealthEquity,

Inc.

b

463,236

244

Henry

Schein,

Inc.

b

16,194

33

Hims

&

Hers

Health,

Inc.

b

1,872

18,400

Hoya

Corporation

2,544,175

407

Humana,

Inc.

105,889

1,056

IDEXX

Laboratories,

Inc.

b

674,668

1,538

Illumina,

Inc.

b

146,064

1,601

Incyte

Corporation

b

135,781

2,141

Indivior

plc

b

51,620

228

Insmed,

Inc.

b

32,834

224

Insulet

Corporation

b

69,156

11,637

Intuitive

Surgical,

Inc.

b

5,204,416

510

Ionis

Pharmaceuticals,

Inc.

b

33,364

1,401

Ipsen

SA

188,122

780

IQVIA

Holding,

Inc.

b

148,153

338

Jazz

Pharmaceuticals,

Inc.

b

44,548

55,122

Johnson

&

Johnson

10,220,721

3,010

Kura

Oncology,

Inc.

b

26,638

22,450

Labcorp

Holdings,

Inc.

6,444,497

97

Medpace

Holdings,

Inc.

b

49,874

96,291

Merck

&

Company,

Inc.

8,081,704

2,343

Merit

Medical

Systems,

Inc.

b

195,008

145

Mettler-Toledo

International,

Inc.

b

178,003

926

Myriad

Genetics,

Inc.

b

6,695

2,576

Natera,

Inc.

b

414,659

559

Neurocrine

Biosciences,

Inc.

b

78,472

97,680

Novartis

AG

12,559,537

68,435

Novo

Nordisk

AS

3,810,575

102,500

Ono

Pharmaceutical

Company,

Ltd.

1,187,036

202

Option

Care

Health,

Inc.

b

5,608

3,047

Organon

&

Company

32,542

2,434

Penumbra,

Inc.

b

616,581

478

Perrigo

Company

plc

10,645

Shares

Common

Stock  77.6%

Value

Health

Care  7.1%

-

continued

336

Prestige

Consumer

Healthcare,

Inc.

b

$

20,966

3,253

Pro

Medicus,

Ltd.

662,297

1,054

Prothena

Corporation

plc

b

10,287

1,271

QIAGEN

NV

56,788

515

Quest

Diagnostics,

Inc.

98,149

29,468

Recordati

SPA

1,798,584

1,787

REGENXBIO,

Inc.

b

17,245

4,442

Relay

Therapeutics,

Inc.

b

23,187

2,224

Repligen

Corporation

b

297,282

118

ResMed,

Inc.

32,300

25

Revvity,

Inc.

2,191

60

Rigel

Pharmaceuticals,

Inc.

b

1,700

29,765

Roche

Holding

AG,

Participation

Certificates

9,911,256

1,647

Rocket

Pharmaceuticals,

Inc.

b

5,369

8,324

Royalty

Pharma

plc

293,671

95,022

Sanofi

SA

ADR

4,485,038

247

SIGA

Technologies,

Inc.

2,260

598

Sotera

Health

Company

b

9,407

3,801

STERIS

plc

940,519

3,950

Stevanato

Group

SPA

c

101,713

85

Supernus

Pharmaceuticals,

Inc.

b

4,062

70,000

Takeda

Pharmaceutical

Company,

Ltd.

c

2,055,928

297

Teleflex,

Inc.

36,341

678

Tenet

Healthcare

Corporation

b

137,661

36,500

Terumo

Corporation

602,123

5,400

Twist

Bioscience

Corporation

b

151,956

298

UFP

Technologies,

Inc.

b

59,481

16,669

UnitedHealth

Group,

Inc.

5,755,806

164

Universal

Health

Services,

Inc.

33,528

597

Vaxcyte,

Inc.

b

21,504

297

Veeva

Systems,

Inc.

b

88,479

2,786

Vericel

Corporation

b

87,675

17,969

Viatris,

Inc.

177,893

515

Viking

Therapeutics,

Inc.

b,c

13,534

4,896

Waystar

Holding

Corporation

b

185,656

1,505

West

Pharmaceutical

Services,

Inc.

394,807

1,834

Xencor,

Inc.

b

21,513

818

Xenon

Pharmaceuticals,

Inc.

b

32,843

44,095

Zimmer

Biomet

Holdings,

Inc.

4,343,358

Total

132,587,024

Industrials  11.0%

1,656

A.O.

Smith

Corporation

121,567

687

A.P.

Moller

-

Maersk

AS,

Class

B

c

1,350,488

126,745

ABB,

Ltd.

9,171,690

7,391

Accelleron

Industries

AG

625,905

3,553

Ackermans

&

van

Haaren

NV

912,972

1,123

Acuity,

Inc.

386,750

2,774

Advanced

Drainage

Systems,

Inc.

384,754

1,257

AECOM

164,001

80,787

Aena

SME

SA

a

2,208,668

23,746

AerCap

Holdings

NV

2,873,266

2,123

AGCO

Corporation

227,310

12,143

Airbus

SE

2,835,714

263

Alaska

Air

Group,

Inc.

b

13,092

2,409

Alfa

Laval

AB

110,008

735

Allegheny

Technologies,

Inc.

b

59,785

651

Allegion

plc

115,455

1,200

Allison

Transmission

Holdings,

Inc.

101,856

82,100

Amada

Company,

Ltd.

1,008,954

75,496

Amentum

Holdings,

Inc.

b

1,808,129

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Shares

Common

Stock  77.6%

Value

Industrials  11.0%

-

continued

1,983

AMETEK,

Inc.

$

372,804

1,041

API

Group

Corporation

b

35,779

237

Applied

Industrial

Technologies,

Inc.

61,869

404

Arcosa,

Inc.

37,859

883

Armstrong

World

Industries,

Inc.

173,077

81,892

Assa

Abloy

AB

2,850,487

13,729

Atlas

Copco

AB,

Class

B

206,587

3,450

Atmus

Filtration

Technologies,

Inc.

155,560

874

Axon

Enterprise,

Inc.

b

627,217

132

AZZ,

Inc.

14,405

43,025

BAE

Systems

plc

1,197,662

52,566

Balfour

Beatty

plc

459,006

3,384

Barrett

Business

Services,

Inc.

149,979

1,400

BayCurrent,

Inc.

82,274

1,080

Brady

Corporation

84,272

137,573

Brambles,

Ltd.

2,257,249

44

Brink's

Company

5,142

133

Broadridge

Financial

Solutions,

Inc.

31,677

6,202

BWX

Technologies,

Inc.

1,143,463

992

C.H.

Robinson

Worldwide,

Inc.

131,341

1,630

Casella

Waste

Systems,

Inc.

b

154,654

19,372

Caterpillar,

Inc.

9,243,350

2,657

CECO

Environmental

Corporation

b

136,038

506,000

CK

Hutchison

Holdings,

Ltd.

3,324,411

2,564

Clean

Harbors,

Inc.

b

595,412

356,877

CNH

Industrial

NV

3,872,115

2,800

ComfortDelGro

Corporation,

Ltd.

3,149

7,689

Compagnie

de

Saint-Gobain

SA

833,118

8,376

Computershare,

Ltd.

201,240

849

Copart,

Inc.

b

38,180

63

CSW

Industrials,

Inc.

15,293

101,376

CSX

Corporation

3,599,862

474

Cummins,

Inc.

200,203

490

Curtiss-Wright

Corporation

266,041

54,400

Dai

Nippon

Printing

Company,

Ltd.

925,058

118,464

Delta

Air

Lines,

Inc.

6,722,832

1,906

DNOW,

Inc.

b

29,066

349

Donaldson

Company,

Inc.

28,566

55

Dycom

Industries,

Inc.

b

16,047

2,452

Eiffage

SA

314,146

570

EMCOR

Group,

Inc.

370,238

824

Energy

Recovery,

Inc.

b

12,706

5,251

Enerpac

Tool

Group

Corporation

215,291

590

EnerSys

66,646

1,503

EnPro,

Inc.

339,678

9,309

ExlService

Holdings,

Inc.

b

409,875

111

Expeditors

International

of

Washington,

Inc.

13,607

130,478

Fastenal

Company

6,398,641

1,709

Federal

Signal

Corporation

203,354

1,264

Ferguson

Enterprises,

Inc.

283,869

22,339

Ferrovial

SE

1,283,162

65,159

Flowserve

Corporation

3,462,549

7,621

Fluor

Corporation

b

320,615

7,218

Fortive

Corporation

353,610

603

Fortune

Brands

Innovations,

Inc.

32,194

6,502

Gates

Industrial

Corporation

plc

b

161,380

223

Generac

Holdings,

Inc.

b

37,330

15,192

General

Dynamics

Corporation

5,180,472

147

Gorman-Rupp

Company

6,822

3,104

Graco,

Inc.

263,716

5,174

Great

Lakes

Dredge

&

Dock

Corporation

b

62,036

Shares

Common

Stock  77.6%

Value

Industrials  11.0%

-

continued

2,803

Griffon

Corporation

$

213,448

67,031

Hexcel

Corporation

4,202,844

92,800

Hitachi,

Ltd.

2,458,557

440

HNI

Corporation

20,614

24,928

Honeywell

International,

Inc.

5,247,344

3,825

Howmet

Aerospace,

Inc.

750,580

1,395

Hudson

Technologies,

Inc.

b

13,852

1,355

Huron

Consulting

Group,

Inc.

b

198,873

285

IDEX

Corporation

46,387

36,900

Inaba

Denki

Sangyo

Company,

Ltd.

1,048,075

1,200

Ingersoll

Rand,

Inc.

99,144

136

Insteel

Industries,

Inc.

5,214

3,226

ISS

AS

102,222

32,300

ITOCHU

Corporation

1,837,818

1,125

ITT

Corporation

201,105

25,806

Jacobs

Solutions,

Inc.

3,867,287

21,000

Jardine

Matheson

Holdings,

Ltd.

1,325,251

19,873

JB

Hunt

Transport

Services,

Inc.

2,666,360

3,163

KION

Group

AG

214,596

604

Kirby

Corporation

b

50,404

282

Knight-Swift

Transportation

Holdings,

Inc.

11,142

45,000

Komatsu,

Ltd.

1,567,674

1,282

Konecranes

Oyj

106,136

65,038

Kongsberg

Gruppen

ASA

2,078,442

18,707

L3Harris

Technologies,

Inc.

5,713,305

722

Legalzoom.com,

Inc.

b

7,494

5,835

Legence

Corporation

b,c

179,776

29,515

Legrand

SA

4,904,259

1,596

Limbach

Holdings,

Inc.

b

155,004

50,835

Logista

Integral

SA

1,726,717

1,593

Lyft,

Inc.

b

35,062

10,400

Makita

Corporation

337,079

3,384

Masco

Corporation

238,200

113

MasTec,

Inc.

b

24,048

12,538

Masterbrand,

Inc.

b

165,125

238

Maximus,

Inc.

21,746

725

McGrath

RentCorp

85,042

11,000

MEITEC

Group

Holdings,

Inc.

237,289

531

Middleby

Corporation

b

70,586

66,000

Mitsubishi

Corporation

1,573,401

24,900

Mitsubishi

Electric

Corporation

639,525

159,800

Mitsubishi

Heavy

Industries,

Ltd.

4,181,823

19,000

Mitsui

&

Company,

Ltd.

471,793

1,084

Moog,

Inc.

225,114

4,933

MSC

Industrial

Direct

Company,

Inc.

454,527

6,280

Mueller

Water

Products,

Inc.

160,266

1,775

Nexans

SA

264,323

1,655

NEXTracker,

Inc.

b

122,453

7,000

NGK

Insulators,

Ltd.

117,011

27,700

Nippon

Yusen

Kabushiki

Kaisha

c

945,267

2,800

Nishimatsu

Construction

Company,

Ltd.

99,149

15,100

Nitto

Kogyo

Corporation

368,972

35

Nordson

Corporation

7,943

7,309

nVent

Electric

plc

720,960

2,307

Old

Dominion

Freight

Line,

Inc.

324,779

312

Oshkosh

Corporation

40,466

2,398

Otis

Worldwide

Corporation

219,249

8,092

Parker-Hannifin

Corporation

6,134,950

82

Paylocity

Holding

Corporation

b

13,060

3,394

Pentair

plc

375,919

285

Pitney

Bowes,

Inc.

3,252

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Shares

Common

Stock  77.6%

Value

Industrials  11.0%

-

continued

89

Primoris

Services

Corporation

$

12,222

94

Quanta

Services,

Inc.

38,955

575

RBC

Bearings,

Inc.

b

224,417

70,600

Recruit

Holdings

Company,

Ltd.

3,795,730

120

Regal

Rexnord

Corporation

17,213

142,574

RELX

plc

6,812,018

495

Republic

Services,

Inc.

113,593

887

Rheinmetall

AG

2,074,851

2,073

Rockwell

Automation,

Inc.

724,576

200,438

Rolls-Royce

Holdings

plc

3,221,892

49,091

Rotork

plc

224,437

27,000

Ryanair

Holdings

plc

789,008

39

Ryder

System,

Inc.

7,357

1,777

Saab

AB

109,183

23,314

Safran

SA

8,273,441

4,701

Schindler

Holding

AG,

Participation

Certificates

1,787,679

4,784

Schneider

Electric

SE

1,346,567

20,000

Secom

Company,

Ltd.

733,748

1,304

Sensata

Technologies

Holding

plc

39,837

4,251

Shoals

Technologies

Group,

Inc.

b

31,500

9,477

Siemens

AG

2,558,589

24,079

Siemens

Energy

AG

b

2,831,196

287,700

Singapore

Technologies

Engineering,

Ltd.

1,921,126

227

SkyWest,

Inc.

b

22,841

45,059

Smiths

Group

plc

1,428,602

31,500

Sojitz

Corporation

c

833,085

189

SPX

Technologies,

Inc.

b

35,301

754

SS&C

Technologies

Holdings,

Inc.

66,925

1,320

Stanley

Black

&

Decker,

Inc.

98,116

413

Sterling

Construction

Company,

Inc.

b

140,288

78,300

Sumitomo

Corporation

2,265,453

1,200

Taisei

Corporation

82,461

747

Textron,

Inc.

63,114

47,900

Timee,

Inc.

b,c

478,083

28,400

TOPPAN

Holdings,

Inc.

727,666

1,008

Toro

Company

76,810

291

Trane

Technologies

plc

122,790

5,459

TransUnion

457,355

841

Trinity

Industries,

Inc.

23,582

39,300

Tsubakimoto

Chain

Company

570,285

48,243

Uber

Technologies,

Inc.

b

4,726,367

308

UL

Solutions,

Inc.

21,825

276

UniFirst

Corporation/MA

46,144

1,757

United

Airlines

Holdings,

Inc.

b

169,550

30,104

United

Parcel

Service,

Inc.

2,514,587

133

United

Rentals,

Inc.

126,970

1,205

Upwork,

Inc.

b

22,377

1,357

Veralto

Corporation

144,670

2,217

Verisk

Analytics,

Inc.

557,598

1,297

Verra

Mobility

Corporation

b

32,036

15,897

Vinci

SA

2,209,244

662

Wabtec

Corporation

132,711

2,218

Waste

Connections,

Inc.

389,924

724

Watsco,

Inc.

292,713

7,370

Werner

Enterprises,

Inc.

193,978

65

WESCO

International,

Inc.

13,748

42,268

Worley,

Ltd.

392,668

1,368

Xylem,

Inc.

201,780

688,700

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,801,820

6,800

Yuasa

Trading

Company,

Ltd.

232,651

20,931

Zigup

plc

91,769

Shares

Common

Stock  77.6%

Value

Industrials  11.0%

-

continued

1,244

Zurn

Elkay

Water

Solutions

Corporation

$

58,505

Total

203,808,475

Information

Technology  16.3%

23,300

Advantest

Corporation

2,305,366

1,760

Agilysys,

Inc.

b

185,240

537

Ambarella,

Inc.

b

44,313

1,702

Amkor

Technology,

Inc.

48,337

6,775

Amphenol

Corporation

838,406

119,713

Apple,

Inc.

30,482,521

5,833

AppLovin

Corporation

b

4,191,244

3,993

Arista

Networks,

Inc.

b

581,820

155

Arrow

Electronics,

Inc.

b

18,755

8,448

ASML

Holding

NV

8,238,404

323

Astera

Labs,

Inc.

b

63,243

152

Atlassian

Corporation

b

24,274

640

Autodesk,

Inc.

b

203,309

368

Avnet,

Inc.

19,239

1,269

Bel

Fuse,

Inc.

178,954

139

BILL

Holdings,

Inc.

b

7,363

2,700

BIPROGY,

Inc.

110,149

2,403

BlackLine,

Inc.

b

127,599

58,662

Broadcom,

Inc.

19,353,180

27,600

Brother

Industries,

Ltd.

461,185

85

Calix,

Inc.

b

5,216

20,007

CDW

Corporation

3,186,715

14,561

Check

Point

Software

Technologies,

Ltd.

b

3,012,817

384

Ciena

Corporation

b

55,937

692

Cirrus

Logic,

Inc.

b

86,701

117,022

Cisco

Systems,

Inc.

8,006,645

3,996

Cognex

Corporation

181,019

960

Cognizant

Technology

Solutions

Corporation

64,387

4,076

Coherent

Corporation

b

439,067

2,039

CommScope

Holding

Company,

Inc.

b

31,564

1,149

CommVault

Systems,

Inc.

b

216,908

1,749

CompoSecure,

Inc.

36,414

1,872

Corning,

Inc.

153,560

118

Credo

Technology

Group

Holding,

Ltd.

b

17,182

51

CTS

Corporation

2,037

1,104

CyberArk

Software,

Ltd.

b

533,398

1,817

Descartes

Systems

Group,

Inc.

b

171,216

4,333

DigitalOcean

Holdings,

Inc.

b

148,015

1,500

DISCO

Corporation

470,311

21

DocuSign,

Inc.

b

1,514

1,034

Dolby

Laboratories,

Inc.

74,831

6,786

Dropbox,

Inc.

b

205,005

10,627

Dynatrace

Holdings,

LLC

b

514,878

1,637

Enphase

Energy,

Inc.

b

57,933

161

EPAM

Systems,

Inc.

b

24,277

570

F5,

Inc.

b

184,218

467

Fabrinet

b

170,278

255

First

Solar,

Inc.

b

56,235

4,140

Flex,

Ltd.

b

239,996

31,500

FUJIFILM

Holdings

NPV

783,351

1,846

Gen

Digital,

Inc.

52,408

8,336

Gitlab,

Inc.

b

375,787

3,315

Guidewire

Software,

Inc.

b

761,986

51,154

Halma

plc

2,381,257

6,500

Hewlett

Packard

Enterprise

Company

159,640

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Shares

Common

Stock  77.6%

Value

Information

Technology  16.3%

-

continued

1,031

HubSpot,

Inc.

b

$

482,302

5,178

I3

Verticals,

Inc.

b

168,078

842

Impinj,

Inc.

b

152,192

91

Intapp,

Inc.

b

3,722

29,799

International

Business

Machines

Corporation

8,408,086

272

IPG

Photonics

Corporation

b

21,540

263

Itron,

Inc.

b

32,759

764

Jabil,

Inc.

165,918

13,202

JFrog,

Ltd.

b

624,851

4,500

Keyence

Corporation

1,676,524

1,654

Keysight

Technologies,

Inc.

b

289,318

8,842

Knowles

Corporation

b

206,107

146,800

Kyocera

Corporation

1,972,067

7,316

Lattice

Semiconductor

Corporation

b

536,409

20,540

Logitech

International

SA

2,259,368

150

MACOM

Technology

Solutions

Holdings,

Inc.

b

18,674

39

Manhattan

Associates,

Inc.

b

7,994

5,287

Marvell

Technology,

Inc.

444,478

1,189

Microchip

Technology,

Inc.

76,358

27,570

Micron

Technology,

Inc.

4,613,012

105,218

Microsoft

Corporation

54,497,663

234

Mirion

Technologies,

Inc.

b

5,443

3,495

MKS,

Inc.

432,576

1,790

Monday.com,

Ltd.

b

346,705

29

Monolithic

Power

Systems,

Inc.

26,699

429

Motorola

Solutions,

Inc.

196,177

1,009

Napco

Security

Technologies,

Inc.

43,337

44,300

NEC

Corporation

1,418,003

1,167

NetApp,

Inc.

138,243

11,789

Nordic

Semiconductor

ASA

b

181,653

11,400

NS

Solutions

Corporation

c

277,999

5,900

NSD

Company,

Ltd.

138,705

279,443

NVIDIA

Corporation

52,138,475

946

ON

Semiconductor

Corporation

b

46,647

1,778

Onto

Innovation,

Inc.

b

229,753

23,530

Oracle

Corporation

6,617,577

37,230

Palantir

Technologies,

Inc.

b

6,791,497

2,544

Pegasystems,

Inc.

146,280

137

Procore

Technologies,

Inc.

b

9,990

3,534

PTC,

Inc.

b

717,473

134

Q2

Holdings,

Inc.

b

9,700

942

Qorvo,

Inc.

b

85,797

44,462

Qualcomm,

Inc.

7,396,698

7,207

Ralliant

Corporation

315,162

124,748

Samsung

Electronics

Company,

Ltd.

7,478,684

28,935

SAP

SE

7,747,867

14,436

SAP

SE

ADR

3,857,444

2,500

SCSK

Corporation

74,833

83,100

Seiko

Epson

Corporation

1,063,049

9,519

ServiceNow,

Inc.

b

8,760,145

1,125

Silicon

Laboratories,

Inc.

b

147,521

61,064

Sinch

AB

a,b

197,566

1,585

Skyworks

Solutions,

Inc.

122,013

344

Synopsys,

Inc.

b

169,726

45,756

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

12,779,193

43,787

TD

SYNNEX

Corporation

7,170,121

869

TE

Connectivity

plc

190,772

62,840

Technology

One,

Ltd.

1,599,804

533

Teledyne

Technologies,

Inc.

b

312,359

143,455

Telefonaktiebolaget

LM

Ericsson

1,188,669

Shares

Common

Stock  77.6%

Value

Information

Technology  16.3%

-

continued

578

Tenable

Holdings,

Inc.

b

$

16,855

1,440

Teradyne,

Inc.

198,202

12,600

Tokyo

Electron,

Ltd.

2,233,564

7,805

Trimble,

Inc.

b

637,278

2,704

TTM

Technologies,

Inc.

b

155,750

94

Twilio,

Inc.

b

9,409

1,065

Tyler

Technologies,

Inc.

b

557,165

1,251

Unity

Software,

Inc.

b

50,090

737

Varonis

Systems,

Inc.

b

42,355

767

VeriSign,

Inc.

214,430

7,657

Vontier

Corporation

321,364

19,373

Weave

Communications,

Inc.

b

129,412

5,079

Western

Digital

Corporation

609,785

2,169

Zoom

Communications,

Inc.

b

178,943

195

Zscaler,

Inc.

b

58,434

Total

302,986,415

Materials  2.7%

15,083

Air

Liquide

SA

3,142,652

1,518

Alcoa

Corporation

49,927

20,147

Amcor

plc

164,802

755

AptarGroup,

Inc.

100,913

360

Avery

Dennison

Corporation

58,381

1,582

Avient

Corporation

52,127

91,908

Axalta

Coating

Systems,

Ltd.

b

2,630,407

316

Balchem

Corporation

47,419

1,801

Ball

Corporation

90,806

163,751

BHP

Group,

Ltd.

4,574,417

15,808

Buzzi

SPA

871,101

3,340

Celanese

Corporation

140,547

66,381

CF

Industries

Holdings,

Inc.

5,954,376

5,534

Coeur

Mining,

Inc.

b

103,818

389

Commercial

Metals

Company

22,282

6,765

Constellium

SE

b

100,663

2,879

Corteva,

Inc.

194,707

32,800

Crown

Holdings,

Inc.

3,168,152

31,365

Deterra

Royalties,

Ltd.

82,494

3,528

DuPont

de

Nemours,

Inc.

274,831

23,284

Eastman

Chemical

Company

1,468,056

4,788

Element

Solutions,

Inc.

120,514

43,733

Endeavour

Mining

plc

1,828,787

31,363

Evraz

plc

b,d

4

404

FMC

Corporation

13,587

4,193

Freeport-McMoRan,

Inc.

164,449

421

Givaudan

SA

1,717,277

91,831

Granges

AB

1,141,286

292

Greif,

Inc.

17,450

11,140

Hecla

Mining

Company

134,794

15,626

Heidelberg

Materials

AG

3,532,201

35,621

Hexpol

AB

320,320

2,928

Huntsman

Corporation

26,293

555

Ingevity

Corporation

b

30,630

471

International

Flavors

&

Fragrances,

Inc.

28,985

702

Kaiser

Aluminum

Corporation

54,166

99

Knife

River

Corporation

b

7,610

536

Koppers

Holdings,

Inc.

15,008

30,600

Kyoei

Steel,

Ltd.

473,960

5,380

LANXESS

AG

133,959

831

Martin

Marietta

Materials,

Inc.

523,763

506

Minerals

Technologies,

Inc.

31,433

11,000

Mitsubishi

Gas

Chemical

Company,

Inc.

196,260

6,428

Mosaic

Company

222,923

266

MP

Materials

Corporation

b,c

17,841

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Shares

Common

Stock  77.6%

Value

Materials  2.7%

-

continued

20

NewMarket

Corporation

$

16,564

18,400

Nippon

Shokubai

Company,

Ltd.

226,754

246,000

Nippon

Steel

Corporation

1,013,211

45,657

Nucor

Corporation

6,183,328

1,006

O-I

Glass,

Inc.

b

13,048

4,286

Olin

Corporation

107,107

56,106

Orica,

Ltd.

783,557

1,200

Packaging

Corporation

of

America

261,516

1,338

PPG

Industries,

Inc.

140,637

95

Reliance,

Inc.

26,679

13,369

Rio

Tinto

plc

881,050

36,406

Rio

Tinto,

Ltd.

2,936,619

742

Royal

Gold,

Inc.

148,830

1,886

RPM

International,

Inc.

222,322

577

Scotts

Miracle-Gro

Company

32,860

1,078

Sealed

Air

Corporation

38,107

81

Sensient

Technologies

Corporation

7,602

10,100

Shin-Etsu

Chemical

Company,

Ltd.

330,710

1,401

Sonoco

Products

Company

60,369

78,525

SSAB

AB,

Class

A

471,794

188

Steel

Dynamics,

Inc.

26,213

300

Stepan

Company

14,310

12,200

Taiyo

Holdings

Company,

Ltd.

665,762

27,500

Toagosei

Company,

Ltd.

c

280,132

43,600

Tosoh

Corporation

644,998

4,973

Tronox

Holdings

plc

19,991

739

Vidrala

SA

78,267

1,164

Vulcan

Materials

Company

358,070

2,306

West

Fraser

Timber

Company,

Ltd.

156,762

2,891

Wienerberger

AG

93,595

3,835

Yara

International

ASA

140,568

Total

50,427,710

Real

Estate  1.8%

1,373

Aedifica

SA

101,934

1,033

Alexandria

Real

Estate

Equities,

Inc.

86,090

311

Alpine

Income

Property

Trust,

Inc.

4,407

8,109

AvalonBay

Communities,

Inc.

1,566,416

8,350

Brixmor

Property

Group,

Inc.

231,128

12,081

Broadstone

Net

Lease,

Inc.

215,887

414,800

CapitaLand

Integrated

Commercial

Trust

736,662

813

CareTrust

REIT,

Inc.

28,195

328

CBL

&

Associates

Properties,

Inc.

10,030

26,975

CBRE

Group,

Inc.

b

4,250,181

2,466

Chatham

Lodging

Trust

16,547

1,162

Colliers

International

Group,

Inc.

181,516

1,008

Compass,

Inc.

b

8,094

6,953

CoStar

Group,

Inc.

b

586,625

3,707

Cousins

Properties,

Inc.

107,281

62,054

Crown

Castle,

Inc.

5,987,590

1,726

Curbline

Properties

Corporation

38,490

270,649

DEXUS

Property

Group

1,284,993

525

Digital

Realty

Trust,

Inc.

90,762

10,288

Easterly

Government

Properties,

Inc.

235,904

3,968

EPR

Properties

230,184

6,604

Essential

Properties

Realty

Trust,

Inc.

196,535

500

Essex

Property

Trust,

Inc.

133,830

42

Extra

Space

Storage,

Inc.

5,919

12,555

Fabege

AB

106,087

297

Federal

Realty

Investment

Trust

30,089

2,367

First

Industrial

Realty

Trust,

Inc.

121,829

Shares

Common

Stock  77.6%

Value

Real

Estate  1.8%

-

continued

343

Gecina

SA

$

34,458

800

Getty

Realty

Corporation

21,464

321

Global

Net

Lease,

Inc.

2,610

426,541

GPT

Group

1,514,455

223,431

Healthcare

Realty

Trust,

Inc.

4,028,461

41,376

Host

Hotels

&

Resorts,

Inc.

704,220

204

Howard

Hughes

Holdings,

Inc.

b

16,763

4,162

Independence

Realty

Trust,

Inc.

68,215

12,668

Industrial

Logistics

Properties

Trust

73,854

3,720

Innovative

Industrial

Properties,

Inc.

199,318

4,998

InvenTrust

Properties

Corporation

143,043

469

Iron

Mountain,

Inc.

47,810

268

Jones

Lang

LaSalle,

Inc.

b

79,939

1,430

Kimco

Realty

Corporation

31,245

54

Lamar

Advertising

Company

6,611

439,300

Link

REIT

2,257,118

45,222

Merlin

Properties

Socimi

SA

684,832

10,711

Millrose

Properties,

Inc.

359,997

80,067

Mirvac

Group

120,236

29

National

Health

Investors,

Inc.

2,305

3,891

National

Storage

Affiliates

Trust

117,586

2,860

NetSTREIT

Corporation

51,652

240

NNN

REIT,

Inc.

10,217

23,400

Nomura

Real

Estate

Holdings,

Inc.

149,119

9,581

Outfront

Media,

Inc.

175,524

3,915

Park

Hotels

&

Resorts,

Inc.

43,378

1,352

Peakstone

Realty

Trust

17,738

8,947

Pebblebrook

Hotel

Trust

101,906

822

Postal

Realty

Trust,

Inc.

12,897

2,365

PSP

Swiss

Property

AG

406,901

283

RE/MAX

Holdings,

Inc.

b

2,669

488

Regency

Centers

Corporation

35,575

713

Rexford

Industrial

Realty,

Inc.

29,311

4,381

RLJ

Lodging

Trust

31,543

482

RMR

Group,

Inc.

7,582

493

Ryman

Hospitality

Properties

44,168

6,039

Sabra

Health

Care

REIT,

Inc.

112,567

2,733

Safehold,

Inc.

42,334

7,278

Sila

Realty

Trust,

Inc.

182,678

1,564

Simon

Property

Group,

Inc.

293,516

5,079

STAG

Industrial,

Inc.

179,238

3,644

Summit

Hotel

Properties,

Inc.

20,006

113,500

Sun

Hung

Kai

Properties,

Ltd.

1,357,636

5,709

Tanger,

Inc.

193,193

1,909

Terreno

Realty

Corporation

108,336

234,100

United

Overseas

Land,

Ltd.

1,418,084

1,786

VICI

Properties,

Inc.

58,241

4,431

Xenia

Hotels

&

Resorts,

Inc.

60,793

1,810

Zillow

Group,

Inc.,

Class

A

b

134,736

2,048

Zillow

Group,

Inc.,

Class

C

b

157,798

Total

32,547,081

Utilities  2.7%

8,732

ACEA

SPA

210,573

34,800

AES

Corporation

457,968

43,463

AGL

Energy,

Ltd.

254,464

4,483

Alliant

Energy

Corporation

302,199

828

American

States

Water

Company

60,709

1,163

American

Water

Works

Company,

Inc.

161,878

224

Artesian

Resources

Corporation

7,301

373

Avista

Corporation

14,103

1,993

Black

Hills

Corporation

122,749

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Shares

Common

Stock  77.6%

Value

Utilities  2.7%

-

continued

2,826

Brookfield

Infrastructure

Corporation

$

116,205

139

California

Water

Service

Group

6,379

1,301,329

Centrica

plc

2,922,251

4,823

Clearway

Energy,

Inc.,

Class

A

129,883

4,754

Clearway

Energy,

Inc.,

Class

C

134,301

77

Consolidated

Edison,

Inc.

7,740

16,145

Constellation

Energy

Corporation

5,312,835

21,786

Contact

Energy,

Ltd.

114,948

2,372

DTE

Energy

Company

335,472

55,903

Duke

Energy

Corporation

6,917,996

37,561

E.ON

SE

707,481

6,086

Edison

International

336,434

384,855

EDP

SA

1,826,514

33,857

Enel

SPA

320,848

257,818

Engie

SA

5,542,209

92,392

Entergy

Corporation

8,610,010

3,077

Essential

Utilities,

Inc.

122,772

47,405

Evergy,

Inc.

3,603,728

2,614

Eversource

Energy

185,960

4,077

Exelon

Corporation

183,506

1,880

FirstEnergy

Corporation

86,142

119,494

Fortum

Oyj

c

2,268,082

250,089

Italgas

SPA

2,303,778

1,366

MDU

Resources

Group,

Inc.

24,328

400

Middlesex

Water

Company

21,648

3,226

New

Jersey

Resources

Corporation

155,332

5,594

NiSource,

Inc.

242,220

190

Otter

Tail

Corporation

15,574

9,080

PG&E

Corporation

136,926

268

Pinnacle

West

Capital

Corporation

24,029

7,230

Portland

General

Electric

Company

318,120

7,650

UGI

Corporation

254,439

501

Unitil

Corporation

23,978

23,991

Vistra

Energy

Corporation

4,700,317

7,979

XPLR

Infrastructure,

LP

81,146

Total

49,685,475

Total

Common

Stock

(cost

$1,012,205,412)

1,440,955,544

Shares

Registered

Investment

Companies  

4.2%

Value

U.S.

Affiliated  

3.5%  

4,677,921

Thrivent

Core

Emerging

Markets

Equity

Fund

54,965,569

852,723

Thrivent

Core

Small

Cap

Value

Fund

9,456,696

Total

64,422,265

U.S.

Unaffiliated  

0.7%  

6,551

Invesco

QQQ

Trust

Series

1

3,933,024

12,643

SPDR

S&P

500

ETF

Trust

8,422,514

2,800

SPDR

S&P

Biotech

ETF

c

280,560

1,158

SPDR

S&P

Software

&

Services

ETF

c

229,006

1,212

VanEck

Semiconductor

ETF

395,548

Total

13,260,652

Total

Registered

Investment

Companies

(cost

$61,101,182)

77,682,917

Shares

Collateral

Held

for

Securities

Loaned

0.8%

Value

16,233,896

Thrivent

Cash

Management

Trust

$

16,233,896

Total

Collateral

Held

for

Securities

Loaned

(cost

$16,233,896)

16,233,896

Shares

Preferred

Stock

<0.1%

Value

Consumer

Discretionary  <0.1%

2,322

Porsche

Automobil

Holding

SE

91,505

Total

91,505

Total

Preferred

Stock

(cost

$97,596)

91,505

Shares

or

Principal

Amount

Short-Term

Investments

17.8%

Value

Federal

Farm

Credit

Bank

Discount

Notes

1,900,000

4.250%,

10/2/2025

e

1,899,575

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.250%,

10/8/2025

e,f

99,910

500,000

4.260%,

10/10/2025

e,f

499,440

7,900,000

4.250%,

10/24/2025

e,f

7,878,775

800,000

4.240%,

10/29/2025

e,f

797,403

300,000

4.150%,

11/19/2025

e,f

298,404

500,000

3.935%,

12/12/2025

e,f

496,092

2,300,000

3.890%,

12/17/2025

e,f

2,280,789

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

2,300,000

3.894%,

12/8/2025

e,f

2,283,006

2,200,000

3.900%,

12/23/2025

e,f

2,180,211

Federal

National

Mortgage

Association

Discount

Notes

1,300,000

3.960%,

12/3/2025

e,f

1,291,091

200,000

3.955%,

12/4/2025

e,f

198,608

1,300,000

3.860%,

12/22/2025

e,f

1,288,446

State

Street

Institutional

U.S.

Government

Money

Market

Fund

309,050,508

4.090%

e

309,050,508

Total

Short-Term

Investments

(cost

$330,542,270)

330,542,258

Total

Investments

(cost

$1,420,180,356)

100.4%

$1,865,506,120

Other

Assets

and

Liabilities,

Net

(0.4%)

(8,020,277)

Total

Net

Assets

100.0%

$1,857,485,843

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,

2025,

the

value

of

these

investments

was

$12,610,139

or

0.7%

of

total

net

assets.

b

Non-income

producing

security.

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.

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

15,596,205

Total

lending

$15,596,205

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$16,233,896

Net

amounts

due

to

counterparty

$637,691

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

132,324,350

103,789,879

28,534,471

–

Consumer

Discretionary

152,316,573

105,466,639

46,849,934

–

Consumer

Staples

55,570,064

30,409,354

25,160,710

–

Energy

48,937,985

39,504,457

9,433,528

–

Financials

279,764,392

141,155,993

138,443,223

165,176

Health

Care

132,587,024

85,171,132

47,415,892

–

Industrials

203,808,475

97,447,896

106,360,579

–

Information

Technology

302,986,415

258,728,037

44,258,378

–

Materials

50,427,710

23,865,975

26,561,731

4

Real

Estate

32,547,081

22,374,566

10,172,515

–

Utilities

49,685,475

33,214,327

16,471,148

–

Registered

Investment

Companies

U.S.

Unaffiliated

13,260,652

13,260,652

–

–

Preferred

Stock

Consumer

Discretionary

91,505

–

91,505

–

Short-Term

Investments

330,542,258

309,050,508

21,491,750

–

Subtotal

Investments

in

Securities

$1,784,849,959

$1,263,439,415

$521,245,364

$165,180

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

64,422,265

Collateral

Held

for

Securities

Loaned

16,233,896

Subtotal

Other

Investments

$80,656,161

Total

Investments

at

Value

$1,865,506,120

*

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,

2025,

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

4,621,405

4,621,405

–

–

Total

Asset

Derivatives

$4,621,405

$4,621,405

$–

$–

Liability

Derivatives

Futures

Contracts

338,681

338,681

–

–

Total

Liability

Derivatives

$338,681

$338,681

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$19,667,175

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

2025

$

854,546

$

4,879

CME

E-mini

S&P

500

Index

933

December

2025

310,166,237

4,196,451

CME

E-mini

S&P

Mid-Cap

400

Index

1

December

2025

334,672

(

6,052)

ICE

mini

MSCI

EAFE

Index

353

December

2025

48,996,681

163,864

ICE

US

mini

MSCI

Emerging

Markets

Index

203

December

2025

13,556,851

244,103

Total

Futures

Long

Contracts

$

373,908,987

$

4,603,245

CME

E-mini

Russell

2000

Index

(471)

December

2025

(

$

57,494,396)

(

$

332,629)

CME

E-mini

S&P

Mid-Cap

400

Index

(2)

December

2025

(

669,348)

12,108

Total

Futures

Short

Contracts

(

$

58,163,744)

($320,521)

Total

Futures

Contracts

$

315,745,243

$4,282,724

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$43,411

$–

$–

$54,966

4,678

3.0%

Core

Small

Cap

Value

34,227

–

24,010

9,457

853

0.5

Total

U.S.

Affiliated

Registered

Investment

Companies

77,638

64,423

3.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,524

118,995

105,285

16,234

16,234

0.8

Total

Collateral

Held

for

Securities

Loaned

2,524

16,234

0.8

Total

Value

$80,162

$80,657

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$11,555

$

–

$–

Core

Small

Cap

Value

Fund

1,223

(1,983)

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

42

Total

Affiliated

Income

from

Securities

Loaned,

Net

$42

Total

Value

$1,223

$9,572

$

–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Principal

Amount

Long-Term

Fixed

Income

99.3%

Value

Asset-Backed

Securities  5.3%

ECMC

Group

Student

Loan

Trust

$

1,506,849

5.306%, 

(SOFR30A

+

0.950%),

10/27/2025,

Ser.

2025-1A,

Class

A

a,b

$

1,507,744

1,302,841

5.506%, 

(SOFR30A

+

1.150%),

10/27/2025,

Ser.

2024-1A,

Class

A

a,b

1,312,949

GMAC

Mortgage

Corporation

Loan

Trust

21,106

4.772%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

9,982

Goodgreen

688,820

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

628,411

Granite

Edvance

Corporation

339,744

5.472%, 

(TSFR1M

+

1.314%),

9/25/2060,

Ser.

2020-1,

Class

A1B

b

342,501

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

825,493

1.650%, 

3/25/2051,

Ser.

2021-1

800,362

Missouri

Higher

Education

Loan

Auth.

636,817

1.530%, 

1/25/2061,

Ser.

2021-1

600,415

Navient

Student

Loan

Trust

791,364

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

a

675,036

Sunnova

Hestia

I

Issuer,

LLC

1,143,745

5.750%, 

12/20/2050,

Ser.

2023-GRID1,

Class

1A

a,c

1,153,925

Sunnova

Hestia

II

Issuer,

LLC

1,550,629

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

1,552,412

Total

8,583,737

Collateralized

Mortgage

Obligations  15.3%

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

1,501,501

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

1,236,026

572,870

5.191%, 

8/1/2054,

Ser.

2024-2,

Class

A

a,b

572,172

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

141,275

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

139,653

585,518

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

573,101

1,250,000

5.000%, 

2/25/2054,

Ser.

5460,

Class

LN

1,254,837

940,709

5.000%, 

2/25/2054,

Ser.

5383,

Class

AZ

882,340

1,287,502

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

1,031,049

1,080,392

5.000%, 

5/25/2052,

Ser.

5537,

Class

AE

1,080,812

1,019,021

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

993,053

1,552,059

4.000%, 

8/25/2052,

Ser.

5256,

Class

AY

1,496,455

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Collateralized

Mortgage

Obligations  15.3%

-

continued

$

550,000

5.000%, 

8/25/2054,

Ser.

5446,

Class

EC

$

537,094

900,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

875,888

1,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,257,595

1,439,706

5.000%, 

9/25/2055,

Ser.

5579,

Class

NY

1,378,394

553,462

4.987%, 

(SOFR30A

+

0.614%),

1/15/2032,

Ser.

3218,

Class

FN

b

552,646

1,668,000

4.000%, 

9/25/2035,

Ser.

5231,

Class

VB

1,587,278

47,026

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

46,259

530,608

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

478,914

Federal

Home

Loan

Mortgage

Corporation

-

SCRT

1,062,565

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

855,099

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,800,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

c

1,578,457

1,600,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

c

1,384,785

Federal

Home

Loan

Mortgage

Corporation

Whole

Loan

Securities

Trust

831,074

3.000%, 

9/25/2045,

Ser.

2015-SC02,

Class

1A

c

729,465

Federal

National

Mortgage

Association

-

REMIC

900,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

889,743

829,205

1.250%, 

2/25/2052,

Ser.

2022-4,

Class

VD

627,245

630,357

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

623,874

238,317

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

225,092

298,627

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

286,451

982,111

3.500%, 

4/25/2045,

Ser.

2015-18,

Class

DY

930,283

J.P.

Morgan

Mortgage

Trust

650,000

6.000%, 

10/25/2054,

Ser.

2024-4,

Class

A7A

a,b

665,260

Total

24,769,320

Commercial

Mortgage-Backed

Securities  10.4%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,500,000

5.069%, 

10/25/2028,

Ser.

K510,

Class

A2

b,c

1,540,545

1,750,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

b

1,810,275

1,781,000

4.720%, 

5/25/2029,

Ser.

K524,

Class

A2

b,c

1,820,014

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Commercial

Mortgage-Backed

Securities  10.4%

-

continued

$

1,250,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

$

1,269,282

2,100,000

4.543%, 

7/25/2029,

Ser.

K526,

Class

A2

b,c

2,135,579

1,200,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

c

1,230,525

1,600,000

4.361%, 

5/25/2030,

Ser.

K546,

Class

A2

c,d

1,617,546

1,600,000

4.421%, 

5/25/2030,

Ser.

K547,

Class

A2

b,c,d

1,620,671

2,225,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

c

2,234,584

1,400,000

5.000%, 

2/25/2035,

Ser.

K-170,

Class

A2

b,c

1,458,791

Total

16,737,812

Financials  <0.1%

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

26,726

4.499%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

24,443

Total

24,443

Mortgage-Backed

Securities  36.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

1,462,229

5.500%, 

2/1/2040

1,495,258

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,045,377

6.000%, 

1/1/2055

1,089,632

1,412,891

3.000%, 

2/1/2050

1,264,427

916,093

2.000%, 

5/1/2051

749,414

588,883

3.500%, 

5/1/2052

542,603

771,494

4.000%, 

5/1/2052

733,814

53,663

5.000%, 

7/1/2053

53,723

781,516

3.500%, 

8/1/2052

720,013

264,376

3.500%, 

9/1/2047

247,326

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

196,456

2.500%, 

7/1/2030

190,446

Federal

National

Mortgage

Association

Conventional

10-Yr.

Pass

Through

1,163,772

2.000%, 

3/1/2033

1,116,287

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

984,376

2.500%, 

8/1/2032

967,375

1,000,000

5.000%, 

10/1/2040

e

1,010,300

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

845,891

3.500%, 

5/1/2040

808,888

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,738,557

3.000%, 

1/1/2052

1,540,726

66,913

2.000%, 

2/1/2051

54,738

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Mortgage-Backed

Securities  36.0%

-

continued

$

36,002

2.000%, 

2/1/2051

$

29,452

1,196,872

2.500%, 

2/1/2051

1,010,068

703,827

2.500%, 

2/1/2051

601,347

3,558,061

2.000%, 

3/1/2051

2,881,118

842,257

4.000%, 

3/1/2051

807,902

1,524,405

2.000%, 

3/1/2052

1,245,338

1,932,804

3.000%, 

3/1/2052

1,713,344

975,885

2.000%, 

4/1/2051

789,735

1,174,502

3.000%, 

4/1/2051

1,034,827

1,717,524

5.500%, 

4/1/2054

1,752,880

1,191,146

3.000%, 

5/1/2050

1,049,862

71,060

2.000%, 

5/1/2051

57,853

956,938

3.000%, 

5/1/2051

860,981

1,593,200

2.000%, 

6/1/2050

1,298,497

762,277

3.000%, 

6/1/2050

687,350

202,833

4.000%, 

6/1/2052

191,701

1,745,432

2.500%, 

7/1/2051

1,495,904

383,182

3.500%, 

7/1/2051

354,184

562,393

4.000%, 

7/1/2052

531,528

687,342

3.500%, 

8/1/2050

637,602

1,275,500

3.500%, 

8/1/2052

1,169,388

1,067,851

4.500%, 

8/1/2052

1,041,382

2,171,694

6.000%, 

8/1/2054

2,268,990

374,847

3.500%, 

9/1/2052

345,341

698,510

3.500%, 

9/1/2052

644,389

1,089,846

4.500%, 

9/1/2053

1,063,335

395,299

4.500%, 

9/1/2053

387,015

1,165,303

4.000%, 

10/1/2052

1,106,582

80,039

2.000%, 

11/1/2051

65,474

463,327

3.500%, 

11/1/2052

428,841

301,628

2.000%, 

12/1/2050

245,647

1,910,493

2.500%, 

12/1/2051

1,629,463

3,604,736

4.500%, 

12/1/2052

3,531,332

311,476

3.500%, 

12/1/2047

292,164

3,650,000

5.000%, 

10/1/2048

e

3,619,549

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

1,406,605

2.500%, 

3/1/2062

1,147,091

440,492

3.500%, 

7/1/2061

395,459

597,421

4.000%, 

12/1/2061

559,155

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,350,000

5.000%, 

10/1/2055

e

3,331,974

3,150,000

5.500%, 

10/1/2055

e

3,173,443

Total

58,062,457

U.S.

Government

&

Agencies  32.3%

Federal

Home

Loan

Bank

2,050,000

5.900%, 

3/10/2043

2,050,449

Tennessee

Valley

Authority

1,580,000

5.250%, 

2/1/2055

1,574,945

U.S.

Treasury

Bonds

1,950,000

1.125%, 

5/15/2040

1,241,830

6,025,000

4.750%, 

2/15/2045

6,062,656

U.S.

Treasury

Notes

9,250,000

3.375%, 

9/15/2028

9,187,129

16,225,000

3.625%, 

8/31/2030

16,141,340

13,500,000

3.875%, 

8/31/2032

13,459,922

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

U.S.

Government

&

Agencies  32.3%

-

continued

$

2,367,000

4.250%, 

5/15/2035

$

2,388,821

Total

52,107,092

Total

Long-Term

Fixed

Income

(cost

$161,564,022)

160,284,861

Shares

or

Principal

Amount

Short-Term

Investments

7.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

4.250%,

10/24/2025

f,g

199,463

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,354,300

4.090%

f

1,354,300

Thrivent

Core

Short-Term

Reserve

Fund

1,036,329

4.410%

10,363,290

Total

Short-Term

Investments

(cost

$11,895,464)

11,917,053

Total

Investments

(cost

$173,459,486)

106.7%

$172,201,914

Other

Assets

and

Liabilities,

Net

(6.7%)

(10,738,819)

Total

Net

Assets

100.0%

$161,463,095

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,

2025,

the

value

of

these

investments

was

$9,328,378

or

5.8%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

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

To

reduce

certain

risks

associated

with

securities

issued

by

municipalities,

which

may

include

but

are

not

limited

to

economic

development

in

a

specific

industry

or

municipality,

the

principal

and/or

interest

payments

are

guaranteed

by

the

bond

insurance

company

or

government

agency

identified.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

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

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

8,583,737

–

8,583,737

–

Collateralized

Mortgage

Obligations

24,769,320

–

24,769,320

–

Commercial

Mortgage-Backed

Securities

16,737,812

–

16,737,812

–

Financials

24,443

–

24,443

–

Mortgage-Backed

Securities

58,062,457

–

58,062,457

–

U.S.

Government

&

Agencies

52,107,092

–

52,107,092

–

Short-Term

Investments

1,553,763

1,354,300

199,463

–

Subtotal

Investments

in

Securities

$161,838,624

$1,354,300

$160,484,324

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

10,363,290

Subtotal

Other

Investments

$10,363,290

Total

Investments

at

Value

$172,201,914

*

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,

2025,

in

valuing

Government

Bond

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

5,646

5,646

–

–

Total

Liability

Derivatives

$5,646

$5,646

$–

$–

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$199,463

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

142

December

2025

$

29,598,224

(

$

5,646)

Total

Futures

Long

Contracts

$

29,598,224

(

$

5,646)

Total

Futures

Contracts

$

29,598,224

($5,646)

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$20,964

$7,307

$17,908

$10,363

1,036

6.4%

Total

Affiliated

Short-Term

Investments

20,964

10,363

6.4

Total

Value

$20,964

$10,363

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$511

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$511

Total

Value

$–

$–

$

–

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

a

Shares

Common

Stock

98.7%

Value

Biotechnology  17.0%

71,667

AbbVie,

Inc.

$

16,593,777

76,983

ADMA

Biologics,

Inc.

a

1,128,571

26,362

Amgen,

Inc.

7,439,356

35,900

BioMarin

Pharmaceutical,

Inc.

a

1,944,344

39,525

Gilead

Sciences,

Inc.

4,387,275

3,610

Regeneron

Pharmaceuticals,

Inc.

2,029,795

6,197

United

Therapeutics

Corporation

a

2,597,844

10,503

Vertex

Pharmaceuticals,

Inc.

a

4,113,395

Total

40,234,357

Health

Care

Distributors  3.2%

17,565

Cencora,

Inc.

5,489,590

2,867

McKesson

Corporation

2,214,872

Total

7,704,462

Health

Care

Equipment  22.8%

95,056

Abbott

Laboratories

12,731,801

7,266

ABIOMED,

Inc.,

CVR

a,b

6,670

77,095

Boston

Scientific

Corporation

a

7,526,785

16,604

Edwards

Lifesciences

Corporation

a

1,291,293

45,738

GE

HealthCare

Technologies,

Inc.

3,434,924

6,070

IDEXX

Laboratories,

Inc.

a

3,878,062

15,362

Intuitive

Surgical,

Inc.

a

6,870,347

71,599

Medtronic

plc

6,819,089

14,224

STERIS

plc

3,519,587

21,259

Stryker

Corporation

7,858,814

Total

53,937,372

Health

Care

Facilities  3.8%

104,557

Concentra

Group

Holdings

Parent,

Inc.

2,188,378

25,515

Encompass

Health

Corporation

3,240,915

17,573

Tenet

Healthcare

Corporation

a

3,568,022

Total

8,997,315

Health

Care

Services  3.9%

9,940

Cigna

Group

2,865,205

26,164

CVS

Health

Corporation

1,972,504

15,009

Labcorp

Holdings,

Inc.

4,308,484

Total

9,146,193

Health

Care

Supplies  0.2%

1,962

UFP

Technologies,

Inc.

a

391,615

Total

391,615

Life

Sciences

Tools

&

Services  9.6%

27,235

Bio-Techne

Corporation

1,515,083

48,507

Danaher

Corporation

9,616,998

14,990

IQVIA

Holding,

Inc.

a

2,847,200

2,418

Mettler-Toledo

International,

Inc.

a

2,968,361

11,747

Thermo

Fisher

Scientific,

Inc.

5,697,530

Total

22,645,172

Managed

Health

Care  8.4%

7,035

Elevance

Health,

Inc.

2,273,149

17,566

HealthEquity,

Inc.

a

1,664,730

4,154

Humana,

Inc.

1,080,746

42,735

UnitedHealth

Group,

Inc.

14,756,396

Total

19,775,021

Pharmaceuticals  29.8%

57,464

Bristol-Myers

Squibb

Company

2,591,627

34,538

Eli

Lilly

&

Company

26,352,494

100,266

Johnson

&

Johnson

18,591,322

Shares

Common

Stock  98.7%

Value

Pharmaceuticals  29.8%

-

continued

113,897

Merck

&

Company,

Inc.

$

9,559,375

225,482

Pfizer,

Inc.

5,745,281

43,592

Sanofi

SA

ADR

2,057,543

183,507

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

3,706,841

12,823

Zoetis,

Inc.

1,876,261

Total

70,480,744

Total

Common

Stock

(cost

$156,076,115)

233,312,251

Shares

Registered

Investment

Companies  

0.8%

Value

U.S.

Unaffiliated  

0.8%  

18,541

SPDR

S&P

Biotech

ETF

1,857,808

Total

1,857,808

Total

Registered

Investment

Companies

(cost

$1,744,783)

1,857,808

Shares

or

Principal

Amount

Short-Term

Investments

0.5%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,162,173

4.090%

c

1,162,173

Total

Short-Term

Investments

(cost

$1,162,172)

1,162,173

Total

Investments

(cost

$158,983,070)

100.0%

$236,332,232

Other

Assets

and

Liabilities,

Net

(<0.1%)

(63,882)

Total

Net

Assets

100.0%

$236,268,350

a

Non-income

producing

security.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

c

The

interest

rate

shown

reflects

the

yield.

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

40,234,357

40,234,357

–

–

Health

Care

Distributors

7,704,462

7,704,462

–

–

Health

Care

Equipment

53,937,372

53,930,702

–

6,670

Health

Care

Facilities

8,997,315

8,997,315

–

–

Health

Care

Services

9,146,193

9,146,193

–

–

Health

Care

Supplies

391,615

391,615

–

–

Life

Sciences

Tools

&

Services

22,645,172

22,645,172

–

–

Managed

Health

Care

19,775,021

19,775,021

–

–

Pharmaceuticals

70,480,744

70,480,744

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,857,808

1,857,808

–

–

Short-Term

Investments

1,162,173

1,162,173

–

–

Subtotal

Investments

in

Securities

$236,332,232

$236,325,562

$–

$6,670

Total

Investments

at

Value

$236,332,232

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

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$708

$1,587

$2,295

$–

–

–

Total

Affiliated

Short-Term

Investments

708

–

–

Total

Value

$708

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$2

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2

Total

Value

$–

$–

$

–

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Principal

Amount

Bank

Loans

2.0%

a

Value

Basic

Materials  0.2%

Grinding

Media,

Inc.,

Term

Loan

$

1,584,851

7.698%, 

(TSFR3M

+

3.500%),

10/12/2028

b,c

$

1,584,851

Total

1,584,851

Capital

Goods  0.2%

TransDigm,

Inc.,

Term

Loan

1,700,000

6.502%, 

(TSFR3M

+

2.500%),

8/13/2032

b

1,697,824

Total

1,697,824

Communications

Services  0.4%

Cengage

Learning,

Inc.,

Term

Loan

1,535,503

7.686%, 

(TSFR1M

+

3.500%),

3/24/2031

b

1,530,544

DIRECTV

Financing,

LLC,

Term

Loan

1,573,901

9.820%, 

(TSFR3M

+

5.250%),

8/2/2029

b

1,575,050

Gray

Media,

Inc.,

Term

Loan

602,247

7.395%, 

(TSFR1M

+

3.000%),

12/1/2028

b

601,807

Total

3,707,401

Consumer

Cyclical  0.3%

Evergreen

Acqco

1,

LP,

Term

Loan

1,140,000

7.026%, 

(TSFR1M

+

3.000%),

9/17/2032

b,d,e

1,140,000

Marriott

Ownership

Resorts,

Inc.,

Term

Loan

1,061,563

6.413%, 

(TSFR1M

+

2.250%),

4/1/2031

b

1,060,904

Six

Flags

Entertainment

Corporation,

Term

Loan

534,237

6.163%, 

(TSFR1M

+

2.000%),

5/1/2031

b

530,364

Total

2,731,268

Consumer

Non-Cyclical  0.6%

B&G

Foods,

Inc.,

Term

Loan

1,668,150

7.663%, 

(TSFR1M

+

3.500%),

10/10/2029

b

1,596,420

Chobani,

LLC,

Term

Loan

524,695

6.663%, 

(TSFR1M

+

2.500%),

10/25/2027

b

525,897

HLF

Financing

SARL,

LLC,

Term

Loan

1,087,500

10.913%, 

(TSFR1M

+

6.750%),

4/12/2029

b

1,103,269

ModivCare,

Inc.,

Term

Loan

555,404

0.000%, 

(TSFR3M

+

4.750%),

7/1/2031

b,f,g

249,931

Primo

Brands

Corporation,

Term

Loan

1,320,240

6.252%, 

(TSFR3M

+

2.250%),

3/31/2028

b

1,319,527

Total

4,795,044

Principal

Amount

Bank

Loans  2.0%

a

Value

Financials  <0.1%

Acrisure,

LLC,

Term

Loan

$

268,295

7.163%, 

(TSFR1M

+

3.000%),

11/6/2030

b

$

267,541

Total

267,541

Technology  0.1%

McAfee

Corporation,

Term

Loan

845,739

7.223%, 

(TSFR1M

+

3.000%),

3/1/2029

b

806,362

Total

806,362

Transportation  0.2%

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,669,140

5.752%, 

(TSFR3M

+

1.750%),

4/10/2031

b

1,661,996

Total

1,661,996

Total

Bank

Loans

(cost

$17,551,622)

17,252,287

Principal

Amount

Long-Term

Fixed

Income

96.2%

Value

Basic

Materials  6.2%

ACN

113

874

712,

Pty.

Ltd.

3,195,300

11.500%, 

2/15/2018

*,f,g

3,195

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

640,000

8.625%, 

6/15/2029

h

677,464

Alumina,

Pty.

Ltd.

284,000

6.125%, 

3/15/2030

h

290,446

851,000

6.375%, 

9/15/2032

h

872,390

Avient

Corporation

1,685,000

6.250%, 

11/1/2031

h

1,711,157

Axalta

Coating

Systems

Dutch

Holding

B

BV

1,386,000

7.250%, 

2/15/2031

h

1,450,060

Cascades,

Inc./Cascades

USA,

Inc.

1,697,000

6.750%, 

7/15/2030

h

1,728,394

Celanese

US

Holdings,

LLC

1,136,000

6.500%, 

4/15/2030

1,143,428

Cerdia

Finanz

GmbH

1,667,000

9.375%, 

10/3/2031

h

1,764,936

Chemours

Company

2,339,000

5.750%, 

11/15/2028

h

2,281,401

Cleveland-Cliffs,

Inc.

1,262,000

6.875%, 

11/1/2029

h

1,286,061

1,515,000

4.875%, 

3/1/2031

h,i

1,414,404

1,685,000

7.000%, 

3/15/2032

h,i

1,701,791

Consolidated

Energy

Finance

SA

3,093,000

5.625%, 

10/15/2028

h

2,576,442

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

567,000

6.125%, 

6/15/2028

h

566,082

First

Quantum

Minerals,

Ltd.

990,000

8.000%, 

3/1/2033

h

1,045,298

1,700,000

7.250%, 

2/15/2034

h

1,757,720

FMC

Corporation

1,560,000

8.450%, 

11/1/2055

b

1,646,399

Hecla

Mining

Company

496,000

7.250%, 

2/15/2028

500,485

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Basic

Materials  6.2%

-

continued

Hudbay

Minerals,

Inc.

$

1,095,000

4.500%, 

4/1/2026

h

$

1,091,686

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

2,040,000

9.000%, 

7/1/2028

h

2,046,446

INEOS

Finance

plc

1,870,000

7.500%, 

4/15/2029

h,i

1,819,318

Magnera

Corporation

2,552,000

7.250%, 

11/15/2031

h

2,401,381

Mercer

International,

Inc.

281,000

12.875%, 

10/1/2028

h

255,726

570,000

5.125%, 

2/1/2029

420,156

Methanex

Corporation

259,000

5.650%, 

12/1/2044

221,136

Methanex

US

Operations,

Inc.

1,127,000

6.250%, 

3/15/2032

h

1,146,686

Mineral

Resources,

Ltd.

1,623,000

9.250%, 

10/1/2028

h

1,700,594

340,000

7.000%, 

4/1/2031

e,h

344,398

Novelis

Corporation

2,495,000

4.750%, 

1/30/2030

h

2,406,847

Qnity

Electronics,

Inc.

2,270,000

5.750%, 

8/15/2032

h

2,287,313

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

1,652,000

5.375%, 

11/1/2026

h

1,650,668

SNF

Group

SACA

1,074,000

3.125%, 

3/15/2027

h

1,047,109

1,133,000

3.375%, 

3/15/2030

h

1,051,805

Solstice

Advanced

Materials,

Inc.

1,130,000

5.625%, 

9/30/2033

h

1,133,733

SunCoke

Energy,

Inc.

2,707,000

4.875%, 

6/30/2029

h

2,530,045

Taseko

Mines,

Ltd.

1,585,000

8.250%, 

5/1/2030

h

1,678,743

Tronox,

Inc.

785,000

4.625%, 

3/15/2029

h,i

512,014

280,000

9.125%, 

9/30/2030

h,i

274,323

United

States

Steel

Corporation

1,666,000

6.875%, 

3/1/2029

i

1,676,544

Veritiv

Operating

Company

849,000

10.500%, 

11/30/2030

h

911,171

Total

53,025,395

Capital

Goods  10.0%

AAR

Escrow

Issuer,

LLC

791,000

6.750%, 

3/15/2029

h

814,275

Abengoa

Abenewco

2

Bis

SA

3,963,663

0.000%,PIK

1.500%,

4/26/2024

*,f,g,j

19,818

Advanced

Drainage

Systems,

Inc.

1,780,000

5.000%, 

9/30/2027

h

1,775,526

AECOM

2,270,000

6.000%, 

8/1/2033

h

2,320,825

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

2,265,000

7.000%, 

5/21/2030

h

2,342,690

AmeriTex

HoldCo

Intermediate,

LLC

280,000

7.625%, 

8/15/2033

h

291,421

Amsted

Industries,

Inc.

1,360,000

4.625%, 

5/15/2030

h

1,314,276

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Capital

Goods  10.0%

-

continued

ATI,

Inc.

$

953,000

7.250%, 

8/15/2030

$

1,000,350

Axon

Enterprise,

Inc.

680,000

6.125%, 

3/15/2030

h

698,379

680,000

6.250%, 

3/15/2033

h

699,921

Boeing

Company

541,000

6.298%, 

5/1/2029

574,135

421,000

6.388%, 

5/1/2031

458,517

Bombardier,

Inc.

2,250,000

6.000%, 

2/15/2028

h

2,255,688

2,242,000

7.000%, 

6/1/2032

h,i

2,343,300

849,000

6.750%, 

6/15/2033

h

885,981

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

1,699,000

7.500%, 

2/1/2032

h

1,716,578

Builders

FirstSource,

Inc.

795,000

5.000%, 

3/1/2030

h

786,917

1,134,000

6.750%, 

5/15/2035

h

1,184,046

Canpack

SA/Canpack

US,

LLC

3,166,000

3.875%, 

11/15/2029

h

2,970,958

Chart

Industries,

Inc.

2,631,000

7.500%, 

1/1/2030

h

2,738,174

Clean

Harbors,

Inc.

1,480,000

5.125%, 

7/15/2029

h

1,467,701

Clydesdale

Acquisition

Holdings,

Inc.

297,000

6.625%, 

4/15/2029

h

300,383

1,100,000

6.875%, 

1/15/2030

h

1,128,390

594,000

8.750%, 

4/15/2030

h

610,182

1,705,000

6.750%, 

4/15/2032

h

1,749,091

Crown

Cork

&

Seal

Company,

Inc.

1,113,000

7.375%, 

12/15/2026

1,147,733

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

2,400,000

6.625%, 

12/15/2030

h

2,467,078

GFL

Environmental,

Inc.

2,615,000

4.000%, 

8/1/2028

h

2,552,974

Herc

Holdings,

Inc.

831,000

5.500%, 

7/15/2027

h

828,920

1,280,000

6.625%, 

6/15/2029

h

1,315,204

1,431,000

7.000%, 

6/15/2030

h

1,486,417

588,000

7.250%, 

6/15/2033

h

613,814

Mauser

Packaging

Solutions

Holding

Company

1,515,000

9.250%, 

4/15/2027

h

1,518,466

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

475,000

6.750%, 

4/1/2032

h

487,945

MIWD

Holdco

II,

LLC

1,369,000

5.500%, 

2/1/2030

h

1,333,561

Mueller

Water

Products,

Inc.

1,300,000

4.000%, 

6/15/2029

h

1,251,885

Nesco

Holdings

II,

Inc.

1,080,000

5.500%, 

4/15/2029

h

1,057,682

New

Enterprise

Stone

and

Lime

Company,

Inc.

1,753,000

5.250%, 

7/15/2028

h

1,736,822

OI

European

Group

BV

1,700,000

4.750%, 

2/15/2030

h

1,622,308

Owens-Brockway

Glass

Container,

Inc.

1,632,000

6.625%, 

5/13/2027

h

1,628,981

640,000

7.375%, 

6/1/2032

h

646,196

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Capital

Goods  10.0%

-

continued

Quikrete

Holdings,

Inc.

$

2,840,000

6.750%, 

3/1/2033

h

$

2,952,730

QXO

Building

Products,

Inc.

1,980,000

6.750%, 

4/30/2032

h

2,050,085

Resideo

Funding,

Inc.

1,636,000

6.500%, 

7/15/2032

h

1,676,745

Reworld

Holding

Corporation

965,000

4.875%, 

12/1/2029

h

907,551

Roller

Bearing

Company

of

America,

Inc.

1,672,000

4.375%, 

10/15/2029

h

1,623,922

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

732,000

6.125%, 

2/1/2028

h

742,110

Smyrna

Ready

Mix

Concrete,

LLC

1,825,000

8.875%, 

11/15/2031

h,i

1,927,096

Spirit

AeroSystems,

Inc.

2,270,000

4.600%, 

6/15/2028

2,267,086

820,000

9.750%, 

11/15/2030

h

901,831

SRM

Escrow

Issuer,

LLC

744,000

6.000%, 

11/1/2028

h

744,237

Standard

Building

Solutions,

Inc.

565,000

6.500%, 

8/15/2032

h

579,702

2,260,000

6.250%, 

8/1/2033

h

2,290,251

TransDigm,

Inc.

787,000

6.750%, 

8/15/2028

h

801,999

2,691,000

7.125%, 

12/1/2031

h

2,806,954

1,465,000

6.625%, 

3/1/2032

h

1,508,283

570,000

6.750%, 

1/31/2034

h

589,357

Trivium

Packaging

Finance

BV

1,130,000

8.250%, 

7/15/2030

h

1,205,421

570,000

12.250%, 

1/15/2031

h,i

616,934

United

Rentals

North

America,

Inc.

2,100,000

3.875%, 

2/15/2031

1,986,642

Waste

Pro

USA,

Inc.

920,000

7.000%, 

2/1/2033

h

952,933

WESCO

Distribution,

Inc.

767,000

7.250%, 

6/15/2028

h

776,971

789,000

6.375%, 

3/15/2029

h

812,339

552,000

6.625%, 

3/15/2032

h

573,650

Total

85,438,337

Communications

Services  12.2%

Altice

Financing

SA

1,392,000

5.750%, 

8/15/2029

h

1,047,480

Altice

France

SA

1,207,000

5.125%, 

7/15/2029

h,k

1,030,778

2,796,000

5.500%, 

10/15/2029

h,k

2,418,362

AMC

Networks,

Inc.

1,538,000

10.250%, 

1/15/2029

h

1,620,668

Cable

One,

Inc.

1,130,000

4.000%, 

11/15/2030

h,i

957,410

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

1,563,000

5.000%, 

2/1/2028

h

1,547,949

3,380,000

5.375%, 

6/1/2029

h

3,357,461

5,160,000

4.750%, 

3/1/2030

h

4,951,366

1,916,000

4.250%, 

2/1/2031

h

1,765,079

843,000

4.750%, 

2/1/2032

h,i

779,574

Clear

Channel

Outdoor

Holdings,

Inc.

952,000

7.500%, 

6/1/2029

h

924,595

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Communications

Services  12.2%

-

continued

CSC

Holdings,

LLC

$

1,031,000

5.375%, 

2/1/2028

h,i

$

903,862

855,000

11.750%, 

1/31/2029

h

719,007

1,462,000

6.500%, 

2/1/2029

h

1,080,528

1,240,000

4.125%, 

12/1/2030

h,i

812,020

Deluxe

Corporation

2,123,000

8.125%, 

9/15/2029

h

2,216,871

DIRECTV

Financing,

LLC

1,130,000

8.875%, 

2/1/2030

h

1,116,125

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

5,300,000

5.875%, 

8/15/2027

h

5,294,053

DISH

DBS

Corporation

1,308,000

5.250%, 

12/1/2026

h

1,285,233

1,271,000

5.750%, 

12/1/2028

h,i

1,218,431

1,144,000

5.125%, 

6/1/2029

978,314

DISH

Network

Corporation

1,978,000

11.750%, 

11/15/2027

h

2,093,232

EchoStar

Corporation

2,687,000

10.750%, 

11/30/2029

2,956,157

FiberCop

SPA

1,504,000

6.000%, 

9/30/2034

h

1,433,555

Frontier

Communications

Holdings,

LLC

898,000

5.875%, 

10/15/2027

h

897,458

1,590,000

5.000%, 

5/1/2028

h

1,586,424

1,747,000

6.750%, 

5/1/2029

h

1,764,426

561,000

8.750%, 

5/15/2030

h

586,046

Gray

Media,

Inc.

1,435,000

5.375%, 

11/15/2031

h,i

1,077,882

2,260,000

7.250%, 

8/15/2033

h

2,239,553

iHeartCommunications,

Inc.

453,150

9.125%, 

5/1/2029

h,i

407,557

Level

3

Financing,

Inc.

1,533,000

4.250%, 

7/1/2028

h

1,433,327

1,422,000

4.875%, 

6/15/2029

h

1,336,822

1,980,000

6.875%, 

6/30/2033

h

2,017,976

1,280,000

7.000%, 

3/31/2034

h

1,302,156

Maya

SAS/Paris,

France

2,471,000

8.500%, 

4/15/2031

h

2,650,130

1,691,000

7.000%, 

4/15/2032

h

1,724,489

McGraw-Hill

Education,

Inc.

1,081,000

5.750%, 

8/1/2028

h

1,080,365

983,000

8.000%, 

8/1/2029

h

1,001,106

Nexstar

Media,

Inc.

843,000

4.750%, 

11/1/2028

h,i

822,804

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

1,468,000

4.625%, 

3/15/2030

h,i

1,410,882

Paramount

Global

477,000

6.375%, 

3/30/2062

b

476,204

Playtika

Holding

Corporation

1,163,000

4.250%, 

3/15/2029

h,i

1,067,715

Rogers

Communications,

Inc.

710,000

7.000%, 

4/15/2055

b

740,176

Sable

International

Finance,

Ltd.

1,122,000

7.125%, 

10/15/2032

h

1,139,265

Scripps

Escrow

II,

Inc.

1,130,000

3.875%, 

1/15/2029

h,i

995,511

Sinclair

Television

Group,

Inc.

990,000

8.125%, 

2/15/2033

h

1,016,007

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Communications

Services  12.2%

-

continued

Sirius

XM

Radio,

LLC

$

720,000

3.125%, 

9/1/2026

h

$

710,065

1,649,000

4.000%, 

7/15/2028

h

1,593,386

890,000

3.875%, 

9/1/2031

h,i

806,591

Snap,

Inc.

850,000

6.875%, 

3/15/2034

h

860,312

Telenet

Finance

Luxembourg

Notes

SARL

2,200,000

5.500%, 

3/1/2028

h

2,182,357

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

1,381,000

4.750%, 

4/15/2028

h

1,352,358

1,707,000

6.500%, 

2/15/2029

h

1,603,104

850,000

8.625%, 

6/15/2032

h,i

812,050

Univision

Communications,

Inc.

320,000

8.000%, 

8/15/2028

h

331,590

2,387,000

4.500%, 

5/1/2029

h,i

2,251,483

1,400,000

8.500%, 

7/31/2031

h

1,445,699

1,130,000

9.375%, 

8/1/2032

h

1,204,204

Viasat,

Inc.

1,263,000

6.500%, 

7/15/2028

h,i

1,234,451

Virgin

Media

Finance

plc

979,000

5.000%, 

7/15/2030

h

909,303

Virgin

Media

Secured

Finance

plc

2,335,000

5.500%, 

5/15/2029

h

2,308,602

Virgin

Media

Vendor

Financing

Notes

IV

DAC

1,990,000

5.000%, 

7/15/2028

h

1,949,304

VZ

Secured

Financing

BV

2,661,000

5.000%, 

1/15/2032

h

2,407,455

WarnerMedia

Holdings,

Inc.

570,000

4.054%, 

3/15/2029

550,050

1,690,000

4.279%, 

3/15/2032

i

1,548,463

1,420,000

5.050%, 

3/15/2042

1,133,614

Windstream

Services,

LLC

1,270,000

7.500%, 

10/15/2033

e,h

1,269,657

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

1,521,000

8.250%, 

10/1/2031

h

1,575,568

Zegona

Finance

plc

1,334,000

8.625%, 

7/15/2029

h

1,420,043

Ziggo

Bond

Company

BV

987,000

5.125%, 

2/28/2030

h

894,631

Total

103,636,731

Consumer

Cyclical  18.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

3,006,000

5.625%, 

9/15/2029

h

3,042,147

1,985,000

4.000%, 

10/15/2030

h

1,870,710

Adient

Global

Holdings,

Ltd.

1,420,000

7.500%, 

2/15/2033

h

1,470,360

Advance

Auto

Parts,

Inc.

1,130,000

7.000%, 

8/1/2030

h

1,162,604

1,130,000

7.375%, 

8/1/2033

h

1,165,313

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

820,000

6.000%, 

6/1/2029

h,i

806,104

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

1,560,000

4.625%, 

6/1/2028

h

1,529,061

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Consumer

Cyclical  18.6%

-

continued

$

1,160,000

4.625%, 

6/1/2028

h

$

1,137,453

Allison

Transmission,

Inc.

1,299,000

3.750%, 

1/30/2031

h

1,200,136

American

Axle

&

Manufacturing,

Inc.

1,506,000

5.000%, 

10/1/2029

i

1,431,121

1,710,000

7.750%, 

10/15/2033

e,h

1,723,331

Arches

Buyer,

Inc.

1,732,000

6.125%, 

12/1/2028

h,i

1,697,857

Asbury

Automotive

Group,

Inc.

540,000

5.000%, 

2/15/2032

h

518,526

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

800,000

4.625%, 

8/1/2029

h

766,060

1,410,000

4.625%, 

4/1/2030

h

1,334,818

Aston

Martin

Capital

Holdings,

Ltd.

780,000

10.000%, 

3/31/2029

h,i

763,664

Bath

&

Body

Works,

Inc.

850,000

6.950%, 

3/1/2033

887,459

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

990,000

9.500%, 

7/1/2032

h

1,036,157

Beach

Acquisition

Bidco,

LLC

1,500,000

10.000%, 

7/15/2033

h

1,617,993

Belron

UK

Finance

plc

1,481,000

5.750%, 

10/15/2029

h

1,500,303

Boyd

Gaming

Corporation

2,655,000

4.750%, 

6/15/2031

h

2,559,436

Boyne

USA,

Inc.

1,275,000

4.750%, 

5/15/2029

h

1,250,894

Brightstar

Lottery

plc

1,000,000

6.250%, 

1/15/2027

h

1,009,404

Brinker

International,

Inc.

1,140,000

8.250%, 

7/15/2030

h

1,205,982

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

135,000

6.250%, 

9/15/2027

h

134,674

1,607,000

5.000%, 

6/15/2029

h

1,531,427

350,000

4.875%, 

2/15/2030

h

328,244

Caesars

Entertainment,

Inc.

5,104,000

4.625%, 

10/15/2029

h,i

4,880,625

944,000

6.500%, 

2/15/2032

h

962,869

Carnival

Corporation

1,130,000

5.125%, 

5/1/2029

e,h

1,130,000

2,090,000

6.000%, 

5/1/2029

h

2,121,195

2,830,000

5.750%, 

8/1/2032

h

2,880,029

Carvana

Company

1,278,418

11.000%, 

6/1/2030

h

1,337,503

609,900

9.000%, 

6/1/2031

h

690,546

Churchill

Downs,

Inc.

899,000

6.750%, 

5/1/2031

h

921,345

Dream

Finders

Homes,

Inc.

1,420,000

6.875%, 

9/15/2030

h

1,428,449

Flutter

Treasury

DAC

354,000

5.875%, 

6/4/2031

h

359,317

Ford

Motor

Company

1,490,000

3.250%, 

2/12/2032

1,303,711

Forestar

Group,

Inc.

1,710,000

6.500%, 

3/15/2033

h

1,749,335

FORVIA

SE

1,135,000

8.000%, 

6/15/2030

h,i

1,200,925

1,420,000

6.750%, 

9/15/2033

h

1,440,674

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Consumer

Cyclical  18.6%

-

continued

Gap,

Inc.

$

1,165,000

3.625%, 

10/1/2029

h

$

1,089,842

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

1,120,000

7.750%, 

5/31/2032

h

1,174,883

General

Motors

Financial

Company,

Inc.

1,606,000

5.750%, 

9/30/2027

b,i,l

1,591,324

Genting

New

York,

LLC/GENNY

Capital,

Inc.

1,469,000

7.250%, 

10/1/2029

h

1,517,420

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

1,700,000

8.750%, 

1/15/2032

h,i

1,653,250

Goodyear

Tire

&

Rubber

Company

1,790,000

5.000%, 

7/15/2029

i

1,728,557

Group

1

Automotive,

Inc.

1,464,000

6.375%, 

1/15/2030

h

1,497,722

Hilton

Domestic

Operating

Company,

Inc.

2,081,000

4.875%, 

1/15/2030

2,069,328

1,195,000

3.625%, 

2/15/2032

h

1,093,551

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

1,094,000

5.000%, 

6/1/2029

h

1,052,057

Jacobs

Entertainment,

Inc.

1,612,000

6.750%, 

2/15/2029

h

1,573,651

K

Hovnanian

Enterprises,

Inc.

710,000

8.000%, 

4/1/2031

h

728,058

KB

Home

1,208,000

6.875%, 

6/15/2027

1,233,200

1,123,000

4.000%, 

6/15/2031

1,054,635

Kingpin

Intermediate

Holdings,

LLC

1,130,000

7.250%, 

10/15/2032

h,i

1,073,698

L

Brands,

Inc.

1,559,000

5.250%, 

2/1/2028

1,567,960

811,000

6.875%, 

11/1/2035

843,458

Life

Time,

Inc.

1,178,000

6.000%, 

11/15/2031

h

1,196,806

Light

&

Wonder

International,

Inc.

776,000

7.250%, 

11/15/2029

h

796,464

1,700,000

6.250%, 

10/1/2033

h

1,702,890

Lindblad

Expeditions,

LLC

1,140,000

7.000%, 

9/15/2030

h

1,161,991

Lithia

Motors,

Inc.

1,130,000

4.625%, 

12/15/2027

h

1,118,869

Live

Nation

Entertainment,

Inc.

858,000

4.750%, 

10/15/2027

h

852,323

Macy's

Retail

Holdings,

LLC

850,000

7.375%, 

8/1/2033

h,i

886,315

1,130,000

4.300%, 

2/15/2043

814,260

Marriott

Ownership

Resorts,

Inc.

3,400,000

6.500%, 

10/1/2033

h

3,384,443

Match

Group

Holdings

II,

LLC

1,710,000

6.125%, 

9/15/2033

h

1,725,022

Mattamy

Group

Corporation

1,800,000

4.625%, 

3/1/2030

h

1,737,273

Melco

Resorts

Finance,

Ltd.

900,000

5.375%, 

12/4/2029

h

882,619

775,000

7.625%, 

4/17/2032

h

811,883

430,000

6.500%, 

9/24/2033

h

430,340

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Consumer

Cyclical  18.6%

-

continued

MGM

China

Holdings,

Ltd.

$

281,000

7.125%, 

6/26/2031

h

$

296,451

MGM

Resorts

International

1,124,000

6.125%, 

9/15/2029

1,144,004

Michaels

Companies,

Inc.

1,116,000

5.250%, 

5/1/2028

h

1,027,176

Millrose

Properties,

Inc.

1,700,000

6.375%, 

8/1/2030

h

1,728,883

560,000

6.250%, 

9/15/2032

h

561,464

Muvico,

LLC

1,140,000

9.000%,PIK

6.000%,

2/19/2029

h,i,j

1,236,284

NCL

Corporation,

Ltd.

1,990,000

5.875%, 

1/15/2031

h

1,989,925

2,417,000

6.750%, 

2/1/2032

h

2,485,719

1,420,000

6.250%, 

9/15/2033

h

1,427,350

New

Home

Company,

Inc.

570,000

8.500%, 

11/1/2030

h

591,695

Nissan

Motor

Acceptance

Company,

LLC

1,700,000

5.625%, 

9/29/2028

h

1,701,095

570,000

6.125%, 

9/30/2030

h

570,195

Nissan

Motor

Company,

Ltd.

523,000

7.500%, 

7/17/2030

h

548,887

Parkland

Corporation

1,134,000

5.875%, 

7/15/2027

h

1,133,044

809,000

6.625%, 

8/15/2032

h

831,298

PENN

Entertainment,

Inc.

1,040,000

4.125%, 

7/1/2029

h,i

974,809

PetSmart,

LLC/PetSmart

Finance

Corporation

2,840,000

7.500%, 

9/15/2032

h

2,844,221

850,000

10.000%, 

9/15/2033

h

857,785

Phinia,

Inc.

843,000

6.625%, 

10/15/2032

h

868,824

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

2,220,000

3.375%, 

8/31/2027

h

2,158,001

Rakuten

Group,

Inc.

281,000

11.250%, 

2/15/2027

h

304,561

1,131,000

9.750%, 

4/15/2029

h

1,271,770

850,000

8.125%, 

12/15/2029

b,h,l

883,571

Raven

Acquisition

Holdings,

LLC

1,100,000

6.875%, 

11/15/2031

h

1,130,435

Real

Hero

Merger

Sub

2,

Inc.

564,000

6.250%, 

2/1/2029

h

383,823

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

1,100,000

4.625%, 

4/16/2029

h

995,786

Royal

Caribbean

Cruises,

Ltd.

1,300,000

5.375%, 

7/15/2027

h

1,311,506

S&S

Holdings,

LLC

2,152,000

8.375%, 

10/1/2031

h

2,109,732

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

584,000

6.625%, 

3/1/2030

h

542,952

Service

Corporation

International/

US

1,010,000

5.750%, 

10/15/2032

1,023,209

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

2,136,000

5.250%, 

7/15/2029

i

2,065,666

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Consumer

Cyclical  18.6%

-

continued

Sonic

Automotive,

Inc.

$

979,000

4.875%, 

11/15/2031

h,i

$

936,131

Staples,

Inc.

1,120,000

10.750%, 

9/1/2029

h

1,107,422

Station

Casinos,

LLC

800,000

4.500%, 

2/15/2028

h

786,532

700,000

4.625%, 

12/1/2031

h

660,320

Tenneco,

Inc.

1,485,000

8.000%, 

11/17/2028

h

1,487,711

Vail

Resorts,

Inc.

740,000

5.625%, 

7/15/2030

h

744,625

Victoria's

Secret

&

Company

2,264,000

4.625%, 

7/15/2029

h,i

2,161,096

Victra

Holdings,

LLC/Victra

Finance

Corporation

365,000

8.750%, 

9/15/2029

h,i

382,656

Viking

Cruises,

Ltd.

4,049,000

5.875%, 

9/15/2027

h

4,050,555

3,387,000

5.875%, 

10/15/2033

e,h

3,389,377

Wayfair,

LLC

1,575,000

7.750%, 

9/15/2030

h

1,651,774

Wyndham

Hotels

&

Resorts,

Inc.

1,638,000

4.375%, 

8/15/2028

h

1,599,002

Wynn

Macau,

Ltd.

1,700,000

6.750%, 

2/15/2034

h

1,723,386

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

1,117,000

7.125%, 

2/15/2031

h

1,202,278

ZF

North

America

Capital,

Inc.

1,053,000

6.875%, 

4/14/2028

h

1,067,568

1,265,000

6.750%, 

4/23/2030

h

1,234,487

Total

158,316,894

Consumer

Non-Cyclical  10.9%

1261229

B.C.,

Ltd.

2,270,000

10.000%, 

4/15/2032

h

2,326,868

Acadia

Healthcare

Company,

Inc.

850,000

5.000%, 

4/15/2029

h

832,134

1,310,000

7.375%, 

3/15/2033

h,i

1,360,028

AdaptHealth,

LLC

3,819,000

4.625%, 

8/1/2029

h

3,610,066

Albertsons

Companies,

Inc.

3,250,000

5.875%, 

2/15/2028

h

3,249,282

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

400,000

6.250%, 

3/15/2033

h

409,080

Bausch

+

Lomb

Corporation

472,000

8.375%, 

10/1/2028

h

491,912

Bausch

Health

Companies,

Inc.

2,297,000

4.875%, 

6/1/2028

h

2,055,815

BellRing

Brands,

Inc.

1,257,000

7.000%, 

3/15/2030

h

1,298,143

Central

Garden

&

Pet

Company

1,404,000

4.125%, 

10/15/2030

i

1,333,599

Chobani

Holdco

II,

LLC

584,538

0.000%,PIK

9.500%,

10/1/2029

h,j

619,459

CHS/Community

Health

Systems,

Inc.

1,220,000

6.125%, 

4/1/2030

h,i

884,908

1,299,000

4.750%, 

2/15/2031

h

1,123,308

1,121,000

10.875%, 

1/15/2032

h

1,187,248

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Consumer

Non-Cyclical  10.9%

-

continued

$

2,270,000

9.750%, 

1/15/2034

h

$

2,325,615

Concentra

Health

Services,

Inc.

1,095,000

6.875%, 

7/15/2032

h

1,137,028

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

2,944,000

4.750%, 

1/15/2029

h

2,881,350

CVS

Health

Corporation

1,129,000

7.000%, 

3/10/2055

b

1,185,160

DaVita,

Inc.

2,070,000

6.875%, 

9/1/2032

h

2,138,384

Edgewell

Personal

Care

Company

1,910,000

5.500%, 

6/1/2028

h

1,905,914

Embecta

Corporation

1,691,000

5.000%, 

2/15/2030

h,i

1,601,325

Encompass

Health

Corporation

1,238,000

4.500%, 

2/1/2028

1,227,404

Endo

Finance

Holdings,

Inc.

855,000

8.500%, 

4/15/2031

h,i

917,303

Energizer

Holdings,

Inc.

2,410,000

6.000%, 

9/15/2033

h

2,357,039

Fiesta

Purchaser,

Inc.

1,123,000

9.625%, 

9/15/2032

h,i

1,212,382

Fortrea

Holdings,

Inc.

710,000

7.500%, 

7/1/2030

h,i

672,328

Grifols

SA

2,880,000

4.750%, 

10/15/2028

h

2,797,523

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

1,433,000

4.875%, 

6/1/2029

h,i

1,259,953

Insulet

Corporation

794,000

6.500%, 

4/1/2033

h

825,468

IQVIA,

Inc.

2,264,000

6.250%, 

6/1/2032

h

2,327,711

Jazz

Securities

DAC

1,130,000

4.375%, 

1/15/2029

h

1,100,887

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

733,000

9.000%, 

2/15/2029

h

771,228

Lamb

Weston

Holdings,

Inc.

839,000

4.375%, 

1/31/2032

h

792,957

LifePoint

Health,

Inc.

811,000

5.375%, 

1/15/2029

h,i

772,477

895,000

9.875%, 

8/15/2030

h

969,229

1,010,000

11.000%, 

10/15/2030

h

1,113,178

1,082,000

10.000%, 

6/1/2032

h

1,136,056

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

1,582,000

6.250%, 

4/1/2029

h

1,622,190

Mozart

Debt

Merger

Sub,

Inc.

1,953,000

3.875%, 

4/1/2029

h

1,883,559

2,331,000

5.250%, 

10/1/2029

h

2,310,844

Newell

Brands,

Inc.

306,000

6.375%, 

9/15/2027

310,173

796,000

6.625%, 

9/15/2029

800,545

1,355,000

6.375%, 

5/15/2030

i

1,342,527

850,000

6.625%, 

5/15/2032

i

838,872

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

1,280,000

5.125%, 

4/30/2031

h,i

1,121,343

Performance

Food

Group,

Inc.

1,404,000

4.250%, 

8/1/2029

h

1,363,827

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Consumer

Non-Cyclical  10.9%

-

continued

$

1,685,000

6.125%, 

9/15/2032

h

$

1,725,964

Perrigo

Finance

Unlimited

Company

1,092,000

4.900%, 

6/15/2030

1,065,752

742,000

6.125%, 

9/30/2032

746,975

Post

Holdings,

Inc.

1,560,000

4.500%, 

9/15/2031

h

1,457,429

1,100,000

6.250%, 

10/15/2034

h

1,109,155

Prime

Healthcare

Services,

Inc.

1,800,000

9.375%, 

9/1/2029

h

1,872,000

Radiology

Partners,

Inc.

1,700,000

8.500%, 

7/15/2032

h

1,759,222

Select

Medical

Corporation

850,000

6.250%, 

12/1/2032

h,i

850,356

Simmons

Foods,

Inc.

3,523,000

4.625%, 

3/1/2029

h

3,377,389

Sotera

Health

Holdings,

LLC

1,122,000

7.375%, 

6/1/2031

h

1,178,120

Spectrum

Brands,

Inc.

196,000

3.875%, 

3/15/2031

h

157,290

Star

Parent,

Inc.

816,000

9.000%, 

10/1/2030

h

862,669

Surgery

Center

Holdings,

Inc.

1,650,000

7.250%, 

4/15/2032

h,i

1,694,956

Tenet

Healthcare

Corporation

4,497,000

5.125%, 

11/1/2027

4,488,747

1,100,000

6.750%, 

5/15/2031

1,138,807

Teva

Pharmaceutical

Finance

Netherlands

III

BV

1,377,000

3.150%, 

10/1/2026

1,352,520

US

Acute

Care

Solutions,

LLC

1,693,000

9.750%, 

5/15/2029

h

1,733,602

Whirlpool

Corporation

570,000

6.125%, 

6/15/2030

574,464

Total

92,949,046

Energy  12.1%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

734,000

7.500%, 

10/1/2029

h

765,486

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

2,126,000

5.375%, 

6/15/2029

h

2,118,208

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

1,330,000

6.250%, 

4/1/2028

h

1,331,839

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

1,130,000

6.625%, 

7/15/2033

h

1,148,827

Baytex

Energy

Corporation

1,769,000

8.500%, 

4/30/2030

h

1,817,761

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

1,281,000

7.000%, 

7/15/2029

h

1,328,310

Borr

IHC,

Ltd./Borr

Finance,

LLC

941,720

10.000%, 

11/15/2028

h

933,205

Buckeye

Partners,

LP

1,050,000

4.500%, 

3/1/2028

h

1,036,954

1,132,000

6.750%, 

2/1/2030

h

1,175,751

California

Resources

Corporation

451,000

8.250%, 

6/15/2029

h

470,323

420,000

7.000%, 

1/15/2034

e,h

417,109

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Energy  12.1%

-

continued

Civitas

Resources,

Inc.

$

905,000

8.375%, 

7/1/2028

h

$

938,077

1,164,000

8.750%, 

7/1/2031

h

1,192,531

1,698,000

9.625%, 

6/15/2033

h

1,793,440

CNX

Resources

Corporation

818,000

7.375%, 

1/15/2031

h

843,360

Comstock

Resources,

Inc.

2,630,000

5.875%, 

1/15/2030

h

2,532,836

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

3,075,000

5.500%, 

6/15/2031

h

3,046,416

Crescent

Energy

Finance,

LLC

1,089,000

7.625%, 

4/1/2032

h

1,081,478

562,000

7.375%, 

1/15/2033

h

547,199

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

946,000

8.625%, 

3/15/2029

h

986,489

1,410,000

7.375%, 

6/30/2033

h

1,433,824

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

629,000

8.500%, 

10/1/2030

h

666,542

Enerflex,

Ltd.

513,000

9.000%, 

10/15/2027

h

522,324

Energy

Transfer,

LP

1,980,000

6.500%, 

2/15/2056

b

1,970,719

Excelerate

Energy,

LP

791,000

8.000%, 

5/15/2030

h

841,995

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

1,280,000

8.875%, 

4/15/2030

1,355,104

2,320,000

7.875%, 

5/15/2032

2,419,653

Global

Partners,

LP/GLP

Finance

Corporation

420,000

7.125%, 

7/1/2033

h

430,493

Gulfport

Energy

Operating

Corporation

843,000

6.750%, 

9/1/2029

h

865,081

Harvest

Midstream

I,

LP

2,707,000

7.500%, 

9/1/2028

h

2,736,130

Hess

Midstream

Operations,

LP

1,605,000

4.250%, 

2/15/2030

h

1,555,627

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

851,000

5.750%, 

2/1/2029

h

838,319

1,505,000

6.000%, 

2/1/2031

h

1,449,406

1,750,000

6.250%, 

4/15/2032

h

1,678,860

Howard

Midstream

Energy

Partners,

LLC

1,225,000

7.375%, 

7/15/2032

h

1,271,581

1,420,000

6.625%, 

1/15/2034

h

1,447,797

ITT

Holdings,

LLC

1,995,000

6.500%, 

8/1/2029

h

1,961,354

Kodiak

Gas

Services,

LLC

850,000

6.500%, 

10/1/2033

h

865,449

Kraken

Oil

&

Gas

Partners,

LLC

515,000

7.625%, 

8/15/2029

h

510,458

MEG

Energy

Corporation

478,000

5.875%, 

2/1/2029

h

477,973

Mesquite

Energy,

Inc.

3,740,000

0.000%, 

2/15/2023

f,g

374

Moss

Creek

Resources

Holdings,

Inc.

379,000

8.250%, 

9/1/2031

h

371,385

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Energy  12.1%

-

continued

Nabors

Industries,

Inc.

$

1,668,000

9.125%, 

1/31/2030

h

$

1,734,720

562,000

8.875%, 

8/15/2031

h

523,396

Nabors

Industries,

Ltd.

1,268,000

7.500%, 

1/15/2028

h,i

1,267,085

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

628,000

8.125%, 

2/15/2029

h

643,900

1,347,000

8.375%, 

2/15/2032

h

1,380,198

Noble

Finance

II,

LLC

1,629,000

8.000%, 

4/15/2030

h

1,686,111

Northern

Oil

and

Gas,

Inc.

1,302,000

8.750%, 

6/15/2031

h

1,345,090

NuStar

Logistics,

LP

1,226,000

6.375%, 

10/1/2030

1,269,638

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

1,185,000

6.000%, 

2/15/2028

1,177,718

1,700,000

7.875%, 

9/15/2030

h

1,678,442

Permian

Resources

Operating,

LLC

1,189,000

7.000%, 

1/15/2032

h

1,233,157

Prairie

Acquiror,

LP

1,261,000

9.000%, 

8/1/2029

h

1,312,833

Precision

Drilling

Corporation

1,667,000

6.875%, 

1/15/2029

h

1,675,955

Range

Resources

Corporation

1,745,000

4.750%, 

2/15/2030

h

1,706,831

Rockies

Express

Pipeline,

LLC

1,610,000

4.950%, 

7/15/2029

h

1,596,940

Saturn

Oil

&

Gas,

Inc.

411,000

9.625%, 

6/15/2029

h,i

425,781

SESI,

LLC

1,130,000

7.875%, 

9/30/2030

e,h

1,130,000

SM

Energy

Company

450,000

7.000%, 

8/1/2032

h

450,347

Sunoco,

LP/Sunoco

Finance

Corporation

1,200,000

4.500%, 

5/15/2029

1,170,651

850,000

4.500%, 

4/30/2030

818,420

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

2,978,000

6.750%, 

3/15/2034

h

2,948,111

Talos

Production,

Inc.

472,000

9.000%, 

2/1/2029

h

488,061

TGNR

Intermediate

Holdings,

LLC

2,143,000

5.500%, 

10/15/2029

h

2,097,021

Tidewater,

Inc.

420,000

9.125%, 

7/15/2030

h

450,429

Transocean

International,

Ltd.

1,430,000

8.250%, 

5/15/2029

h

1,409,789

1,845,000

8.500%, 

5/15/2031

h

1,808,157

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

800,000

6.875%, 

9/1/2027

799,820

1,140,000

6.250%, 

10/1/2033

h

1,144,361

Valaris,

Ltd.

1,944,000

8.375%, 

4/30/2030

h

2,017,569

Venture

Global

LNG,

Inc.

1,076,000

8.125%, 

6/1/2028

h

1,113,735

1,800,000

9.000%, 

9/30/2029

b,h,l

1,783,943

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Energy  12.1%

-

continued

$

2,247,000

7.000%, 

1/15/2030

h,i

$

2,325,117

3,872,000

8.375%, 

6/1/2031

h

4,065,485

Venture

Global

Plaquemines

LNG,

LLC

850,000

7.500%, 

5/1/2033

h

939,259

1,690,000

6.500%, 

1/15/2034

h

1,778,991

Vital

Energy,

Inc.

819,000

7.750%, 

7/31/2029

h

811,064

1,130,000

7.875%, 

4/15/2032

h,i

1,096,933

Weatherford

International,

Ltd.

743,000

8.625%, 

4/30/2030

h

759,532

Total

103,240,637

Financials  13.2%

Acrisure,

LLC/Acrisure

Finance,

Inc.

1,590,000

6.000%, 

8/1/2029

h

1,567,370

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

842,000

6.950%, 

3/10/2055

b

881,319

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

2,083,000

6.750%, 

10/15/2027

h

2,087,487

855,000

6.750%, 

4/15/2028

h

870,155

843,000

5.875%, 

11/1/2029

h,i

838,604

390,000

7.000%, 

1/15/2031

h

402,959

Ally

Financial,

Inc.

541,000

2.200%, 

11/2/2028

505,640

AmWINS

Group,

Inc.

630,000

6.375%, 

2/15/2029

h

642,809

1,872,000

4.875%, 

6/30/2029

h

1,819,380

Avolon

Holdings

Funding,

Ltd.

460,000

2.528%, 

11/18/2027

h

442,268

Azorra

Finance,

Ltd.

2,000,000

7.750%, 

4/15/2030

h

2,104,778

1,700,000

7.250%, 

1/15/2031

h

1,770,195

Baldwin

Insurance

Group

Holdings,

LLC/Baldwin

Insurance

Group

Holdings

Finance

842,000

7.125%, 

5/15/2031

h

874,038

Bank

of

America

Corporation

570,000

6.250%, 

7/26/2030

b,l

577,283

Barclays

plc

1,199,000

6.125%, 

12/15/2025

b,l

1,199,203

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

380,000

7.625%, 

2/11/2035

b,h

399,760

BNP

Paribas

SA

421,000

4.625%, 

1/12/2027

b,h,l

414,365

570,000

7.450%, 

6/27/2035

b,h,i,l

594,936

Burford

Capital

Global

Finance,

LLC

2,222,000

9.250%, 

7/1/2031

h

2,361,022

990,000

7.500%, 

7/15/2033

h

1,007,424

Citigroup,

Inc.

405,000

6.250%, 

8/15/2026

b,l

407,555

570,000

6.875%, 

8/15/2030

b,l

587,417

Constellation

Insurance,

Inc.

384,000

6.800%, 

1/24/2030

h

386,929

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Financials  13.2%

-

continued

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

$

1,990,000

5.950%, 

9/17/2030

h

$

1,942,398

Encore

Capital

Group,

Inc.

384,000

9.250%, 

4/1/2029

h

405,181

1,700,000

6.625%, 

4/15/2031

e,h

1,695,053

FirstCash,

Inc.

1,610,000

4.625%, 

9/1/2028

h

1,578,531

842,000

5.625%, 

1/1/2030

h

840,779

Freedom

Mortgage

Holdings,

LLC

1,925,000

9.250%, 

2/1/2029

h

2,025,438

570,000

8.375%, 

4/1/2032

h

597,446

1,140,000

7.875%, 

4/1/2033

h

1,174,402

FTAI

Aviation

Investors,

LLC

1,839,000

7.000%, 

5/1/2031

h

1,923,701

1,121,000

7.000%, 

6/15/2032

h

1,173,151

GGAM

Finance,

Ltd.

911,000

8.000%, 

2/15/2027

h

932,375

791,000

8.000%, 

6/15/2028

h

837,237

634,000

6.875%, 

4/15/2029

h

657,465

Global

Aircraft

Leasing

Company,

Ltd.

2,050,000

8.750%, 

9/1/2027

h

2,117,933

Global

Net

Lease,

Inc.

501,000

4.500%, 

9/30/2028

h

490,096

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

2,770,000

3.750%, 

12/15/2027

h

2,688,571

goeasy,

Ltd.

1,980,000

6.875%, 

2/15/2031

h

1,918,213

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC

531,000

8.000%, 

6/15/2027

h

552,815

Howard

Hughes

Corporation

512,000

4.125%, 

2/1/2029

h

491,152

HSBC

Holdings

plc

871,000

6.875%, 

9/11/2029

b,l

902,652

HUB

International,

Ltd.

2,343,000

5.625%, 

12/1/2029

h

2,340,644

380,000

7.250%, 

6/15/2030

h

396,304

624,000

7.375%, 

1/31/2032

h

649,796

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

2,074,000

5.250%, 

5/15/2027

2,038,630

Intesa

Sanpaolo

SPA

541,000

4.198%, 

6/1/2032

b,h

511,377

Jane

Street

Group/JSG

Finance,

Inc.

477,000

4.500%, 

11/15/2029

h

465,662

505,000

7.125%, 

4/30/2031

h

529,691

1,280,000

6.125%, 

11/1/2032

h

1,297,356

1,700,000

6.750%, 

5/1/2033

h

1,765,678

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

601,000

5.000%, 

8/15/2028

h

580,677

1,121,000

6.625%, 

10/15/2031

h

1,128,464

Jefferson

Capital

Holdings,

LLC

627,000

6.000%, 

8/15/2026

h

626,850

1,961,000

9.500%, 

2/15/2029

h

2,065,362

710,000

8.250%, 

5/15/2030

h

742,536

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Financials  13.2%

-

continued

JPMorgan

Chase

&

Company

$

1,966,000

6.730%, 

(TSFR3M

+

2.745%),

1/1/2026

b,l

$

1,972,411

406,000

3.650%, 

6/1/2026

b,l

401,548

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

1,267,000

4.750%, 

6/15/2029

h

1,243,296

Liberty

Mutual

Group,

Inc.

252,000

4.125%, 

12/15/2051

b,h

247,513

Macquarie

AirFinance

Holdings,

Ltd.

1,070,000

6.400%, 

3/26/2029

h

1,126,835

825,000

6.500%, 

3/26/2031

h

883,743

Midcap

Financial

Issuer

Trust

812,000

6.500%, 

5/1/2028

h

806,439

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

1,444,000

4.625%, 

8/1/2029

i

1,205,046

790,000

8.500%, 

2/15/2032

h

839,424

Nationstar

Mortgage

Holdings,

Inc.

818,000

6.500%, 

8/1/2029

h

839,176

881,000

5.125%, 

12/15/2030

h

888,753

NatWest

Group

plc

541,000

8.125%, 

11/10/2033

b,l

609,033

Navient

Corporation

512,000

5.500%, 

3/15/2029

i

501,919

Nippon

Life

Insurance

Company

570,000

6.500%, 

4/30/2055

b,h

613,740

OneMain

Finance

Corporation

1,678,000

3.500%, 

1/15/2027

1,639,947

1,135,000

6.750%, 

3/15/2032

1,156,021

2,400,000

7.125%, 

9/15/2032

2,479,291

Osaic

Holdings,

Inc.

1,190,000

6.750%, 

8/1/2032

h

1,229,075

570,000

8.000%, 

8/1/2033

h

590,746

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

1,273,000

4.875%, 

5/15/2029

h

1,241,171

PennyMac

Financial

Services,

Inc.

1,700,000

6.875%, 

5/15/2032

h

1,761,535

730,000

6.875%, 

2/15/2033

h

754,168

Phoenix

Aviation

Capital,

Ltd.

1,360,000

9.250%, 

7/15/2030

h

1,446,923

PNC

Financial

Services

Group,

Inc.

842,000

3.400%, 

9/15/2026

b,l

816,090

PRA

Group,

Inc.

1,598,000

8.375%, 

2/1/2028

h

1,634,449

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

842,000

4.500%, 

2/15/2029

h

825,769

Rithm

Capital

Corporation

850,000

8.000%, 

7/15/2030

h

870,188

RLJ

Lodging

Trust,

LP

681,000

4.000%, 

9/15/2029

h

643,078

Rocket

Companies,

Inc.

850,000

6.125%, 

8/1/2030

h

872,372

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

3,282,000

3.875%, 

3/1/2031

h

3,064,875

945,000

4.000%, 

10/15/2033

h,i

863,053

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Financials  13.2%

-

continued

Ryan

Specialty,

LLC

$

1,685,000

5.875%, 

8/1/2032

h

$

1,703,848

Service

Properties

Trust

1,041,000

8.375%, 

6/15/2029

1,057,000

865,000

8.625%, 

11/15/2031

h

920,960

SLM

Corporation

570,000

6.500%, 

1/31/2030

593,978

Societe

Generale

SA

845,000

8.125%, 

11/21/2029

b,h,l

885,148

Starwood

Property

Trust,

Inc.

850,000

5.250%, 

10/15/2028

e,h

850,246

1,140,000

6.500%, 

10/15/2030

h

1,177,582

424,000

5.750%, 

1/15/2031

e,h

423,736

Stonex

Escrow

Issuer,

LLC

1,690,000

6.875%, 

7/15/2032

h

1,739,545

Synchrony

Financial

403,000

7.250%, 

2/2/2033

430,039

UBS

Group

AG

1,420,000

7.000%, 

2/10/2030

b,h,l

1,455,145

United

Wholesale

Mortgage,

LLC

1,975,000

5.500%, 

4/15/2029

h

1,947,851

UWM

Holdings,

LLC

707,000

6.625%, 

2/1/2030

h

719,219

Wells

Fargo

&

Company

405,000

3.900%, 

3/15/2026

b,l

401,067

XHR,

LP

840,000

4.875%, 

6/1/2029

h

822,715

423,000

6.625%, 

5/15/2030

h

434,621

Total

112,456,839

Foreign

Government  0.2%

Teine

Energy,

Ltd.

2,027,000

6.875%, 

4/15/2029

h

1,994,272

Total

1,994,272

Technology  7.2%

Acuris

Finance

US,

Inc./Acuris

Finance

SARL

850,000

9.000%, 

8/1/2029

h

888,250

Amentum

Holdings,

Inc.

1,228,000

7.250%, 

8/1/2032

h

1,275,113

AthenaHealth

Group,

Inc.

2,292,000

6.500%, 

2/15/2030

h,i

2,273,247

Block,

Inc.

1,140,000

5.625%, 

8/15/2030

h

1,155,023

3,086,000

6.500%, 

5/15/2032

3,194,029

1,130,000

6.000%, 

8/15/2033

h

1,157,165

Boost

Newco

Borrower,

LLC

1,224,000

7.500%, 

1/15/2031

h

1,298,534

CACI

International,

Inc.

528,000

6.375%, 

6/15/2033

h

544,659

Central

Parent,

Inc./CDK

Global,

Inc.

842,000

7.250%, 

6/15/2029

h

725,008

Cloud

Software

Group,

Inc.

3,424,000

6.500%, 

3/31/2029

h

3,454,886

3,182,000

9.000%, 

9/30/2029

h

3,300,391

CommScope

Technologies,

LLC

1,136,000

5.000%, 

3/15/2027

h

1,127,073

CommScope,

LLC

431,000

4.750%, 

9/1/2029

h

428,233

Consensus

Cloud

Solutions,

Inc.

396,000

6.000%, 

10/15/2026

h

395,236

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Technology  7.2%

-

continued

CoreWeave,

Inc.

$

850,000

9.250%, 

6/1/2030

h

$

877,875

850,000

9.000%, 

2/1/2031

h

871,147

Diebold

Nixdorf,

Inc.

1,130,000

7.750%, 

3/31/2030

h

1,191,997

Fair

Isaac

Corporation

1,130,000

6.000%, 

5/15/2033

h

1,144,061

Gen

Digital,

Inc.

944,000

7.125%, 

9/30/2030

h

972,027

570,000

6.250%, 

4/1/2033

h

581,901

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

851,000

8.750%, 

5/1/2029

h

882,025

II-VI,

Inc.

902,000

5.000%, 

12/15/2029

h

889,556

ION

Platform

Finance

US,

Inc.

990,000

7.875%, 

9/30/2032

h

983,496

Iron

Mountain,

Inc.

3,225,000

5.250%, 

3/15/2028

h

3,219,395

890,000

5.000%, 

7/15/2028

h

884,645

1,560,000

5.250%, 

7/15/2030

h

1,542,788

940,000

4.500%, 

2/15/2031

h

897,254

Kioxia

Holdings

Corporation

1,280,000

6.250%, 

7/24/2030

h

1,305,605

990,000

6.625%, 

7/24/2033

h

1,017,750

McAfee

Corporation

1,245,000

7.375%, 

2/15/2030

h,i

1,154,851

NCR

Atleos

Corporation

633,000

9.500%, 

4/1/2029

h

685,236

NCR

Voyix

Corporation

1,124,000

5.000%, 

10/1/2028

h

1,107,205

660,000

5.125%, 

4/15/2029

h

649,387

Neptune

Bidco

US,

Inc.

1,199,000

9.290%, 

4/15/2029

h

1,177,046

Open

Text

Corporation

2,284,000

3.875%, 

12/1/2029

h

2,158,952

Open

Text

Holdings,

Inc.

1,578,000

4.125%, 

2/15/2030

h

1,494,835

Pitney

Bowes,

Inc.

396,000

6.875%, 

3/15/2027

h

395,686

RingCentral,

Inc.

1,960,000

8.500%, 

8/15/2030

h

2,085,505

Rocket

Software,

Inc.

953,000

9.000%, 

11/28/2028

h

982,373

Sabre

GLBL,

Inc.

570,000

11.125%, 

7/15/2030

h

552,017

Seagate

Data

Storage

Technology,

Private

Ltd.

2,483,000

4.091%, 

6/1/2029

h

2,402,126

Sensata

Technologies

BV

2,376,000

4.000%, 

4/15/2029

h

2,280,182

Sensata

Technologies,

Inc.

450,000

3.750%, 

2/15/2031

h

415,295

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

198,000

6.750%, 

8/15/2032

h

204,710

SS&C

Technologies,

Inc.

1,683,000

6.500%, 

6/1/2032

h

1,739,948

UKG,

Inc.

1,571,000

6.875%, 

2/1/2031

h

1,621,013

Viavi

Solutions,

Inc.

978,000

3.750%, 

10/1/2029

h

922,087

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Technology  7.2%

-

continued

Xerox

Holdings

Corporation

$

1,095,000

5.500%, 

8/15/2028

h

$

643,331

Total

61,150,154

Transportation  1.8%

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

401,000

5.500%, 

4/20/2026

h

401,177

1,241,000

5.750%, 

4/20/2029

h

1,245,747

Avianca

Midco

2

plc

1,420,000

9.000%, 

12/1/2028

h

1,418,225

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

1,004,000

5.375%, 

3/1/2029

h,i

979,064

DCLI

Bidco,

LLC

757,000

7.750%, 

11/15/2029

h

787,107

OneSky

Flight,

LLC

1,694,000

8.875%, 

12/15/2029

h

1,781,331

Rand

Parent,

LLC

1,974,000

8.500%, 

2/15/2030

h,i

2,051,114

RXO,

Inc.

2,176,000

7.500%, 

11/15/2027

h

2,212,626

Star

Leasing

Company,

LLC

1,280,000

7.625%, 

2/15/2030

h

1,243,817

Stena

International

SA

1,255,000

7.250%, 

1/15/2031

h

1,279,496

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

461,000

7.875%, 

5/1/2027

h

468,188

1,441,000

6.375%, 

2/1/2030

h,i

1,404,512

Total

15,272,404

Utilities  3.8%

AES

Corporation

541,000

7.600%, 

1/15/2055

b

560,398

Algonquin

Power

&

Utilities

Corporation

2,145,000

4.750%, 

1/18/2082

b

2,092,983

Alpha

Generation,

LLC

719,000

6.750%, 

10/15/2032

h

742,217

Calpine

Corporation

1,290,000

4.500%, 

2/15/2028

h

1,284,558

Dominion

Energy,

Inc.

541,000

7.000%, 

6/1/2054

b

586,599

Duke

Energy

Corporation

550,000

6.450%, 

9/1/2054

b

580,953

Edison

International

711,000

5.000%, 

12/15/2026

b,l

673,664

Hawaiian

Electric

Company,

Inc.

570,000

6.000%, 

10/1/2033

h

574,955

Leeward

Renewable

Energy

Operations,

LLC

1,065,000

4.250%, 

7/1/2029

h

1,003,628

Lightning

Power,

LLC

1,230,000

7.250%, 

8/15/2032

h

1,302,221

Long

Ridge

Energy,

LLC

1,700,000

8.750%, 

2/15/2032

h

1,747,444

NiSource,

Inc.

365,000

6.375%, 

3/31/2055

b

377,771

NRG

Energy,

Inc.

1,340,000

5.250%, 

6/15/2029

h

1,335,662

671,000

6.000%, 

2/1/2033

h

681,448

2,830,000

5.750%, 

1/15/2034

e,h

2,827,111

Principal

Amount

Long-Term

Fixed

Income  96.2%

Value

Utilities  3.8%

-

continued

$

671,000

6.250%, 

11/1/2034

h

$

687,836

PG&E

Corporation

634,000

7.375%, 

3/15/2055

b

651,340

Talen

Energy

Supply,

LLC

1,868,000

8.625%, 

6/1/2030

h

1,982,955

Terraform

Global

Operating,

LLC

1,183,000

6.125%, 

3/1/2026

h

1,168,047

TerraForm

Power

Operating,

LLC

3,745,000

5.000%, 

1/31/2028

h

3,717,972

Vistra

Corporation

4,065,000

7.000%, 

12/15/2026

b,h,l

4,127,073

Vistra

Operations

Company,

LLC

1,307,000

5.000%, 

7/31/2027

h

1,302,675

XPLR

Infrastructure

Operating

Partners,

LP

1,596,000

3.875%, 

10/15/2026

h

1,573,090

397,000

8.375%, 

1/15/2031

h,i

416,056

397,000

8.625%, 

3/15/2033

h,i

416,330

Total

32,414,986

Total

Long-Term

Fixed

Income

(cost

$810,799,713)

819,895,695

Shares

Collateral

Held

for

Securities

Loaned

8.3%

Value

70,498,588

Thrivent

Cash

Management

Trust

70,498,588

Total

Collateral

Held

for

Securities

Loaned

(cost

$70,498,588)

70,498,588

Shares

Preferred

Stock

0.2%

Value

Capital

Goods  0.2%

21,904

Boeing

Company,

Convertible,

6.000%

1,523,861

Total

1,523,861

Total

Preferred

Stock

(cost

$1,205,057)

1,523,861

Shares

or

Principal

Amount

Short-Term

Investments

2.0%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

17,240,039

4.090%

m

17,240,039

Total

Short-Term

Investments

(cost

$17,240,039)

17,240,039

Total

Investments

(cost

$917,295,019)

108.7%

$926,410,470

Other

Assets

and

Liabilities,

Net

(8.7%)

(73,801,041)

Total

Net

Assets

100.0%

$852,609,429

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Defaulted

security.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2025,

the

value

of

these

investments

was

$723,220,733

or

84.8%

of

total

net

assets.

i

All

or

a

portion

of

the

security

is

on

loan.

j

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,

2025.

k

In

bankruptcy.  Income

is

being

accrued

per

the

bankruptcy

agreement

terms.  

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

The

interest

rate

shown

reflects

the

yield.

*

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,

2025

was

$23,013

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2025.

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

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,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

67,789,731

Total

lending

$67,789,731

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$70,498,588

Net

amounts

due

to

counterparty

$2,708,857

Definitions:

DAC

-

Designated

Activity

Company

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

1,584,851

–

–

1,584,851

Capital

Goods

1,697,824

–

1,697,824

–

Communications

Services

3,707,401

–

3,707,401

–

Consumer

Cyclical

2,731,268

–

2,731,268

–

Consumer

Non-Cyclical

4,795,044

–

4,795,044

–

Financials

267,541

–

267,541

–

Technology

806,362

–

806,362

–

Transportation

1,661,996

–

1,661,996

–

Long-Term

Fixed

Income

Basic

Materials

53,025,395

–

53,025,395

–

Capital

Goods

85,438,337

–

85,438,337

–

Communications

Services

103,636,731

–

103,636,731

–

Consumer

Cyclical

158,316,894

–

158,316,894

–

Consumer

Non-Cyclical

92,949,046

–

92,949,046

–

Energy

103,240,637

–

103,240,637

–

Financials

112,456,839

–

112,456,839

–

Foreign

Government

1,994,272

–

1,994,272

–

Technology

61,150,154

–

61,150,154

–

Transportation

15,272,404

–

15,272,404

–

Utilities

32,414,986

–

32,414,986

–

Preferred

Stock

Capital

Goods

1,523,861

1,523,861

–

–

Short-Term

Investments

17,240,039

17,240,039

–

–

Subtotal

Investments

in

Securities

$855,911,882

$18,763,900

$835,563,131

$1,584,851

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

70,498,588

Subtotal

Other

Investments

$70,498,588

Total

Investments

at

Value

$926,410,470

*

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$25,904

$12,143

$38,047

$–

–

–

Total

Affiliated

Short-Term

Investments

25,904

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

49,599

269,251

248,351

70,499

70,499

8.3%

Total

Collateral

Held

for

Securities

Loaned

49,599

70,499

8.3

Total

Value

$75,503

$70,499

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$10

($10)

$

–

$59

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$59

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

255

Total

Affiliated

Income

from

Securities

Loaned,

Net

$255

Total

Value

$10

($10)

$

–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Principal

Amount

Long-Term

Fixed

Income

97.2%

Value

Asset-Backed

Securities  <0.1%

GMAC

Mortgage

Corporation

Loan

Trust

$

84,425

4.772%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,b

$

39,926

Total

39,926

Basic

Materials  2.2%

Air

Products

and

Chemicals,

Inc.

3,800,000

4.900%, 

10/11/2032

3,901,322

Anglo

American

Capital

plc

1,484,000

4.750%, 

4/10/2027

c

1,494,824

3,050,000

5.750%, 

4/5/2034

c

3,201,103

Eastman

Chemical

Company

3,050,000

5.000%, 

8/1/2029

3,106,024

FMC

Corporation

2,650,000

8.450%, 

11/1/2055

b

2,796,768

Glencore

Funding,

LLC

1,800,000

3.375%, 

9/23/2051

c

1,233,497

1,950,000

2.500%, 

9/1/2030

c

1,778,882

International

Flavors

&

Fragrances,

Inc.

313,000

1.832%, 

10/15/2027

c

297,782

3,943,000

2.300%, 

11/1/2030

c

3,528,057

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

1,700,000

5.350%, 

3/15/2034

1,773,162

Smurfit

Kappa

Treasury,

ULC

1,300,000

5.777%, 

4/3/2054

1,325,630

1,800,000

5.438%, 

4/3/2034

1,866,167

Smurfit

Westrock

Financing

DAC

1,200,000

5.418%, 

1/15/2035

1,236,565

Total

27,539,783

Capital

Goods  4.7%

Amrize

Finance

US,

LLC

2,250,000

4.950%, 

4/7/2030

c

2,299,682

BAE

Systems

plc

625,000

5.500%, 

3/26/2054

c,d

633,786

1,550,000

3.400%, 

4/15/2030

c

1,493,887

1,600,000

1.900%, 

2/15/2031

c

1,408,014

Boeing

Company

1,250,000

5.805%, 

5/1/2050

1,248,830

1,825,000

6.858%, 

5/1/2054

2,081,783

1,950,000

5.930%, 

5/1/2060

1,948,040

900,000

6.528%, 

5/1/2034

994,920

3,000,000

5.705%, 

5/1/2040

3,061,146

Carrier

Global

Corporation

1,550,000

2.700%, 

2/15/2031

1,422,734

CNH

Industrial

Capital,

LLC

2,150,000

4.550%, 

4/10/2028

2,166,551

General

Dynamics

Corporation

2,100,000

4.950%, 

8/15/2035

2,139,222

General

Electric

Company

800,000

4.900%, 

1/29/2036

811,146

GFL

Environmental,

Inc.

3,700,000

6.750%, 

1/15/2031

c

3,871,756

Howmet

Aerospace,

Inc.

3,750,000

3.000%, 

1/15/2029

3,618,139

1,900,000

5.950%, 

2/1/2037

2,057,619

Lockheed

Martin

Corporation

2,300,000

5.000%, 

8/15/2035

2,336,498

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Capital

Goods  4.7%

-

continued

Northrop

Grumman

Corporation

$

1,550,000

4.700%, 

3/15/2033

$

1,560,807

Regal

Rexnord

Corporation

2,100,000

6.050%, 

4/15/2028

2,172,308

1,800,000

6.300%, 

2/15/2030

1,908,538

Republic

Services,

Inc.

4,100,000

4.875%, 

4/1/2029

4,202,366

RTX

Corporation

1,000,000

3.030%, 

3/15/2052

659,228

1,150,000

6.400%, 

3/15/2054

1,286,635

1,850,000

6.000%, 

3/15/2031

1,996,857

1,150,000

6.100%, 

3/15/2034

1,259,243

925,000

4.450%, 

11/16/2038

870,480

Spirit

AeroSystems,

Inc.

5,150,000

4.600%, 

6/15/2028

5,143,389

Waste

Connections,

Inc.

3,400,000

5.000%, 

3/1/2034

3,471,271

Wrangler

Holdco

Corporation

1,500,000

6.625%, 

4/1/2032

c

1,564,048

Total

59,688,923

Collateralized

Mortgage

Obligations  1.0%

GCAT

Trust

4,598,577

6.000%, 

12/25/2054,

Ser.

2024-INV4,

Class

A1

b,c

4,661,449

PMT

Loan

Trust

4,919,698

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

b,c

4,986,960

2,600,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

b,c

2,668,135

Wachovia

Mortgage

Loan

Trust,

LLC

14,140

6.988%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

13,801

Total

12,330,345

Commercial

Mortgage-Backed

Securities  0.3%

HTAP

Issuer

Trust

3,666,943

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

3,671,385

Total

3,671,385

Communications

Services  6.2%

American

Tower

Corporation

3,300,000

5.650%, 

3/15/2033

3,480,844

1,500,000

5.350%, 

3/15/2035

1,540,456

AppLovin

Corporation

3,550,000

5.375%, 

12/1/2031

3,672,389

AT&T,

Inc.

2,250,000

3.650%, 

6/1/2051

1,627,032

2,300,000

3.500%, 

9/15/2053

1,590,917

3,087,000

2.550%, 

12/1/2033

2,628,609

3,550,000

5.400%, 

2/15/2034

3,689,675

1,700,000

4.500%, 

3/9/2048

1,440,971

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

3,400,000

4.750%, 

2/1/2032

c,d

3,144,190

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,000,000

6.700%, 

12/1/2055

1,011,950

1,200,000

6.550%, 

6/1/2034

1,278,860

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Communications

Services  6.2%

-

continued

$

1,700,000

6.384%, 

10/23/2035

$

1,780,970

1,150,000

5.850%, 

12/1/2035

1,160,985

2,500,000

3.500%, 

6/1/2041

1,824,009

1,350,000

6.484%, 

10/23/2045

1,333,675

Comcast

Corporation

1,850,000

6.050%, 

5/15/2055

d

1,911,914

1,700,000

5.300%, 

6/1/2034

1,763,694

3,350,000

5.300%, 

5/15/2035

3,444,468

2,650,000

4.600%, 

10/15/2038

2,496,850

1,200,000

4.650%, 

7/15/2042

1,088,997

Meta

Platforms,

Inc.

2,250,000

4.950%, 

5/15/2033

2,329,626

Netflix,

Inc.

1,300,000

6.375%, 

5/15/2029

1,400,677

3,800,000

4.875%, 

6/15/2030

c

3,905,815

Paramount

Global

2,000,000

7.875%, 

7/30/2030

2,232,956

Sprint

Capital

Corporation

230,000

6.875%, 

11/15/2028

247,399

5,200,000

8.750%, 

3/15/2032

6,335,076

T-Mobile

USA,

Inc.

3,400,000

3.400%, 

10/15/2052

2,329,678

1,300,000

3.500%, 

4/15/2031

1,236,607

2,000,000

5.125%, 

5/15/2032

2,058,315

1,550,000

3.000%, 

2/15/2041

1,164,706

Verizon

Communications,

Inc.

1,250,000

5.500%, 

2/23/2054

d

1,231,194

1,600,000

4.000%, 

3/22/2050

1,258,689

1,740,000

4.780%, 

2/15/2035

1,711,659

2,350,000

5.250%, 

4/2/2035

2,389,748

1,379,000

5.401%, 

7/2/2037

c

1,401,009

2,700,000

3.400%, 

3/22/2041

2,133,293

Videotron,

Ltd.

3,100,000

3.625%, 

6/15/2029

c,d

3,005,353

Total

78,283,255

Consumer

Cyclical  5.7%

Amazon.com,

Inc.

1,300,000

3.100%, 

5/12/2051

904,396

American

Honda

Finance

Corporation

1,450,000

5.050%, 

7/10/2031

1,488,473

1,900,000

5.150%, 

7/9/2032

1,946,775

D.R.

Horton,

Inc.

2,700,000

5.000%, 

10/15/2034

2,730,783

Daimler

Truck

Finance

North

America,

LLC

2,700,000

5.400%, 

9/20/2028

c

2,786,586

2,500,000

2.375%, 

12/14/2028

c

2,355,725

Expedia

Group,

Inc.

1,900,000

3.250%, 

2/15/2030

1,815,346

Ford

Motor

Credit

Company,

LLC

2,100,000

5.850%, 

5/17/2027

2,125,961

1,750,000

6.800%, 

5/12/2028

1,817,519

1,500,000

5.303%, 

9/6/2029

1,496,263

General

Motors

Financial

Company,

Inc.

2,800,000

5.750%, 

2/8/2031

2,917,163

2,200,000

6.400%, 

1/9/2033

2,359,168

GLP

Capital,

LP

2,500,000

3.250%, 

1/15/2032

2,249,180

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Consumer

Cyclical  5.7%

-

continued

Harley-Davidson

Financial

Services,

Inc.

$

1,044,000

6.500%, 

3/10/2028

c

$

1,092,754

Home

Depot,

Inc.

1,050,000

4.950%, 

6/25/2034

1,075,175

1,680,000

4.250%, 

4/1/2046

1,442,559

Hyundai

Capital

America

2,750,000

1.800%, 

1/10/2028

c

2,600,359

1,000,000

4.250%, 

9/18/2028

c

997,707

4,350,000

6.200%, 

9/21/2030

c

4,639,787

Las

Vegas

Sands

Corporation

3,350,000

6.000%, 

8/15/2029

3,489,108

Lowe's

Companies,

Inc.

1,450,000

5.625%, 

4/15/2053

1,441,957

3,000,000

2.625%, 

4/1/2031

2,737,849

Marriott

International,

Inc./MD

1,900,000

4.625%, 

6/15/2030

1,918,965

1,450,000

5.100%, 

4/15/2032

1,488,149

McDonald's

Corporation

2,175,000

4.450%, 

3/1/2047

1,882,813

Ralph

Lauren

Corporation

2,300,000

5.000%, 

6/15/2032

2,356,389

Royal

Caribbean

Cruises,

Ltd.

2,900,000

6.250%, 

3/15/2032

c

2,994,014

Stellantis

Finance

US,

Inc.

1,300,000

5.350%, 

3/17/2028

c

1,316,424

Stellantis

Financial

Services

US

Corporation

2,000,000

4.950%, 

9/15/2028

c

1,999,473

Target

Corporation

1,250,000

4.500%, 

9/15/2034

1,233,228

Toll

Brothers

Finance

Corporation

1,800,000

3.800%, 

11/1/2029

1,762,014

Toyota

Motor

Credit

Corporation

2,600,000

5.350%, 

1/9/2035

2,718,910

VICI

Properties,

LP/VICI

Note

Company,

Inc.

180,000

4.250%, 

12/1/2026

c

179,312

3,000,000

5.750%, 

2/1/2027

c

3,037,441

1,300,000

3.750%, 

2/15/2027

c

1,285,668

180,000

4.625%, 

12/1/2029

c

178,227

Walmart,

Inc.

1,700,000

4.500%, 

9/9/2052

1,524,148

Total

72,385,768

Consumer

Non-Cyclical  9.0%

Abbott

Laboratories

2,000,000

6.000%, 

4/1/2039

2,213,291

AbbVie,

Inc.

2,125,000

5.400%, 

3/15/2054

2,112,959

1,400,000

5.600%, 

3/15/2055

1,432,461

1,050,000

5.050%, 

3/15/2034

1,080,476

2,100,000

4.550%, 

3/15/2035

2,067,240

2,600,000

4.300%, 

5/14/2036

2,498,778

Amgen,

Inc.

3,250,000

5.650%, 

3/2/2053

3,241,687

1,900,000

5.250%, 

3/2/2033

1,968,098

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,710,000

4.700%, 

2/1/2036

1,688,287

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Consumer

Non-Cyclical  9.0%

-

continued

Anheuser-Busch

InBev

Worldwide,

Inc.

$

2,200,000

4.439%, 

10/6/2048

$

1,911,886

AstraZeneca

plc

2,900,000

2.125%, 

8/6/2050

1,656,378

BAT

Capital

Corporation

2,150,000

6.250%, 

8/15/2055

2,248,096

1,500,000

2.259%, 

3/25/2028

1,433,414

2,500,000

6.343%, 

8/2/2030

2,698,805

1,150,000

5.834%, 

2/20/2031

1,216,308

1,900,000

7.750%, 

10/19/2032

2,220,369

Bristol-Myers

Squibb

Company

1,450,000

5.550%, 

2/22/2054

1,445,158

1,150,000

6.250%, 

11/15/2053

1,255,773

Bunge,

Ltd.

Finance

Corporation

2,750,000

5.250%, 

4/21/2032

2,832,163

775,000

4.650%, 

9/17/2034

759,731

Cargill,

Inc.

1,750,000

3.125%, 

5/25/2051

c

1,187,507

Cigna

Group

2,400,000

4.875%, 

9/15/2032

2,424,199

Constellation

Brands,

Inc.

1,350,000

4.800%, 

1/15/2029

1,371,149

CVS

Health

Corporation

2,500,000

5.625%, 

2/21/2053

2,375,670

2,150,000

5.550%, 

6/1/2031

2,248,890

1,300,000

2.125%, 

9/15/2031

1,128,416

2,250,000

5.050%, 

3/25/2048

2,001,909

Eli

Lilly

&

Company

1,600,000

5.100%, 

2/9/2064

1,511,342

1,900,000

5.500%, 

2/12/2055

1,940,712

1,750,000

4.700%, 

2/27/2033

1,785,475

HCA,

Inc.

2,900,000

5.450%, 

4/1/2031

3,014,490

2,350,000

5.500%, 

3/1/2032

2,448,304

Imperial

Brands

Finance

plc

2,350,000

5.625%, 

7/1/2035

c

2,396,826

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

1,600,000

3.625%, 

1/15/2032

1,491,461

1,100,000

3.000%, 

5/15/2032

984,142

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

3,600,000

6.375%, 

2/25/2055

c

3,748,301

Kenvue,

Inc.

1,100,000

5.000%, 

3/22/2030

1,129,948

Keurig

Dr

Pepper,

Inc.

3,000,000

4.600%, 

5/15/2030

3,001,061

L'Oreal

SA

1,050,000

5.000%, 

5/20/2035

c

1,080,997

Mars,

Inc.

3,800,000

4.800%, 

3/1/2030

c

3,871,353

1,350,000

5.000%, 

3/1/2032

c

1,381,141

700,000

5.650%, 

5/1/2045

c

710,098

Mattel,

Inc.

1,500,000

3.375%, 

4/1/2026

c

1,489,232

Medtronic,

Inc.

2,700,000

4.375%, 

3/15/2035

2,649,862

Nestle

Holdings,

Inc.

2,400,000

4.850%, 

3/14/2033

c

2,471,815

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Consumer

Non-Cyclical  9.0%

-

continued

PepsiCo,

Inc.

$

1,625,000

5.250%, 

7/17/2054

$

1,602,358

Pfizer

Investment

Enterprises,

Private

Ltd.

1,167,000

4.750%, 

5/19/2033

1,178,964

Philip

Morris

International,

Inc.

1,750,000

5.500%, 

9/7/2030

1,840,034

1,850,000

5.125%, 

2/13/2031

1,914,557

2,435,000

5.750%, 

11/17/2032

2,594,356

3,000,000

5.250%, 

2/13/2034

3,097,769

3,300,000

4.875%, 

4/30/2035

d

3,301,890

Roche

Holdings,

Inc.

2,800,000

2.607%, 

12/13/2051

c

1,740,311

1,550,000

4.985%, 

3/8/2034

c

1,600,363

Smithfield

Foods,

Inc.

1,200,000

3.000%, 

10/15/2030

c

1,096,344

Sysco

Corporation

1,000,000

6.600%, 

4/1/2040

1,115,944

Takeda

Pharmaceutical

Company,

Ltd.

2,300,000

3.175%, 

7/9/2050

1,556,769

2,600,000

5.300%, 

7/5/2034

2,677,453

Total

113,142,770

Energy  6.4%

BP

Capital

Markets

America,

Inc.

3,500,000

3.001%, 

3/17/2052

2,277,743

BP

Capital

Markets

plc

1,600,000

6.450%, 

12/1/2033

b,e

1,708,414

Canadian

Natural

Resources,

Ltd.

700,000

2.950%, 

7/15/2030

655,873

Cheniere

Energy

Partners,

LP

2,060,000

4.500%, 

10/1/2029

2,053,402

2,000,000

4.000%, 

3/1/2031

1,928,736

1,150,000

5.950%, 

6/30/2033

1,217,387

2,650,000

5.550%, 

10/30/2035

c

2,707,274

Cheniere

Energy,

Inc.

1,100,000

5.650%, 

4/15/2034

1,133,924

Columbia

Pipelines

Holding

Company,

LLC

3,750,000

5.097%, 

10/1/2031

c

3,807,868

Diamondback

Energy,

Inc.

550,000

5.150%, 

1/30/2030

566,429

550,000

5.400%, 

4/18/2034

561,485

DT

Midstream,

Inc.

1,331,000

4.300%, 

4/15/2032

c

1,273,042

Eastern

Energy

Gas

Holdings,

LLC

1,500,000

6.200%, 

1/15/2055

1,572,055

Energy

Transfer,

LP

2,350,000

6.750%, 

2/15/2056

b

2,345,764

1,100,000

8.000%, 

5/15/2054

b

1,175,484

1,950,000

6.050%, 

9/1/2054

1,914,668

1,500,000

6.500%, 

11/15/2026

b,e

1,505,595

2,150,000

3.750%, 

5/15/2030

2,087,801

1,100,000

5.550%, 

5/15/2034

1,128,601

1,400,000

5.700%, 

4/1/2035

1,445,611

Enterprise

Products

Operating,

LLC

1,350,000

7.433%, 

(TSFR3M

+

3.248%),

8/16/2077

b

1,348,346

EOG

Resources,

Inc.

1,050,000

5.000%, 

7/15/2032

1,074,354

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Energy  6.4%

-

continued

EQT

Corporation

$

1,500,000

7.500%, 

6/1/2030

$

1,654,688

Expand

Energy

Corporation

4,300,000

5.375%, 

3/15/2030

4,372,279

1,500,000

4.750%, 

2/1/2032

1,474,162

Kinder

Morgan,

Inc.

1,350,000

5.850%, 

6/1/2035

1,421,808

MPLX,

LP

1,750,000

4.800%, 

2/15/2029

1,774,351

2,300,000

5.000%, 

1/15/2033

2,294,396

1,050,000

5.500%, 

6/1/2034

1,070,046

ONEOK,

Inc.

4,400,000

6.350%, 

1/15/2031

4,724,782

Ovintiv,

Inc.

1,600,000

5.650%, 

5/15/2028

1,647,853

Phillips

66

Company

800,000

6.200%, 

3/15/2056

b

802,140

Pioneer

Natural

Resources

Company

1,800,000

2.150%, 

1/15/2031

1,618,385

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,950,000

3.800%, 

9/15/2030

1,879,896

Repsol

E&P

Capital

Markets

US,

LLC

2,400,000

5.204%, 

9/16/2030

c

2,417,373

South

Bow

USA

Infrastructure

Holdings,

LLC

1,925,000

5.026%, 

10/1/2029

1,947,098

Targa

Resources

Corporation

2,100,000

6.125%, 

3/15/2033

2,233,265

725,000

5.500%, 

2/15/2035

737,721

TotalEnergies

Capital

SA

3,375,000

5.488%, 

4/5/2054

3,338,123

675,000

5.150%, 

4/5/2034

700,556

TransCanada

PipeLines,

Ltd.

1,250,000

4.625%, 

3/1/2034

1,218,578

Venture

Global

Plaquemines

LNG,

LLC

800,000

6.500%, 

1/15/2034

c

842,126

Williams

Companies,

Inc.

1,200,000

5.300%, 

8/15/2052

1,126,238

1,700,000

7.500%, 

1/15/2031

1,926,366

1,600,000

5.600%, 

3/15/2035

1,660,403

2,000,000

4.850%, 

3/1/2048

1,773,518

Total

80,146,007

Financials  37.0%

200

Park

Funding

Trust

1,200,000

5.740%, 

2/15/2055

c

1,215,311

ABN

AMRO

Bank

NV

1,500,000

4.988%, 

12/3/2028

b,c

1,523,211

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,300,000

6.950%, 

3/10/2055

b

1,360,706

3,100,000

6.150%, 

9/30/2030

3,320,774

3,350,000

5.375%, 

12/15/2031

3,464,697

1,900,000

3.400%, 

10/29/2033

1,707,168

Air

Lease

Corporation

3,100,000

4.650%, 

6/15/2026

b,e

3,059,210

2,000,000

3.000%, 

2/1/2030

1,862,441

Aircastle,

Ltd.

800,000

2.850%, 

1/26/2028

c

771,415

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Financials  37.0%

-

continued

$

1,350,000

6.500%, 

7/18/2028

c

$

1,418,633

Allianz

SE

150,000

6.550%, 

10/30/2033

b,c,e

154,860

Ally

Financial,

Inc.

2,640,000

5.750%, 

11/20/2025

2,641,567

800,000

5.737%, 

5/15/2029

b

818,867

1,250,000

8.000%, 

11/1/2031

1,424,962

American

Express

Company

3,400,000

5.085%, 

1/30/2031

b

3,505,352

850,000

4.918%, 

7/20/2033

b

864,797

2,000,000

5.284%, 

7/26/2035

b

2,064,425

1,100,000

5.667%, 

4/25/2036

b

1,162,154

American

Homes

4

Rent,

LP

1,550,000

2.375%, 

7/15/2031

1,373,079

American

International

Group,

Inc.

850,000

5.450%, 

5/7/2035

885,451

Ameriprise

Financial,

Inc.

3,850,000

5.200%, 

4/15/2035

3,921,852

ANZ

Bank

New

Zealand,

Ltd.

1,700,000

5.548%, 

8/11/2032

b,c

1,732,289

1,500,000

5.898%, 

7/10/2034

b,c

1,556,698

Aon

North

America,

Inc.

1,600,000

5.450%, 

3/1/2034

1,666,727

Ares

Capital

Corporation

1,800,000

2.875%, 

6/15/2027

1,756,619

Arthur

J.

Gallagher

&

Company

2,000,000

5.150%, 

2/15/2035

2,023,647

Aviation

Capital

Group,

LLC

1,550,000

5.125%, 

4/10/2030

c

1,573,514

Avolon

Holdings

Funding,

Ltd.

900,000

4.950%, 

1/15/2028

c

909,036

2,600,000

5.750%, 

11/15/2029

c

2,701,023

2,300,000

4.900%, 

10/10/2030

c

2,312,584

Banco

Santander

Mexico

SA

900,000

5.621%, 

12/10/2029

c

936,459

Banco

Santander

SA

2,400,000

5.294%, 

8/18/2027

2,445,827

Bank

of

America

Corporation

1,075,000

3.974%, 

2/7/2030

b

1,067,068

1,970,000

3.194%, 

7/23/2030

b

1,897,499

1,650,000

6.250%, 

7/26/2030

b,e

1,671,081

1,675,000

5.162%, 

1/24/2031

b

1,728,743

2,750,000

2.572%, 

10/20/2032

b

2,464,720

3,800,000

4.571%, 

4/27/2033

b

3,799,215

1,600,000

5.468%, 

1/23/2035

b

1,670,770

4,750,000

5.511%, 

1/24/2036

b

4,965,235

6,000,000

2.482%, 

9/21/2036

b

5,209,053

1,800,000

4.244%, 

4/24/2038

b

1,678,366

Bank

of

Montreal

3,650,000

6.875%, 

11/26/2085

b

3,714,729

3,150,000

5.511%, 

6/4/2031

d

3,317,874

Bank

of

New

York

Mellon

Corporation

2,900,000

4.942%, 

2/11/2031

b

2,978,694

Bank

of

Nova

Scotia

3,900,000

6.875%, 

10/27/2085

b,f

3,888,375

Barclays

plc

3,100,000

6.125%, 

12/15/2025

b,e

3,100,526

2,150,000

4.837%, 

9/10/2028

b

2,171,753

1,150,000

9.625%, 

12/15/2029

b,e

1,305,551

1,100,000

5.367%, 

2/25/2031

b

1,134,268

2,600,000

2.645%, 

6/24/2031

b

2,391,348

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Financials  37.0%

-

continued

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

$

750,000

5.250%, 

9/10/2029

c

$

770,108

950,000

7.625%, 

2/11/2035

b,c

999,400

Berkshire

Hathaway

Finance

Corporation

4,000,000

2.850%, 

10/15/2050

2,623,889

950,000

4.250%, 

1/15/2049

814,195

Blackstone

Private

Credit

Fund

1,700,000

4.950%, 

9/26/2027

1,709,341

Blackstone

Reg

Finance

Company,

LLC

3,100,000

5.000%, 

12/6/2034

3,132,355

Blackstone

Secured

Lending

Fund

1,175,000

5.875%, 

11/15/2027

1,204,002

Blue

Owl

Credit

Income

Corporation

3,000,000

4.700%, 

2/8/2027

2,994,821

850,000

6.600%, 

9/15/2029

886,177

Blue

Owl

Technology

Finance

Corporation

3,000,000

3.750%, 

6/17/2026

c

2,973,348

BNP

Paribas

SA

1,550,000

4.792%, 

5/9/2029

b,c

1,564,435

1,900,000

5.497%, 

5/20/2030

b,c

1,964,746

2,000,000

5.786%, 

1/13/2033

b,c

2,099,049

BPCE

SA

1,000,000

6.612%, 

10/19/2027

b,c

1,022,613

2,250,000

5.876%, 

1/14/2031

b,c

2,349,852

1,650,000

6.508%, 

1/18/2035

b,c

1,753,217

Brixmor

Operating

Partnership,

LP

1,500,000

2.250%, 

4/1/2028

1,428,604

Brookfield

Asset

Management,

Ltd.

600,000

6.077%, 

9/15/2055

622,586

Brown

&

Brown,

Inc.

250,000

6.250%, 

6/23/2055

263,069

1,050,000

5.250%, 

6/23/2032

1,076,585

Capital

One

Financial

Corporation

3,900,000

6.312%, 

6/8/2029

b

4,091,147

2,375,000

6.183%, 

1/30/2036

b

2,463,718

3,750,000

5.197%, 

9/11/2036

b

3,708,755

Capital

One

NA

2,990,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

3,096,075

Centene

Corporation

3,605,000

3.375%, 

2/15/2030

3,315,471

Charles

Schwab

Corporation

1,550,000

4.000%, 

12/1/2030

b,e

1,454,462

Citadel

Securities

Global

Holdings,

LLC

250,000

6.200%, 

6/18/2035

c

262,619

Citigroup,

Inc.

1,990,000

4.450%, 

9/29/2027

1,998,100

2,500,000

4.075%, 

4/23/2029

b

2,493,947

2,450,000

5.174%, 

2/13/2030

b

2,513,248

2,150,000

6.950%, 

2/15/2030

b,e

2,208,065

3,900,000

3.057%, 

1/25/2033

b

3,550,484

2,350,000

5.449%, 

6/11/2035

b

2,436,898

3,350,000

6.020%, 

1/24/2036

b

3,509,409

Citizens

Financial

Group,

Inc.

1,600,000

5.841%, 

1/23/2030

b

1,667,653

1,425,000

5.718%, 

7/23/2032

b

1,487,897

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Financials  37.0%

-

continued

COPT

Defense

Properties,

LP

$

1,675,000

2.250%, 

3/15/2026

$

1,657,921

1,000,000

4.500%, 

10/15/2030

f

993,406

Corebridge

Financial,

Inc.

1,550,000

6.375%, 

9/15/2054

b

1,590,918

Corebridge

Global

Funding

2,050,000

5.200%, 

6/24/2029

c

2,104,539

2,750,000

4.450%, 

10/2/2030

c

2,746,511

Cousins

Properties,

LP

1,000,000

5.375%, 

2/15/2032

1,025,272

Credit

Agricole

SA

2,300,000

7.125%, 

9/23/2035

b,c,e

2,348,753

Credit

Suisse

Group

AG

2,450,000

5.250%, 

N/A

*,g

208,250

2,500,000

7.250%, 

N/A

*,g

212,500

1,950,000

7.500%, 

N/A

*,g

165,750

Deutsche

Bank

AG/New

York,

NY

2,650,000

5.373%, 

1/10/2029

b

2,706,968

2,550,000

4.999%, 

9/11/2030

b

2,586,517

2,500,000

5.297%, 

5/9/2031

b

2,560,909

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

4,250,000

5.950%, 

9/17/2030

c

4,148,337

Elevance

Health,

Inc.

1,250,000

5.125%, 

2/15/2053

1,141,727

1,200,000

5.700%, 

2/15/2055

1,187,700

1,250,000

6.100%, 

10/15/2052

1,300,084

1,500,000

4.750%, 

2/15/2033

1,504,624

EPR

Properties

1,726,000

4.950%, 

4/15/2028

1,739,352

Fairfax

Financial

Holdings,

Ltd.

2,650,000

6.100%, 

3/15/2055

2,716,958

Fifth

Third

Bancorp

1,550,000

4.895%, 

9/6/2030

b

1,575,083

First

Citizens

BancShares,

Inc./NC

3,900,000

5.600%, 

9/5/2035

b

3,889,695

First-Citizens

Bank

&

Trust

Company

4,350,000

6.125%, 

3/9/2028

4,513,328

Fortitude

Group

Holdings,

LLC

2,575,000

6.250%, 

4/1/2030

c

2,673,619

Glitnir

HoldCo

ehf.,

Convertible

362

Zero

Coupon, 

12/31/2030

h,i

0

Goldman

Sachs

BDC,

Inc.

950,000

6.375%, 

3/11/2027

971,748

Goldman

Sachs

Group,

Inc.

2,200,000

7.560%, 

(H15T

5Y

+

3.224%),

2/10/2026

b,e

2,211,070

2,700,000

4.223%, 

5/1/2029

b

2,703,150

5,050,000

5.207%, 

1/28/2031

b

5,213,029

4,700,000

3.102%, 

2/24/2033

b

4,311,682

2,450,000

5.536%, 

1/28/2036

b

2,557,418

Healthcare

Realty

Holdings,

LP

3,250,000

2.000%, 

3/15/2031

2,821,009

High

Street

Funding

Trust

III

1,250,000

5.807%, 

2/15/2055

c

1,249,301

Highwoods

Realty,

LP

1,050,000

4.125%, 

3/15/2028

1,038,345

2,100,000

4.200%, 

4/15/2029

2,057,031

HSBC

Holdings

plc

2,970,000

4.041%, 

3/13/2028

b

2,961,716

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Financials  37.0%

-

continued

Huntington

Bancshares,

Inc./OH

$

3,000,000

5.709%, 

2/2/2035

b

$

3,126,824

Invitation

Homes

Operating

Partnership,

LP

1,000,000

2.300%, 

11/15/2028

944,103

1,750,000

5.450%, 

8/15/2030

1,820,587

1,500,000

2.000%, 

8/15/2031

1,296,099

2,750,000

4.950%, 

1/15/2033

2,763,344

Jane

Street

Group/JSG

Finance,

Inc.

3,400,000

6.750%, 

5/1/2033

c

3,531,357

JPMorgan

Chase

&

Company

2,700,000

6.875%, 

6/1/2029

b,d,e

2,843,794

2,150,000

6.500%, 

4/1/2030

b,e

2,225,538

2,600,000

4.995%, 

7/22/2030

b

2,666,933

1,050,000

5.103%, 

4/22/2031

b,d

1,084,776

2,200,000

2.956%, 

5/13/2031

b

2,063,322

1,200,000

2.580%, 

4/22/2032

b

1,090,576

2,550,000

4.586%, 

4/26/2033

b

2,557,940

2,550,000

4.912%, 

7/25/2033

b

2,600,253

2,000,000

5.717%, 

9/14/2033

b

2,115,052

900,000

5.336%, 

1/23/2035

b

935,438

3,100,000

4.946%, 

10/22/2035

b

3,126,332

KeyCorp

1,850,000

6.401%, 

3/6/2035

b

2,007,622

Kilroy

Realty,

LP

2,050,000

4.250%, 

8/15/2029

2,011,070

900,000

6.250%, 

1/15/2036

930,799

Kimco

Realty

OP,

LLC

1,000,000

6.400%, 

3/1/2034

1,106,723

Lloyds

Banking

Group

plc

1,500,000

5.985%, 

8/7/2027

b

1,521,469

1,375,000

5.087%, 

11/26/2028

b

1,399,485

750,000

6.068%, 

6/13/2036

b

787,278

LPL

Holdings,

Inc.

1,100,000

5.150%, 

6/15/2030

1,119,587

2,900,000

4.375%, 

5/15/2031

c

2,807,343

1,350,000

5.650%, 

3/15/2035

1,375,463

Macquarie

AirFinance

Holdings,

Ltd.

1,350,000

5.200%, 

3/27/2028

c

1,373,003

925,000

6.400%, 

3/26/2029

c

974,133

375,000

6.500%, 

3/26/2031

c

401,702

Massachusetts

Mutual

Life

Insurance

Company

3,600,000

3.200%, 

12/1/2061

c

2,251,629

MetLife,

Inc.

1,600,000

6.350%, 

3/15/2055

b

1,699,946

Mitsubishi

UFJ

Financial

Group,

Inc.

1,800,000

5.159%, 

4/24/2031

b

1,854,741

2,750,000

5.133%, 

7/20/2033

b

2,828,299

Mizuho

Financial

Group,

Inc.

1,200,000

5.098%, 

5/13/2031

b

1,233,120

1,100,000

1.979%, 

9/8/2031

b

979,802

Morgan

Stanley

1,300,000

5.449%, 

7/20/2029

b

1,343,303

2,650,000

5.656%, 

4/18/2030

b

2,767,169

2,500,000

5.230%, 

1/15/2031

b

2,580,374

2,600,000

3.622%, 

4/1/2031

b

2,522,789

2,800,000

5.192%, 

4/17/2031

b

2,891,259

2,350,000

1.794%, 

2/13/2032

b

2,049,619

2,250,000

2.943%, 

1/21/2033

b

2,045,596

1,050,000

4.889%, 

7/20/2033

b

1,066,164

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Financials  37.0%

-

continued

$

3,600,000

6.342%, 

10/18/2033

b

$

3,956,549

1,400,000

6.627%, 

11/1/2034

b

1,566,053

1,600,000

5.466%, 

1/18/2035

b

1,666,471

1,650,000

5.587%, 

1/18/2036

b

1,727,561

800,000

5.664%, 

4/17/2036

b

844,048

Nationwide

Building

Society

2,300,000

6.557%, 

10/18/2027

b,c

2,352,367

Nationwide

Mutual

Insurance

Company

1,725,000

4.350%, 

4/30/2050

c

1,366,892

NatWest

Group

plc

3,650,000

5.115%, 

5/23/2031

b

3,742,659

2,850,000

3.032%, 

11/28/2035

b

2,606,659

New

York

Life

Insurance

Company

1,800,000

3.750%, 

5/15/2050

c

1,359,091

Nippon

Life

Insurance

Company

1,750,000

6.500%, 

4/30/2055

b,c

1,884,290

Omega

Healthcare

Investors,

Inc.

2,333,000

4.750%, 

1/15/2028

2,352,384

1,625,000

3.625%, 

10/1/2029

1,559,132

Omnis

Funding

Trust

850,000

6.722%, 

5/15/2055

c

916,851

Pacific

Life

Insurance

Company

1,800,000

5.950%, 

9/15/2055

c

1,860,058

Phillips

Edison

Grocery

Center

Operating

Partnership

I,

LP

2,550,000

5.250%, 

8/15/2032

2,606,139

PNC

Financial

Services

Group,

Inc.

2,300,000

5.222%, 

1/29/2031

b

2,376,410

3,000,000

5.068%, 

1/24/2034

b

3,061,085

2,100,000

6.875%, 

10/20/2034

b

2,379,201

1,050,000

5.373%, 

7/21/2036

b

1,080,522

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

124,723

4.499%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

b,c

114,065

Prudential

Financial,

Inc.

2,250,000

3.700%, 

10/1/2050

b

2,101,698

Regency

Centers,

LP

2,250,000

3.700%, 

6/15/2030

2,190,119

750,000

5.250%, 

1/15/2034

770,816

1,700,000

5.100%, 

1/15/2035

1,721,539

Regions

Financial

Corporation

1,900,000

5.722%, 

6/6/2030

b

1,980,233

1,400,000

5.502%, 

9/6/2035

b,d

1,439,297

RGA

Global

Funding

4,000,000

6.000%, 

11/21/2028

c

4,204,411

1,100,000

5.500%, 

1/11/2031

c

1,147,587

Royal

Bank

of

Canada

3,300,000

6.750%, 

8/24/2085

b

3,403,942

Santander

Holdings

USA,

Inc.

1,025,000

6.124%, 

5/31/2027

b

1,035,741

Societe

Generale

SA

2,900,000

5.512%, 

5/22/2031

b,c

2,983,108

1,050,000

6.100%, 

4/13/2033

b,c

1,106,582

Standard

Chartered

plc

1,050,000

5.688%, 

5/14/2028

b,c

1,071,806

State

Street

Corporation

2,850,000

4.729%, 

2/28/2030

2,912,057

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Financials  37.0%

-

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

$

2,850,000

5.808%, 

9/14/2033

d

$

3,058,385

Toronto-Dominion

Bank

1,000,000

6.350%, 

10/31/2085

b

1,002,500

1,750,000

5.146%, 

9/10/2034

b

1,771,324

Truist

Financial

Corporation

1,350,000

5.435%, 

1/24/2030

b

1,396,850

4,300,000

5.071%, 

5/20/2031

b

4,408,760

U.S.

Bancorp

2,350,000

5.775%, 

6/12/2029

b

2,445,705

1,100,000

5.384%, 

1/23/2030

b

1,137,310

2,350,000

5.046%, 

2/12/2031

b

2,410,237

1,000,000

5.678%, 

1/23/2035

b

1,052,891

UBS

Group

AG

250,000

3.091%, 

5/14/2032

b,c

231,342

2,850,000

6.537%, 

8/12/2033

b,c

3,143,789

1,350,000

7.000%, 

2/5/2035

b,c,e

1,376,229

UnitedHealth

Group,

Inc.

1,450,000

5.875%, 

2/15/2053

1,490,723

2,600,000

4.950%, 

5/15/2062

2,286,178

740,000

4.750%, 

7/15/2045

673,165

1,975,000

4.450%, 

12/15/2048

1,675,097

Unum

Group

2,350,000

4.046%, 

8/15/2041

c

1,918,108

Ventas

Realty,

LP

1,150,000

5.100%, 

7/15/2032

1,176,834

3,800,000

5.000%, 

1/15/2035

3,801,757

Wells

Fargo

&

Company

2,250,000

4.970%, 

4/23/2029

b

2,292,844

2,350,000

5.198%, 

1/23/2030

b

2,420,261

2,450,000

5.244%, 

1/24/2031

b

2,534,789

2,750,000

4.478%, 

4/4/2031

b

2,765,052

2,400,000

5.150%, 

4/23/2031

b

2,475,122

2,800,000

4.897%, 

7/25/2033

b

2,844,600

2,100,000

6.491%, 

10/23/2034

b

2,333,295

1,800,000

4.892%, 

9/15/2036

b

1,796,402

Welltower

OP,

LLC

1,550,000

5.125%, 

7/1/2035

1,578,646

Total

465,862,156

Foreign

Government  0.6%

Dominican

Republic

Government

International

Bond

2,450,000

6.000%, 

7/19/2028

c

2,527,420

2,125,000

6.000%, 

2/22/2033

c

2,170,687

Petroleos

Mexicanos

3,000,000

5.950%, 

1/28/2031

d

2,905,829

Total

7,603,936

Mortgage-Backed

Securities  2.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

18,373,952

5.500%, 

5/1/2055

18,678,205

6,490,851

5.500%, 

7/1/2053

6,614,057

Total

25,292,262

Technology  7.3%

Accenture

Capital,

Inc.

775,000

4.500%, 

10/4/2034

764,324

Alphabet,

Inc.

2,350,000

5.300%, 

5/15/2065

2,338,326

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Technology  7.3%

-

continued

Apple,

Inc.

$

1,900,000

2.700%, 

8/5/2051

$

1,212,620

1,750,000

3.950%, 

8/8/2052

1,421,185

1,420,000

3.750%, 

9/12/2047

1,141,886

Block,

Inc.

650,000

5.625%, 

8/15/2030

c

658,566

1,900,000

6.000%, 

8/15/2033

c

1,945,676

Broadcom,

Inc.

1,000,000

5.150%, 

11/15/2031

1,039,049

2,350,000

3.137%, 

11/15/2035

c

2,033,139

4,050,000

3.187%, 

11/15/2036

c

3,456,179

2,200,000

4.926%, 

5/15/2037

c

2,194,100

2,250,000

4.900%, 

2/15/2038

2,237,945

Cisco

Systems,

Inc.

1,500,000

5.300%, 

2/26/2054

1,480,643

Dell

International,

LLC/EMC

Corporation

2,575,000

4.850%, 

2/1/2035

2,533,961

Equinix

Europe

2

Financing

Corporation,

LLC

2,800,000

5.500%, 

6/15/2034

2,906,514

Fiserv,

Inc.

1,750,000

2.650%, 

6/1/2030

1,620,307

3,000,000

5.600%, 

3/2/2033

3,143,369

3,200,000

5.150%, 

8/12/2034

3,238,248

900,000

5.250%, 

8/11/2035

909,576

Foundry

JV

Holdco,

LLC

2,900,000

6.150%, 

1/25/2032

c

3,099,620

3,300,000

5.900%, 

1/25/2033

c

3,479,802

Global

Payments,

Inc.

1,200,000

5.400%, 

8/15/2032

1,227,823

Hewlett

Packard

Enterprise

Company

2,025,000

5.000%, 

10/15/2034

2,009,255

Marvell

Technology,

Inc.

1,400,000

4.875%, 

6/22/2028

1,422,046

Mastercard,

Inc.

1,000,000

4.850%, 

3/9/2033

1,026,825

2,550,000

4.550%, 

1/15/2035

2,544,439

Microchip

Technology,

Inc.

1,100,000

5.050%, 

3/15/2029

1,123,962

Micron

Technology,

Inc.

2,850,000

6.050%, 

11/1/2035

3,045,049

Microsoft

Corporation

2,000,000

2.500%, 

9/15/2050

1,253,633

Oracle

Corporation

3,300,000

5.550%, 

2/6/2053

3,122,541

1,560,000

3.950%, 

3/25/2051

1,159,873

1,300,000

5.250%, 

2/3/2032

1,340,231

2,100,000

4.800%, 

9/26/2032

2,102,525

3,300,000

6.250%, 

11/9/2032

3,586,100

2,000,000

5.875%, 

9/26/2045

2,005,430

2,650,000

4.000%, 

7/15/2046

2,064,280

Paychex,

Inc.

2,350,000

5.350%, 

4/15/2032

2,438,461

PayPal

Holdings,

Inc.

2,200,000

5.150%, 

6/1/2034

2,268,377

Roper

Technologies,

Inc.

2,700,000

4.900%, 

10/15/2034

2,703,072

2,300,000

5.100%, 

9/15/2035

2,318,560

Synopsys,

Inc.

1,800,000

5.000%, 

4/1/2032

1,839,414

2,500,000

5.150%, 

4/1/2035

2,543,136

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Technology  7.3%

-

continued

Texas

Instruments,

Inc.

$

2,400,000

5.000%, 

3/14/2053

$

2,258,300

VeriSign,

Inc.

1,750,000

5.250%, 

6/1/2032

1,797,643

VMware,

LLC

1,850,000

2.200%, 

8/15/2031

1,631,742

Total

91,687,752

Transportation  2.1%

Air

Canada

1,600,000

3.875%, 

8/15/2026

c

1,585,479

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

305,000

5.500%, 

4/20/2026

c

305,135

1,950,000

5.750%, 

4/20/2029

c

1,957,460

Burlington

Northern

Santa

Fe,

LLC

2,000,000

4.700%, 

9/1/2045

1,835,624

2,200,000

4.050%, 

6/15/2048

1,803,172

Canadian

Pacific

Railway

Company

2,957,000

4.700%, 

5/1/2048

2,638,943

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

3,100,000

4.750%, 

10/20/2028

c

3,117,431

ERAC

USA

Finance,

LLC

2,530,000

4.200%, 

11/1/2046

c

2,132,428

FedEx

Corporation

1,750,000

3.250%, 

5/15/2041

c

1,308,655

Norfolk

Southern

Corporation

1,750,000

4.450%, 

3/1/2033

1,739,576

United

Airlines

Pass

Through

Trust

708,050

3.750%, 

9/3/2026

d

701,924

United

Airlines,

Inc.

2,273,000

4.375%, 

4/15/2026

c

2,269,509

3,000,000

4.625%, 

4/15/2029

c

2,954,066

United

Parcel

Service,

Inc.

2,400,000

5.950%, 

5/14/2055

2,506,422

Total

26,855,824

U.S.

Government

&

Agencies  3.8%

Tennessee

Valley

Authority

2,250,000

5.250%, 

2/1/2055

2,242,802

U.S.

Treasury

Bonds

10,900,000

4.750%, 

5/15/2055

10,934,063

9,500,000

4.625%, 

2/15/2035

9,872,578

10,500,000

4.375%, 

8/15/2043

10,133,320

2,250,000

5.000%, 

5/15/2045

2,336,484

U.S.

Treasury

Notes

12,000,000

4.125%, 

3/31/2032

12,159,375

Total

47,678,622

Utilities  8.9%

AES

Corporation

1,300,000

7.600%, 

1/15/2055

b

1,346,613

Algonquin

Power

&

Utilities

Corporation

2,800,000

4.750%, 

1/18/2082

b

2,732,099

American

Electric

Power

Company,

Inc.

500,000

6.050%, 

3/15/2056

b

500,703

2,075,000

7.050%, 

12/15/2054

b

2,169,624

1,250,000

5.625%, 

3/1/2033

1,313,993

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Utilities  8.9%

-

continued

American

Water

Capital

Corporation

$

1,700,000

3.450%, 

5/1/2050

$

1,234,220

Arizona

Public

Service

Company

2,050,000

5.550%, 

8/1/2033

2,144,128

Berkshire

Hathaway

Energy

Company

1,825,000

4.450%, 

1/15/2049

1,556,162

Calpine

Corporation

2,400,000

4.500%, 

2/15/2028

c

2,389,875

CenterPoint

Energy,

Inc.

1,275,000

7.000%, 

2/15/2055

b

1,328,601

2,500,000

6.700%, 

5/15/2055

b

2,581,767

1,750,000

2.950%, 

3/1/2030

1,649,987

2,150,000

2.650%, 

6/1/2031

1,945,911

Commonwealth

Edison

Company

1,050,000

5.650%, 

6/1/2054

1,067,545

Consolidated

Edison

Company

of

New

York,

Inc.

1,876,000

3.850%, 

6/15/2046

1,500,497

2,250,000

4.125%, 

5/15/2049

1,823,770

Constellation

Energy

Generation,

LLC

2,100,000

5.800%, 

3/1/2033

2,243,396

Consumers

Energy

Company

1,350,000

4.600%, 

5/30/2029

1,370,541

Dominion

Energy,

Inc.

1,550,000

6.875%, 

2/1/2055

b

1,622,345

1,000,000

4.350%, 

1/15/2027

b,e

985,021

DTE

Energy

Company

2,150,000

5.100%, 

3/1/2029

2,202,998

2,350,000

5.200%, 

4/1/2030

2,421,451

1,550,000

5.850%, 

6/1/2034

1,646,877

Duke

Energy

Corporation

2,450,000

3.250%, 

1/15/2082

b

2,364,293

1,750,000

3.500%, 

6/15/2051

1,233,106

1,850,000

5.800%, 

6/15/2054

1,869,011

3,000,000

5.000%, 

8/15/2052

2,700,768

1,500,000

6.450%, 

9/1/2054

b

1,584,417

2,200,000

3.750%, 

9/1/2046

1,686,522

Exelon

Corporation

1,800,000

4.100%, 

3/15/2052

1,407,503

2,850,000

5.875%, 

3/15/2055

2,899,451

FirstEnergy

Corporation

2,800,000

4.850%, 

7/15/2047

2,478,442

FirstEnergy

Transmission,

LLC

2,800,000

2.866%, 

9/15/2028

c

2,690,496

4,800,000

4.750%, 

1/15/2033

c

4,790,615

2,150,000

5.450%, 

7/15/2044

c

2,099,581

Florida

Power

&

Light

Company

650,000

5.300%, 

6/15/2034

678,054

Georgia

Power

Company

800,000

5.250%, 

3/15/2034

825,233

Indiana

Michigan

Power

Company

1,000,000

5.625%, 

4/1/2053

1,003,285

Kentucky

Utilities

Company

500,000

5.850%, 

8/15/2055

513,740

National

Rural

Utilities

Cooperative

Finance

Corporation

1,600,000

4.400%, 

11/1/2048

1,373,899

Nevada

Power

Company

825,000

6.000%, 

3/15/2054

858,222

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Principal

Amount

Long-Term

Fixed

Income  97.2%

Value

Utilities  8.9%

-

continued

NextEra

Energy

Capital

Holdings,

Inc.

$

2,050,000

6.750%, 

6/15/2054

b

$

2,203,199

1,650,000

5.300%, 

3/15/2032

1,713,484

Niagara

Mohawk

Power

Corporation

2,050,000

5.996%, 

7/3/2055

c

2,115,478

NiSource,

Inc.

2,350,000

5.850%, 

4/1/2055

2,383,205

1,050,000

5.200%, 

7/1/2029

1,082,870

750,000

5.350%, 

7/15/2035

765,770

1,170,000

4.375%, 

5/15/2047

984,891

Oncor

Electric

Delivery

Company,

LLC

1,740,000

3.750%, 

4/1/2045

1,374,735

Pacific

Gas

and

Electric

Company

3,300,000

4.550%, 

7/1/2030

3,277,078

PPL

Electric

Utilities

Corporation

1,350,000

4.850%, 

2/15/2034

1,365,431

Public

Service

Company

of

Colorado

1,300,000

4.500%, 

6/1/2052

1,094,225

Public

Service

Enterprise

Group,

Inc.

1,750,000

5.200%, 

4/1/2029

1,805,764

1,350,000

5.400%, 

3/15/2035

1,390,991

San

Diego

Gas

&

Electric

Company

800,000

5.400%, 

4/15/2035

826,173

Southern

California

Edison

Company

1,600,000

5.450%, 

3/1/2035

1,619,304

Southern

Company

2,500,000

5.700%, 

10/15/2032

2,647,237

1,700,000

4.000%, 

1/15/2051

b

1,693,827

1,650,000

3.750%, 

9/15/2051

b

1,627,996

Southern

Company

Gas

Capital

Corporation

2,550,000

4.950%, 

9/15/2034

2,557,446

Virginia

Electric

and

Power

Company

1,000,000

5.550%, 

8/15/2054

990,964

2,200,000

5.000%, 

1/15/2034

2,224,735

Vistra

Operations

Company,

LLC

1,450,000

5.050%, 

12/30/2026

c

1,458,333

Xcel

Energy,

Inc.

1,600,000

5.600%, 

4/15/2035

1,658,620

Total

111,696,518

Total

Long-Term

Fixed

Income

(cost

$1,233,630,593)

1,223,905,232

Shares

Collateral

Held

for

Securities

Loaned

1.5%

Value

19,314,474

Thrivent

Cash

Management

Trust

19,314,474

Total

Collateral

Held

for

Securities

Loaned

(cost

$19,314,474)

19,314,474

Shares

Preferred

Stock

0.3%

Value

Capital

Goods  0.3%

60,000

Boeing

Company,

Convertible,

6.000%

$

4,174,200

Total

4,174,200

Total

Preferred

Stock

(cost

$3,154,394)

4,174,200

Shares

Common

Stock

<0.1%

Value

Financials  <0.1%

2,247

Glitnir

HoldCo

ehf.

i,j

0

Total

0

Total

Common

Stock

(cost

$–)

0

Shares

or

Principal

Amount

Short-Term

Investments

1.0%

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

400,000

3.956%,

12/8/2025

k,l

397,045

Federal

National

Mortgage

Association

Discount

Notes

400,000

3.860%,

12/22/2025

k,l

396,445

State

Street

Institutional

U.S.

Government

Money

Market

Fund

11,152,328

4.090%

k

11,152,328

Total

Short-Term

Investments

(cost

$11,945,822)

11,945,818

Total

Investments

(cost

$1,268,045,283)

100.0%

$1,259,339,724

Other

Assets

and

Liabilities,

Net

(<0.1%)

(218,551)

Total

Net

Assets

100.0%

$1,259,121,173

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,

2025.

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,

2025,

the

value

of

these

investments

was

$248,486,015

or

19.7%

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

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

Principal

amount

is

displayed

in

Euros.

i

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

j

Non-income

producing

security.

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

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.

*

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,

2025

was

$586,500

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,

2025.

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,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

15,000,041

Total

lending

$15,000,041

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$19,314,474

Net

amounts

due

to

counterparty

$4,314,433

Definitions:

DAC

-

Designated

Activity

Company

plc

-

Public

Limited

Company

Ser.

-

Series

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

39,926

–

39,926

–

Basic

Materials

27,539,783

–

27,539,783

–

Capital

Goods

59,688,923

–

59,688,923

–

Collateralized

Mortgage

Obligations

12,330,345

–

12,330,345

–

Commercial

Mortgage-Backed

Securities

3,671,385

–

3,671,385

–

Communications

Services

78,283,255

–

78,283,255

–

Consumer

Cyclical

72,385,768

–

72,385,768

–

Consumer

Non-Cyclical

113,142,770

–

113,142,770

–

Energy

80,146,007

–

80,146,007

–

Financials

@

465,862,156

–

465,862,156

–

Foreign

Government

7,603,936

–

7,603,936

–

Mortgage-Backed

Securities

25,292,262

–

25,292,262

–

Technology

91,687,752

–

91,687,752

–

Transportation

26,855,824

–

26,855,824

–

U.S.

Government

&

Agencies

47,678,622

–

47,678,622

–

Utilities

111,696,518

–

111,696,518

–

Preferred

Stock

Capital

Goods

4,174,200

4,174,200

–

–

Common

Stock

Financials

@

0

–

–

0

Short-Term

Investments

11,945,818

11,152,328

793,490

–

Subtotal

Investments

in

Securities

$1,240,025,250

$15,326,528

$1,224,698,722

$0

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

19,314,474

Subtotal

Other

Investments

$19,314,474

Total

Investments

at

Value

$1,259,339,724

*

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,

2025,

in

valuing

Income

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

247,040

247,040

–

–

Total

Asset

Derivatives

$247,040

$247,040

$–

$–

Liability

Derivatives

Futures

Contracts

3,219

3,219

–

–

Total

Liability

Derivatives

$3,219

$

3,219

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$793,490

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

5-Yr.

U.S.

Treasury

Note

125

December

2025

$

13,652,632

(

$

3,219)

CBOT

U.S.

Long

Bond

59

December

2025

6,752,739

126,292

Ultra

10-Yr.

U.S.

Treasury

Note

125

December

2025

14,264,019

120,748

Total

Futures

Long

Contracts

$

34,669,390

$

243,821

Total

Futures

Contracts

$

34,669,390

$243,821

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$4,701

$71,252

$75,953

$–

–

–

Total

Affiliated

Short-Term

Investments

4,701

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

18,182

143,401

142,269

19,314

19,314

1.5%

Total

Collateral

Held

for

Securities

Loaned

18,182

19,314

1.5

Total

Value

$22,883

$19,314

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$73

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$73

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

42

Total

Affiliated

Income

from

Securities

Loaned,

Net

$42

Total

Value

$–

$–

$

–

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Shares

Common

Stock

90.2%

Value

Australia  5.9%  

127,593

AGL

Energy,

Ltd.

$

747,022

12,469

Amotiv,

Ltd.

73,333

12,646

Ansell,

Ltd.

266,788

341,566

Aurizon

Holdings,

Ltd.

720,374

53,870

Austal,

Ltd.

a

275,324

164,722

Australia

and

New

Zealand

Banking

Group,

Ltd.

3,617,053

7,574

Bank

of

Queensland,

Ltd.

36,311

11,263

Bendigo

and

Adelaide

Bank,

Ltd.

97,326

413,238

BHP

Group,

Ltd.

11,543,887

14,714

BlueScope

Steel,

Ltd.

221,017

363,690

Brambles,

Ltd.

5,967,298

5,464

BWP

Property

Group,

Ltd.

13,437

30,183

Challenger,

Ltd.

172,787

76,629

Charter

Hall

Retail

REIT

208,878

11,863

Codan,

Ltd.

231,574

95,519

Commonwealth

Bank

of

Australia

10,548,498

26,516

Computershare,

Ltd.

637,069

23,935

Credit

Corp

Group,

Ltd.

241,847

89,564

Deterra

Royalties,

Ltd.

235,563

86,911

Dexus

Industria

REIT

164,481

753,507

DEXUS

Property

Group

3,577,516

94,728

Downer

EDI,

Ltd.

461,513

391,900

Dyno

Nobel,

Ltd.

802,906

232,619

Endeavour

Group,

Ltd.

558,476

23,194

Evolution

Mining,

Ltd.

165,339

1,113,428

GPT

Group

3,953,282

18,011

Helia

Group,

Ltd.

68,714

208,157

HomeCo

Daily

Needs

REIT

186,650

370

HUB24,

Ltd.

24,670

54,426

Inghams

Group,

Ltd.

91,052

572,200

Insurance

Australia

Group,

Ltd.

3,100,599

51,019

IPH,

Ltd.

120,457

36,393

JB

Hi-Fi,

Ltd.

2,793,080

5,936

Magellan

Financial

Group,

Ltd.

37,674

365,735

Medibank,

Private

Ltd.

1,165,157

9,588

Mineral

Resources,

Ltd.

a

261,525

201,922

Mirvac

Group

303,224

151,624

National

Australia

Bank,

Ltd.

4,423,139

52,188

Netwealth

Group,

Ltd.

1,015,368

38,108

New

Hope

Corporation,

Ltd.

98,812

166,485

Nickel

Industries,

Ltd.

78,286

61,651

NRW

Holdings,

Ltd.

188,693

170,449

Orica,

Ltd.

2,380,432

385,280

Perenti,

Ltd.

716,214

177,253

Perseus

Mining,

Ltd.

570,269

8,205

Pro

Medicus,

Ltd.

1,670,502

5,403

Qantas

Airways,

Ltd.

39,041

818,315

QBE

Insurance

Group,

Ltd.

11,135,837

5,881

Ramsay

Health

Care,

Ltd.

123,390

67,966

Region

Group

107,317

190,355

Regis

Resources,

Ltd.

752,062

22,833

Reliance

Worldwide

Corporation,

Ltd.

61,733

91,833

Rio

Tinto,

Ltd.

7,407,529

12,434

Sims,

Ltd.

109,809

6,891

Sonic

Healthcare,

Ltd.

97,603

101,995

Stanmore

Resources,

Ltd.

143,743

204,707

Steadfast

Group,

Ltd.

802,237

3,338

Super

Retail

Group,

Ltd.

35,910

199,512

Technology

One,

Ltd.

5,079,249

957,156

Telstra

Corporation,

Ltd.

3,051,530

128,011

Ventia

Services

Group,

Pty.

Ltd.

432,633

248,368

Waypoint

REIT,

Ltd.

443,353

170,766

Westpac

Banking

Corporation

4,399,757

Shares

Common

Stock  90.2%

Value

Australia  5.9%  -

continued

100,380

Worley,

Ltd.

$

932,527

Total

99,988,676

Austria  0.1%  

25,366

ams

OSRAM

AG

a

359,097

785

Erste

Group

Bank

AG

77,168

2,079

Porr

AG

69,689

1,959

SBO

AG

61,540

8,527

Voestalpine

AG

305,418

7,333

Wienerberger

AG

237,402

Total

1,110,314

Belgium  0.5%  

10,776

Ackermans

&

van

Haaren

NV

2,768,981

5,473

Aedifica

SA

406,327

83,425

Anheuser-Busch

InBev

NV

4,986,885

6,772

Barco

NV

107,739

7,691

Bekaert

SA

353,409

431

Deme

Group

NV

63,091

765

Montea

NV

61,747

27,753

Umicore

SA

495,562

Total

9,243,741

Bermuda  0.3%  

14,034

Aegon,

Ltd.

113,143

47,000

BOE

Varitronix,

Ltd.

33,814

16,000

Cafe

de

Coral

Holdings,

Ltd.

13,282

729

Credicorp,

Ltd.

194,118

53,300

Jardine

Matheson

Holdings,

Ltd.

3,363,612

49,000

Johnson

Electric

Holdings,

Ltd.

256,371

22,399

Odfjell

Drilling,

Ltd.

174,496

130,500

Yue

Yuen

Industrial

Holdings,

Ltd.

221,949

Total

4,370,785

Brazil  0.4%  

67,400

Allos

SA

327,486

13,500

Alupar

Investimento

SA

80,535

124,300

Ambev

SA

281,892

24,800

Banco

ABC

Brasil

SA

108,198

111,937

Banco

Bradesco

SA

ADR

378,347

65,200

Banco

do

Brasil

SA

269,510

64,300

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

143,527

335,900

Cogna

Educacao

SA

211,427

51,900

Companhia

de

Saneamento

de

Minas

Gerais

COPASA

MG

336,525

1,612

Companhia

Paranaense

de

Energia

-

COPEL

ADR

14,443

29,900

CPFL

Energia

SA

220,504

56,900

Cury

Construtora

e

Incorporadora

SA

369,587

56,700

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

327,059

167,400

Direcional

Engenharia

SA

509,536

3,500

Equatorial

Energia

SA

24,266

137,450

Itau

Unibanco

Holding

SA

ADR

1,008,883

203,400

Magazine

Luiza

SA

366,500

37,100

Metalurgica

Gerdau

SA

66,082

26,146

Petroleo

Brasileiro

SA

-

Petrobras

ADR

331,008

36,260

Telefonica

Brasil

SA

231,707

33,100

TIM

SA/Brazil

146,026

7,700

Transmissora

Alianca

de

Energia

Eletrica

SA

53,096

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Shares

Common

Stock  90.2%

Value

Brazil  0.4%  -

continued

15,800

Tupy

SA

$

38,860

90,431

Vale

SA

ADR

982,081

Total

6,827,085

Canada  <0.1%  

8,900

China

Gold

International

Resources

Corporation,

Ltd.

a

158,529

Total

158,529

Cayman

Islands  2.2%  

60,000

3SBio,

Inc.

b

233,335

150,500

AAC

Technologies

Holdings,

Inc.

883,786

260,000

Alibaba

Group

Holding,

Ltd.

5,814,670

159,000

China

Hongqiao

Group,

Ltd.

538,507

56,000

China

Lesso

Group

Holdings,

Ltd.

35,093

66,000

China

Mengniu

Dairy

Company,

Ltd.

126,921

199,500

China

Resources

Land,

Ltd.

777,550

254,200

Chow

Tai

Fook

Jewellery

Group,

Ltd.

507,991

410,000

Consun

Pharmaceutical

Group,

Ltd.

898,532

1,500

Futu

Holdings,

Ltd.

ADR

260,865

338,000

Geely

Automobile

Holdings,

Ltd.

849,132

247,500

Greentown

China

Holdings,

Ltd.

301,226

76,587

Hello

Group,

Inc.

ADR

568,275

1,583

JD.com,

Inc.

27,735

3,498

JOYY,

Inc.

ADR

205,018

267,500

Kingboard

Holdings,

Ltd.

948,247

42,500

Kuaishou

Technology

b

459,674

37,652

Meituan

a,b

502,984

55,000

NetDragon

Websoft

Holdings,

Ltd.

109,317

14,033

NetEase,

Inc.

ADR

2,132,876

32,553

NU

Holdings,

Ltd./Cayman

Islands

a

521,173

6,217

PDD

Holdings,

Inc.

ADR

a

821,701

14,000

Pop

Mart

International

Group,

Ltd.

b

479,526

1,130,500

Shui

On

Land,

Ltd.

107,584

248,000

Sino

Biopharmaceutical,

Ltd.

258,495

131,224

Tencent

Holdings,

Ltd.

11,181,545

66,000

Tingyi

(Cayman

Islands)

Holding

Corporation

88,168

262,000

VSTECS

Holdings,

Ltd.

361,833

6,060,000

WH

Group,

Ltd.

b

6,562,683

35,000

WuXi

Biologics

(Cayman),

Inc.

a,b

184,818

190,800

Xiaomi

Corporation

a,b

1,326,050

Total

38,075,310

Chile  0.1%  

6,075

Banco

de

Chile

ADR

184,073

4,657

Banco

de

Credito

e

Inversiones

SA

205,779

3,178

Banco

Santander

Chile

SA

ADR

84,217

35,814

Cencosud

SA

101,927

687,304

Colbun

SA

108,668

30,805

Parque

Arauco

SA

78,042

Total

762,706

China  1.2%  

172,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

177,905

26,000

Anhui

Expressway

Company,

Ltd.

38,217

38,000

Avary

Holding

Shenzhen

Company,

Ltd.

300,435

968,000

BAIC

Motor

Corporation,

Ltd.

b

263,716

426,700

Bank

of

Beijing

Company,

Ltd.

330,341

Shares

Common

Stock  90.2%

Value

China  1.2%  -

continued

408,000

Bank

of

Communications

Company,

Ltd.,

Class

H

$

341,865

17,700

BYD

Company,

Ltd.,

Class

H

250,184

354,200

Changjiang

Securities

Company,

Ltd.

414,398

1,055,000

China

Construction

Bank

Corporation,

Class

H

1,011,920

85,200

China

International

Capital

Corporation,

Ltd.

b

233,127

115,100

China

Life

Insurance

Company,

Ltd.,

Class

A

642,699

126,000

China

Life

Insurance

Company,

Ltd.,

Class

H

356,819

483,000

China

Minsheng

Banking

Corporation,

Ltd.

254,914

184,000

China

National

Building

Material

Company,

Ltd.

130,379

94,300

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

A

466,317

100,400

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

H

398,892

447,100

China

Tower

Corporation,

Ltd.

b

659,088

113,500

CITIC

Securities

Company,

Ltd.,

Class

H

448,191

350,000

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

544,135

184,000

Gree

Electric

Appliances,

Inc.

of

Zhuhai

1,027,912

47,300

Guosen

Securities

Company,

Ltd.

90,080

180,800

Huatai

Securities

Company,

Ltd.,

Class

H

b

476,631

215,800

Huaxia

Bank

Company,

Ltd.

199,629

32,900

HUAYU

Automotive

Systems

Company,

Ltd.

94,893

1,566,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

1,153,117

72,100

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

276,725

30,000

Lenovo

Group,

Ltd.

44,454

2,200

Midea

Group

Company,

Ltd.

22,497

95,600

New

China

Life

Insurance

Company,

Ltd.,

Class

A

824,469

61,000

New

China

Life

Insurance

Company,

Ltd.,

Class

H

361,280

1,230,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

1,076,057

95,300

PetroChina

Company,

Ltd.,

Class

A

107,877

488,000

PetroChina

Company,

Ltd.,

Class

H

442,404

72,000

PICC

Property

and

Casualty

Company,

Ltd.

162,421

9,200

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

71,405

239,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

1,629,340

404,600

SAIC

Motor

Corporation,

Ltd.

975,184

522,200

SDIC

Capital

Company,

Ltd.

580,318

624,400

Shandong

Weigao

Group

Medical

Polymer

Company,

Ltd.

466,177

169,600

Sinopharm

Group

Company,

Ltd.

398,903

145,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

88,576

29,271

Vipshop

Holdings,

Ltd.

ADR

574,882

700

WuXi

AppTec

Company,

Ltd.,

Class

A

11,082

54,700

WuXi

AppTec

Company,

Ltd.,

Class

H

b

836,918

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Shares

Common

Stock  90.2%

Value

China  1.2%  -

continued

39,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

$

53,735

51,100

Zhejiang

Dahua

Technology

Company,

Ltd.

145,043

266,000

Zhejiang

Expressway

Company,

Ltd.

245,766

111,800

Zhejiang

Longsheng

Group

Company,

Ltd.

156,783

208,000

Zijin

Mining

Group

Company,

Ltd.

869,653

Total

20,727,753

Colombia  0.1%  

10,407

Grupo

Cibest

SA

160,600

13,379

Grupo

Cibest

SA

ADR

694,905

Total

855,505

Cyprus  <0.1%  

18,642

Ros

Agro

plc

GDR

a,c

0

Total

0

Czech

Republic  <0.1%  

3,152

CEZ

AS

195,748

3,885

Komercni

Banka

AS

194,975

23,291

Moneta

Money

Bank

AS

b

185,886

75

Philip

Morris

CR

65,109

Total

641,718

Denmark  1.2%  

1,732

A.P.

Moller

-

Maersk

AS,

Class

B

d

3,404,724

8,383

ALK-Abello

AS

a

277,657

1,331

Carlsberg

AS

154,926

4,448

ChemoMetec

AS

438,947

3,882

FLSmidth

&

Company

AS

273,274

12,169

Genmab

AS

a

3,754,723

27,706

H

Lundbeck

AS,

Class

B

201,524

14,424

ISS

AS

457,050

7,240

NKT

AS

a

704,154

173,593

Novo

Nordisk

AS

9,665,948

5,957

Orsted

AS

a,b

103,620

2,289

Pandora

AS

299,281

7,538

Per

Aarsleff

Holding

AS

814,511

2,620

Royal

Unibrew

AS

200,117

18,256

Scandinavian

Tobacco

Group

AS

b

251,971

1,579

Sydbank

AS

126,935

1,853

Zealand

Pharma

AS

a

136,650

Total

21,266,012

Egypt  <0.1%  

15,733

Commercial

International

Bank

Egypt

SAE

GDR

31,696

Total

31,696

Finland  0.4%  

302,298

Fortum

Oyj

5,737,833

6,493

Huhtamaki

Oyj

225,311

7,696

Kalmar

Oyj

305,663

7,230

Kemira

Oyj

162,324

14,505

Kojamo

Oyj

a

184,772

4,823

Konecranes

Oyj

399,293

Total

7,015,196

France  7.9%  

22,884

Air

France-KLM

a

308,970

38,261

Air

Liquide

SA

7,971,956

Shares

Common

Stock  90.2%

Value

France  7.9%  -

continued

400,388

AXA

SA

$

19,200,667

173,526

BNP

Paribas

SA

15,871,220

19,504

Compagnie

de

Saint-Gobain

SA

2,113,295

595,184

Credit

Agricole

SA

11,728,777

27,990

Danone

SA

2,438,867

6,592

Eiffage

SA

844,556

649,993

Engie

SA

13,972,635

1,424

Exosens

SAS

a

72,302

83,075

FORVIA

SE

1,124,443

979

Gaztransport

Et

Technigaz

SA

181,802

865

Gecina

SA

86,898

1,966

Hermes

International

SCA

4,834,486

10,547

ICADE

265,807

5,555

Ipsen

SA

745,907

20,280

Ipsos

SA

906,143

74,483

Legrand

SA

12,376,212

9,477

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,831,986

19,772

Mercialys

SA

255,095

5,851

Nexans

SA

871,296

2,936

Quadient

SA

45,302

58,835

Safran

SA

20,878,782

12,060

Schneider

Electric

SE

3,394,564

10,295

SCOR

SE

364,095

1,206

Sopra

Steria

Group

230,183

6,856

SPIE

SA

370,647

25,481

Technip

Energies

NV

1,202,545

62,977

Valeo

SE

794,197

988

Vicat

SA

69,547

40,117

Vinci

SA

5,575,154

7,757

Wendel

SA

744,383

Total

135,672,719

Germany  7.5%  

60,504

Allianz

SE

25,455,720

15,198

Deutsche

Bank

AG

538,251

49,437

Deutsche

Boerse

AG

13,238,829

2,950

Deutsche

Lufthansa

AG

25,037

460,712

Deutsche

Telekom

AG

15,696,259

4,971

Duerr

AG

117,078

95,278

E.ON

SE

1,794,611

4,812

Eckert

&

Ziegler

SE

101,032

2,312

Freenet

AG

73,970

71,065

Fresenius

Medical

Care

AG

3,754,912

685

FUCHS

SE

30,714

39,434

Heidelberg

Materials

AG

8,913,913

2,302

Hornbach

Holding

AG

&

Company

KGaA

265,452

4,425

Hugo

Boss

AG

211,003

1,499

IONOS

Group

SE

a

70,152

5,129

Jenoptik

AG

104,102

8,584

Jungheinrich

AG

299,351

14,077

KION

Group

AG

955,065

2,602

Krones

AG

380,165

19,383

LANXESS

AG

482,624

3,068

LEG

Immobilien

SE

244,514

237

MBB

SE

47,688

28,522

Mercedes-Benz

Group

AG

1,797,747

16,305

Muenchener

Rueckversicherungs-

Gesellschaft

AG

10,410,352

2,250

Rheinmetall

AG

5,263,151

10,626

SAF-Holland

SE

185,120

72,970

SAP

SE

19,539,032

26,064

Scout24

SE

b

3,269,931

23,899

Siemens

AG

6,452,224

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Shares

Common

Stock  90.2%

Value

Germany  7.5%  -

continued

60,818

Siemens

Energy

AG

a

$

7,150,948

5,648

Stabilus

SE

164,155

6,021

SUSS

MicroTec

SE

216,243

2,093

Talanx

AG

279,055

13,906

TeamViewer

SE

b

141,998

12,189

ThyssenKrupp

AG

168,182

37,785

TUI

AG

a

344,780

2,510

Wacker

Neuson

SE

65,024

Total

128,248,384

Greece  0.1%  

4,376

Aegean

Airlines

SA

68,742

21,962

Alpha

Bank

SA

93,406

96,741

Eurobank

Ergasias

Services

and

Holdings

SA

374,229

18,346

HELLENiQ

ENERGY

Holdings

SA

181,575

30,464

National

Bank

of

Greece

SA

443,601

9,358

OPAP

SA

218,308

18,511

Piraeus

Financial

Holdings

SA

157,237

Total

1,537,098

Hong

Kong  1.1%  

124,000

China

Overseas

Grand

Oceans

Group,

Ltd.

39,651

180,400

China

Taiping

Insurance

Holdings

Company,

Ltd.

352,634

1,283,500

CK

Hutchison

Holdings,

Ltd.

8,432,573

104,000

Genertec

Universal

Medical

Group

Company,

Ltd.

b

81,035

312,000

Guangdong

Investment,

Ltd.

283,576

349,000

Hysan

Development

Company,

Ltd.

713,300

1,119,500

Link

REIT

5,751,977

44,000

SmarTone

Telecommunications

Holdings,

Ltd.

26,292

284,000

Sun

Hung

Kai

Properties,

Ltd.

3,397,080

29,000

VTech

Holdings,

Ltd.

233,691

Total

19,311,809

Hungary  0.1%  

56,748

MOL

Hungarian

Oil

&

Gas

plc

461,172

9,268

OTP

Bank

Nyrt

801,713

Total

1,262,885

India  1.6%  

11,724

Aditya

Birla

Sun

Life

Asset

Management

Company,

Ltd.

104,686

20,860

Bajaj

Finserv,

Ltd.

471,300

281,715

Bharat

Petroleum

Corporation,

Ltd.

1,079,044

101,617

Bharti

Airtel,

Ltd.

2,149,148

6,120

Ceat,

Ltd.

233,214

102,610

Chambal

Fertilisers

and

Chemicals,

Ltd.

590,241

68,683

Cipla,

Ltd.

1,165,282

4,430

Coromandel

International,

Ltd.

112,228

6,305

Eicher

Motors,

Ltd.

497,838

21,476

HCL

Technologies,

Ltd.

335,271

22,110

HDFC

Asset

Management

Company,

Ltd.

b

1,377,449

174,252

HDFC

Bank,

Ltd.

1,867,407

34,662

HDFC

Life

Insurance

Company,

Ltd.

b

295,174

3,376

Hero

MotoCorp,

Ltd.

208,172

131,633

Hindalco

Industries,

Ltd.

1,129,683

2,250

Hindustan

Aeronautics,

Ltd.

120,236

Shares

Common

Stock  90.2%

Value

India  1.6%  -

continued

232,264

Hindustan

Petroleum

Corporation,

Ltd.

$

1,161,954

36,670

ICICI

Bank,

Ltd.

ADR

1,108,534

73,787

Infosys,

Ltd.

ADR

1,200,515

6,494

InterGlobe

Aviation,

Ltd.

b

408,256

26,834

Jindal

Saw,

Ltd.

61,332

70,179

JSW

Steel,

Ltd.

903,677

5,620

Kotak

Mahindra

Bank,

Ltd.

126,008

2,670

Larsen

&

Toubro,

Ltd.

110,067

22,770

LT

Foods,

Ltd.

104,010

3,374

LTIMindtree,

Ltd.

b

196,246

13,985

Lupin,

Ltd.

302,322

10,129

Mahindra

&

Mahindra,

Ltd.

390,925

7,019

Maruti

Suzuki

India,

Ltd.

1,267,742

309

MRF,

Ltd.

507,600

6,589

Nava,

Ltd.

48,332

46,651

NLC

India,

Ltd.

150,009

282,115

NMDC,

Ltd.

242,691

9,089

Oberoi

Realty,

Ltd.

161,955

7,290

Orient

Cement,

Ltd.

18,007

1,262

Page

Industries,

Ltd.

578,023

60,052

Paradeep

Phosphates,

Ltd.

b

132,623

3,267

Persistent

Systems,

Ltd.

177,784

5,466

Pidilite

Industries,

Ltd.

90,350

66,622

Reliance

Industries,

Ltd.

1,023,301

21,255

SBI

Life

Insurance

Company,

Ltd.

b

428,884

23,466

Tata

Consultancy

Services,

Ltd.

763,803

78,192

Tata

Motors,

Ltd.

599,157

477,612

Tata

Steel,

Ltd.

908,324

56,303

Tech

Mahindra,

Ltd.

889,262

2,744

UltraTech

Cement,

Ltd.

377,831

120,880

Wipro,

Ltd.

ADR

317,914

Total

26,493,811

Ireland  0.2%  

74,627

AIB

Group

plc

680,357

76,087

Bank

of

Ireland

Group

plc

1,259,800

68,137

Ryanair

Holdings

plc

1,991,134

Total

3,931,291

Isle

of

Man  <0.1%  

33,233

Entain

plc

392,763

Total

392,763

Israel  1.2%  

6,488

Airport

City,

Ltd.

a

120,251

137,089

Bank

Hapoalim

BM

2,786,635

151,579

Bank

Leumi

Le-Israel

BM

2,986,499

182,933

Bezeq

Israel

Telecommunication

Corporation,

Ltd.

350,457

394

Blue

Square

Real

Estate,

Ltd.

43,037

36,587

Check

Point

Software

Technologies,

Ltd.

a

7,570,216

5,050

Clal

Insurance

Enterprises

Holdings,

Ltd.

258,641

2,402

Delek

Group,

Ltd.

580,914

1,087

FIBI

Holdings,

Ltd.

82,562

686

First

International

Bank

of

Israel,

Ltd.

49,085

4,931

Fiverr

International,

Ltd.

a

120,366

1,496

Formula

Systems

1985,

Ltd.

207,984

1,246

Hilan,

Ltd.

96,139

1,287

Israel

Corporation,

Ltd.

401,705

11,851

Ituran

Location

and

Control,

Ltd.

423,318

3,971

Matrix

IT,

Ltd.

139,721

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Shares

Common

Stock  90.2%

Value

Israel  1.2%  -

continued

1,202

Mizrahi

Tefahot

Bank,

Ltd.

$

78,978

4,513

Monday.com,

Ltd.

a

874,123

652

NICE,

Ltd.

a

94,452

1,040

Oddity

Tech,

Ltd.

a

64,792

8,222

One

Software

Technologies,

Ltd.

200,775

40,897

Plus500,

Ltd.

1,772,484

16,573

REIT

1,

Ltd.

122,557

18,196

Riskified,

Ltd.

a

85,157

12,901

Shufersal,

Ltd.

151,996

7,014

Tower

Semiconductor,

Ltd.

a

500,283

Total

20,163,127

Italy  3.4%  

24,934

ACEA

SPA

601,284

8,275

Azimut

Holding

SPA

320,601

8,696

Banca

IFIS

SPA

230,819

773,883

Banca

Monte

dei

Paschi

di

Siena

SPA

6,886,184

49,186

Buzzi

SPA

2,710,399

85,076

Enel

SPA

806,229

16,092

Eni

SPA

281,548

311,309

Generali

12,234,483

711,855

Italgas

SPA

6,557,489

97,331

Lottomatica

Group

SPA

2,619,109

18,603

MAIRE

SPA

275,930

136,173

OVS

SPA

b

671,648

355,870

Pirelli

&

C.

SPA

b

2,429,035

74,294

Recordati

SPA

4,534,547

604

Reply

SPA

86,218

8,172

Technogym

SPA

b

138,772

189,829

UniCredit

SPA

14,445,101

110,854

Unipol

Assicurazioni

SPA

2,383,100

16,102

Webuild

SPA

67,033

Total

58,279,529

Japan  18.8%  

60,000

Advantest

Corporation

5,936,566

8,700

Ain

Holdings,

Inc.

410,781

2,400

Alfresa

Holdings

Corporation

34,358

17,800

ALSOK

Company,

Ltd.

134,329

274,600

Amada

Company,

Ltd.

d

3,374,649

10,000

Amano

Corporation

283,413

8,200

Anycolor,

Inc.

312,388

16,700

AOKI

Holdings,

Inc.

200,537

29,600

Arcs

Company,

Ltd.

631,846

6,600

Artience

Company,

Ltd.

139,458

12,700

Asics

Corporation

332,327

30,700

Bandai

Namco

Holdings,

Inc.

1,021,435

9,800

BayCurrent,

Inc.

575,917

15,700

BIPROGY,

Inc.

640,496

4,800

BML,

Inc.

119,970

12,500

Bridgestone

Corporation

577,727

90,800

Brother

Industries,

Ltd.

1,517,233

8,900

Canon

Electronics,

Inc.

164,090

2,400

Central

Glass

Company,

Ltd.

53,055

8,300

Chudenko

Corporation

220,808

37,500

Chugai

Pharmaceutical

Company,

Ltd.

1,662,544

24,400

COMSYS

Holdings

Corporation

607,800

33,200

Cosmo

Energy

Holdings

Company,

Ltd.

801,230

7,800

Cover

Corporation

a

96,258

163,300

Dai

Nippon

Printing

Company,

Ltd.

2,776,874

221,200

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

1,739,997

Shares

Common

Stock  90.2%

Value

Japan  18.8%  -

continued

360

Daiwa

House

REIT

Investment

Corporation

$

306,701

574,600

Daiwa

Securities

Group,

Inc.

4,669,245

24,000

Denso

Corporation

345,400

4,200

DISCO

Corporation

1,316,870

19,100

Doshisha

Company,

Ltd.

364,502

13,600

Doutor

Nichires

Holdings

Company,

Ltd.

241,834

57,200

DTS

Corporation

506,062

2,200

Ebara

Corporation

50,148

48,200

Eneos

Holdings,

Inc.

305,261

22,200

F.C.C.

Company,

Ltd.

481,786

5,300

Fast

Retailing

Company,

Ltd.

1,609,673

12,700

Ferrotec

Corporation

342,895

78,600

FUJIFILM

Holdings

NPV

1,954,648

8,400

Fuyo

General

Lease

Company,

Ltd.

251,048

8,800

Glory,

Ltd.

217,693

75,200

Hachijuni

Bank,

Ltd.

784,163

6,300

Hanwa

Company,

Ltd.

267,911

65,200

Heiwa

Corporation

926,544

237,200

Hitachi,

Ltd.

6,284,156

669,700

Honda

Motor

Company,

Ltd.

d

6,910,854

8,300

Hosiden

Corporation

131,796

45,900

Hoya

Corporation

6,346,609

17,800

Hyakugo

Bank,

Ltd.

109,517

2,800

Hyakujushi

Bank,

Ltd.

97,192

57

Ichigo

Office

REIT

Investment

Corporation

36,439

8,100

Iida

Group

Holdings

Company,

Ltd.

129,179

91,900

Inaba

Denki

Sangyo

Company,

Ltd.

2,610,245

41,000

INFRONEER

Holdings,

Inc.

426,326

81,000

ITOCHU

Corporation

4,608,770

2,500

Jaccs

Company,

Ltd.

71,696

108

Japan

Metropolitan

Fund

Investment

Corporation

83,070

21,200

Japan

Petroleum

Exploration

Company,

Ltd.

184,727

120,000

Japan

Post

Bank

Company,

Ltd.

1,469,390

479,600

Japan

Post

Holdings

Company,

Ltd.

4,760,175

18,200

Japan

Post

Insurance

Company,

Ltd.

515,807

170,300

Japan

Tobacco,

Inc.

5,585,338

10,900

Juroku

Financial

Group,

Inc.

405,464

2,600

Kakaku.com,

Inc.

44,655

2,000

Kaken

Pharmaceutical

Company,

Ltd.

49,419

22,300

Kamigumi

Company,

Ltd.

676,442

489,000

KDDI

Corporation

7,798,830

338

KDX

Realty

Investment

Corporation

385,060

26,600

Keiyo

Bank,

Ltd.

227,587

11,300

Keyence

Corporation

4,209,938

4,600

Kokusai

Electric

Corporation

130,479

112,400

Komatsu,

Ltd.

3,915,702

5,400

KOSE

Corporation

216,384

56,800

Kumagai

Gumi

Company,

Ltd.

480,746

1,600

Kurabo

Industries,

Ltd.

76,280

3,800

Kuraray

Company,

Ltd.

43,679

368,100

Kyocera

Corporation

4,944,943

91,600

Kyoei

Steel,

Ltd.

1,418,783

17,500

KYORIN

Pharmaceutical

Company,

Ltd.

175,253

33,700

Lintec

Corporation

828,381

26,000

Makita

Corporation

842,697

1,900

Maruha

Nichiro

Corporation

44,038

59,400

Maruichi

Steel

Tube,

Ltd.

516,854

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Shares

Common

Stock  90.2%

Value

Japan  18.8%  -

continued

400

Maruwa

Company,

Ltd./Aichi

$

104,483

28,600

Matsui

Securities

Company,

Ltd.

148,367

19,600

Mazda

Motor

Corporation

142,717

33,900

Medipal

Holdings

Corporation

583,261

69,300

MEITEC

Group

Holdings,

Inc.

1,494,918

38,900

MIRAIT

ONE

Corporation

758,330

2,100

Mitsubishi

Chemical

Group

Corporation

12,063

164,900

Mitsubishi

Corporation

3,931,118

62,600

Mitsubishi

Electric

Corporation

1,607,802

45,000

Mitsubishi

Gas

Chemical

Company,

Inc.

802,884

131,400

Mitsubishi

HC

Capital,

Inc.

1,085,455

399,200

Mitsubishi

Heavy

Industries,

Ltd.

10,446,708

25,800

Mitsubishi

Logistics

Corporation

211,270

31,700

Mitsubishi

Motors

Corporation

85,802

1,026,500

Mitsubishi

UFJ

Financial

Group,

Inc.

16,558,860

47,400

Mitsui

&

Company,

Ltd.

1,177,000

3,400

Mitsui

DM

Sugar

Company,

Ltd.

73,504

227,600

Mizuho

Financial

Group,

Inc.

7,650,973

6,800

Mizuho

Leasing

Company,

Ltd.

59,873

9,400

Nanto

Bank,

Ltd.

322,841

112,200

NEC

Corporation

3,591,420

43,900

NGK

Insulators,

Ltd.

733,824

6,200

Nikon

Corporation

72,096

39,800

Nintendo

Company,

Ltd.

3,443,466

2,100

Nippon

Shinyaku

Company,

Ltd.

47,438

72,900

Nippon

Shokubai

Company,

Ltd.

898,391

616,000

Nippon

Steel

Corporation

2,537,145

69,000

Nippon

Yusen

Kabushiki

Kaisha

d

2,354,636

7,900

Nishimatsu

Construction

Company,

Ltd.

279,742

1,500

Nishio

Holdings

Company,

Ltd.

43,482

399,900

Nissan

Motor

Company,

Ltd.

a

972,548

7,900

Nisshin

Oillio

Group,

Ltd.

277,604

1,600

Nitta

Corporation

44,918

43,700

Nitto

Kogyo

Corporation

1,067,820

1,300

Noevir

Holdings

Company,

Ltd.

39,227

6,300

Nojima

Corporation

172,623

273,700

Nomura

Holdings,

Inc.

2,005,858

151,000

Nomura

Real

Estate

Holdings,

Inc.

962,263

114

Nomura

Real

Estate

Master

Fund,

Inc.

123,674

11,100

Noritsu

Koki

Company,

Ltd.

132,201

31,100

NS

Solutions

Corporation

d

758,402

24,900

NSD

Company,

Ltd.

585,383

43,000

NSK,

Ltd.

221,820

7,019,100

NTT,

Inc.

7,337,214

3,100

OBIC

Business

Consultants

Company,

Ltd.

190,710

11,700

Ogaki

Kyoritsu

Bank,

Ltd.

273,915

22,100

Ohsho

Food

Service

Corporation

552,366

8,700

Oiles

Corporation

135,294

10,900

Okamura

Corporation

172,950

340,600

Ono

Pharmaceutical

Company,

Ltd.

3,944,432

3,800

PAL

GROUP

Holdings

Company,

Ltd.

64,583

464,900

Panasonic

Holdings

Corporation

5,046,071

7,100

Paramount

Bed

Holdings

Company,

Ltd.

173,997

5,800

Plus

Alpha

Consulting

Company,

Ltd.

97,989

9,500

Raito

Kogyo

Company,

Ltd.

207,115

2,700

RAIZNEXT

Corporation

34,878

21,500

Rakuten

Bank,

Ltd.

a

1,200,118

Shares

Common

Stock  90.2%

Value

Japan  18.8%  -

continued

176,384

Recruit

Holdings

Company,

Ltd.

$

9,483,087

10,200

Restar

Corporation

181,151

1,900

Riken

Vitamin

Company,

Ltd.

37,381

25,600

Rohto

Pharmaceutical

Company,

Ltd.

431,025

9,500

Rorze

Corporation

142,554

12,600

Sanki

Engineering

Company,

Ltd.

420,125

10,100

Sankyo

Company,

Ltd.

175,475

16,800

Sanrio

Company,

Ltd.

788,593

15,700

Sanyo

Chemical

Industries,

Ltd.

437,196

51,300

SBI

Holdings,

Inc.

2,233,472

600

SCREEN

Holdings

Company,

Ltd.

54,367

17,300

SCSK

Corporation

517,844

50,100

Secom

Company,

Ltd.

1,838,039

8,700

Sega

Sammy

Holdings,

Inc.

183,310

283,100

Seiko

Epson

Corporation

3,621,530

260,400

Sekisui

House,

Ltd.

5,922,170

25,300

Shin-Etsu

Chemical

Company,

Ltd.

828,411

9,500

ShinMaywa

Industries,

Ltd.

118,797

3,300

Shinnihon

Corporation

41,095

40,200

Ship

Healthcare

Holdings,

Inc.

621,531

11,400

Shizuoka

Financial

Group,

Inc.

155,943

33,600

SKY

Perfect

JSAT

Holdings,

Inc.

316,259

6,400

Socionext,

Inc.

120,279

2,079,900

SoftBank

Corporation

3,059,116

34,200

SoftBank

Group

Corporation

4,315,375

113,900

Sojitz

Corporation

d

3,012,330

230,300

Sompo

Holdings,

Inc.

7,119,853

540,500

Sony

Financial

Group,

Inc.

a

599,398

540,500

Sony

Group

Corporation

15,537,592

50

SOSiLA

Logistics

REIT,

Inc.

40,133

284

Star

Asia

Investment

Corporation

115,826

27,600

Star

Micronics

Company,

Ltd.

311,921

7,500

Starts

Corporation,

Inc.

257,412

63,800

Subaru

Corporation

1,300,200

6,300

Sumco

Corporation

66,986

195,500

Sumitomo

Corporation

5,656,400

115,200

Sumitomo

Forestry

Company,

Ltd.

1,374,476

139,200

Sumitomo

Mitsui

Financial

Group,

Inc.

3,916,096

18,500

Sumitomo

Mitsui

Trust

Group,

Inc.

536,944

3,100

Sumitomo

Riko

Company,

Ltd.

46,168

15,600

Suzuken

Company,

Ltd./Aichi

Japan

613,113

113,000

Systena

Corporation

404,381

4,800

Taikisha,

Ltd.

92,593

3,000

Taisei

Corporation

206,152

35,100

Taiyo

Holdings

Company,

Ltd.

1,915,429

17,300

Takamatsu

Construction

Group

Company,

Ltd.

403,173

175,600

Takeda

Pharmaceutical

Company,

Ltd.

d

5,157,441

7,700

TBS

Holdings,

Inc.

292,049

16,600

TechMatrix

Corporation

242,930

92,400

Terumo

Corporation

1,524,279

2,900

THK

Company,

Ltd.

80,056

151,600

Timee,

Inc.

a,d

1,513,098

79,900

Toagosei

Company,

Ltd.

813,910

4,300

Toenec

Corporation

40,625

3,000

Toho

Holdings

Company,

Ltd.

110,698

5,200

Tokai

Corporation/Gifu

77,163

137,800

Tokai

Tokyo

Financial

Holdings,

Inc.

548,157

101,100

Tokio

Marine

Holdings,

Inc.

4,278,871

16,100

Tokyo

Electric

Power

Company

Holdings,

Inc.

a

75,415

31,600

Tokyo

Electron,

Ltd.

5,601,636

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Shares

Common

Stock  90.2%

Value

Japan  18.8%  -

continued

1,100

Tokyo

Seimitsu

Company,

Ltd.

$

74,439

3,700

Tokyo

Tatemono

Company,

Ltd.

74,059

40,300

Tokyu

Construction

Company,

Ltd.

304,498

15,400

Tokyu

Fudosan

Holdings

Corporation

127,291

70,800

TOPPAN

Holdings,

Inc.

1,814,041

152,600

Tosoh

Corporation

2,257,492

2,000

Totech

Corporation

42,649

11,100

Totetsu

Kogyo

Company,

Ltd.

324,352

654,900

Toyota

Motor

Corporation

12,578,315

6,400

Trial

Holdings,

Inc.

101,725

34,000

TS

Tech

Company,

Ltd.

427,210

155,800

Tsubakimoto

Chain

Company

2,260,825

119,600

TV

Asahi

Holdings

Corporation

2,708,035

25,000

UBE

Corporation

385,751

92,000

Unicharm

Corporation

596,847

7,600

Valor

Holdings

Company,

Ltd.

149,346

123,600

Yamada

Holdings

Company,

Ltd.

405,616

13,000

Yamazen

Corporation

122,570

31,800

Yokogawa

Bridge

Holdings

Corporation

608,208

7,200

Yonex

Company,

Ltd.

184,454

32,400

Yuasa

Trading

Company,

Ltd.

1,108,513

Total

321,740,477

Jersey  0.1%  

24,068

International

Workplace

Group

plc

72,560

217,802

Man

Group

plc

523,259

311,414

TP

ICAP

Group

plc

1,157,037

Total

1,752,856

Kuwait  0.1%  

202,640

Agility

Public

Warehousing

Company

KSCP

99,554

74,015

Burgan

Bank

SAK

58,063

17,868

HumanSoft

Holding

Company

KSCC

145,284

175,502

Kuwait

Finance

House

KSCP

456,667

136,693

National

Bank

of

Kuwait

KSCP

474,450

Total

1,234,018

Luxembourg  0.1%  

109,864

Aroundtown

SA

a

422,436

4,427

Befesa

SA

b

150,185

48,866

Grand

City

Properties

SA

a

646,124

3,839

Millicom

International

Cellular

SA

186,345

2,291

RTL

Group

SA

94,100

Total

1,499,190

Malaysia  <0.1%  

41,900

Hong

Leong

Bank

Bhd

204,345

90,800

Public

Bank

Bhd

93,543

74,100

Sime

Darby

Property

Bhd

25,945

172,200

Sunway

Construction

Group

Bhd

247,926

Total

571,759

Mexico  0.1%  

9,433

America

Movil

SAB

de

CV

ADR

198,093

6,700

Arca

Continental

SAB

de

CV

70,371

7,090

Cemex

SAB

de

CV

ADR

63,739

156,600

Fibra

Uno

Administracion

SA

de

CV

232,247

40,433

Grupo

Financiero

Banorte

SAB

de

CV

ADR

406,085

29,300

Grupo

Mexico

SAB

de

CV

254,962

8,000

Industrias

Penoles

SAB

de

CV

a

357,433

Shares

Common

Stock  90.2%

Value

Mexico  0.1%  -

continued

64,300

Megacable

Holdings

SAB

de

CV

$

208,979

Total

1,791,909

Netherlands  5.7%  

3,334

Aalberts

NV

109,921

40,973

ABN

AMRO

Bank

NV

b

1,314,399

62,393

AerCap

Holdings

NV

7,549,553

30,631

Airbus

SE

7,153,155

21,337

ASML

Holding

NV

20,807,627

30,519

Cementir

Holding

NV

509,873

11,600

Euronext

NV

b

1,736,658

28,069

Ferrari

NV

13,605,670

56,423

Ferrovial

SE

3,240,961

5,848

JBS

NV

87,310

351,108

Koninklijke

Ahold

Delhaize

NV

14,207,452

39,430

Koninklijke

BAM

Groep

NV

373,380

44,926

Koninklijke

Vopak

NV

2,062,005

492,990

MFE-MediaForEurope

NV

1,842,930

68,716

NN

Group

NV

4,845,695

197,360

Prosus

NV

13,956,364

125,660

SBM

Offshore

NV

3,215,783

29,181

Wereldhave

NV

652,684

Total

97,271,420

New

Zealand  <0.1%  

55,024

Contact

Energy,

Ltd.

290,319

7,097

EBOS

Group,

Ltd.

122,529

Total

412,848

Norway  0.9%  

240,765

DNB

Bank

ASA

6,562,290

67,722

DNO

International

ASA

103,871

10,705

Europris

ASA

b

108,689

168,560

Kongsberg

Gruppen

ASA

5,386,731

34,520

Nordic

Semiconductor

ASA

a

531,909

2,870

Sparebank

1

Oestlandet

54,187

8,273

SpareBank

1

SMN

160,693

86,037

Storebrand

ASA

1,314,978

9,672

Yara

International

ASA

354,517

Total

14,577,865

Philippines  <0.1%  

20,070

International

Container

Terminal

Services,

Inc.

162,766

Total

162,766

Poland  0.1%  

3,171

Asseco

Poland

SA

174,969

10,063

Bank

Millennium

SA

a

40,102

7,241

Bank

Polska

Kasa

Opieki

SA

348,968

19,157

Orlen

SA

456,452

94,250

PGE

Polska

Grupa

Energetyczna

SA

a

278,662

21,725

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

422,132

50,055

Tauron

Polska

Energia

SA

a

125,279

Total

1,846,564

Portugal  0.4%  

582,881

Banco

Comercial

Portugues

SA

517,451

86,053

CTT-Correios

de

Portugal

SA

733,311

970,269

EDP

SA

4,604,877

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Shares

Common

Stock  90.2%

Value

Portugal  0.4%  -

continued

189,886

Sonae

SGPS

SA

$

298,289

Total

6,153,928

Qatar  <0.1%  

95,294

Commercial

Bank

PSQC

120,042

115,744

Doha

Bank

QPSC

80,935

16,866

Gulf

Warehousing

Company

12,767

12,019

Qatar

Islamic

Bank

QPSC

78,906

68,090

Qatar

National

Bank

QPSC

347,462

Total

640,112

Russian

Federation  <0.1%  

169,404

Gazprom

PJSC

ADR

a,c

17

14,886

GMK

Norilskiy

Nickel

PAO

ADR

a,c

1

6,112

LUKOIL

PJSC

a,c,e

0

6,042

Mechel

PJSC

ADR

a,c

1

444

Novatek

PJSC

GDR

a,c

0

6,840

Polyus

PJSC

a,c,e

0

1

Polyus

PJSC

GDR

a,c

0

329,720

Sberbank

of

Russia

PJSC

a,c,e

0

17,590

Sovcomflot

OAO

a,c,e

0

67,366

Surgutneftegas

PAO

ADR

a,c

7

Total

26

Saudi

Arabia  0.2%  

11,113

Al

Babtain

Power

&

Telecommunication

Company

171,486

42,544

Al

Rajhi

Bank

1,215,704

114,503

Arab

National

Bank

754,812

52,718

Banque

Saudi

Fransi

250,924

3,451

Eastern

Province

Cement

Company

24,831

20,854

Riyad

Bank

151,208

5,296

Riyadh

Cement

Company

40,304

61,111

Saudi

Arabian

Oil

Company

b

401,257

9,127

Saudi

Investment

Bank

34,703

65,598

Saudi

National

Bank

685,331

16,064

Saudi

Telecom

Company

188,899

3,971

Theeb

Rent

A

Car

Company

69,063

Total

3,988,522

Singapore  1.5%  

61,300

AIMS

APAC

REIT

64,694

145,300

CapitaLand

China

Trust

89,013

1,047,600

CapitaLand

Integrated

Commercial

Trust

1,860,480

553,200

ComfortDelGro

Corporation,

Ltd.

622,215

17,063

Kenon

Holdings,

Ltd.

764,327

44,300

Sasseur

Real

Estate

Investment

Trust

a

23,364

589,600

Singapore

Exchange,

Ltd.

7,568,925

735,400

Singapore

Technologies

Engineering,

Ltd.

4,910,658

648,600

United

Overseas

Land,

Ltd.

3,928,958

19,300

Venture

Corporation,

Ltd.

208,732

271,200

Yangzijiang

Financial

Holding,

Ltd.

252,458

1,888,400

Yangzijiang

Shipbuilding

Holdings,

Ltd.

4,940,549

74,900

Yanlord

Land

Group,

Ltd.

a

43,059

Total

25,277,432

South

Africa  0.2%  

31,289

Absa

Group,

Ltd.

328,358

56,166

AECI,

Ltd.

316,549

163

Capitec

Bank

Holdings,

Ltd.

32,891

7,314

Coronation

Fund

Managers,

Ltd.

18,880

Shares

Common

Stock  90.2%

Value

South

Africa  0.2%  -

continued

61,512

DataTec,

Ltd.

$

213,839

38,233

FirstRand,

Ltd.

171,903

17,346

Gold

Fields,

Ltd.

ADR

727,838

44,496

Growthpoint

Properties,

Ltd.

37,952

10,424

Harmony

Gold

Mining

Company,

Ltd.

ADR

189,196

47,549

Momentum

Group,

Ltd.

90,280

1,974

Naspers,

Ltd.

717,296

15,324

Nedbank

Group,

Ltd.

189,442

136,090

Redefine

Properties,

Ltd.

39,186

5,783

Sanlam,

Ltd.

27,991

70,639

Sibanye

Stillwater,

Ltd.

a

199,806

43,252

Standard

Bank

Group

591,734

7,605

Vodacom

Group

58,695

89,787

Vukile

Property

Fund,

Ltd.

108,030

Total

4,059,866

South

Korea  1.0%  

22,221

BNK

Financial

Group,

Inc.

231,240

107

Cheil

Worldwide,

Inc.

1,548

1,600

CJ

Corporation

209,428

1,612

E-MART,

Inc.

86,790

5,798

Green

Cross

Holdings

Corporation

65,005

9,126

GS

Holdings

Corporation

299,038

12,343

Hana

Financial

Group,

Inc.

767,425

675

Hanwha

Aerospace

Company,

Ltd.

533,814

2,860

Hanwha

Corporation

172,680

4,033

HD

Hyundai

Company,

Ltd.

447,509

16

HD

Hyundai

Heavy

Industries

Company,

Ltd.

5,877

2,109

HD

Korea

Shipbuilding

&

Offshore

Engineering

Company,

Ltd.

617,978

1,953

Hyundai

Glovis

Company,

Ltd.

230,397

30,238

iM

Financial

Group

Company,

Ltd.

296,911

15,309

Industrial

Bank

of

Korea

212,412

9,785

KB

Financial

Group,

Inc.

807,614

5,160

Kia

Corporation

370,369

4,289

Korean

Reinsurance

Company

33,337

298

KT&G

Corporation

28,387

8,089

LG

Corporation

415,498

43,682

LG

Uplus

Corporation

477,794

7,668

LX

International

Corporation

174,874

9,507

Mirae

Asset

Securities

Company,

Ltd.

145,185

861

PharmaResearch

Company,

Ltd.

370,069

802

Samsung

Biologics

Company,

Ltd.

a,b

571,544

4,845

Samsung

C&T

Corporation

638,024

76,473

Samsung

Electronics

Company,

Ltd.

4,584,582

9,714

SD

Biosensor,

Inc.

69,056

18,236

Shinhan

Financial

Group

Company,

Ltd.

919,422

7,350

SK

Hynix,

Inc.

1,822,050

3,487

SK

Square

Company,

Ltd.

a

502,267

11,174

SK

Telecom

Company,

Ltd.

433,163

1,078

SK,

Inc.

161,443

16,636

Woori

Financial

Group,

Inc.

308,085

Total

17,010,815

Spain  2.3%  

204,376

Aena

SME

SA

b

5,587,516

551,211

Banco

Bilbao

Vizcaya

Argentaria

SA

d

10,621,665

1,510,716

Banco

Santander

SA

15,853,981

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Shares

Common

Stock  90.2%

Value

Spain  2.3%  -

continued

3,842

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

$

238,174

29,685

International

Consolidated

Airlines

Group

SA

155,355

8,997

Let's

GOWEX

SA

a,c,f

1

134,093

Logista

Integral

SA

4,554,748

10,259

Melia

Hotels

International

SA

89,472

114,009

Merlin

Properties

Socimi

SA

1,726,527

54,843

Unicaja

Banco

SA

b

150,914

2,106

Vidrala

SA

223,045

Total

39,201,398

Supranational  <0.1%  

2,626

Unibail-Rodamco-Westfield

276,557

Total

276,557

Sweden  1.5%  

76,601

AB

Industrivarden,

Class

A

3,043,170

84,948

AcadeMedia

AB

b

882,147

6,111

Alfa

Laval

AB

279,060

71,526

Arjo

AB

251,296

205,779

Assa

Abloy

AB

7,162,732

40,083

Atlas

Copco

AB,

Class

B

603,147

39,398

Attendo

AB

b

296,263

2,036

Avanza

Bank

Holding

AB

75,604

38,861

Betsson

AB

643,213

12,552

Billerud

AB

112,985

31,769

Cloetta

AB

114,634

44,570

Dios

Fastigheter

AB

309,438

41,511

Fabege

AB

350,761

2,665

Getinge

AB

57,439

231,121

Granges

AB

2,872,398

131,696

Hexpol

AB

1,184,271

764

INVISIO

AB

25,645

3,722

Inwido

AB

70,555

7,153

Loomis

AB

305,691

20,512

NCC

AB

471,649

3,360

Nyfosa

AB

29,346

43,119

Peab

AB

351,158

7,095

Platzer

Fastigheter

Holding

AB

52,001

4,488

Saab

AB

275,753

197,559

Sinch

AB

a,b

639,180

198,323

SSAB

AB,

Class

A

1,191,565

41,537

SSAB

AB,

Class

B

242,232

15,380

Svolder

AB

88,570

362,328

Telefonaktiebolaget

LM

Ericsson

3,002,252

10,090

Wihlborgs

Fastigheter

AB

98,790

Total

25,082,945

Switzerland  7.6%  

320,753

ABB,

Ltd.

23,210,755

23,136

Accelleron

Industries

AG

1,959,267

20,733

Avolta

AG

1,132,099

11

Belimo

Holding

AG

11,569

616

Burckhardt

Compression

Holding

AG

479,960

4

Chocoladefabriken

Lindt

and

Spruengli

AG

601,883

2,685

DKSH

Holding

AG

182,717

7,234

EFG

International

AG

147,721

7,712

Galenica

AG

b

839,516

1,061

Givaudan

SA

4,327,864

1,026

Huber+Suhner

AG

176,358

3,866

INFICON

Holding

AG

458,660

1,116

Kardex

Holding

AG

436,060

Shares

Common

Stock  90.2%

Value

Switzerland  7.6%  -

continued

51,784

Logitech

International

SA

$

5,696,159

77,782

Nestle

SA

7,143,129

244,446

Novartis

AG

31,430,473

7,054

PSP

Swiss

Property

AG

1,213,649

74,487

Roche

Holding

AG,

Participation

Certificates

24,802,947

11,893

Schindler

Holding

AG,

Participation

Certificates

4,522,626

1,564

Temenos

AG

127,027

334,159

UBS

Group

AG

13,738,464

8,856

Zurich

Insurance

Group

AG

6,330,121

Total

128,969,024

Taiwan  2.0%  

10,000

Acter

Group

Corporation,

Ltd.

255,508

53,000

Arcadyan

Technology

Corporation

383,029

664,000

Asia

Cement

Corporation

832,623

13,000

Asustek

Computer,

Inc.

287,200

6,000

Bora

Pharmaceuticals

Company,

Ltd.

136,671

16,000

Catcher

Technology

Company,

Ltd.

96,003

33,000

Charoen

Pokphand

Enterprise

(Taiwan)

Company,

Ltd.

152,256

78,000

Chipbond

Technology

Corporation

142,066

10,591

Chunghwa

Telecom

Company,

Ltd.

ADR

461,980

144,000

Compal

Electronics,

Inc.

153,838

943,000

CTBC

Financial

Holding

Company,

Ltd.

1,329,931

64,000

Delta

Electronics,

Inc.

1,802,887

99,000

Far

Eastern

New

Century

Corporation

90,410

65,000

Far

EasTone

Telecommunications

Company,

Ltd.

188,784

113,000

Feng

Hsin

Steel

Company,

Ltd.

242,106

33,000

Hannstar

Board

Corporation

99,622

216,000

Hon

Hai

Precision

Industry

Company,

Ltd.

1,542,271

182,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

176,953

124,000

Lite-On

Technology

Corporation

704,927

34,000

Marketech

International

Corporation

274,137

26,000

MediaTek,

Inc.

1,127,614

264,000

Pegatron

Corporation

614,896

17,000

Promate

Electronic

Company,

Ltd.

27,435

12,000

Quanta

Computer,

Inc.

114,950

35,000

Sigurd

Microelectronics

Corporation

104,890

26,000

Simplo

Technology

Company,

Ltd.

316,359

437,000

SinoPac

Financial

Holdings

Company,

Ltd.

359,121

117,000

Synnex

Technology

International

Corporation

243,109

27,000

Systex

Corporation

107,466

32,081

Taichung

Commercial

Bank

Company,

Ltd.

23,923

107,000

Taiwan

Mobile

Company,

Ltd.

383,044

7,000

Taiwan

Secom

Company,

Ltd.

25,649

436,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

18,961,263

52,947

Topco

Scientific

Company,

Ltd.

547,429

261,000

Uni-President

Enterprises

Corporation

672,930

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Shares

Common

Stock  90.2%

Value

Taiwan  2.0%  -

continued

3,000

United

Integrated

Services

Company,

Ltd.

$

88,619

38,000

Wah

Lee

Industrial

Corporation

119,424

17,000

WPG

Holdings,

Ltd.

36,978

10,000

Yankey

Engineering

Company,

Ltd.

145,791

Total

33,374,092

Thailand  0.3%  

147,400

Advanced

Info

Service

PCL

NVDR

1,324,131

819,600

Charoen

Pokphand

Foods

PCL

NVDR

563,908

268,500

Kasikornbank

PCL

NVDR

1,388,780

21,300

Kiatnakin

Phatra

Bank

PCL

NVDR

38,656

907,000

Krung

Thai

Bank

PCL

NVDR

693,946

198,200

SCB

X

PCL

NVDR

786,325

508,800

Thai

Life

Insurance

PCL

NVDR

166,604

77,800

TIDLOR

Holdings

PCL

NVDR

47,292

53,700

Tisco

Financial

Group

PCL

c

169,039

Total

5,178,681

Turkey  <0.1%  

203,514

Dogan

Sirketler

Grubu

Holding

AS

83,955

339,104

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

162,358

26,749

Turk

Hava

Yollari

Anonim

Ortakligi

202,842

Total

449,155

United

Arab

Emirates  0.2%  

30,345

Abu

Dhabi

Commercial

Bank

PJSC

120,586

9,888

Abu

Dhabi

Islamic

Bank

PJSC

58,697

145,536

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

150,566

29,881

Air

Arabia

PJSC

30,563

54,160

Aldar

Properties

PJSC

139,899

424,418

Deyaar

Development

PJSC

115,447

232,581

Dubai

Islamic

Bank

PJSC

606,606

89,789

Emaar

Development

PJSC

329,022

273,487

Emaar

Properties

PJSC

971,674

86,701

Emirates

NBD

Bank

PJSC

573,593

23,218

Emirates

Telecommunications

Group

Company

PJSC

119,091

169,280

First

Abu

Dhabi

Bank

PJSC

720,801

Total

3,936,545

United

Kingdom  11.6%  

30,881

Aderdeen

Group

plc

82,203

9,044

AngloGold

Ashanti

plc

631,488

74,386

AstraZeneca

plc

11,396,014

975,077

Auto

Trader

Group

plc

b

10,358,520

4,300

Babcock

International

Group

plc

77,359

108,577

BAE

Systems

plc

3,022,395

228,899

Balfour

Beatty

plc

1,998,744

2,655,122

Barclays

plc

13,661,461

5,905

Beazley

plc

72,218

2,956

Berkeley

Group

Holdings

plc

152,781

30,954

Big

Yellow

Group

plc

405,570

36,834

Breedon

Group

plc

177,941

57,266

British

Land

Company

plc

269,261

3,370,584

Centrica

plc

7,568,948

151,374

Compass

Group

plc

5,159,696

3,102

Computacenter

plc

112,381

99,193

Currys

plc

186,366

955

Diploma

plc

68,355

9,292

Diversified

Energy

Company

plc

129,842

12,489

Dunelm

Group

plc

188,792

Shares

Common

Stock  90.2%

Value

United

Kingdom  11.6%  -

continued

124,844

Endeavour

Mining

plc

$

5,220,612

6,690

Energean

plc

74,588

99,833

Evraz

plc

a,c

13

141,745

FirstGroup

plc

430,067

13,533

Future

plc

120,122

3,452

Games

Workshop

Group

plc

676,547

36,149

GB

Group

plc

110,430

208,217

GSK

plc

4,470,829

1,129,667

Haleon

plc

5,083,705

135,235

Halma

plc

6,295,291

99,377

Harbour

Energy

plc

278,454

14,021

Hikma

Pharmaceuticals

plc

321,866

36,898

Howden

Joinery

Group

plc

419,784

389,204

HSBC

Holdings

plc

5,492,880

221,600

IG

Group

Holdings

plc

3,214,049

31,596

IMI

plc

975,899

291,885

Imperial

Brands

plc

12,399,694

2,047

Intertek

Group

plc

130,300

14,563

Johnson

Matthey

plc

394,551

36,205

Jupiter

Fund

Management

plc

70,117

3,691

Kainos

Group

plc

46,884

7,223

Keller

Group

plc

146,985

98,929

Kier

Group

plc

293,840

4,367

Lion

Finance

Group

plc

450,378

127,982

MONY

Group

plc

342,200

7,804

Morgan

Sindall

Group

plc

466,004

884,289

NatWest

Group

plc

6,246,043

60,140

Next

plc

10,025,568

76,337

Paragon

Banking

Group

plc

890,624

14,081

Phoenix

Group

Holdings

plc

122,181

14,061

Polar

Capital

Holdings

plc

91,074

29,858

QinetiQ

Group

plc

221,913

361,653

RELX

plc

17,279,354

135,718

Rightmove

plc

1,296,086

33,913

Rio

Tinto

plc

2,234,949

505,330

Rolls-Royce

Holdings

plc

8,122,804

192,333

Rotork

plc

879,319

528,127

Shell

plc

18,822,987

113,990

Smiths

Group

plc

3,614,069

532,146

Standard

Chartered

plc

10,327,654

1,414

TBC

Bank

Group

plc

86,553

1,265,003

Tesco

plc

7,582,034

52,158

Tritax

Big

Box

REIT

plc

101,666

2,058

Unilever

plc

121,645

5,853,623

Vodafone

Group

plc

6,807,200

95,685

Zigup

plc

419,519

Total

198,939,666

Virgin

Islands,

British  <0.1%  

4,449

VK

IPJSC

GDR

a,c

0

Total

0

Total

Common

Stock

(cost

$1,189,087,159)

1,541,768,878

Shares

Collateral

Held

for

Securities

Loaned

1.8%

30,867,326

Thrivent

Cash

Management

Trust

30,867,326

Total

Collateral

Held

for

Securities

Loaned

(cost

$30,867,326)

30,867,326

Shares

Preferred

Stock

0.2%

Brazil  0.1%  

10,000

Bradespar

SA

31,791

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Shares

Preferred

Stock  0.2%

Value

Brazil  0.1%  -

continued

143,100

Companhia

de

Saneamento

do

Parana

$

193,857

55,200

Companhia

de

Saneamento

do

Parana,

Units

383,540

20,400

Itausa

SA

44,194

130,278

Petroleo

Brasileiro

SA

767,385

Total

1,420,767

Germany  <0.1%  

560

Draegerwerk

AG

&

Company

KGaA

41,682

5,859

Porsche

Automobil

Holding

SE

230,890

Total

272,572

Russian

Federation  <0.1%  

765,300

Surgutneftegas

PAO

a,c,e

1

17,100

Transneft

PJSC

a,c,e

0

Total

1

South

Korea  0.1%  

2,152

Hyundai

Motor

Company,

2nd

Preferred

255,535

5,046

Hyundai

Motor

Company,

Preferred

586,712

11,916

Samsung

Electronics

Company,

Ltd.

565,546

Total

1,407,793

Total

Preferred

Stock

(cost

$3,658,453)

3,101,133

Shares

or

Principal

Amount

Short-Term

Investments

8.9%

Federal

Home

Loan

Bank

Discount

Notes

1,000,000

4.259%,

 10/8/2025

g,h

999,104

200,000

4.250%,

 10/24/2025

g,h

199,463

1,000,000

4.240%,

 10/29/2025

g,h

996,754

4,400,000

4.150%,

 11/19/2025

g,h

4,376,594

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

1,200,000

3.903%,

 12/8/2025

g,h

1,191,134

Federal

National

Mortgage

Association

Discount

Notes

200,000

4.155%,

 10/22/2025

g,h

199,507

100,000

3.960%,

 12/3/2025

g,h

99,315

100,000

3.955%,

 12/4/2025

g,h

99,304

3,500,000

3.860%,

 12/22/2025

g,h

3,468,892

State

Street

Institutional

U.S.

Government

Money

Market

Fund

35,085,511

4.090%

g

35,085,511

Thrivent

Core

Short-Term

Reserve

Fund

10,535,477

4.410%

105,354,771

Total

Short-Term

Investments

(cost

$152,069,258)

152,070,349

Total

Investments

(cost

$1,375,682,196)

101.1%

$1,727,807,686

Other

Assets

and

Liabilities,

Net

(1.1%)

(

18,399,346)

Total

Net

Assets

100.0%

$1,709,408,340

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,

2025,

the

value

of

these

investments

was

$45,367,866

or

2.7%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

security

is

on

loan.

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

Equity

Portfolio

as

of

September

30,

2025:

Securities

Lending

Transactions

Common

Stock

$

29,490,755

Total

lending

$29,490,755

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$30,867,326

Net

amounts

due

to

counterparty

$1,376,571

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

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

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

International

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

@

96,086,341

3,752,587

92,333,753

1

Consumer

Discretionary

151,489,380

1,396,583

150,092,797

–

Consumer

Staples

@

69,232,275

152,102

69,080,173

0

Energy

@

34,653,982

331,008

34,322,950

24

Financials

@

408,964,437

4,435,115

404,360,283

169,039

Health

Care

132,222,333

–

132,222,333

–

Industrials

316,040,373

7,669,919

308,370,454

–

Information

Technology

155,540,744

10,471,243

145,069,501

–

Materials

@

92,327,473

1,962,854

90,364,604

15

Real

Estate

39,715,620

–

39,715,620

–

Utilities

45,495,920

14,443

45,481,477

–

Preferred

Stock

Consumer

Discretionary

1,073,137

–

1,073,137

–

Energy

@

767,386

–

767,385

1

Financials

44,194

–

44,194

–

Health

Care

41,682

–

41,682

–

Information

Technology

565,546

–

565,546

–

Materials

31,791

–

31,791

–

Utilities

577,397

–

577,397

–

Short-Term

Investments

46,715,578

35,085,511

11,630,067

–

Subtotal

Investments

in

Securities

$1,591,585,589

$65,271,365

$1,526,145,144

$169,080

Other

Investments  *

Total

Affiliated

Short-Term

Investments

105,354,771

Collateral

Held

for

Securities

Loaned

30,867,326

Subtotal

Other

Investments

$136,222,097

Total

Investments

at

Value

$1,727,807,686

*

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,

2025,

in

valuing

International

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

2,451,173

786,878

1,664,295

–

Total

Asset

Derivatives

$2,451,173

$786,878

$1,664,295

$–

Liability

Derivatives

Futures

Contracts

588,735

588,735

–

–

Total

Liability

Derivatives

$588,735

$588,735

$–

$–

International

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

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

TSX

-

Toronto

Stock

Exchange

The

following

table

presents

International

Equity

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$11,630,067

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

Canadian

Dollar

Foreign

Exchange

Currency

1,191

December

2025

$

86,459,835

(

$

588,735)

CME

E-mini

S&P

500

Index

104

December

2025

34,575,612

465,888

ICE

mini

MSCI

EAFE

Index

507

December

2025

70,426,846

180,509

ICE

US

mini

MSCI

Emerging

Markets

Index

122

December

2025

8,153,689

140,481

S&P

/

TSX

60

Index

347

December

2025

86,740,045

1,664,295

Total

Futures

Long

Contracts

$

286,356,027

$

1,862,438

Total

Futures

Contracts

$

286,356,027

$1,862,438

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

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$24,884

$217,176

$136,705

$105,355

10,535

6.2%

Total

Affiliated

Short-Term

Investments

24,884

105,355

6.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,291

147,788

124,212

30,867

30,867

1.8

Total

Collateral

Held

for

Securities

Loaned

7,291

30,867

1.8

Total

Value

$32,175

$136,222

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$3,181

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$3,181

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

83

Total

Affiliated

Income

from

Securities

Loaned,

Net

$83

Total

Value

$–

$–

$

–

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Shares

Common

Stock

97.2%

Value

Australia  6.5%  

18,198

APA

Group

$

106,834

7,832

Aristocrat

Leisure,

Ltd.

362,570

2,711

ASX,

Ltd.

105,069

41,621

Australia

and

New

Zealand

Banking

Group,

Ltd.

913,936

70,811

BHP

Group,

Ltd.

1,978,119

6,119

BlueScope

Steel,

Ltd.

91,913

19,070

Brambles,

Ltd.

312,894

5,271

CAR

Group,

Ltd.

128,195

912

Cochlear,

Ltd.

168,069

18,711

Coles

Group,

Ltd.

288,015

23,345

Commonwealth

Bank

of

Australia

2,578,070

7,262

Computershare,

Ltd.

174,475

6,755

CSL,

Ltd.

888,594

27,934

Evolution

Mining,

Ltd.

199,128

23,624

Fortescue,

Ltd.

292,570

28,335

Goodman

Group

614,048

32,996

Insurance

Australia

Group,

Ltd.

178,797

31,050

Lottery

Corporation,

Ltd.

120,573

5,051

Macquarie

Group,

Ltd.

733,152

38,419

Medibank,

Private

Ltd.

122,395

42,730

National

Australia

Bank,

Ltd.

1,246,509

18,932

Northern

Star

Resources,

Ltd.

295,629

24,033

Origin

Energy,

Ltd.

198,332

802

Pro

Medicus,

Ltd.

163,284

10,344

Qantas

Airways,

Ltd.

74,744

21,065

QBE

Insurance

Group,

Ltd.

286,658

737

REA

Group,

Ltd.

112,701

5,179

Rio

Tinto,

Ltd.

417,754

45,307

Santos,

Ltd.

201,202

72,662

Scentre

Group

195,996

2,839

SGH,

Ltd.

93,715

64,415

Sigma

Healthcare,

Ltd.

126,498

6,550

Sonic

Healthcare,

Ltd.

92,773

62,826

South32,

Ltd.

113,886

33,478

Stockland

135,392

15,106

Suncorp

Group,

Ltd.

202,537

55,588

Telstra

Corporation,

Ltd.

177,221

43,362

Transurban

Group

395,628

54,105

Vicinity

Centres

90,140

4,782

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

121,753

15,830

Wesfarmers,

Ltd.

962,991

47,738

Westpac

Banking

Corporation

1,229,962

2,801

Wisetech

Global,

Ltd.

167,453

26,488

Woodside

Energy

Group,

Ltd.

399,994

17,041

Woolworths,

Ltd.

300,741

Total

18,160,909

Austria  0.2%  

4,295

Erste

Group

Bank

AG

422,211

2,054

OMV

AG

109,741

950

Verbund

AG

69,191

Total

601,143

Belgium  0.8%  

2,081

Ageas

SA

NV

144,331

13,789

Anheuser-Busch

InBev

NV

824,263

300

D'ieteren

Group

56,310

609

Elia

System

Operator

SA

70,359

1,124

Groupe

Bruxelles

Lambert

SA

100,766

3,204

KBC

Groep

NV

383,965

6

Lotus

Bakeries

NV

56,614

215

Sofina

SA

63,570

215

Sofina

SA,

Rights

a

480

Shares

Common

Stock  97.2%

Value

Belgium  0.8%  -

continued

1,015

Syensqo

SA

$

82,406

1,764

UCB

SA

492,395

Total

2,275,459

Bermuda  0.2%  

18,445

Aegon,

Ltd.

148,704

9,000

CK

Infrastructure

Holdings,

Ltd.

59,048

15,200

Hongkong

Land

Holdings,

Ltd.

96,216

2,300

Jardine

Matheson

Holdings,

Ltd.

145,146

Total

449,114

Cayman

Islands  0.6%  

906

Futu

Holdings,

Ltd.

ADR

157,562

33,099

Grab

Holdings,

Ltd.

a

199,256

34,000

Sands

China,

Ltd.

94,476

5,359

Sea,

Ltd.

ADR

a

957,814

19,000

SITC

International

Holdings

Company,

Ltd.

73,149

116,533

WH

Group,

Ltd.

b

126,200

23,000

Wharf

Real

Estate

Investment

Company,

Ltd.

67,914

Total

1,676,371

Denmark  1.9%  

41

A.P.

Moller

-

Maersk

AS,

Class

A

80,425

55

A.P.

Moller

-

Maersk

AS,

Class

B

108,118

1,311

Carlsberg

AS

152,598

1,759

Coloplast

AS

151,608

9,337

Danske

Bank

AS

398,826

1,193

Demant

AS

a

41,531

2,851

DSV

AS

569,546

850

Genmab

AS

a

262,266

44,928

Novo

Nordisk

AS

2,501,666

4,916

Novonesis

(Novozymes)

B

302,550

5,026

Orsted

AS

a,c

83,054

2,346

Orsted

AS

a,b,d

40,808

1,110

Pandora

AS

145,129

1,345

ROCKWOOL

AS

50,144

4,691

Tryg

AS

119,101

14,088

Vestas

Wind

Systems

AS

267,999

Total

5,275,369

Finland  1.1%  

1,984

Elisa

Oyj

104,137

6,258

Fortum

Oyj

118,781

3,810

Kesko

Oyj

81,084

4,742

KONE

Oyj

323,449

9,251

Metso

Oyj

127,519

5,902

Neste

Oil

Oyj

108,442

72,089

Nokia

Oyj

346,663

43,565

Nordea

Bank

Abp

717,247

1,518

Orion

Oyj

116,543

33,776

Sampo

Oyj

388,322

8,125

Stora

Enso

Oyj

89,415

7,362

UPM-Kymmene

Oyj

201,621

7,016

Wartsila

Corporation

210,443

Total

2,933,666

France  9.7%  

2,734

Accor

SA

129,894

483

Aeroports

de

Paris

SA

63,988

8,070

Air

Liquide

SA

1,681,443

4,834

Alstom

SA

a

126,489

860

Amundi

SA

b

68,348

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Shares

Common

Stock  97.2%

Value

France  9.7%  -

continued

796

Arkema

SA

$

50,473

24,725

AXA

SA

1,185,691

578

BioMerieux

77,578

14,198

BNP

Paribas

SA

1,298,593

9,580

Bollore

SA

54,330

2,670

Bouygues

SA

120,427

4,747

Bureau

Veritas

SA

148,892

2,271

Capgemini

SE

331,288

8,217

Carrefour

SA

124,527

6,266

Compagnie

de

Saint-Gobain

SA

678,933

9,353

Compagnie

Generale

des

Etablissements

Michelin

SCA

336,837

779

Covivio

SA/France

52,504

14,774

Credit

Agricole

SA

291,138

9,030

Danone

SA

786,816

273

Dassault

Aviation

SA

91,967

9,377

Dassault

Systemes

SE

315,453

3,347

Edenred

SE

79,708

957

Eiffage

SA

122,609

25,479

Engie

SA

547,712

4,200

EssilorLuxottica

SA

1,368,170

1,551

FDJ

UNITED

52,008

642

Gecina

SA

64,496

4,220

Groupe

Eurotunnel

SA

77,815

442

Hermes

International

SCA

1,086,899

526

Ipsen

SA

70,630

1,038

Kering

SA

347,832

3,001

Klepierre

SA

117,159

3,658

Legrand

SA

607,819

3,354

L'Oreal

SA

1,457,274

3,489

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,147,072

25,976

Orange

SA

421,357

2,815

Pernod-Ricard

SA

277,139

3,193

Publicis

Groupe

SA

307,274

2,681

Renault

SA

110,239

3,129

Rexel

SA

103,017

5,023

Safran

SA

1,782,512

15,415

Sanofi

SA

1,459,711

407

Sartorius

Stedim

Biotech

82,944

7,648

Schneider

Electric

SE

2,152,705

10,048

Societe

Generale

SA

668,961

1,234

Sodexo

SA

77,858

752

Teleperformance

SE

56,170

1,293

Thales

SA

408,737

28,641

TotalEnergies

SE

1,744,489

8,784

Veolia

Environnement

SA

299,553

6,899

Vinci

SA

958,770

Total

27,074,248

Germany  9.3%  

2,385

Adidas

AG

505,339

5,387

Allianz

SE

2,266,461

12,451

BASF

SE

622,107

13,705

Bayer

AG

456,257

3,924

Bayerische

Motoren

Werke

AG

395,491

1,358

Beiersdorf

AG

142,096

1,712

Brenntag

AG

102,588

10,742

Commerzbank

AG

406,715

1,535

Continental

AG

101,550

2,505

Covestro

AG

a

171,460

870

CTS

Eventim

AG

&

Company

KGaA

85,412

6,628

Daimler

Truck

Holding

AG

274,079

2,681

Delivery

Hero

AG

a,b

76,983

25,820

Deutsche

Bank

AG

914,438

Shares

Common

Stock  97.2%

Value

Germany  9.3%  -

continued

2,627

Deutsche

Boerse

AG

$

703,490

8,370

Deutsche

Lufthansa

AG

71,038

48,693

Deutsche

Telekom

AG

1,658,949

13,392

DHL

Group

598,455

31,320

E.ON

SE

589,929

3,575

Evonik

Industries

AG

62,166

3,070

Fresenius

Medical

Care

AG

162,212

5,893

Fresenius

SE

&

Company

KGaA

329,334

2,044

GEA

Group

AG

151,118

841

Hannover

Rueckversicherung

SE

253,780

1,867

Heidelberg

Materials

AG

422,029

1,450

Henkel

AG

&

Company

KGaA

107,629

886

HENSOLDT

AG

115,395

18,218

Infineon

Technologies

AG

714,697

1,012

Knorr-Bremse

AG

95,218

1,054

LEG

Immobilien

SE

84,002

10,075

Mercedes-Benz

Group

AG

635,029

1,803

Merck

KGaA

233,930

751

MTU

Aero

Engines

AG

346,465

1,823

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,163,942

806

Nemetschek

SE

105,185

71

Rational

AG

54,257

640

Rheinmetall

AG

1,497,074

8,820

RWE

AG

392,303

14,567

SAP

SE

3,900,577

1,046

Scout24

SE

b

131,229

10,602

Siemens

AG

2,862,315

9,478

Siemens

Energy

AG

a

1,114,418

4,721

Siemens

Healthineers

AG

b

255,719

1,852

Symrise

AG

161,069

901

Talanx

AG

120,128

10,491

Vonovia

SE

327,863

3,132

Zalando

SE

a,b

96,116

Total

26,038,036

Hong

Kong  1.7%  

148,200

AIA

Group,

Ltd.

1,420,344

51,500

BOC

Hong

Kong

(Holdings),

Ltd.

241,266

27,000

CK

Asset

Holdings,

Ltd.

130,764

37,500

CK

Hutchison

Holdings,

Ltd.

246,374

23,000

CLP

Holdings,

Ltd.

190,309

31,000

Galaxy

Entertainment

Group,

Ltd.

170,449

10,500

Hang

Seng

Bank,

Ltd.

159,778

20,000

Henderson

Land

Development

Company,

Ltd.

70,449

53,000

HKT

Trust

and

HKT,

Ltd.

78,361

156,162

Hong

Kong

and

China

Gas

Company,

Ltd.

135,516

16,800

Hong

Kong

Exchanges

&

Clearing,

Ltd.

953,745

36,260

Link

REIT

186,304

21,500

MTR

Corporation,

Ltd.

72,812

19,500

Power

Assets

Holdings,

Ltd.

123,428

50,571

Sino

Land

Company,

Ltd.

63,938

20,000

Sun

Hung

Kai

Properties,

Ltd.

239,231

5,000

Swire

Pacific,

Ltd.

42,374

20,500

Techtronic

Industries

Company,

Ltd.

262,056

15,000

Wharf

Holdings,

Ltd.

42,907

Total

4,830,405

Ireland  0.5%  

29,808

AIB

Group

plc

271,753

13,439

Bank

of

Ireland

Group

plc

222,514

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Shares

Common

Stock  97.2%

Value

Ireland  0.5%  -

continued

1,369

DCC

plc

$

88,125

8,072

James

Hardie

Industries

plc

a

149,811

2,284

Kerry

Group

plc

206,195

2,159

Kingspan

Group

plc

180,517

11,841

Ryanair

Holdings

plc

346,024

Total

1,464,939

Isle

of

Man  <0.1%  

8,476

Entain

plc

100,173

Total

100,173

Israel  1.0%  

592

Azrieli

Group,

Ltd.

58,726

17,438

Bank

Hapoalim

BM

354,465

20,837

Bank

Leumi

Le-Israel

BM

410,543

1,208

Check

Point

Software

Technologies,

Ltd.

a

249,947

643

CyberArk

Software,

Ltd.

a

310,665

388

Elbit

Systems,

Ltd.

197,393

10,803

ICL

Group,

Ltd.

67,457

17,100

Israel

Discount

Bank,

Ltd.

168,943

2,176

Mizrahi

Tefahot

Bank,

Ltd.

142,976

571

Monday.com,

Ltd.

a

110,597

882

NICE,

Ltd.

a

127,770

409

Nova,

Ltd.

a

130,061

3,152

Phoenix

Financial,

Ltd.

118,024

15,960

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

322,392

765

Wix.com,

Ltd.

a

135,887

Total

2,905,846

Italy  2.7%  

3,119

Banca

Mediolanum

SPA

62,645

27,533

Banca

Monte

dei

Paschi

di

Siena

SPA

244,995

15,853

Banco

BPM

SPA

237,930

20,401

BPER

Banca

SPA

226,904

8,588

Davide

Campari-Milano

NV

54,307

113,462

Enel

SPA

1,075,230

28,534

Eni

SPA

499,235

8,532

Finecobank

Banca

Fineco

SPA

185,176

11,891

Generali

467,318

3,900

Infrastrutture

Wireless

Italiane

SPA

b

45,831

198,691

Intesa

Sanpaolo

SPA

1,315,175

5,646

Leonardo

SPA

361,270

3,259

Moncler

SPA

191,804

7,723

Nexi

SPA

b

43,753

6,377

Poste

Italiane

SPA

b

151,588

3,928

Prysmian

SPA

390,921

1,605

Recordati

SPA

97,962

28,131

Snam

SPA

168,906

160,386

Telecom

Italia

SPA/Milano

a

84,033

19,628

Terna

Rete

Elettrica

Nazionale

SPA

199,195

19,557

UniCredit

SPA

1,488,196

5,004

Unipol

Assicurazioni

SPA

107,574

Total

7,699,948

Japan  21.6%  

10,700

Advantest

Corporation

1,058,688

31,200

Aeon

Company,

Ltd.

378,714

2,700

AGC,

Inc.

88,053

6,900

Aisin

Corporation

119,164

12,600

Ajinomoto

Company,

Inc.

361,232

2,200

All

Nippon

Airways

Company,

Ltd.

42,503

20,121

Asahi

Group

Holdings,

Ltd.

241,229

Shares

Common

Stock  97.2%

Value

Japan  21.6%  -

continued

17,100

Asahi

Kasei

Corporation

$

134,401

9,700

Asics

Corporation

253,825

25,200

Astellas

Pharma,

Inc.

274,680

8,200

Bandai

Namco

Holdings,

Inc.

272,826

8,000

Bridgestone

Corporation

369,745

12,100

Canon,

Inc.

353,115

4,800

Capcom

Company,

Ltd.

130,325

10,800

Central

Japan

Railway

Company

309,632

7,900

Chiba

Bank,

Ltd.

82,811

9,500

Chubu

Electric

Power

Company,

Inc.

131,936

9,400

Chugai

Pharmaceutical

Company,

Ltd.

416,744

14,400

Concordia

Financial

Group,

Ltd.

110,247

5,500

Dai

Nippon

Printing

Company,

Ltd.

93,526

4,500

Daifuku

Company,

Ltd.

144,018

49,000

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

385,442

23,800

Daiichi

Sankyo

Company,

Ltd.

535,505

3,700

Daikin

Industries,

Ltd.

426,470

4,000

Daito

Trust

Construction

Company,

Ltd.

87,765

7,800

Daiwa

House

Industry

Company,

Ltd.

280,137

18,600

Daiwa

Securities

Group,

Inc.

151,145

24,400

Denso

Corporation

351,157

1,259

DISCO

Corporation

394,748

13,500

East

Japan

Railway

Company

330,194

3,700

Eisai

Company,

Ltd.

124,996

37,800

Eneos

Holdings,

Inc.

239,395

13,000

FANUC

Corporation

373,580

2,700

Fast

Retailing

Company,

Ltd.

820,022

1,900

Fuji

Electric

Company,

Ltd.

127,364

15,600

FUJIFILM

Holdings

NPV

387,945

3,500

Fujikura,

Ltd.

342,359

24,600

Fujitsu,

Ltd.

577,075

3,400

Hankyu

Hanshin

Holdings,

Inc.

100,263

200

Hikari

Tsushin,

Inc.

55,714

63,900

Hitachi,

Ltd.

1,692,907

55,200

Honda

Motor

Company,

Ltd.

d

569,627

4,800

Hoya

Corporation

663,698

6,400

Hulic

Company,

Ltd.

70,108

11,000

Idemitsu

Kosan

Company,

Ltd.

75,258

14,000

IHI

Corporation

260,740

12,300

Inpex

Corporation

221,470

7,500

Isuzu

Motors,

Ltd.

94,525

16,600

ITOCHU

Corporation

944,513

2,000

Japan

Airlines

Company,

Ltd.

40,271

13,800

Japan

Exchange

Group,

Inc.

154,104

24,900

Japan

Post

Bank

Company,

Ltd.

304,899

24,900

Japan

Post

Holdings

Company,

Ltd.

247,140

2,600

Japan

Post

Insurance

Company,

Ltd.

73,687

16,700

Japan

Tobacco,

Inc.

547,711

8,000

JFE

Holdings,

Inc.

98,169

5,900

Kajima

Corporation

171,955

13,200

Kansai

Electric

Power

Company,

Inc.

188,811

6,500

Kao

Corporation

283,277

2,100

Kawasaki

Heavy

Industries,

Ltd.

138,599

4,900

Kawasaki

Kisen

Kaisha,

Ltd.

69,672

43,800

KDDI

Corporation

698,546

2,700

Keyence

Corporation

1,005,914

9,500

Kikkoman

Corporation

80,451

10,800

Kirin

Holdings

Company,

Ltd.

158,232

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Shares

Common

Stock  97.2%

Value

Japan  21.6%  -

continued

2,100

Kobe

Bussan

Company,

Ltd.

$

57,877

13,300

Komatsu,

Ltd.

463,335

1,400

Konami

Group

Corporation

201,967

13,600

Kubota

Corporation

170,876

17,900

Kyocera

Corporation

240,463

3,300

Kyowa

Hakko

Kirin

Company,

Ltd.

51,587

1,100

Lasertec

Corporation

150,486

38,700

LY

Corporation

124,227

6,200

M3,

Inc.

100,367

3,100

Makita

Corporation

100,475

19,700

Marubeni

Corporation

491,559

4,600

MatsukiyoCocokara

&

Company

93,440

3,300

MEIJI

Holdings

Company,

Ltd.

68,427

5,100

Minebea

Mitsumu,

Inc.

95,833

17,900

Mitsubishi

Chemical

Group

Corporation

102,820

44,900

Mitsubishi

Corporation

1,070,389

26,500

Mitsubishi

Electric

Corporation

680,619

14,800

Mitsubishi

Estate

Company,

Ltd.

340,161

12,300

Mitsubishi

HC

Capital,

Inc.

101,607

44,700

Mitsubishi

Heavy

Industries,

Ltd.

1,169,759

159,900

Mitsubishi

UFJ

Financial

Group,

Inc.

2,579,407

34,500

Mitsui

&

Company,

Ltd.

856,677

36,900

Mitsui

Fudosan

Company,

Ltd.

401,697

4,800

Mitsui

O.S.K.

Lines,

Ltd.

145,726

35,030

Mizuho

Financial

Group,

Inc.

1,177,564

3,500

MonotaRO

Company,

Ltd.

50,816

17,900

MS

and

AD

Insurance

Group

Holdings,

Inc.

405,362

23,300

Murata

Manufacturing

Company,

Ltd.

442,329

18,100

NEC

Corporation

579,364

4,600

NEXON

Company,

Ltd.

100,950

11,600

Nidec

Corporation

206,188

15,400

Nintendo

Company,

Ltd.

1,332,397

109

Nippon

Building

Fund,

Inc.

102,820

13,200

Nippon

Paint

Holdings

Company,

Ltd.

90,055

2,400

Nippon

Sanso

Holdings

Corporation

84,998

67,500

Nippon

Steel

Corporation

278,015

6,100

Nippon

Yusen

Kabushiki

Kaisha

d

208,163

31,100

Nissan

Motor

Company,

Ltd.

a

75,635

2,700

Nissin

Foods

Holdings

Company,

Ltd.

50,856

5,500

Nitori

Holdings

Company,

Ltd.

106,344

9,900

Nitto

Denko

Corporation

234,677

41,900

Nomura

Holdings,

Inc.

307,072

5,300

Nomura

Research

Institute,

Ltd.

203,478

416,900

NTT,

Inc.

435,794

9,100

Obayashi

Corporation

149,363

4,500

OBIC

Company,

Ltd.

156,840

15,900

Olympus

Corporation

201,024

500

Oracle

Corporation

Japan

51,052

15,100

Oriental

Land

Company,

Ltd.

363,504

16,200

ORIX

Corporation

425,185

5,000

Osaka

Gas

Company,

Ltd.

144,818

3,200

Otsuka

Corporation

66,797

6,100

Otsuka

Holdings

Company,

Ltd.

325,318

26,500

Pan

Pacific

International

Holdings

Company

174,474

32,500

Panasonic

Holdings

Corporation

352,758

21,100

Rakuten

Group,

Inc.

a

136,826

18,500

Recruit

Holdings

Company,

Ltd.

994,632

23,500

Renesas

Electronics

Corporation

270,372

Shares

Common

Stock  97.2%

Value

Japan  21.6%  -

continued

29,000

Resona

Holdings,

Inc.

$

295,722

7,000

Ryohin

Keikaku

Company,

Ltd.

139,280

2,500

Sanrio

Company,

Ltd.

117,350

3,900

SBI

Holdings,

Inc.

169,796

1,100

SCREEN

Holdings

Company,

Ltd.

99,673

2,200

SCSK

Corporation

65,853

5,900

Secom

Company,

Ltd.

216,456

5,200

Sekisui

Chemical

Company,

Ltd.

96,807

8,300

Sekisui

House,

Ltd.

188,763

29,100

Seven

&

I

Holdings

Company,

Ltd.

390,476

4,000

SG

Holdings

Company,

Ltd.

41,318

3,300

Shimadzu

Corporation

83,218

1,000

Shimano,

Inc.

111,759

23,500

Shin-Etsu

Chemical

Company,

Ltd.

769,473

10,500

Shionogi

&

Company,

Ltd.

185,009

5,600

Shiseido

Company,

Ltd.

95,594

800

SMC

Corporation

247,274

400,100

SoftBank

Corporation

588,467

13,300

SoftBank

Group

Corporation

1,678,201

12,400

Sompo

Holdings,

Inc.

383,353

85,800

Sony

Financial

Group,

Inc.

a

95,150

85,800

Sony

Group

Corporation

2,466,467

8,200

Subaru

Corporation

167,110

15,200

Sumitomo

Corporation

439,781

10,000

Sumitomo

Electric

Industries,

Ltd.

284,541

3,400

Sumitomo

Metal

Mining

Company,

Ltd.

109,463

51,500

Sumitomo

Mitsui

Financial

Group,

Inc.

1,448,843

9,000

Sumitomo

Mitsui

Trust

Group,

Inc.

261,216

4,300

Sumitomo

Realty

&

Development

Company,

Ltd.

189,671

1,900

Suntory

Beverage

and

Food,

Ltd.

59,382

21,900

Suzuki

Motor

Corporation

318,840

7,000

Sysmex

Corporation

86,537

6,800

T&D

Holdings,

Inc.

166,217

2,200

Taisei

Corporation

151,178

22,200

Takeda

Pharmaceutical

Company,

Ltd.

d

652,023

27,100

TDK

Corporation

392,430

18,600

Terumo

Corporation

306,835

3,000

TIS,

Inc.

98,955

1,500

Toho

Company,

Ltd.

96,424

25,600

Tokio

Marine

Holdings,

Inc.

1,083,473

6,300

Tokyo

Electron,

Ltd.

1,116,782

4,400

Tokyo

Gas

Company,

Ltd.

156,458

4,100

Tokyo

Metro

Company,

Ltd.

46,991

6,900

Tokyu

Corporation

84,148

3,300

TOPPAN

Holdings,

Inc.

84,553

19,300

Toray

Industries,

Inc.

123,130

2,300

Toyota

Industries

Corporation

258,678

132,200

Toyota

Motor

Corporation

2,539,095

9,600

Toyota

Tsusho

Corporation

265,750

1,800

Trend

Micro,

Inc.

98,519

15,600

Unicharm

Corporation

101,205

5,900

West

Japan

Railway

Company

129,375

3,450

Yakult

Honsha

Company,

Ltd.

56,258

12,800

Yamaha

Motor

Company,

Ltd.

95,837

3,200

Yokogawa

Electric

Corporation

91,836

1,300

Zensho

Holdings

Company,

Ltd.

84,926

6,200

ZOZO,

Inc.

56,970

Total

60,687,484

Jersey  0.5%  

2,966

CVC

Capital

Partners

plc

b

51,790

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Shares

Common

Stock  97.2%

Value

Jersey  0.5%  -

continued

12,818

Experian

plc

$

643,812

141,418

Glencore

plc

651,318

15,049

WPP

plc

75,015

Total

1,421,935

Luxembourg  0.7%  

6,543

ArcelorMittal

SA

236,045

1,652

Eurofins

Scientific

SE

120,475

3,488

InPost

SA

a

42,943

2,127

Spotify

Technology

SA

a

1,484,646

5,234

Tenaris

SA

93,784

Total

1,977,893

Netherlands  6.2%  

8,135

ABN

AMRO

Bank

NV

b

260,968

352

Adyen

NV

a,b

566,397

2,446

AerCap

Holdings

NV

295,966

8,289

Airbus

SE

1,935,703

2,382

Akzo

Nobel

NV

169,998

854

Argenx

SE

a

630,979

654

ASM

International

NV

394,461

5,494

ASML

Holding

NV

5,357,693

2,187

ASR

Nederland

NV

148,824

1,019

BE

Semiconductor

Industries

NV

152,576

1,091

Euronext

NV

b

163,336

1,304

EXOR

NV

127,630

1,758

Ferrari

NV

852,142

7,165

Ferrovial

SE

411,561

1,808

Heineken

Holding

NV

124,143

4,018

Heineken

NV

314,646

825

IMCD

NV

85,509

42,151

ING

Groep

NV

1,105,024

2,384

JDE

Peet's

BV

87,464

54,251

Koninklijke

(Royal)

KPN

NV

260,381

12,664

Koninklijke

Ahold

Delhaize

NV

512,444

10,746

Koninklijke

Philips

NV

294,378

3,753

NN

Group

NV

264,653

18,253

Prosus

NV

1,290,766

3,021

QIAGEN

NV

134,748

1,514

Randstad

Holding

NV

64,556

28,128

Stellantis

NV

261,072

9,534

STMicroelectronics

NV

269,479

15,352

Universal

Music

Group

NV

443,635

3,327

Wolters

Kluwer

NV

454,136

Total

17,435,268

New

Zealand  0.3%  

23,549

Auckland

International

Airport,

Ltd.

107,643

11,683

Contact

Energy,

Ltd.

61,642

8,179

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

175,683

12,982

Infratil,

Ltd.

93,045

18,243

Meridian

Energy,

Ltd.

58,910

2,296

Xero,

Ltd.

a

239,576

Total

736,499

Norway  0.6%  

4,408

Aker

BP

ASA

111,872

12,368

DNB

Bank

ASA

337,102

10,700

Equinor

ASA

260,932

2,790

Gjensidige

Forsikring

ASA

81,989

6,135

Kongsberg

Gruppen

ASA

196,058

6,492

Mowi

ASA

137,342

19,320

Norsk

Hydro

ASA

131,359

9,779

Orkla

ASA

102,238

Shares

Common

Stock  97.2%

Value

Norway  0.6%  -

continued

933

SalMar

ASA

$

49,891

8,590

Telenor

ASA

142,538

2,310

Yara

International

ASA

84,671

Total

1,635,992

Portugal  0.2%  

115,964

Banco

Comercial

Portugues

SA

102,946

43,776

EDP

SA

207,760

5,821

Galp

Energia

SGPS

SA

110,307

3,950

Jeronimo

Martins

SGPS

SA

96,164

Total

517,177

Singapore  1.3%  

81,670

CapitaLand

Integrated

Commercial

Trust

145,042

32,700

Capitaland

Investment,

Ltd.

68,292

54,654

Capland

Ascendas

REIT

118,271

29,730

DBS

Group

Holdings,

Ltd.

1,179,026

84,400

Genting

Singapore,

Ltd.

48,116

20,300

Keppel,

Ltd.

140,512

47,263

Oversea-Chinese

Banking

Corporation,

Ltd.

602,585

12,500

Sembcorp

Industries,

Ltd.

58,403

21,100

Singapore

Airlines,

Ltd.

106,669

12,000

Singapore

Exchange,

Ltd.

154,049

21,800

Singapore

Technologies

Engineering,

Ltd.

145,570

103,700

Singapore

Telecommunications,

Ltd.

331,536

17,600

United

Overseas

Bank,

Ltd.

472,656

26,800

Wilmar

International,

Ltd.

59,268

36,000

Yangzijiang

Shipbuilding

Holdings,

Ltd.

94,185

Total

3,724,180

Spain  3.4%  

344

Acciona

SA

69,123

2,501

ACS

Actividades

de

Construccion

y

Servicios

SA

200,476

10,463

Aena

SME

SA

b

286,052

6,285

Amadeus

IT

Holding

SA

499,594

80,399

Banco

Bilbao

Vizcaya

Argentaria

SA

d

1,549,264

70,083

Banco

de

Sabadell

SA

273,549

207,653

Banco

Santander

SA

2,179,183

9,405

Bankinter

SA

148,678

54,365

CaixaBank

SA

574,200

6,899

Cellnex

Telecom

SA

b

238,964

4,399

EDP

Renovaveis

SA

58,140

4,431

Endesa

SA

141,553

4,161

Grifols

SA

60,581

88,544

Iberdrola

SA

1,676,084

15,217

Industria

de

Diseno

Textil

SA

842,170

17,338

International

Consolidated

Airlines

Group

SA

90,738

5,661

Redeia

Corporacion

SA

109,301

16,146

Repsol

SA

287,112

51,415

Telefonica

SA

264,593

Total

9,549,355

Supranational  0.1%  

1,699

Unibail-Rodamco-Westfield

178,930

Total

178,930

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Shares

Common

Stock  97.2%

Value

Sweden  3.0%  

1,653

AB

Industrivarden,

Class

A

$

65,670

2,175

AB

Industrivarden,

Class

C

86,333

3,626

Addtech

AB

117,955

4,036

Alfa

Laval

AB

184,305

13,982

Assa

Abloy

AB

486,684

37,471

Atlas

Copco

AB,

Class

A

635,433

21,774

Atlas

Copco

AB,

Class

B

327,643

5,370

Beijer

Ref

AB

83,942

3,965

Boliden

AB

161,845

9,193

Epiroc

AB,

Class

A

194,617

5,440

Epiroc

AB,

Class

B

102,916

5,167

EQT

AB

179,199

8,403

Essity

AB

219,647

2,007

Evolution

Gaming

Group

AB

b

165,224

10,016

Fastighets

AB

Balder

a

71,770

7,868

Hennes

&

Mauritz

AB

147,082

28,963

Hexagon

AB

345,620

1,032

Holmen

AB

39,210

3,812

Indutrade

AB

87,705

2,066

Investment

AB

Latour

49,056

24,146

Investor

AB,

Class

B

755,875

1,060

L

E

Lundbergforetagen

AB

55,078

3,252

Lifco

AB

110,112

21,141

NIBE

Industrier

AB

83,559

4,468

Saab

AB

274,524

3,066

Sagax

AB

64,053

14,874

Sandvik

AB

415,511

6,861

Securitas

AB

103,416

21,119

Skandinaviska

Enskilda

Banken

AB

414,092

4,747

Skanska

AB

123,213

4,759

SKF

AB

118,362

8,475

Svenska

Cellulosa

AB

SCA

112,179

20,347

Svenska

Handelsbanken

AB

265,480

11,844

Swedbank

AB

357,519

2,731

Swedish

Orphan

Biovitrum

AB

a

83,482

7,637

Tele2

AB

130,277

39,041

Telefonaktiebolaget

LM

Ericsson

323,494

32,912

Telia

Company

AB

125,558

2,829

Trelleborg

AB

105,771

22,162

Volvo

AB,

Class

B

637,326

Total

8,410,737

Switzerland  9.2%  

21,864

ABB,

Ltd.

1,582,152

6,971

Alcon

AG

524,323

7,117

Amrize,

Ltd.

a

347,992

1,226

Avolta

AG

66,944

575

Baloise

Holding

AG

142,310

420

Banque

Cantonale

Vaudoise

49,769

50

Barry

Callebaut

AG

68,861

137

Belimo

Holding

AG

144,084

295

BKW

FMB

Energie

63,271

1

Chocoladefabriken

Lindt

and

Spruengli

AG

150,471

3,043

Coca-Cola

HBC

AG

143,564

7,499

Compagnie

Financiere

Richemont

SA

1,439,556

2,594

DSM-Firmenich

AG

221,316

98

EMS-CHEMIE

Holding

AG

69,626

1,825

Galderma

Group

AG

322,661

473

Geberit

AG

357,210

129

Givaudan

SA

526,196

518

Helvetia

Holding

AG

127,293

7,117

Holcim

AG

607,255

2,874

Julius

Baer

Group,

Ltd.

200,124

Shares

Common

Stock  97.2%

Value

Switzerland  9.2%  -

continued

674

Kuehne

&

Nagel

International

AG

$

126,131

13

Lindt

&

Spruengli

AG

198,753

2,122

Logitech

International

SA

233,417

980

Lonza

Group

AG

655,266

35,943

Nestle

SA

3,300,834

26,522

Novartis

AG

3,410,156

317

Partners

Group

Holding

AG

414,766

447

Roche

Holding

AG,

Bearer

Shares

154,657

9,801

Roche

Holding

AG,

Participation

Certificates

3,263,572

5,831

Sandoz

Group

AG

347,776

328

Schindler

Holding

AG

118,686

568

Schindler

Holding

AG,

Participation

Certificates

215,997

2,310

SGS

SA

240,055

4,266

SIG

Group

AG

44,242

2,127

Sika

AG

477,637

707

Sonova

Holding

AG

193,935

1,557

Straumann

Holding

AG

166,919

404

Swatch

Group

AG,

Bearer

Shares

76,355

398

Swiss

Life

Holding

AG

429,685

1,119

Swiss

Prime

Site

AG

156,760

4,168

Swiss

Re

AG

774,110

361

Swisscom

AG

262,393

44,285

UBS

Group

AG

1,820,714

377

VAT

Group

AG

b

150,486

2,042

Zurich

Insurance

Group

AG

1,459,588

Total

25,847,868

United

Kingdom  13.9%  

13,579

3i

Group

plc

748,515

3,632

Admiral

Group

plc

163,924

15,612

Anglo

American

plc

588,686

5,501

Antofagasta

plc

204,582

5,953

Ashtead

Group

plc

399,216

4,507

Associated

British

Foods

plc

124,534

21,632

AstraZeneca

plc

3,314,045

12,170

Auto

Trader

Group

plc

b

129,285

42,646

Aviva

plc

394,509

42,024

BAE

Systems

plc

1,169,798

197,292

Barclays

plc

1,015,131

19,082

Barratt

Redrow

plc

100,394

221,261

BP

plc

1,270,403

29,081

British

American

Tobacco

plc

1,546,740

83,424

BT

Group

plc

214,625

4,571

Bunzl

plc

144,477

68,038

Centrica

plc

152,786

3,208

Coca-Cola

European

Partners

plc

290,035

23,679

Compass

Group

plc

807,116

31,044

Diageo

plc

742,811

3,084

Fresnillo

plc

98,376

56,973

GSK

plc

1,223,323

125,337

Haleon

plc

564,039

5,296

Halma

plc

246,533

2,322

Hikma

Pharmaceuticals

plc

53,304

243,331

HSBC

Holdings

plc

3,434,158

10,770

Imperial

Brands

plc

457,525

18,205

Informa

plc

225,493

2,049

InterContinental

Hotels

Group

plc

247,745

2,196

Intertek

Group

plc

139,784

23,796

J

Sainsbury

plc

106,992

35,069

JD

Sports

Fashion

plc

45,146

24,138

Kingfisher

plc

100,553

9,872

Land

Securities

Group

plc

77,429

80,005

Legal

&

General

Group

plc

256,969

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Shares

Common

Stock  97.2%

Value

United

Kingdom  13.9%  -

continued

835,624

Lloyds

TSB

Group

plc

$

945,580

6,629

London

Stock

Exchange

Group

plc

760,234

31,871

M&G

plc

108,690

28,687

Marks

&

Spencer

Group

plc

140,742

17,740

Melrose

Industries

plc

146,051

6,158

Mondi

plc

85,178

68,381

National

Grid

plc

982,544

112,987

NatWest

Group

plc

798,067

1,628

Next

plc

271,394

8,181

Pearson

plc

116,343

9,800

Phoenix

Group

Holdings

plc

85,035

36,017

Prudential

plc

504,228

9,475

Reckitt

Benckiser

Group

plc

729,594

25,602

RELX

plc

1,223,233

35,239

Rentokil

Initial

plc

178,512

15,745

Rio

Tinto

plc

1,037,634

117,864

Rolls-Royce

Holdings

plc

1,894,576

13,502

Sage

Group

plc

200,295

10,111

Schroders

plc

51,309

17,937

SEGRO

plc

158,492

3,776

Severn

Trent

plc

131,656

82,204

Shell

plc

2,929,835

11,609

Smith

&

Nephew

plc

210,556

4,614

Smiths

Group

plc

146,288

1,027

Spirax

Group

plc

94,570

15,436

SSE

plc

362,062

27,565

Standard

Chartered

plc

534,969

91,584

Tesco

plc

548,926

34,203

Unilever

plc

2,021,692

9,512

United

Utilities

Group

plc

146,948

271,646

Vodafone

Group

plc

315,898

2,440

Whitbread

plc

105,862

9,294

Wise

plc

a

129,561

Total

38,895,535

Total

Common

Stock

(cost

$181,511,597)

272,504,479

Shares

Collateral

Held

for

Securities

Loaned

1.0%

2,941,279

Thrivent

Cash

Management

Trust

2,941,279

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,941,279)

2,941,279

Shares

Preferred

Stock

0.3%

Germany  0.3%  

781

Bayerische

Motoren

Werke

AG

72,748

1,589

Dr.

Ing.

h.c.

F.

Porsche

AG

b

77,040

2,237

Henkel

AG

&

Company

KGaA

180,496

2,136

Porsche

Automobil

Holding

SE

84,175

366

Sartorius

AG

85,562

2,877

Volkswagen

AG

311,838

Total

811,859

Total

Preferred

Stock

(cost

$998,080)

811,859

Shares

or

Principal

Amount

Short-Term

Investments

2.1%

Federal

Home

Loan

Bank

Discount

Notes

200,000

4.240%,

 10/29/2025

e,f

199,351

200,000

4.150%,

 11/19/2025

e,f

198,936

Shares

or

Principal

Amount

Short-Term

Investments  2.1%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

5,409,030

4.090%

e

$

5,409,030

Total

Short-Term

Investments

(cost

$5,807,241)

5,807,317

Total

Investments

(cost

$191,258,197)

100.6%

$282,064,934

Other

Assets

and

Liabilities,

Net

(0.6%)

(1,648,653)

Total

Net

Assets

100.0%

$280,416,281

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,

2025,

the

value

of

these

investments

was

$3,126,117

or

1.1%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

security

is

on

loan.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

2,805,640

Total

lending

$2,805,640

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,941,279

Net

amounts

due

to

counterparty

$135,639

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

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

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,

2025,

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

13,421,165

1,484,646

11,936,519

–

Consumer

Discretionary

27,376,380

957,814

26,418,566

–

Consumer

Staples

20,285,180

290,035

19,995,145

–

Energy

8,663,471

–

8,663,471

–

Financials

67,555,741

157,562

67,398,179

–

Health

Care

29,751,247

322,392

29,428,855

–

Industrials

52,862,283

495,222

52,367,061

–

Information

Technology

22,695,319

807,096

21,888,223

–

Materials

15,373,552

–

15,373,552

–

Real

Estate

5,149,447

96,216

5,053,231

–

Utilities

9,370,694

–

9,287,640

83,054

Preferred

Stock

Consumer

Discretionary

545,801

–

545,801

–

Consumer

Staples

180,496

–

180,496

–

Health

Care

85,562

–

85,562

–

Short-Term

Investments

5,807,317

5,409,030

398,287

–

Subtotal

Investments

in

Securities

$279,123,655

$10,020,013

$269,020,588

$83,054

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

2,941,279

Subtotal

Other

Investments

$2,941,279

Total

Investments

at

Value

$282,064,934

*

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,

2025,

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

21,083

21,083

–

–

Total

Asset

Derivatives

$21,083

$21,083

$–

$–

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$398,287

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

50

December

2025

$

6,942,167

$

21,083

Total

Futures

Long

Contracts

$

6,942,167

$

21,083

Total

Futures

Contracts

$

6,942,167

$21,083

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$3,437

$2,321

$5,758

$–

–

–

Total

Affiliated

Short-Term

Investments

3,437

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

6,512

3,571

2,941

2,941

1.0%

Total

Collateral

Held

for

Securities

Loaned

–

2,941

1.0

Total

Value

$3,437

$2,941

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$21

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$21

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$–

$–

$

–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Shares

Common

Stock

97.2%

Value

Communications

Services  16.9%

410,283

Alphabet,

Inc.,

Class

A

$

99,739,797

498,323

Alphabet,

Inc.,

Class

C

121,366,567

298,186

Meta

Platforms,

Inc.

218,981,835

65,895

Netflix,

Inc.

a

79,002,833

56,930

Spotify

Technology

SA

a

39,737,140

Total

558,828,172

Consumer

Discretionary  16.0%

1,158,753

Amazon.com,

Inc.

a

254,427,396

177,277

DoorDash,

Inc.

a

48,217,571

159,413

Expedia

Group,

Inc.

34,074,529

189,155

Home

Depot,

Inc.

76,643,715

260,131

Tesla,

Inc.

a

115,685,458

Total

529,048,669

Consumer

Staples  1.9%

607,523

Walmart,

Inc.

62,611,320

Total

62,611,320

Energy  0.6%

222,437

ConocoPhillips

21,040,316

Total

21,040,316

Financials  8.3%

111,938

American

Express

Company

37,181,326

48,992

Ameriprise

Financial,

Inc.

24,067,320

173,517

JPMorgan

Chase

&

Company

54,732,467

237,182

Robinhood

Markets,

Inc.

a

33,959,719

363,915

Visa,

Inc.

124,233,303

Total

274,174,135

Health

Care  5.1%

113,308

Amgen,

Inc.

31,975,517

151,687

Danaher

Corporation

30,073,465

85,996

Eli

Lilly

&

Company

65,614,948

87,964

Intuitive

Surgical,

Inc.

a

39,340,140

Total

167,004,070

Industrials  5.3%

97,447

Caterpillar,

Inc.

46,496,836

914,893

Fastenal

Company

44,866,353

60,902

Parker-Hannifin

Corporation

46,172,851

368,116

Uber

Technologies,

Inc.

a

36,064,324

Total

173,600,364

Information

Technology  43.1%

900,599

Apple,

Inc.

229,319,523

36,951

AppLovin

Corporation

a

26,550,772

445,941

Broadcom,

Inc.

147,120,395

151,648

CDW

Corporation

24,154,494

147,285

International

Business

Machines

Corporation

41,557,936

605,255

Microsoft

Corporation

313,491,827

2,113,206

NVIDIA

Corporation

394,281,976

176,912

Oracle

Corporation

49,754,731

270,498

Palantir

Technologies,

Inc.

a

49,344,245

110,382

SAP

SE

ADR

29,495,174

72,140

ServiceNow,

Inc.

a

66,388,999

Shares

Common

Stock  97.2%

Value

Information

Technology  43.1%

-

continued

172,570

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

$

48,197,075

Total

1,419,657,147

Total

Common

Stock

(cost

$1,482,086,838)

3,205,964,193

Shares

or

Principal

Amount

Short-Term

Investments

2.5%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

81,719,345

4.090%

b

81,719,345

Total

Short-Term

Investments

(cost

$81,719,344)

81,719,345

Total

Investments

(cost

$1,563,806,182)

99.7%

$

3,287,683,538

Other

Assets

and

Liabilities,

Net

0.3%

8,456,851

Total

Net

Assets

100.0%

$3,296,140,389

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

558,828,172

558,828,172

–

–

Consumer

Discretionary

529,048,669

529,048,669

–

–

Consumer

Staples

62,611,320

62,611,320

–

–

Energy

21,040,316

21,040,316

–

–

Financials

274,174,135

274,174,135

–

–

Health

Care

167,004,070

167,004,070

–

–

Industrials

173,600,364

173,600,364

–

–

Information

Technology

1,419,657,147

1,419,657,147

–

–

Short-Term

Investments

81,719,345

81,719,345

–

–

Subtotal

Investments

in

Securities

$3,287,683,538

$3,287,683,538

$–

$–

Total

Investments

at

Value

$3,287,683,538

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$91,293

$15,828

$107,121

$–

–

–

Total

Affiliated

Short-Term

Investments

91,293

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

11,855

11,855

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$91,293

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$231

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$231

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Shares

Common

Stock

98.8%

Value

Communications

Services  10.0%

224,110

Alphabet,

Inc.,

Class

A

$

54,481,141

179,912

Alphabet,

Inc.,

Class

C

43,817,568

275,481

AT&T,

Inc.

7,779,583

3,578

Charter

Communications,

Inc.

a

984,326

141,885

Comcast

Corporation

4,458,027

8,676

Electronic

Arts,

Inc.

1,749,949

8,089

Fox

Corporation,

Class

A

510,092

5,718

Fox

Corporation,

Class

B

327,584

14,111

Interpublic

Group

of

Companies,

Inc.

393,838

6,077

Live

Nation

Entertainment,

Inc.

a

992,982

9,270

Match

Group,

Inc.

327,416

83,563

Meta

Platforms,

Inc.

61,366,996

16,371

Netflix,

Inc.

a

19,627,519

14,503

News

Corporation,

Class

A

445,387

4,285

News

Corporation,

Class

B

148,047

7,464

Omnicom

Group,

Inc.

608,540

11,895

Paramount

Skydance

Corporation

b

225,053

6,681

Take-Two

Interactive

Software,

Inc.

a

1,726,103

2,658

TKO

Group

Holdings,

Inc.

536,810

18,644

T-Mobile

US,

Inc.

4,463,001

17,170

Trade

Desk,

Inc.

a

841,502

162,442

Verizon

Communications,

Inc.

7,139,326

69,269

Walt

Disney

Company

7,931,300

95,384

Warner

Brothers

Discovery,

Inc.

a

1,862,850

Total

222,744,940

Consumer

Discretionary  10.4%

16,531

Airbnb,

Inc.

a

2,007,194

373,905

Amazon.com,

Inc.

a

82,098,321

8,390

Aptiv

plc

a

723,386

645

AutoZone,

Inc.

a

2,767,205

7,573

Best

Buy

Company,

Inc.

572,670

1,249

Booking

Holdings,

Inc.

6,743,688

5,782

CarMax,

Inc.

a

259,438

41,828

Carnival

Corporation

a

1,209,247

51,660

Chipotle

Mexican

Grill,

Inc.

a

2,024,555

10,682

D.R.

Horton,

Inc.

1,810,278

4,509

Darden

Restaurants,

Inc.

858,333

5,715

Deckers

Outdoor

Corporation

a

579,330

1,203

Domino's

Pizza,

Inc.

519,347

14,262

DoorDash,

Inc.

a

3,879,121

17,607

eBay,

Inc.

1,601,357

4,554

Expedia

Group,

Inc.

973,417

150,602

Ford

Motor

Company

1,801,200

6,304

Garmin,

Ltd.

1,552,171

36,681

General

Motors

Company

2,236,441

5,359

Genuine

Parts

Company

742,757

5,133

Hasbro,

Inc.

389,338

9,061

Hilton

Worldwide

Holdings,

Inc.

2,350,786

38,331

Home

Depot,

Inc.

15,531,338

11,901

Las

Vegas

Sands

Corporation

640,155

8,769

Lennar

Corporation

1,105,245

9,913

LKQ

Corporation

302,743

21,592

Lowe's

Companies,

Inc.

5,426,285

4,202

Lululemon

Athletica,

Inc.

a

747,662

8,680

Marriott

International,

Inc./MD

2,260,619

27,493

McDonald's

Corporation

8,354,848

7,865

MGM

Resorts

International

a

272,601

2,011

Mohawk

Industries,

Inc.

a

259,258

45,770

NIKE,

Inc.

3,191,542

17,412

Norwegian

Cruise

Line

Holdings,

Ltd.

a

428,858

111

NVR,

Inc.

a

891,847

Shares

Common

Stock  98.8%

Value

Consumer

Discretionary  10.4%

-

continued

32,690

O'Reilly

Automotive,

Inc.

a

$

3,524,309

1,265

Pool

Corporation

392,239

7,601

PulteGroup,

Inc.

1,004,320

1,491

Ralph

Lauren

Corporation

467,518

12,601

Ross

Stores,

Inc.

1,920,266

9,732

Royal

Caribbean

Cruises,

Ltd.

3,149,081

43,793

Starbucks

Corporation

3,704,888

8,018

Tapestry,

Inc.

907,798

108,112

Tesla,

Inc.

a

48,079,569

42,981

TJX

Companies,

Inc.

6,212,474

20,417

Tractor

Supply

Company

1,161,115

1,732

Ulta

Beauty,

Inc.

a

946,971

4,739

Williams-Sonoma,

Inc.

926,238

3,253

Wynn

Resorts,

Ltd.

417,262

10,693

Yum!

Brands,

Inc.

1,625,336

Total

231,551,965

Consumer

Staples  4.8%

64,721

Altria

Group,

Inc.

4,275,469

18,511

Archer-Daniels-Midland

Company

1,105,847

6,784

Brown-Forman

Corporation

183,711

5,395

Bunge

Global

SA

438,344

7,581

Campbell's

Company

b

239,408

9,385

Church

&

Dwight

Company,

Inc.

822,408

4,712

Clorox

Company

580,990

149,226

Coca-Cola

Company

9,896,668

31,138

Colgate-Palmolive

Company

2,489,172

18,456

Conagra

Brands,

Inc.

337,929

5,501

Constellation

Brands,

Inc.

740,820

17,086

Costco

Wholesale

Corporation

15,815,314

8,479

Dollar

General

Corporation

876,305

7,478

Dollar

Tree,

Inc.

a

705,699

9,023

Estee

Lauder

Companies,

Inc.

795,107

20,600

General

Mills,

Inc.

1,038,652

5,706

Hershey

Company

1,067,307

11,228

Hormel

Foods

Corporation

277,781

4,110

J.M.

Smucker

Company

446,346

10,358

Kellanova

849,563

73,936

Kenvue,

Inc.

1,199,981

52,336

Keurig

Dr

Pepper,

Inc.

1,335,091

12,782

Kimberly-Clark

Corporation

1,589,314

32,832

Kraft

Heinz

Company

854,945

23,434

Kroger

Company

1,579,686

5,369

Lamb

Weston

Holdings,

Inc.

311,832

9,749

McCormick

&

Company,

Inc.

652,306

6,526

Molson

Coors

Beverage

Company

295,301

49,852

Mondelez

International,

Inc.

3,114,254

27,462

Monster

Beverage

Corporation

a

1,848,467

52,746

PepsiCo,

Inc.

7,407,648

59,970

Philip

Morris

International,

Inc.

9,727,134

90,244

Procter

&

Gamble

Company

13,865,991

18,396

Sysco

Corporation

1,514,727

17,505

Target

Corporation

1,570,198

11,009

Tyson

Foods,

Inc.

597,789

169,103

Walmart,

Inc.

17,427,755

Total

107,875,259

Energy  2.9%

13,784

APA

Corporation

334,675

37,983

Baker

Hughes

Company

1,850,532

74,147

Chevron

Corporation

11,514,288

48,118

ConocoPhillips

4,551,482

29,401

Coterra

Energy,

Inc.

695,334

24,457

Devon

Energy

Corporation

857,462

7,249

Diamondback

Energy,

Inc.

1,037,332

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Shares

Common

Stock  98.8%

Value

Energy  2.9%

-

continued

21,035

EOG

Resources,

Inc.

$

2,358,444

24,043

EQT

Corporation

1,308,660

9,175

Expand

Energy

Corporation

974,752

164,249

Exxon

Mobil

Corporation

18,519,075

32,848

Halliburton

Company

808,061

75,336

Kinder

Morgan,

Inc.

2,132,762

11,713

Marathon

Petroleum

Corporation

2,257,564

27,687

Occidental

Petroleum

Corporation

1,308,211

24,262

ONEOK,

Inc.

1,770,398

15,570

Phillips

66

2,117,831

57,480

Schlumberger

NV

1,975,587

8,291

Targa

Resources

Corporation

1,389,074

744

Texas

Pacific

Land

Corporation

694,628

11,968

Valero

Energy

Corporation

2,037,672

47,048

Williams

Companies,

Inc.

2,980,491

Total

63,474,315

Financials  13.4%

18,545

Aflac,

Inc.

2,071,476

10,152

Allstate

Corporation

2,179,127

20,912

American

Express

Company

6,946,130

21,344

American

International

Group,

Inc.

1,676,358

3,632

Ameriprise

Financial,

Inc.

1,784,220

8,307

Aon

plc

2,962,110

17,728

Apollo

Global

Management,

Inc.

2,362,611

14,320

Arch

Capital

Group,

Ltd.

1,299,254

9,877

Arthur

J.

Gallagher

&

Company

3,059,302

1,944

Assurant,

Inc.

421,070

262,537

Bank

of

America

Corporation

13,544,284

27,171

Bank

of

New

York

Mellon

Corporation

2,960,552

70,648

Berkshire

Hathaway,

Inc.

a

35,517,576

5,548

BlackRock,

Inc.

6,468,247

28,398

Blackstone,

Inc.

4,851,798

21,173

Block,

Inc.

a

1,530,173

11,288

Brown

&

Brown,

Inc.

1,058,702

24,638

Capital

One

Financial

Corporation

5,237,546

4,030

Cboe

Global

Markets,

Inc.

988,357

65,739

Charles

Schwab

Corporation

6,276,102

14,285

Chubb,

Ltd.

4,031,941

6,025

Cincinnati

Financial

Corporation

952,553

70,924

Citigroup,

Inc.

7,198,786

16,618

Citizens

Financial

Group,

Inc.

883,413

13,884

CME

Group,

Inc.

3,751,318

8,713

Coinbase

Global,

Inc.

a

2,940,550

2,721

Corpay,

Inc.

a

783,811

979

Erie

Indemnity

Company

311,479

1,616

Everest

Group,

Ltd.

565,972

1,457

FactSet

Research

Systems,

Inc.

417,416

20,126

Fidelity

National

Information

Services,

Inc.

1,327,108

25,500

Fifth

Third

Bancorp

1,136,025

20,943

Fiserv,

Inc.

a

2,700,181

11,802

Franklin

Resources,

Inc.

272,980

3,121

Global

Life,

Inc.

446,209

9,347

Global

Payments,

Inc.

776,549

11,663

Goldman

Sachs

Group,

Inc.

9,287,830

10,833

Hartford

Insurance

Group,

Inc.

1,445,014

56,476

Huntington

Bancshares,

Inc./OH

975,341

17,154

Interactive

Brokers

Group,

Inc.

1,180,367

22,054

Intercontinental

Exchange,

Inc.

3,715,658

17,182

Invesco,

Ltd.

394,155

2,805

Jack

Henry

&

Associates,

Inc.

417,749

105,939

JPMorgan

Chase

&

Company

33,416,339

35,908

KeyCorp

671,121

Shares

Common

Stock  98.8%

Value

Financials  13.4%

-

continued

26,431

KKR

&

Company,

Inc.

$

3,434,708

6,553

Loews

Corporation

657,856

6,021

M&T

Bank

Corporation

1,189,870

18,941

Marsh

&

McLennan

Companies,

Inc.

3,817,180

31,804

Mastercard,

Inc.

18,090,433

21,522

MetLife,

Inc.

1,772,767

5,944

Moody's

Corporation

2,832,197

46,741

Morgan

Stanley

7,429,949

2,981

MSCI,

Inc.

1,691,449

17,464

Nasdaq,

Inc.

1,544,691

7,368

Northern

Trust

Corporation

991,733

36,808

PayPal

Holdings,

Inc.

a

2,468,344

15,172

PNC

Financial

Services

Group,

Inc.

3,048,510

7,810

Principal

Financial

Group,

Inc.

647,527

22,585

Progressive

Corporation

5,577,366

13,561

Prudential

Financial,

Inc.

1,406,818

6,837

Raymond

James

Financial,

Inc.

1,180,066

34,378

Regions

Financial

Corporation

906,548

29,818

Robinhood

Markets,

Inc.

a

4,269,341

12,040

S&P

Global,

Inc.

5,859,988

10,930

State

Street

Corporation

1,267,989

14,334

Synchrony

Financial

1,018,431

8,465

T.

Rowe

Price

Group,

Inc.

868,848

8,674

Travelers

Companies,

Inc.

2,421,954

49,678

Truist

Financial

Corporation

2,271,278

59,955

U.S.

Bancorp

2,897,625

65,445

Visa,

Inc.

22,341,614

11,544

W.R.

Berkley

Corporation

884,501

123,418

Wells

Fargo

&

Company

10,344,897

3,758

Willis

Towers

Watson

plc

1,298,201

Total

297,627,539

Health

Care  8.8%

67,054

Abbott

Laboratories

8,981,213

68,060

AbbVie,

Inc.

15,758,612

10,944

Agilent

Technologies,

Inc.

1,404,662

2,597

Align

Technology,

Inc.

a

325,196

20,741

Amgen,

Inc.

5,853,110

19,788

Baxter

International,

Inc.

450,573

11,043

Becton,

Dickinson

and

Company

2,066,918

5,649

Biogen,

Inc.

a

791,312

6,040

Bio-Techne

Corporation

336,005

57,087

Boston

Scientific

Corporation

a

5,573,404

78,419

Bristol-Myers

Squibb

Company

3,536,697

9,200

Cardinal

Health,

Inc.

1,444,032

7,469

Cencora,

Inc.

2,334,287

17,976

Centene

Corporation

a

641,384

1,896

Charles

River

Laboratories

International,

Inc.

a

296,648

10,284

Cigna

Group

2,964,363

7,687

Cooper

Companies,

Inc.

a

527,021

48,865

CVS

Health

Corporation

3,683,932

24,553

Danaher

Corporation

4,867,878

1,377

DaVita,

Inc.

a

182,962

15,108

Dexcom,

Inc.

a

1,016,617

22,619

Edwards

Lifesciences

Corporation

a

1,759,080

8,675

Elevance

Health,

Inc.

2,803,066

30,630

Eli

Lilly

&

Company

23,370,690

17,590

GE

HealthCare

Technologies,

Inc.

1,321,009

47,804

Gilead

Sciences,

Inc.

5,306,244

6,311

HCA

Healthcare,

Inc.

2,689,748

3,971

Henry

Schein,

Inc.

a

263,555

8,569

Hologic,

Inc.

a

578,322

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Shares

Common

Stock  98.8%

Value

Health

Care  8.8%

-

continued

4,634

Humana,

Inc.

$

1,205,628

3,082

IDEXX

Laboratories,

Inc.

a

1,969,059

6,320

Incyte

Corporation

a

535,999

2,712

Insulet

Corporation

a

837,276

13,811

Intuitive

Surgical,

Inc.

a

6,176,693

6,550

IQVIA

Holding,

Inc.

a

1,244,107

92,786

Johnson

&

Johnson

17,204,380

3,202

Labcorp

Holdings,

Inc.

919,166

4,792

McKesson

Corporation

3,702,012

49,363

Medtronic

plc

4,701,332

96,232

Merck

&

Company,

Inc.

8,076,752

794

Mettler-Toledo

International,

Inc.

a

974,722

13,341

Moderna,

Inc.

a

344,598

2,088

Molina

Healthcare,

Inc.

a

399,560

219,046

Pfizer,

Inc.

5,581,292

4,308

Quest

Diagnostics,

Inc.

821,019

3,925

Regeneron

Pharmaceuticals,

Inc.

2,206,910

5,641

ResMed,

Inc.

1,544,111

4,472

Revvity,

Inc.

391,971

5,678

Solventum

Corporation

a

414,494

3,795

STERIS

plc

939,035

13,256

Stryker

Corporation

4,900,345

14,548

Thermo

Fisher

Scientific,

Inc.

7,056,071

34,893

UnitedHealth

Group,

Inc.

12,048,553

2,172

Universal

Health

Services,

Inc.

444,044

9,878

Vertex

Pharmaceuticals,

Inc.

a

3,868,620

44,917

Viatris,

Inc.

444,678

2,293

Waters

Corporation

a

687,464

2,770

West

Pharmaceutical

Services,

Inc.

726,654

7,632

Zimmer

Biomet

Holdings,

Inc.

751,752

17,074

Zoetis,

Inc.

2,498,268

Total

194,745,105

Industrials  8.2%

20,521

3M

Company

3,184,449

4,402

A.O.

Smith

Corporation

323,151

3,307

Allegion

plc

586,497

8,898

AMETEK,

Inc.

1,672,824

15,605

Automatic

Data

Processing,

Inc.

4,580,068

3,025

Axon

Enterprise,

Inc.

a

2,170,861

29,132

Boeing

Company

a

6,287,560

4,513

Broadridge

Financial

Solutions,

Inc.

1,074,861

4,259

Builders

FirstSource,

Inc.

a

516,404

4,550

C.H.

Robinson

Worldwide,

Inc.

602,420

30,820

Carrier

Global

Corporation

1,839,954

18,049

Caterpillar,

Inc.

8,612,080

13,197

Cintas

Corporation

2,708,816

34,273

Copart,

Inc.

a

1,541,257

71,825

CSX

Corporation

2,550,506

5,308

Cummins,

Inc.

2,241,940

6,152

Dayforce,

Inc.

a

423,811

9,704

Deere

&

Company

4,437,251

24,989

Delta

Air

Lines,

Inc.

1,418,126

5,283

Dover

Corporation

881,363

14,998

Eaton

Corporation

plc

5,613,002

1,725

EMCOR

Group,

Inc.

1,120,457

21,683

Emerson

Electric

Company

2,844,376

4,770

Equifax,

Inc.

1,223,648

5,229

Expeditors

International

of

Washington,

Inc.

641,023

44,215

Fastenal

Company

2,168,304

8,361

FedEx

Corporation

1,971,607

13,035

Fortive

Corporation

638,585

Shares

Common

Stock  98.8%

Value

Industrials  8.2%

-

continued

10,488

GE

Vernova,

Inc.

$

6,449,071

2,261

Generac

Holdings,

Inc.

a

378,491

9,727

General

Dynamics

Corporation

3,316,907

40,855

General

Electric

Company

12,290,001

24,461

Honeywell

International,

Inc.

5,149,041

15,531

Howmet

Aerospace,

Inc.

3,047,648

2,047

Hubbell,

Inc.

880,845

1,512

Huntington

Ingalls

Industries,

Inc.

435,320

2,901

IDEX

Corporation

472,167

10,220

Illinois

Tool

Works,

Inc.

2,664,967

13,934

Ingersoll

Rand,

Inc.

1,151,227

4,605

Jacobs

Solutions,

Inc.

690,105

2,946

JB

Hunt

Transport

Services,

Inc.

395,265

25,211

Johnson

Controls

International

plc

2,771,949

7,208

L3Harris

Technologies,

Inc.

2,201,395

4,943

Leidos

Holdings,

Inc.

934,029

1,231

Lennox

International,

Inc.

651,642

7,915

Lockheed

Martin

Corporation

3,951,247

8,066

Masco

Corporation

567,766

2,068

Nordson

Corporation

469,333

8,644

Norfolk

Southern

Corporation

2,596,744

5,185

Northrop

Grumman

Corporation

3,159,324

7,125

Old

Dominion

Freight

Line,

Inc.

1,003,058

15,121

Otis

Worldwide

Corporation

1,382,513

20,231

PACCAR,

Inc.

1,989,112

4,923

Parker-Hannifin

Corporation

3,732,373

12,491

Paychex,

Inc.

1,583,359

1,929

Paycom

Software,

Inc.

401,502

6,316

Pentair

plc

699,560

5,741

Quanta

Services,

Inc.

2,379,185

7,819

Republic

Services,

Inc.

1,794,304

4,332

Rockwell

Automation,

Inc.

1,514,164

10,830

Rollins,

Inc.

636,154

51,570

RTX

Corporation

8,629,208

2,010

Snap-On,

Inc.

696,525

20,234

Southwest

Airlines

Company

645,667

5,964

Stanley

Black

&

Decker,

Inc.

443,304

6,866

Textron,

Inc.

580,108

8,573

Trane

Technologies

plc

3,617,463

2,171

TransDigm

Group,

Inc.

2,861,421

80,345

Uber

Technologies,

Inc.

a

7,871,400

22,848

Union

Pacific

Corporation

5,400,582

12,472

United

Airlines

Holdings,

Inc.

a

1,203,548

28,357

United

Parcel

Service,

Inc.

2,368,660

2,479

United

Rentals,

Inc.

2,366,602

9,561

Veralto

Corporation

1,019,298

5,383

Verisk

Analytics,

Inc.

1,353,878

1,695

W.W.

Grainger,

Inc.

1,615,267

6,586

Wabtec

Corporation

1,320,295

14,278

Waste

Management,

Inc.

3,153,011

9,378

Xylem,

Inc.

1,383,255

Total

182,144,461

Information

Technology  34.4%

23,997

Accenture

plc

5,917,660

16,343

Adobe,

Inc.

a

5,764,993

62,523

Advanced

Micro

Devices,

Inc.

a

10,115,596

5,524

Akamai

Technologies,

Inc.

a

418,498

47,038

Amphenol

Corporation

5,820,953

19,119

Analog

Devices,

Inc.

4,697,538

571,753

Apple,

Inc.

145,585,466

30,918

Applied

Materials,

Inc.

6,330,151

10,430

AppLovin

Corporation

a

7,494,372

39,707

Arista

Networks,

Inc.

a

5,785,707

8,245

Autodesk,

Inc.

a

2,619,189

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Shares

Common

Stock  98.8%

Value

Information

Technology  34.4%

-

continued

181,210

Broadcom,

Inc.

$

59,782,991

10,498

Cadence

Design

Systems,

Inc.

a

3,687,528

5,049

CDW

Corporation

804,205

152,566

Cisco

Systems,

Inc.

10,438,566

18,816

Cognizant

Technology

Solutions

Corporation

1,261,989

30,033

Corning,

Inc.

2,463,607

9,603

CrowdStrike

Holdings,

Inc.

a

4,709,119

12,455

Datadog,

Inc.

a

1,773,592

11,681

Dell

Technologies,

Inc.

1,656,015

2,146

EPAM

Systems,

Inc.

a

323,595

2,213

F5,

Inc.

a

715,220

925

Fair

Isaac

Corporation

a

1,384,290

4,132

First

Solar,

Inc.

a

911,230

25,094

Fortinet,

Inc.

a

2,109,904

2,918

Gartner,

Inc.

a

767,055

21,592

Gen

Digital,

Inc.

612,997

5,334

GoDaddy,

Inc.

a

729,851

50,555

Hewlett

Packard

Enterprise

Company

1,241,631

36,187

HP,

Inc.

985,372

168,632

Intel

Corporation

5,657,604

35,888

International

Business

Machines

Corporation

10,126,158

10,747

Intuit,

Inc.

7,339,234

4,135

Jabil,

Inc.

897,998

6,631

Keysight

Technologies,

Inc.

a

1,159,895

5,084

KLA

Corporation

5,483,602

48,760

Lam

Research

Corporation

6,528,964

20,792

Microchip

Technology,

Inc.

1,335,262

43,116

Micron

Technology,

Inc.

7,214,169

286,376

Microsoft

Corporation

148,328,449

1,845

Monolithic

Power

Systems,

Inc.

1,698,581

6,419

Motorola

Solutions,

Inc.

2,935,345

7,709

NetApp,

Inc.

913,208

940,054

NVIDIA

Corporation

175,395,275

9,713

NXP

Semiconductors

NV

2,211,942

15,756

ON

Semiconductor

Corporation

a

776,928

63,847

Oracle

Corporation

17,956,330

87,620

Palantir

Technologies,

Inc.

a

15,983,640

25,733

Palo

Alto

Networks,

Inc.

a

5,239,753

4,615

PTC,

Inc.

a

936,937

41,552

Qualcomm,

Inc.

6,912,591

4,146

Roper

Industries,

Inc.

2,067,569

36,832

Salesforce,

Inc.

8,729,184

8,194

Seagate

Technology

Holdings

plc

1,934,276

8,014

ServiceNow,

Inc.

a

7,375,124

5,718

Skyworks

Solutions,

Inc.

440,172

19,315

Super

Micro

Computer,

Inc.

a

925,961

7,129

Synopsys,

Inc.

a

3,517,377

11,384

TE

Connectivity

plc

2,499,130

1,806

Teledyne

Technologies,

Inc.

a

1,058,388

6,129

Teradyne,

Inc.

843,596

35,026

Texas

Instruments,

Inc.

6,435,327

9,168

Trimble,

Inc.

a

748,567

1,667

Tyler

Technologies,

Inc.

a

872,108

3,239

VeriSign,

Inc.

905,527

13,366

Western

Digital

Corporation

1,604,722

8,322

Workday,

Inc.

a

2,003,355

1,959

Zebra

Technologies

Corporation

a

582,136

Total

764,483,264

Materials  1.7%

8,574

Air

Products

and

Chemicals,

Inc.

2,338,301

4,534

Albemarle

Corporation

367,617

Shares

Common

Stock  98.8%

Value

Materials  1.7%

-

continued

88,817

Amcor

plc

$

726,523

3,004

Avery

Dennison

Corporation

487,159

10,485

Ball

Corporation

528,654

6,240

CF

Industries

Holdings,

Inc.

559,728

26,164

Corteva,

Inc.

1,769,471

27,309

Dow,

Inc.

626,195

16,132

DuPont

de

Nemours,

Inc.

1,256,683

4,424

Eastman

Chemical

Company

278,933

9,834

Ecolab,

Inc.

2,693,139

55,316

Freeport-McMoRan,

Inc.

2,169,494

9,874

International

Flavors

&

Fragrances,

Inc.

607,646

20,341

International

Paper

Company

943,822

18,066

Linde

plc

8,581,350

9,914

LyondellBasell

Industries

NV

486,183

2,323

Martin

Marietta

Materials,

Inc.

1,464,140

12,228

Mosaic

Company

424,067

42,320

Newmont

Corporation

3,567,999

8,843

Nucor

Corporation

1,197,608

3,443

Packaging

Corporation

of

America

750,333

8,695

PPG

Industries,

Inc.

913,931

8,934

Sherwin-Williams

Company

3,093,487

20,116

Smurfit

WestRock

plc

856,338

5,331

Steel

Dynamics,

Inc.

743,301

5,090

Vulcan

Materials

Company

1,565,786

Total

38,997,888

Real

Estate  1.9%

5,997

Alexandria

Real

Estate

Equities,

Inc.

499,790

18,040

American

Tower

Corporation

3,469,453

5,479

AvalonBay

Communities,

Inc.

1,058,378

5,675

BXP,

Inc.

421,880

4,117

Camden

Property

Trust

439,613

11,292

CBRE

Group,

Inc.

a

1,779,168

16,322

CoStar

Group,

Inc.

a

1,377,087

16,777

Crown

Castle,

Inc.

1,618,813

12,351

Digital

Realty

Trust,

Inc.

2,135,241

3,770

Equinix,

Inc.

2,952,815

13,389

Equity

Residential

866,670

2,481

Essex

Property

Trust,

Inc.

664,064

8,177

Extra

Space

Storage,

Inc.

1,152,466

3,024

Federal

Realty

Investment

Trust

306,361

26,773

Healthpeak

Properties,

Inc.

512,703

24,635

Host

Hotels

&

Resorts,

Inc.

419,288

21,728

Invitation

Homes,

Inc.

637,282

11,379

Iron

Mountain,

Inc.

1,159,975

26,090

Kimco

Realty

Corporation

570,067

4,510

Mid-America

Apartment

Communities,

Inc.

630,182

35,755

Prologis,

Inc.

4,094,663

6,084

Public

Storage

1,757,363

35,225

Realty

Income

Corporation

2,141,328

6,295

Regency

Centers

Corporation

458,906

4,137

SBA

Communications

Corporation

799,889

12,578

Simon

Property

Group,

Inc.

2,360,513

11,617

UDR,

Inc.

432,849

17,509

Ventas,

Inc.

1,225,455

41,084

VICI

Properties,

Inc.

1,339,749

25,768

Welltower,

Inc.

4,590,312

27,798

Weyerhaeuser

Company

689,112

Total

42,561,435

Utilities  2.3%

27,433

AES

Corporation

361,018

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Shares

Common

Stock  98.8%

Value

Utilities  2.3%

-

continued

9,900

Alliant

Energy

Corporation

$

667,359

10,418

Ameren

Corporation

1,087,431

20,604

American

Electric

Power

Company,

Inc.

2,317,950

7,517

American

Water

Works

Company,

Inc.

1,046,291

6,184

Atmos

Energy

Corporation

1,055,918

25,153

CenterPoint

Energy,

Inc.

975,937

11,532

CMS

Energy

Corporation

844,834

13,895

Consolidated

Edison,

Inc.

1,396,726

12,036

Constellation

Energy

Corporation

3,960,687

32,880

Dominion

Energy,

Inc.

2,011,270

7,998

DTE

Energy

Company

1,131,157

29,959

Duke

Energy

Corporation

3,707,426

14,826

Edison

International

819,581

17,199

Entergy

Corporation

1,602,775

8,867

Evergy,

Inc.

674,069

14,298

Eversource

Energy

1,017,160

38,912

Exelon

Corporation

1,751,429

20,021

FirstEnergy

Corporation

917,362

79,338

NextEra

Energy,

Inc.

5,989,226

18,141

NiSource,

Inc.

785,505

7,452

NRG

Energy,

Inc.

1,206,851

84,676

PG&E

Corporation

1,276,914

4,601

Pinnacle

West

Capital

Corporation

412,526

28,491

PPL

Corporation

1,058,726

19,228

Public

Service

Enterprise

Group,

Inc.

1,604,769

25,138

Sempra

2,261,917

42,381

Southern

Company

4,016,447

12,270

Vistra

Energy

Corporation

2,403,938

12,400

WEC

Energy

Group,

Inc.

1,420,916

22,786

Xcel

Energy,

Inc.

1,837,691

Total

51,621,806

Total

Common

Stock

(cost

$556,856,495)

2,197,827,977

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

493,050

Thrivent

Cash

Management

Trust

493,050

Total

Collateral

Held

for

Securities

Loaned

(cost

$493,050)

493,050

Shares

or

Principal

Amount

Short-Term

Investments

1.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

800,000

4.260%,

10/10/2025

c,d

799,104

100,000

3.940%,

12/12/2025

c,d

99,218

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

1,200,000

3.920%,

12/8/2025

c,d

1,191,134

Shares

or

Principal

Amount

Short-Term

Investments  1.2%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

24,180,729

4.090%

c

$

24,180,729

Total

Short-Term

Investments

(cost

$26,270,204)

26,270,185

Total

Investments

(cost

$583,619,749)

100.0%

$2,224,591,212

Other

Assets

and

Liabilities,

Net

<0.1%

108,211

Total

Net

Assets

100.0%

$2,224,699,423

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

406,941

Total

lending

$406,941

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$493,050

Net

amounts

due

to

counterparty

$86,109

Definitions:

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

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,

2025,

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

222,744,940

222,744,940

–

–

Consumer

Discretionary

231,551,965

231,551,965

–

–

Consumer

Staples

107,875,259

107,875,259

–

–

Energy

63,474,315

63,474,315

–

–

Financials

297,627,539

297,627,539

–

–

Health

Care

194,745,105

194,745,105

–

–

Industrials

182,144,461

182,144,461

–

–

Information

Technology

764,483,264

764,483,264

–

–

Materials

38,997,888

38,997,888

–

–

Real

Estate

42,561,435

42,561,435

–

–

Utilities

51,621,806

51,621,806

–

–

Short-Term

Investments

26,270,185

24,180,729

2,089,456

–

Subtotal

Investments

in

Securities

$2,224,098,162

$2,222,008,706

$2,089,456

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

493,050

Subtotal

Other

Investments

$493,050

Total

Investments

at

Value

$2,224,591,212

*

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,

2025,

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

362,035

362,035

–

–

Total

Asset

Derivatives

$362,035

$362,035

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$2,089,456

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

81

December

2025

$

26,929,902

$

362,035

Total

Futures

Long

Contracts

$

26,929,902

$

362,035

Total

Futures

Contracts

$

26,929,902

$362,035

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$28,596

$5,661

$34,257

$–

–

–

Total

Affiliated

Short-Term

Investments

28,596

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,165

19,576

20,248

493

493

<0.1

Total

Collateral

Held

for

Securities

Loaned

1,165

493

<0.1

Total

Value

$29,761

$493

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$98

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$98

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$–

$–

$

–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Shares

Common

Stock

97.6%

Value

Communications

Services  6.4%

271,721

Alphabet,

Inc.,

Class

C

$

66,177,649

910,516

Comcast

Corporation

28,608,413

67,600

Meta

Platforms,

Inc.

49,644,088

1,876,236

Warner

Brothers

Discovery,

Inc.

a

36,642,889

739,050

Warner

Music

Group

Corporation

25,172,043

Total

206,245,082

Consumer

Discretionary  5.7%

274,294

Aptiv

plc

a

23,649,629

5,326

Booking

Holdings,

Inc.

28,756,512

140,622

Columbia

Sportswear

Company

7,354,530

177,229

D.R.

Horton,

Inc.

30,034,999

153,733

Lowe's

Companies,

Inc.

38,634,640

1,163,718

Sony

Group

Corporation

ADR

b

33,503,441

261,339

Wyndham

Hotels

&

Resorts,

Inc.

20,880,986

Total

182,814,737

Consumer

Staples  4.5%

3,017,227

Coty,

Inc.

a

12,189,597

1,579,215

Kenvue,

Inc.

25,630,660

734,493

Keurig

Dr

Pepper,

Inc.

18,736,916

566,633

Sysco

Corporation

46,656,561

734,410

Unilever

plc

ADR

43,535,825

Total

146,749,559

Energy  7.7%

403,695

ConocoPhillips

38,185,510

655,760

Devon

Energy

Corporation

22,990,946

1,377,296

Enterprise

Products

Partners,

LP

43,068,046

709,882

Exxon

Mobil

Corporation

80,039,195

720,201

Halliburton

Company

17,716,945

139,646

Marathon

Petroleum

Corporation

26,915,370

256,562

Shell

plc

ADR

18,351,880

Total

247,267,892

Financials  20.8%

112,998

Allstate

Corporation

24,255,021

355,504

American

International

Group,

Inc.

27,921,284

1,715,910

Bank

of

America

Corporation

88,523,797

371,192

Bank

of

New

York

Mellon

Corporation

40,445,080

334,961

Capital

One

Financial

Corporation

71,206,009

658,021

Charles

Schwab

Corporation

62,821,265

135,823

Chubb,

Ltd.

38,336,042

15,103

First

Citizens

BancShares,

Inc./NC

27,021,683

173,734

Intercontinental

Exchange,

Inc.

29,270,704

233,991

JPMorgan

Chase

&

Company

73,807,781

1,732,849

KeyCorp

32,386,948

62,084

Marsh

&

McLennan

Companies,

Inc.

12,511,789

401,956

MetLife,

Inc.

33,109,116

232,743

Sony

Financial

Group,

Inc.

ADR

a,c

1,290,525

1,304,217

Wells

Fargo

&

Company

109,319,469

Total

672,226,513

Health

Care  12.4%

815,507

Avantor,

Inc.

a

10,177,527

240,458

BioMarin

Pharmaceutical,

Inc.

a

13,023,205

71,804

Cencora,

Inc.

22,440,904

93,106

Cigna

Group

26,837,805

259,165

Gilead

Sciences,

Inc.

28,767,315

418,321

Johnson

&

Johnson

77,565,080

161,918

Labcorp

Holdings,

Inc.

46,480,181

740,422

Merck

&

Company,

Inc.

62,143,619

Shares

Common

Stock  97.6%

Value

Health

Care  12.4%

-

continued

716,912

Sanofi

SA

ADR

$

33,838,246

126,770

UnitedHealth

Group,

Inc.

43,773,681

340,096

Zimmer

Biomet

Holdings,

Inc.

33,499,456

Total

398,547,019

Industrials  12.0%

589,846

Amentum

Holdings,

Inc.

a

14,126,812

51,373

Caterpillar,

Inc.

24,512,627

2,788,228

CNH

Industrial

NV

30,252,274

792,033

CSX

Corporation

28,125,092

853,182

Delta

Air

Lines,

Inc.

48,418,078

449,129

Flowserve

Corporation

23,866,715

107,998

General

Dynamics

Corporation

36,827,318

460,537

Hexcel

Corporation

28,875,670

194,754

Honeywell

International,

Inc.

40,995,717

196,744

Jacobs

Solutions,

Inc.

29,484,056

144,462

JB

Hunt

Transport

Services,

Inc.

19,382,466

142,770

L3Harris

Technologies,

Inc.

43,603,386

235,201

United

Parcel

Service,

Inc.

19,646,339

Total

388,116,550

Information

Technology  13.7%

904,614

Cisco

Systems,

Inc.

61,893,690

79,624

International

Business

Machines

Corporation

22,466,708

212,532

Micron

Technology,

Inc.

35,560,854

196,560

Microsoft

Corporation

101,808,252

341,905

Qualcomm,

Inc.

56,879,316

974,643

Samsung

Electronics

Company,

Ltd.

58,430,167

177,909

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

49,688,205

328,744

TD

SYNNEX

Corporation

53,831,830

Total

440,559,022

Materials  4.3%

593,346

Axalta

Coating

Systems,

Ltd.

a

16,981,562

492,998

CF

Industries

Holdings,

Inc.

44,221,921

214,503

Crown

Holdings,

Inc.

20,718,845

175,448

Eastman

Chemical

Company

11,061,996

333,418

Nucor

Corporation

45,154,800

Total

138,139,124

Real

Estate  3.4%

63,357

AvalonBay

Communities,

Inc.

12,238,672

165,120

CBRE

Group,

Inc.

a

26,016,307

452,702

Crown

Castle,

Inc.

43,681,216

1,626,796

Healthcare

Realty

Trust,

Inc.

29,331,132

Total

111,267,327

Utilities  6.7%

121,162

Constellation

Energy

Corporation

39,870,779

436,759

Duke

Energy

Corporation

54,048,926

703,152

Entergy

Corporation

65,526,735

328,204

Evergy,

Inc.

24,950,068

156,070

Vistra

Energy

Corporation

30,577,235

Total

214,973,743

Total

Common

Stock

(cost

$2,153,687,977)

3,146,906,568

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Shares

Collateral

Held

for

Securities

Loaned

0.9%

Value

27,869,800

Thrivent

Cash

Management

Trust

$

27,869,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$27,869,800)

27,869,800

Shares

or

Principal

Amount

Short-Term

Investments

2.3%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

75,200,253

4.090%

d

75,200,253

Total

Short-Term

Investments

(cost

$75,200,253)

75,200,253

Total

Investments

(cost

$2,256,758,030)

100.8%

$3,249,976,621

Other

Assets

and

Liabilities,

Net

(0.8%)

(25,718,737)

Total

Net

Assets

100.0%

$3,224,257,884

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

The

interest

rate

shown

reflects

the

yield.

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

26,970,472

Total

lending

$26,970,472

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$27,869,800

Net

amounts

due

to

counterparty

$899,328

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,

2025,

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

206,245,082

206,245,082

–

–

Consumer

Discretionary

182,814,737

182,814,737

–

–

Consumer

Staples

146,749,559

146,749,559

–

–

Energy

247,267,892

247,267,892

–

–

Financials

672,226,513

670,935,988

–

1,290,525

Health

Care

398,547,019

398,547,019

–

–

Industrials

388,116,550

388,116,550

–

–

Information

Technology

440,559,022

382,128,855

58,430,167

–

Materials

138,139,124

138,139,124

–

–

Real

Estate

111,267,327

111,267,327

–

–

Utilities

214,973,743

214,973,743

–

–

Short-Term

Investments

75,200,253

75,200,253

–

–

Subtotal

Investments

in

Securities

$3,222,106,821

$3,162,386,129

$58,430,167

$1,290,525

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

27,869,800

Subtotal

Other

Investments

$27,869,800

Total

Investments

at

Value

$3,249,976,621

*

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$47,309

$16,040

$63,349

$–

–

–

Total

Affiliated

Short-Term

Investments

47,309

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

12,459

225,460

210,049

27,870

27,870

0.9%

Total

Collateral

Held

for

Securities

Loaned

12,459

27,870

0.9

Total

Value

$59,768

$27,870

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$5

($5)

$

–

$114

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$114

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

50

Total

Affiliated

Income

from

Securities

Loaned,

Net

$50

Total

Value

$5

($5)

$

–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Shares

Common

Stock

94.8%

Value

Communications

Services  4.2%

27,540

CarGurus,

Inc.

a

$

1,025,314

49,748

Pinterest,

Inc.

a

1,600,393

9,002

ROBLOX

Corporation

a

1,246,957

Total

3,872,664

Consumer

Discretionary  11.6%

7,695

Deckers

Outdoor

Corporation

a

780,042

8,108

DoorDash,

Inc.

a

2,205,295

7,086

Hilton

Worldwide

Holdings,

Inc.

1,838,392

92

NVR,

Inc.

a

739,189

2,784

Pool

Corporation

863,235

8,177

Ross

Stores,

Inc.

1,246,093

8,742

SharkNinja,

Inc.

a

901,737

5,114

Wingstop,

Inc.

b

1,287,091

6,251

Wynn

Resorts,

Ltd.

801,816

Total

10,662,890

Consumer

Staples  1.6%

2,638

Casey's

General

Stores,

Inc.

1,491,314

Total

1,491,314

Energy  2.1%

2,753

Cheniere

Energy,

Inc.

646,900

31,437

TechnipFMC

plc

1,240,190

Total

1,887,090

Financials  10.0%

9,875

Ares

Management

Corporation

1,578,914

3,762

Arthur

J.

Gallagher

&

Company

1,165,242

7,838

Houlihan

Lokey,

Inc.

1,609,298

8,371

Northern

Trust

Corporation

1,126,737

11,357

Robinhood

Markets,

Inc.

a

1,626,095

18,109

Toast,

Inc.

a

661,159

12,366

Tradeweb

Markets,

Inc.

1,372,379

Total

9,139,824

Health

Care  11.3%

1,330

Argenx

SE

ADR

a

980,955

10,735

Dexcom,

Inc.

a

722,358

7,748

Encompass

Health

Corporation

984,151

7,656

HealthEquity,

Inc.

a

725,559

2,559

IDEXX

Laboratories,

Inc.

a

1,634,920

7,687

Natera,

Inc.

a

1,237,376

4,272

Penumbra,

Inc.

a

1,082,183

6,654

Repligen

Corporation

a

889,440

4,804

STERIS

plc

1,188,702

3,448

West

Pharmaceutical

Services,

Inc.

904,514

Total

10,350,158

Industrials  22.5%

8,261

Advanced

Drainage

Systems,

Inc.

1,145,801

2,590

Axon

Enterprise,

Inc.

a

1,858,688

10,225

BWX

Technologies,

Inc.

1,885,183

5,532

Clean

Harbors,

Inc.

a

1,284,641

1,678

EMCOR

Group,

Inc.

1,089,928

18,774

ExlService

Holdings,

Inc.

a

826,619

34,338

Fastenal

Company

1,683,935

10,795

Howmet

Aerospace,

Inc.

2,118,303

16,389

nVent

Electric

plc

1,616,611

6,881

Old

Dominion

Freight

Line,

Inc.

968,707

4,401

Rockwell

Automation,

Inc.

1,538,282

16,284

TransUnion

1,364,273

4,684

Verisk

Analytics,

Inc.

1,178,073

Shares

Common

Stock  94.8%

Value

Industrials  22.5%

-

continued

6,619

Waste

Connections,

Inc.

$

1,163,620

2,156

Watsco,

Inc.

871,671

Total

20,594,335

Information

Technology  24.8%

14,542

Amphenol

Corporation

1,799,572

2,703

AppLovin

Corporation

a

1,942,214

11,916

Arista

Networks,

Inc.

a

1,736,280

7,173

Coherent

Corporation

a

772,675

3,299

CyberArk

Software,

Ltd.

a

1,593,912

31,667

Dynatrace

Holdings,

LLC

a

1,534,266

16,760

Gitlab,

Inc.

a

755,541

7,584

Guidewire

Software,

Inc.

a

1,743,258

3,074

HubSpot,

Inc.

a

1,438,017

22,482

JFrog,

Ltd.

a

1,064,073

21,790

Lattice

Semiconductor

Corporation

a

1,597,643

15,751

Marvell

Technology,

Inc.

1,324,187

4,817

Palantir

Technologies,

Inc.

a

878,717

6,236

PTC,

Inc.

a

1,266,033

19,752

Trimble,

Inc.

a

1,612,751

3,130

Tyler

Technologies,

Inc.

a

1,637,491

Total

22,696,630

Materials  2.1%

1,945

Martin

Marietta

Materials,

Inc.

1,225,895

5,625

RPM

International,

Inc.

663,075

Total

1,888,970

Real

Estate  2.8%

6,061

CBRE

Group,

Inc.

a

954,971

19,377

CoStar

Group,

Inc.

a

1,634,838

Total

2,589,809

Utilities  1.8%

8,339

Vistra

Energy

Corporation

1,633,777

Total

1,633,777

Total

Common

Stock

(cost

$64,865,199)

86,807,461

Shares

Registered

Investment

Companies  

2.9%

Value

U.S.

Unaffiliated  

2.9%  

8,313

SPDR

S&P

Biotech

ETF

b

832,963

3,490

SPDR

S&P

Software

&

Services

ETF

b

690,182

3,614

VanEck

Semiconductor

ETF

1,179,465

Total

2,702,610

Total

Registered

Investment

Companies

(cost

$2,408,545)

2,702,610

Shares

Collateral

Held

for

Securities

Loaned

2.3%

Value

2,101,700

Thrivent

Cash

Management

Trust

2,101,700

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,101,700)

2,101,700

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Shares

or

Principal

Amount

Short-Term

Investments

2.7%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

2,429,060

4.090%

c

$

2,429,059

Total

Short-Term

Investments

(cost

$2,429,060)

2,429,059

Total

Investments

(cost

$71,804,504)

102.7%

$94,040,830

Other

Assets

and

Liabilities,

Net

(2.7%)

(2,453,420)

Total

Net

Assets

100.0%

$91,587,410

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

2,063,864

Total

lending

$2,063,864

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,101,700

Net

amounts

due

to

counterparty

$37,836

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,

2025,

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

3,872,664

3,872,664

–

–

Consumer

Discretionary

10,662,890

10,662,890

–

–

Consumer

Staples

1,491,314

1,491,314

–

–

Energy

1,887,090

1,887,090

–

–

Financials

9,139,824

9,139,824

–

–

Health

Care

10,350,158

10,350,158

–

–

Industrials

20,594,335

20,594,335

–

–

Information

Technology

22,696,630

22,696,630

–

–

Materials

1,888,970

1,888,970

–

–

Real

Estate

2,589,809

2,589,809

–

–

Utilities

1,633,777

1,633,777

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,702,610

2,702,610

–

–

Short-Term

Investments

2,429,059

2,429,059

–

–

Subtotal

Investments

in

Securities

$91,939,130

$91,939,130

$–

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

2,101,700

Subtotal

Other

Investments

$2,101,700

Total

Investments

at

Value

$94,040,830

*

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$1,661

$2,532

$4,193

$–

–

–

Total

Affiliated

Short-Term

Investments

1,661

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

303

20,394

18,595

2,102

2,102

2.3%

Total

Collateral

Held

for

Securities

Loaned

303

2,102

2.3

Total

Value

$1,964

$2,102

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$8

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$8

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

$–

$–

$

–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Shares

Common

Stock

99.5%

Value

Communications

Services  1.4%

30,896

EchoStar

Corporation

a

$

2,359,219

57,509

Frontier

Communications

Parent,

Inc.

a

2,147,961

24,379

Iridium

Communications,

Inc.

425,657

37,228

New

York

Times

Company

2,136,887

6,547

Nexstar

Media

Group,

Inc.

1,294,604

33,517

Warner

Music

Group

Corporation

1,141,589

64,420

ZoomInfo

Technologies,

Inc.

a

702,822

Total

10,208,739

Consumer

Discretionary  12.2%

10,946

Abercrombie

&

Fitch

Company

a

936,430

60,389

Aramark

2,318,938

16,234

Autoliv,

Inc.

2,004,899

6,497

AutoNation,

Inc.

a

1,421,349

48,617

Bath

&

Body

Works,

Inc.

1,252,374

13,632

Boyd

Gaming

Corporation

1,178,486

15,010

Brunswick

Corporation

949,232

14,316

Burlington

Stores,

Inc.

a

3,643,422

27,351

Capri

Holdings,

Ltd.

a

544,832

22,910

Cava

Group,

Inc.

a

1,383,993

51,211

Chewy,

Inc.

a

2,071,485

4,748

Choice

Hotels

International,

Inc.

b

507,609

15,305

Churchill

Downs,

Inc.

1,484,738

5,914

Columbia

Sportswear

Company

309,302

12,548

Crocs,

Inc.

a

1,048,385

15,360

Dick's

Sporting

Goods,

Inc.

3,413,299

9,120

Duolingo,

Inc.

a

2,935,181

12,649

Five

Below,

Inc.

a

1,956,800

24,742

Floor

&

Decor

Holdings,

Inc.

a

1,823,485

94,552

GameStop

Corporation

a,b

2,579,378

52,284

Gap,

Inc.

1,118,355

50,427

Gentex

Corporation

1,427,084

65,718

Goodyear

Tire

&

Rubber

Company

a

491,571

780

Graham

Holdings

Company

918,302

6,373

Grand

Canyon

Education,

Inc.

a

1,399,001

30,758

H&R

Block,

Inc.

1,555,432

27,926

Harley-Davidson,

Inc.

779,135

14,171

Hilton

Grand

Vacations,

Inc.

a

592,489

9,727

Hyatt

Hotels

Corporation

1,380,553

15,634

KB

Home

994,948

12,224

Lear

Corporation

1,229,857

19,287

Light

&

Wonder,

Inc.

a

1,618,951

5,890

Lithia

Motors,

Inc.

1,861,240

62,385

Macy's,

Inc.

1,118,563

6,360

Marriott

Vacations

Worldwide

Corporation

423,322

74,024

Mattel,

Inc.

a

1,245,824

4,033

Murphy

USA,

Inc.

1,565,853

14,093

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

1,809,541

4,249

Penske

Automotive

Group,

Inc.

738,944

19,280

Planet

Fitness,

Inc.

a

2,001,264

12,272

Polaris,

Inc.

713,371

11,045

PVH

Corporation

925,240

3,529

RH

a

716,952

32,220

Service

Corporation

International/

US

2,681,348

48,221

Somnigroup

International,

Inc.

4,066,477

22,709

Taylor

Morrison

Home

Corporation

a

1,499,021

15,267

Texas

Roadhouse,

Inc.

2,536,612

12,223

Thor

Industries,

Inc.

1,267,403

22,557

Toll

Brothers,

Inc.

3,116,024

6,428

TopBuild

Corporation

a

2,512,448

Shares

Common

Stock  99.5%

Value

Consumer

Discretionary  12.2%

-

continued

14,915

Travel

+

Leisure

Company

$

887,293

43,384

Under

Armour,

Inc.,

Class

A

a,b

216,486

27,861

Under

Armour,

Inc.,

Class

C

a

134,569

8,536

Vail

Resorts,

Inc.

b

1,276,729

29,204

Valvoline,

Inc.

a

1,048,716

75,384

VF

Corporation

1,087,791

6,267

Visteon

Corporation

751,163

12,841

Whirlpool

Corporation

b

1,009,303

6,415

Wingstop,

Inc.

b

1,614,527

17,543

Wyndham

Hotels

&

Resorts,

Inc.

1,401,686

18,661

YETI

Holdings,

Inc.

a

619,172

Total

88,116,177

Consumer

Staples  4.7%

92,608

Albertsons

Companies,

Inc.

1,621,566

28,943

BellRing

Brands,

Inc.

a

1,052,078

30,338

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,829,019

1,817

Boston

Beer

Company,

Inc.

a

384,150

8,542

Casey's

General

Stores,

Inc.

4,828,964

36,743

Celsius

Holdings,

Inc.

a

2,112,355

13,770

Coca-Cola

Consolidated,

Inc.

1,613,293

84,170

Coty,

Inc.

a

340,047

36,343

Darling

Ingredients,

Inc.

a

1,121,908

13,628

e.l.f.

Beauty,

Inc.

a

1,805,437

48,508

Flowers

Foods,

Inc.

633,029

14,745

Ingredion,

Inc.

1,800,512

42,367

Maplebear,

Inc.

a

1,557,411

4,687

Marzetti

Company

809,867

35,960

Performance

Food

Group

Company

a

3,741,278

9,824

Pilgrim's

Pride

Corporation

400,033

10,982

Post

Holdings,

Inc.

a

1,180,345

22,452

Sprouts

Farmers

Markets,

Inc.

a

2,442,778

51,733

US

Foods

Holding

Corporation

a

3,963,783

Total

34,237,853

Energy  4.0%

76,954

Antero

Midstream

Corporation

1,495,986

67,427

Antero

Resources

Corporation

a

2,262,850

13,155

Chord

Energy

Corporation

1,307,212

19,160

Civitas

Resources,

Inc.

622,700

32,491

CNX

Resources

Corporation

a

1,043,611

23,341

DT

Midstream,

Inc.

2,638,934

36,534

HF

Sinclair

Corporation

1,912,190

26,886

Matador

Resources

Company

1,207,988

30,825

Murphy

Oil

Corporation

875,738

85,320

NOV,

Inc.

1,130,490

59,053

Ovintiv,

Inc.

2,384,560

18,873

PBF

Energy,

Inc.

569,398

160,648

Permian

Resources

Corporation

2,056,294

54,724

Range

Resources

Corporation

2,059,811

94,430

TechnipFMC

plc

3,725,264

15,216

Valaris,

Ltd.

a

742,084

38,763

Viper

Energy,

Inc.

1,481,522

16,504

Weatherford

International

plc

1,129,369

Total

28,646,001

Financials  16.9%

6,528

Affiliated

Managers

Group,

Inc.

1,556,471

64,353

Ally

Financial,

Inc.

2,522,638

15,902

American

Financial

Group,

Inc.

2,317,239

147,515

Annaly

Capital

Management,

Inc.

2,981,278

37,536

Associated

Banc-Corp

965,051

24,321

Bank

OZK

1,239,885

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Shares

Common

Stock  99.5%

Value

Financials  16.9%

-

continued

13,130

Brighthouse

Financial,

Inc.

a

$

696,940

42,803

Cadence

Bank

1,606,825

59,832

Carlyle

Group,

Inc.

3,751,466

22,270

CNO

Financial

Group,

Inc.

880,779

68,705

Columbia

Banking

System,

Inc.

1,768,467

29,528

Comerica,

Inc.

2,023,259

28,511

Commerce

Bancshares,

Inc.

1,703,817

14,778

Cullen/Frost

Bankers,

Inc.

1,873,407

31,664

East

West

Bancorp,

Inc.

3,370,633

68,817

Equitable

Holdings,

Inc.

3,494,527

22,638

Essent

Group,

Ltd.

1,438,871

8,854

Euronet

Worldwide,

Inc.

a

777,470

8,868

Evercore,

Inc.

2,991,354

82,512

F.N.B.

Corporation

1,329,268

16,982

Federated

Hermes,

Inc.

881,875

58,682

Fidelity

National

Financial,

Inc.

3,549,674

23,388

First

American

Financial

Corporation

1,502,445

29,919

First

Financial

Bankshares,

Inc.

1,006,774

116,653

First

Horizon

Corporation

2,637,524

8,970

FirstCash

Holdings,

Inc.

1,421,027

68,743

Flagstar

Financial,

Inc.

793,982

27,237

Glacier

Bancorp,

Inc.

1,325,625

9,294

Hamilton

Lane,

Inc.

1,252,738

19,472

Hancock

Whitney

Corporation

1,219,142

8,218

Hanover

Insurance

Group,

Inc.

1,492,635

42,109

Home

BancShares,

Inc.

1,191,685

12,491

Houlihan

Lokey,

Inc.

2,564,652

12,424

International

Bancshares

Corporation

854,150

28,669

Janus

Henderson

Group

plc

1,276,057

37,914

Jefferies

Financial

Group,

Inc.

2,480,334

14,415

Kemper

Corporation

743,093

5,085

Kinsale

Capital

Group,

Inc.

2,162,447

52,962

MGIC

Investment

Corporation

1,502,532

5,620

Morningstar,

Inc.

1,303,896

80,124

Old

National

Bancorp

1,758,722

52,518

Old

Republic

International

Corporation

2,230,439

17,668

Pinnacle

Financial

Partners,

Inc.

1,657,082

7,442

Primerica,

Inc.

2,065,825

21,826

Prosperity

Bancshares,

Inc.

1,448,155

15,185

Reinsurance

Group

of

America,

Inc.

2,917,494

10,813

RenaissanceRe

Holdings,

Ltd.

2,745,745

21,097

RLI

Corporation

1,375,946

25,887

Ryan

Specialty

Holdings,

Inc.

1,458,991

21,586

SEI

Investments

Company

1,831,572

13,980

Selective

Insurance

Group,

Inc.

1,133,359

15,460

Shift4

Payments,

Inc.

a,b

1,196,604

47,898

SLM

Corporation

1,325,817

23,252

SouthState

Bank

Corporation

2,298,925

79,288

Starwood

Property

Trust,

Inc.

1,535,809

23,474

Stifel

Financial

Corporation

2,663,595

31,890

Synovus

Financial

Corporation

1,565,161

10,512

Texas

Capital

Bancshares,

Inc.

a

888,579

16,398

UMB

Financial

Corporation

1,940,703

32,466

United

Bankshares,

Inc.

1,208,060

35,999

Unum

Group

2,800,002

110,591

Valley

National

Bancorp

1,172,265

22,152

Voya

Financial,

Inc.

1,656,970

38,181

Webster

Financial

Corporation

2,269,479

23,784

Western

Alliance

Bancorp

2,062,549

74,201

Western

Union

Company

592,866

7,872

WEX,

Inc.

a

1,240,076

Shares

Common

Stock  99.5%

Value

Financials  16.9%

-

continued

15,382

Wintrust

Financial

Corporation

$

2,037,192

33,916

Zions

Bancorp

NA

1,918,967

Total

121,448,881

Health

Care  8.6%

156,627

Avantor,

Inc.

a

1,954,705

44,115

BioMarin

Pharmaceutical,

Inc.

a

2,389,268

4,194

Bio-Rad

Laboratories,

Inc.

a

1,175,956

25,446

Bruker

Corporation

826,741

3,348

Chemed

Corporation

1,499,033

27,491

Cytokinetics,

Inc.

a

1,510,905

45,831

Dentsply

Sirona,

Inc.

581,595

31,337

Doximity,

Inc.

a

2,292,302

114,141

Elanco

Animal

Health,

Inc.

a

2,298,800

23,141

Encompass

Health

Corporation

2,939,370

13,162

Ensign

Group,

Inc.

2,273,999

38,180

Envista

Holdings

Corporation

a

777,727

61,849

Exelixis,

Inc.

a

2,554,364

25,876

Globus

Medical,

Inc.

a

1,481,918

11,069

Haemonetics

Corporation

a

539,503

26,873

Halozyme

Therapeutics,

Inc.

a

1,970,866

19,867

HealthEquity,

Inc.

a

1,882,796

47,502

Hims

&

Hers

Health,

Inc.

a,b

2,694,313

35,312

Illumina,

Inc.

a

3,353,581

13,936

Jazz

Pharmaceuticals,

Inc.

a

1,836,765

15,621

Lantheus

Holdings,

Inc.

a

801,201

12,544

LivaNova

plc

a

657,055

10,609

Masimo

Corporation

a

1,565,358

5,099

Medpace

Holdings,

Inc.

a

2,621,702

22,787

Neurocrine

Biosciences,

Inc.

a

3,198,839

37,287

Option

Care

Health,

Inc.

a

1,035,087

8,960

Penumbra,

Inc.

a

2,269,747

31,609

Perrigo

Company

plc

703,932

12,150

Repligen

Corporation

a

1,624,090

98,841

Roivant

Sciences,

Ltd.

a

1,495,464

40,461

Sotera

Health

Company

a

636,452

20,298

Tenet

Healthcare

Corporation

a

4,121,306

10,391

United

Therapeutics

Corporation

a

4,356,011

Total

61,920,751

Industrials  23.3%

15,547

AAON,

Inc.

b

1,452,712

6,972

Acuity,

Inc.

2,401,087

16,434

Advanced

Drainage

Systems,

Inc.

2,279,396

30,429

AECOM

3,970,072

7,309

AeroVironment,

Inc.

a

2,301,531

14,229

AGCO

Corporation

1,523,499

26,492

Alaska

Air

Group,

Inc.

a

1,318,772

31,666

Allegheny

Technologies,

Inc.

a

2,575,712

151,594

American

Airlines

Group,

Inc.

a

1,703,916

85,039

API

Group

Corporation

a

2,922,790

8,750

Applied

Industrial

Technologies,

Inc.

2,284,187

3,881

Avis

Budget

Group,

Inc.

a,b

623,192

9,572

Brink's

Company

1,118,584

20,999

BWX

Technologies,

Inc.

3,871,586

5,053

CACI

International,

Inc.

a

2,520,335

9,799

Carlisle

Companies,

Inc.

3,223,479

11,453

Carpenter

Technology

Corporation

2,812,170

10,151

Chart

Industries,

Inc.

a

2,031,723

11,583

Clean

Harbors,

Inc.

a

2,689,804

204,034

CNH

Industrial

NV

2,213,769

8,088

Comfort

Systems

USA,

Inc.

6,674,056

10,281

Concentrix

Corporation

474,468

43,572

Core

&

Main,

Inc.

a

2,345,481

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Shares

Common

Stock  99.5%

Value

Industrials  23.3%

-

continued

11,238

Crane

Company

$

2,069,365

8,656

Curtiss-Wright

Corporation

4,699,689

26,770

Donaldson

Company,

Inc.

2,191,124

8,608

EnerSys

972,360

13,109

ESAB

Corporation

1,464,800

37,107

ExlService

Holdings,

Inc.

a

1,633,821

11,602

Exponent,

Inc.

806,107

30,047

Flowserve

Corporation

1,596,698

37,142

Fluor

Corporation

a

1,562,564

27,579

Fortune

Brands

Innovations,

Inc.

1,472,443

7,294

FTI

Consulting,

Inc.

a

1,179,075

8,179

GATX

Corporation

1,429,689

37,235

Genpact,

Ltd.

1,559,774

38,068

Graco,

Inc.

3,234,257

26,300

GXO

Logistics,

Inc.

a

1,391,007

18,279

Hexcel

Corporation

1,146,093

8,223

Insperity,

Inc.

404,572

17,920

ITT

Corporation

3,203,379

29,601

KBR,

Inc.

1,399,831

12,820

Kirby

Corporation

a

1,069,829

37,288

Knight-Swift

Transportation

Holdings,

Inc.

1,473,249

38,780

Kratos

Defense

&

Security

Solutions,

Inc.

a

3,543,329

7,962

Landstar

System,

Inc.

975,823

12,679

Lincoln

Electric

Holdings,

Inc.

2,990,089

14,085

MasTec,

Inc.

a

2,997,429

12,946

Maximus,

Inc.

1,182,876

10,713

Middleby

Corporation

a

1,424,079

8,453

MSA

Safety,

Inc.

1,454,508

10,489

MSC

Industrial

Direct

Company,

Inc.

966,456

25,433

Mueller

Industries,

Inc.

2,571,531

33,994

NEXTracker,

Inc.

a

2,515,216

36,977

nVent

Electric

plc

3,647,411

14,704

Oshkosh

Corporation

1,907,109

19,213

Owens

Corning,

Inc.

2,717,871

12,268

Parsons

Corporation

a

1,017,262

10,265

Paylocity

Holding

Corporation

a

1,634,906

42,641

RB

Global,

Inc.

4,620,579

7,221

RBC

Bearings,

Inc.

a

2,818,284

15,249

Regal

Rexnord

Corporation

2,187,316

9,372

Ryder

System,

Inc.

1,767,934

6,120

Saia,

Inc.

a

1,832,083

10,769

Science

Applications

International

Corporation

1,070,115

33,460

Sensata

Technologies

Holding

plc

1,022,203

9,561

Simpson

Manufacturing

Company,

Inc.

1,601,085

15,071

Terex

Corporation

773,142

60,371

Tetra

Tech,

Inc.

2,015,184

14,560

Timken

Company

1,094,621

22,673

Toro

Company

1,727,683

44,755

TransUnion

3,749,574

24,637

Trex

Company,

Inc.

a

1,272,994

13,455

UFP

Industries,

Inc.

1,257,908

4,535

Valmont

Industries,

Inc.

1,758,355

8,019

Watsco,

Inc.

3,242,082

6,299

Watts

Water

Technologies,

Inc.

1,759,185

11,180

WESCO

International,

Inc.

2,364,570

13,777

Woodward,

Inc.

3,481,586

27,055

XPO,

Inc.

a

3,497,400

Total

167,751,825

Shares

Common

Stock  99.5%

Value

Information

Technology  13.3%

28,483

Allegro

MicroSystems,

Inc.

a

$

831,704

26,119

Amkor

Technology,

Inc.

741,780

5,255

Appfolio,

Inc.

a

1,448,593

11,832

Arrow

Electronics,

Inc.

a

1,431,672

10,063

ASGN,

Inc.

a

476,483

19,266

Avnet,

Inc.

1,007,226

9,103

Belden,

Inc.

1,094,818

21,066

BILL

Holdings,

Inc.

a

1,115,866

8,547

Blackbaud,

Inc.

a

549,658

32,479

Ciena

Corporation

a

4,731,216

11,793

Cirrus

Logic,

Inc.

a

1,477,545

38,574

Cognex

Corporation

1,747,402

35,712

Coherent

Corporation

a

3,846,897

10,215

CommVault

Systems,

Inc.

a

1,928,388

11,345

Crane

NXT

Company

760,909

46,423

DocuSign,

Inc.

a

3,346,634

14,057

Dolby

Laboratories,

Inc.

1,017,305

42,522

Dropbox,

Inc.

a

1,284,590

69,270

Dynatrace

Holdings,

LLC

a

3,356,131

34,830

Entegris,

Inc.

3,220,382

8,232

Fabrinet

a

3,001,552

86,230

Flex,

Ltd.

a

4,998,753

19,344

Guidewire

Software,

Inc.

a

4,446,412

5,820

IPG

Photonics

Corporation

a

460,886

53,105

Kyndryl

Holdings,

Inc.

a

1,594,743

31,451

Lattice

Semiconductor

Corporation

a

2,305,987

5,694

Littelfuse,

Inc.

1,474,803

16,036

Lumentum

Holdings,

Inc.

a

2,609,218

14,714

MACOM

Technology

Solutions

Holdings,

Inc.

a

1,831,746

13,893

Manhattan

Associates,

Inc.

a

2,847,787

15,430

MKS,

Inc.

1,909,771

8,265

Novanta,

Inc.

a

827,740

61,590

Nutanix,

Inc.

a

4,581,680

38,405

Okta,

Inc.

a

3,521,738

11,259

Onto

Innovation,

Inc.

a

1,454,888

21,225

Pegasystems,

Inc.

1,220,437

12,888

Power

Integrations,

Inc.

518,226

71,334

Pure

Storage,

Inc.

a

5,978,502

8,293

Qualys,

Inc.

a

1,097,413

24,719

Rambus,

Inc.

a

2,575,720

7,539

Silicon

Laboratories,

Inc.

a

988,589

8,856

Synaptics,

Inc.

a

605,219

17,620

TD

SYNNEX

Corporation

2,885,275

35,251

Twilio,

Inc.

a

3,528,273

10,156

Universal

Display

Corporation

1,458,706

33,704

Vontier

Corporation

1,414,557

Total

95,553,820

Materials  5.0%

59,485

Alcoa

Corporation

1,956,462

15,136

AptarGroup,

Inc.

2,023,078

10,501

Ashland,

Inc.

503,103

21,031

Avient

Corporation

692,971

49,757

Axalta

Coating

Systems,

Ltd.

a

1,424,045

12,223

Cabot

Corporation

929,559

113,655

Cleveland-Cliffs,

Inc.

a

1,386,591

25,716

Commercial

Metals

Company

1,473,013

26,431

Crown

Holdings,

Inc.

2,552,970

7,455

Eagle

Materials,

Inc.

1,737,313

68,062

Graphic

Packaging

Holding

Company

1,331,973

6,003

Greif,

Inc.

358,739

13,018

Knife

River

Corporation

a

1,000,694

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Shares

Common

Stock  99.5%

Value

Materials  5.0%

-

continued

14,560

Louisiana-Pacific

Corporation

$

1,293,510

30,923

MP

Materials

Corporation

a,b

2,074,006

1,792

NewMarket

Corporation

1,484,152

26,339

Olin

Corporation

658,212

12,083

Reliance,

Inc.

3,393,269

15,124

Royal

Gold,

Inc.

3,033,572

29,494

RPM

International,

Inc.

3,476,753

10,214

Scotts

Miracle-Gro

Company

581,687

20,402

Silgan

Holdings,

Inc.

877,490

22,660

Sonoco

Products

Company

976,419

7,661

Westlake

Corporation

590,357

Total

35,809,938

Real

Estate  6.6%

25,380

Agree

Realty

Corporation

1,802,995

74,861

American

Homes

4

Rent

2,489,128

70,325

Brixmor

Property

Group,

Inc.

1,946,596

25,889

COPT

Defense

Properties

752,334

38,590

Cousins

Properties,

Inc.

1,116,795

52,390

CubeSmart

2,130,178

12,236

EastGroup

Properties,

Inc.

2,071,065

17,488

EPR

Properties

1,014,479

44,523

Equity

Lifestyle

Properties,

Inc.

2,702,546

30,420

First

Industrial

Realty

Trust,

Inc.

1,565,717

65,020

Gaming

and

Leisure

Properties,

Inc.

3,030,582

80,781

Healthcare

Realty

Trust,

Inc.

1,456,482

53,628

Independence

Realty

Trust,

Inc.

878,963

10,886

Jones

Lang

LaSalle,

Inc.

a

3,247,076

25,003

Kilroy

Realty

Corporation

1,056,377

50,512

Kite

Realty

Group

Trust

1,126,418

19,942

Lamar

Advertising

Company

2,441,300

16,220

National

Storage

Affiliates

Trust

490,168

43,372

NNN

REIT,

Inc.

1,846,346

67,775

Omega

Healthcare

Investors,

Inc.

2,861,461

45,929

Park

Hotels

&

Resorts,

Inc.

508,893

16,336

PotlatchDeltic

Corporation

665,692

32,584

Rayonier,

Inc.

REIT

864,779

54,250

Rexford

Industrial

Realty,

Inc.

2,230,218

55,091

Sabra

Health

Care

REIT,

Inc.

1,026,896

42,893

STAG

Industrial,

Inc.

1,513,694

37,061

Vornado

Realty

Trust

1,502,082

50,312

WP

Carey,

Inc.

3,399,582

Total

47,738,842

Utilities  3.5%

13,303

ALLETE,

Inc.

883,319

16,738

Black

Hills

Corporation

1,030,893

64,437

Essential

Utilities,

Inc.

2,571,036

12,414

IDACORP,

Inc.

1,640,510

20,761

National

Fuel

Gas

Company

1,917,694

23,078

New

Jersey

Resources

Corporation

1,111,206

14,105

Northwestern

Energy

Group,

Inc.

826,694

46,270

OGE

Energy

Corporation

2,140,913

13,784

ONE

Gas,

Inc.

1,115,677

13,951

Ormat

Technologies,

Inc.

1,342,784

25,172

Portland

General

Electric

Company

1,107,568

14,718

Southwest

Gas

Holdings,

Inc.

1,153,008

13,561

Spire,

Inc.

1,105,493

10,496

Talen

Energy

Corporation

a

4,464,789

21,789

TXNM

Energy,

Inc.

1,232,168

Shares

Common

Stock  99.5%

Value

Utilities  3.5%

-

continued

49,378

UGI

Corporation

$

1,642,312

Total

25,286,064

Total

Common

Stock

(cost

$486,256,223)

716,718,891

Shares

Collateral

Held

for

Securities

Loaned

1.7%

Value

12,031,515

Thrivent

Cash

Management

Trust

12,031,515

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,031,515)

12,031,515

Shares

or

Principal

Amount

Short-Term

Investments

0.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

4.260%,

10/10/2025

c,d

399,553

100,000

4.090%,

11/14/2025

c,d

99,521

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

300,000

4.140%,

11/17/2025

c,d

298,468

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,947,789

4.090%

c

1,947,789

Total

Short-Term

Investments

(cost

$2,745,241)

2,745,331

Total

Investments

(cost

$501,032,979)

101.6%

$731,495,737

Other

Assets

and

Liabilities,

Net

(1.6%)

(11,673,961)

Total

Net

Assets

100.0%

$719,821,776

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

11,624,531

Total

lending

$11,624,531

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,031,515

Net

amounts

due

to

counterparty

$406,984

Definitions:

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

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,

2025,

in

valuing

Mid

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

10,208,739

10,208,739

–

–

Consumer

Discretionary

88,116,177

88,116,177

–

–

Consumer

Staples

34,237,853

34,237,853

–

–

Energy

28,646,001

28,646,001

–

–

Financials

121,448,881

121,448,881

–

–

Health

Care

61,920,751

61,920,751

–

–

Industrials

167,751,825

167,751,825

–

–

Information

Technology

95,553,820

95,553,820

–

–

Materials

35,809,938

35,809,938

–

–

Real

Estate

47,738,842

47,738,842

–

–

Utilities

25,286,064

25,286,064

–

–

Short-Term

Investments

2,745,331

1,947,789

797,542

–

Subtotal

Investments

in

Securities

$719,464,222

$718,666,680

$797,542

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

12,031,515

Subtotal

Other

Investments

$12,031,515

Total

Investments

at

Value

$731,495,737

*

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,

2025,

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

Liability

Derivatives

Futures

Contracts

49,541

49,541

–

–

Total

Liability

Derivatives

$49,541

$49,541

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$797,542

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

10

December

2025

$

3,335,741

(

$

49,541)

Total

Futures

Long

Contracts

$

3,335,741

(

$

49,541)

Total

Futures

Contracts

$

3,335,741

($49,541)

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(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

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$4,298

$10,478

$14,776

$–

–

–

Total

Affiliated

Short-Term

Investments

4,298

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,508

99,310

91,786

12,032

12,032

1.7%

Total

Collateral

Held

for

Securities

Loaned

4,508

12,032

1.7

Total

Value

$8,806

$12,032

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$14

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$14

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

Value

$–

$–

$

–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Shares

Common

Stock

97.7%

Value

Consumer

Discretionary  10.9%

41,964

Asbury

Automotive

Group,

Inc.

a

$

10,258,100

133,356

Crocs,

Inc.

a

11,141,894

208,916

Garmin,

Ltd.

51,439,297

3,864

NVR,

Inc.

a

31,045,926

51,107

Ulta

Beauty,

Inc.

a

27,942,752

432,624

Viking

Holdings,

Ltd.

a

26,891,908

286,432

Wynn

Resorts,

Ltd.

36,740,633

Total

195,460,510

Consumer

Staples  5.0%

226,054

BJ's

Wholesale

Club

Holdings,

Inc.

a

21,079,536

45,752

Casey's

General

Stores,

Inc.

25,864,521

282,624

Church

&

Dwight

Company,

Inc.

24,766,341

466,928

Maplebear,

Inc.

a

17,164,273

Total

88,874,671

Energy  4.0%

809,190

Devon

Energy

Corporation

28,370,202

397,000

Expand

Energy

Corporation

42,177,280

Total

70,547,482

Financials  17.0%

859,995

Ally

Financial,

Inc.

33,711,804

35,147

Ameriprise

Financial,

Inc.

17,265,964

498,334

Arch

Capital

Group,

Ltd.

45,213,844

94,867

Houlihan

Lokey,

Inc.

19,478,092

205,867

M&T

Bank

Corporation

40,683,437

266,965

Northern

Trust

Corporation

35,933,489

616,388

Old

Republic

International

Corporation

26,177,998

175,698

Robinhood

Markets,

Inc.

a

25,156,440

211,953

Tradeweb

Markets,

Inc.

23,522,544

642,423

Zions

Bancorp

NA

36,348,293

Total

303,491,905

Health

Care  9.3%

145,344

Encompass

Health

Corporation

18,461,595

214,420

Illumina,

Inc.

a

20,363,467

23,701

Mettler-Toledo

International,

Inc.

a

29,095,585

175,848

Neurocrine

Biosciences,

Inc.

a

24,685,542

86,176

Progyny,

Inc.

a

1,854,507

110,747

STERIS

plc

27,403,238

173,709

Teleflex,

Inc.

21,255,033

54,442

United

Therapeutics

Corporation

a

22,822,631

Total

165,941,598

Industrials  23.4%

115,636

AMETEK,

Inc.

21,739,568

29,538

Axon

Enterprise,

Inc.

a

21,197,650

201,744

Expeditors

International

of

Washington,

Inc.

24,731,797

708,790

Fastenal

Company

34,759,062

190,815

Howmet

Aerospace,

Inc.

37,443,628

195,671

Leidos

Holdings,

Inc.

36,973,992

120,219

Lincoln

Electric

Holdings,

Inc.

28,351,247

228,390

Old

Dominion

Freight

Line,

Inc.

32,152,744

72,020

Quanta

Services,

Inc.

29,846,528

135,944

Rockwell

Automation,

Inc.

47,516,506

756,929

Southwest

Airlines

Company

24,153,604

432,660

Timken

Company

32,527,379

49,877

United

Rentals,

Inc.

47,615,577

Total

419,009,282

Shares

Common

Stock  97.7%

Value

Information

Technology  13.1%

220,361

Datadog,

Inc.

a

$

31,379,406

446,296

DocuSign,

Inc.

a

32,173,479

101,085

Monday.com,

Ltd.

a

19,579,154

4,291,149

Nokia

Oyj

ADR

20,640,427

428,990

Qorvo,

Inc.

a

39,072,409

712,211

Trimble,

Inc.

a

58,152,028

112,989

Zebra

Technologies

Corporation

a

33,575,811

Total

234,572,714

Materials  5.3%

220,479

Albemarle

Corporation

17,876,437

2,263,014

Amcor

plc

18,511,454

419,985

Steel

Dynamics,

Inc.

58,558,509

Total

94,946,400

Real

Estate  4.8%

184,169

Extra

Space

Storage,

Inc.

25,956,779

685,263

First

Industrial

Realty

Trust,

Inc.

35,270,487

130,826

SBA

Communications

Corporation

25,295,207

Total

86,522,473

Utilities  4.9%

409,825

Alliant

Energy

Corporation

27,626,303

780,321

CenterPoint

Energy,

Inc.

30,276,455

688,074

NiSource,

Inc.

29,793,604

Total

87,696,362

Total

Common

Stock

(cost

$1,315,346,891)

1,747,063,397

Shares

or

Principal

Amount

Short-Term

Investments

2.2%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

40,408,077

4.090%

b

40,408,077

Total

Short-Term

Investments

(cost

$40,408,077)

40,408,077

Total

Investments

(cost

$1,355,754,968)

99.9%

$1,787,471,474

Other

Assets

and

Liabilities,

Net

0.1%

1,268,553

Total

Net

Assets

100.0%

$1,788,740,027

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

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

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

195,460,510

195,460,510

–

–

Consumer

Staples

88,874,671

88,874,671

–

–

Energy

70,547,482

70,547,482

–

–

Financials

303,491,905

303,491,905

–

–

Health

Care

165,941,598

165,941,598

–

–

Industrials

419,009,282

419,009,282

–

–

Information

Technology

234,572,714

234,572,714

–

–

Materials

94,946,400

94,946,400

–

–

Real

Estate

86,522,473

86,522,473

–

–

Utilities

87,696,362

87,696,362

–

–

Short-Term

Investments

40,408,077

40,408,077

–

–

Subtotal

Investments

in

Securities

$1,787,471,474

$1,787,471,474

$–

$–

Total

Investments

at

Value

$1,787,471,474

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$82,957

$18,780

$101,737

$–

–

–

Total

Affiliated

Short-Term

Investments

82,957

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

19,031

269,131

288,162

–

–

–

Total

Collateral

Held

for

Securities

Loaned

19,031

–

–

Total

Value

$101,988

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$18

($18)

$

–

$207

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$207

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

26

Total

Affiliated

Income

from

Securities

Loaned,

Net

$26

Total

Value

$18

($18)

$

–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Shares

Common

Stock

99.0%

Value

Communications

Services  2.7%

12,996

Imax

Corporation

a

$

425,619

45,796

Warner

Brothers

Discovery,

Inc.

a

894,396

Total

1,320,015

Consumer

Discretionary  8.7%

7,591

Columbia

Sportswear

Company

397,009

4,829

D.R.

Horton,

Inc.

818,371

12,468

Gildan

Activewear,

Inc.

720,650

26,617

Six

Flags

Entertainment

Corporation

604,738

3,250

Tapestry,

Inc.

367,965

9,840

Wyndham

Hotels

&

Resorts,

Inc.

786,216

12,940

Yum

China

Holding,

Inc.

555,385

Total

4,250,334

Consumer

Staples  4.9%

3,809

J

&

J

Snack

Foods

Corporation

366,007

13,238

Sysco

Corporation

1,090,017

16,198

Unilever

plc

ADR

960,217

Total

2,416,241

Energy  7.2%

37,889

Coterra

Energy,

Inc.

896,075

22,295

Devon

Energy

Corporation

781,663

3,767

Diamondback

Energy,

Inc.

539,058

22,652

Enterprise

Products

Partners,

LP

708,328

2,203

Expand

Energy

Corporation

234,047

12,531

Noble

Corporation

plc

354,376

Total

3,513,547

Financials  17.3%

37,749

AGNC

Investment

Corporation

369,563

4,536

Allstate

Corporation

973,652

2,410

Capital

One

Financial

Corporation

512,318

9,333

Carlyle

Group,

Inc.

585,179

7,991

Charles

Schwab

Corporation

762,901

4,637

Equitable

Holdings,

Inc.

235,467

6,378

M&T

Bank

Corporation

1,260,420

6,850

Selective

Insurance

Group,

Inc.

555,329

4,407

Texas

Capital

Bancshares,

Inc.

a

372,524

25,739

U.S.

Bancorp

1,243,966

11,271

Voya

Financial,

Inc.

843,071

5,498

Wintrust

Financial

Corporation

728,155

Total

8,442,545

Health

Care  7.4%

31,663

Avantor,

Inc.

a

395,154

945

Humana,

Inc.

245,861

3,683

Johnson

&

Johnson

682,902

3,570

Labcorp

Holdings,

Inc.

1,024,804

4,504

Sanofi

SA

ADR

212,589

2,980

STERIS

plc

737,371

883

UnitedHealth

Group,

Inc.

304,900

Total

3,603,581

Industrials  17.6%

2,162

Acuity,

Inc.

744,571

4,644

AGCO

Corporation

497,233

13,122

Delta

Air

Lines,

Inc.

744,674

11,403

Flowserve

Corporation

605,955

17,764

Fluor

Corporation

a

747,331

12,217

Fortive

Corporation

598,511

2,713

General

Dynamics

Corporation

925,133

6,535

Griffon

Corporation

497,640

Shares

Common

Stock  99.0%

Value

Industrials  17.6%

-

continued

15,626

Hexcel

Corporation

$

979,750

2,296

JB

Hunt

Transport

Services,

Inc.

308,054

13,838

Legence

Corporation

a

426,349

11,447

MSC

Industrial

Direct

Company,

Inc.

1,054,727

17,212

Werner

Enterprises,

Inc.

453,020

Total

8,582,948

Information

Technology  10.4%

3,807

Coherent

Corporation

a

410,090

1,650

CommVault

Systems,

Inc.

a

311,487

1,787

Jabil,

Inc.

388,083

17,298

Knowles

Corporation

a

403,216

6,642

MKS,

Inc.

822,080

2,059

PTC,

Inc.

a

418,018

16,854

Ralliant

Corporation

737,026

809

Synopsys,

Inc.

a

399,153

3,125

TD

SYNNEX

Corporation

511,719

5,789

Western

Digital

Corporation

695,027

Total

5,095,899

Materials  7.0%

27,242

Axalta

Coating

Systems,

Ltd.

a

779,666

7,681

Celanese

Corporation

323,217

2,719

CF

Industries

Holdings,

Inc.

243,894

9,146

Crown

Holdings,

Inc.

883,412

5,991

Nucor

Corporation

811,361

5,401

West

Fraser

Timber

Company,

Ltd.

367,160

Total

3,408,710

Real

Estate  6.8%

2,636

CBRE

Group,

Inc.

a

415,328

7,694

Crown

Castle,

Inc.

742,394

29,821

Healthcare

Realty

Trust,

Inc.

537,673

58,803

Host

Hotels

&

Resorts,

Inc.

1,000,827

3,470

Simon

Property

Group,

Inc.

651,215

Total

3,347,437

Utilities  9.0%

10,668

Alliant

Energy

Corporation

719,130

1,452

Constellation

Energy

Corporation

477,809

5,524

DTE

Energy

Company

781,259

5,595

Entergy

Corporation

521,398

11,444

Evergy,

Inc.

869,973

12,976

NiSource,

Inc.

561,861

2,402

Vistra

Energy

Corporation

470,600

Total

4,402,030

Total

Common

Stock

(cost

$40,724,987)

48,383,287

Shares

or

Principal

Amount

Short-Term

Investments

1.1%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

511,150

4.090%

b

511,150

Total

Short-Term

Investments

(cost

$511,150)

511,150

Total

Investments

(cost

$41,236,137)

100.1%

$48,894,437

Other

Assets

and

Liabilities,

Net

(0.1%)

(36,162)

Total

Net

Assets

100.0%

$48,858,275

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

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

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

1,320,015

1,320,015

–

–

Consumer

Discretionary

4,250,334

4,250,334

–

–

Consumer

Staples

2,416,241

2,416,241

–

–

Energy

3,513,547

3,513,547

–

–

Financials

8,442,545

8,442,545

–

–

Health

Care

3,603,581

3,603,581

–

–

Industrials

8,582,948

8,582,948

–

–

Information

Technology

5,095,899

5,095,899

–

–

Materials

3,408,710

3,408,710

–

–

Real

Estate

3,347,437

3,347,437

–

–

Utilities

4,402,030

4,402,030

–

–

Short-Term

Investments

511,150

511,150

–

–

Subtotal

Investments

in

Securities

$48,894,437

$48,894,437

$–

$–

Total

Investments

at

Value

$48,894,437

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$707

$1,098

$1,805

$–

–

–

Total

Affiliated

Short-Term

Investments

707

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

3,493

3,493

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$707

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$3

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Shares

Registered

Investment

Companies  

38.7%

Value

U.S.

Affiliated  

38.3%  

15,779,577

Thrivent

Core

Emerging

Markets

Debt

Fund

$

136,493,344

6,262,310

Thrivent

Core

Emerging

Markets

Equity

Fund

73,582,137

549,918

Thrivent

Core

Low

Volatility

Equity

Fund

6,752,987

3,729,050

Thrivent

Core

Mid

Cap

Value

Fund

42,734,916

1,689,786

Thrivent

Core

Small

Cap

Value

Fund

18,739,725

40,896,563

Thrivent

Global

Stock

Portfolio

642,693,572

23,797,035

Thrivent

High

Yield

Portfolio

101,653,792

30,647,788

Thrivent

Income

Portfolio

277,141,815

32,704,148

Thrivent

International

Equity

Portfolio

384,872,220

5,288,922

Thrivent

International

Index

Portfolio

86,978,961

49,991,484

Thrivent

Large

Cap

Value

Portfolio

1,166,106,345

10,721,898

Thrivent

Mid

Cap

Stock

Portfolio

208,450,858

15,925,006

Thrivent

Short-Term

Bond

Portfolio

158,047,724

6,058,415

Thrivent

Small

Cap

Stock

Portfolio

112,471,447

Total

3,416,719,843

U.S.

Unaffiliated  

0.4%  

16,162

Invesco

QQQ

Trust

Series

1

9,703,180

561

iShares

Semiconductor

ETF

152,098

32,097

SPDR

S&P

500

ETF

Trust

21,382,380

7,791

SPDR

S&P

Biotech

ETF

780,658

3,221

SPDR

S&P

Software

&

Services

ETF

636,985

3,376

VanEck

Semiconductor

ETF

1,101,791

Total

33,757,092

Total

Registered

Investment

Companies

(cost

$2,563,804,329)

3,450,476,935

Shares

Common

Stock

26.7%

Value

Communications

Services  3.5%

242,183

Alphabet,

Inc.,

Class

A

58,874,687

256,111

Alphabet,

Inc.,

Class

C

62,375,834

144,171

AT&T,

Inc.

4,071,389

53,587

CarGurus,

Inc.

a

1,995,044

35,350

Comcast

Corporation

1,110,697

28,658

E.W.

Scripps

Company

a

70,499

1,061

Electronic

Arts,

Inc.

214,004

2,440

Fox

Corporation,

Class

A

153,866

1,492

Fox

Corporation,

Class

B

85,477

1,113

Globalstar,

Inc.

a

40,502

3,396

Iridium

Communications,

Inc.

59,294

13,980

Liberty

Global,

Ltd.,

Class

A

a

160,211

980

Liberty

Media

Corporation-Liberty

Formula

One

a

102,361

457

Liberty

Media

Corporation-Liberty

Live

Group

a

44,315

1,075

Madison

Square

Garden

Entertainment

Corporation

a

66,779

220

Madison

Square

Garden

Sports

Corporation

a

49,940

6,781

Magnite,

Inc.

a

147,690

41,508

Match

Group,

Inc.

1,466,063

146,712

Meta

Platforms,

Inc.

107,742,359

33,137

Netflix,

Inc.

a

39,728,612

10,903

New

York

Times

Company

625,832

43,462

News

Corporation,

Class

A

1,334,718

49,219

Pinterest,

Inc.

a

1,583,375

Shares

Common

Stock  26.7%

Value

Communications

Services  3.5%

-

continued

133

Reddit,

Inc.

a

$

30,589

8,412

ROBLOX

Corporation

a

1,165,230

1,279

Sirius

XM

Holdings,

Inc.

29,769

20,931

Spotify

Technology

SA

a

14,609,838

8,378

T-Mobile

US,

Inc.

2,005,526

717

Trade

Desk,

Inc.

a

35,140

146,046

Uniti

Group,

Inc.

893,801

63,926

Verizon

Communications,

Inc.

2,809,548

37,474

Walt

Disney

Company

4,290,773

73,224

Warner

Brothers

Discovery,

Inc.

a

1,430,065

29,042

Warner

Music

Group

Corporation

989,170

Total

310,392,997

Consumer

Discretionary  3.6%

6,021

Adient

plc

a

144,986

277,186

ADT,

Inc.

2,414,290

1,640

Advance

Auto

Parts,

Inc.

100,696

570,531

Amazon.com,

Inc.

a

125,271,492

17,137

American

Axle

&

Manufacturing

Holdings,

Inc.

a

102,993

6,290

American

Eagle

Outfitters,

Inc.

107,622

45,418

Aptiv

plc

a

3,915,940

1,694

Aramark

65,050

422

Asbury

Automotive

Group,

Inc.

a

103,158

666

Autoliv,

Inc.

82,251

11,294

Bath

&

Body

Works,

Inc.

290,933

563

Booking

Holdings,

Inc.

3,039,789

6,128

Boot

Barn

Holdings,

Inc.

a

1,015,532

18,107

BorgWarner,

Inc.

795,984

676

Bright

Horizons

Family

Solutions,

Inc.

a

73,393

232

Brinker

International,

Inc.

a

29,390

1,098

Buckle,

Inc.

64,409

11,621

Build-A-Bear

Workshop,

Inc.

757,805

1,308

CarMax,

Inc.

a

58,690

130,183

Carnival

Corporation

a

3,763,591

183

Carvana

Company

a

69,035

79

Cavco

Industries,

Inc.

a

45,878

7,523

Champion

Homes,

Inc.

a

574,532

5,705

Chewy,

Inc.

a

230,767

5,459

Columbia

Sportswear

Company

285,506

7,071

Coursera,

Inc.

a

82,801

1,340

Crocs,

Inc.

a

111,957

6,920

D.R.

Horton,

Inc.

1,172,732

4,493

Dana,

Inc.

90,040

225

Darden

Restaurants,

Inc.

42,831

7,135

Deckers

Outdoor

Corporation

a

723,275

305

Domino's

Pizza,

Inc.

131,672

73,397

DoorDash,

Inc.

a

19,963,250

917

Dorman

Products,

Inc.

a

142,942

145

Dutch

Bros,

Inc.

a

7,589

1,780

eBay,

Inc.

161,891

12,323

Etsy,

Inc.

a

818,124

59,073

Expedia

Group,

Inc.

12,626,854

1,314

Five

Below,

Inc.

a

203,276

27,195

Ford

Motor

Company

325,252

4,546

Fox

Factory

Holding

Corporation

a

110,422

11,921

Frontdoor,

Inc.

a

802,164

10,108

Gap,

Inc.

216,210

3,130

Garmin,

Ltd.

770,669

4,860

Garrett

Motion,

Inc.

66,193

456

General

Motors

Company

27,802

16,161

Gentex

Corporation

457,356

3,837

GigaCloud

Technology,

Inc.

a

108,971

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Shares

Common

Stock  26.7%

Value

Consumer

Discretionary  3.6%

-

continued

14,868

Goodyear

Tire

&

Rubber

Company

a

$

111,213

4,563

Grand

Canyon

Education,

Inc.

a

1,001,670

190

Group

1

Automotive,

Inc.

83,127

9,173

Hasbro,

Inc.

695,772

28,303

Hilton

Worldwide

Holdings,

Inc.

7,342,930

90,645

Home

Depot,

Inc.

36,728,448

5,659

Installed

Building

Products,

Inc.

1,395,849

26,001

Laureate

Education,

Inc.

a

820,072

2,847

La-Z-Boy,

Inc.

97,709

906

Lear

Corporation

91,153

425

Lithia

Motors,

Inc.

134,300

5,969

Lowe's

Companies,

Inc.

1,500,069

523

Lululemon

Athletica,

Inc.

a

93,057

328

M/I

Homes,

Inc.

a

47,376

17,774

Mattel,

Inc.

a

299,136

5,578

McDonald's

Corporation

1,695,098

5,185

MGM

Resorts

International

a

179,712

8,088

Modine

Manufacturing

Company

a

1,149,790

2,432

Mohawk

Industries,

Inc.

a

313,533

2,205

Murphy

USA,

Inc.

856,113

3,607

National

Vision

Holdings,

Inc.

a

105,288

124

NVR,

Inc.

a

996,298

46,904

O'Reilly

Automotive,

Inc.

a

5,056,720

623

Planet

Fitness,

Inc.

a

64,667

2,583

Pool

Corporation

800,911

505

PulteGroup,

Inc.

66,726

1,436

Ralph

Lauren

Corporation

450,272

671

Red

Rock

Resorts,

Inc.

40,971

36,169

Ross

Stores,

Inc.

5,511,794

27

Royal

Caribbean

Cruises,

Ltd.

8,737

2,211

Service

Corporation

International/

US

183,999

9,699

SharkNinja,

Inc.

a

1,000,452

5,595

Sonos,

Inc.

a

88,401

45,180

Sony

Group

Corporation

ADR

1,300,732

4,544

Stoneridge,

Inc.

a

34,625

1,078

Strategic

Education,

Inc.

92,719

965

Tapestry,

Inc.

109,257

560

Taylor

Morrison

Home

Corporation

a

36,966

131,826

Tesla,

Inc.

a

58,625,659

377

Texas

Roadhouse,

Inc.

62,639

1,206

Toll

Brothers,

Inc.

166,597

79

TopBuild

Corporation

a

30,878

3,631

Travel

+

Leisure

Company

216,008

921

Ulta

Beauty,

Inc.

a

503,557

137

United

Parks

&

Resorts,

Inc.

a

7,083

1,105

Universal

Technical

Institute,

Inc.

a

35,968

452

Urban

Outfitters,

Inc.

a

32,286

2,402

Valvoline,

Inc.

a

86,256

6,820

VF

Corporation

98,413

4,351

Viking

Holdings,

Ltd.

a

270,458

1,257

Visteon

Corporation

150,664

1,054

Wayfair,

Inc.

a

94,154

9,137

Wingstop,

Inc.

2,299,600

473

Winmark

Corporation

235,445

26,049

Wyndham

Hotels

&

Resorts,

Inc.

2,081,315

8,757

Wynn

Resorts,

Ltd.

1,123,260

1,461

Yum!

Brands,

Inc.

222,072

Total

319,495,959

Consumer

Staples  0.6%

4,402

Albertsons

Companies,

Inc.

77,079

9,547

Altria

Group,

Inc.

630,675

1,598

Archer-Daniels-Midland

Company

95,465

Shares

Common

Stock  26.7%

Value

Consumer

Staples  0.6%

-

continued

1,353

BellRing

Brands,

Inc.

a

$

49,182

14,592

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,360,704

3,305

Casey's

General

Stores,

Inc.

1,868,383

2,869

Central

Garden

&

Pet

Company,

Class

A

a

84,722

3,850

Church

&

Dwight

Company,

Inc.

337,375

23,510

Colgate-Palmolive

Company

1,879,389

8,956

Conagra

Brands,

Inc.

163,984

1,355

Costco

Wholesale

Corporation

1,254,229

117,148

Coty,

Inc.

a

473,278

3,143

Darling

Ingredients,

Inc.

a

97,024

517

e.l.f.

Beauty,

Inc.

a

68,492

1,278

Ingredion,

Inc.

156,057

10,065

J

&

J

Snack

Foods

Corporation

967,146

2,010

John

B.

Sanfilippo

&

Son,

Inc.

129,203

67,229

Kenvue,

Inc.

1,091,127

29,601

Keurig

Dr

Pepper,

Inc.

755,122

1,447

Kimberly-Clark

Corporation

179,920

532

Kraft

Heinz

Company

13,853

1,707

Kroger

Company

115,069

5,849

Maplebear,

Inc.

a

215,009

924

Marzetti

Company

159,658

1,700

McCormick

&

Company,

Inc.

113,747

12,995

Monster

Beverage

Corporation

a

874,693

15,778

Philip

Morris

International,

Inc.

2,559,192

1,163

Primo

Brands

Corporation

25,702

32,999

Procter

&

Gamble

Company

5,070,296

149

Sprouts

Farmers

Markets,

Inc.

a

16,211

24,975

Sysco

Corporation

2,056,441

1,368

Turning

Point

Brands,

Inc.

135,240

1,528

Tyson

Foods,

Inc.

82,970

28,943

Unilever

plc

ADR

1,715,741

2,688

US

Foods

Holding

Corporation

a

205,955

21,494

Vita

Coco

Company,

Inc.

a

912,850

244,433

Walmart,

Inc.

25,191,265

Total

51,182,448

Energy  0.5%

80,716

Antero

Midstream

Corporation

1,569,119

5,512

Antero

Resources

Corporation

a

184,983

5,092

APA

Corporation

123,634

3,960

Archrock,

Inc.

104,187

28,030

Baker

Hughes

Company

1,365,622

1,151

Cactus,

Inc.

45,430

1,161

California

Resources

Corporation

61,742

9,534

Cheniere

Energy,

Inc.

2,240,299

4,233

Chevron

Corporation

657,342

1,230

Chord

Energy

Corporation

122,225

5,872

Civitas

Resources,

Inc.

190,840

97,447

ConocoPhillips

9,217,512

78,098

Devon

Energy

Corporation

2,738,116

16,880

DHT

Holdings,

Inc.

201,716

2,902

DT

Midstream,

Inc.

328,100

53,474

Enterprise

Products

Partners,

LP

1,672,132

22,498

EOG

Resources,

Inc.

2,522,476

2,182

EQT

Corporation

118,766

4,963

Expand

Energy

Corporation

527,269

47,444

Exxon

Mobil

Corporation

5,349,311

2,953

Gulfport

Energy

Corporation

a

534,434

35,161

Halliburton

Company

864,961

27,150

Hess

Midstream,

LP

938,032

2,943

HF

Sinclair

Corporation

154,037

64,045

Kinder

Morgan,

Inc.

1,813,114

2,738

Kodiak

Gas

Services,

Inc.

101,224

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Shares

Common

Stock  26.7%

Value

Energy  0.5%

-

continued

34,503

Kosmos

Energy,

Ltd.

a

$

57,275

6,489

Marathon

Petroleum

Corporation

1,250,690

1,982

Matador

Resources

Company

89,051

1,658

Noble

Corporation

plc

46,888

1,139

Occidental

Petroleum

Corporation

53,818

4,152

Oceaneering

International,

Inc.

a

102,886

4,432

Oil

States

International,

Inc.

a

26,858

3,113

ONEOK,

Inc.

227,156

12,026

Ovintiv,

Inc.

485,610

2,417

Par

Pacific

Holdings,

Inc.

a

85,610

11,913

Permian

Resources

Corporation

152,486

774

Phillips

66

105,279

5,946

Range

Resources

Corporation

223,807

640

Ranger

Energy

Services,

Inc.

8,986

6,697

Ring

Energy,

Inc.

a

7,300

9,960

Shell

plc

ADR

712,439

2,144

SM

Energy

Company

53,536

3,808

Talos

Energy,

Inc.

a

36,519

162

Targa

Resources

Corporation

27,141

47,068

TechnipFMC

plc

1,856,833

361

Valero

Energy

Corporation

61,464

183

Weatherford

International

plc

12,523

44,474

Williams

Companies,

Inc.

2,817,428

Total

42,248,206

Financials  3.0%

494

1st

Source

Corporation

30,411

6,111

Affiliated

Managers

Group,

Inc.

1,457,046

1,766

Affirm

Holdings,

Inc.

a

129,059

851

Aflac,

Inc.

95,057

28,319

AGNC

Investment

Corporation

277,243

11,983

Allstate

Corporation

2,572,151

17,482

Ally

Financial,

Inc.

685,294

29,914

Amalgamated

Financial

Corporation

812,165

6,767

Amerant

Bancorp,

Inc.

130,400

41,673

American

Express

Company

13,842,104

13,802

American

International

Group,

Inc.

1,084,009

18,226

Ameriprise

Financial,

Inc.

8,953,522

1,124

Ameris

Bancorp

82,400

928

AMERISAFE,

Inc.

40,684

4,996

Annaly

Capital

Management,

Inc.

100,969

5,798

Arch

Capital

Group,

Ltd.

526,053

9,234

Ares

Management

Corporation

1,476,424

3,613

Arthur

J.

Gallagher

&

Company

1,119,091

4,368

Artisan

Partners

Asset

Management,

Inc.

189,571

39,933

Associated

Banc-Corp

1,026,677

1,198

Assurant,

Inc.

259,487

3,872

Atlantic

Union

Bankshares

Corporation

136,643

1,656

Axis

Capital

Holdings,

Ltd.

158,645

134,235

Bank

of

America

Corporation

6,925,184

2,081

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

89,317

17,233

Bank

of

New

York

Mellon

Corporation

1,877,708

1,440

Bank

OZK

73,411

1,904

BankFinancial

Corporation

22,905

3,905

BankUnited,

Inc.

149,015

2,452

Bar

Harbor

Bankshares

74,688

2,477

BCB

Bancorp,

Inc.

21,500

38,175

Beacon

Financial

Corporation

905,129

15,200

Berkshire

Hathaway,

Inc.

a

7,641,648

1,493

BlackRock,

Inc.

1,740,644

1,869

Blackstone

Mortgage

Trust,

Inc.

34,408

Shares

Common

Stock  26.7%

Value

Financials  3.0%

-

continued

1,547

Block,

Inc.

a

$

111,802

13,642

Blue

Owl

Capital,

Inc.

230,959

1,785

Bread

Financial

Holdings,

Inc.

99,549

4,607

Bridgewater

Bancshares,

Inc.

a

81,083

2,487

Brown

&

Brown,

Inc.

233,256

2,146

Burke

&

Herbert

Financial

Services

Corporation

132,387

3,356

Business

First

Bancshares,

Inc.

79,235

13,174

Byline

Bancorp,

Inc.

365,315

567

C&F

Financial

Corporation

38,102

2,746

Cadence

Bank

103,085

4,527

California

BanCorp

a

75,510

285

Camden

National

Corporation

10,998

1,063

Capital

City

Bank

Group,

Inc.

44,423

13,273

Capital

One

Financial

Corporation

2,821,574

14,472

Capitol

Federal

Financial,

Inc.

91,897

1,474

Carlyle

Group,

Inc.

92,420

223

Cathay

General

Bancorp

10,706

7,484

Central

Pacific

Financial

Corporation

227,065

100,213

Charles

Schwab

Corporation

9,567,335

5,842

Chubb,

Ltd.

1,648,905

1,183

Cincinnati

Financial

Corporation

187,032

15,165

Citigroup,

Inc.

1,539,247

1,222

Citizens

Financial

Group,

Inc.

64,962

3,460

Civista

Bancshares,

Inc.

70,273

2,813

CNB

Financial

Corporation

68,075

5,514

CNO

Financial

Group,

Inc.

218,079

1,147

Coinbase

Global,

Inc.

a

387,101

3,317

Colony

Bankcorp,

Inc.

56,422

9,070

Columbia

Banking

System,

Inc.

233,462

2,362

Comerica,

Inc.

161,844

2,217

Commerce

Bancshares,

Inc.

132,488

195

Community

Financial

System,

Inc.

11,435

10,722

Community

Trust

Bancorp,

Inc.

599,896

1,004

Community

West

Bancshares

20,923

2,200

ConnectOne

Bancorp,

Inc.

54,582

990

Cullen/Frost

Bankers,

Inc.

125,502

327

Dave,

Inc.

a

65,187

238

Diamond

Hill

Investment

Group,

Inc.

33,322

2,541

Donnelley

Financial

Solutions,

Inc.

a

130,684

4,711

Dynex

Capital,

Inc.

57,898

3,020

East

West

Bancorp,

Inc.

321,479

1,678

Eastern

Bankshares,

Inc.

30,456

2,843

Enact

Holdings,

Inc.

109,001

7,557

Enova

International,

Inc.

a

869,735

1,658

Enterprise

Financial

Services

Corporation

96,131

2,626

Equitable

Holdings,

Inc.

133,348

805

Equity

Bancshares,

Inc.

32,764

4,992

Essent

Group,

Ltd.

317,292

910

Euronet

Worldwide,

Inc.

a

79,907

1,162

Evercore,

Inc.

391,966

5,148

F.N.B.

Corporation

82,934

3,164

Farmers

National

Banc

Corporation

45,593

767

Federal

Agricultural

Mortgage

Corporation

128,841

7,925

Federated

Hermes,

Inc.

411,545

1,305

Fidelity

National

Information

Services,

Inc.

86,052

2,480

Fifth

Third

Bancorp

110,484

7,845

Financial

Institutions,

Inc.

213,384

4,352

First

American

Financial

Corporation

279,572

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Shares

Common

Stock  26.7%

Value

Financials  3.0%

-

continued

5,894

First

Bancorp/Puerto

Rico

$

129,963

614

First

Citizens

BancShares,

Inc./NC

1,098,544

6,791

First

Financial

Bancorp

171,473

1,294

First

Financial

Bankshares,

Inc.

43,543

3,657

First

Financial

Corporation

206,401

702

First

Hawaiian,

Inc.

17,431

10,100

First

Horizon

Corporation

228,361

3,026

First

Internet

Bancorp

67,873

50

First

Interstate

BancSystem,

Inc.

1,594

3,227

First

Merchants

Corporation

121,658

4,448

First

Mid-Illinois

Bancshares,

Inc.

168,490

1,062

FirstCash

Holdings,

Inc.

168,242

12,692

Fiserv,

Inc.

a

1,636,380

1,691

Flagstar

Financial,

Inc.

19,531

5,235

Flushing

Financial

Corporation

72,295

1,395

Flywire

Corporation

a

18,888

6,279

Franklin

Resources,

Inc.

145,233

51,197

Fulton

Financial

Corporation

953,800

6,469

Genworth

Financial,

Inc.

a

57,574

24,717

Glacier

Bancorp,

Inc.

1,202,976

885

Global

Life,

Inc.

126,528

694

Global

Payments,

Inc.

57,658

9,864

Great

Southern

Bancorp,

Inc.

604,170

144

Hamilton

Lane,

Inc.

19,410

1,016

Hancock

Whitney

Corporation

63,612

480

Hanover

Insurance

Group,

Inc.

87,182

5,069

HarborOne

Bancorp,

Inc.

68,938

2,240

Hartford

Insurance

Group,

Inc.

298,794

387

HBT

Financial,

Inc.

9,752

3,191

Heritage

Financial

Corporation

77,190

614

Home

Bancorp,

Inc.

33,356

2,529

Home

BancShares,

Inc.

71,571

8,730

Hometrust

Bancshares,

Inc.

357,406

8,708

Horizon

Bancorp,

Inc.

139,415

14,769

Houlihan

Lokey,

Inc.

3,032,371

4,866

Huntington

Bancshares,

Inc./OH

84,036

141

Independent

Bank

Corporation/MA

9,753

6,526

Independent

Bank

Corporation/MI

202,143

42,409

Intercontinental

Exchange,

Inc.

7,145,068

112,104

Invesco,

Ltd.

2,571,666

119

Jack

Henry

&

Associates,

Inc.

17,723

1,355

Jackson

Financial,

Inc.

137,167

44,132

Janus

Henderson

Group

plc

1,964,315

1,173

Jefferies

Financial

Group,

Inc.

76,738

105,734

JPMorgan

Chase

&

Company

33,351,676

12,008

Kearny

Financial

Corporation/MD

78,893

69,222

KeyCorp

1,293,759

3,239

Ladder

Capital

Corporation

35,337

5,750

Lazard,

Inc.

303,485

3,548

LendingClub

Corporation

a

53,894

4,489

Lincoln

National

Corporation

181,041

318

Loews

Corporation

31,924

2,686

M&T

Bank

Corporation

530,807

816

MarketAxess

Holdings,

Inc.

142,188

2,410

Marsh

&

McLennan

Companies,

Inc.

485,687

11,348

Mastercard,

Inc.

6,454,856

2,633

Mercantile

Bank

Corporation

118,485

15,605

MetLife,

Inc.

1,285,384

75,555

MGIC

Investment

Corporation

2,143,495

4,088

Midland

States

Bancorp,

Inc.

70,068

23,037

MidWestOne

Financial

Group,

Inc.

651,717

7,761

Moody's

Corporation

3,697,961

1,161

Morningstar,

Inc.

269,364

4,107

MSCI,

Inc.

2,330,353

Shares

Common

Stock  26.7%

Value

Financials  3.0%

-

continued

74,768

Nasdaq,

Inc.

$

6,613,230

2,822

National

Bank

Holdings

Corporation

109,042

16,829

NMI

Holdings,

Inc.

a

645,224

3,283

Northeast

Community

Bancorp,

Inc.

67,531

11,839

Northern

Trust

Corporation

1,593,529

7,363

Northfield

Bancorp,

Inc.

86,883

61,575

Northwest

Bancshares,

Inc.

762,914

2,817

OceanFirst

Financial

Corporation

49,495

12,673

OFG

Bancorp

551,149

53,877

Old

National

Bancorp

1,182,600

16,895

Old

Republic

International

Corporation

717,531

30,779

Old

Second

Bancorp,

Inc.

532,015

16,074

OneMain

Holdings,

Inc.

907,538

2,279

Orange

County

Bancorp,

Inc.

57,454

2,121

Origin

Bancorp,

Inc.

73,217

5,206

Orrstown

Financial

Services,

Inc.

176,900

783

Palomar

Holdings,

Inc.

a

91,415

45

Park

National

Corporation

7,314

1,276

Paymentus

Holdings,

Inc.

a

39,046

1,864

PCB

Bancorp

39,144

2,864

Peoples

Bancorp,

Inc./OH

85,891

1,110

Peoples

Financial

Services

Corporation

53,957

1,348

Pinnacle

Financial

Partners,

Inc.

126,429

930

PNC

Financial

Services

Group,

Inc.

186,865

8,622

Popular,

Inc.

1,095,080

1,426

Principal

Financial

Group,

Inc.

118,230

19,442

Progressive

Corporation

4,801,202

1,364

Prosperity

Bancshares,

Inc.

90,501

40,873

Provident

Financial

Services,

Inc.

788,031

1,491

Prudential

Financial,

Inc.

154,676

8,856

Radian

Group,

Inc.

320,764

2,804

Regions

Financial

Corporation

73,941

1,528

Reinsurance

Group

of

America,

Inc.

293,575

332

RenaissanceRe

Holdings,

Ltd.

84,305

496

Renasant

Corporation

18,297

2,993

Repay

Holdings

Corporation

a

15,653

21,125

Rithm

Capital

Corporation

240,614

12,881

RLI

Corporation

840,099

104,291

Robinhood

Markets,

Inc.

a

14,932,385

10,963

S&P

Global,

Inc.

5,335,802

43,610

SEI

Investments

Company

3,700,309

452

ServisFirst

Bancshares,

Inc.

36,400

7,689

Shore

Bancshares,

Inc.

126,176

2,225

Sierra

Bancorp

64,325

7,217

Simmons

First

National

Corporation

138,350

9,036

Sony

Financial

Group,

Inc.

ADR

a,b

50,103

1,559

Southern

Missouri

Bancorp,

Inc.

81,941

2,035

SouthState

Bank

Corporation

201,200

1,767

Starwood

Property

Trust,

Inc.

34,227

4,561

StepStone

Group,

Inc.

297,879

2,691

Stifel

Financial

Corporation

305,348

1,033

StoneX

Group,

Inc.

a

104,250

1,537

Synchrony

Financial

109,204

4,223

Synovus

Financial

Corporation

207,265

1,303

Third

Coast

Bancshares,

Inc.

a

49,475

16,903

Toast,

Inc.

a

617,129

1,288

Tompkins

Financial

Corporation

85,278

3,886

Towne

Bank/Portsmouth,

VA

134,339

10,102

TPG

RE

Finance

Trust,

Inc.

86,473

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Shares

Common

Stock  26.7%

Value

Financials  3.0%

-

continued

1,014

TPG,

Inc.

$

58,254

13,600

Tradeweb

Markets,

Inc.

1,509,328

23,247

Triumph

Financial,

Inc.

a

1,163,280

14,032

Trustmark

Corporation

555,667

4,001

U.S.

Bancorp

193,368

1,309

UMB

Financial

Corporation

154,920

1,939

United

Bankshares,

Inc.

72,150

5,377

United

Community

Banks,

Inc.

168,569

1,430

Unity

Bancorp,

Inc.

69,884

3,098

Univest

Financial

Corporation

93,002

4,874

Unum

Group

379,100

6,145

Valley

National

Bancorp

65,137

2,822

Virtu

Financial,

Inc.

100,181

144,978

Visa,

Inc.

49,492,590

830

WaFd,

Inc.

25,141

2,990

Washington

Trust

Bancorp,

Inc.

86,411

3,432

Webster

Financial

Corporation

203,998

82,444

Wells

Fargo

&

Company

6,910,456

23,074

WesBanco,

Inc.

736,753

1,762

Western

Alliance

Bancorp

152,801

21,430

Western

Union

Company

171,226

8

White

Mountains

Insurance

Group,

Ltd.

13,372

230

Willis

Towers

Watson

plc

79,454

2,062

Wintrust

Financial

Corporation

273,091

7,472

WisdomTree,

Inc.

103,861

302

WSFS

Financial

Corporation

16,287

29,450

Zions

Bancorp

NA

1,666,281

Total

270,965,453

Health

Care  2.2%

40,260

AbbVie,

Inc.

9,321,800

62,376

ADMA

Biologics,

Inc.

a

914,432

48,868

Agilent

Technologies,

Inc.

6,272,208

1,183

Agios

Pharmaceuticals,

Inc.

a

47,486

112

Align

Technology,

Inc.

a

14,025

871

Alkermes

plc

a

26,130

49,078

Amgen,

Inc.

13,849,812

5,048

Amicus

Therapeutics,

Inc.

a

39,778

15,848

Amneal

Pharmaceuticals,

Inc.

a

158,638

8,610

ANI

Pharmaceuticals,

Inc.

a

788,676

1,610

Anika

Therapeutics,

Inc.

a

15,134

1,240

Argenx

SE

ADR

a

914,574

764

Artivion,

Inc.

a

32,348

4,495

Aurinia

Pharmaceuticals,

Inc.

a

49,670

45,097

Avantor,

Inc.

a

562,811

2,063

Azenta,

Inc.

a

59,249

554

Becton,

Dickinson

and

Company

103,692

14,329

Biogen,

Inc.

a

2,007,206

1,412

Biohaven,

Ltd.

a

21,194

9,475

BioMarin

Pharmaceutical,

Inc.

a

513,166

5,504

Bio-Techne

Corporation

306,188

83,223

Boston

Scientific

Corporation

a

8,125,061

486

Bruker

Corporation

15,790

442

Cardinal

Health,

Inc.

69,376

3,472

CareDx,

Inc.

a

50,483

6,076

Caribou

Biosciences,

Inc.

a

14,157

2,827

Cencora,

Inc.

883,522

2,167

Charles

River

Laboratories

International,

Inc.

a

339,049

3,616

Cigna

Group

1,042,312

50,145

Concentra

Group

Holdings

Parent,

Inc.

1,049,535

6,866

Cooper

Companies,

Inc.

a

470,733

14,779

CorVel

Corporation

a

1,144,190

Shares

Common

Stock  26.7%

Value

Health

Care  2.2%

-

continued

82,244

Danaher

Corporation

$

16,305,695

6,076

Denali

Therapeutics,

Inc.

a

88,224

9,878

Dentsply

Sirona,

Inc.

125,352

25,092

Dexcom,

Inc.

a

1,688,441

1,492

Doximity,

Inc.

a

109,140

4,005

Dyne

Therapeutics,

Inc.

a

50,663

986

Edwards

Lifesciences

Corporation

a

76,681

20,471

Elanco

Animal

Health,

Inc.

a

412,286

37,052

Eli

Lilly

&

Company

28,270,676

5,821

Enanta

Pharmaceuticals,

Inc.

a

69,677

20,118

Encompass

Health

Corporation

2,555,388

7,568

Fate

Therapeutics,

Inc.

a

9,536

15,709

Fortrea

Holdings,

Inc.

a

132,270

1,305

GE

HealthCare

Technologies,

Inc.

98,006

31,413

Gilead

Sciences,

Inc.

3,486,843

8,085

GoodRx

Holdings,

Inc.

a

34,200

12,939

Halozyme

Therapeutics,

Inc.

a

948,946

19,306

HealthEquity,

Inc.

a

1,829,630

816

Henry

Schein,

Inc.

a

54,158

94

Hims

&

Hers

Health,

Inc.

a

5,332

8,381

IDEXX

Laboratories,

Inc.

a

5,354,537

5,392

Illumina,

Inc.

a

512,078

12,590

Incyte

Corporation

a

1,067,758

30,765

Indivior

plc

a

741,744

765

Insmed,

Inc.

a

110,168

4,944

Insulet

Corporation

a

1,526,361

33,018

Intuitive

Surgical,

Inc.

a

14,766,640

1,703

Ionis

Pharmaceuticals,

Inc.

a

111,410

1,220

IQVIA

Holding,

Inc.

a

231,727

1,130

Jazz

Pharmaceuticals,

Inc.

a

148,934

67,359

Johnson

&

Johnson

12,489,706

10,072

Kura

Oncology,

Inc.

a

89,137

6,495

Labcorp

Holdings,

Inc.

1,864,455

4,599

Medpace

Holdings,

Inc.

a

2,364,622

96,555

Medtronic

plc

9,195,898

29,208

Merck

&

Company,

Inc.

2,451,427

13,684

Merit

Medical

Systems,

Inc.

a

1,138,919

466

Mettler-Toledo

International,

Inc.

a

572,066

3,107

Myriad

Genetics,

Inc.

a

22,464

7,165

Natera,

Inc.

a

1,153,350

7,935

Neurocrine

Biosciences,

Inc.

a

1,113,915

679

Option

Care

Health,

Inc.

a

18,849

10,228

Organon

&

Company

109,235

9,889

Penumbra,

Inc.

a

2,505,081

1,605

Perrigo

Company

plc

35,743

49,260

Pfizer,

Inc.

1,255,145

1,129

Prestige

Consumer

Healthcare,

Inc.

a

70,450

4,696

Progyny,

Inc.

a

101,058

3,538

Prothena

Corporation

plc

a

34,531

3,187

QIAGEN

NV

142,395

805

Quest

Diagnostics,

Inc.

153,417

5,980

REGENXBIO,

Inc.

a

57,707

14,912

Relay

Therapeutics,

Inc.

a

77,841

6,994

Repligen

Corporation

a

934,888

185

ResMed,

Inc.

50,640

83

Revvity,

Inc.

7,275

200

Rigel

Pharmaceuticals,

Inc.

a

5,666

5,528

Rocket

Pharmaceuticals,

Inc.

a

18,021

36,921

Royalty

Pharma

plc

1,302,573

28,252

Sanofi

SA

ADR

1,333,494

826

SIGA

Technologies,

Inc.

7,558

2,003

Sotera

Health

Company

a

31,507

27,013

STERIS

plc

6,684,097

26,304

Stevanato

Group

SPA

677,328

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Shares

Common

Stock  26.7%

Value

Health

Care  2.2%

-

continued

10,815

Stryker

Corporation

$

3,997,981

134

Supernus

Pharmaceuticals,

Inc.

a

6,404

2,745

Teleflex,

Inc.

335,878

8,528

Tenet

Healthcare

Corporation

a

1,731,525

7,960

Thermo

Fisher

Scientific,

Inc.

3,860,759

32,319

Twist

Bioscience

Corporation

a

909,457

1,656

UFP

Technologies,

Inc.

a

330,538

549

United

Therapeutics

Corporation

a

230,146

5,145

UnitedHealth

Group,

Inc.

1,776,569

498

Universal

Health

Services,

Inc.

101,811

2,003

Vaxcyte,

Inc.

a

72,148

464

Veeva

Systems,

Inc.

a

138,230

15,464

Vericel

Corporation

a

486,652

10,638

Vertex

Pharmaceuticals,

Inc.

a

4,166,266

51,814

Viatris,

Inc.

512,959

745

Viemed

Healthcare,

Inc.

a

5,059

1,722

Viking

Therapeutics,

Inc.

a

45,254

26,570

Waystar

Holding

Corporation

a

1,007,534

3,768

West

Pharmaceutical

Services,

Inc.

988,459

6,156

Xencor,

Inc.

a

72,210

2,747

Xenon

Pharmaceuticals,

Inc.

a

110,292

14,027

Zimmer

Biomet

Holdings,

Inc.

1,381,660

Total

200,483,175

Industrials  2.1%

4,165

A.O.

Smith

Corporation

305,753

641

Acuity,

Inc.

220,754

7,713

Advanced

Drainage

Systems,

Inc.

1,069,793

2,350

AECOM

306,604

393

AGCO

Corporation

42,079

883

Alaska

Air

Group,

Inc.

a

43,956

2,466

Allegheny

Technologies,

Inc.

a

200,584

1,690

Allegion

plc

299,722

2,491

Allison

Transmission

Holdings,

Inc.

211,436

22,900

Amentum

Holdings,

Inc.

a

548,455

35,359

AMETEK,

Inc.

6,647,492

3,493

API

Group

Corporation

a

120,054

372

Applied

Industrial

Technologies,

Inc.

97,111

1,356

Arcosa,

Inc.

127,071

3,383

Armstrong

World

Industries,

Inc.

663,102

18,454

Atmus

Filtration

Technologies,

Inc.

832,091

20,956

Automatic

Data

Processing,

Inc.

6,150,586

2,733

Axon

Enterprise,

Inc.

a

1,961,310

443

AZZ,

Inc.

48,345

2,813

Badger

Infrastructure

Solutions,

Ltd.

124,065

22,306

Barrett

Business

Services,

Inc.

988,602

3,619

Brady

Corporation

282,391

148

Brink's

Company

17,295

208

Broadridge

Financial

Solutions,

Inc.

49,539

21,967

BWX

Technologies,

Inc.

4,050,056

1,742

C.H.

Robinson

Worldwide,

Inc.

230,641

9,036

Casella

Waste

Systems,

Inc.

a

857,336

42,903

Caterpillar,

Inc.

20,471,166

14,730

CECO

Environmental

Corporation

a

754,176

7,008

Clean

Harbors,

Inc.

a

1,627,398

108,257

CNH

Industrial

NV

1,174,588

1,330

Copart,

Inc.

a

59,810

211

CSW

Industrials,

Inc.

51,220

205,783

CSX

Corporation

7,307,354

744

Cummins,

Inc.

314,243

3,301

Curtiss-Wright

Corporation

1,792,245

Shares

Common

Stock  26.7%

Value

Industrials  2.1%

-

continued

36,848

Delta

Air

Lines,

Inc.

$

2,091,124

6,397

DNOW,

Inc.

a

97,554

1,173

Donaldson

Company,

Inc.

96,010

184

Dycom

Industries,

Inc.

a

53,684

1,587

EMCOR

Group,

Inc.

1,030,820

2,766

Energy

Recovery,

Inc.

a

42,652

29,781

Enerpac

Tool

Group

Corporation

1,221,021

1,976

EnerSys

223,209

8,130

EnPro,

Inc.

1,837,380

34,120

ExlService

Holdings,

Inc.

a

1,502,304

2,200

Expeditors

International

of

Washington,

Inc.

269,698

373,036

Fastenal

Company

18,293,685

9,470

Federal

Signal

Corporation

1,126,835

8,588

Ferguson

Enterprises,

Inc.

1,928,693

23,803

Flowserve

Corporation

1,264,891

3,100

Fortive

Corporation

151,869

2,024

Fortune

Brands

Innovations,

Inc.

108,061

40,471

Gates

Industrial

Corporation

plc

a

1,004,490

745

Generac

Holdings,

Inc.

a

124,713

6,817

General

Dynamics

Corporation

2,324,597

13,204

General

Electric

Company

3,972,027

494

Gorman-Rupp

Company

22,927

10,547

Graco,

Inc.

896,073

18,945

Great

Lakes

Dredge

&

Dock

Corporation

a

227,151

3,147

Helios

Technologies,

Inc.

164,053

20,413

Hexcel

Corporation

1,279,895

1,473

HNI

Corporation

69,010

7,560

Honeywell

International,

Inc.

1,591,380

12,287

Howmet

Aerospace,

Inc.

2,411,078

4,665

Hudson

Technologies,

Inc.

a

46,323

7,514

Huron

Consulting

Group,

Inc.

a

1,102,830

152

ICF

International,

Inc.

14,106

954

IDEX

Corporation

155,273

261

IES

Holdings,

Inc.

a

103,787

1,878

Ingersoll

Rand,

Inc.

155,160

455

Insteel

Industries,

Inc.

17,445

3,602

ITT

Corporation

643,894

8,617

Jacobs

Solutions,

Inc.

1,291,344

6,221

JB

Hunt

Transport

Services,

Inc.

834,672

5,662

Johnson

Controls

International

plc

622,537

2,022

Kirby

Corporation

a

168,736

3,024

Knight-Swift

Transportation

Holdings,

Inc.

119,478

1,575

Korn

Ferry

110,218

6,222

L3Harris

Technologies,

Inc.

1,900,261

2,423

Legalzoom.com,

Inc.

a

25,151

1,966

Leidos

Holdings,

Inc.

371,495

9,903

Limbach

Holdings,

Inc.

a

961,779

1,207

Lincoln

Electric

Holdings,

Inc.

284,647

5,349

Lyft,

Inc.

a

117,731

36,163

Masco

Corporation

2,545,514

379

MasTec,

Inc.

a

80,655

69,512

Masterbrand,

Inc.

a

915,473

798

Maximus,

Inc.

72,913

4,665

McGrath

RentCorp

547,205

1,778

Middleby

Corporation

a

236,350

6,511

Moog,

Inc.

1,352,139

34,811

Mueller

Water

Products,

Inc.

888,377

5,108

NEXTracker,

Inc.

a

377,941

54

Nordson

Corporation

12,255

20,911

nVent

Electric

plc

2,062,661

8,718

Old

Dominion

Freight

Line,

Inc.

1,227,320

1,045

Oshkosh

Corporation

135,537

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Shares

Common

Stock  26.7%

Value

Industrials  2.1%

-

continued

12,500

Otis

Worldwide

Corporation

$

1,142,875

27,649

Parker-Hannifin

Corporation

20,962,089

189

Paylocity

Holding

Corporation

a

30,102

6,707

Pentair

plc

742,867

957

Pitney

Bowes,

Inc.

10,919

298

Primoris

Services

Corporation

40,924

872

Quanta

Services,

Inc.

361,374

3,183

RBC

Bearings,

Inc.

a

1,242,293

403

Regal

Rexnord

Corporation

57,806

8,408

Republic

Services,

Inc.

1,929,468

6,408

Rockwell

Automation,

Inc.

2,239,788

131

Ryder

System,

Inc.

24,712

1,165

Schneider

National,

Inc.

24,651

4,365

Sensata

Technologies

Holding

plc

133,351

14,272

Shoals

Technologies

Group,

Inc.

a

105,756

760

SkyWest,

Inc.

a

76,471

7,606

Southwest

Airlines

Company

242,707

634

SPX

Technologies,

Inc.

a

118,419

1,180

SS&C

Technologies

Holdings,

Inc.

104,737

4,431

Stanley

Black

&

Decker,

Inc.

329,356

2,290

Sterling

Construction

Company,

Inc.

a

777,867

1,740

Textron,

Inc.

147,013

4,348

Timken

Company

326,883

2,009

Toro

Company

153,086

3,096

Trane

Technologies

plc

1,306,388

15,186

TransUnion

1,272,283

1,822

Trex

Company,

Inc.

a

94,143

2,824

Trinity

Industries,

Inc.

79,185

156,486

Uber

Technologies,

Inc.

a

15,330,933

1,033

UFP

Industries,

Inc.

96,575

1,032

UL

Solutions,

Inc.

73,128

926

UniFirst

Corporation/MA

154,818

11,344

Union

Pacific

Corporation

2,681,381

2,754

United

Airlines

Holdings,

Inc.

a

265,761

9,132

United

Parcel

Service,

Inc.

762,796

710

United

Rentals,

Inc.

677,809

4,025

Upwork,

Inc.

a

74,744

6,909

Veralto

Corporation

736,568

15,534

Verisk

Analytics,

Inc.

3,906,956

4,355

Verra

Mobility

Corporation

a

107,569

1,037

Wabtec

Corporation

207,887

6,165

Waste

Connections,

Inc.

1,083,807

5,585

Waste

Management,

Inc.

1,233,336

2,010

Watsco,

Inc.

812,643

217

WESCO

International,

Inc.

45,896

2,143

Xylem,

Inc.

316,093

4,166

Zurn

Elkay

Water

Solutions

Corporation

195,927

Total

187,818,654

Information

Technology  9.9%

8,747

Adobe,

Inc.

a

3,085,504

32,887

Advanced

Micro

Devices,

Inc.

a

5,320,788

9,759

Agilysys,

Inc.

a

1,027,135

1,804

Ambarella,

Inc.

a

148,866

5,697

Amkor

Technology,

Inc.

161,795

98,659

Amphenol

Corporation

12,209,051

13,325

Analog

Devices,

Inc.

3,273,952

539,105

Apple,

Inc.

137,272,306

6,214

Applied

Materials,

Inc.

1,272,254

16,423

AppLovin

Corporation

a

11,800,582

51,476

Arista

Networks,

Inc.

a

7,500,568

518

Arrow

Electronics,

Inc.

a

62,678

629

Astera

Labs,

Inc.

a

123,158

Shares

Common

Stock  26.7%

Value

Information

Technology  9.9%

-

continued

239

Atlassian

Corporation

a

$

38,168

28,579

Autodesk,

Inc.

a

9,078,691

1,235

Avnet,

Inc.

64,566

7,033

Bel

Fuse,

Inc.

991,794

466

BILL

Holdings,

Inc.

a

24,684

13,322

BlackLine,

Inc.

a

707,398

212,965

Broadcom,

Inc.

70,259,283

7,333

Cadence

Design

Systems,

Inc.

a

2,575,790

284

Calix,

Inc.

a

17,429

56,346

CDW

Corporation

8,974,791

1,286

Ciena

Corporation

a

187,332

2,315

Cirrus

Logic,

Inc.

a

290,046

143,144

Cisco

Systems,

Inc.

9,793,912

20,516

Cognex

Corporation

929,375

1,507

Cognizant

Technology

Solutions

Corporation

101,074

6,779

Coherent

Corporation

a

730,234

6,822

CommScope

Holding

Company,

Inc.

a

105,605

899

CommVault

Systems,

Inc.

a

169,713

11,648

CompoSecure,

Inc.

242,511

2,933

Corning,

Inc.

240,594

2,454

Crane

NXT

Company

164,590

185

Credo

Technology

Group

Holding,

Ltd.

a

26,938

170

CTS

Corporation

6,790

3,071

CyberArk

Software,

Ltd.

a

1,483,754

2,217

Datadog,

Inc.

a

315,701

10,078

Descartes

Systems

Group,

Inc.

a

949,650

24,017

DigitalOcean

Holdings,

Inc.

a

820,421

4,600

DocuSign,

Inc.

a

331,614

3,461

Dolby

Laboratories,

Inc.

250,473

93,790

Dropbox,

Inc.

a

2,833,396

29,559

Dynatrace

Holdings,

LLC

a

1,432,134

3,584

Enphase

Energy,

Inc.

a

126,838

474

EPAM

Systems,

Inc.

a

71,474

1,449

F5,

Inc.

a

468,302

2,969

Fabrinet

a

1,082,557

400

First

Solar,

Inc.

a

88,212

16,874

Flex,

Ltd.

a

978,186

24,410

Fortinet,

Inc.

a

2,052,393

2,890

Gen

Digital,

Inc.

82,047

30,700

Gitlab,

Inc.

a

1,383,956

11,302

Guidewire

Software,

Inc.

a

2,597,878

10,186

Hewlett

Packard

Enterprise

Company

250,168

2,866

HubSpot,

Inc.

a

1,340,715

28,710

I3

Verticals,

Inc.

a

931,927

4,665

Impinj,

Inc.

a

843,199

305

Intapp,

Inc.

a

12,474

57,751

International

Business

Machines

Corporation

16,295,022

914

IPG

Photonics

Corporation

a

72,380

882

Itron,

Inc.

a

109,862

53,833

JFrog,

Ltd.

a

2,547,916

8,994

Keysight

Technologies,

Inc.

a

1,573,230

2,134

KLA

Corporation

2,301,732

4,386

Knowles

Corporation

a

102,238

38,486

Lam

Research

Corporation

5,153,275

20,330

Lattice

Semiconductor

Corporation

a

1,490,596

488

Littelfuse,

Inc.

126,397

235

MACOM

Technology

Solutions

Holdings,

Inc.

a

29,255

131

Manhattan

Associates,

Inc.

a

26,852

14,696

Marvell

Technology,

Inc.

1,235,493

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Shares

Common

Stock  26.7%

Value

Information

Technology  9.9%

-

continued

1,866

Microchip

Technology,

Inc.

$

119,835

54,984

Micron

Technology,

Inc.

9,199,923

325,015

Microsoft

Corporation

168,341,519

787

Mirion

Technologies,

Inc.

a

18,306

2,038

MKS,

Inc.

252,243

1,016

Monday.com,

Ltd.

a

196,789

2,470

Monolithic

Power

Systems,

Inc.

2,273,981

13,593

Motorola

Solutions,

Inc.

6,215,943

9,502

Napco

Security

Technologies,

Inc.

408,111

1,829

NetApp,

Inc.

216,663

43,052

Nokia

Oyj

ADR

207,080

1,121,229

NVIDIA

Corporation

209,198,907

4,712

NXP

Semiconductors

NV

1,073,064

1,482

ON

Semiconductor

Corporation

a

73,077

10,679

Onto

Innovation,

Inc.

a

1,379,940

73,491

Oracle

Corporation

20,668,609

114,534

Palantir

Technologies,

Inc.

a

20,893,292

17,751

Pegasystems,

Inc.

1,020,682

545

Plexus

Corporation

a

78,856

459

Procore

Technologies,

Inc.

a

33,470

9,284

PTC,

Inc.

a

1,884,838

450

Q2

Holdings,

Inc.

a

32,575

7,462

Qorvo,

Inc.

a

679,639

24,457

Qualcomm,

Inc.

4,068,667

12,955

Salesforce,

Inc.

3,070,335

37,839

Samsung

Electronics

Company,

Ltd.

2,268,460

40,700

SAP

SE

ADR

10,875,447

32,539

ServiceNow,

Inc.

a

29,944,991

6,221

Silicon

Laboratories,

Inc.

a

815,760

5,309

Skyworks

Solutions,

Inc.

408,687

71,732

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

20,034,030

13,655

TD

SYNNEX

Corporation

2,236,006

3,102

TE

Connectivity

plc

680,982

835

Teledyne

Technologies,

Inc.

a

489,343

1,939

Tenable

Holdings,

Inc.

a

56,541

2,882

Teradyne,

Inc.

396,678

4,638

Texas

Instruments,

Inc.

852,140

28,726

Trimble,

Inc.

a

2,345,478

17,417

TTM

Technologies,

Inc.

a

1,003,219

147

Twilio,

Inc.

a

14,713

2,943

Tyler

Technologies,

Inc.

a

1,539,660

4,189

Unity

Software,

Inc.

a

167,728

2,467

Varonis

Systems,

Inc.

a

141,778

9,052

VeriSign,

Inc.

2,530,668

53,859

Vontier

Corporation

2,260,462

107,389

Weave

Communications,

Inc.

a

717,359

30,929

Western

Digital

Corporation

3,713,336

1,136

Zebra

Technologies

Corporation

a

337,574

32,621

Zoom

Communications,

Inc.

a

2,691,233

306

Zscaler,

Inc.

a

91,696

Total

878,991,975

Materials  0.5%

2,213

Albemarle

Corporation

179,430

5,097

Alcoa

Corporation

167,640

63,077

Amcor

plc

515,970

1,612

AptarGroup,

Inc.

215,460

852

Avery

Dennison

Corporation

138,169

5,295

Avient

Corporation

174,470

30,675

Axalta

Coating

Systems,

Ltd.

a

877,918

1,059

Balchem

Corporation

158,914

3,913

Ball

Corporation

197,293

Shares

Common

Stock  26.7%

Value

Materials  0.5%

-

continued

23,478

CF

Industries

Holdings,

Inc.

$

2,105,977

13,157

Coeur

Mining,

Inc.

a

246,825

1,302

Commercial

Metals

Company

74,579

31,207

Constellium

SE

a

464,360

4,541

Corteva,

Inc.

307,108

28,947

Crown

Holdings,

Inc.

2,795,991

18,385

DuPont

de

Nemours,

Inc.

1,432,191

8,651

Eastman

Chemical

Company

545,446

23,043

Ecolab,

Inc.

6,310,556

18,393

Element

Solutions,

Inc.

462,952

1,353

FMC

Corporation

45,501

150,322

Freeport-McMoRan,

Inc.

5,895,629

2,688

Greif,

Inc.

160,635

29,562

Hecla

Mining

Company

357,700

9,061

Huntsman

Corporation

81,368

1,855

Ingevity

Corporation

a

102,377

739

International

Flavors

&

Fragrances,

Inc.

45,478

14,118

Ivanhoe

Mines,

Ltd.

a

149,732

2,356

Kaiser

Aluminum

Corporation

181,789

333

Knife

River

Corporation

a

25,598

1,800

Koppers

Holdings,

Inc.

50,400

15,333

Linde

plc

7,283,175

2,087

Martin

Marietta

Materials,

Inc.

1,315,394

1,698

Minerals

Technologies,

Inc.

105,480

15,431

Mosaic

Company

535,147

891

MP

Materials

Corporation

a,c

59,759

67

NewMarket

Corporation

55,490

17,195

Newmont

Corporation

1,449,710

13,411

Nucor

Corporation

1,816,252

3,378

O-I

Glass,

Inc.

a

43,813

26,563

Olin

Corporation

663,809

8,124

Packaging

Corporation

of

America

1,770,463

2,098

PPG

Industries,

Inc.

220,521

149

Reliance,

Inc.

41,844

1,545

Royal

Gold,

Inc.

309,896

5,241

RPM

International,

Inc.

617,809

1,938

Scotts

Miracle-Gro

Company

110,369

3,620

Sealed

Air

Corporation

127,967

269

Sensient

Technologies

Corporation

25,246

4,702

Sonoco

Products

Company

202,609

4,516

Steel

Dynamics,

Inc.

629,666

1,007

Stepan

Company

48,034

16,693

Tronox

Holdings

plc

67,106

7,372

Vulcan

Materials

Company

2,267,775

1,781

West

Fraser

Timber

Company,

Ltd.

121,072

Total

44,355,862

Real

Estate  0.4%

569

Agree

Realty

Corporation

40,422

1,621

Alexandria

Real

Estate

Equities,

Inc.

135,094

1,043

Alpine

Income

Property

Trust,

Inc.

14,779

2,460

AvalonBay

Communities,

Inc.

475,198

17,933

Brixmor

Property

Group,

Inc.

496,385

88,287

Broadstone

Net

Lease,

Inc.

1,577,689

2,581

CareTrust

REIT,

Inc.

89,509

1,101

CBL

&

Associates

Properties,

Inc.

33,669

25,657

CBRE

Group,

Inc.

a

4,042,517

8,279

Chatham

Lodging

Trust

55,552

6,443

Colliers

International

Group,

Inc.

1,006,461

3,376

Compass,

Inc.

a

27,109

18,767

CoStar

Group,

Inc.

a

1,583,372

7,879

Cousins

Properties,

Inc.

228,018

17,826

Crown

Castle,

Inc.

1,720,031

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Shares

Common

Stock  26.7%

Value

Real

Estate  0.4%

-

continued

5,795

Curbline

Properties

Corporation

$

129,229

5,933

Cushman

and

Wakefield

plc

a

94,453

823

Digital

Realty

Trust,

Inc.

142,280

21,610

Easterly

Government

Properties,

Inc.

495,517

22,255

EPR

Properties

1,291,013

160,176

Essential

Properties

Realty

Trust,

Inc.

4,766,838

778

Essex

Property

Trust,

Inc.

208,240

1,918

Extra

Space

Storage,

Inc.

270,323

997

Federal

Realty

Investment

Trust

101,006

11,775

First

Industrial

Realty

Trust,

Inc.

606,059

2,686

Getty

Realty

Corporation

72,065

1,075

Global

Net

Lease,

Inc.

8,740

63,967

Healthcare

Realty

Trust,

Inc.

1,153,325

126,203

Host

Hotels

&

Resorts,

Inc.

2,147,975

684

Howard

Hughes

Holdings,

Inc.

a

56,204

13,661

Independence

Realty

Trust,

Inc.

223,904

42,310

Industrial

Logistics

Properties

Trust

246,667

20,484

Innovative

Industrial

Properties,

Inc.

1,097,533

12,387

InvenTrust

Properties

Corporation

354,516

735

Iron

Mountain,

Inc.

74,926

897

Jones

Lang

LaSalle,

Inc.

a

267,557

2,857

Kimco

Realty

Corporation

62,425

183

Lamar

Advertising

Company

22,403

74,930

Millrose

Properties,

Inc.

2,518,397

96

National

Health

Investors,

Inc.

7,632

24,268

National

Storage

Affiliates

Trust

733,379

6,865

NetSTREIT

Corporation

123,982

804

NNN

REIT,

Inc.

34,226

57,970

Outfront

Media,

Inc.

1,062,010

13,102

Park

Hotels

&

Resorts,

Inc.

145,170

4,538

Peakstone

Realty

Trust

59,539

29,939

Pebblebrook

Hotel

Trust

341,005

2,748

Postal

Realty

Trust,

Inc.

43,116

859

RE/MAX

Holdings,

Inc.

a

8,100

1,101

Regency

Centers

Corporation

80,263

2,395

Rexford

Industrial

Realty,

Inc.

98,458

14,708

RLJ

Lodging

Trust

105,898

1,620

RMR

Group,

Inc.

25,483

773

Ryman

Hospitality

Properties

69,253

123,910

Sabra

Health

Care

REIT,

Inc.

2,309,682

9,150

Safehold,

Inc.

141,734

1,316

SBA

Communications

Corporation

254,449

20,920

Sila

Realty

Trust,

Inc.

525,092

169

Simon

Property

Group,

Inc.

31,716

12,172

STAG

Industrial,

Inc.

429,550

12,193

Summit

Hotel

Properties,

Inc.

66,940

83,671

Tanger,

Inc.

2,831,427

11,943

Terreno

Realty

Corporation

677,765

2,799

VICI

Properties,

Inc.

91,275

22,685

Xenia

Hotels

&

Resorts,

Inc.

311,238

3,286

Zillow

Group,

Inc.,

Class

A

a

244,610

3,231

Zillow

Group,

Inc.,

Class

C

a

248,949

Total

39,039,341

Utilities  0.4%

177,226

AES

Corporation

2,332,294

4,100

Alliant

Energy

Corporation

276,381

2,779

American

States

Water

Company

203,756

1,824

American

Water

Works

Company,

Inc.

253,883

751

Artesian

Resources

Corporation

24,479

971

Avista

Corporation

36,713

Shares

Common

Stock  26.7%

Value

Utilities  0.4%

-

continued

8,613

Black

Hills

Corporation

$

530,475

30,494

Brookfield

Infrastructure

Corporation

1,253,913

466

California

Water

Service

Group

21,385

7,808

CenterPoint

Energy,

Inc.

302,950

10,133

Clearway

Energy,

Inc.,

Class

A

272,882

11,034

Clearway

Energy,

Inc.,

Class

C

311,710

120

Consolidated

Edison,

Inc.

12,062

4,708

Constellation

Energy

Corporation

1,549,262

16,957

Duke

Energy

Corporation

2,098,429

74,083

Edison

International

4,095,308

27,297

Entergy

Corporation

2,543,807

5,384

Essential

Utilities,

Inc.

214,822

12,903

Evergy,

Inc.

980,886

4,079

Eversource

Energy

290,180

6,391

Exelon

Corporation

287,659

2,950

FirstEnergy

Corporation

135,169

4,562

MDU

Resources

Group,

Inc.

81,249

1,343

Middlesex

Water

Company

72,683

7,758

New

Jersey

Resources

Corporation

373,548

6,884

NiSource,

Inc.

298,077

991

Northwestern

Energy

Group,

Inc.

58,083

639

Otter

Tail

Corporation

52,379

163,688

PG&E

Corporation

2,468,415

898

Pinnacle

West

Capital

Corporation

80,515

93,581

Portland

General

Electric

Company

4,117,564

1,334

Spire,

Inc.

108,748

197,056

UGI

Corporation

6,554,083

1,191

Unitil

Corporation

57,001

13,899

Vistra

Energy

Corporation

2,723,092

20,065

XPLR

Infrastructure,

LP

204,061

Total

35,277,903

Total

Common

Stock

(cost

$1,462,990,721)

2,380,251,973

Principal

Amount

Long-Term

Fixed

Income

18.6%

Value

Asset-Backed

Securities  0.5%

Access

Group,

Inc.

$

60,388

4.971%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

d,e

60,369

ALLO

Issuer,

LLC

2,600,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

d

2,638,155

Balboa

Bay

Loan

Funding,

Ltd.

2,000,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

d,e

1,999,976

1,750,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

d,e

1,750,992

Barings

CLO,

Ltd.

2,150,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

d,e

2,149,925

CarVal

CLO

I,

Ltd.

1,700,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

d,e

1,701,401

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Asset-Backed

Securities  0.5%

-

continued

CMFT

Net

Lease

Master

Issuer,

LLC

$

1,699,926

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

d

$

1,569,414

Commonbond

Student

Loan

Trust

85,995

4.772%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

d,e

84,981

Foundation

Finance

Trust

617,339

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

d

586,291

Goodgreen

1,601,507

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

d

1,461,055

Hertz

Vehicle

Financing

III,

LLC

1,350,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

d

1,364,156

Hotwire

Funding,

LLC

2,200,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

d

2,237,217

HTAP

Issuer

Trust

1,632,213

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

d

1,627,633

Laurel

Road

Prime

Student

Loan

Trust

746,735

5.970%, 

11/25/2043,

Ser.

2018-D,

Class

A

d,e

712,140

LCM

41,

Ltd.

1,000,000

6.318%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

d,e

1,001,754

MFA

Trust

1,454,703

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

f

1,456,473

National

Collegiate

Trust

423,188

4.890%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

d,e

414,122

Oak

Street

Investment

1,994,063

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

d

1,903,753

Palmer

Square

Loan

Funding,

Ltd.

1,300,000

5.811%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

d,e

1,288,992

PRET,

LLC

2,972,829

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

d,f

2,985,165

1,247,674

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

d,f

1,256,464

PRPM,

LLC

1,969,082

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

d,f

1,970,929

Renaissance

Home

Equity

Loan

Trust

3,418,210

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

f

1,079,786

Saxon

Asset

Securities

Trust

1,204,049

3.030%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

e

1,081,955

Sunnova

Hestia

II

Issuer,

LLC

1,596,236

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

d,g

1,598,072

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Asset-Backed

Securities  0.5%

-

continued

Unlock

HEA

Trust

$

1,477,635

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

d

$

1,481,268

1,843,973

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

d

1,840,619

Vericrest

Opportunity

Loan

Transferee

983,333

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

d

982,517

1,046,253

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

d,f

1,041,983

Wind

River

CLO,

Ltd.

473,992

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

d,e

474,005

Total

41,801,562

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

278,000

8.625%, 

6/15/2029

d

294,273

Alumina,

Pty.

Ltd.

300,000

6.125%, 

3/15/2030

d

306,809

Avient

Corporation

283,000

6.250%, 

11/1/2031

d

287,393

Axalta

Coating

Systems

Dutch

Holding

B

BV

230,000

7.250%, 

2/15/2031

d

240,631

Cascades,

Inc./Cascades

USA,

Inc.

308,000

6.750%, 

7/15/2030

d

313,698

Celanese

US

Holdings,

LLC

232,000

6.850%, 

11/15/2028

240,754

131,000

6.500%, 

4/15/2030

c

131,857

159,000

6.629%, 

7/15/2032

162,468

218,000

6.750%, 

4/15/2033

c

217,080

Cerdia

Finanz

GmbH

323,000

9.375%, 

10/3/2031

d

341,976

Chemours

Company

452,000

5.750%, 

11/15/2028

d

440,869

Cleveland-Cliffs,

Inc.

290,000

4.625%, 

3/1/2029

d

279,403

219,000

6.875%, 

11/1/2029

d

223,175

350,000

4.875%, 

3/1/2031

c,d

326,760

129,000

7.375%, 

5/1/2033

d

131,692

162,000

6.250%, 

10/1/2040

c

137,780

Consolidated

Energy

Finance

SA

640,000

5.625%, 

10/15/2028

d

533,115

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

329,000

6.125%, 

6/15/2028

d

328,467

Eastman

Chemical

Company

590,000

5.000%, 

8/1/2029

600,837

First

Quantum

Minerals,

Ltd.

132,000

9.375%, 

3/1/2029

d

139,897

162,000

8.625%, 

6/1/2031

d

170,224

Fortescue

Treasury,

Pty.

Ltd.

101,000

4.500%, 

9/15/2027

d

100,539

162,000

5.875%, 

4/15/2030

d

166,030

168,000

6.125%, 

4/15/2032

d

173,603

Glencore

Funding,

LLC

892,000

4.907%, 

4/1/2028

d

906,046

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Basic

Materials  0.1%

-

continued

Hecla

Mining

Company

$

122,000

7.250%, 

2/15/2028

$

123,103

INEOS

Finance

plc

488,000

7.500%, 

4/15/2029

c,d

474,774

Magnera

Corporation

525,000

7.250%, 

11/15/2031

d

494,015

Mercer

International,

Inc.

95,000

12.875%, 

10/1/2028

d

86,455

192,000

5.125%, 

2/1/2029

c

141,526

Methanex

Corporation

160,000

5.250%, 

12/15/2029

c

159,764

96,000

5.650%, 

12/1/2044

81,965

Methanex

US

Operations,

Inc.

173,000

6.250%, 

3/15/2032

d

176,022

Mineral

Resources,

Ltd.

264,000

9.250%, 

10/1/2028

d

276,622

114,000

8.500%, 

5/1/2030

c,d

118,577

71,000

7.000%, 

4/1/2031

d,h

71,918

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

227,000

5.350%, 

3/15/2034

236,769

Novelis

Corporation

171,000

4.750%, 

1/30/2030

d

164,958

200,000

3.875%, 

8/15/2031

d

182,338

Olin

Corporation

183,000

6.625%, 

4/1/2033

d

183,944

Qnity

Electronics,

Inc.

442,000

5.750%, 

8/15/2032

d

445,371

Smurfit

Kappa

Treasury,

ULC

627,000

5.777%, 

4/3/2054

639,362

SNF

Group

SACA

508,000

3.375%, 

3/15/2030

d

471,595

Solstice

Advanced

Materials,

Inc.

177,000

5.625%, 

9/30/2033

d

177,585

Steel

Dynamics,

Inc.

293,000

5.250%, 

5/15/2035

299,393

SunCoke

Energy,

Inc.

544,000

4.875%, 

6/30/2029

d

508,439

Taseko

Mines,

Ltd.

332,000

8.250%, 

5/1/2030

d

351,636

Total

13,061,507

Capital

Goods  0.3%

Advanced

Drainage

Systems,

Inc.

333,000

6.375%, 

6/15/2030

d

338,898

AECOM

352,000

6.000%, 

8/1/2033

d

359,881

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

175,000

7.000%, 

5/21/2030

d

181,003

Amrize

Finance

US,

LLC

384,000

5.400%, 

4/7/2035

d

395,573

Amsted

Industries,

Inc.

373,000

6.375%, 

3/15/2033

d

382,840

ATI,

Inc.

265,000

7.250%, 

8/15/2030

278,167

Axon

Enterprise,

Inc.

161,000

6.125%, 

3/15/2030

d

165,351

161,000

6.250%, 

3/15/2033

d

165,717

BAE

Systems

plc

250,000

5.500%, 

3/26/2054

d

253,515

300,000

5.250%, 

3/26/2031

d

311,089

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Capital

Goods  0.3%

-

continued

Ball

Corporation

$

201,000

3.125%, 

9/15/2031

$

182,467

Boeing

Company

438,000

5.040%, 

5/1/2027

442,692

377,000

6.259%, 

5/1/2027

387,902

444,000

6.388%, 

5/1/2031

483,567

733,000

5.705%, 

5/1/2040

747,940

Bombardier,

Inc.

127,000

6.000%, 

2/15/2028

d

127,321

159,000

7.250%, 

7/1/2031

d

168,545

465,000

7.000%, 

6/1/2032

d

486,010

89,000

6.750%, 

6/15/2033

d

92,877

180,000

7.450%, 

5/1/2034

d

198,806

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

372,000

7.500%, 

2/1/2032

d

375,849

Builders

FirstSource,

Inc.

330,000

5.000%, 

3/1/2030

d

326,645

81,000

6.375%, 

3/1/2034

d

83,439

175,000

6.750%, 

5/15/2035

d

182,723

Canpack

SA/Canpack

US,

LLC

408,000

3.875%, 

11/15/2029

d

382,865

Chart

Industries,

Inc.

192,000

7.500%, 

1/1/2030

d

199,821

Clean

Harbors,

Inc.

159,000

6.375%, 

2/1/2031

d

162,821

Clydesdale

Acquisition

Holdings,

Inc.

68,000

6.625%, 

4/15/2029

d

68,775

313,000

6.875%, 

1/15/2030

d

321,078

79,000

8.750%, 

4/15/2030

d

81,152

174,000

6.750%, 

4/15/2032

d

178,500

Crown

Cork

&

Seal

Company,

Inc.

236,000

7.375%, 

12/15/2026

243,365

Eaton

Capital,

ULC

325,000

4.450%, 

5/9/2030

328,369

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

510,000

6.625%, 

12/15/2030

d

524,254

ESAB

Corporation

132,000

6.250%, 

4/15/2029

d

135,604

General

Dynamics

Corporation

100,000

4.950%, 

8/15/2035

101,868

GFL

Environmental,

Inc.

415,000

4.000%, 

8/1/2028

d

405,156

Herc

Holdings,

Inc.

105,000

5.500%, 

7/15/2027

d

104,737

265,000

6.625%, 

6/15/2029

d

272,288

222,000

7.000%, 

6/15/2030

d

230,597

160,000

7.250%, 

6/15/2033

d

167,024

Ingersoll

Rand,

Inc.

151,000

5.700%, 

8/14/2033

160,411

Lockheed

Martin

Corporation

374,000

6.150%, 

9/1/2036

414,885

Martin

Marietta

Materials,

Inc.

326,000

5.150%, 

12/1/2034

332,699

Mueller

Water

Products,

Inc.

286,000

4.000%, 

6/15/2029

d

275,415

Nesco

Holdings

II,

Inc.

136,000

5.500%, 

4/15/2029

d

133,190

New

Enterprise

Stone

and

Lime

Company,

Inc.

387,000

5.250%, 

7/15/2028

d

383,429

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Capital

Goods  0.3%

-

continued

Nordson

Corporation

$

615,000

5.600%, 

9/15/2028

$

636,651

Northrop

Grumman

Corporation

1,225,000

3.850%, 

4/15/2045

996,182

OI

European

Group

BV

352,000

4.750%, 

2/15/2030

d

335,913

Owens-Brockway

Glass

Container,

Inc.

272,000

6.625%, 

5/13/2027

d

271,497

133,000

7.375%, 

6/1/2032

c,d

134,288

Quikrete

Holdings,

Inc.

652,000

6.375%, 

3/1/2032

d

675,370

QXO

Building

Products,

Inc.

263,000

6.750%, 

4/30/2032

d

272,309

Regal

Rexnord

Corporation

770,000

6.050%, 

2/15/2026

773,727

Resideo

Funding,

Inc.

340,000

6.500%, 

7/15/2032

d

348,468

Reworld

Holding

Corporation

276,000

4.875%, 

12/1/2029

d

259,569

Roller

Bearing

Company

of

America,

Inc.

161,000

4.375%, 

10/15/2029

d

156,371

RTX

Corporation

201,000

6.400%, 

3/15/2054

224,881

900,000

4.450%, 

11/16/2038

846,953

859,000

4.500%, 

6/1/2042

776,785

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

260,000

6.125%, 

2/1/2028

d

263,591

Siemens

Funding

BV

261,000

5.800%, 

5/28/2055

d

280,051

Smyrna

Ready

Mix

Concrete,

LLC

556,000

8.875%, 

11/15/2031

c,d

587,104

Sonoco

Products

Company

602,000

4.600%, 

9/1/2029

605,573

Spirit

AeroSystems,

Inc.

980,000

4.600%, 

6/15/2028

978,742

102,000

9.750%, 

11/15/2030

d

112,179

SRM

Escrow

Issuer,

LLC

130,000

6.000%, 

11/1/2028

d

130,041

Standard

Building

Solutions,

Inc.

185,000

6.500%, 

8/15/2032

d

189,814

396,000

6.250%, 

8/1/2033

d

401,301

Standard

Industries,

Inc./NY

162,000

4.750%, 

1/15/2028

d

160,607

162,000

3.375%, 

1/15/2031

d

146,702

TopBuild

Corporation

114,000

4.125%, 

2/15/2032

d

106,869

89,000

5.625%, 

1/31/2034

d

88,676

Trane

Technologies

Financing,

Ltd.

401,000

5.100%, 

6/13/2034

411,689

TransDigm,

Inc.

395,000

6.750%, 

8/15/2028

d

402,528

569,000

7.125%, 

12/1/2031

d

593,518

463,000

6.625%, 

3/1/2032

d

476,679

424,000

6.000%, 

1/15/2033

d

428,699

44,000

6.250%, 

1/31/2034

c,d

45,250

88,000

6.750%, 

1/31/2034

d

90,988

United

Rentals

North

America,

Inc.

386,000

4.875%, 

1/15/2028

384,822

430,000

4.000%, 

7/15/2030

411,294

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Capital

Goods  0.3%

-

continued

Waste

Pro

USA,

Inc.

$

156,000

7.000%, 

2/1/2033

d

$

161,584

WESCO

Distribution,

Inc.

166,000

6.375%, 

3/15/2029

d

170,910

116,000

6.625%, 

3/15/2032

d

120,550

215,000

6.375%, 

3/15/2033

d

222,875

Total

27,408,720

Collateralized

Mortgage

Obligations  1.2%

A&D

Mortgage

Trust

1,378,002

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

d,f

1,398,214

Alternative

Loan

Trust

495,652

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

249,585

Arroyo

Mortgage

Trust

3,000,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

d,f

2,808,233

BINOM

Securitization

Trust

918,260

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

d,e

840,592

Chase

Home

Lending

Mortgage

Trust

1,775,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

d,e

1,808,182

CHNGE

Mortgage

Trust

932,038

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

d,f

938,735

Citicorp

Mortgage

Securities,

Inc.

1,272,164

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,165,851

COLT

Mortgage

Loan

Trust

1,821,397

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

d,e

1,644,276

Countrywide

Alternative

Loan

Trust

661,474

3.963%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

e

566,446

1,599,444

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

526,806

Cross

Mortgage

Trust

1,594,213

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

d,e

1,606,176

CSMC

Trust

944,225

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

d,e

940,910

1,115,780

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

d,e

987,833

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

2,707,806

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

2,676,708

2,000,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

1,957,587

3,250,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

3,276,582

1,650,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

1,635,202

3,300,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

3,211,589

4,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

4,275,824

2,827,493

7.932%, 

(SOFR30A

+

4.000%),

10/25/2025,

Ser.

5567,

Class

MB

e

2,880,635

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Collateralized

Mortgage

Obligations  1.2%

-

continued

$

635,972

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

i

$

39,933

1,322,001

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

i

104,269

2,471,270

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

2,487,253

3,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,506,147

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,975,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

g

1,709,345

Federal

National

Mortgage

Association

-

REMIC

2,750,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

2,718,660

2,737,658

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

2,738,424

1,950,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

1,898,157

2,736,877

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

2,229,338

714,033

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

i

13,145

Flagstar

Mortgage

Trust

1,185,052

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

d,e

1,068,485

GCAT

Trust

1,526,497

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

d,e

1,394,855

2,702,360

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

d,e

2,739,307

GS

Mortgage-Backed

Securities

Trust

2,495,796

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

d,e

2,157,960

3,325,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

d,e

3,315,221

HOMES

Trust

1,825,000

6.996%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

d,e

1,825,917

J.P.

Morgan

Mortgage

Trust

2,514,755

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

d,e

2,093,793

1,605,354

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

d,e

1,371,868

LHOME

Mortgage

Trust

1,650,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

d,f

1,659,830

Mello

Mortgage

Capital

Acceptance

2,485,126

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

d,e

2,058,903

Merrill

Lynch

Alternative

Note

Asset

Trust

339,030

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

108,448

Morgan

Stanley

Residential

Mortgage

Loan

Trust

1,100,000

7.402%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

d,e

1,115,506

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Collateralized

Mortgage

Obligations  1.2%

-

continued

New

Residential

Mortgage

Loan

Trust

$

5,434,276

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

d,e

$

4,515,968

OBX

Trust

1,550,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

d,e

1,436,742

Palisades

Mortgage

Loan

Trust

636,225

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

d

636,225

PMT

Loan

Trust

3,050,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

d,e

3,129,927

3,225,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

d,e

3,221,146

PRET

Trust

1,470,675

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

d,f

1,424,212

PRPM,

LLC

1,600,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

d,f

1,526,601

RCO

IX

Mortgage,

LLC

1,932,543

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

d,f

1,939,309

Residential

Accredit

Loans,

Inc.

Trust

567,303

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

504,860

Saluda

Grade

Alternative

Mortgage

Trust

2,500,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

d,f

2,529,792

2,000,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

d,f

2,013,103

Santander

Mortgage

Asset

Receivable

Trust

2,100,000

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

d,e

2,098,695

Sequoia

Mortgage

Trust

1,650,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

d,e

1,647,176

505,244

3.573%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

e

331,567

Toorak

Mortgage

Trust

1,500,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

d,f

1,509,891

TRK

Trust

1,466,061

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

d,e

1,322,089

TVC

Mortgage

Trust

1,700,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

d,f

1,702,939

Verus

Securitization

Trust

848,610

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

d,e

761,038

Vontive

Mortgage

Trust

1,200,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

d,f

1,221,199

Total

106,223,209

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Commercial

Mortgage-Backed

Securities  0.3%

AMSR

Trust

$

1,400,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

d

$

1,312,370

4,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

d

4,378,149

1,750,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

d

1,708,374

BANK

2022-BNK39

39,580,722

0.524%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

e,i

889,703

BANK

2025-BNK49

12,578,253

0.833%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

e,i

596,114

2,150,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

e

2,278,539

BBCMS

Mortgage

Trust

1,500,000

5.586%, 

7/15/2058,

Ser.

2025-C35,

Class

A5

e

1,582,467

17,873,940

1.324%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

e,i

1,140,911

1,625,000

5.015%, 

9/15/2058,

Ser.

2025-5C37,

Class

A3

1,661,295

18,248,317

1.927%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

e,i

1,166,128

Benchmark

Mortgage

Trust

1,675,000

6.090%, 

4/15/2057,

Ser.

2025-V14,

Class

AM

e

1,752,382

FRTKL

Trust

3,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

d

2,963,340

Home

Partners

of

America

Trust

3,166,335

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

d

3,079,604

2,516,035

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

d

2,268,449

HTAP

Issuer

Trust

2,904,981

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

d

2,908,499

Morgan

Stanley

Capital

I

Trust

17,536,558

1.906%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

e,i

1,180,382

Total

30,866,706

Communications

Services  0.5%

AMC

Networks,

Inc.

398,000

10.250%, 

1/15/2029

d

419,392

American

Tower

Corporation

506,000

5.800%, 

11/15/2028

528,378

793,000

2.900%, 

1/15/2030

747,435

440,000

5.000%, 

1/31/2030

450,276

821,000

4.900%, 

3/15/2030

837,207

412,000

5.650%, 

3/15/2033

434,578

AppLovin

Corporation

624,000

5.500%, 

12/1/2034

644,122

AT&T,

Inc.

630,000

5.700%, 

3/1/2057

621,181

923,000

3.650%, 

6/1/2051

667,445

1,282,000

3.500%, 

9/15/2053

886,763

1,265,000

4.900%, 

8/15/2037

1,233,602

Cable

One,

Inc.

107,000

4.000%, 

11/15/2030

c,d

90,657

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

748,000

5.125%, 

5/1/2027

d

742,977

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Communications

Services  0.5%

-

continued

$

74,000

5.000%, 

2/1/2028

d

$

73,287

329,000

6.375%, 

9/1/2029

d

333,519

750,000

4.750%, 

3/1/2030

d

719,675

271,000

4.250%, 

2/1/2031

d

249,654

519,000

4.750%, 

2/1/2032

c,d

479,951

168,000

4.500%, 

6/1/2033

d

149,362

589,000

4.250%, 

1/15/2034

c,d

509,228

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

514,000

5.850%, 

12/1/2035

518,910

1,400,000

3.500%, 

6/1/2041

1,021,445

Clear

Channel

Outdoor

Holdings,

Inc.

243,000

7.875%, 

4/1/2030

d

255,156

Comcast

Corporation

923,000

5.350%, 

5/15/2053

865,491

640,000

4.400%, 

8/15/2035

614,582

1,090,000

4.750%, 

3/1/2044

982,546

Crown

Castle,

Inc.

642,000

4.900%, 

9/1/2029

651,222

Deluxe

Corporation

387,000

8.125%, 

9/15/2029

d

404,112

Deutsche

Telekom

International

Finance

BV

1,535,000

8.750%, 

6/15/2030

1,809,318

DIRECTV

Financing,

LLC

87,000

8.875%, 

2/1/2030

d

86,279

266,000

8.875%, 

2/1/2030

d

262,734

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

457,000

5.875%, 

8/15/2027

d

456,487

288,000

10.000%, 

2/15/2031

d

287,577

FiberCop

SPA

563,000

6.000%, 

9/30/2034

d

536,630

Frontier

Communications

Holdings,

LLC

404,000

5.875%, 

10/15/2027

d

403,756

Gray

Media,

Inc.

262,000

10.500%, 

7/15/2029

c,d

283,288

167,000

7.250%, 

8/15/2033

d

165,489

Level

3

Financing,

Inc.

87,000

3.625%, 

1/15/2029

d

75,294

179,000

4.875%, 

6/15/2029

d

168,278

200,000

4.000%, 

4/15/2031

c,d

171,952

396,000

6.875%, 

6/30/2033

d

403,595

397,000

7.000%, 

3/31/2034

d

403,872

Lumen

Technologies,

Inc.

95,601

4.125%, 

4/15/2030

d

93,689

Maya

SAS/Paris,

France

433,000

8.500%, 

4/15/2031

d

464,389

246,000

7.000%, 

4/15/2032

d

250,872

McGraw-Hill

Education,

Inc.

488,000

5.750%, 

8/1/2028

d

487,713

Meta

Platforms,

Inc.

462,000

5.600%, 

5/15/2053

468,628

905,000

5.400%, 

8/15/2054

894,123

Netflix,

Inc.

167,000

5.375%, 

11/15/2029

d

174,751

Nexstar

Media,

Inc.

258,000

4.750%, 

11/1/2028

c,d

251,819

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Communications

Services  0.5%

-

continued

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

$

294,000

4.625%, 

3/15/2030

c,d

$

282,561

Paramount

Global

140,000

6.375%, 

3/30/2062

e

139,766

Rogers

Communications,

Inc.

131,000

7.000%, 

4/15/2055

e

136,568

267,000

7.125%, 

4/15/2055

e

283,064

760,000

5.000%, 

2/15/2029

774,506

Scripps

Escrow

II,

Inc.

189,000

3.875%, 

1/15/2029

c,d

166,506

Sinclair

Television

Group,

Inc.

192,000

8.125%, 

2/15/2033

d

197,044

Sirius

XM

Radio,

LLC

331,000

5.000%, 

8/1/2027

d

329,411

365,000

4.000%, 

7/15/2028

d

352,690

279,000

3.875%, 

9/1/2031

c,d

252,853

Snap,

Inc.

176,000

6.875%, 

3/15/2034

d

178,135

SoftBank

Corporation

637,000

5.332%, 

7/9/2035

d

642,283

Sprint

Capital

Corporation

1,127,000

8.750%, 

3/15/2032

1,373,006

Take-Two

Interactive

Software,

Inc.

422,000

5.600%, 

6/12/2034

440,673

Telecom

Italia

Capital

SA

170,000

6.000%, 

9/30/2034

c

172,569

Telenet

Finance

Luxembourg

Notes

SARL

600,000

5.500%, 

3/1/2028

d

595,188

TELUS

Corporation

365,000

6.625%, 

10/15/2055

e

375,771

T-Mobile

USA,

Inc.

1,223,000

3.600%, 

11/15/2060

830,790

1,100,000

4.375%, 

4/15/2040

993,233

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

59,000

10.500%, 

2/15/2028

d

62,139

504,000

4.750%, 

4/15/2028

d

493,547

Univision

Communications,

Inc.

66,000

8.000%, 

8/15/2028

d

68,391

554,000

4.500%, 

5/1/2029

c,d

522,548

244,000

7.375%, 

6/30/2030

c,d

245,168

243,000

8.500%, 

7/31/2031

d

250,932

Verizon

Communications,

Inc.

2,689,000

2.650%, 

11/20/2040

1,944,835

1,400,000

3.400%, 

3/22/2041

1,106,152

Viasat,

Inc.

173,000

5.625%, 

4/15/2027

d

172,303

Virgin

Media

Finance

plc

206,000

5.000%, 

7/15/2030

d

191,334

Virgin

Media

Secured

Finance

plc

417,000

5.500%, 

5/15/2029

d

412,286

Virgin

Media

Vendor

Financing

Notes

IV

DAC

415,000

5.000%, 

7/15/2028

d

406,513

VMED

O2

UK

Financing

I

plc

171,000

7.750%, 

4/15/2032

d

179,659

Vodafone

Group

plc

182,000

4.125%, 

6/4/2081

e

170,260

244,000

5.125%, 

6/4/2081

e

192,305

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Communications

Services  0.5%

-

continued

VZ

Secured

Financing

BV

$

462,000

5.000%, 

1/15/2032

d

$

417,980

WarnerMedia

Holdings,

Inc.

177,000

5.141%, 

3/15/2052

131,865

756,000

4.054%, 

3/15/2029

729,540

314,000

4.279%, 

3/15/2032

c

287,703

766,000

5.050%, 

3/15/2042

611,513

Windstream

Services,

LLC

221,000

7.500%, 

10/15/2033

d,h

220,940

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

226,000

8.250%, 

10/1/2031

d

234,108

Zegona

Finance

plc

206,000

8.625%, 

7/15/2029

d

219,287

Ziggo

BV

177,000

4.875%, 

1/15/2030

d

167,063

Total

42,687,674

Consumer

Cyclical  0.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

117,000

3.875%, 

1/15/2028

d

114,198

259,000

4.375%, 

1/15/2028

d

254,488

175,000

6.125%, 

6/15/2029

d

178,938

301,000

5.625%, 

9/15/2029

d

304,620

Adient

Global

Holdings,

Ltd.

112,000

8.250%, 

4/15/2031

c,d

117,464

173,000

7.500%, 

2/15/2033

c,d

179,135

ADT

Security

Corporation

266,000

4.125%, 

8/1/2029

d

257,226

266,000

4.875%, 

7/15/2032

d

257,607

Advance

Auto

Parts,

Inc.

264,000

7.000%, 

8/1/2030

d

271,617

264,000

7.375%, 

8/1/2033

d

272,250

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

405,000

4.625%, 

6/1/2028

d

396,968

355,000

4.625%, 

6/1/2028

d

348,100

Allison

Transmission,

Inc.

131,000

3.750%, 

1/30/2031

d

121,030

Amazon.com,

Inc.

364,000

3.875%, 

8/22/2037

335,604

American

Axle

&

Manufacturing,

Inc.

462,000

5.000%, 

10/1/2029

c

439,029

177,000

6.375%, 

10/15/2032

d,h

176,701

177,000

7.750%, 

10/15/2033

d,h

178,380

Asbury

Automotive

Group,

Inc.

282,000

5.000%, 

2/15/2032

d

270,786

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

320,000

4.625%, 

8/1/2029

d

306,424

Aston

Martin

Capital

Holdings,

Ltd.

294,000

10.000%, 

3/31/2029

c,d

287,842

Bath

&

Body

Works,

Inc.

137,000

6.950%, 

3/1/2033

143,037

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

220,000

9.500%, 

7/1/2032

d

230,257

Beach

Acquisition

Bidco,

LLC

334,000

10.000%, 

7/15/2033

d

360,273

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Cyclical  0.6%

-

continued

Belron

UK

Finance

plc

$

342,000

5.750%, 

10/15/2029

d

$

346,458

Block

Financial,

LLC

744,000

5.375%, 

9/15/2032

749,983

Boyd

Gaming

Corporation

279,000

4.750%, 

6/15/2031

d

268,958

Brightstar

Lottery

plc

459,000

5.250%, 

1/15/2029

d

456,938

Brinker

International,

Inc.

292,000

8.250%, 

7/15/2030

d

308,901

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

448,000

4.875%, 

2/15/2030

d

420,152

Caesars

Entertainment,

Inc.

559,000

4.625%, 

10/15/2029

d

534,536

199,000

6.500%, 

2/15/2032

d

202,978

184,000

6.000%, 

10/15/2032

c,d

181,233

Carnival

Corporation

178,000

5.125%, 

5/1/2029

d,h

178,000

106,000

6.000%, 

5/1/2029

d

107,582

487,000

5.750%, 

8/1/2032

d

495,609

246,000

6.125%, 

2/15/2033

d

252,159

Carvana

Company

200,000

11.000%, 

6/1/2030

d

209,243

340,260

9.000%, 

6/1/2031

d

385,252

Churchill

Downs,

Inc.

149,000

4.750%, 

1/15/2028

d

147,014

202,000

6.750%, 

5/1/2031

d

207,021

Cushman

&

Wakefield

US

Borrower,

LLC

80,000

6.750%, 

5/15/2028

d

80,728

Dana,

Inc.

240,000

4.500%, 

2/15/2032

c

236,319

Denso

Corporation

785,000

4.282%, 

9/17/2030

d

784,165

Dream

Finders

Homes,

Inc.

266,000

6.875%, 

9/15/2030

d

267,583

eG

Global

Finance

plc

80,000

12.000%, 

11/30/2028

d

87,868

Expedia

Group,

Inc.

766,000

5.400%, 

2/15/2035

786,080

Flutter

Treasury

DAC

216,000

5.875%, 

6/4/2031

d

219,244

Ford

Motor

Credit

Company,

LLC

618,000

5.850%, 

5/17/2027

625,640

929,000

2.900%, 

2/10/2029

860,743

780,000

7.122%, 

11/7/2033

833,723

Forestar

Group,

Inc.

309,000

6.500%, 

3/15/2033

d

316,108

FORVIA

SE

411,000

8.000%, 

6/15/2030

c,d

434,872

250,000

6.750%, 

9/15/2033

d

253,640

Gap,

Inc.

116,000

3.625%, 

10/1/2029

d

108,516

112,000

3.875%, 

10/1/2031

d

101,764

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

318,000

7.750%, 

5/31/2032

d

333,583

General

Motors

Company

438,000

5.350%, 

4/15/2028

448,143

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Cyclical  0.6%

-

continued

General

Motors

Financial

Company,

Inc.

$

298,000

5.400%, 

5/8/2027

$

303,052

1,067,000

5.800%, 

1/7/2029

1,108,885

840,000

4.900%, 

10/6/2029

849,711

890,000

5.450%, 

7/15/2030

916,867

216,000

5.625%, 

4/4/2032

222,935

Genting

New

York,

LLC/GENNY

Capital,

Inc.

276,000

7.250%, 

10/1/2029

d

285,097

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

176,000

11.500%, 

8/15/2029

c,d

185,680

304,000

8.750%, 

1/15/2032

c,d

295,640

GLP

Capital,

LP

1,153,000

5.750%, 

6/1/2028

1,184,973

Goodyear

Tire

&

Rubber

Company

161,000

4.875%, 

3/15/2027

160,041

170,000

5.000%, 

7/15/2029

c

164,165

264,000

5.250%, 

4/30/2031

249,480

Group

1

Automotive,

Inc.

242,000

6.375%, 

1/15/2030

d

247,574

Hanesbrands,

Inc.

168,000

9.000%, 

2/15/2031

c,d

177,810

Hilton

Domestic

Operating

Company,

Inc.

487,000

4.875%, 

1/15/2030

484,268

80,000

4.000%, 

5/1/2031

d

75,698

470,000

3.625%, 

2/15/2032

d

430,099

176,000

5.750%, 

9/15/2033

d

178,350

Home

Depot,

Inc.

699,000

4.250%, 

4/1/2046

600,208

970,000

3.900%, 

6/15/2047

783,193

Hyundai

Capital

America

1,150,000

1.800%, 

1/10/2028

d

1,087,423

579,000

5.300%, 

6/24/2029

d

594,103

Jacobs

Entertainment,

Inc.

371,000

6.750%, 

2/15/2029

d

362,174

K

Hovnanian

Enterprises,

Inc.

133,000

8.000%, 

4/1/2031

d

136,383

KB

Home

450,000

4.800%, 

11/15/2029

445,338

Kingpin

Intermediate

Holdings,

LLC

352,000

7.250%, 

10/15/2032

c,d

334,462

L

Brands,

Inc.

352,000

6.625%, 

10/1/2030

d

359,849

270,000

6.875%, 

11/1/2035

280,806

Las

Vegas

Sands

Corporation

200,000

5.900%, 

6/1/2027

204,042

881,000

5.625%, 

6/15/2028

900,691

Lennar

Corporation

550,000

5.200%, 

7/30/2030

566,476

Life

Time,

Inc.

242,000

6.000%, 

11/15/2031

d

245,863

Light

&

Wonder

International,

Inc.

160,000

7.250%, 

11/15/2029

d

164,219

Lindblad

Expeditions,

LLC

176,000

7.000%, 

9/15/2030

d

179,395

Lithia

Motors,

Inc.

173,000

4.625%, 

12/15/2027

d

171,296

Live

Nation

Entertainment,

Inc.

179,000

4.750%, 

10/15/2027

d

177,816

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Cyclical  0.6%

-

continued

Lowe's

Companies,

Inc.

$

616,000

5.625%, 

4/15/2053

$

612,583

1,290,000

2.625%, 

4/1/2031

1,177,275

Macy's

Retail

Holdings,

LLC

87,000

7.375%, 

8/1/2033

d

90,717

188,000

4.500%, 

12/15/2034

164,759

Marriott

International,

Inc./MD

286,000

5.100%, 

4/15/2032

293,525

Marriott

Ownership

Resorts,

Inc.

707,000

6.500%, 

10/1/2033

d

703,765

Match

Group

Holdings

II,

LLC

361,000

4.125%, 

8/1/2030

d

340,962

Mattamy

Group

Corporation

376,000

5.250%, 

12/15/2027

d

373,564

McDonald's

Corporation

784,000

4.450%, 

3/1/2047

678,678

Melco

Resorts

Finance,

Ltd.

446,000

5.375%, 

12/4/2029

d

437,387

415,000

7.625%, 

4/17/2032

d

434,750

250,000

6.500%, 

9/24/2033

d

250,197

Meritage

Homes

Corporation

593,000

5.650%, 

3/15/2035

602,114

MGM

Resorts

International

168,000

4.625%, 

9/1/2026

167,577

175,000

6.125%, 

9/15/2029

178,115

Michaels

Companies,

Inc.

121,000

5.250%, 

5/1/2028

d

111,369

Millrose

Properties,

Inc.

220,000

6.375%, 

8/1/2030

d

223,738

177,000

6.250%, 

9/15/2032

d

177,463

Muvico,

LLC

170,000

9.000%,PIK

6.000%,

2/19/2029

c,d,j

184,358

NCL

Corporation,

Ltd.

265,000

5.875%, 

1/15/2031

d

264,990

518,000

6.750%, 

2/1/2032

d

532,728

221,000

6.250%, 

9/15/2033

d

222,144

New

Home

Company,

Inc.

176,000

8.500%, 

11/1/2030

d

182,699

Nissan

Motor

Acceptance

Company,

LLC

350,000

5.625%, 

9/29/2028

d

350,225

350,000

6.125%, 

9/30/2030

d

350,120

Nissan

Motor

Company,

Ltd.

158,000

7.500%, 

7/17/2030

d

165,820

425,000

4.810%, 

9/17/2030

d

400,386

PetSmart,

LLC/PetSmart

Finance

Corporation

504,000

7.500%, 

9/15/2032

d

504,749

Phinia,

Inc.

249,000

6.625%, 

10/15/2032

d

256,628

Rakuten

Group,

Inc.

241,000

11.250%, 

2/15/2027

d

261,207

280,000

9.750%, 

4/15/2029

d

314,850

405,000

8.125%, 

12/15/2029

d,e,k

420,996

Raven

Acquisition

Holdings,

LLC

341,000

6.875%, 

11/15/2031

d

350,435

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

200,000

4.625%, 

4/16/2029

d

181,052

S&S

Holdings,

LLC

547,000

8.375%, 

10/1/2031

d

536,256

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Cyclical  0.6%

-

continued

Service

Corporation

International/

US

$

161,000

3.375%, 

8/15/2030

$

149,177

117,000

4.000%, 

5/15/2031

110,313

262,000

5.750%, 

10/15/2032

265,426

Six

Flags

Entertainment

Corporation

81,000

7.250%, 

5/15/2031

c,d

81,032

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

80,000

5.375%, 

4/15/2027

79,793

399,000

5.250%, 

7/15/2029

385,862

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

80,000

6.625%, 

5/1/2032

c,d

81,505

Sonic

Automotive,

Inc.

318,000

4.875%, 

11/15/2031

c,d

304,075

Staples,

Inc.

315,000

10.750%, 

9/1/2029

d

311,462

Station

Casinos,

LLC

264,000

4.625%, 

12/1/2031

d

249,035

Stellantis

Finance

US,

Inc.

654,000

5.750%, 

3/18/2030

d

665,219

200,000

6.450%, 

3/18/2035

d

205,013

Stellantis

Financial

Services

US

Corporation

272,000

5.400%, 

9/15/2030

d

272,570

Tenneco,

Inc.

354,000

8.000%, 

11/17/2028

d

354,646

Toyota

Motor

Credit

Corporation

640,000

4.800%, 

5/15/2030

655,458

291,000

4.800%, 

1/5/2034

296,146

Uber

Technologies,

Inc.

663,000

4.800%, 

9/15/2034

664,244

564,000

4.800%, 

9/15/2035

558,883

Vail

Resorts,

Inc.

123,000

5.625%, 

7/15/2030

d

123,769

VICI

Properties,

LP/VICI

Note

Company,

Inc.

276,000

5.750%, 

2/1/2027

d

279,445

452,000

4.125%, 

8/15/2030

d

436,829

Victoria's

Secret

&

Company

89,000

4.625%, 

7/15/2029

c,d

84,955

Victra

Holdings,

LLC/Victra

Finance

Corporation

225,000

8.750%, 

9/15/2029

c,d

235,884

Viking

Cruises,

Ltd.

341,000

5.875%, 

9/15/2027

d

341,131

666,000

5.875%, 

10/15/2033

d,h

666,467

Wayfair,

LLC

115,000

7.250%, 

10/31/2029

d

118,570

107,000

7.750%, 

9/15/2030

d

112,216

Wyndham

Hotels

&

Resorts,

Inc.

249,000

4.375%, 

8/15/2028

d

243,072

Wynn

Macau,

Ltd.

336,000

6.750%, 

2/15/2034

d

340,622

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

151,000

5.125%, 

10/1/2029

d

151,233

388,000

7.125%, 

2/15/2031

d

417,622

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Cyclical  0.6%

-

continued

Yum!

Brands,

Inc.

$

497,000

4.750%, 

1/15/2030

d

$

493,917

ZF

North

America

Capital,

Inc.

280,000

7.125%, 

4/14/2030

d

277,254

172,000

6.750%, 

4/23/2030

d

167,851

Total

55,825,649

Consumer

Non-Cyclical  0.7%

1261229

B.C.,

Ltd.

377,000

10.000%, 

4/15/2032

d

386,445

Abbott

Laboratories

635,000

4.750%, 

11/30/2036

640,817

175,000

6.000%, 

4/1/2039

193,663

AbbVie,

Inc.

300,000

5.400%, 

3/15/2054

298,300

1,322,000

4.500%, 

5/14/2035

1,297,278

683,000

5.350%, 

3/15/2044

685,198

Acadia

Healthcare

Company,

Inc.

251,000

5.000%, 

4/15/2029

d

245,724

209,000

7.375%, 

3/15/2033

c,d

216,981

AdaptHealth,

LLC

716,000

4.625%, 

8/1/2029

c,d

676,828

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

386,000

4.625%, 

1/15/2027

d

383,574

540,000

3.500%, 

3/15/2029

d

511,734

71,000

6.250%, 

3/15/2033

d

72,612

Altria

Group,

Inc.

219,000

4.875%, 

2/4/2028

222,547

619,000

6.875%, 

11/1/2033

699,433

Amgen,

Inc.

900,000

4.200%, 

2/22/2052

720,985

919,000

5.600%, 

3/2/2043

931,179

Amneal

Pharmaceuticals,

LLC

88,000

6.875%, 

8/1/2032

d

91,011

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,231,000

4.700%, 

2/1/2036

1,215,369

Anheuser-Busch

InBev

Worldwide,

Inc.

280,000

5.450%, 

1/23/2039

289,301

765,000

5.550%, 

1/23/2049

773,468

Archer-Daniels-Midland

Company

1,188,000

2.700%, 

9/15/2051

739,976

BAT

Capital

Corporation

620,000

7.079%, 

8/2/2043

701,643

Bausch

+

Lomb

Corporation

103,000

8.375%, 

10/1/2028

d

107,345

Becton,

Dickinson

and

Company

324,000

3.794%, 

5/20/2050

248,090

BellRing

Brands,

Inc.

156,000

7.000%, 

3/15/2030

d

161,106

Bristol-Myers

Squibb

Company

1,143,000

3.550%, 

3/15/2042

924,060

Bunge,

Ltd.

Finance

Corporation

774,000

3.200%, 

4/21/2031

724,881

221,000

4.650%, 

9/17/2034

216,646

Cargill,

Inc.

930,000

3.125%, 

5/25/2051

d

631,075

705,000

5.125%, 

2/11/2035

d

726,250

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Cencora,

Inc.

$

524,000

5.150%, 

2/15/2035

$

535,126

Central

Garden

&

Pet

Company

225,000

4.125%, 

10/15/2030

c

213,718

Champ

Acquisition

Corporation

140,000

8.375%, 

12/1/2031

d

148,839

CHS/Community

Health

Systems,

Inc.

237,000

6.000%, 

1/15/2029

d

230,042

176,000

6.875%, 

4/15/2029

c,d

139,920

132,000

4.750%, 

2/15/2031

d

114,147

232,000

10.875%, 

1/15/2032

d

245,710

352,000

9.750%, 

1/15/2034

d

360,624

Cigna

Group

805,000

4.875%, 

9/15/2032

813,117

1,365,000

5.250%, 

1/15/2036

1,382,396

Conagra

Brands,

Inc.

683,000

5.750%, 

8/1/2035

695,276

Concentra

Health

Services,

Inc.

146,000

6.875%, 

7/15/2032

d

151,604

Constellation

Brands,

Inc.

120,000

2.875%, 

5/1/2030

112,278

CVS

Health

Corporation

355,000

7.000%, 

3/10/2055

e

372,659

370,000

6.750%, 

12/10/2054

e

381,927

602,000

5.450%, 

9/15/2035

612,597

601,000

4.780%, 

3/25/2038

563,280

1,286,000

6.000%, 

6/1/2044

1,304,664

403,000

5.125%, 

7/20/2045

365,829

DaVita,

Inc.

189,000

3.750%, 

2/15/2031

d

173,105

332,000

6.875%, 

9/1/2032

d

342,968

176,000

6.750%, 

7/15/2033

d

181,491

Edgewell

Personal

Care

Company

380,000

5.500%, 

6/1/2028

d

379,187

Eli

Lilly

&

Company

323,000

5.500%, 

2/12/2055

329,921

459,000

4.950%, 

2/27/2063

423,646

537,000

4.550%, 

10/15/2032

541,215

Embecta

Corporation

158,000

6.750%, 

2/15/2030

d

154,050

Encompass

Health

Corporation

256,000

4.500%, 

2/1/2028

253,809

Endo

Finance

Holdings,

Inc.

161,000

8.500%, 

4/15/2031

c,d

172,732

Energizer

Holdings,

Inc.

425,000

6.000%, 

9/15/2033

d

415,660

General

Mills,

Inc.

246,000

4.950%, 

3/29/2033

249,305

Grifols

SA

367,000

4.750%, 

10/15/2028

d

356,490

HCA,

Inc.

557,000

5.250%, 

3/1/2030

575,059

1,059,000

3.500%, 

9/1/2030

1,011,517

444,000

5.450%, 

9/15/2034

455,451

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

245,000

12.250%, 

4/15/2029

d

265,776

189,000

4.875%, 

6/1/2029

c,d

166,177

Illumina,

Inc.

108,000

4.650%, 

9/9/2026

108,495

Imperial

Brands

Finance

plc

950,000

3.875%, 

7/26/2029

d

933,231

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Insulet

Corporation

$

105,000

6.500%, 

4/1/2033

d

$

109,161

IQVIA,

Inc.

352,000

6.250%, 

6/1/2032

d

361,906

Jazz

Securities

DAC

212,000

4.375%, 

1/15/2029

d

206,538

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

845,000

3.000%, 

5/15/2032

756,000

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

494,000

6.375%, 

4/15/2066

d

507,852

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

600,000

5.950%, 

4/20/2035

d

630,301

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

312,000

9.000%, 

2/15/2029

d

328,272

Kenvue,

Inc.

791,000

4.850%, 

5/22/2032

802,419

Keurig

Dr

Pepper,

Inc.

398,000

5.150%, 

5/15/2035

394,213

Kimberly-Clark

Corporation

900,000

3.900%, 

5/4/2047

727,542

Kraft

Heinz

Foods

Company

411,000

5.000%, 

6/4/2042

379,417

638,000

4.375%, 

6/1/2046

530,936

Lamb

Weston

Holdings,

Inc.

176,000

4.125%, 

1/31/2030

d

168,999

177,000

4.375%, 

1/31/2032

d

167,286

LifePoint

Health,

Inc.

181,000

9.875%, 

8/15/2030

d

196,012

208,000

11.000%, 

10/15/2030

d

229,249

129,000

10.000%, 

6/1/2032

d

135,445

L'Oreal

SA

300,000

5.000%, 

5/20/2035

d

308,856

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

201,000

6.250%, 

4/1/2029

d

206,106

Mozart

Debt

Merger

Sub,

Inc.

485,000

3.875%, 

4/1/2029

d

467,755

535,000

5.250%, 

10/1/2029

d

530,374

Newell

Brands,

Inc.

166,000

6.375%, 

9/15/2027

168,264

165,000

6.625%, 

9/15/2029

165,942

104,000

6.375%, 

5/15/2030

103,043

87,000

6.625%, 

5/15/2032

c

85,861

Novartis

Capital

Corporation

516,000

4.700%, 

9/18/2054

470,986

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

454,000

5.125%, 

4/30/2031

c,d

397,726

Owens

&

Minor,

Inc.

176,000

6.625%, 

4/1/2030

c,d

145,200

PepsiCo,

Inc.

610,000

4.200%, 

7/18/2052

508,347

800,000

4.650%, 

7/23/2032

811,805

Performance

Food

Group,

Inc.

367,000

4.250%, 

8/1/2029

d

356,499

234,000

6.125%, 

9/15/2032

d

239,689

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Perrigo

Finance

Unlimited

Company

$

284,000

4.900%, 

6/15/2030

$

277,174

153,000

6.125%, 

9/30/2032

154,026

Pfizer

Investment

Enterprises,

Private

Ltd.

182,000

5.300%, 

5/19/2053

175,882

611,000

5.110%, 

5/19/2043

592,127

Philip

Morris

International,

Inc.

484,000

5.500%, 

9/7/2030

508,901

299,000

5.125%, 

2/13/2031

309,434

923,000

5.375%, 

2/15/2033

963,903

758,000

4.900%, 

11/1/2034

763,962

Post

Holdings,

Inc.

241,000

4.625%, 

4/15/2030

d

232,327

397,000

4.500%, 

9/15/2031

d

370,897

227,000

6.250%, 

10/15/2034

d

228,889

Prime

Healthcare

Services,

Inc.

592,000

9.375%, 

9/1/2029

d

615,680

Radiology

Partners,

Inc.

164,000

8.500%, 

7/15/2032

d

169,713

Roche

Holdings,

Inc.

1,158,000

4.000%, 

11/28/2044

d

986,466

Royalty

Pharma

plc

546,000

5.150%, 

9/2/2029

560,203

346,000

5.200%, 

9/25/2035

345,706

Select

Medical

Corporation

168,000

6.250%, 

12/1/2032

c,d

168,070

Simmons

Foods,

Inc.

481,000

4.625%, 

3/1/2029

d

461,119

Sotera

Health

Holdings,

LLC

171,000

7.375%, 

6/1/2031

d

179,553

Spectrum

Brands,

Inc.

42,000

3.875%, 

3/15/2031

d

33,705

Star

Parent,

Inc.

179,000

9.000%, 

10/1/2030

d

189,238

Stryker

Corporation

466,000

5.200%, 

2/10/2035

480,564

Sysco

Corporation

935,000

6.600%, 

4/1/2040

1,043,407

Takeda

Pharmaceutical

Company,

Ltd.

290,000

5.650%, 

7/5/2054

289,617

925,000

3.175%, 

7/9/2050

626,092

600,000

5.650%, 

7/5/2044

613,325

Tenet

Healthcare

Corporation

742,000

5.125%, 

11/1/2027

740,638

439,000

4.375%, 

1/15/2030

426,948

407,000

6.750%, 

5/15/2031

421,358

Teva

Pharmaceutical

Finance

Company,

LLC

168,000

6.150%, 

2/1/2036

175,909

US

Acute

Care

Solutions,

LLC

426,000

9.750%, 

5/15/2029

d

436,216

Whirlpool

Corporation

152,000

6.500%, 

6/15/2033

151,687

Wyeth,

LLC

619,000

6.500%, 

2/1/2034

699,920

Total

57,957,214

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Energy  0.5%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

$

78,000

7.500%, 

10/1/2029

d

$

81,346

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

352,000

5.375%, 

6/15/2029

d

350,710

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

244,000

6.250%, 

4/1/2028

d

244,337

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

166,000

5.875%, 

6/30/2029

d

165,658

176,000

6.625%, 

7/15/2033

d

178,932

Baytex

Energy

Corporation

254,000

8.500%, 

4/30/2030

d

261,001

80,000

7.375%, 

3/15/2032

d

78,329

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

266,000

7.000%, 

7/15/2029

d

275,824

BP

Capital

Markets

America,

Inc.

1,637,000

2.939%, 

6/4/2051

1,057,815

Buckeye

Partners,

LP

228,000

4.500%, 

3/1/2028

d

225,167

153,000

6.875%, 

7/1/2029

d

158,565

79,000

6.750%, 

2/1/2030

d

82,053

California

Resources

Corporation

199,000

8.250%, 

6/15/2029

d

207,526

90,000

7.000%, 

1/15/2034

d,h

89,380

Cheniere

Energy

Partners,

LP

1,761,000

4.500%, 

10/1/2029

1,755,359

Cheniere

Energy,

Inc.

170,000

5.650%, 

4/15/2034

175,243

Civitas

Resources,

Inc.

111,000

8.375%, 

7/1/2028

d

115,057

509,000

8.750%, 

7/1/2031

c,d

521,476

264,000

9.625%, 

6/15/2033

d

278,839

CNX

Resources

Corporation

196,000

6.000%, 

1/15/2029

d

196,080

Columbia

Pipelines

Holding

Company,

LLC

613,000

6.042%, 

8/15/2028

d

639,672

Columbia

Pipelines

Operating

Company,

LLC

153,000

5.927%, 

8/15/2030

d

161,867

Comstock

Resources,

Inc.

236,000

6.750%, 

3/1/2029

d

234,584

410,000

5.875%, 

1/15/2030

d

394,853

Continental

Resources,

Inc.

1,076,000

2.268%, 

11/15/2026

d

1,048,893

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

377,000

5.500%, 

6/15/2031

d

373,496

Crescent

Energy

Finance,

LLC

231,000

7.625%, 

4/1/2032

d

229,405

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

360,000

8.625%, 

3/15/2029

d

375,408

176,000

7.375%, 

6/30/2033

d

178,974

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

137,000

8.500%, 

10/1/2030

d

145,177

Diamondback

Energy,

Inc.

860,000

5.750%, 

4/18/2054

827,828

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Energy  0.5%

-

continued

Eastern

Energy

Gas

Holdings,

LLC

$

750,000

5.800%, 

1/15/2035

$

789,036

Enbridge,

Inc.

193,000

5.250%, 

4/5/2027

195,919

Enerflex,

Ltd.

127,000

9.000%, 

10/15/2027

d

129,308

Energy

Transfer,

LP

441,000

6.500%, 

2/15/2056

e

438,933

639,000

4.000%, 

10/1/2027

636,725

800,000

5.150%, 

2/1/2043

726,187

1,100,000

6.000%, 

6/15/2048

1,084,095

Enterprise

Products

Operating,

LLC

876,000

3.300%, 

2/15/2053

596,334

Excelerate

Energy,

LP

151,000

8.000%, 

5/15/2030

d

160,735

Exxon

Mobil

Corporation

1,450,000

3.452%, 

4/15/2051

1,062,382

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

266,000

8.875%, 

4/15/2030

281,608

400,000

7.875%, 

5/15/2032

417,181

Gulfport

Energy

Operating

Corporation

116,000

6.750%, 

9/1/2029

d

119,038

Halliburton

Company

615,000

5.000%, 

11/15/2045

c

559,179

Harvest

Midstream

I,

LP

417,000

7.500%, 

9/1/2028

d

421,487

Hess

Midstream

Operations,

LP

362,000

4.250%, 

2/15/2030

d

350,864

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

456,000

5.750%, 

2/1/2029

d

449,205

161,000

6.000%, 

4/15/2030

d

158,222

279,000

6.250%, 

4/15/2032

d

267,658

Howard

Midstream

Energy

Partners,

LLC

199,000

7.375%, 

7/15/2032

d

206,567

262,000

6.625%, 

1/15/2034

d

267,129

ITT

Holdings,

LLC

470,000

6.500%, 

8/1/2029

d

462,073

Kodiak

Gas

Services,

LLC

177,000

6.500%, 

10/1/2033

d

180,217

88,000

6.750%, 

10/1/2035

d

90,355

MEG

Energy

Corporation

184,000

5.875%, 

2/1/2029

d

183,990

Moss

Creek

Resources

Holdings,

Inc.

85,000

8.250%, 

9/1/2031

d

83,292

MPLX,

LP

350,000

4.800%, 

2/15/2031

352,112

1,231,000

4.950%, 

9/1/2032

1,234,900

230,000

5.000%, 

3/1/2033

230,057

Nabors

Industries,

Inc.

126,000

7.375%, 

5/15/2027

d

127,904

411,000

9.125%, 

1/31/2030

d

427,440

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

133,000

8.125%, 

2/15/2029

d

136,367

369,000

8.375%, 

2/15/2032

d

378,094

Noble

Finance

II,

LLC

338,000

8.000%, 

4/15/2030

d

349,850

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Energy  0.5%

-

continued

Northern

Oil

and

Gas,

Inc.

$

254,000

8.750%, 

6/15/2031

d

$

262,406

Occidental

Petroleum

Corporation

244,000

5.000%, 

8/1/2027

246,555

ONEOK,

Inc.

465,000

5.700%, 

11/1/2054

438,993

540,000

4.750%, 

10/15/2031

540,173

331,000

5.600%, 

4/1/2044

313,828

Ovintiv,

Inc.

616,000

7.200%, 

11/1/2031

679,309

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

273,000

6.000%, 

2/15/2028

271,322

270,000

7.875%, 

9/15/2030

c,d

266,576

Permian

Resources

Operating,

LLC

313,000

6.250%, 

2/1/2033

d

318,839

Prairie

Acquiror,

LP

265,000

9.000%, 

8/1/2029

d

275,893

Precision

Drilling

Corporation

221,000

6.875%, 

1/15/2029

d

222,187

Range

Resources

Corporation

273,000

4.750%, 

2/15/2030

d

267,028

Repsol

E&P

Capital

Markets

US,

LLC

650,000

5.976%, 

9/16/2035

d

661,823

Rockies

Express

Pipeline,

LLC

416,000

4.950%, 

7/15/2029

d

412,625

Saturn

Oil

&

Gas,

Inc.

101,000

9.625%, 

6/15/2029

c,d

104,632

SESI,

LLC

177,000

7.875%, 

9/30/2030

d,h

177,000

SM

Energy

Company

245,000

6.500%, 

7/15/2028

246,597

114,000

7.000%, 

8/1/2032

d

114,088

South

Bow

USA

Infrastructure

Holdings,

LLC

485,000

5.026%, 

10/1/2029

490,568

193,000

5.584%, 

10/1/2034

194,037

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

161,000

5.875%, 

3/1/2027

160,538

Sunoco,

LP

482,000

7.000%, 

5/1/2029

d

499,066

354,000

5.875%, 

3/15/2034

d

350,935

Sunoco,

LP/Sunoco

Finance

Corporation

229,000

5.875%, 

3/15/2028

229,060

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

169,000

5.500%, 

1/15/2028

d

168,140

241,000

7.375%, 

2/15/2029

d

248,192

442,000

6.750%, 

3/15/2034

d

437,564

Talos

Production,

Inc.

96,000

9.000%, 

2/1/2029

d

99,267

Targa

Resources

Corporation

234,000

6.125%, 

5/15/2055

235,301

1,077,000

4.200%, 

2/1/2033

1,023,263

TGNR

Intermediate

Holdings,

LLC

361,000

5.500%, 

10/15/2029

d

353,255

Tidewater,

Inc.

88,000

9.125%, 

7/15/2030

d

94,376

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Energy  0.5%

-

continued

TotalEnergies

Capital

SA

$

452,000

5.275%, 

9/10/2054

$

434,199

Transocean

International,

Ltd.

195,000

8.250%, 

5/15/2029

d

192,244

153,000

8.750%, 

2/15/2030

d

160,982

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

281,000

7.125%, 

3/15/2029

d

289,802

266,000

6.250%, 

10/1/2033

d

267,018

Valaris,

Ltd.

339,000

8.375%, 

4/30/2030

d

351,829

Var

Energi

ASA

200,000

5.875%, 

5/22/2030

d

207,959

Venture

Global

LNG,

Inc.

597,000

8.125%, 

6/1/2028

d

617,937

301,000

9.000%, 

9/30/2029

d,e,k

298,315

234,000

7.000%, 

1/15/2030

c,d

242,135

692,000

8.375%, 

6/1/2031

d

726,579

330,000

9.875%, 

2/1/2032

c,d

359,279

Venture

Global

Plaquemines

LNG,

LLC

247,000

6.500%, 

1/15/2034

d

260,006

176,000

7.750%, 

5/1/2035

d

198,653

464,000

6.750%, 

1/15/2036

d

492,850

Vital

Energy,

Inc.

251,000

7.750%, 

7/31/2029

d

248,568

370,000

7.875%, 

4/15/2032

c,d

359,173

Western

Midstream

Operating,

LP

619,000

6.350%, 

1/15/2029

651,211

308,000

6.150%, 

4/1/2033

325,377

Williams

Companies,

Inc.

1,015,000

7.500%, 

1/15/2031

1,150,154

220,000

5.600%, 

3/15/2035

228,305

Total

43,129,308

Financials  1.7%

200

Park

Funding

Trust

200,000

5.740%, 

2/15/2055

d

202,552

Acrisure,

LLC/Acrisure

Finance,

Inc.

69,000

4.250%, 

2/15/2029

d

66,477

80,000

7.500%, 

11/6/2030

d

83,340

AEGON

Funding

Company,

LLC

906,000

5.500%, 

4/16/2027

c,d

921,846

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

692,000

6.100%, 

1/15/2027

706,831

1,250,000

3.875%, 

1/23/2028

1,240,121

805,000

5.375%, 

12/15/2031

832,562

Agree,

LP

444,000

5.625%, 

6/15/2034

462,263

Air

Lease

Corporation

169,000

4.650%, 

6/15/2026

e,k

166,776

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

159,000

4.250%, 

10/15/2027

d

156,360

352,000

6.750%, 

4/15/2028

d

358,239

231,000

7.000%, 

1/15/2031

d

238,676

Ally

Financial,

Inc.

1,194,000

8.000%, 

11/1/2031

1,361,124

251,000

6.700%, 

2/14/2033

c

261,451

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

American

Express

Company

$

132,000

5.043%, 

7/26/2028

e

$

134,252

222,000

5.085%, 

1/30/2031

e

228,879

American

Homes

4

Rent,

LP

212,000

4.950%, 

6/15/2030

215,863

American

International

Group,

Inc.

1,248,000

5.125%, 

3/27/2033

1,283,849

Americold

Realty

Operating

Partnership,

LP

580,000

5.600%, 

5/15/2032

587,022

Ameriprise

Financial,

Inc.

796,000

5.200%, 

4/15/2035

810,856

AmWINS

Group,

Inc.

133,000

6.375%, 

2/15/2029

d

135,704

394,000

4.875%, 

6/30/2029

d

382,925

ANZ

Bank

New

Zealand,

Ltd.

600,000

5.548%, 

8/11/2032

d,e

611,396

Aon

North

America,

Inc.

455,000

5.750%, 

3/1/2054

458,222

Apollo

Debt

Solutions

BDC

652,000

6.700%, 

7/29/2031

690,997

Ares

Capital

Corporation

533,000

5.875%, 

3/1/2029

548,382

Ares

Strategic

Income

Fund

896,000

5.450%, 

9/9/2028

d

902,989

Arthur

J.

Gallagher

&

Company

154,000

6.750%, 

2/15/2054

173,562

226,000

5.750%, 

7/15/2054

225,225

Aviation

Capital

Group,

LLC

396,000

5.125%, 

4/10/2030

d

402,007

Avolon

Holdings

Funding,

Ltd.

368,000

4.950%, 

1/15/2028

d

371,695

758,000

5.750%, 

3/1/2029

d

784,765

787,000

5.375%, 

5/30/2030

d

807,293

Azorra

Finance,

Ltd.

430,000

7.750%, 

4/15/2030

d

452,527

Banco

Santander

SA

1,200,000

4.175%, 

3/24/2028

e

1,198,206

Bank

of

America

Corporation

800,000

3.824%, 

1/20/2028

e

796,279

537,000

5.202%, 

4/25/2029

e

550,459

450,000

2.087%, 

6/14/2029

e

426,253

1,500,000

2.496%, 

2/13/2031

e

1,388,255

1,475,000

1.922%, 

10/24/2031

e

1,310,051

923,000

2.972%, 

2/4/2033

e

840,518

953,000

4.571%, 

4/27/2033

e

952,803

928,000

5.872%, 

9/15/2034

e

994,358

367,000

5.468%, 

1/23/2035

e

383,233

902,000

5.425%, 

8/15/2035

e

920,139

1,230,000

3.846%, 

3/8/2037

e

1,149,175

Bank

of

New

York

Mellon

Corporation

70,000

6.317%, 

10/25/2029

e

74,492

Bank

of

Nova

Scotia

308,000

4.850%, 

2/1/2030

315,336

Barclays

plc

160,000

6.125%, 

12/15/2025

c,e,k

160,027

930,000

6.496%, 

9/13/2027

e

948,840

954,000

4.972%, 

5/16/2029

e

968,194

864,000

4.942%, 

9/10/2030

e

876,843

900,000

5.746%, 

8/9/2033

e

946,100

490,000

5.860%, 

8/11/2046

e

503,444

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

$

300,000

7.625%, 

2/11/2035

d,e

$

315,600

Berkshire

Hathaway

Finance

Corporation

1,231,000

2.850%, 

10/15/2050

807,502

BlackRock

Funding,

Inc.

305,000

5.250%, 

3/14/2054

297,440

Blackstone

Private

Credit

Fund

590,000

5.600%, 

11/22/2029

600,354

570,000

5.050%, 

9/10/2030

563,367

Blue

Owl

Credit

Income

Corporation

769,000

4.700%, 

2/8/2027

767,672

Blue

Owl

Technology

Finance

Corporation

250,000

4.750%, 

12/15/2025

d

249,371

825,000

6.100%, 

3/15/2028

d

835,607

620,000

6.750%, 

4/4/2029

639,663

BNP

Paribas

SA

890,000

5.283%, 

11/19/2030

d,e

914,174

1,538,000

3.132%, 

1/20/2033

d,e

1,399,668

BPCE

SA

250,000

5.876%, 

1/14/2031

d,e

261,095

Brookfield

Asset

Management,

Ltd.

104,000

6.077%, 

9/15/2055

107,915

Brookfield

Finance,

Inc.

330,000

5.813%, 

3/3/2055

332,453

Brown

&

Brown,

Inc.

161,000

5.550%, 

6/23/2035

165,613

Burford

Capital

Global

Finance,

LLC

383,000

9.250%, 

7/1/2031

d

406,963

177,000

7.500%, 

7/15/2033

d

180,115

Camden

Property

Trust

1,012,000

3.150%, 

7/1/2029

974,297

Capital

One

Financial

Corporation

210,000

5.700%, 

2/1/2030

e

218,025

Capital

One

NA

1,170,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

e

1,211,507

Charles

Schwab

Corporation

619,000

6.136%, 

8/24/2034

e

674,270

Chubb

INA

Holdings,

LLC

542,000

4.350%, 

11/3/2045

477,927

Citadel

Finance,

LLC

1,000,000

5.900%, 

2/10/2030

d

1,014,590

Citadel,

LP

465,000

6.375%, 

1/23/2032

d

492,163

Citibank

NA

875,000

4.914%, 

5/29/2030

899,003

Citigroup,

Inc.

74,000

3.200%, 

10/21/2026

73,384

1,094,000

3.668%, 

7/24/2028

e

1,084,347

915,000

3.520%, 

10/27/2028

e

902,807

201,000

6.875%, 

8/15/2030

e,k

207,142

873,000

4.952%, 

5/7/2031

e

889,588

1,308,000

4.910%, 

5/24/2033

e

1,323,806

778,000

6.174%, 

5/25/2034

e

827,802

670,000

6.020%, 

1/24/2036

e

701,882

Citizens

Financial

Group,

Inc.

384,000

5.718%, 

7/23/2032

e

400,949

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

CNA

Financial

Corporation

$

453,000

5.125%, 

2/15/2034

$

457,131

Comerica,

Inc.

219,000

5.982%, 

1/30/2030

e

227,902

Constellation

Insurance,

Inc.

328,000

6.800%, 

1/24/2030

d

330,502

COPT

Defense

Properties,

LP

532,000

4.500%, 

10/15/2030

h

528,492

Corebridge

Financial,

Inc.

332,000

6.375%, 

9/15/2054

e

340,764

462,000

4.350%, 

4/5/2042

398,808

Countrywide

Home

Loans,

Inc.

337,586

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

145,938

Cousins

Properties,

LP

193,000

5.375%, 

2/15/2032

197,877

Credit

Agricole

SA

563,000

5.230%, 

1/9/2029

d,e

573,801

559,000

5.222%, 

5/27/2031

d,e

573,439

666,000

4.818%, 

9/25/2033

d,e

661,907

Credit

Suisse

Group

AG

900,000

7.250%, 

N/A

*,l

76,500

Deutsche

Bank

AG/New

York,

NY

465,000

5.297%, 

5/9/2031

e

476,329

280,000

4.950%, 

8/4/2031

e

282,648

1,175,000

3.729%, 

1/14/2032

e

1,101,909

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

1,225,000

5.950%, 

9/17/2030

d

1,195,697

Elevance

Health,

Inc.

1,185,000

3.125%, 

5/15/2050

783,930

820,000

4.625%, 

5/15/2042

739,301

Encore

Capital

Group,

Inc.

92,000

9.250%, 

4/1/2029

d

97,075

233,000

8.500%, 

5/15/2030

d

247,433

200,000

6.625%, 

4/15/2031

d,h

199,418

EPR

Properties

405,000

4.950%, 

4/15/2028

408,133

ERP

Operating,

LP

515,000

4.950%, 

6/15/2032

527,866

Essential

Properties,

LP

221,000

5.400%, 

12/1/2035

221,829

F&G

Global

Funding

595,000

4.650%, 

9/8/2028

d

597,106

Fairfax

Financial

Holdings,

Ltd.

618,000

6.350%, 

3/22/2054

653,141

First

Citizens

BancShares,

Inc./NC

805,000

5.600%, 

9/5/2035

e

802,873

FirstCash,

Inc.

407,000

5.625%, 

1/1/2030

d

406,410

First-Citizens

Bank

&

Trust

Company

545,000

6.125%, 

3/9/2028

565,463

Five

Corners

Funding

Trust

IV

616,000

5.997%, 

2/15/2053

d

644,713

Franklin

BSP

Capital

Corporation

597,000

6.000%, 

10/2/2030

d,h

590,460

Freedom

Mortgage

Holdings,

LLC

378,000

9.250%, 

2/1/2029

d

397,722

163,000

9.125%, 

5/15/2031

d

173,359

212,000

8.375%, 

4/1/2032

d

222,208

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

$

176,000

7.875%, 

4/1/2033

d

$

181,311

FTAI

Aviation

Investors,

LLC

171,000

5.500%, 

5/1/2028

d

171,027

224,000

7.000%, 

5/1/2031

d

234,317

232,000

7.000%, 

6/15/2032

d

242,793

GGAM

Finance,

Ltd.

153,000

7.750%, 

5/15/2026

d

153,382

166,000

8.000%, 

6/15/2028

d

175,703

452,000

5.875%, 

3/15/2030

d

457,648

Global

Aircraft

Leasing

Company,

Ltd.

490,000

8.750%, 

9/1/2027

d

506,238

Global

Net

Lease,

Inc.

105,000

4.500%, 

9/30/2028

d

102,715

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

309,000

3.750%, 

12/15/2027

d

299,916

goeasy,

Ltd.

158,000

9.250%, 

12/1/2028

d

164,914

82,000

7.625%, 

7/1/2029

d

83,099

355,000

6.875%, 

2/15/2031

d

343,922

Goldman

Sachs

BDC,

Inc.

394,000

6.375%, 

3/11/2027

403,019

755,000

5.650%, 

9/9/2030

759,401

Goldman

Sachs

Group,

Inc.

785,000

1.948%, 

10/21/2027

e

766,524

931,000

6.484%, 

10/24/2029

e

990,751

640,000

5.218%, 

4/23/2031

e

661,828

275,000

1.992%, 

1/27/2032

e

242,669

2,326,000

3.102%, 

2/24/2033

e

2,133,824

Goldman

Sachs

Private

Credit

Corporation

310,000

5.875%, 

5/6/2028

c,d

314,609

Howard

Hughes

Corporation

106,000

4.125%, 

2/1/2029

d

101,684

HSBC

Holdings

plc

200,000

6.875%, 

9/11/2029

e,k

207,268

661,000

5.130%, 

3/3/2031

e

676,958

850,000

5.741%, 

9/10/2036

e

867,264

HUB

International,

Ltd.

466,000

7.250%, 

6/15/2030

d

485,994

Huntington

Bancshares,

Inc./OH

757,000

5.709%, 

2/2/2035

e

789,002

652,000

6.141%, 

11/18/2039

e

678,479

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

50,000

6.250%, 

5/15/2026

49,941

565,000

5.250%, 

5/15/2027

555,365

Invitation

Homes

Operating

Partnership,

LP

769,000

2.000%, 

8/15/2031

664,467

568,000

4.950%, 

1/15/2033

570,756

Jane

Street

Group/JSG

Finance,

Inc.

263,000

4.500%, 

11/15/2029

d

256,749

104,000

7.125%, 

4/30/2031

d

109,085

173,000

6.125%, 

11/1/2032

d

175,346

418,000

6.750%, 

5/1/2033

d

434,149

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

137,000

5.000%, 

8/15/2028

d

132,367

251,000

6.625%, 

10/15/2031

d

252,671

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

Jefferson

Capital

Holdings,

LLC

$

133,000

6.000%, 

8/15/2026

d

$

132,968

331,000

9.500%, 

2/15/2029

d

348,615

123,000

8.250%, 

5/15/2030

d

128,636

JPMorgan

Chase

&

Company

590,000

4.979%, 

7/22/2028

e

598,988

1,346,000

4.505%, 

10/22/2028

e

1,357,500

1,475,000

4.203%, 

7/23/2029

e

1,477,853

900,000

2.522%, 

4/22/2031

e

834,777

1,100,000

1.953%, 

2/4/2032

e

972,364

1,229,000

4.586%, 

4/26/2033

e

1,232,827

923,000

4.912%, 

7/25/2033

e

941,189

651,000

5.766%, 

4/22/2035

e

693,567

375,000

5.502%, 

1/24/2036

e

392,329

605,000

5.534%, 

11/29/2045

e

622,168

KeyBank

NA/Cleveland,

OH

777,000

5.000%, 

1/26/2033

782,006

Kilroy

Realty,

LP

310,000

4.250%, 

8/15/2029

304,113

572,000

5.875%, 

10/15/2035

579,612

Liberty

Mutual

Group,

Inc.

90,000

4.125%, 

12/15/2051

d,e

88,397

Lincoln

National

Corporation

1,220,000

2.330%, 

8/15/2030

d

1,103,590

Lloyds

Banking

Group

plc

920,000

5.871%, 

3/6/2029

e

954,294

LPL

Holdings,

Inc.

809,000

4.900%, 

4/3/2028

817,746

Macquarie

AirFinance

Holdings,

Ltd.

159,000

6.400%, 

3/26/2029

d

167,446

418,000

5.150%, 

3/17/2030

d

423,843

Macquarie

Bank,

Ltd.

901,000

5.642%, 

8/13/2036

d,e

912,680

Marsh

&

McLennan

Companies,

Inc.

231,000

5.450%, 

3/15/2053

228,589

Massachusetts

Mutual

Life

Insurance

Company

1,150,000

3.200%, 

12/1/2061

d

719,271

Mitsubishi

UFJ

Financial

Group,

Inc.

900,000

2.048%, 

7/17/2030

812,379

Mizuho

Financial

Group,

Inc.

398,000

5.098%, 

5/13/2031

e

408,985

Molina

Healthcare,

Inc.

104,000

4.375%, 

6/15/2028

d

101,425

200,000

6.250%, 

1/15/2033

d

202,222

Morgan

Stanley

514,000

5.516%, 

11/19/2055

e

519,566

1,925,000

4.350%, 

9/8/2026

1,929,048

1,244,000

3.591%, 

7/22/2028

e

1,230,908

615,000

5.164%, 

4/20/2029

e

629,533

612,000

3.622%, 

4/1/2031

e

593,826

615,000

5.250%, 

4/21/2034

e

634,203

476,000

5.831%, 

4/19/2035

e

507,436

280,000

5.587%, 

1/18/2036

e

293,162

1,076,000

5.297%, 

4/20/2037

e

1,091,629

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

221,000

8.500%, 

2/15/2032

d

234,826

Nasdaq,

Inc.

750,000

3.250%, 

4/28/2050

522,664

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

National

Securities

Clearing

Corporation

$

591,000

4.700%, 

5/20/2030

d

$

603,842

Nationstar

Mortgage

Holdings,

Inc.

81,000

5.500%, 

8/15/2028

d

81,000

170,000

6.500%, 

8/1/2029

d

174,401

256,000

5.125%, 

12/15/2030

d

258,253

87,000

7.125%, 

2/1/2032

d

90,811

NatWest

Group

plc

650,000

4.445%, 

5/8/2030

e

651,583

925,000

6.475%, 

6/1/2034

e

972,986

Navient

Corporation

96,000

5.000%, 

3/15/2027

95,567

106,000

5.500%, 

3/15/2029

c

103,913

New

York

Life

Global

Funding

925,000

4.550%, 

1/28/2033

d

923,662

Nomura

Holdings,

Inc.

598,000

5.783%, 

7/3/2034

633,291

North

Haven

Private

Income

Fund,

LLC

216,000

5.125%, 

9/25/2028

d

214,884

Omega

Healthcare

Investors,

Inc.

780,000

3.625%, 

10/1/2029

748,383

419,000

5.200%, 

7/1/2030

425,377

Omnis

Funding

Trust

492,000

6.722%, 

5/15/2055

d

530,695

OneMain

Finance

Corporation

168,000

3.500%, 

1/15/2027

164,190

236,000

3.875%, 

9/15/2028

226,812

175,000

6.750%, 

3/15/2032

178,241

747,000

7.125%, 

9/15/2032

771,679

Osaic

Holdings,

Inc.

264,000

6.750%, 

8/1/2032

d

272,669

Panther

Escrow

Issuer,

LLC

242,000

7.125%, 

6/1/2031

d

251,709

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

457,000

4.875%, 

5/15/2029

d

445,573

PennyMac

Financial

Services,

Inc.

88,000

7.125%, 

11/15/2030

d

91,631

263,000

6.875%, 

5/15/2032

d

272,520

184,000

6.875%, 

2/15/2033

d

190,092

88,000

6.750%, 

2/15/2034

d

89,768

Phoenix

Aviation

Capital,

Ltd.

281,000

9.250%, 

7/15/2030

d

298,960

PNC

Financial

Services

Group,

Inc.

307,000

6.615%, 

10/20/2027

e

314,505

PRA

Group,

Inc.

254,000

8.375%, 

2/1/2028

d

259,793

Prologis

Targeted

US

Logistics

Fund,

LP

618,000

5.250%, 

4/1/2029

d

637,850

294,000

5.250%, 

1/15/2035

d

300,687

Prologis,

LP

416,000

5.250%, 

3/15/2054

402,454

Prudential

Financial,

Inc.

1,170,000

5.125%, 

3/1/2052

e

1,174,238

Regency

Centers,

LP

965,000

4.125%, 

3/15/2028

964,954

461,000

5.250%, 

1/15/2034

473,795

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

RenaissanceRe

Holdings,

Ltd.

$

804,000

5.800%, 

4/1/2035

$

843,014

RGA

Global

Funding

298,000

5.500%, 

1/11/2031

d

310,892

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

80,000

4.750%, 

10/15/2027

79,649

163,000

4.500%, 

2/15/2029

d

159,858

Rithm

Capital

Corporation

176,000

8.000%, 

7/15/2030

d

180,180

RLJ

Lodging

Trust,

LP

149,000

4.000%, 

9/15/2029

d

140,703

Rocket

Companies,

Inc.

264,000

6.375%, 

8/1/2033

d

272,478

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

140,000

3.625%, 

3/1/2029

d

133,522

301,000

3.875%, 

3/1/2031

d

281,087

115,000

4.000%, 

10/15/2033

d

105,028

Ryan

Specialty,

LLC

85,000

4.375%, 

2/1/2030

d

82,355

398,000

5.875%, 

8/1/2032

d

402,452

Santander

Holdings

USA,

Inc.

308,000

6.499%, 

3/9/2029

e

321,352

699,000

5.473%, 

3/20/2029

e

712,320

268,000

6.174%, 

1/9/2030

e

279,154

Sixth

Street

Lending

Partners

400,000

6.125%, 

7/15/2030

d

413,550

SLM

Corporation

138,000

6.500%, 

1/31/2030

143,805

Societe

Generale

SA

172,000

10.000%, 

11/14/2028

d,e,k

190,525

723,000

5.249%, 

5/22/2029

d,e

735,185

575,000

5.439%, 

10/3/2036

d,e,h

573,511

Standard

Chartered

plc

400,000

5.545%, 

1/21/2029

d,e

409,735

Starwood

Property

Trust,

Inc.

132,000

4.375%, 

1/15/2027

d

130,867

266,000

5.250%, 

10/15/2028

d,h

266,077

201,000

6.500%, 

10/15/2030

d

207,626

89,000

5.750%, 

1/15/2031

d,h

88,945

State

Street

Corporation

73,000

4.530%, 

2/20/2029

e

73,782

Stonex

Escrow

Issuer,

LLC

482,000

6.875%, 

7/15/2032

d

496,131

Sumitomo

Mitsui

Financial

Group,

Inc.

850,000

1.710%, 

1/12/2031

741,283

Synchrony

Financial

328,000

5.935%, 

8/2/2030

e

339,983

169,000

7.250%, 

2/2/2033

180,339

Synovus

Bank

1,201,000

5.625%, 

2/15/2028

1,226,168

Toronto-Dominion

Bank

309,000

5.146%, 

9/10/2034

e

312,765

Travelers

Companies,

Inc.

128,000

5.050%, 

7/24/2035

130,281

Truist

Financial

Corporation

623,000

6.047%, 

6/8/2027

e

630,230

440,000

5.125%, 

12/15/2027

e,k

433,707

770,000

5.122%, 

1/26/2034

e

782,320

390,000

5.711%, 

1/24/2035

e

409,255

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Financials  1.7%

-

continued

U.S.

Bancorp

$

954,000

5.775%, 

6/12/2029

e

$

992,852

244,000

5.836%, 

6/12/2034

e

260,003

416,000

5.678%, 

1/23/2035

e

438,003

UBS

Group

AG

928,000

6.246%, 

9/22/2029

d,e

979,080

200,000

6.600%, 

8/5/2030

c,d,e,k

201,070

767,000

3.091%, 

5/14/2032

d,e

709,756

589,000

5.699%, 

2/8/2035

d,e

620,517

300,000

5.379%, 

9/6/2045

d,e

300,165

United

Wholesale

Mortgage,

LLC

440,000

5.500%, 

4/15/2029

d

433,952

UnitedHealth

Group,

Inc.

616,000

5.875%, 

2/15/2053

633,300

923,000

4.750%, 

5/15/2052

813,719

Wells

Fargo

&

Company

1,103,000

4.900%, 

1/24/2028

e

1,113,142

923,000

3.526%, 

3/24/2028

e

914,763

607,000

5.707%, 

4/22/2028

e

621,104

1,400,000

2.393%, 

6/2/2028

e

1,360,947

644,000

5.574%, 

7/25/2029

e

667,411

507,000

5.389%, 

4/24/2034

e

526,804

1,180,000

4.900%, 

11/17/2045

1,074,543

Wynnton

Funding

Trust

II

221,000

5.991%, 

8/15/2055

d

226,846

XHR,

LP

189,000

4.875%, 

6/1/2029

d

185,111

87,000

6.625%, 

5/15/2030

d

89,390

Zions

Bancorp

NA

564,000

4.704%, 

8/18/2028

e

565,753

500,000

6.816%, 

11/19/2035

e

531,478

Total

154,731,104

Foreign

Government  <0.1%

Eagle

Funding

Luxco

SARL

300,000

5.500%, 

8/17/2030

d

304,368

Mexico

Government

International

Bond

637,000

5.625%, 

9/22/2035

633,853

NBN

Company,

Ltd.

540,000

4.150%, 

9/16/2030

d

536,967

Saudi

Arabian

Oil

Company

578,000

5.250%, 

7/17/2034

d

594,527

Teine

Energy,

Ltd.

345,000

6.875%, 

4/15/2029

d

339,430

Total

2,409,145

Mortgage-Backed

Securities  5.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

1,413,048

5.500%, 

12/1/2038

1,449,825

5,391,969

5.500%, 

2/1/2040

5,513,762

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

8,563,431

2.000%, 

1/1/2052

7,005,307

4,916,989

2.000%, 

5/1/2051

4,022,365

9,785,105

2.500%, 

5/1/2051

8,356,693

7,184,376

3.500%, 

5/1/2052

6,619,756

8,151,218

4.000%, 

5/1/2052

7,753,112

4,648,986

5.000%, 

7/1/2053

4,654,187

2,434,069

5.500%, 

7/1/2053

2,480,271

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Mortgage-Backed

Securities  5.3%

-

continued

$

6,445,740

3.500%, 

8/1/2052

$

5,938,480

5,061,662

5.000%, 

8/1/2053

5,079,535

6,956,600

5.500%, 

9/1/2053

7,110,810

3,216,569

3.500%, 

9/1/2047

3,009,137

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

3,145,714

2.500%, 

7/1/2030

3,049,496

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

946,501

5.500%, 

9/1/2039

973,216

11,750,000

5.000%, 

10/1/2040

h

11,871,022

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

4,257,691

3.000%, 

12/1/2036

4,033,933

4,423,034

3.000%, 

8/1/2038

4,197,169

6,904,821

3.500%, 

5/1/2040

6,602,771

4,509,968

2.500%, 

4/1/2042

4,028,992

2,032,376

2.000%, 

5/1/2042

1,759,284

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

17,573,600

3.000%, 

1/1/2052

15,573,887

1,823,370

2.000%, 

2/1/2051

1,491,610

1,206,071

2.000%, 

2/1/2051

986,628

5,156,297

2.500%, 

2/1/2051

4,405,520

4,171,954

2.500%, 

2/1/2051

3,520,810

9,211,138

5.500%, 

2/1/2055

9,379,420

18,126,536

2.000%, 

3/1/2051

14,728,356

11,029,556

4.000%, 

3/1/2051

10,579,666

6,775,132

2.000%, 

3/1/2052

5,534,836

18,941,476

3.000%, 

3/1/2052

16,790,773

8,257,491

2.000%, 

4/1/2051

6,682,373

10,285,793

3.000%, 

4/1/2051

9,062,573

6,898,254

5.500%, 

4/1/2054

7,040,255

7,625,167

3.000%, 

5/1/2050

6,720,735

2,257,630

2.000%, 

5/1/2051

1,838,045

8,538,833

3.000%, 

5/1/2051

7,682,598

3,068,985

3.500%, 

5/1/2052

2,823,229

18,374,903

2.000%, 

6/1/2050

14,976,002

6,927,361

3.000%, 

6/1/2050

6,246,442

2,778,817

4.000%, 

6/1/2052

2,626,307

3,560,955

5.000%, 

6/1/2053

3,569,565

14,339,917

2.500%, 

7/1/2051

12,289,878

4,342,726

3.500%, 

7/1/2051

4,014,089

2,730,272

3.000%, 

7/1/2052

2,437,109

7,612,387

4.000%, 

7/1/2052

7,194,619

1,886,579

2.500%, 

8/1/2050

1,624,281

9,224,859

3.500%, 

8/1/2050

8,557,297

4,794,122

3.500%, 

8/1/2052

4,395,288

16,736,138

4.500%, 

8/1/2052

16,321,295

6,810,942

5.000%, 

8/1/2053

6,827,409

13,691,117

6.000%, 

8/1/2054

14,304,504

6,866,150

2.500%, 

9/1/2051

5,875,781

3,373,626

3.500%, 

9/1/2052

3,108,067

6,888,086

3.500%, 

9/1/2052

6,354,391

5,313,261

5.000%, 

9/1/2052

5,317,643

5,575,795

4.500%, 

9/1/2053

5,458,946

9,231,640

4.500%, 

9/1/2053

9,007,071

14,236,122

4.000%, 

10/1/2052

13,518,740

2,184,892

2.000%, 

11/1/2051

1,787,310

4,317,369

3.500%, 

11/1/2052

3,996,016

8,992,627

2.000%, 

12/1/2050

7,323,642

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Mortgage-Backed

Securities  5.3%

-

continued

$

24,072,212

2.500%, 

12/1/2051

$

20,531,231

13,591,626

4.500%, 

12/1/2052

13,314,860

5,075,000

5.500%, 

10/1/2041

h

5,116,808

3,737,716

3.500%, 

12/1/2047

3,505,968

2,400,000

4.000%, 

10/1/2048

h

2,261,670

1,550,000

4.500%, 

10/1/2048

h

1,503,280

3,275,000

5.000%, 

10/1/2048

h

3,247,677

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

16,879,265

2.500%, 

3/1/2062

13,765,090

4,349,861

3.500%, 

7/1/2061

3,905,154

7,073,622

4.000%, 

12/1/2061

6,620,542

PRPM,

LLC

1,537,260

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

d,f

1,540,741

Total

472,795,150

Technology  0.4%

Accenture

Capital,

Inc.

638,000

4.500%, 

10/4/2034

629,211

Advanced

Micro

Devices,

Inc.

615,000

4.393%, 

6/1/2052

c

528,855

Amentum

Holdings,

Inc.

328,000

7.250%, 

8/1/2032

d

340,584

Apple,

Inc.

918,000

2.650%, 

2/8/2051

585,681

582,000

3.750%, 

9/12/2047

468,012

Block,

Inc.

176,000

5.625%, 

8/15/2030

d

178,319

175,000

3.500%, 

6/1/2031

162,859

593,000

6.500%, 

5/15/2032

613,759

176,000

6.000%, 

8/15/2033

d

180,231

Boost

Newco

Borrower,

LLC

483,000

7.500%, 

1/15/2031

d

512,412

Broadcom,

Inc.

513,000

4.900%, 

7/15/2032

524,793

354,000

3.469%, 

4/15/2034

d

323,061

1,231,000

3.137%, 

11/15/2035

d

1,065,019

1,350,000

3.187%, 

11/15/2036

d

1,152,060

600,000

4.926%, 

5/15/2037

d

598,391

378,000

4.900%, 

2/15/2038

375,975

CACI

International,

Inc.

116,000

6.375%, 

6/15/2033

d

119,660

Central

Parent,

Inc./CDK

Global,

Inc.

141,000

7.250%, 

6/15/2029

d

121,409

Cisco

Systems,

Inc.

301,000

5.300%, 

2/26/2054

297,116

Clarivate

Science

Holdings

Corporation

177,000

3.875%, 

7/1/2028

d

170,336

Cloud

Software

Group,

Inc.

1,063,000

6.500%, 

3/31/2029

d

1,072,589

552,000

9.000%, 

9/30/2029

d

572,538

CommScope

Technologies,

LLC

176,000

5.000%, 

3/15/2027

d

174,617

CommScope,

LLC

175,000

4.750%, 

9/1/2029

d

173,876

Consensus

Cloud

Solutions,

Inc.

83,000

6.000%, 

10/15/2026

d

82,840

CoreWeave,

Inc.

264,000

9.000%, 

2/1/2031

d

270,568

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Technology  0.4%

-

continued

Dell,

Inc.

$

563,000

6.500%, 

4/15/2038

$

610,877

Diebold

Nixdorf,

Inc.

431,000

7.750%, 

3/31/2030

d

454,646

Fair

Isaac

Corporation

308,000

6.000%, 

5/15/2033

d

311,833

Fiserv,

Inc.

639,000

2.650%, 

6/1/2030

591,643

613,000

5.350%, 

3/15/2031

637,470

537,000

5.600%, 

3/2/2033

562,663

645,000

5.150%, 

8/12/2034

652,709

Foundry

JV

Holdco,

LLC

698,000

5.900%, 

1/25/2030

d

736,047

300,000

5.900%, 

1/25/2033

d

316,346

Gen

Digital,

Inc.

199,000

7.125%, 

9/30/2030

d

204,908

87,000

6.250%, 

4/1/2033

d

88,816

Global

Payments,

Inc.

923,000

5.300%, 

8/15/2029

943,908

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

161,000

3.500%, 

3/1/2029

d

152,544

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

181,000

4.625%, 

5/1/2028

d

175,055

Hewlett

Packard

Enterprise

Company

85,000

4.400%, 

9/25/2027

85,378

528,000

4.850%, 

10/15/2031

533,513

II-VI,

Inc.

164,000

5.000%, 

12/15/2029

d

161,737

Intel

Corporation

1,028,000

4.900%, 

7/29/2045

908,987

ION

Platform

Finance

US,

Inc.

343,000

7.875%, 

9/30/2032

d

340,746

ION

Trading

Technologies

SARL

248,000

9.500%, 

5/30/2029

d

261,931

Iron

Mountain,

Inc.

570,000

4.875%, 

9/15/2029

d

561,135

580,000

5.250%, 

7/15/2030

d

573,601

585,000

4.500%, 

2/15/2031

d

558,398

Kioxia

Holdings

Corporation

533,000

6.625%, 

7/24/2033

d

547,940

KLA

Corporation

923,000

3.300%, 

3/1/2050

660,265

Marvell

Technology,

Inc.

155,000

5.950%, 

9/15/2033

166,301

Mastercard,

Inc.

210,000

3.950%, 

2/26/2048

173,201

Microchip

Technology,

Inc.

131,000

5.050%, 

3/15/2029

133,854

Micron

Technology,

Inc.

197,000

5.650%, 

11/1/2032

206,738

NCR

Atleos

Corporation

133,000

9.500%, 

4/1/2029

d

143,975

NCR

Voyix

Corporation

244,000

5.000%, 

10/1/2028

d

240,354

151,000

5.125%, 

4/15/2029

d

148,572

Neptune

Bidco

US,

Inc.

356,000

9.290%, 

4/15/2029

d

349,482

NXP

BV/NXP

Funding,

LLC

480,000

5.550%, 

12/1/2028

496,847

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Technology  0.4%

-

continued

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

$

480,000

4.300%, 

6/18/2029

$

479,419

480,000

3.250%, 

5/11/2041

364,687

Open

Text

Corporation

207,000

3.875%, 

12/1/2029

d

195,667

Open

Text

Holdings,

Inc.

268,000

4.125%, 

2/15/2030

d

253,876

Oracle

Corporation

615,000

6.900%, 

11/9/2052

684,280

558,000

5.250%, 

2/3/2032

575,268

449,000

4.800%, 

9/26/2032

449,540

290,000

4.700%, 

9/27/2034

283,209

505,000

5.875%, 

9/26/2045

506,371

1,250,000

4.000%, 

7/15/2046

973,717

Paychex,

Inc.

166,000

5.600%, 

4/15/2035

173,782

PayPal

Holdings,

Inc.

542,000

5.500%, 

6/1/2054

c

543,757

Pitney

Bowes,

Inc.

83,000

6.875%, 

3/15/2027

d

82,934

RingCentral,

Inc.

459,000

8.500%, 

8/15/2030

d

488,391

Rocket

Software,

Inc.

199,000

9.000%, 

11/28/2028

d

205,134

Roper

Technologies,

Inc.

771,000

1.750%, 

2/15/2031

671,934

Sabre

GLBL,

Inc.

45,000

8.625%, 

6/1/2027

c,d

45,644

176,000

11.125%, 

7/15/2030

d

170,447

Seagate

Data

Storage

Technology,

Private

Ltd.

327,350

9.625%, 

12/1/2032

d

370,781

119,000

5.750%, 

12/1/2034

d

118,617

Sensata

Technologies

BV

392,000

4.000%, 

4/15/2029

d

376,192

Sensata

Technologies,

Inc.

177,000

4.375%, 

2/15/2030

d

170,833

95,000

3.750%, 

2/15/2031

d

87,673

84,000

6.625%, 

7/15/2032

d

86,921

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

400,000

6.750%, 

8/15/2032

d

413,556

SS&C

Technologies,

Inc.

301,000

5.500%, 

9/30/2027

d

300,480

87,000

6.500%, 

6/1/2032

d

89,944

Synopsys,

Inc.

502,000

5.700%, 

4/1/2055

506,634

UKG,

Inc.

165,000

6.875%, 

2/1/2031

d

170,253

Verisk

Analytics,

Inc.

260,000

5.250%, 

3/15/2035

265,054

Viavi

Solutions,

Inc.

178,000

3.750%, 

10/1/2029

d

167,824

Xerox

Corporation

202,000

10.250%, 

10/15/2030

d

205,199

Xerox

Holdings

Corporation

124,000

5.500%, 

8/15/2028

d

72,852

Total

35,538,061

Transportation  0.1%

Air

Canada

173,000

3.875%, 

8/15/2026

d

171,430

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Transportation  0.1%

-

continued

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

$

245,750

5.500%, 

4/20/2026

d

$

245,858

416,767

5.750%, 

4/20/2029

d

418,361

Avianca

Midco

2

plc

253,000

9.000%, 

12/1/2028

d

252,684

200,000

9.625%, 

2/14/2030

c,d

198,940

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

216,000

5.375%, 

3/1/2029

c,d

210,635

Burlington

Northern

Santa

Fe,

LLC

724,000

2.875%, 

6/15/2052

463,584

15,000

5.750%, 

5/1/2040

15,860

625,000

4.450%, 

3/15/2043

563,653

Canadian

Pacific

Railway

Company

615,000

4.700%, 

5/1/2048

548,850

DCLI

Bidco,

LLC

329,000

7.750%, 

11/15/2029

d

342,085

Delta

Air

Lines,

Inc.

407,000

5.250%, 

7/10/2030

415,218

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,340,000

4.750%, 

10/20/2028

d

1,347,535

ERAC

USA

Finance,

LLC

616,000

5.400%, 

5/1/2053

d

613,229

Norfolk

Southern

Corporation

577,000

5.100%, 

5/1/2035

589,120

OneSky

Flight,

LLC

424,000

8.875%, 

12/15/2029

d

445,858

Rand

Parent,

LLC

436,000

8.500%, 

2/15/2030

c,d

453,032

RXO,

Inc.

164,000

7.500%, 

11/15/2027

d

166,760

Ryder

System,

Inc.

464,000

4.850%, 

6/15/2030

c

473,434

Star

Leasing

Company,

LLC

171,000

7.625%, 

2/15/2030

d

166,166

Stena

International

SA

265,000

7.250%, 

1/15/2031

d

270,173

Stonepeak

Nile

Parent,

LLC

131,000

7.250%, 

3/15/2032

d

137,947

Union

Pacific

Corporation

1,231,000

2.973%, 

9/16/2062

737,522

United

Airlines,

Inc.

805,000

4.625%, 

4/15/2029

d

792,674

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

102,000

7.875%, 

5/1/2027

d

103,591

194,000

6.375%, 

2/1/2030

c,d

189,088

Watco

Companies,

LLC/Watco

Finance

Corporation

177,000

7.125%, 

8/1/2032

d

183,207

Total

10,516,494

U.S.

Government

&

Agencies  6.0%

U.S.

Treasury

Bonds

14,500,000

4.750%, 

11/15/2053

14,524,922

19,150,000

5.250%, 

11/15/2028

20,046,908

2,975,000

4.375%, 

5/15/2040

2,943,972

44,475,000

1.375%, 

11/15/2040

29,016,463

1,340,000

3.000%, 

5/15/2042

1,087,127

5,750,000

3.250%, 

5/15/2042

4,830,449

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

U.S.

Government

&

Agencies  6.0%

-

continued

$

68,726,000

2.500%, 

5/15/2046

$

48,325,653

39,200,000

2.875%, 

5/15/2049

28,597,625

U.S.

Treasury

Notes

21,200,000

2.625%, 

1/31/2026

21,105,801

2,300,000

0.500%, 

2/28/2026

2,268,087

90,300,000

2.500%, 

2/28/2026

89,776,190

6,400,000

4.625%, 

2/28/2026

6,417,700

38,900,000

4.375%, 

7/31/2026

39,086,598

9,500,000

3.500%, 

9/30/2026

9,479,961

7,285,000

2.250%, 

11/15/2027

7,082,386

13,950,000

3.875%, 

12/31/2027

14,026,834

1,500,000

0.750%, 

1/31/2028

1,404,609

30,100,000

3.500%, 

1/31/2028

30,020,047

15,300,000

3.625%, 

3/31/2028

15,304,184

72,550,000

2.875%, 

5/15/2028

71,192,521

21,000,000

4.375%, 

8/31/2028

21,427,383

9,500,000

3.500%, 

9/30/2029

9,432,832

12,000,000

3.625%, 

8/31/2030

11,938,125

270,000

1.375%, 

11/15/2031

233,698

32,000,000

4.500%, 

11/15/2033

33,085,000

Total

532,655,075

Utilities  0.4%

AEP

Texas,

Inc.

190,000

5.850%, 

10/15/2055

189,151

AES

Corporation

178,000

7.600%, 

1/15/2055

e

184,382

1,227,000

3.950%, 

7/15/2030

d

1,184,825

Algonquin

Power

&

Utilities

Corporation

620,000

4.750%, 

1/18/2082

e

604,965

Alpha

Generation,

LLC

149,000

6.750%, 

10/15/2032

d

153,811

American

Water

Capital

Corporation

254,000

5.700%, 

9/1/2055

257,977

Atmos

Energy

Corporation

150,000

5.000%, 

12/15/2054

139,618

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

1,031,460

Calpine

Corporation

353,000

4.500%, 

2/15/2028

d

351,511

Capital

Power

US

Holdings,

Inc.

594,000

5.257%, 

6/1/2028

d

605,287

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

811,782

Consolidated

Edison

Company

of

New

York,

Inc.

579,000

4.500%, 

12/1/2045

507,606

1,250,000

4.125%, 

5/15/2049

1,013,205

Constellation

Energy

Generation,

LLC

310,000

6.125%, 

1/15/2034

337,348

Consumers

Energy

Company

1,012,000

4.350%, 

4/15/2049

866,465

Dominion

Energy,

Inc.

81,000

6.875%, 

2/1/2055

e

84,781

81,000

7.000%, 

6/1/2054

e

87,827

DTE

Electric

Company

965,000

3.700%, 

3/15/2045

760,033

475,000

3.700%, 

6/1/2046

371,599

Duke

Energy

Carolinas,

LLC

1,050,000

3.700%, 

12/1/2047

807,692

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Utilities  0.4%

-

continued

Duke

Energy

Corporation

$

117,000

6.450%, 

9/1/2054

e

$

123,585

918,000

5.450%, 

6/15/2034

954,856

Duke

Energy

Indiana,

LLC

847,000

3.750%, 

5/15/2046

668,169

Enel

Finance

International

NV

629,000

5.125%, 

6/26/2029

d

644,359

Entergy

Louisiana,

LLC

175,000

5.800%, 

3/15/2055

179,175

Exelon

Corporation

410,000

4.700%, 

4/15/2050

353,957

983,000

4.450%, 

4/15/2046

837,010

FirstEnergy

Corporation

769,000

4.850%, 

7/15/2047

680,686

Georgia

Power

Company

523,000

4.950%, 

5/17/2033

533,509

303,000

5.250%, 

3/15/2034

312,557

Hawaiian

Electric

Company,

Inc.

89,000

6.000%, 

10/1/2033

d

89,774

ITC

Holdings

Corporation

760,000

5.300%, 

7/1/2043

728,844

Jersey

Central

Power

&

Light

Company

450,000

2.750%, 

3/1/2032

d

402,351

Lightning

Power,

LLC

326,000

7.250%, 

8/15/2032

d

345,141

Long

Ridge

Energy,

LLC

261,000

8.750%, 

2/15/2032

d

268,284

MidAmerican

Energy

Company

706,000

5.850%, 

9/15/2054

743,340

National

Rural

Utilities

Cooperative

Finance

Corporation

292,000

3.700%, 

3/15/2029

287,855

NextEra

Energy

Capital

Holdings,

Inc.

572,000

5.900%, 

3/15/2055

589,496

213,000

5.300%, 

3/15/2032

221,195

NiSource,

Inc.

82,000

6.375%, 

3/31/2055

e

84,869

900,000

5.650%, 

2/1/2045

896,489

NRG

Energy,

Inc.

141,000

3.375%, 

2/15/2029

d

133,290

240,000

5.250%, 

6/15/2029

d

239,223

138,000

6.000%, 

2/1/2033

d

140,149

530,000

5.750%, 

1/15/2034

d,h

529,459

271,000

6.250%, 

11/1/2034

d

277,800

Pacific

Gas

and

Electric

Company

618,000

5.550%, 

5/15/2029

636,133

538,000

4.550%, 

7/1/2030

534,263

300,000

5.800%, 

5/15/2034

310,849

PG&E

Corporation

137,000

5.000%, 

7/1/2028

135,732

PPL

Capital

Funding,

Inc.

640,000

5.250%, 

9/1/2034

654,562

PPL

Electric

Utilities

Corporation

547,000

3.950%, 

6/1/2047

445,898

Public

Service

Company

of

Colorado

779,000

4.500%, 

6/1/2052

655,693

Public

Service

Enterprise

Group,

Inc.

834,000

4.900%, 

3/15/2030

852,479

Principal

Amount

Long-Term

Fixed

Income  18.6%

Value

Utilities  0.4%

-

continued

San

Diego

Gas

&

Electric

Company

$

940,000

4.150%, 

5/15/2048

$

762,492

Southern

California

Edison

Company

224,000

5.450%, 

3/1/2035

226,703

Southern

Company

983,000

5.113%, 

8/1/2027

999,626

885,000

4.850%, 

3/15/2035

875,922

Southern

Company

Gas

Capital

Corporation

620,000

4.400%, 

5/30/2047

520,793

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

480,944

Talen

Energy

Supply,

LLC

329,000

8.625%, 

6/1/2030

d

349,246

TerraForm

Power

Operating,

LLC

662,000

5.000%, 

1/31/2028

d

657,222

Virginia

Electric

and

Power

Company

222,000

5.350%, 

1/15/2054

213,335

850,000

4.600%, 

12/1/2048

742,140

Vistra

Corporation

163,000

8.000%, 

10/15/2026

d,e,k

166,726

407,000

7.000%, 

12/15/2026

d,e,k

413,215

Vistra

Operations

Company,

LLC

328,000

5.000%, 

7/31/2027

d

326,915

Xcel

Energy,

Inc.

462,000

4.600%, 

6/1/2032

458,367

257,000

5.600%, 

4/15/2035

266,416

XPLR

Infrastructure

Operating

Partners,

LP

566,000

3.875%, 

10/15/2026

d

557,875

Total

33,860,293

Total

Long-Term

Fixed

Income

(cost

$1,731,192,306)

1,661,466,871

Shares

Private

Equity

Funds

1.3%

Value

Secondary  1.3%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,a,b

17,210,957

1

ASF

IX,

LP

*,a,b

14,948,442

1

ASF

VIII

Sidecar

(Cayman),

LP

*,a,b

3,111,873

1

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF

*,a,b

15,352,068

1

LCP

X

(Offshore),

LP

*,a,b

41,345,730

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,a,b

25,492,389

Total

117,461,459

Total

Private

Equity

Funds

(cost

$91,350,441)

117,461,459

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

18,351,415

Thrivent

Cash

Management

Trust

18,351,415

Total

Collateral

Held

for

Securities

Loaned

(cost

$18,351,415)

18,351,415

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Shares

or

Principal

Amount

Short-Term

Investments

14.7%

Value

Federal

Farm

Credit

Bank

Discount

Notes

1,200,000

4.250%,

10/2/2025

m

$

1,199,731

Federal

Home

Loan

Bank

Discount

Notes

6,800,000

4.255%,

10/2/2025

m,n

6,798,478

3,300,000

4.258%,

10/8/2025

m,n

3,297,045

9,400,000

4.260%,

10/10/2025

m,n

9,389,477

7,200,000

4.250%,

10/24/2025

m,n

7,180,656

3,200,000

4.240%,

10/29/2025

m,n

3,189,612

100,000

4.160%,

10/30/2025

m,n

99,664

6,900,000

4.150%,

11/3/2025

m,n

6,875,041

14,500,000

4.150%,

11/19/2025

m,n

14,422,868

2,900,000

3.935%,

12/12/2025

m,n

2,877,330

25,000,000

3.890%,

12/17/2025

m,n

24,791,188

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

4.200%,

10/8/2025

m,n

99,910

4,000,000

3.899%,

12/8/2025

m,n

3,970,445

9,200,000

3.900%,

12/23/2025

m,n

9,117,246

Federal

National

Mortgage

Association

Discount

Notes

100,000

4.025%,

12/2/2025

m,n

99,325

16,000,000

3.960%,

12/3/2025

m,n

15,890,347

100,000

3.955%,

12/4/2025

m,n

99,304

11,700,000

3.860%,

12/22/2025

m,n

11,596,011

State

Street

Institutional

U.S.

Government

Money

Market

Fund

261,452,953

4.090%

m

261,452,953

Thrivent

Core

Short-Term

Reserve

Fund

92,149,525

4.410%

921,495,248

U.S.

Treasury

Bills

1,800,000

4.206%,

10/14/2025

m,o

1,797,374

800,000

4.228%,

10/16/2025

m

798,649

200,000

4.230%,

10/23/2025

m

199,508

1,600,000

3.876%,

12/23/2025

m,o

1,585,742

100,000

3.859%,

12/26/2025

m,o

99,080

Total

Short-Term

Investments

(cost

$1,308,361,240)

1,308,422,232

Total

Investments

(cost

$7,176,050,452)

100.2%

$8,936,430,885

Other

Assets

and

Liabilities,

Net

(0.2%)

(19,083,252)

Total

Net

Assets

100.0%

$8,917,347,633

a

Non-income

producing

security.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2025,

the

value

of

these

investments

was

$322,624,555

or

3.6%

of

total

net

assets.

e

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

f

Denotes

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,

2025.

g

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

i

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

j

Denotes

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,

2025.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderate

Allocation

Portfolio

as

of

September

30,

2025

was

$117,537,959

or

1.32%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

13,539,574

ASF

IX,

LP 

3/18/2024

11,604,661

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,745,891

Credit

Suisse

Group

AG 

9/5/2018

900,000

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF 

2/15/2024

11,648,000

LCP

X

(Offshore),

LP 

10/25/2023

31,833,465

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

19,978,850

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

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,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

17,575,132

Common

Stock

53,656

Total

lending

$17,628,788

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$18,351,415

Net

amounts

due

to

counterparty

$722,627

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

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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

SLST

-

Seasoned

Loans

Structured

Transactions

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

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

3,138,416,734

3,138,416,734

–

–

U.S.

Unaffiliated

33,757,092

33,757,092

–

–

Common

Stock

Communications

Services

310,392,997

310,392,997

–

–

Consumer

Discretionary

319,495,959

319,495,959

–

–

Consumer

Staples

51,182,448

51,182,448

–

–

Energy

42,248,206

42,248,206

–

–

Financials

270,965,453

270,915,350

–

50,103

Health

Care

200,483,175

200,483,175

–

–

Industrials

187,818,654

187,694,589

124,065

–

Information

Technology

878,991,975

876,723,515

2,268,460

–

Materials

44,355,862

44,206,130

149,732

–

Real

Estate

39,039,341

39,039,341

–

–

Utilities

35,277,903

35,277,903

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

41,801,562

–

41,801,562

–

Basic

Materials

13,061,507

–

13,061,507

–

Capital

Goods

27,408,720

–

27,408,720

–

Collateralized

Mortgage

Obligations

106,223,209

–

106,223,209

–

Commercial

Mortgage-Backed

Securities

30,866,706

–

30,866,706

–

Communications

Services

42,687,674

–

42,687,674

–

Consumer

Cyclical

55,825,649

–

55,825,649

–

Consumer

Non-Cyclical

57,957,214

–

57,957,214

–

Energy

43,129,308

–

43,129,308

–

Financials

154,731,104

–

154,731,104

–

Foreign

Government

2,409,145

–

2,409,145

–

Mortgage-Backed

Securities

472,795,150

–

472,795,150

–

Technology

35,538,061

–

35,538,061

–

Transportation

10,516,494

–

10,516,494

–

U.S.

Government

&

Agencies

532,655,075

–

532,655,075

–

Utilities

33,860,293

–

33,860,293

–

Private

Equity

Funds

Secondary

117,461,459

–

–

117,461,459

Short-Term

Investments

386,926,984

261,452,953

125,474,031

–

Subtotal

Investments

in

Securities

$7,718,281,113

$5,811,286,392

$1,789,483,159

$117,511,562

Other

Investments  *

Total

Affiliated

Short-Term

Investments

921,495,248

U.S.

Affiliated

Registered

Investment

Cos.

278,303,109

Collateral

Held

for

Securities

Loaned

18,351,415

Subtotal

Other

Investments

$1,218,149,772

Total

Investments

at

Value

$8,936,430,885

*

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,

2025,

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

28,103,377

28,103,377

–

–

Credit

Default

Swaps

3,503

–

3,503

–

Total

Asset

Derivatives

$28,106,880

$28,103,377

$3,503

$–

Liability

Derivatives

Futures

Contracts

6,690,420

3,201,558

3,488,862

–

Total

Liability

Derivatives

$6,690,420

$3,201,558

$3,488,862

$–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderate

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

12/31/2024

Realized

Gain/

(Loss)

%

C

hange

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

9/30/2025

Common

Stock

Financials

 $-

$- 

$26,519 

$23,584 

$- 

$- 

$- 

$50,103 

Private

Equity

Funds

 Secondary

81,176,498

- 

11,642,227

41,457,705

(16,814,971)

-

- 

117,461,459

Total 

$81,176,498

$-  

$11,668,746

$41,481,289

$(16,814,971) 

$-

$-

$117,511,562

 Investments

in

Securities

Ending

 Value

9/30/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$117,461,459  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$117,461,459 

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$119,793,947

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

818

December

2025

$

91,765,187

$

259,813

CBOT

2-Yr.

U.S.

Treasury

Note

1,170

December

2025

243,872,694

(

46,519)

CBOT

5-Yr.

U.S.

Treasury

Note

1,374

December

2025

150,069,736

(

35,380)

CBOT

U.S.

Long

Bond

276

December

2025

31,589,083

590,792

CME

E-mini

Russell

2000

Index

21

December

2025

2,562,004

16,271

CME

E-mini

S&P

500

Index

4,807

December

2025

1,598,082,586

21,575,976

CME

E-mini

S&P

Mid-Cap

400

Index

2

December

2025

669,344

(

12,104)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

291

December

2025

34,113,779

824,409

Ultra

10-Yr.

U.S.

Treasury

Note

347

December

2025

39,596,916

335,195

Total

Futures

Long

Contracts

$

2,192,321,329

$

23,508,453

CME

E-mini

Russell

2000

Index

(635)

December

2025

(

$

77,513,677)

(

$

448,448)

CME

E-mini

S&P

Mid-Cap

400

Index

(806)

December

2025

(

269,231,336)

4,363,616

CME

Euro

Foreign

Exchange

Currency

(542)

December

2025

(

80,028,105)

137,305

Eurex

Euro

STOXX

50

Index

(1,932)

December

2025

(

122,490,921)

(

3,488,862)

ICE

mini

MSCI

EAFE

Index

(2,358)

December

2025

(

327,530,192)

(

856,678)

ICE

US

mini

MSCI

Emerging

Markets

Index

(1,465)

December

2025

(

97,795,596)

(

1,802,429)

Total

Futures

Short

Contracts

(

$

974,589,827)

($2,095,496)

Total

Futures

Contracts

$

1,217,731,502

$21,412,957

The

following

table

presents

Moderate

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2025.

Investments

totaling

$3,482,196

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

45,

5

Year,

at

5.00%,

Quarterly

Sell

12/20/2030

(

$

37,952,000)

$

–

$

3,503

$

3,503

Total

Credit

Default

Swaps

$–

$3,503

$3,503

1

As

the

buyer

of

protection,

Moderate

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderate

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderate

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$147,942

$6,200

$26,029

$136,493

15,780

1.5%

Core

Emerging

Markets

Equity

58,114

–

–

73,582

6,262

0.8

Core

Low

Volatility

Equity

6,121

–

–

6,753

550

0.1

Core

Mid

Cap

Value

110,125

–

68,999

42,735

3,729

0.5

Core

Small

Cap

Value

53,644

–

34,010

18,740

1,690

0.2

Global

Stock

548,857

62,665

–

642,694

40,897

7.2

High

Yield

111,350

5,061

16,902

101,654

23,797

1.2

Income

322,135

10,334

64,899

277,142

30,648

3.1

International

Equity

306,451

7,969

–

384,872

32,704

4.3

International

Index

69,162

1,814

–

86,979

5,289

1.0

Large

Cap

Value

1,022,828

148,298

–

1,166,106

49,991

13.1

Mid

Cap

Stock

393,239

44,397

190,010

208,451

10,722

2.3

Short-Term

Bond

184,322

5,304

34,254

158,048

15,925

1.8

Small

Cap

Stock

188,456

11,390

73,000

112,471

6,058

1.2

Total

U.S.

Affiliated

Registered

Investment

Companies

3,522,746

3,416,720

38.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

1,430,631

503,067

1,012,203

921,495

92,150

10.4

Total

Affiliated

Short-Term

Investments

1,430,631

921,495

10.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

10,075

677,923

669,647

18,351

18,351

0.2

Total

Collateral

Held

for

Securities

Loaned

10,075

18,351

0.2

Total

Value

$4,963,452

$4,356,566

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($5,260)

$13,640

$

–

$6,200

Core

Emerging

Markets

Equity

–

15,468

–

–

Core

Low

Volatility

Equity

–

632

–

–

Core

Mid

Cap

Value

Fund

5,972

(4,363)

–

–

Core

Small

Cap

Value

Fund

3,404

(4,298)

–

–

Global

Stock

–

31,172

52,054

10,611

High

Yield

(2,195)

4,340

–

5,063

Income

(7,172)

16,744

–

10,237

International

Equity

–

70,452

–

7,969

International

Index

–

16,003

–

1,813

Large

Cap

Value

–

(5,020)

131,088

17,211

Mid

Cap

Stock

19,035

(58,210)

41,269

3,128

Short-Term

Bond

25

2,651

–

5,304

Small

Cap

Stock

(3,504)

(10,871)

10,312

1,078

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

67

(67)

–

30,535

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$99,149

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

49

Total

Affiliated

Income

from

Securities

Loaned,

Net

$49

Total

Value

$10,372

$88,273

$

234,723

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Shares

Registered

Investment

Companies  

43.8%

Value

U.S.

Affiliated  

43.3%  

6,308,349

Thrivent

Core

Emerging

Markets

Debt

Fund

$

54,567,222

13,875,253

Thrivent

Core

Emerging

Markets

Equity

Fund

163,034,223

5,137,191

Thrivent

Core

International

Equity

Fund

66,012,901

516,927

Thrivent

Core

Low

Volatility

Equity

Fund

6,347,862

5,070,297

Thrivent

Core

Mid

Cap

Value

Fund

58,105,609

2,916,607

Thrivent

Core

Small

Cap

Value

Fund

32,345,173

45,420,108

Thrivent

Global

Stock

Portfolio

713,781,541

9,529,512

Thrivent

High

Yield

Portfolio

40,707,217

12,162,934

Thrivent

Income

Portfolio

109,986,982

54,775,892

Thrivent

International

Equity

Portfolio

644,619,132

3,761,011

Thrivent

International

Index

Portfolio

61,851,706

40,188,815

Thrivent

Large

Cap

Value

Portfolio

937,448,317

14,551,575

Thrivent

Mid

Cap

Stock

Portfolio

282,905,909

6,367,913

Thrivent

Short-Term

Bond

Portfolio

63,198,348

9,093,734

Thrivent

Small

Cap

Stock

Portfolio

168,820,621

Total

3,403,732,763

U.S.

Unaffiliated  

0.5%  

16,543

Invesco

QQQ

Trust

Series

1

9,931,921

14,857

Invesco

Senior

Loan

ETF

a

310,957

600

iShares

Semiconductor

ETF

162,672

31,393

SPDR

S&P

500

ETF

Trust

20,913,389

9,428

SPDR

S&P

Biotech

ETF

944,685

3,899

SPDR

S&P

Software

&

Services

ETF

771,066

4,085

VanEck

Semiconductor

ETF

1,333,181

Total

34,367,871

Total

Registered

Investment

Companies

(cost

$2,555,460,689)

3,438,100,634

Shares

Common

Stock

31.4%

Value

Communications

Services  3.9%

230,926

Alphabet,

Inc.,

Class

A

56,138,111

253,553

Alphabet,

Inc.,

Class

C

61,752,833

141,743

AT&T,

Inc.

4,002,822

71,115

CarGurus,

Inc.

b

2,647,611

69,957

Comcast

Corporation

2,198,049

34,558

E.W.

Scripps

Company

b

85,013

1,163

Electronic

Arts,

Inc.

234,577

2,675

Fox

Corporation,

Class

A

168,685

1,637

Fox

Corporation,

Class

B

93,784

1,342

Globalstar,

Inc.

b

48,835

4,074

Iridium

Communications,

Inc.

71,132

16,894

Liberty

Global,

Ltd.,

Class

A

b

193,605

1,075

Liberty

Media

Corporation-Liberty

Formula

One

b

112,284

551

Liberty

Media

Corporation-Liberty

Live

Group

b

53,430

1,296

Madison

Square

Garden

Entertainment

Corporation

b

80,508

266

Madison

Square

Garden

Sports

Corporation

b

60,382

8,170

Magnite,

Inc.

b

177,943

43,305

Match

Group,

Inc.

1,529,533

141,786

Meta

Platforms,

Inc.

104,124,803

31,454

Netflix,

Inc.

b

37,710,830

Shares

Common

Stock  31.4%

Value

Communications

Services  3.9%

-

continued

12,096

New

York

Times

Company

$

694,310

43,679

News

Corporation,

Class

A

1,341,382

59,228

Pinterest,

Inc.

b

1,905,365

146

Reddit,

Inc.

b

33,579

10,181

ROBLOX

Corporation

b

1,410,272

1,539

Sirius

XM

Holdings,

Inc.

35,820

19,629

Spotify

Technology

SA

b

13,701,042

8,237

T-Mobile

US,

Inc.

1,971,773

786

Trade

Desk,

Inc.

b

38,522

149,053

Uniti

Group,

Inc.

912,204

62,849

Verizon

Communications,

Inc.

2,762,214

36,843

Walt

Disney

Company

4,218,523

144,907

Warner

Brothers

Discovery,

Inc.

b

2,830,034

57,466

Warner

Music

Group

Corporation

1,957,292

Total

305,297,102

Consumer

Discretionary  4.1%

7,276

Adient

plc

b

175,206

280,692

ADT,

Inc.

2,444,827

1,758

Advance

Auto

Parts,

Inc.

107,941

541,286

Amazon.com,

Inc.

b

118,850,167

20,710

American

Axle

&

Manufacturing

Holdings,

Inc.

b

124,467

7,601

American

Eagle

Outfitters,

Inc.

130,053

55,756

Aptiv

plc

b

4,807,282

2,047

Aramark

78,605

195

Asbury

Automotive

Group,

Inc.

b

47,668

802

Autoliv,

Inc.

99,047

13,391

Bath

&

Body

Works,

Inc.

344,952

759

Booking

Holdings,

Inc.

4,098,046

8,650

Boot

Barn

Holdings,

Inc.

b

1,433,478

21,069

BorgWarner,

Inc.

926,193

811

Bright

Horizons

Family

Solutions,

Inc.

b

88,050

254

Brinker

International,

Inc.

b

32,177

1,323

Buckle,

Inc.

77,607

16,218

Build-A-Bear

Workshop,

Inc.

1,057,576

1,577

CarMax,

Inc.

b

70,760

128,634

Carnival

Corporation

b

3,718,809

221

Carvana

Company

b

83,370

95

Cavco

Industries,

Inc.

b

55,169

10,914

Champion

Homes,

Inc.

b

833,502

6,751

Chewy,

Inc.

b

273,078

10,805

Columbia

Sportswear

Company

565,101

8,551

Coursera,

Inc.

b

100,132

618

Crocs,

Inc.

b

51,634

13,693

D.R.

Horton,

Inc.

2,320,553

5,413

Dana,

Inc.

108,477

246

Darden

Restaurants,

Inc.

46,829

8,635

Deckers

Outdoor

Corporation

b

875,330

335

Domino's

Pizza,

Inc.

144,623

70,932

DoorDash,

Inc.

b

19,292,795

1,108

Dorman

Products,

Inc.

b

172,715

224

Dutch

Bros,

Inc.

b

11,724

1,952

eBay,

Inc.

177,534

12,993

Etsy,

Inc.

b

862,605

55,364

Expedia

Group,

Inc.

11,834,055

1,499

Five

Below,

Inc.

b

231,895

29,815

Ford

Motor

Company

356,587

5,494

Fox

Factory

Holding

Corporation

b

133,449

12,104

Frontdoor,

Inc.

b

814,478

12,397

Gap,

Inc.

265,172

2,099

Garmin,

Ltd.

516,816

5,831

Garrett

Motion,

Inc.

79,418

500

General

Motors

Company

30,485

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Shares

Common

Stock  31.4%

Value

Consumer

Discretionary  4.1%

-

continued

19,122

Gentex

Corporation

$

541,153

4,631

GigaCloud

Technology,

Inc.

b

131,520

17,979

Goodyear

Tire

&

Rubber

Company

b

134,483

6,178

Grand

Canyon

Education,

Inc.

b

1,356,195

206

Group

1

Automotive,

Inc.

90,127

10,887

Hasbro,

Inc.

825,779

29,490

Hilton

Worldwide

Holdings,

Inc.

7,650,886

85,938

Home

Depot,

Inc.

34,821,218

8,210

Installed

Building

Products,

Inc.

2,025,079

27,195

Laureate

Education,

Inc.

b

857,730

3,057

La-Z-Boy,

Inc.

104,916

1,095

Lear

Corporation

110,168

513

Lithia

Motors,

Inc.

162,108

11,811

Lowe's

Companies,

Inc.

2,968,222

573

Lululemon

Athletica,

Inc.

b

101,954

395

M/I

Homes,

Inc.

b

57,054

20,822

Mattel,

Inc.

b

350,434

5,485

McDonald's

Corporation

1,666,837

5,790

MGM

Resorts

International

b

200,681

11,419

Modine

Manufacturing

Company

b

1,623,325

2,939

Mohawk

Industries,

Inc.

b

378,896

3,199

Murphy

USA,

Inc.

1,242,044

4,359

National

Vision

Holdings,

Inc.

b

127,239

121

NVR,

Inc.

b

972,194

46,106

O'Reilly

Automotive,

Inc.

b

4,970,688

752

Planet

Fitness,

Inc.

b

78,058

3,127

Pool

Corporation

969,589

554

PulteGroup,

Inc.

73,200

1,651

Ralph

Lauren

Corporation

517,688

809

Red

Rock

Resorts,

Inc.

49,398

37,672

Ross

Stores,

Inc.

5,740,836

30

Royal

Caribbean

Cruises,

Ltd.

9,707

2,566

Service

Corporation

International/

US

213,543

11,531

SharkNinja,

Inc.

b

1,189,423

6,747

Sonos,

Inc.

b

106,603

89,411

Sony

Group

Corporation

ADR

2,574,143

5,471

Stoneridge,

Inc.

b

41,689

1,302

Strategic

Education,

Inc.

111,985

1,102

Tapestry,

Inc.

124,768

672

Taylor

Morrison

Home

Corporation

b

44,359

125,215

Tesla,

Inc.

b

55,685,615

456

Texas

Roadhouse,

Inc.

75,764

1,457

Toll

Brothers,

Inc.

201,270

95

TopBuild

Corporation

b

37,132

4,388

Travel

+

Leisure

Company

261,042

686

Ulta

Beauty,

Inc.

b

375,070

164

United

Parks

&

Resorts,

Inc.

b

8,479

1,187

Universal

Technical

Institute,

Inc.

b

38,637

546

Urban

Outfitters,

Inc.

b

39,001

2,902

Valvoline,

Inc.

b

104,211

8,212

VF

Corporation

118,499

2,006

Viking

Holdings,

Ltd.

b

124,693

1,519

Visteon

Corporation

182,067

1,274

Wayfair,

Inc.

b

113,806

11,973

Wingstop,

Inc.

3,013,365

570

Winmark

Corporation

283,729

42,727

Wyndham

Hotels

&

Resorts,

Inc.

3,413,887

8,440

Wynn

Resorts,

Ltd.

1,082,599

1,602

Yum!

Brands,

Inc.

243,504

Total

319,668,726

Consumer

Staples  0.7%

4,824

Albertsons

Companies,

Inc.

84,468

Shares

Common

Stock  31.4%

Value

Consumer

Staples  0.7%

-

continued

9,386

Altria

Group,

Inc.

$

620,039

1,752

Archer-Daniels-Midland

Company

104,665

1,635

BellRing

Brands,

Inc.

b

59,432

18,784

BJ's

Wholesale

Club

Holdings,

Inc.

b

1,751,608

3,611

Casey's

General

Stores,

Inc.

2,041,371

3,442

Central

Garden

&

Pet

Company,

Class

A

b

101,642

2,415

Church

&

Dwight

Company,

Inc.

211,627

23,098

Colgate-Palmolive

Company

1,846,454

10,295

Conagra

Brands,

Inc.

188,501

1,332

Costco

Wholesale

Corporation

1,232,939

231,827

Coty,

Inc.

b

936,581

3,799

Darling

Ingredients,

Inc.

b

117,275

623

e.l.f.

Beauty,

Inc.

b

82,535

1,533

Ingredion,

Inc.

187,195

14,386

J

&

J

Snack

Foods

Corporation

1,382,351

2,156

John

B.

Sanfilippo

&

Son,

Inc.

138,588

127,861

Kenvue,

Inc.

2,075,184

57,869

Keurig

Dr

Pepper,

Inc.

1,476,238

1,523

Kimberly-Clark

Corporation

189,370

584

Kraft

Heinz

Company

15,207

1,873

Kroger

Company

126,259

3,448

Maplebear,

Inc.

b

126,749

1,026

Marzetti

Company

177,283

1,865

McCormick

&

Company,

Inc.

124,787

12,777

Monster

Beverage

Corporation

b

860,020

15,510

Philip

Morris

International,

Inc.

2,515,722

1,406

Primo

Brands

Corporation

31,073

32,442

Procter

&

Gamble

Company

4,984,713

163

Sprouts

Farmers

Markets,

Inc.

b

17,734

46,801

Sysco

Corporation

3,853,594

1,469

Turning

Point

Brands,

Inc.

145,225

1,675

Tyson

Foods,

Inc.

90,953

57,278

Unilever

plc

ADR

3,395,440

3,241

US

Foods

Holding

Corporation

b

248,325

31,190

Vita

Coco

Company,

Inc.

b

1,324,639

230,005

Walmart,

Inc.

23,704,315

Total

56,570,101

Energy  0.6%

85,626

Antero

Midstream

Corporation

1,664,570

6,318

Antero

Resources

Corporation

b

212,032

6,154

APA

Corporation

149,419

4,751

Archrock,

Inc.

124,999

28,461

Baker

Hughes

Company

1,386,620

1,381

Cactus,

Inc.

54,508

1,401

California

Resources

Corporation

74,505

10,086

Cheniere

Energy,

Inc.

2,370,008

4,161

Chevron

Corporation

646,162

1,486

Chord

Energy

Corporation

147,664

7,054

Civitas

Resources,

Inc.

229,255

107,703

ConocoPhillips

10,187,627

98,292

Devon

Energy

Corporation

3,446,118

16,584

DHT

Holdings,

Inc.

198,179

3,462

DT

Midstream,

Inc.

391,414

105,821

Enterprise

Products

Partners,

LP

3,309,023

22,119

EOG

Resources,

Inc.

2,479,982

2,393

EQT

Corporation

130,251

2,891

Expand

Energy

Corporation

307,140

74,055

Exxon

Mobil

Corporation

8,349,701

4,283

Gulfport

Energy

Corporation

b

775,137

63,488

Halliburton

Company

1,561,805

28,726

Hess

Midstream,

LP

992,483

3,556

HF

Sinclair

Corporation

186,121

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Shares

Common

Stock  31.4%

Value

Energy  0.6%

-

continued

64,852

Kinder

Morgan,

Inc.

$

1,835,960

3,309

Kodiak

Gas

Services,

Inc.

122,334

41,696

Kosmos

Energy,

Ltd.

b

69,215

11,900

Marathon

Petroleum

Corporation

2,293,606

2,125

Matador

Resources

Company

95,476

1,996

Noble

Corporation

plc

56,447

1,249

Occidental

Petroleum

Corporation

59,015

4,981

Oceaneering

International,

Inc.

b

123,429

5,356

Oil

States

International,

Inc.

b

32,457

3,414

ONEOK,

Inc.

249,120

14,031

Ovintiv,

Inc.

566,572

2,913

Par

Pacific

Holdings,

Inc.

b

103,179

14,396

Permian

Resources

Corporation

184,269

849

Phillips

66

115,481

7,170

Range

Resources

Corporation

269,879

957

Ranger

Energy

Services,

Inc.

13,436

8,064

Ring

Energy,

Inc.

b

8,790

19,712

Shell

plc

ADR

1,409,999

2,591

SM

Energy

Company

64,697

4,602

Talos

Energy,

Inc.

b

44,133

178

Targa

Resources

Corporation

29,822

54,874

TechnipFMC

plc

2,164,779

396

Valero

Energy

Corporation

67,423

289

Weatherford

International

plc

19,776

43,875

Williams

Companies,

Inc.

2,779,481

Total

52,153,498

Financials  3.8%

597

1st

Source

Corporation

36,751

6,371

Affiliated

Managers

Group,

Inc.

1,519,038

2,032

Affirm

Holdings,

Inc.

b

148,499

933

Aflac,

Inc.

104,216

34,223

AGNC

Investment

Corporation

335,043

16,385

Allstate

Corporation

3,517,040

14,296

Ally

Financial,

Inc.

560,403

30,421

Amalgamated

Financial

Corporation

825,930

7,899

Amerant

Bancorp,

Inc.

152,214

38,626

American

Express

Company

12,830,012

27,314

American

International

Group,

Inc.

2,145,242

16,926

Ameriprise

Financial,

Inc.

8,314,897

1,355

Ameris

Bancorp

99,335

1,122

AMERISAFE,

Inc.

49,188

5,650

Annaly

Capital

Management,

Inc.

114,186

3,176

Arch

Capital

Group,

Ltd.

288,158

11,177

Ares

Management

Corporation

1,787,091

4,362

Arthur

J.

Gallagher

&

Company

1,351,086

5,279

Artisan

Partners

Asset

Management,

Inc.

229,109

41,088

Associated

Banc-Corp

1,056,372

1,448

Assurant,

Inc.

313,637

4,337

Atlantic

Union

Bankshares

Corporation

153,053

2,001

Axis

Capital

Holdings,

Ltd.

191,696

198,313

Bank

of

America

Corporation

10,230,968

2,235

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

95,926

31,619

Bank

of

New

York

Mellon

Corporation

3,445,206

1,736

Bank

OZK

88,501

2,300

BankFinancial

Corporation

27,669

4,719

BankUnited,

Inc.

180,077

2,963

Bar

Harbor

Bankshares

90,253

2,994

BCB

Bancorp,

Inc.

25,988

39,249

Beacon

Financial

Corporation

930,594

14,944

Berkshire

Hathaway,

Inc.

b

7,512,947

Shares

Common

Stock  31.4%

Value

Financials  3.8%

-

continued

1,468

BlackRock,

Inc.

$

1,711,497

2,259

Blackstone

Mortgage

Trust,

Inc.

41,588

1,695

Block,

Inc.

b

122,498

16,427

Blue

Owl

Capital,

Inc.

278,109

2,151

Bread

Financial

Holdings,

Inc.

119,961

4,958

Bridgewater

Bancshares,

Inc.

b

87,261

2,718

Brown

&

Brown,

Inc.

254,921

2,511

Burke

&

Herbert

Financial

Services

Corporation

154,904

4,056

Business

First

Bancshares,

Inc.

95,762

13,872

Byline

Bancorp,

Inc.

384,671

684

C&F

Financial

Corporation

45,965

3,319

Cadence

Bank

124,595

5,401

California

BanCorp

b

90,089

345

Camden

National

Corporation

13,314

1,285

Capital

City

Bank

Group,

Inc.

53,700

26,125

Capital

One

Financial

Corporation

5,553,652

17,489

Capitol

Federal

Financial,

Inc.

111,055

1,775

Carlyle

Group,

Inc.

111,292

270

Cathay

General

Bancorp

12,963

7,992

Central

Pacific

Financial

Corporation

242,477

124,294

Charles

Schwab

Corporation

11,866,348

10,949

Chubb,

Ltd.

3,090,355

1,298

Cincinnati

Financial

Corporation

205,214

14,909

Citigroup,

Inc.

1,513,263

1,339

Citizens

Financial

Group,

Inc.

71,181

4,172

Civista

Bancshares,

Inc.

84,733

3,400

CNB

Financial

Corporation

82,280

6,649

CNO

Financial

Group,

Inc.

262,968

1,257

Coinbase

Global,

Inc.

b

424,225

3,997

Colony

Bankcorp,

Inc.

67,989

10,937

Columbia

Banking

System,

Inc.

281,518

2,857

Comerica,

Inc.

195,762

2,679

Commerce

Bancshares,

Inc.

160,097

236

Community

Financial

System,

Inc.

13,839

10,810

Community

Trust

Bancorp,

Inc.

604,819

1,214

Community

West

Bancshares

25,300

2,658

ConnectOne

Bancorp,

Inc.

65,945

1,194

Cullen/Frost

Bankers,

Inc.

151,363

394

Dave,

Inc.

b

78,544

288

Diamond

Hill

Investment

Group,

Inc.

40,323

2,725

Donnelley

Financial

Solutions,

Inc.

b

140,147

5,694

Dynex

Capital,

Inc.

69,979

3,624

East

West

Bancorp,

Inc.

385,775

2,028

Eastern

Bankshares,

Inc.

36,808

3,346

Enact

Holdings,

Inc.

128,286

7,873

Enova

International,

Inc.

b

906,104

1,771

Enterprise

Financial

Services

Corporation

102,683

2,926

Equitable

Holdings,

Inc.

148,582

971

Equity

Bancshares,

Inc.

39,520

5,900

Essent

Group,

Ltd.

375,004

1,097

Euronet

Worldwide,

Inc.

b

96,328

1,400

Evercore,

Inc.

472,248

5,701

F.N.B.

Corporation

91,843

3,826

Farmers

National

Banc

Corporation

55,133

821

Federal

Agricultural

Mortgage

Corporation

137,912

9,509

Federated

Hermes,

Inc.

493,802

1,430

Fidelity

National

Information

Services,

Inc.

94,294

2,700

Fifth

Third

Bancorp

120,285

11,074

Financial

Institutions,

Inc.

301,213

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Shares

Common

Stock  31.4%

Value

Financials  3.8%

-

continued

5,260

First

American

Financial

Corporation

$

337,902

7,107

First

Bancorp/Puerto

Rico

156,709

1,193

First

Citizens

BancShares,

Inc./NC

2,134,468

7,997

First

Financial

Bancorp

201,924

1,564

First

Financial

Bankshares,

Inc.

52,629

3,964

First

Financial

Corporation

223,728

1,007

First

Hawaiian,

Inc.

25,004

12,178

First

Horizon

Corporation

275,345

3,659

First

Internet

Bancorp

82,071

48

First

Interstate

BancSystem,

Inc.

1,530

3,899

First

Merchants

Corporation

146,992

4,533

First

Mid-Illinois

Bancshares,

Inc.

171,710

1,284

FirstCash

Holdings,

Inc.

203,411

12,470

Fiserv,

Inc.

b

1,607,757

2,040

Flagstar

Financial,

Inc.

23,562

6,327

Flushing

Financial

Corporation

87,376

2,053

Flywire

Corporation

b

27,798

7,593

Franklin

Resources,

Inc.

175,626

52,477

Fulton

Financial

Corporation

977,647

7,818

Genworth

Financial,

Inc.

b

69,580

34,652

Glacier

Bancorp,

Inc.

1,686,513

1,070

Global

Life,

Inc.

152,978

761

Global

Payments,

Inc.

63,224

9,992

Great

Southern

Bancorp,

Inc.

612,010

174

Hamilton

Lane,

Inc.

23,453

1,228

Hancock

Whitney

Corporation

76,885

579

Hanover

Insurance

Group,

Inc.

105,164

6,110

HarborOne

Bancorp,

Inc.

83,096

2,457

Hartford

Insurance

Group,

Inc.

327,739

611

HBT

Financial,

Inc.

15,397

3,858

Heritage

Financial

Corporation

93,325

743

Home

Bancorp,

Inc.

40,363

3,057

Home

BancShares,

Inc.

86,513

8,603

Hometrust

Bancshares,

Inc.

352,207

10,172

Horizon

Bancorp,

Inc.

162,854

18,503

Houlihan

Lokey,

Inc.

3,799,036

5,342

Huntington

Bancshares,

Inc./OH

92,256

134

Independent

Bank

Corporation/MA

9,269

5,452

Independent

Bank

Corporation/MI

168,876

48,396

Intercontinental

Exchange,

Inc.

8,153,758

116,493

Invesco,

Ltd.

2,672,349

130

Jack

Henry

&

Associates,

Inc.

19,361

1,626

Jackson

Financial,

Inc.

164,600

46,677

Janus

Henderson

Group

plc

2,077,593

1,418

Jefferies

Financial

Group,

Inc.

92,766

110,067

JPMorgan

Chase

&

Company

34,718,434

14,512

Kearny

Financial

Corporation/MD

95,344

135,319

KeyCorp

2,529,112

3,914

Ladder

Capital

Corporation

42,702

6,931

Lazard,

Inc.

365,818

4,278

LendingClub

Corporation

b

64,983

5,405

Lincoln

National

Corporation

217,984

349

Loews

Corporation

35,036

1,630

M&T

Bank

Corporation

322,121

970

MarketAxess

Holdings,

Inc.

169,022

4,770

Marsh

&

McLennan

Companies,

Inc.

961,298

11,156

Mastercard,

Inc.

6,345,644

3,101

Mercantile

Bank

Corporation

139,545

30,883

MetLife,

Inc.

2,543,833

79,490

MGIC

Investment

Corporation

2,255,131

4,941

Midland

States

Bancorp,

Inc.

84,689

23,168

MidWestOne

Financial

Group,

Inc.

655,423

7,625

Moody's

Corporation

3,633,160

Shares

Common

Stock  31.4%

Value

Financials  3.8%

-

continued

1,373

Morningstar,

Inc.

$

318,550

4,109

MSCI,

Inc.

2,331,488

74,186

Nasdaq,

Inc.

6,561,752

3,401

National

Bank

Holdings

Corporation

131,415

18,808

NMI

Holdings,

Inc.

b

721,099

3,956

Northeast

Community

Bancorp,

Inc.

81,375

12,167

Northern

Trust

Corporation

1,637,678

8,904

Northfield

Bancorp,

Inc.

105,067

63,046

Northwest

Bancshares,

Inc.

781,140

3,404

OceanFirst

Financial

Corporation

59,808

13,055

OFG

Bancorp

567,762

75,384

Old

National

Bancorp

1,654,679

15,319

Old

Republic

International

Corporation

650,598

33,512

Old

Second

Bancorp,

Inc.

579,255

21,012

OneMain

Holdings,

Inc.

1,186,338

2,748

Orange

County

Bancorp,

Inc.

69,277

2,557

Origin

Bancorp,

Inc.

88,268

5,702

Orrstown

Financial

Services,

Inc.

193,754

946

Palomar

Holdings,

Inc.

b

110,445

67

Park

National

Corporation

10,890

1,542

Paymentus

Holdings,

Inc.

b

47,185

2,248

PCB

Bancorp

47,208

3,461

Peoples

Bancorp,

Inc./OH

103,795

1,338

Peoples

Financial

Services

Corporation

65,040

1,629

Pinnacle

Financial

Partners,

Inc.

152,784

838

PNC

Financial

Services

Group,

Inc.

168,379

8,825

Popular,

Inc.

1,120,863

1,566

Principal

Financial

Group,

Inc.

129,837

19,115

Progressive

Corporation

4,720,449

1,644

Prosperity

Bancshares,

Inc.

109,079

41,793

Provident

Financial

Services,

Inc.

805,769

1,637

Prudential

Financial,

Inc.

169,822

10,703

Radian

Group,

Inc.

387,663

3,075

Regions

Financial

Corporation

81,088

1,841

Reinsurance

Group

of

America,

Inc.

353,711

401

RenaissanceRe

Holdings,

Ltd.

101,826

599

Renasant

Corporation

22,097

3,609

Repay

Holdings

Corporation

b

18,875

24,886

Rithm

Capital

Corporation

283,452

17,973

RLI

Corporation

1,172,199

100,475

Robinhood

Markets,

Inc.

b

14,386,011

10,776

S&P

Global,

Inc.

5,244,787

44,397

SEI

Investments

Company

3,767,085

546

ServisFirst

Bancshares,

Inc.

43,969

8,972

Shore

Bancshares,

Inc.

147,231

2,689

Sierra

Bancorp

77,739

8,703

Simmons

First

National

Corporation

166,837

17,882

Sony

Financial

Group,

Inc.

ADR

b,c

99,153

1,880

Southern

Missouri

Bancorp,

Inc.

98,813

2,459

SouthState

Bank

Corporation

243,121

2,136

Starwood

Property

Trust,

Inc.

41,374

5,512

StepStone

Group,

Inc.

359,989

3,252

Stifel

Financial

Corporation

369,004

1,249

StoneX

Group,

Inc.

b

126,049

1,687

Synchrony

Financial

119,861

5,001

Synovus

Financial

Corporation

245,449

1,571

Third

Coast

Bancshares,

Inc.

b

59,651

20,458

Toast,

Inc.

b

746,922

1,556

Tompkins

Financial

Corporation

103,023

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Shares

Common

Stock  31.4%

Value

Financials  3.8%

-

continued

4,686

Towne

Bank/Portsmouth,

VA

$

161,995

12,208

TPG

RE

Finance

Trust,

Inc.

104,500

1,226

TPG,

Inc.

70,434

14,870

Tradeweb

Markets,

Inc.

1,650,273

32,837

Triumph

Financial,

Inc.

b

1,643,163

13,793

Trustmark

Corporation

546,203

3,933

U.S.

Bancorp

190,082

1,582

UMB

Financial

Corporation

187,230

2,343

United

Bankshares,

Inc.

87,183

6,497

United

Community

Banks,

Inc.

203,681

1,724

Unity

Bancorp,

Inc.

84,252

3,746

Univest

Financial

Corporation

112,455

5,783

Unum

Group

449,802

7,407

Valley

National

Bancorp

78,514

3,386

Virtu

Financial,

Inc.

120,203

136,393

Visa,

Inc.

46,561,842

1,000

WaFd,

Inc.

30,290

3,616

Washington

Trust

Bancorp,

Inc.

104,502

4,146

Webster

Financial

Corporation

246,438

131,479

Wells

Fargo

&

Company

11,020,570

23,923

WesBanco,

Inc.

763,861

2,129

Western

Alliance

Bancorp

184,627

25,841

Western

Union

Company

206,470

10

White

Mountains

Insurance

Group,

Ltd.

16,715

253

Willis

Towers

Watson

plc

87,399

2,373

Wintrust

Financial

Corporation

314,280

9,030

WisdomTree,

Inc.

125,517

365

WSFS

Financial

Corporation

19,684

26,962

Zions

Bancorp

NA

1,525,510

Total

296,381,746

Health

Care  2.8%

39,513

AbbVie,

Inc.

9,148,840

87,896

ADMA

Biologics,

Inc.

b

1,288,555

48,477

Agilent

Technologies,

Inc.

6,222,023

1,430

Agios

Pharmaceuticals,

Inc.

b

57,400

122

Align

Technology,

Inc.

b

15,277

1,049

Alkermes

plc

b

31,470

46,332

Amgen,

Inc.

13,074,890

6,101

Amicus

Therapeutics,

Inc.

b

48,076

19,083

Amneal

Pharmaceuticals,

Inc.

b

191,021

8,838

ANI

Pharmaceuticals,

Inc.

b

809,561

1,946

Anika

Therapeutics,

Inc.

b

18,292

1,503

Argenx

SE

ADR

b

1,108,553

924

Artivion,

Inc.

b

39,122

5,412

Aurinia

Pharmaceuticals,

Inc.

b

59,803

78,145

Avantor,

Inc.

b

975,250

2,493

Azenta,

Inc.

b

71,599

608

Becton,

Dickinson

and

Company

113,799

14,274

Biogen,

Inc.

b

1,999,502

1,706

Biohaven,

Ltd.

b

25,607

18,752

BioMarin

Pharmaceutical,

Inc.

b

1,015,608

6,503

Bio-Techne

Corporation

361,762

81,817

Boston

Scientific

Corporation

b

7,987,794

587

Bruker

Corporation

19,072

486

Cardinal

Health,

Inc.

76,283

4,195

CareDx,

Inc.

b

60,995

7,327

Caribou

Biosciences,

Inc.

b

17,072

5,594

Cencora,

Inc.

1,748,293

2,577

Charles

River

Laboratories

International,

Inc.

b

403,197

7,154

Cigna

Group

2,062,141

68,892

Concentra

Group

Holdings

Parent,

Inc.

1,441,910

Shares

Common

Stock  31.4%

Value

Health

Care  2.8%

-

continued

7,796

Cooper

Companies,

Inc.

b

$

534,494

21,216

CorVel

Corporation

b

1,642,543

78,243

Danaher

Corporation

15,512,457

7,343

Denali

Therapeutics,

Inc.

b

106,620

11,945

Dentsply

Sirona,

Inc.

151,582

26,997

Dexcom,

Inc.

b

1,816,628

1,697

Doximity,

Inc.

b

124,136

4,840

Dyne

Therapeutics,

Inc.

b

61,226

1,082

Edwards

Lifesciences

Corporation

b

84,147

24,754

Elanco

Animal

Health,

Inc.

b

498,546

34,962

Eli

Lilly

&

Company

26,676,006

7,009

Enanta

Pharmaceuticals,

Inc.

b

83,898

25,089

Encompass

Health

Corporation

3,186,805

7,223

Fate

Therapeutics,

Inc.

b

9,101

18,943

Fortrea

Holdings,

Inc.

b

159,500

1,432

GE

HealthCare

Technologies,

Inc.

107,543

41,030

Gilead

Sciences,

Inc.

4,554,330

9,770

GoodRx

Holdings,

Inc.

b

41,327

12,757

Halozyme

Therapeutics,

Inc.

b

935,598

26,029

HealthEquity,

Inc.

b

2,466,768

979

Henry

Schein,

Inc.

b

64,976

90

Hims

&

Hers

Health,

Inc.

b

5,105

8,818

IDEXX

Laboratories,

Inc.

b

5,633,732

4,717

Illumina,

Inc.

b

447,974

13,034

Incyte

Corporation

b

1,105,414

31,219

Indivior

plc

b

752,690

925

Insmed,

Inc.

b

133,209

4,901

Insulet

Corporation

b

1,513,086

30,966

Intuitive

Surgical,

Inc.

b

13,848,924

2,052

Ionis

Pharmaceuticals,

Inc.

b

134,242

1,342

IQVIA

Holding,

Inc.

b

254,899

1,362

Jazz

Pharmaceuticals,

Inc.

b

179,512

82,396

Johnson

&

Johnson

15,277,866

12,146

Kura

Oncology,

Inc.

b

107,492

12,688

Labcorp

Holdings,

Inc.

3,642,217

4,635

Medpace

Holdings,

Inc.

b

2,383,132

94,888

Medtronic

plc

9,037,133

57,801

Merck

&

Company,

Inc.

4,851,238

19,314

Merit

Medical

Systems,

Inc.

b

1,607,504

359

Mettler-Toledo

International,

Inc.

b

440,712

3,755

Myriad

Genetics,

Inc.

b

27,149

8,673

Natera,

Inc.

b

1,396,093

7,198

Neurocrine

Biosciences,

Inc.

b

1,010,455

820

Option

Care

Health,

Inc.

b

22,763

12,361

Organon

&

Company

132,015

13,103

Penumbra,

Inc.

b

3,319,252

1,940

Perrigo

Company

plc

43,204

48,430

Pfizer,

Inc.

1,233,996

1,365

Prestige

Consumer

Healthcare,

Inc.

b

85,176

4,505

Progyny,

Inc.

b

96,948

4,276

Prothena

Corporation

plc

b

41,734

3,746

QIAGEN

NV

167,371

888

Quest

Diagnostics,

Inc.

169,235

7,212

REGENXBIO,

Inc.

b

69,596

18,021

Relay

Therapeutics,

Inc.

b

94,070

8,358

Repligen

Corporation

b

1,117,214

203

ResMed,

Inc.

55,567

124

Revvity,

Inc.

10,869

241

Rigel

Pharmaceuticals,

Inc.

b

6,828

7,946

Rocket

Pharmaceuticals,

Inc.

b

25,904

39,043

Royalty

Pharma

plc

1,377,437

55,911

Sanofi

SA

ADR

2,638,999

995

SIGA

Technologies,

Inc.

9,104

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Shares

Common

Stock  31.4%

Value

Health

Care  2.8%

-

continued

2,415

Sotera

Health

Company

b

$

37,988

27,146

STERIS

plc

6,717,006

36,505

Stevanato

Group

SPA

940,004

10,633

Stryker

Corporation

3,930,701

147

Supernus

Pharmaceuticals,

Inc.

b

7,025

2,012

Teleflex,

Inc.

246,188

8,686

Tenet

Healthcare

Corporation

b

1,763,605

7,824

Thermo

Fisher

Scientific,

Inc.

3,794,796

45,988

Twist

Bioscience

Corporation

b

1,294,102

2,402

UFP

Technologies,

Inc.

b

479,439

253

United

Therapeutics

Corporation

b

106,060

9,979

UnitedHealth

Group,

Inc.

3,445,749

593

Universal

Health

Services,

Inc.

121,233

2,421

Vaxcyte,

Inc.

b

87,204

510

Veeva

Systems,

Inc.

b

151,934

22,437

Vericel

Corporation

b

706,092

10,457

Vertex

Pharmaceuticals,

Inc.

b

4,095,379

61,407

Viatris,

Inc.

607,929

804

Viemed

Healthcare,

Inc.

b

5,459

2,077

Viking

Therapeutics,

Inc.

a,b

54,584

37,486

Waystar

Holding

Corporation

b

1,421,469

4,500

West

Pharmaceutical

Services,

Inc.

1,180,485

7,440

Xencor,

Inc.

b

87,271

3,319

Xenon

Pharmaceuticals,

Inc.

b

133,258

27,045

Zimmer

Biomet

Holdings,

Inc.

2,663,933

Total

217,896,951

Industrials  2.7%

4,901

A.O.

Smith

Corporation

359,782

769

Acuity,

Inc.

264,836

9,337

Advanced

Drainage

Systems,

Inc.

1,295,042

2,656

AECOM

346,528

474

AGCO

Corporation

50,751

1,067

Alaska

Air

Group,

Inc.

b

53,115

2,980

Allegheny

Technologies,

Inc.

b

242,393

1,992

Allegion

plc

353,281

2,864

Allison

Transmission

Holdings,

Inc.

243,096

45,319

Amentum

Holdings,

Inc.

b

1,085,390

34,510

AMETEK,

Inc.

6,487,880

4,221

API

Group

Corporation

b

145,076

408

Applied

Industrial

Technologies,

Inc.

106,508

1,639

Arcosa,

Inc.

153,591

3,746

Armstrong

World

Industries,

Inc.

734,253

26,524

Atmus

Filtration

Technologies,

Inc.

1,195,967

20,603

Automatic

Data

Processing,

Inc.

6,046,981

3,085

Axon

Enterprise,

Inc.

b

2,213,919

531

AZZ,

Inc.

57,948

3,018

Badger

Infrastructure

Solutions,

Ltd.

133,107

31,020

Barrett

Business

Services,

Inc.

1,374,806

4,342

Brady

Corporation

338,806

178

Brink's

Company

20,801

228

Broadridge

Financial

Solutions,

Inc.

54,303

28,523

BWX

Technologies,

Inc.

5,258,786

1,949

C.H.

Robinson

Worldwide,

Inc.

258,048

13,111

Casella

Waste

Systems,

Inc.

b

1,243,972

42,526

Caterpillar,

Inc.

20,291,281

21,371

CECO

Environmental

Corporation

b

1,094,195

8,422

Clean

Harbors,

Inc.

b

1,955,757

214,234

CNH

Industrial

NV

2,324,439

1,454

Copart,

Inc.

b

65,386

255

CSW

Industrials,

Inc.

61,901

Shares

Common

Stock  31.4%

Value

Industrials  2.7%

-

continued

232,818

CSX

Corporation

$

8,267,367

816

Cummins,

Inc.

344,654

3,415

Curtiss-Wright

Corporation

1,854,140

70,037

Delta

Air

Lines,

Inc.

3,974,600

7,731

DNOW,

Inc.

b

117,898

1,417

Donaldson

Company,

Inc.

115,981

221

Dycom

Industries,

Inc.

b

64,479

1,923

EMCOR

Group,

Inc.

1,249,065

3,343

Energy

Recovery,

Inc.

b

51,549

42,186

Enerpac

Tool

Group

Corporation

1,729,626

2,383

EnerSys

269,184

11,720

EnPro,

Inc.

2,648,720

45,333

ExlService

Holdings,

Inc.

b

1,996,012

1,126

Expeditors

International

of

Washington,

Inc.

138,036

355,163

Fastenal

Company

17,417,194

13,739

Federal

Signal

Corporation

1,634,804

8,637

Ferguson

Enterprises,

Inc.

1,939,697

42,418

Flowserve

Corporation

2,254,093

3,406

Fortive

Corporation

166,860

2,445

Fortune

Brands

Innovations,

Inc.

130,539

55,959

Gates

Industrial

Corporation

plc

b

1,388,902

898

Generac

Holdings,

Inc.

b

150,325

10,937

General

Dynamics

Corporation

3,729,517

12,982

General

Electric

Company

3,905,245

597

Gorman-Rupp

Company

27,707

11,900

Graco,

Inc.

1,011,024

22,327

Great

Lakes

Dredge

&

Dock

Corporation

b

267,701

3,382

Helios

Technologies,

Inc.

176,304

38,622

Hexcel

Corporation

2,421,599

1,768

HNI

Corporation

82,831

14,963

Honeywell

International,

Inc.

3,149,712

13,401

Howmet

Aerospace,

Inc.

2,629,678

5,621

Hudson

Technologies,

Inc.

b

55,817

10,902

Huron

Consulting

Group,

Inc.

b

1,600,087

163

ICF

International,

Inc.

15,126

1,153

IDEX

Corporation

187,662

279

IES

Holdings,

Inc.

b

110,944

2,069

Ingersoll

Rand,

Inc.

170,941

549

Insteel

Industries,

Inc.

21,049

4,326

ITT

Corporation

773,316

16,184

Jacobs

Solutions,

Inc.

2,425,334

11,770

JB

Hunt

Transport

Services,

Inc.

1,579,181

5,566

Johnson

Controls

International

plc

611,982

2,445

Kirby

Corporation

b

204,035

3,371

Knight-Swift

Transportation

Holdings,

Inc.

133,188

1,688

Korn

Ferry

118,126

11,714

L3Harris

Technologies,

Inc.

3,577,573

2,928

Legalzoom.com,

Inc.

b

30,393

906

Leidos

Holdings,

Inc.

171,198

13,968

Limbach

Holdings,

Inc.

b

1,356,572

557

Lincoln

Electric

Holdings,

Inc.

131,357

6,464

Lyft,

Inc.

b

142,273

36,580

Masco

Corporation

2,574,866

457

MasTec,

Inc.

b

97,254

100,832

Masterbrand,

Inc.

b

1,327,957

964

Maximus,

Inc.

88,081

5,248

McGrath

RentCorp

615,590

2,141

Middleby

Corporation

b

284,603

9,136

Moog,

Inc.

1,897,273

50,505

Mueller

Water

Products,

Inc.

1,288,888

6,109

NEXTracker,

Inc.

b

452,005

60

Nordson

Corporation

13,617

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Shares

Common

Stock  31.4%

Value

Industrials  2.7%

-

continued

25,258

nVent

Electric

plc

$

2,491,449

8,830

Old

Dominion

Freight

Line,

Inc.

1,243,087

1,259

Oshkosh

Corporation

163,292

12,710

Otis

Worldwide

Corporation

1,162,075

26,190

Parker-Hannifin

Corporation

19,855,949

221

Paylocity

Holding

Corporation

b

35,199

7,641

Pentair

plc

846,317

1,156

Pitney

Bowes,

Inc.

13,190

358

Primoris

Services

Corporation

49,164

496

Quanta

Services,

Inc.

205,552

4,618

RBC

Bearings,

Inc.

b

1,802,359

487

Regal

Rexnord

Corporation

69,855

8,358

Republic

Services,

Inc.

1,917,994

6,629

Rockwell

Automation,

Inc.

2,317,034

158

Ryder

System,

Inc.

29,805

1,251

Schneider

National,

Inc.

26,471

5,256

Sensata

Technologies

Holding

plc

160,571

17,248

Shoals

Technologies

Group,

Inc.

b

127,808

915

SkyWest,

Inc.

b

92,067

3,505

Southwest

Airlines

Company

111,845

766

SPX

Technologies,

Inc.

b

143,074

1,294

SS&C

Technologies

Holdings,

Inc.

114,855

5,355

Stanley

Black

&

Decker,

Inc.

398,037

3,323

Sterling

Construction

Company,

Inc.

b

1,128,757

2,025

Textron,

Inc.

171,092

2,006

Timken

Company

150,811

2,284

Toro

Company

174,041

3,094

Trane

Technologies

plc

1,305,544

18,382

TransUnion

1,540,044

1,955

Trex

Company,

Inc.

b

101,015

3,413

Trinity

Industries,

Inc.

95,701

146,935

Uber

Technologies,

Inc.

b

14,395,222

1,106

UFP

Industries,

Inc.

103,400

1,248

UL

Solutions,

Inc.

88,433

1,119

UniFirst

Corporation/MA

187,086

11,153

Union

Pacific

Corporation

2,636,235

3,020

United

Airlines

Holdings,

Inc.

b

291,430

18,071

United

Parcel

Service,

Inc.

1,509,471

458

United

Rentals,

Inc.

437,234

4,851

Upwork,

Inc.

b

90,083

7,024

Veralto

Corporation

748,829

16,443

Verisk

Analytics,

Inc.

4,135,579

5,263

Verra

Mobility

Corporation

b

129,996

1,137

Wabtec

Corporation

227,934

7,462

Waste

Connections,

Inc.

1,311,820

5,491

Waste

Management,

Inc.

1,212,578

2,433

Watsco,

Inc.

983,662

262

WESCO

International,

Inc.

55,413

2,342

Xylem,

Inc.

345,445

5,037

Zurn

Elkay

Water

Solutions

Corporation

236,890

Total

210,444,050

Information

Technology  11.1%

8,594

Adobe,

Inc.

b

3,031,533

32,311

Advanced

Micro

Devices,

Inc.

b

5,227,597

14,158

Agilysys,

Inc.

b

1,490,129

2,180

Ambarella,

Inc.

b

179,894

6,869

Amkor

Technology,

Inc.

195,080

100,897

Amphenol

Corporation

12,486,004

13,098

Analog

Devices,

Inc.

3,218,179

514,318

Apple,

Inc.

130,960,792

6,110

Applied

Materials,

Inc.

1,250,961

16,093

AppLovin

Corporation

b

11,563,464

Shares

Common

Stock  31.4%

Value

Information

Technology  11.1%

-

continued

53,131

Arista

Networks,

Inc.

b

$

7,741,718

621

Arrow

Electronics,

Inc.

b

75,141

715

Astera

Labs,

Inc.

b

139,997

261

Atlassian

Corporation

b

41,682

28,212

Autodesk,

Inc.

b

8,962,106

1,482

Avnet,

Inc.

77,479

10,204

Bel

Fuse,

Inc.

1,438,968

564

BILL

Holdings,

Inc.

b

29,875

19,327

BlackLine,

Inc.

b

1,026,264

201,858

Broadcom,

Inc.

66,594,973

7,208

Cadence

Design

Systems,

Inc.

b

2,531,882

343

Calix,

Inc.

b

21,050

52,810

CDW

Corporation

8,411,577

1,551

Ciena

Corporation

b

225,934

2,791

Cirrus

Logic,

Inc.

b

349,684

175,898

Cisco

Systems,

Inc.

12,034,941

29,159

Cognex

Corporation

1,320,903

1,652

Cognizant

Technology

Solutions

Corporation

110,800

8,205

Coherent

Corporation

b

883,843

8,226

CommScope

Holding

Company,

Inc.

b

127,338

1,029

CommVault

Systems,

Inc.

b

194,255

16,165

CompoSecure,

Inc.

336,555

3,205

Corning,

Inc.

262,906

2,632

Crane

NXT

Company

176,528

203

Credo

Technology

Group

Holding,

Ltd.

b

29,559

205

CTS

Corporation

8,188

3,716

CyberArk

Software,

Ltd.

b

1,795,385

1,022

Datadog,

Inc.

b

145,533

14,624

Descartes

Systems

Group,

Inc.

b

1,378,019

34,845

DigitalOcean

Holdings,

Inc.

b

1,190,305

2,178

DocuSign,

Inc.

b

157,012

4,185

Dolby

Laboratories,

Inc.

302,868

94,440

Dropbox,

Inc.

b

2,853,032

35,776

Dynatrace

Holdings,

LLC

b

1,733,347

4,143

Enphase

Energy,

Inc.

b

146,621

565

EPAM

Systems,

Inc.

b

85,196

1,697

F5,

Inc.

b

548,453

4,163

Fabrinet

b

1,517,913

438

First

Solar,

Inc.

b

96,592

17,612

Flex,

Ltd.

b

1,020,968

23,999

Fortinet,

Inc.

b

2,017,836

3,173

Gen

Digital,

Inc.

90,081

40,781

Gitlab,

Inc.

b

1,838,407

14,695

Guidewire

Software,

Inc.

b

3,377,793

11,173

Hewlett

Packard

Enterprise

Company

274,409

3,469

HubSpot,

Inc.

b

1,622,798

41,658

I3

Verticals,

Inc.

b

1,352,219

6,768

Impinj,

Inc.

b

1,223,316

369

Intapp,

Inc.

b

15,092

57,405

International

Business

Machines

Corporation

16,197,395

1,104

IPG

Photonics

Corporation

b

87,426

1,066

Itron,

Inc.

b

132,781

71,346

JFrog,

Ltd.

b

3,376,806

9,135

Keysight

Technologies,

Inc.

b

1,597,894

2,098

KLA

Corporation

2,262,903

5,284

Knowles

Corporation

b

123,170

37,822

Lam

Research

Corporation

5,064,366

24,611

Lattice

Semiconductor

Corporation

b

1,804,478

523

Littelfuse,

Inc.

135,462

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock  31.4%

Value

Information

Technology  11.1%

-

continued

257

MACOM

Technology

Solutions

Holdings,

Inc.

b

$

31,994

158

Manhattan

Associates,

Inc.

b

32,387

17,790

Marvell

Technology,

Inc.

1,495,605

2,047

Microchip

Technology,

Inc.

131,458

62,367

Micron

Technology,

Inc.

10,435,246

316,998

Microsoft

Corporation

164,189,114

951

Mirion

Technologies,

Inc.

b

22,120

2,455

MKS,

Inc.

303,855

469

Monday.com,

Ltd.

b

90,841

2,433

Monolithic

Power

Systems,

Inc.

2,239,917

13,440

Motorola

Solutions,

Inc.

6,145,978

10,093

Napco

Security

Technologies,

Inc.

433,494

2,006

NetApp,

Inc.

237,631

19,884

Nokia

Oyj

ADR

95,642

1,065,867

NVIDIA

Corporation

198,869,465

4,629

NXP

Semiconductors

NV

1,054,162

1,626

ON

Semiconductor

Corporation

b

80,178

15,180

Onto

Innovation,

Inc.

b

1,961,560

69,231

Oracle

Corporation

19,470,526

109,057

Palantir

Technologies,

Inc.

b

19,894,178

24,372

Pegasystems,

Inc.

1,401,390

582

Plexus

Corporation

b

84,209

555

Procore

Technologies,

Inc.

b

40,471

10,543

PTC,

Inc.

b

2,140,440

542

Q2

Holdings,

Inc.

b

39,235

5,783

Qorvo,

Inc.

b

526,716

37,469

Qualcomm,

Inc.

6,233,343

12,728

Salesforce,

Inc.

3,016,536

74,884

Samsung

Electronics

Company,

Ltd.

4,489,320

38,166

SAP

SE

ADR

10,198,337

30,782

ServiceNow,

Inc.

b

28,328,059

8,957

Silicon

Laboratories,

Inc.

b

1,174,531

6,393

Skyworks

Solutions,

Inc.

492,133

74,453

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

20,793,978

26,356

TD

SYNNEX

Corporation

4,315,795

3,203

TE

Connectivity

plc

703,155

917

Teledyne

Technologies,

Inc.

b

537,399

2,343

Tenable

Holdings,

Inc.

b

68,322

3,287

Teradyne,

Inc.

452,423

4,560

Texas

Instruments,

Inc.

837,809

29,081

Trimble,

Inc.

b

2,374,464

24,346

TTM

Technologies,

Inc.

b

1,402,330

162

Twilio,

Inc.

b

16,215

3,561

Tyler

Technologies,

Inc.

b

1,862,973

5,066

Unity

Software,

Inc.

b

202,843

2,972

Varonis

Systems,

Inc.

b

170,801

9,082

VeriSign,

Inc.

2,539,055

56,172

Vontier

Corporation

2,357,539

155,806

Weave

Communications,

Inc.

b

1,040,784

30,849

Western

Digital

Corporation

3,703,731

524

Zebra

Technologies

Corporation

b

155,712

32,446

Zoom

Communications,

Inc.

b

2,676,795

336

Zscaler,

Inc.

b

100,686

Total

870,016,535

Materials  0.6%

1,021

Albemarle

Corporation

82,783

6,160

Alcoa

Corporation

202,602

56,566

Amcor

plc

462,710

1,861

AptarGroup,

Inc.

248,741

994

Avery

Dennison

Corporation

161,197

Shares

Common

Stock  31.4%

Value

Materials  0.6%

-

continued

6,385

Avient

Corporation

$

210,386

54,561

Axalta

Coating

Systems,

Ltd.

b

1,561,536

1,280

Balchem

Corporation

192,077

4,519

Ball

Corporation

227,848

42,904

CF

Industries

Holdings,

Inc.

3,848,489

15,368

Coeur

Mining,

Inc.

b

288,304

1,563

Commercial

Metals

Company

89,529

42,910

Constellium

SE

b

638,501

4,959

Corteva,

Inc.

335,377

37,146

Crown

Holdings,

Inc.

3,587,932

18,700

DuPont

de

Nemours,

Inc.

1,456,730

15,775

Eastman

Chemical

Company

994,614

22,645

Ecolab,

Inc.

6,201,560

21,606

Element

Solutions,

Inc.

543,823

1,624

FMC

Corporation

54,615

148,439

Freeport-McMoRan,

Inc.

5,821,778

3,015

Greif,

Inc.

180,176

34,961

Hecla

Mining

Company

423,028

10,926

Huntsman

Corporation

98,115

2,235

Ingevity

Corporation

b

123,350

728

International

Flavors

&

Fragrances,

Inc.

44,801

15,097

Ivanhoe

Mines,

Ltd.

b

160,115

2,848

Kaiser

Aluminum

Corporation

219,752

402

Knife

River

Corporation

b

30,902

2,175

Koppers

Holdings,

Inc.

60,900

15,075

Linde

plc

7,160,625

2,494

Martin

Marietta

Materials,

Inc.

1,571,918

2,052

Minerals

Technologies,

Inc.

127,470

17,963

Mosaic

Company

622,957

1,073

MP

Materials

Corporation

a,b

71,966

81

NewMarket

Corporation

67,085

16,905

Newmont

Corporation

1,425,261

26,159

Nucor

Corporation

3,542,713

4,082

O-I

Glass,

Inc.

b

52,943

37,481

Olin

Corporation

936,650

8,202

Packaging

Corporation

of

America

1,787,462

2,297

PPG

Industries,

Inc.

241,438

163

Reliance,

Inc.

45,775

1,771

Royal

Gold,

Inc.

355,227

6,345

RPM

International,

Inc.

747,949

2,342

Scotts

Miracle-Gro

Company

133,377

4,374

Sealed

Air

Corporation

154,621

324

Sensient

Technologies

Corporation

30,407

5,682

Sonoco

Products

Company

244,837

2,271

Steel

Dynamics,

Inc.

316,645

1,217

Stepan

Company

58,051

20,174

Tronox

Holdings

plc

81,099

7,460

Vulcan

Materials

Company

2,294,845

1,914

West

Fraser

Timber

Company,

Ltd.

130,114

Total

50,753,706

Real

Estate  0.6%

613

Agree

Realty

Corporation

43,548

1,777

Alexandria

Real

Estate

Equities,

Inc.

148,095

1,261

Alpine

Income

Property

Trust,

Inc.

17,868

4,869

AvalonBay

Communities,

Inc.

940,545

20,605

Brixmor

Property

Group,

Inc.

570,346

92,396

Broadstone

Net

Lease,

Inc.

1,651,117

3,105

CareTrust

REIT,

Inc.

107,681

1,330

CBL

&

Associates

Properties,

Inc.

40,671

33,375

CBRE

Group,

Inc.

b

5,258,565

10,004

Chatham

Lodging

Trust

67,127

9,350

Colliers

International

Group,

Inc.

1,460,564

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock  31.4%

Value

Real

Estate  0.6%

-

continued

4,082

Compass,

Inc.

b

$

32,778

22,634

CoStar

Group,

Inc.

b

1,909,631

9,053

Cousins

Properties,

Inc.

261,994

35,278

Crown

Castle,

Inc.

3,403,974

7,003

Curbline

Properties

Corporation

156,167

6,364

Cushman

and

Wakefield

plc

b

101,315

902

Digital

Realty

Trust,

Inc.

155,938

24,853

Easterly

Government

Properties,

Inc.

569,879

23,339

EPR

Properties

1,353,895

159,834

Essential

Properties

Realty

Trust,

Inc.

4,756,660

855

Essex

Property

Trust,

Inc.

228,849

927

Extra

Space

Storage,

Inc.

130,651

1,205

Federal

Realty

Investment

Trust

122,079

8,774

First

Industrial

Realty

Trust,

Inc.

451,598

3,246

Getty

Realty

Corporation

87,090

1,289

Global

Net

Lease,

Inc.

10,480

126,585

Healthcare

Realty

Trust,

Inc.

2,282,328

131,054

Host

Hotels

&

Resorts,

Inc.

2,230,539

820

Howard

Hughes

Holdings,

Inc.

b

67,379

16,477

Independence

Realty

Trust,

Inc.

270,058

50,995

Industrial

Logistics

Properties

Trust

297,301

21,753

Innovative

Industrial

Properties,

Inc.

1,165,526

14,521

InvenTrust

Properties

Corporation

415,591

806

Iron

Mountain,

Inc.

82,164

1,076

Jones

Lang

LaSalle,

Inc.

b

320,949

3,262

Kimco

Realty

Corporation

71,275

221

Lamar

Advertising

Company

27,055

77,778

Millrose

Properties,

Inc.

2,614,119

116

National

Health

Investors,

Inc.

9,222

34,181

National

Storage

Affiliates

Trust

1,032,950

7,991

NetSTREIT

Corporation

144,317

965

NNN

REIT,

Inc.

41,080

61,202

Outfront

Media,

Inc.

1,121,221

15,799

Park

Hotels

&

Resorts,

Inc.

175,053

5,484

Peakstone

Realty

Trust

71,950

36,102

Pebblebrook

Hotel

Trust

411,202

3,312

Postal

Realty

Trust,

Inc.

51,965

1,031

RE/MAX

Holdings,

Inc.

b

9,722

1,278

Regency

Centers

Corporation

93,166

2,894

Rexford

Industrial

Realty,

Inc.

118,972

17,775

RLJ

Lodging

Trust

127,980

1,957

RMR

Group,

Inc.

30,784

864

Ryman

Hospitality

Properties

77,406

124,127

Sabra

Health

Care

REIT,

Inc.

2,313,727

11,065

Safehold,

Inc.

171,397

607

SBA

Communications

Corporation

117,363

25,616

Sila

Realty

Trust,

Inc.

642,962

185

Simon

Property

Group,

Inc.

34,719

14,166

STAG

Industrial,

Inc.

499,918

14,703

Summit

Hotel

Properties,

Inc.

80,719

85,116

Tanger,

Inc.

2,880,325

16,270

Terreno

Realty

Corporation

923,323

3,058

VICI

Properties,

Inc.

99,721

23,584

Xenia

Hotels

&

Resorts,

Inc.

323,573

3,696

Zillow

Group,

Inc.,

Class

A

b

275,130

3,528

Zillow

Group,

Inc.,

Class

C

b

271,832

Total

46,035,088

Utilities  0.5%

188,005

AES

Corporation

2,474,146

1,891

Alliant

Energy

Corporation

127,472

3,358

American

States

Water

Company

246,208

Shares

Common

Stock  31.4%

Value

Utilities  0.5%

-

continued

2,001

American

Water

Works

Company,

Inc.

$

278,519

908

Artesian

Resources

Corporation

29,596

1,138

Avista

Corporation

43,028

8,925

Black

Hills

Corporation

549,691

31,318

Brookfield

Infrastructure

Corporation

1,287,796

559

California

Water

Service

Group

25,652

3,602

CenterPoint

Energy,

Inc.

139,758

11,654

Clearway

Energy,

Inc.,

Class

A

313,842

12,644

Clearway

Energy,

Inc.,

Class

C

357,193

132

Consolidated

Edison,

Inc.

13,269

9,316

Constellation

Energy

Corporation

3,065,616

33,556

Duke

Energy

Corporation

4,152,555

73,905

Edison

International

4,085,468

54,019

Entergy

Corporation

5,034,031

6,019

Essential

Utilities,

Inc.

240,158

25,532

Evergy,

Inc.

1,940,943

4,491

Eversource

Energy

319,490

7,006

Exelon

Corporation

315,340

3,237

FirstEnergy

Corporation

148,319

5,499

MDU

Resources

Group,

Inc.

97,937

1,623

Middlesex

Water

Company

87,837

9,059

New

Jersey

Resources

Corporation

436,191

3,176

NiSource,

Inc.

137,521

1,063

Northwestern

Energy

Group,

Inc.

62,302

773

Otter

Tail

Corporation

63,363

162,546

PG&E

Corporation

2,451,194

1,083

Pinnacle

West

Capital

Corporation

97,102

95,341

Portland

General

Electric

Company

4,195,004

1,430

Spire,

Inc.

116,574

196,557

UGI

Corporation

6,537,486

1,389

Unitil

Corporation

66,477

21,524

Vistra

Energy

Corporation

4,216,982

22,734

XPLR

Infrastructure,

LP

231,205

Total

43,985,265

Total

Common

Stock

(cost

$1,636,569,952)

2,469,202,768

Principal

Amount

Long-Term

Fixed

Income

8.5%

Value

Asset-Backed

Securities  0.2%

Access

Group,

Inc.

$

28,037

4.971%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

d,e

28,029

ALLO

Issuer,

LLC

950,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

d

963,941

Balboa

Bay

Loan

Funding,

Ltd.

1,000,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

d,e

999,988

625,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

d,e

625,354

Barings

CLO,

Ltd.

850,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

d,e

849,970

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Asset-Backed

Securities  0.2%

-

continued

CarVal

CLO

I,

Ltd.

$

650,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

d,e

$

650,536

CMFT

Net

Lease

Master

Issuer,

LLC

622,508

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

d

574,715

Commonbond

Student

Loan

Trust

36,855

4.772%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

d,e

36,420

Foundation

Finance

Trust

223,519

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

d

212,278

Goodgreen

516,615

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

d

471,308

Hertz

Vehicle

Financing

III,

LLC

475,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

d

479,981

Hotwire

Funding,

LLC

750,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

d

762,688

HTAP

Issuer

Trust

544,071

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

d

542,544

Laurel

Road

Prime

Student

Loan

Trust

161,791

5.970%, 

11/25/2043,

Ser.

2018-D,

Class

A

d,e

154,296

LCM

41,

Ltd.

375,000

6.318%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

d,e

375,658

MFA

Trust

484,901

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

f

485,491

National

Collegiate

Trust

149,272

4.890%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

d,e

146,075

Palmer

Square

Loan

Funding,

Ltd.

475,000

5.811%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

d,e

470,978

PRET,

LLC

1,061,725

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

d,f

1,066,130

462,101

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

d,f

465,357

PRPM,

LLC

738,406

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

d,f

739,099

Renaissance

Home

Equity

Loan

Trust

1,083,770

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

f

342,355

Saxon

Asset

Securities

Trust

430,017

3.030%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

e

386,412

Sunnova

Hestia

II

Issuer,

LLC

547,281

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

d,g

547,910

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Asset-Backed

Securities  0.2%

-

continued

Unlock

HEA

Trust

$

506,618

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

d

$

507,863

645,391

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

d

644,217

Vericrest

Opportunity

Loan

Transferee

402,273

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

d

401,939

392,345

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

d,f

390,743

Wind

River

CLO,

Ltd.

179,543

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

d,e

179,547

Total

14,501,822

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

97,000

8.625%, 

6/15/2029

d

102,678

Alumina,

Pty.

Ltd.

139,000

6.125%, 

3/15/2030

d

142,155

Avient

Corporation

99,000

6.250%, 

11/1/2031

d

100,537

Axalta

Coating

Systems

Dutch

Holding

B

BV

111,000

7.250%, 

2/15/2031

d

116,130

Cascades,

Inc./Cascades

USA,

Inc.

117,000

6.750%, 

7/15/2030

d

119,165

Celanese

US

Holdings,

LLC

114,000

6.850%, 

11/15/2028

118,301

47,000

6.500%, 

4/15/2030

a

47,307

57,000

6.629%, 

7/15/2032

58,243

105,000

6.750%, 

4/15/2033

a

104,557

Cerdia

Finanz

GmbH

114,000

9.375%, 

10/3/2031

d

120,698

Chemours

Company

158,000

5.750%, 

11/15/2028

d

154,109

Cleveland-Cliffs,

Inc.

193,000

4.625%, 

3/1/2029

a,d

185,947

77,000

6.875%, 

11/1/2029

d

78,468

123,000

4.875%, 

3/1/2031

a,d

114,833

45,000

7.375%, 

5/1/2033

d

45,939

57,000

6.250%, 

10/1/2040

a

48,478

Consolidated

Energy

Finance

SA

188,000

5.625%, 

10/15/2028

d

156,602

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

123,000

6.125%, 

6/15/2028

d

122,801

Eastman

Chemical

Company

259,000

5.000%, 

8/1/2029

263,758

First

Quantum

Minerals,

Ltd.

50,000

9.375%, 

3/1/2029

d

52,991

79,000

8.625%, 

6/1/2031

d

83,010

Fortescue

Treasury,

Pty.

Ltd.

35,000

4.500%, 

9/15/2027

d

34,840

57,000

5.875%, 

4/15/2030

d

58,418

59,000

6.125%, 

4/15/2032

d

60,968

Glencore

Funding,

LLC

323,000

4.000%, 

3/27/2027

d

321,464

335,000

4.907%, 

4/1/2028

d

340,275

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Basic

Materials  0.1%

-

continued

Hecla

Mining

Company

$

50,000

7.250%, 

2/15/2028

$

50,452

INEOS

Finance

plc

171,000

7.500%, 

4/15/2029

a,d

166,365

Magnera

Corporation

228,000

7.250%, 

11/15/2031

a,d

214,543

Mercer

International,

Inc.

75,000

12.875%, 

10/1/2028

d

68,254

68,000

5.125%, 

2/1/2029

50,124

Methanex

Corporation

57,000

5.250%, 

12/15/2029

56,916

55,000

5.650%, 

12/1/2044

46,959

Methanex

US

Operations,

Inc.

61,000

6.250%, 

3/15/2032

d

62,066

Mineral

Resources,

Ltd.

93,000

9.250%, 

10/1/2028

d

97,446

40,000

8.500%, 

5/1/2030

a,d

41,606

29,000

7.000%, 

4/1/2031

d,h

29,375

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

79,000

5.350%, 

3/15/2034

82,400

Novelis

Corporation

60,000

4.750%, 

1/30/2030

d

57,880

85,000

3.875%, 

8/15/2031

d

77,494

Olin

Corporation

66,000

6.625%, 

4/1/2033

d

66,340

Qnity

Electronics,

Inc.

177,000

5.750%, 

8/15/2032

d

178,350

Smurfit

Kappa

Treasury,

ULC

223,000

5.777%, 

4/3/2054

227,397

SNF

Group

SACA

166,000

3.375%, 

3/15/2030

d

154,104

Solstice

Advanced

Materials,

Inc.

72,000

5.625%, 

9/30/2033

d

72,238

Steel

Dynamics,

Inc.

117,000

5.250%, 

5/15/2035

119,553

SunCoke

Energy,

Inc.

228,000

4.875%, 

6/30/2029

d

213,096

Taseko

Mines,

Ltd.

117,000

8.250%, 

5/1/2030

d

123,920

Total

5,409,550

Capital

Goods  0.1%

Advanced

Drainage

Systems,

Inc.

117,000

6.375%, 

6/15/2030

d

119,072

AECOM

139,000

6.000%, 

8/1/2033

d

142,112

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

67,000

7.000%, 

5/21/2030

d

69,298

Amrize

Finance

US,

LLC

158,000

5.400%, 

4/7/2035

d

162,762

Amsted

Industries,

Inc.

133,000

6.375%, 

3/15/2033

d

136,509

ATI,

Inc.

120,000

7.250%, 

8/15/2030

125,962

Axon

Enterprise,

Inc.

58,000

6.125%, 

3/15/2030

d

59,568

58,000

6.250%, 

3/15/2033

d

59,699

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

d

202,812

200,000

5.250%, 

3/26/2031

d

207,393

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Capital

Goods  0.1%

-

continued

Ball

Corporation

$

71,000

3.125%, 

9/15/2031

$

64,453

Boeing

Company

234,000

5.040%, 

5/1/2027

236,507

134,000

6.259%, 

5/1/2027

137,875

155,000

6.388%, 

5/1/2031

168,813

308,000

5.705%, 

5/1/2040

314,278

Bombardier,

Inc.

83,000

6.000%, 

2/15/2028

d

83,210

59,000

7.250%, 

7/1/2031

d

62,542

163,000

7.000%, 

6/1/2032

a,d

170,365

33,000

6.750%, 

6/15/2033

d

34,437

73,000

7.450%, 

5/1/2034

d

80,627

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

157,000

7.500%, 

2/1/2032

d

158,624

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

d

138,577

32,000

6.375%, 

3/1/2034

d

32,963

66,000

6.750%, 

5/15/2035

d

68,913

Canpack

SA/Canpack

US,

LLC

185,000

3.875%, 

11/15/2029

d

173,603

Chart

Industries,

Inc.

88,000

7.500%, 

1/1/2030

d

91,585

Clean

Harbors,

Inc.

60,000

6.375%, 

2/1/2031

d

61,442

Clydesdale

Acquisition

Holdings,

Inc.

24,000

6.625%, 

4/15/2029

d

24,273

110,000

6.875%, 

1/15/2030

d

112,839

42,000

8.750%, 

4/15/2030

d

43,144

64,000

6.750%, 

4/15/2032

d

65,655

Crown

Cork

&

Seal

Company,

Inc.

82,000

7.375%, 

12/15/2026

84,559

Eaton

Capital,

ULC

200,000

4.450%, 

5/9/2030

202,073

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

180,000

6.625%, 

12/15/2030

d

185,031

ESAB

Corporation

47,000

6.250%, 

4/15/2029

d

48,283

General

Dynamics

Corporation

74,000

4.950%, 

8/15/2035

75,382

GFL

Environmental,

Inc.

185,000

4.000%, 

8/1/2028

d

180,612

Herc

Holdings,

Inc.

37,000

5.500%, 

7/15/2027

d

36,907

94,000

6.625%, 

6/15/2029

d

96,585

84,000

7.000%, 

6/15/2030

d

87,253

60,000

7.250%, 

6/15/2033

d

62,634

Ingersoll

Rand,

Inc.

55,000

5.700%, 

8/14/2033

58,428

Lockheed

Martin

Corporation

193,000

5.200%, 

2/15/2064

182,124

120,000

6.150%, 

9/1/2036

133,118

Martin

Marietta

Materials,

Inc.

114,000

5.150%, 

12/1/2034

116,343

Mueller

Water

Products,

Inc.

101,000

4.000%, 

6/15/2029

d

97,262

Nesco

Holdings

II,

Inc.

87,000

5.500%, 

4/15/2029

d

85,202

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Capital

Goods  0.1%

-

continued

New

Enterprise

Stone

and

Lime

Company,

Inc.

$

173,000

5.250%, 

7/15/2028

d

$

171,403

Nordson

Corporation

218,000

5.600%, 

9/15/2028

225,675

Northrop

Grumman

Corporation

470,000

3.850%, 

4/15/2045

382,209

OI

European

Group

BV

195,000

4.750%, 

2/15/2030

d

186,088

Owens-Brockway

Glass

Container,

Inc.

96,000

6.625%, 

5/13/2027

d

95,822

47,000

7.375%, 

6/1/2032

a,d

47,455

Quikrete

Holdings,

Inc.

293,000

6.375%, 

3/1/2032

d

303,502

QXO

Building

Products,

Inc.

98,000

6.750%, 

4/30/2032

d

101,469

Regal

Rexnord

Corporation

281,000

6.050%, 

2/15/2026

282,360

Resideo

Funding,

Inc.

119,000

6.500%, 

7/15/2032

d

121,964

Reworld

Holding

Corporation

142,000

4.875%, 

12/1/2029

d

133,546

Roller

Bearing

Company

of

America,

Inc.

67,000

4.375%, 

10/15/2029

d

65,073

RTX

Corporation

68,000

6.400%, 

3/15/2054

76,079

375,000

4.450%, 

11/16/2038

352,897

270,000

4.500%, 

6/1/2042

244,158

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

91,000

6.125%, 

2/1/2028

d

92,257

Siemens

Funding

BV

216,000

5.800%, 

5/28/2055

d

231,766

Smyrna

Ready

Mix

Concrete,

LLC

206,000

8.875%, 

11/15/2031

a,d

217,524

Sonoco

Products

Company

214,000

4.600%, 

9/1/2029

215,270

Spirit

AeroSystems,

Inc.

385,000

4.600%, 

6/15/2028

384,506

36,000

9.750%, 

11/15/2030

d

39,593

SRM

Escrow

Issuer,

LLC

46,000

6.000%, 

11/1/2028

d

46,015

Standard

Building

Solutions,

Inc.

65,000

6.500%, 

8/15/2032

d

66,691

156,000

6.250%, 

8/1/2033

d

158,088

Standard

Industries,

Inc./NY

57,000

4.750%, 

1/15/2028

d

56,510

57,000

3.375%, 

1/15/2031

d

51,617

TopBuild

Corporation

40,000

4.125%, 

2/15/2032

d

37,498

36,000

5.625%, 

1/31/2034

d

35,869

Trane

Technologies

Financing,

Ltd.

141,000

5.100%, 

6/13/2034

144,759

TransDigm,

Inc.

138,000

6.750%, 

8/15/2028

d

140,630

280,000

7.125%, 

12/1/2031

d

292,065

163,000

6.625%, 

3/1/2032

d

167,816

149,000

6.000%, 

1/15/2033

d

150,651

18,000

6.250%, 

1/31/2034

a,d

18,512

35,000

6.750%, 

1/31/2034

d

36,189

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Capital

Goods  0.1%

-

continued

United

Rentals

North

America,

Inc.

$

175,000

4.875%, 

1/15/2028

$

174,466

185,000

4.000%, 

7/15/2030

176,952

Waste

Pro

USA,

Inc.

89,000

7.000%, 

2/1/2033

d

92,186

WESCO

Distribution,

Inc.

58,000

6.375%, 

3/15/2029

d

59,716

41,000

6.625%, 

3/15/2032

d

42,608

95,000

6.375%, 

3/15/2033

d

98,480

Total

11,359,642

Collateralized

Mortgage

Obligations  0.5%

A&D

Mortgage

Trust

435,158

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

d,f

441,541

Banc

of

America

Alternative

Loan

Trust

9,970

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

8,952

BINOM

Securitization

Trust

350,389

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

d,e

320,752

Chase

Home

Lending

Mortgage

Trust

725,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

d,e

738,553

CHNGE

Mortgage

Trust

335,534

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

d,f

337,945

Citicorp

Mortgage

Securities,

Inc.

453,175

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

415,303

Citigroup

Mortgage

Loan

Trust,

Inc.

1,707

6.952%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

e

1,737

COLT

Mortgage

Loan

Trust

679,626

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

d,e

613,536

Countrywide

Alternative

Loan

Trust

265,826

3.963%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

e

227,637

552,092

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

181,842

Cross

Mortgage

Trust

579,714

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

d,e

584,064

CSMC

Trust

296,757

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

d,e

295,715

371,927

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

d,e

329,278

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

778,494

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

769,553

700,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

685,155

1,250,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

1,260,224

675,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

668,946

1,300,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

1,265,171

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Collateralized

Mortgage

Obligations  0.5%

-

continued

$

1,400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

$

1,408,507

1,121,247

7.932%, 

(SOFR30A

+

4.000%),

10/25/2025,

Ser.

5567,

Class

MB

e

1,142,321

188,804

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

i

11,855

440,667

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

i

34,756

852,121

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

857,632

1,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

835,382

Federal

Home

Loan

Mortgage

Corporation

-

SLST

750,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

g

649,118

Federal

National

Mortgage

Association

-

REMIC

1,000,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

988,604

966,232

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

966,502

800,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

778,731

903,383

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

735,856

224,410

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

i

4,131

Flagstar

Mortgage

Trust

440,596

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

d,e

397,257

GCAT

Trust

569,589

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

d,e

520,468

982,676

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

d,e

996,112

GS

Mortgage-Backed

Securities

Trust

857,930

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

d,e

741,799

1,250,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

d,e

1,246,324

HOMES

Trust

700,000

6.996%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

d,e

700,352

J.P.

Morgan

Mortgage

Trust

938,341

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

d,e

781,266

628,182

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

d,e

536,818

LHOME

Mortgage

Trust

550,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

d,f

553,277

Mello

Mortgage

Capital

Acceptance

927,286

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

d,e

768,247

Merrill

Lynch

Alternative

Note

Asset

Trust

145,298

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

46,478

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Collateralized

Mortgage

Obligations  0.5%

-

continued

Morgan

Stanley

Residential

Mortgage

Loan

Trust

$

975,000

7.402%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

d,e

$

988,744

New

Residential

Mortgage

Loan

Trust

1,811,426

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

d,e

1,505,323

OBX

Trust

525,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

d,e

486,638

Palisades

Mortgage

Loan

Trust

242,372

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

d

242,372

PMT

Loan

Trust

1,050,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

d,e

1,077,516

1,175,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

d,e

1,173,596

PRET

Trust

545,573

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

d,f

528,337

PRPM,

LLC

500,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

d,f

477,063

RCO

IX

Mortgage,

LLC

721,793

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

d,f

724,320

Residential

Accredit

Loans,

Inc.

Trust

181,537

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

161,555

Residential

Funding

Mortgage

Security

I

Trust

51,096

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

41,484

Saluda

Grade

Alternative

Mortgage

Trust

800,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

d,f

809,534

700,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

d,f

704,586

Santander

Mortgage

Asset

Receivable

Trust

800,000

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

d,e

799,503

Sequoia

Mortgage

Trust

600,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

d,e

598,973

126,311

3.573%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

e

82,892

Toorak

Mortgage

Trust

500,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

d,f

503,297

TRK

Trust

552,592

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

d,e

498,326

TVC

Mortgage

Trust

600,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

d,f

601,037

Verus

Securitization

Trust

325,301

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

d,e

291,731

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Collateralized

Mortgage

Obligations  0.5%

-

continued

Vontive

Mortgage

Trust

$

1,000,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

d,f

$

1,017,666

Total

38,162,190

Commercial

Mortgage-Backed

Securities  0.1%

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

d

468,703

675,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

d

658,944

BANK

2022-BNK39

16,327,048

0.524%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

e,i

367,003

BANK

2025-BNK49

4,492,233

0.833%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

e,i

212,898

800,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

e

847,828

BBCMS

Mortgage

Trust

550,000

5.586%, 

7/15/2058,

Ser.

2025-C35,

Class

A5

e

580,238

6,950,977

1.324%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

e,i

443,688

650,000

5.015%, 

9/15/2058,

Ser.

2025-5C37,

Class

A3

664,518

6,723,064

1.927%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

e,i

429,626

Benchmark

Mortgage

Trust

600,000

6.090%, 

4/15/2057,

Ser.

2025-V14,

Class

AM

e

627,719

FRTKL

Trust

1,150,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

d

1,117,325

Home

Partners

of

America

Trust

1,199,369

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

d

1,166,517

948,669

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

d

855,317

HTAP

Issuer

Trust

1,047,698

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

d

1,048,967

Morgan

Stanley

Capital

I

Trust

6,313,161

1.906%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

e,i

424,937

Total

9,914,228

Communications

Services  0.2%

AMC

Networks,

Inc.

140,000

10.250%, 

1/15/2029

d

147,525

American

Tower

Corporation

215,000

5.800%, 

11/15/2028

224,509

291,000

2.900%, 

1/15/2030

274,279

156,000

5.000%, 

1/31/2030

159,643

314,000

4.900%, 

3/15/2030

320,199

136,000

5.650%, 

3/15/2033

143,453

AppLovin

Corporation

219,000

5.500%, 

12/1/2034

226,062

AT&T,

Inc.

220,000

5.700%, 

3/1/2057

216,920

337,000

3.650%, 

6/1/2051

243,693

451,000

3.500%, 

9/15/2053

311,958

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Communications

Services  0.2%

-

continued

$

459,000

4.900%, 

8/15/2037

$

447,607

Cable

One,

Inc.

42,000

4.000%, 

11/15/2030

a,d

35,585

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

133,000

5.500%, 

5/1/2026

d

132,843

162,000

5.125%, 

5/1/2027

d

160,912

26,000

5.000%, 

2/1/2028

d

25,750

128,000

5.375%, 

6/1/2029

d

127,146

106,000

4.750%, 

3/1/2030

d

101,714

103,000

4.250%, 

2/1/2031

d

94,887

489,000

4.750%, 

2/1/2032

a,d

452,208

59,000

4.500%, 

6/1/2033

d

52,455

206,000

4.250%, 

1/15/2034

a,d

178,100

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

287,000

5.850%, 

12/1/2035

289,741

650,000

3.500%, 

6/1/2041

474,242

Clear

Channel

Outdoor

Holdings,

Inc.

120,000

7.875%, 

4/1/2030

d

126,003

Comcast

Corporation

337,000

5.350%, 

5/15/2053

316,003

285,000

4.400%, 

8/15/2035

273,681

380,000

4.750%, 

3/1/2044

342,539

Crown

Castle,

Inc.

227,000

4.900%, 

9/1/2029

230,261

Deluxe

Corporation

136,000

8.125%, 

9/15/2029

d

142,013

Deutsche

Telekom

International

Finance

BV

560,000

8.750%, 

6/15/2030

660,077

DIRECTV

Financing,

LLC

32,000

8.875%, 

2/1/2030

d

31,735

108,000

8.875%, 

2/1/2030

d

106,674

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

180,000

5.875%, 

8/15/2027

d

179,798

105,000

10.000%, 

2/15/2031

d

104,846

FiberCop

SPA

197,000

6.000%, 

9/30/2034

d

187,773

Frontier

Communications

Holdings,

LLC

181,000

5.875%, 

10/15/2027

d

180,891

Gray

Media,

Inc.

136,000

10.500%, 

7/15/2029

a,d

147,050

93,000

7.250%, 

8/15/2033

d

92,159

Level

3

Financing,

Inc.

30,000

3.625%, 

1/15/2029

d

25,964

67,000

4.875%, 

6/15/2029

d

62,987

70,000

4.000%, 

4/15/2031

d

60,183

153,000

6.875%, 

6/30/2033

d

155,935

158,000

7.000%, 

3/31/2034

d

160,735

Lumen

Technologies,

Inc.

31,867

4.125%, 

4/15/2030

d

31,230

Maya

SAS/Paris,

France

152,000

8.500%, 

4/15/2031

d

163,019

95,000

7.000%, 

4/15/2032

d

96,881

McGraw-Hill

Education,

Inc.

171,000

5.750%, 

8/1/2028

d

170,900

Meta

Platforms,

Inc.

168,000

5.600%, 

5/15/2053

170,410

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Communications

Services  0.2%

-

continued

$

320,000

5.400%, 

8/15/2054

$

316,154

Netflix,

Inc.

254,000

5.375%, 

11/15/2029

d

265,789

230,000

4.875%, 

6/15/2030

d

236,405

Nexstar

Media,

Inc.

90,000

4.750%, 

11/1/2028

a,d

87,844

Omnicom

Group,

Inc.

200,000

4.200%, 

6/1/2030

198,505

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

106,000

4.625%, 

3/15/2030

a,d

101,876

Paramount

Global

49,000

6.375%, 

3/30/2062

e

48,918

Rogers

Communications,

Inc.

47,000

7.000%, 

4/15/2055

e

48,998

117,000

7.125%, 

4/15/2055

e

124,039

268,000

5.000%, 

2/15/2029

273,115

Scripps

Escrow

II,

Inc.

100,000

3.875%, 

1/15/2029

a,d

88,098

Sinclair

Television

Group,

Inc.

68,000

8.125%, 

2/15/2033

d

69,786

Sirius

XM

Radio,

LLC

151,000

5.000%, 

8/1/2027

d

150,275

115,000

4.000%, 

7/15/2028

d

111,122

155,000

3.875%, 

9/1/2031

a,d

140,474

Snap,

Inc.

70,000

6.875%, 

3/15/2034

d

70,849

SoftBank

Corporation

266,000

5.332%, 

7/9/2035

d

268,206

Sprint

Capital

Corporation

473,000

8.750%, 

3/15/2032

576,248

Take-Two

Interactive

Software,

Inc.

150,000

5.600%, 

6/12/2034

156,637

Telecom

Italia

Capital

SA

61,000

6.000%, 

9/30/2034

a

61,922

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

d

198,396

TELUS

Corporation

163,000

6.625%, 

10/15/2055

e

167,810

T-Mobile

USA,

Inc.

561,000

3.600%, 

11/15/2060

381,090

315,000

4.375%, 

4/15/2040

284,426

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

21,000

10.500%, 

2/15/2028

d

22,117

177,000

4.750%, 

4/15/2028

d

173,329

Univision

Communications,

Inc.

23,000

8.000%, 

8/15/2028

d

23,833

287,000

4.500%, 

5/1/2029

a,d

270,706

86,000

7.375%, 

6/30/2030

a,d

86,411

102,000

8.500%, 

7/31/2031

d

105,329

Verizon

Communications,

Inc.

725,000

2.650%, 

11/20/2040

524,361

492,000

3.400%, 

3/22/2041

388,733

Viasat,

Inc.

60,000

5.625%, 

4/15/2027

d

59,758

Virgin

Media

Finance

plc

73,000

5.000%, 

7/15/2030

d

67,803

Virgin

Media

Secured

Finance

plc

223,000

5.500%, 

5/15/2029

d

220,479

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Communications

Services  0.2%

-

continued

Virgin

Media

Vendor

Financing

Notes

IV

DAC

$

185,000

5.000%, 

7/15/2028

d

$

181,217

VMED

O2

UK

Financing

I

plc

60,000

7.750%, 

4/15/2032

d

63,038

Vodafone

Group

plc

68,000

4.125%, 

6/4/2081

e

63,614

86,000

5.125%, 

6/4/2081

e

67,780

VZ

Secured

Financing

BV

243,000

5.000%, 

1/15/2032

d

219,847

WarnerMedia

Holdings,

Inc.

72,000

5.141%, 

3/15/2052

53,640

300,000

4.054%, 

3/15/2029

289,500

125,000

4.279%, 

3/15/2032

114,531

361,000

5.050%, 

3/15/2042

288,194

Windstream

Services,

LLC

90,000

7.500%, 

10/15/2033

d,h

89,976

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

79,000

8.250%, 

10/1/2031

d

81,834

Zegona

Finance

plc

113,000

8.625%, 

7/15/2029

d

120,288

Ziggo

BV

62,000

4.875%, 

1/15/2030

d

58,519

Total

17,122,997

Consumer

Cyclical  0.3%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

41,000

3.875%, 

1/15/2028

d

40,018

91,000

4.375%, 

1/15/2028

d

89,415

134,000

6.125%, 

6/15/2029

d

137,015

106,000

5.625%, 

9/15/2029

d

107,275

Adient

Global

Holdings,

Ltd.

39,000

8.250%, 

4/15/2031

a,d

40,903

62,000

7.500%, 

2/15/2033

d

64,199

ADT

Security

Corporation

93,000

4.125%, 

8/1/2029

d

89,933

93,000

4.875%, 

7/15/2032

d

90,066

Advance

Auto

Parts,

Inc.

138,000

7.000%, 

8/1/2030

d

141,982

131,000

7.375%, 

8/1/2033

d

135,094

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

342,000

4.625%, 

6/1/2028

d

335,217

Allison

Transmission,

Inc.

46,000

3.750%, 

1/30/2031

d

42,499

Amazon.com,

Inc.

286,000

3.875%, 

8/22/2037

263,689

American

Axle

&

Manufacturing,

Inc.

162,000

5.000%, 

10/1/2029

153,945

72,000

6.375%, 

10/15/2032

d,h

71,878

72,000

7.750%, 

10/15/2033

d,h

72,561

Asbury

Automotive

Group,

Inc.

99,000

5.000%, 

2/15/2032

d

95,063

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

140,000

4.625%, 

8/1/2029

d

134,060

Aston

Martin

Capital

Holdings,

Ltd.

103,000

10.000%, 

3/31/2029

a,d

100,843

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Cyclical  0.3%

-

continued

Bath

&

Body

Works,

Inc.

$

48,000

6.950%, 

3/1/2033

$

50,115

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

85,000

9.500%, 

7/1/2032

d

88,963

Beach

Acquisition

Bidco,

LLC

200,000

10.000%, 

7/15/2033

d

215,732

Belron

UK

Finance

plc

172,000

5.750%, 

10/15/2029

d

174,242

Block

Financial,

LLC

361,000

5.375%, 

9/15/2032

363,903

Boyd

Gaming

Corporation

112,000

4.750%, 

6/15/2031

d

107,969

Brightstar

Lottery

plc

213,000

5.250%, 

1/15/2029

d

212,043

Brinker

International,

Inc.

108,000

8.250%, 

7/15/2030

d

114,251

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

201,000

4.875%, 

2/15/2030

d

188,506

Caesars

Entertainment,

Inc.

299,000

4.625%, 

10/15/2029

d

285,914

70,000

6.500%, 

2/15/2032

d

71,399

65,000

6.000%, 

10/15/2032

a,d

64,022

Carnival

Corporation

72,000

5.125%, 

5/1/2029

d,h

72,000

90,000

6.000%, 

5/1/2029

d

91,343

150,000

5.750%, 

8/1/2032

d

152,652

91,000

6.125%, 

2/15/2033

d

93,278

Carvana

Company

102,000

11.000%, 

6/1/2030

d

106,714

144,450

9.000%, 

6/1/2031

d

163,550

Churchill

Downs,

Inc.

59,000

4.750%, 

1/15/2028

d

58,214

71,000

6.750%, 

5/1/2031

d

72,765

Cushman

&

Wakefield

US

Borrower,

LLC

28,000

6.750%, 

5/15/2028

d

28,255

Dana,

Inc.

85,000

4.500%, 

2/15/2032

a

83,696

Denso

Corporation

355,000

4.282%, 

9/17/2030

d

354,623

Dream

Finders

Homes,

Inc.

106,000

6.875%, 

9/15/2030

d

106,631

eG

Global

Finance

plc

28,000

12.000%, 

11/30/2028

d

30,754

Expedia

Group,

Inc.

312,000

5.400%, 

2/15/2035

320,179

Ford

Motor

Credit

Company,

LLC

220,000

5.850%, 

5/17/2027

222,720

328,000

2.900%, 

2/10/2029

303,901

258,000

7.122%, 

11/7/2033

275,770

Forestar

Group,

Inc.

111,000

6.500%, 

3/15/2033

d

113,553

FORVIA

SE

163,000

8.000%, 

6/15/2030

a,d

172,468

138,000

6.750%, 

9/15/2033

d

140,009

Gap,

Inc.

41,000

3.625%, 

10/1/2029

d

38,355

44,000

3.875%, 

10/1/2031

d

39,979

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Cyclical  0.3%

-

continued

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

$

111,000

7.750%, 

5/31/2032

d

$

116,439

General

Motors

Company

200,000

5.350%, 

4/15/2028

204,631

General

Motors

Financial

Company,

Inc.

105,000

5.400%, 

5/8/2027

106,780

350,000

5.800%, 

1/7/2029

363,739

300,000

4.900%, 

10/6/2029

303,468

377,000

5.450%, 

7/15/2030

388,381

98,000

5.625%, 

4/4/2032

101,147

Genting

New

York,

LLC/GENNY

Capital,

Inc.

113,000

7.250%, 

10/1/2029

d

116,725

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

66,000

11.500%, 

8/15/2029

a,d

69,630

144,000

8.750%, 

1/15/2032

d

140,040

GLP

Capital,

LP

467,000

5.750%, 

6/1/2028

479,950

Goodyear

Tire

&

Rubber

Company

56,000

4.875%, 

3/15/2027

55,667

59,000

5.000%, 

7/15/2029

56,975

97,000

5.250%, 

4/30/2031

91,665

Group

1

Automotive,

Inc.

107,000

6.375%, 

1/15/2030

d

109,465

Hanesbrands,

Inc.

68,000

9.000%, 

2/15/2031

a,d

71,971

Hilton

Domestic

Operating

Company,

Inc.

259,000

4.875%, 

1/15/2030

257,547

28,000

4.000%, 

5/1/2031

d

26,494

165,000

3.625%, 

2/15/2032

d

150,992

69,000

5.750%, 

9/15/2033

d

69,921

Home

Depot,

Inc.

336,000

4.250%, 

4/1/2046

288,512

315,000

3.900%, 

6/15/2047

254,336

Hyundai

Capital

America

475,000

1.800%, 

1/10/2028

d

449,153

206,000

5.300%, 

6/24/2029

d

211,374

Jacobs

Entertainment,

Inc.

151,000

6.750%, 

2/15/2029

d

147,408

K

Hovnanian

Enterprises,

Inc.

54,000

8.000%, 

4/1/2031

d

55,373

KB

Home

195,000

4.800%, 

11/15/2029

192,980

Kingpin

Intermediate

Holdings,

LLC

178,000

7.250%, 

10/15/2032

a,d

169,131

L

Brands,

Inc.

171,000

6.625%, 

10/1/2030

d

174,813

95,000

6.875%, 

11/1/2035

98,802

Las

Vegas

Sands

Corporation

85,000

5.900%, 

6/1/2027

86,718

387,000

5.625%, 

6/15/2028

395,650

Lennar

Corporation

241,000

5.200%, 

7/30/2030

248,219

Life

Time,

Inc.

84,000

6.000%, 

11/15/2031

d

85,341

Light

&

Wonder

International,

Inc.

56,000

7.250%, 

11/15/2029

d

57,477

Lindblad

Expeditions,

LLC

70,000

7.000%, 

9/15/2030

d

71,350

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Cyclical  0.3%

-

continued

Lithia

Motors,

Inc.

$

110,000

4.625%, 

12/15/2027

d

$

108,916

Live

Nation

Entertainment,

Inc.

63,000

4.750%, 

10/15/2027

d

62,583

Lowe's

Companies,

Inc.

224,000

5.625%, 

4/15/2053

222,758

455,000

2.625%, 

4/1/2031

415,240

Macy's

Retail

Holdings,

LLC

35,000

7.375%, 

8/1/2033

d

36,495

66,000

4.500%, 

12/15/2034

57,841

Marriott

International,

Inc./MD

142,000

5.100%, 

4/15/2032

145,736

Marriott

Ownership

Resorts,

Inc.

285,000

6.500%, 

10/1/2033

d

283,696

Match

Group

Holdings

II,

LLC

127,000

4.125%, 

8/1/2030

d

119,951

Mattamy

Group

Corporation

133,000

5.250%, 

12/15/2027

d

132,138

McDonald's

Corporation

325,000

4.450%, 

3/1/2047

281,340

Melco

Resorts

Finance,

Ltd.

157,000

5.375%, 

12/4/2029

d

153,968

243,000

7.625%, 

4/17/2032

d

254,565

138,000

6.500%, 

9/24/2033

d

138,109

Meritage

Homes

Corporation

234,000

5.650%, 

3/15/2035

237,596

MGM

Resorts

International

59,000

4.625%, 

9/1/2026

58,851

61,000

6.125%, 

9/15/2029

62,086

Michaels

Companies,

Inc.

46,000

5.250%, 

5/1/2028

d

42,339

Millrose

Properties,

Inc.

88,000

6.375%, 

8/1/2030

d

89,495

103,000

6.250%, 

9/15/2032

d

103,269

Muvico,

LLC

98,000

9.000%,PIK

6.000%,

2/19/2029

a,d,j

106,277

NCL

Corporation,

Ltd.

107,000

5.875%, 

1/15/2031

d

106,996

222,000

6.750%, 

2/1/2032

d

228,312

89,000

6.250%, 

9/15/2033

d

89,461

New

Home

Company,

Inc.

67,000

8.500%, 

11/1/2030

d

69,550

Nissan

Motor

Acceptance

Company,

LLC

140,000

5.625%, 

9/29/2028

d

140,090

140,000

6.125%, 

9/30/2030

d

140,048

Nissan

Motor

Company,

Ltd.

69,000

7.500%, 

7/17/2030

d

72,415

152,000

4.810%, 

9/17/2030

d

143,197

PetSmart,

LLC/PetSmart

Finance

Corporation

250,000

7.500%, 

9/15/2032

d

250,372

Phinia,

Inc.

87,000

6.625%, 

10/15/2032

d

89,665

Rakuten

Group,

Inc.

85,000

11.250%, 

2/15/2027

d

92,127

180,000

9.750%, 

4/15/2029

d

202,404

151,000

8.125%, 

12/15/2029

d,e,k

156,964

Raven

Acquisition

Holdings,

LLC

152,000

6.875%, 

11/15/2031

d

156,206

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Cyclical  0.3%

-

continued

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

$

100,000

4.625%, 

4/16/2029

d

$

90,526

S&S

Holdings,

LLC

218,000

8.375%, 

10/1/2031

d

213,718

Service

Corporation

International/

US

56,000

3.375%, 

8/15/2030

51,888

41,000

4.000%, 

5/15/2031

38,657

92,000

5.750%, 

10/15/2032

93,203

Six

Flags

Entertainment

Corporation

29,000

7.250%, 

5/15/2031

a,d

29,011

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

28,000

5.375%, 

4/15/2027

27,927

194,000

5.250%, 

7/15/2029

a

187,612

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

28,000

6.625%, 

5/1/2032

a,d

28,527

Sonic

Automotive,

Inc.

131,000

4.875%, 

11/15/2031

a,d

125,264

Staples,

Inc.

170,000

10.750%, 

9/1/2029

d

168,091

Station

Casinos,

LLC

122,000

4.625%, 

12/1/2031

d

115,084

Stellantis

Finance

US,

Inc.

236,000

5.750%, 

3/18/2030

d

240,048

Stellantis

Financial

Services

US

Corporation

200,000

5.400%, 

9/15/2030

d

200,419

Tenneco,

Inc.

124,000

8.000%, 

11/17/2028

d

124,226

Toyota

Motor

Credit

Corporation

261,000

4.800%, 

5/15/2030

267,304

102,000

4.800%, 

1/5/2034

103,804

Uber

Technologies,

Inc.

234,000

4.800%, 

9/15/2034

234,439

291,000

4.800%, 

9/15/2035

288,360

Vail

Resorts,

Inc.

48,000

5.625%, 

7/15/2030

d

48,300

VICI

Properties,

LP/VICI

Note

Company,

Inc.

127,000

5.750%, 

2/1/2027

d

128,585

158,000

4.125%, 

8/15/2030

d

152,697

Victoria's

Secret

&

Company

72,000

4.625%, 

7/15/2029

a,d

68,727

Victra

Holdings,

LLC/Victra

Finance

Corporation

86,000

8.750%, 

9/15/2029

a,d

90,160

Viking

Cruises,

Ltd.

226,000

5.875%, 

9/15/2027

d

226,087

314,000

5.875%, 

10/15/2033

d,h

314,220

Walmart,

Inc.

259,000

4.500%, 

9/9/2052

232,208

165,000

4.900%, 

4/28/2035

169,729

Wayfair,

LLC

43,000

7.250%, 

10/31/2029

d

44,335

38,000

7.750%, 

9/15/2030

d

39,852

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Cyclical  0.3%

-

continued

Wyndham

Hotels

&

Resorts,

Inc.

$

89,000

4.375%, 

8/15/2028

d

$

86,881

Wynn

Macau,

Ltd.

175,000

6.750%, 

2/15/2034

d

177,407

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

53,000

5.125%, 

10/1/2029

d

53,082

137,000

7.125%, 

2/15/2031

d

147,459

Yum!

Brands,

Inc.

176,000

4.750%, 

1/15/2030

d

174,908

ZF

North

America

Capital,

Inc.

96,000

7.125%, 

4/14/2030

d

95,058

60,000

6.750%, 

4/23/2030

d

58,553

Total

23,439,799

Consumer

Non-Cyclical  0.3%

1261229

B.C.,

Ltd.

144,000

10.000%, 

4/15/2032

d

147,607

Abbott

Laboratories

284,000

4.750%, 

11/30/2036

286,601

AbbVie,

Inc.

104,000

5.400%, 

3/15/2054

103,411

465,000

4.500%, 

5/14/2035

456,304

239,000

5.350%, 

3/15/2044

239,769

Acadia

Healthcare

Company,

Inc.

88,000

5.000%, 

4/15/2029

d

86,150

76,000

7.375%, 

3/15/2033

a,d

78,902

AdaptHealth,

LLC

253,000

4.625%, 

8/1/2029

d

239,159

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

180,000

4.625%, 

1/15/2027

d

178,869

191,000

3.500%, 

3/15/2029

d

181,002

Altria

Group,

Inc.

110,000

4.875%, 

2/4/2028

111,782

216,000

6.875%, 

11/1/2033

244,067

Amgen,

Inc.

315,000

4.200%, 

2/22/2052

252,345

335,000

5.600%, 

3/2/2043

339,440

Amneal

Pharmaceuticals,

LLC

35,000

6.875%, 

8/1/2032

d

36,197

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

434,000

4.700%, 

2/1/2036

428,489

Anheuser-Busch

InBev

Worldwide,

Inc.

319,000

5.450%, 

1/23/2039

329,596

270,000

5.550%, 

1/23/2049

272,989

Archer-Daniels-Midland

Company

393,000

2.700%, 

9/15/2051

244,790

BAT

Capital

Corporation

215,000

7.079%, 

8/2/2043

243,312

Bausch

+

Lomb

Corporation

36,000

8.375%, 

10/1/2028

d

37,519

Becton,

Dickinson

and

Company

157,000

3.794%, 

5/20/2050

120,216

BellRing

Brands,

Inc.

52,000

7.000%, 

3/15/2030

d

53,702

Bristol-Myers

Squibb

Company

556,000

3.550%, 

3/15/2042

449,499

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Bunge,

Ltd.

Finance

Corporation

$

273,000

3.200%, 

4/21/2031

$

255,675

78,000

4.650%, 

9/17/2034

76,463

Cargill,

Inc.

329,000

3.125%, 

5/25/2051

d

223,251

276,000

5.125%, 

2/11/2035

d

284,319

Cencora,

Inc.

187,000

5.150%, 

2/15/2035

190,970

Central

Garden

&

Pet

Company

79,000

4.125%, 

10/15/2030

a

75,039

Champ

Acquisition

Corporation

58,000

8.375%, 

12/1/2031

d

61,662

CHS/Community

Health

Systems,

Inc.

150,000

6.000%, 

1/15/2029

d

145,596

67,000

6.875%, 

4/15/2029

a,d

53,265

77,000

4.750%, 

2/15/2031

d

66,586

82,000

10.875%, 

1/15/2032

d

86,846

153,000

9.750%, 

1/15/2034

d

156,748

Cigna

Group

374,000

4.875%, 

9/15/2032

377,771

599,000

5.250%, 

1/15/2036

606,634

Conagra

Brands,

Inc.

380,000

1.375%, 

11/1/2027

357,960

333,000

5.750%, 

8/1/2035

338,985

Concentra

Health

Services,

Inc.

50,000

6.875%, 

7/15/2032

d

51,919

Constellation

Brands,

Inc.

160,000

2.875%, 

5/1/2030

149,704

CVS

Health

Corporation

133,000

7.000%, 

3/10/2055

e

139,616

182,000

6.750%, 

12/10/2054

e

187,867

237,000

5.450%, 

9/15/2035

241,172

214,000

4.780%, 

3/25/2038

200,569

417,000

6.000%, 

6/1/2044

423,052

268,000

5.125%, 

7/20/2045

243,281

DaVita,

Inc.

113,000

3.750%, 

2/15/2031

d

103,497

116,000

6.875%, 

9/1/2032

d

119,832

67,000

6.750%, 

7/15/2033

d

69,090

Edgewell

Personal

Care

Company

166,000

5.500%, 

6/1/2028

d

165,645

Eli

Lilly

&

Company

117,000

5.500%, 

2/12/2055

119,507

168,000

4.950%, 

2/27/2063

155,060

287,000

4.550%, 

10/15/2032

289,253

Embecta

Corporation

56,000

6.750%, 

2/15/2030

d

54,600

Encompass

Health

Corporation

90,000

4.500%, 

2/1/2028

89,230

Endo

Finance

Holdings,

Inc.

56,000

8.500%, 

4/15/2031

a,d

60,081

Energizer

Holdings,

Inc.

206,000

6.000%, 

9/15/2033

d

201,473

General

Mills,

Inc.

90,000

4.950%, 

3/29/2033

91,209

Grifols

SA

141,000

4.750%, 

10/15/2028

d

136,962

HCA,

Inc.

234,000

5.250%, 

3/1/2030

241,587

401,000

3.500%, 

9/1/2030

383,020

157,000

5.450%, 

9/15/2034

161,049

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Non-Cyclical  0.3%

-

continued

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

$

90,000

12.250%, 

4/15/2029

d

$

97,632

66,000

4.875%, 

6/1/2029

d

58,030

Illumina,

Inc.

145,000

4.650%, 

9/9/2026

145,664

Imperial

Brands

Finance

plc

550,000

3.875%, 

7/26/2029

d

540,291

Insulet

Corporation

38,000

6.500%, 

4/1/2033

d

39,506

IQVIA,

Inc.

134,000

6.250%, 

6/1/2032

d

137,771

Jazz

Securities

DAC

83,000

4.375%, 

1/15/2029

d

80,862

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

373,000

3.000%, 

5/15/2032

333,713

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

291,000

6.375%, 

4/15/2066

d

299,160

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

200,000

5.950%, 

4/20/2035

d

210,100

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

110,000

9.000%, 

2/15/2029

d

115,737

Kenvue,

Inc.

354,000

4.850%, 

5/22/2032

359,110

Keurig

Dr

Pepper,

Inc.

170,000

5.150%, 

5/15/2035

168,383

Kimberly-Clark

Corporation

300,000

3.900%, 

5/4/2047

242,514

Kraft

Heinz

Foods

Company

218,000

5.000%, 

6/4/2042

201,248

219,000

4.375%, 

6/1/2046

182,249

Lamb

Weston

Holdings,

Inc.

62,000

4.125%, 

1/31/2030

d

59,534

62,000

4.375%, 

1/31/2032

d

58,598

LifePoint

Health,

Inc.

85,000

9.875%, 

8/15/2030

d

92,050

73,000

11.000%, 

10/15/2030

d

80,457

44,000

10.000%, 

6/1/2032

d

46,198

L'Oreal

SA

200,000

5.000%, 

5/20/2035

d

205,904

Mars,

Inc.

44,000

5.650%, 

5/1/2045

d

44,635

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

70,000

6.250%, 

4/1/2029

d

71,778

Mozart

Debt

Merger

Sub,

Inc.

277,000

3.875%, 

4/1/2029

d

267,151

191,000

5.250%, 

10/1/2029

d

189,348

Newell

Brands,

Inc.

58,000

6.375%, 

9/15/2027

58,791

58,000

6.625%, 

9/15/2029

58,331

36,000

6.375%, 

5/15/2030

35,669

76,000

6.625%, 

5/15/2032

a

75,005

Novartis

Capital

Corporation

182,000

4.700%, 

9/18/2054

166,123

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

$

212,000

5.125%, 

4/30/2031

a,d

$

185,722

Owens

&

Minor,

Inc.

67,000

6.625%, 

4/1/2030

a,d

55,275

PepsiCo,

Inc.

215,000

4.200%, 

7/18/2052

179,172

408,000

4.650%, 

7/23/2032

414,021

Performance

Food

Group,

Inc.

129,000

4.250%, 

8/1/2029

d

125,309

154,000

6.125%, 

9/15/2032

d

157,744

Perrigo

Finance

Unlimited

Company

99,000

4.900%, 

6/15/2030

96,620

54,000

6.125%, 

9/30/2032

54,362

Pfizer

Investment

Enterprises,

Private

Ltd.

504,000

5.300%, 

5/19/2053

487,059

217,000

5.110%, 

5/19/2043

210,297

Philip

Morris

International,

Inc.

103,000

5.125%, 

2/13/2031

106,594

336,000

5.375%, 

2/15/2033

350,890

268,000

4.900%, 

11/1/2034

270,108

Post

Holdings,

Inc.

85,000

4.625%, 

4/15/2030

d

81,941

200,000

4.500%, 

9/15/2031

d

186,850

80,000

6.250%, 

10/15/2034

d

80,666

Prime

Healthcare

Services,

Inc.

221,000

9.375%, 

9/1/2029

d

229,840

Radiology

Partners,

Inc.

106,000

8.500%, 

7/15/2032

d

109,693

Roche

Holdings,

Inc.

336,000

4.000%, 

11/28/2044

d

286,228

Royalty

Pharma

plc

194,000

5.150%, 

9/2/2029

199,047

187,000

5.200%, 

9/25/2035

186,841

Select

Medical

Corporation

59,000

6.250%, 

12/1/2032

a,d

59,025

Simmons

Foods,

Inc.

169,000

4.625%, 

3/1/2029

d

162,015

Sotera

Health

Holdings,

LLC

60,000

7.375%, 

6/1/2031

d

63,001

Spectrum

Brands,

Inc.

14,000

3.875%, 

3/15/2031

d

11,235

Star

Parent,

Inc.

63,000

9.000%, 

10/1/2030

d

66,603

Stryker

Corporation

194,000

5.200%, 

2/10/2035

200,063

Sysco

Corporation

338,000

6.600%, 

4/1/2040

377,189

Takeda

Pharmaceutical

Company,

Ltd.

335,000

3.175%, 

7/9/2050

226,747

316,000

5.650%, 

7/5/2044

323,018

Tenet

Healthcare

Corporation

237,000

5.125%, 

11/1/2027

236,565

173,000

4.375%, 

1/15/2030

168,250

204,000

6.750%, 

5/15/2031

211,197

Teva

Pharmaceutical

Finance

Company,

LLC

59,000

6.150%, 

2/1/2036

61,778

US

Acute

Care

Solutions,

LLC

177,000

9.750%, 

5/15/2029

d

181,245

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Whirlpool

Corporation

$

60,000

6.500%, 

6/15/2033

$

59,876

Total

23,781,390

Energy  0.2%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

28,000

7.500%, 

10/1/2029

d

29,201

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

124,000

5.375%, 

6/15/2029

d

123,546

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

85,000

6.250%, 

4/1/2028

d

85,118

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

58,000

5.875%, 

6/30/2029

d

57,881

67,000

6.625%, 

7/15/2033

d

68,116

Baytex

Energy

Corporation

92,000

8.500%, 

4/30/2030

d

94,536

28,000

7.375%, 

3/15/2032

d

27,415

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

93,000

7.000%, 

7/15/2029

d

96,435

BP

Capital

Markets

America,

Inc.

567,000

2.939%, 

6/4/2051

366,390

Buckeye

Partners,

LP

80,000

4.500%, 

3/1/2028

d

79,006

54,000

6.875%, 

7/1/2029

d

55,964

28,000

6.750%, 

2/1/2030

d

29,082

California

Resources

Corporation

70,000

8.250%, 

6/15/2029

d

72,999

40,000

7.000%, 

1/15/2034

d,h

39,725

Cheniere

Energy

Partners,

LP

712,000

4.500%, 

10/1/2029

709,719

Cheniere

Energy,

Inc.

61,000

5.650%, 

4/15/2034

62,881

Civitas

Resources,

Inc.

42,000

8.375%, 

7/1/2028

d

43,535

207,000

8.750%, 

7/1/2031

a,d

212,074

100,000

9.625%, 

6/15/2033

d

105,621

CNX

Resources

Corporation

69,000

6.000%, 

1/15/2029

d

69,028

Columbia

Pipelines

Holding

Company,

LLC

219,000

6.042%, 

8/15/2028

d

228,529

Columbia

Pipelines

Operating

Company,

LLC

55,000

5.927%, 

8/15/2030

d

58,188

Comstock

Resources,

Inc.

85,000

6.750%, 

3/1/2029

d

84,490

170,000

5.875%, 

1/15/2030

d

163,719

ConocoPhillips

Company

295,000

4.850%, 

1/15/2032

301,588

Continental

Resources,

Inc.

394,000

2.268%, 

11/15/2026

d

384,074

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

133,000

5.500%, 

6/15/2031

d

131,764

Crescent

Energy

Finance,

LLC

96,000

7.625%, 

4/1/2032

d

95,337

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Energy  0.2%

-

continued

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

$

126,000

8.625%, 

3/15/2029

d

$

131,393

68,000

7.375%, 

6/30/2033

d

69,149

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

48,000

8.500%, 

10/1/2030

d

50,865

Diamondback

Energy,

Inc.

309,000

5.750%, 

4/18/2054

297,441

Eastern

Energy

Gas

Holdings,

LLC

310,000

5.800%, 

1/15/2035

326,135

Enbridge,

Inc.

162,000

5.250%, 

4/5/2027

164,450

Enerflex,

Ltd.

45,000

9.000%, 

10/15/2027

d

45,818

Energy

Transfer,

LP

176,000

6.500%, 

2/15/2056

e

175,175

250,000

5.150%, 

2/1/2043

226,933

400,000

6.000%, 

6/15/2048

394,216

Enterprise

Products

Operating,

LLC

300,000

3.300%, 

2/15/2053

204,224

Excelerate

Energy,

LP

67,000

8.000%, 

5/15/2030

d

71,319

Exxon

Mobil

Corporation

525,000

3.452%, 

4/15/2051

384,655

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

93,000

8.875%, 

4/15/2030

98,457

214,000

7.875%, 

5/15/2032

223,192

Gulfport

Energy

Operating

Corporation

40,000

6.750%, 

9/1/2029

d

41,048

Halliburton

Company

225,000

5.000%, 

11/15/2045

204,578

Harvest

Midstream

I,

LP

147,000

7.500%, 

9/1/2028

d

148,582

Hess

Midstream

Operations,

LP

127,000

4.250%, 

2/15/2030

d

123,093

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

165,000

5.750%, 

2/1/2029

d

162,541

56,000

6.000%, 

4/15/2030

d

55,034

112,000

6.250%, 

4/15/2032

d

107,447

Howard

Midstream

Energy

Partners,

LLC

57,000

7.375%, 

7/15/2032

d

59,167

103,000

6.625%, 

1/15/2034

d

105,016

ITT

Holdings,

LLC

176,000

6.500%, 

8/1/2029

d

173,032

Kodiak

Gas

Services,

LLC

71,000

6.500%, 

10/1/2033

d

72,290

36,000

6.750%, 

10/1/2035

d

36,963

MEG

Energy

Corporation

67,000

5.875%, 

2/1/2029

d

66,996

Moss

Creek

Resources

Holdings,

Inc.

31,000

8.250%, 

9/1/2031

d

30,377

MPLX,

LP

225,000

4.800%, 

2/15/2031

226,358

449,000

4.950%, 

9/1/2032

450,422

82,000

5.000%, 

3/1/2033

82,020

Nabors

Industries,

Inc.

44,000

7.375%, 

5/15/2027

d

44,665

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Energy  0.2%

-

continued

$

144,000

9.125%, 

1/31/2030

d

$

149,760

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

47,000

8.125%, 

2/15/2029

d

48,190

168,000

8.375%, 

2/15/2032

d

172,141

Noble

Finance

II,

LLC

118,000

8.000%, 

4/15/2030

d

122,137

Northern

Oil

and

Gas,

Inc.

92,000

8.750%, 

6/15/2031

d

95,045

Occidental

Petroleum

Corporation

90,000

5.000%, 

8/1/2027

90,942

ONEOK,

Inc.

164,000

5.700%, 

11/1/2054

154,828

188,000

4.750%, 

10/15/2031

188,060

113,000

5.600%, 

4/1/2044

107,138

Ovintiv,

Inc.

234,000

7.200%, 

11/1/2031

258,049

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

96,000

6.000%, 

2/15/2028

95,410

169,000

7.875%, 

9/15/2030

a,d

166,857

Permian

Resources

Operating,

LLC

110,000

6.250%, 

2/1/2033

d

112,052

Prairie

Acquiror,

LP

93,000

9.000%, 

8/1/2029

d

96,823

Precision

Drilling

Corporation

77,000

6.875%, 

1/15/2029

d

77,414

Range

Resources

Corporation

97,000

4.750%, 

2/15/2030

d

94,878

Repsol

E&P

Capital

Markets

US,

LLC

300,000

5.976%, 

9/16/2035

d

305,457

Rockies

Express

Pipeline,

LLC

147,000

4.950%, 

7/15/2029

d

145,808

Saturn

Oil

&

Gas,

Inc.

37,000

9.625%, 

6/15/2029

a,d

38,331

SESI,

LLC

72,000

7.875%, 

9/30/2030

d,h

72,000

SM

Energy

Company

105,000

6.500%, 

7/15/2028

105,684

40,000

7.000%, 

8/1/2032

d

40,031

South

Bow

USA

Infrastructure

Holdings,

LLC

173,000

5.026%, 

10/1/2029

174,986

69,000

5.584%, 

10/1/2034

69,371

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

56,000

5.875%, 

3/1/2027

55,839

Sunoco,

LP

169,000

7.000%, 

5/1/2029

d

174,984

142,000

5.875%, 

3/15/2034

d

140,771

Sunoco,

LP/Sunoco

Finance

Corporation

84,000

5.875%, 

3/15/2028

84,022

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

102,000

5.500%, 

1/15/2028

d

101,481

85,000

7.375%, 

2/15/2029

d

87,537

178,000

6.750%, 

3/15/2034

d

176,213

Talos

Production,

Inc.

35,000

9.000%, 

2/1/2029

d

36,191

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Energy  0.2%

-

continued

Targa

Resources

Corporation

$

98,000

6.125%, 

5/15/2055

$

98,545

394,000

4.200%, 

2/1/2033

374,341

TGNR

Intermediate

Holdings,

LLC

127,000

5.500%, 

10/15/2029

d

124,275

Tidewater,

Inc.

34,000

9.125%, 

7/15/2030

d

36,463

TotalEnergies

Capital

SA

160,000

5.275%, 

9/10/2054

153,699

Transocean

International,

Ltd.

130,000

8.250%, 

5/15/2029

d

128,163

189,750

8.750%, 

2/15/2030

d

199,649

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

96,000

7.125%, 

3/15/2029

d

99,007

108,000

6.250%, 

10/1/2033

d

108,413

Valaris,

Ltd.

120,000

8.375%, 

4/30/2030

d

124,541

Var

Energi

ASA

200,000

5.875%, 

5/22/2030

d

207,959

Venture

Global

LNG,

Inc.

210,000

8.125%, 

6/1/2028

d

217,365

105,000

9.000%, 

9/30/2029

d,e,k

104,063

146,000

7.000%, 

1/15/2030

a,d

151,076

301,000

8.375%, 

6/1/2031

d

316,041

116,000

9.875%, 

2/1/2032

a,d

126,292

Venture

Global

Plaquemines

LNG,

LLC

130,000

6.500%, 

1/15/2034

d

136,845

65,000

7.750%, 

5/1/2035

d

73,366

196,000

6.750%, 

1/15/2036

d

208,187

Vital

Energy,

Inc.

91,000

7.750%, 

7/31/2029

d

90,118

190,000

7.875%, 

4/15/2032

a,d

184,440

Western

Midstream

Operating,

LP

219,000

6.350%, 

1/15/2029

230,396

112,000

6.150%, 

4/1/2033

118,319

Williams

Companies,

Inc.

500,000

7.500%, 

1/15/2031

566,578

97,000

5.600%, 

3/15/2035

100,662

Total

17,046,245

Financials  0.8%

200

Park

Funding

Trust

101,000

5.740%, 

2/15/2055

d

102,289

Acrisure,

LLC/Acrisure

Finance,

Inc.

39,000

4.250%, 

2/15/2029

d

37,574

57,000

7.500%, 

11/6/2030

d

59,380

AEGON

Funding

Company,

LLC

318,000

5.500%, 

4/16/2027

a,d

323,562

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

247,000

6.100%, 

1/15/2027

252,294

375,000

3.875%, 

1/23/2028

372,036

289,000

5.375%, 

12/15/2031

298,895

Agree,

LP

158,000

5.625%, 

6/15/2034

164,499

Air

Lease

Corporation

59,000

4.650%, 

6/15/2026

e,k

58,224

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

$

57,000

4.250%, 

10/15/2027

d

$

56,054

202,000

6.750%, 

4/15/2028

d

205,580

81,000

7.000%, 

1/15/2031

d

83,692

Ally

Financial,

Inc.

460,000

8.000%, 

11/1/2031

524,386

88,000

6.700%, 

2/14/2033

a

91,664

American

Express

Company

149,000

5.043%, 

7/26/2028

e

151,542

138,000

5.085%, 

1/30/2031

e

142,276

American

Homes

4

Rent,

LP

128,000

4.950%, 

6/15/2030

130,332

American

International

Group,

Inc.

453,000

5.125%, 

3/27/2033

466,012

Americold

Realty

Operating

Partnership,

LP

237,000

5.600%, 

5/15/2032

a

239,870

Ameriprise

Financial,

Inc.

312,000

5.200%, 

4/15/2035

317,823

AmWINS

Group,

Inc.

47,000

6.375%, 

2/15/2029

d

47,956

140,000

4.875%, 

6/30/2029

d

136,065

ANZ

Bank

New

Zealand,

Ltd.

225,000

5.548%, 

8/11/2032

d,e

229,274

Aon

North

America,

Inc.

158,000

5.750%, 

3/1/2054

159,119

Apollo

Debt

Solutions

BDC

232,000

6.700%, 

7/29/2031

245,876

Ares

Capital

Corporation

189,000

5.875%, 

3/1/2029

194,454

Ares

Strategic

Income

Fund

442,000

5.450%, 

9/9/2028

d

445,448

Arthur

J.

Gallagher

&

Company

54,000

6.750%, 

2/15/2054

60,859

79,000

5.750%, 

7/15/2054

78,729

Aviation

Capital

Group,

LLC

167,000

5.125%, 

4/10/2030

d

169,533

Avolon

Holdings

Funding,

Ltd.

122,000

4.950%, 

1/15/2028

d

123,225

270,000

5.750%, 

3/1/2029

d

279,534

315,000

5.375%, 

5/30/2030

d

323,122

Azorra

Finance,

Ltd.

151,000

7.750%, 

4/15/2030

d

158,911

Banco

Santander

Mexico

SA

200,000

5.621%, 

12/10/2029

d

208,102

Banco

Santander

SA

400,000

4.175%, 

3/24/2028

e

399,402

Bank

of

America

Corporation

275,000

1.734%, 

7/22/2027

e

269,508

265,000

3.824%, 

1/20/2028

e

263,767

196,000

5.202%, 

4/25/2029

e

200,912

230,000

2.087%, 

6/14/2029

e

217,862

500,000

2.496%, 

2/13/2031

e

462,752

650,000

1.922%, 

10/24/2031

e

577,311

338,000

2.972%, 

2/4/2033

e

307,795

676,000

4.571%, 

4/27/2033

e

675,860

324,000

5.872%, 

9/15/2034

e

347,168

129,000

5.468%, 

1/23/2035

e

134,706

319,000

5.425%, 

8/15/2035

e

325,415

450,000

3.846%, 

3/8/2037

e

420,430

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

Bank

of

New

York

Mellon

Corporation

$

214,000

6.317%, 

10/25/2029

e

$

227,733

Barclays

plc

56,000

6.125%, 

12/15/2025

e,k

56,010

333,000

6.496%, 

9/13/2027

e

339,746

275,000

4.972%, 

5/16/2029

e

279,091

301,000

4.942%, 

9/10/2030

e

305,474

335,000

5.746%, 

8/9/2033

e

352,160

225,000

5.860%, 

8/11/2046

e

231,173

Berkshire

Hathaway

Finance

Corporation

449,000

2.850%, 

10/15/2050

294,531

BlackRock

Funding,

Inc.

104,000

5.250%, 

3/14/2054

101,422

Blackstone

Private

Credit

Fund

208,000

5.600%, 

11/22/2029

211,650

274,000

5.050%, 

9/10/2030

270,811

Blue

Owl

Credit

Income

Corporation

282,000

4.700%, 

2/8/2027

281,513

Blue

Owl

Technology

Finance

Corporation

115,000

4.750%, 

12/15/2025

d

114,711

351,000

6.100%, 

3/15/2028

d

355,513

217,000

6.750%, 

4/4/2029

223,882

BNP

Paribas

SA

314,000

5.283%, 

11/19/2030

d,e

322,529

564,000

3.132%, 

1/20/2033

d,e

513,272

BPCE

SA

250,000

5.876%, 

1/14/2031

d,e

261,095

Brookfield

Asset

Management,

Ltd.

42,000

6.077%, 

9/15/2055

43,581

Brookfield

Finance,

Inc.

156,000

5.813%, 

3/3/2055

157,159

Brown

&

Brown,

Inc.

96,000

6.250%, 

6/23/2055

101,018

98,000

5.550%, 

6/23/2035

100,808

Burford

Capital

Global

Finance,

LLC

134,000

9.250%, 

7/1/2031

d

142,384

69,000

7.500%, 

7/15/2033

d

70,214

Camden

Property

Trust

278,000

3.150%, 

7/1/2029

267,643

Capital

One

Financial

Corporation

71,000

5.700%, 

2/1/2030

e

73,713

Capital

One

NA

475,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

e

491,851

Charles

Schwab

Corporation

220,000

6.136%, 

8/24/2034

e

239,644

Chubb

INA

Holdings,

LLC

220,000

4.350%, 

11/3/2045

193,993

Citadel,

LP

194,000

6.375%, 

1/23/2032

d

205,333

Citibank

NA

403,000

4.914%, 

5/29/2030

414,055

Citigroup,

Inc.

348,000

3.200%, 

10/21/2026

345,105

520,000

3.668%, 

7/24/2028

e

515,412

175,000

3.520%, 

10/27/2028

e

172,668

79,000

6.875%, 

8/15/2030

e,k

81,414

360,000

4.952%, 

5/7/2031

e

366,841

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

$

478,000

4.910%, 

5/24/2033

e

$

483,776

284,000

6.174%, 

5/25/2034

e

302,180

252,000

6.020%, 

1/24/2036

e

263,991

125,000

5.174%, 

9/11/2036

e

126,268

Citizens

Financial

Group,

Inc.

136,000

5.718%, 

7/23/2032

e

142,003

CNA

Financial

Corporation

160,000

5.125%, 

2/15/2034

161,459

Comerica,

Inc.

75,000

5.982%, 

1/30/2030

e

78,048

Constellation

Insurance,

Inc.

138,000

6.800%, 

1/24/2030

d

139,053

COPT

Defense

Properties,

LP

278,000

4.500%, 

10/15/2030

h

276,167

Corebridge

Financial,

Inc.

117,000

6.375%, 

9/15/2054

e

120,089

169,000

4.350%, 

4/5/2042

145,884

Countrywide

Home

Loans,

Inc.

150,038

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

64,861

Cousins

Properties,

LP

69,000

5.375%, 

2/15/2032

70,744

Credit

Agricole

SA

250,000

5.230%, 

1/9/2029

d,e

254,796

250,000

5.222%, 

5/27/2031

d,e

256,458

250,000

4.818%, 

9/25/2033

d,e

248,463

Credit

Suisse

Group

AG

350,000

7.250%, 

N/A

*,l

29,750

Deutsche

Bank

AG/New

York,

NY

224,000

5.297%, 

5/9/2031

e

229,457

223,000

4.950%, 

8/4/2031

e

225,109

500,000

3.729%, 

1/14/2032

e

468,897

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

646,000

5.950%, 

9/17/2030

d

630,547

Elevance

Health,

Inc.

375,000

3.125%, 

5/15/2050

248,079

300,000

4.625%, 

5/15/2042

270,476

Encore

Capital

Group,

Inc.

35,000

9.250%, 

4/1/2029

d

36,931

161,000

8.500%, 

5/15/2030

d

170,973

EPR

Properties

190,000

4.950%, 

4/15/2028

191,470

ERP

Operating,

LP

240,000

4.950%, 

6/15/2032

245,996

Essential

Properties,

LP

175,000

5.400%, 

12/1/2035

175,657

F&G

Global

Funding

315,000

4.650%, 

9/8/2028

d

316,115

Fairfax

Financial

Holdings,

Ltd.

207,000

6.350%, 

3/22/2054

218,770

First

Citizens

BancShares,

Inc./NC

374,000

5.600%, 

9/5/2035

e

373,012

FirstCash,

Inc.

143,000

5.625%, 

1/1/2030

d

142,793

First-Citizens

Bank

&

Trust

Company

189,000

6.125%, 

3/9/2028

196,096

Five

Corners

Funding

Trust

IV

224,000

5.997%, 

2/15/2053

d

234,441

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

Franklin

BSP

Capital

Corporation

$

265,000

6.000%, 

10/2/2030

d,h

$

262,097

Freedom

Mortgage

Holdings,

LLC

133,000

9.250%, 

2/1/2029

d

139,939

57,000

9.125%, 

5/15/2031

d

60,622

86,000

8.375%, 

4/1/2032

d

90,141

71,000

7.875%, 

4/1/2033

d

73,143

FTAI

Aviation

Investors,

LLC

60,000

5.500%, 

5/1/2028

d

60,010

136,000

7.000%, 

5/1/2031

d

142,264

82,000

7.000%, 

6/15/2032

d

85,815

GGAM

Finance,

Ltd.

54,000

7.750%, 

5/15/2026

d

54,135

58,000

8.000%, 

6/15/2028

d

61,390

240,000

5.875%, 

3/15/2030

d

242,999

Global

Aircraft

Leasing

Company,

Ltd.

172,000

8.750%, 

9/1/2027

d

177,700

Global

Net

Lease,

Inc.

37,000

4.500%, 

9/30/2028

d

36,195

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

118,000

3.750%, 

12/15/2027

d

114,531

goeasy,

Ltd.

97,000

9.250%, 

12/1/2028

d

101,245

30,000

7.625%, 

7/1/2029

d

30,402

146,000

6.875%, 

2/15/2031

d

141,444

Goldman

Sachs

BDC,

Inc.

135,000

6.375%, 

3/11/2027

138,090

375,000

5.650%, 

9/9/2030

377,186

Goldman

Sachs

Group,

Inc.

318,000

1.948%, 

10/21/2027

e

310,516

322,000

6.484%, 

10/24/2029

e

342,666

254,000

5.218%, 

4/23/2031

e

262,663

120,000

1.992%, 

1/27/2032

e

105,892

810,000

3.102%, 

2/24/2033

e

743,077

Goldman

Sachs

Private

Credit

Corporation

136,000

5.875%, 

5/6/2028

a,d

138,022

Howard

Hughes

Corporation

37,000

4.125%, 

2/1/2029

d

35,493

HSBC

Holdings

plc

74,000

6.875%, 

9/11/2029

e,k

76,689

264,000

5.130%, 

3/3/2031

e

270,374

374,000

5.741%, 

9/10/2036

e

381,596

HUB

International,

Ltd.

164,000

7.250%, 

6/15/2030

d

171,036

Huntington

Bancshares,

Inc./OH

267,000

5.709%, 

2/2/2035

e

278,287

229,000

6.141%, 

11/18/2039

e

238,300

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

17,000

6.250%, 

5/15/2026

16,980

216,000

5.250%, 

5/15/2027

212,316

Invitation

Homes

Operating

Partnership,

LP

282,000

2.000%, 

8/15/2031

243,667

362,000

4.950%, 

1/15/2033

363,757

Jane

Street

Group/JSG

Finance,

Inc.

92,000

4.500%, 

11/15/2029

d

89,813

36,000

7.125%, 

4/30/2031

d

37,760

60,000

6.125%, 

11/1/2032

d

60,814

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

$

195,000

6.750%, 

5/1/2033

d

$

202,534

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

49,000

5.000%, 

8/15/2028

d

47,343

200,000

6.625%, 

10/15/2031

d

201,332

Jefferson

Capital

Holdings,

LLC

47,000

6.000%, 

8/15/2026

d

46,989

117,000

9.500%, 

2/15/2029

d

123,227

46,000

8.250%, 

5/15/2030

d

48,108

JPMorgan

Chase

&

Company

320,000

4.979%, 

7/22/2028

e

324,875

350,000

4.505%, 

10/22/2028

e

352,990

25,000

4.203%, 

7/23/2029

e

25,048

400,000

2.522%, 

4/22/2031

e

371,012

400,000

1.953%, 

2/4/2032

e

353,587

450,000

4.586%, 

4/26/2033

e

451,401

337,000

4.912%, 

7/25/2033

e

343,641

228,000

5.766%, 

4/22/2035

e

242,908

156,000

5.502%, 

1/24/2036

e

163,209

214,000

5.534%, 

11/29/2045

e

220,073

KeyBank

NA/Cleveland,

OH

258,000

5.000%, 

1/26/2033

259,662

Kilroy

Realty,

LP

109,000

4.250%, 

8/15/2029

106,930

275,000

5.875%, 

10/15/2035

278,660

Liberty

Mutual

Group,

Inc.

32,000

4.125%, 

12/15/2051

d,e

31,430

Lincoln

National

Corporation

430,000

2.330%, 

8/15/2030

d

388,970

Lloyds

Banking

Group

plc

335,000

5.871%, 

3/6/2029

e

347,487

300,000

6.068%, 

6/13/2036

e

314,911

LPL

Holdings,

Inc.

317,000

4.900%, 

4/3/2028

320,427

Macquarie

AirFinance

Holdings,

Ltd.

57,000

6.400%, 

3/26/2029

d

60,028

146,000

5.150%, 

3/17/2030

d

148,041

Macquarie

Bank,

Ltd.

354,000

5.642%, 

8/13/2036

d,e

358,589

Marsh

&

McLennan

Companies,

Inc.

83,000

5.450%, 

3/15/2053

82,134

Massachusetts

Mutual

Life

Insurance

Company

475,000

3.200%, 

12/1/2061

d

297,090

Mizuho

Financial

Group,

Inc.

200,000

5.098%, 

5/13/2031

e

205,520

Molina

Healthcare,

Inc.

51,000

4.375%, 

6/15/2028

d

49,737

70,000

6.250%, 

1/15/2033

d

70,778

Morgan

Stanley

179,000

5.516%, 

11/19/2055

e

180,938

540,000

4.350%, 

9/8/2026

541,136

435,000

3.591%, 

7/22/2028

e

430,422

223,000

5.164%, 

4/20/2029

e

228,270

260,000

3.622%, 

4/1/2031

e

252,279

223,000

5.250%, 

4/21/2034

e

229,963

168,000

5.831%, 

4/19/2035

e

179,095

116,000

5.587%, 

1/18/2036

e

121,453

394,000

5.297%, 

4/20/2037

e

399,723

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

78,000

8.500%, 

2/15/2032

d

82,880

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

Nasdaq,

Inc.

$

335,000

3.250%, 

4/28/2050

$

233,457

National

Securities

Clearing

Corporation

250,000

4.700%, 

5/20/2030

d

255,432

Nationstar

Mortgage

Holdings,

Inc.

29,000

5.500%, 

8/15/2028

d

29,000

60,000

6.500%, 

8/1/2029

d

61,553

90,000

5.125%, 

12/15/2030

d

90,792

32,000

7.125%, 

2/1/2032

d

33,402

Nationwide

Building

Society

275,000

5.537%, 

7/14/2036

d,e

282,803

NatWest

Group

plc

250,000

4.445%, 

5/8/2030

e

250,609

325,000

6.475%, 

6/1/2034

e

341,860

Navient

Corporation

34,000

5.000%, 

3/15/2027

33,847

37,000

5.500%, 

3/15/2029

36,271

New

York

Life

Global

Funding

331,000

4.550%, 

1/28/2033

d

330,521

Nomura

Holdings,

Inc.

224,000

5.783%, 

7/3/2034

237,219

North

Haven

Private

Income

Fund,

LLC

127,000

5.125%, 

9/25/2028

d

126,344

Omega

Healthcare

Investors,

Inc.

416,000

3.625%, 

10/1/2029

399,138

221,000

5.200%, 

7/1/2030

224,363

Omnis

Funding

Trust

220,000

6.722%, 

5/15/2055

d

237,303

OneMain

Finance

Corporation

77,000

3.500%, 

1/15/2027

75,254

90,000

3.875%, 

9/15/2028

86,496

63,000

6.750%, 

3/15/2032

64,167

285,000

7.125%, 

9/15/2032

294,416

Osaic

Holdings,

Inc.

104,000

6.750%, 

8/1/2032

d

107,415

Panther

Escrow

Issuer,

LLC

126,000

7.125%, 

6/1/2031

d

131,055

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

161,000

4.875%, 

5/15/2029

d

156,974

PennyMac

Financial

Services,

Inc.

35,000

7.125%, 

11/15/2030

d

36,444

99,000

6.875%, 

5/15/2032

d

102,584

65,000

6.875%, 

2/15/2033

d

67,152

35,000

6.750%, 

2/15/2034

d

35,703

Phoenix

Aviation

Capital,

Ltd.

109,000

9.250%, 

7/15/2030

d

115,967

PNC

Financial

Services

Group,

Inc.

107,000

6.615%, 

10/20/2027

e

109,616

PRA

Group,

Inc.

89,000

8.375%, 

2/1/2028

d

91,030

Prologis

Targeted

US

Logistics

Fund,

LP

216,000

5.250%, 

4/1/2029

d

222,938

104,000

5.250%, 

1/15/2035

d

106,365

Prologis,

LP

146,000

5.250%, 

3/15/2054

141,246

Prudential

Financial,

Inc.

428,000

5.125%, 

3/1/2052

e

429,550

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

Regency

Centers,

LP

$

299,000

4.125%, 

3/15/2028

$

298,986

162,000

5.250%, 

1/15/2034

166,496

RenaissanceRe

Holdings,

Ltd.

312,000

5.800%, 

4/1/2035

327,140

RGA

Global

Funding

105,000

5.500%, 

1/11/2031

d

109,542

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

28,000

4.750%, 

10/15/2027

27,877

57,000

4.500%, 

2/15/2029

d

55,901

Rithm

Capital

Corporation

68,000

8.000%, 

7/15/2030

d

69,615

RLJ

Lodging

Trust,

LP

52,000

4.000%, 

9/15/2029

d

49,104

Rocket

Companies,

Inc.

101,000

6.375%, 

8/1/2033

d

104,244

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

95,000

3.625%, 

3/1/2029

d

90,604

166,000

3.875%, 

3/1/2031

d

155,018

32,000

4.000%, 

10/15/2033

d

29,225

Ryan

Specialty,

LLC

30,000

4.375%, 

2/1/2030

d

29,067

140,000

5.875%, 

8/1/2032

d

141,566

Santander

Holdings

USA,

Inc.

111,000

6.499%, 

3/9/2029

e

115,812

296,000

5.473%, 

3/20/2029

e

301,641

93,000

6.174%, 

1/9/2030

e

96,871

Sixth

Street

Lending

Partners

155,000

6.125%, 

7/15/2030

d

160,251

SLM

Corporation

49,000

6.500%, 

1/31/2030

51,061

Societe

Generale

SA

60,000

10.000%, 

11/14/2028

d,e,k

66,462

296,000

5.249%, 

5/22/2029

d,e

300,989

300,000

5.439%, 

10/3/2036

d,e,h

299,223

Standard

Chartered

plc

200,000

5.545%, 

1/21/2029

d,e

204,867

Starwood

Property

Trust,

Inc.

52,000

4.375%, 

1/15/2027

d

51,553

108,000

5.250%, 

10/15/2028

d,h

108,031

82,000

6.500%, 

10/15/2030

d

84,703

36,000

5.750%, 

1/15/2031

d,h

35,978

State

Street

Corporation

314,000

4.530%, 

2/20/2029

e

317,362

Stonex

Escrow

Issuer,

LLC

187,000

6.875%, 

7/15/2032

d

192,482

Sumitomo

Mitsui

Financial

Group,

Inc.

275,000

1.710%, 

1/12/2031

239,827

Synchrony

Financial

115,000

5.935%, 

8/2/2030

e

119,201

59,000

7.250%, 

2/2/2033

62,959

Synovus

Bank

250,000

5.625%, 

2/15/2028

255,239

Toronto-Dominion

Bank

110,000

5.146%, 

9/10/2034

e

111,340

Travelers

Companies,

Inc.

124,000

5.050%, 

7/24/2035

126,210

Truist

Financial

Corporation

227,000

6.047%, 

6/8/2027

e

229,634

160,000

5.125%, 

12/15/2027

e,k

157,712

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Financials  0.8%

-

continued

$

266,000

5.122%, 

1/26/2034

e

$

270,256

137,000

5.711%, 

1/24/2035

e

143,764

U.S.

Bancorp

348,000

5.775%, 

6/12/2029

e

362,173

88,000

5.836%, 

6/12/2034

e

93,772

146,000

5.678%, 

1/23/2035

e

153,722

UBS

Group

AG

328,000

6.246%, 

9/22/2029

d,e

346,054

123,000

6.600%, 

8/5/2030

d,e,k

123,658

278,000

3.091%, 

5/14/2032

d,e

257,252

200,000

5.699%, 

2/8/2035

d,e

210,702

200,000

5.379%, 

9/6/2045

d,e

200,110

United

Wholesale

Mortgage,

LLC

154,000

5.500%, 

4/15/2029

d

151,883

UnitedHealth

Group,

Inc.

224,000

5.875%, 

2/15/2053

230,291

228,000

4.750%, 

5/15/2052

201,005

Wells

Fargo

&

Company

500,000

4.900%, 

1/24/2028

e

504,598

338,000

3.526%, 

3/24/2028

e

334,983

214,000

5.707%, 

4/22/2028

e

218,972

550,000

2.393%, 

6/2/2028

e

534,658

234,000

5.574%, 

7/25/2029

e

242,506

185,000

5.389%, 

4/24/2034

e

192,226

310,000

4.900%, 

11/17/2045

282,295

Wynnton

Funding

Trust

II

175,000

5.991%, 

8/15/2055

d

179,629

XHR,

LP

66,000

4.875%, 

6/1/2029

d

64,642

30,000

6.625%, 

5/15/2030

d

30,824

Zions

Bancorp

NA

250,000

4.704%, 

8/18/2028

e

250,777

250,000

6.816%, 

11/19/2035

e

265,739

Total

60,827,506

Foreign

Government  <0.1%

Eagle

Funding

Luxco

SARL

250,000

5.500%, 

8/17/2030

d

253,640

Mexico

Government

International

Bond

253,000

5.625%, 

9/22/2035

251,750

NBN

Company,

Ltd.

317,000

4.150%, 

9/16/2030

d

315,219

Saudi

Arabian

Oil

Company

200,000

5.250%, 

7/17/2034

d

205,719

Teine

Energy,

Ltd.

150,000

6.875%, 

4/15/2029

d

147,578

Total

1,173,906

Mortgage-Backed

Securities  2.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

518,714

5.500%, 

12/1/2038

532,214

4,478,076

5.500%, 

2/1/2040

4,579,226

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

2,865,487

2.000%, 

1/1/2052

2,344,109

1,235,446

6.000%, 

1/1/2055

1,287,747

2,112,622

2.000%, 

5/1/2051

1,728,241

4,065,880

2.500%, 

5/1/2051

3,472,350

1,668,503

3.500%, 

5/1/2052

1,537,375

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Mortgage-Backed

Securities  2.5%

-

continued

$

2,680,942

4.000%, 

5/1/2052

$

2,550,005

1,687,775

5.000%, 

7/1/2053

1,689,663

811,356

5.500%, 

7/1/2053

826,757

2,138,886

3.500%, 

8/1/2052

1,970,562

1,686,422

5.000%, 

8/1/2053

1,692,377

2,654,492

5.500%, 

9/1/2053

2,713,335

1,689,670

3.500%, 

9/1/2047

1,580,706

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,018,658

2.500%, 

7/1/2030

987,501

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

352,506

5.500%, 

9/1/2039

362,456

7,400,000

5.000%, 

10/1/2040

h

7,476,218

500,000

5.500%, 

10/1/2040

h

510,976

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,554,676

3.000%, 

12/1/2036

1,472,972

1,528,549

3.000%, 

8/1/2038

1,450,492

2,389,978

3.500%, 

5/1/2040

2,285,429

2,332,477

2.500%, 

4/1/2042

2,083,725

812,950

2.000%, 

5/1/2042

703,713

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6,368,797

3.000%, 

1/1/2052

5,644,087

802,952

2.000%, 

2/1/2051

656,856

540,032

2.000%, 

2/1/2051

441,774

2,677,603

2.500%, 

2/1/2051

2,287,733

3,146,063

2.500%, 

2/1/2051

2,655,037

3,009,682

5.500%, 

2/1/2055

3,064,667

9,224,237

2.000%, 

3/1/2051

7,494,970

4,652,467

4.000%, 

3/1/2051

4,462,696

2,328,952

2.000%, 

3/1/2052

1,902,600

7,074,062

3.000%, 

3/1/2052

6,270,840

6,080,516

2.000%, 

4/1/2051

4,920,656

3,576,894

3.000%, 

4/1/2051

3,151,517

2,815,614

5.500%, 

4/1/2054

2,873,573

3,615,586

3.000%, 

5/1/2050

3,186,736

999,279

2.000%, 

5/1/2051

813,561

3,238,868

3.000%, 

5/1/2051

2,914,089

991,518

3.500%, 

5/1/2052

912,120

6,160,372

2.000%, 

6/1/2050

5,020,856

2,621,163

3.000%, 

6/1/2050

2,363,518

1,135,867

4.000%, 

6/1/2052

1,073,527

1,262,111

5.000%, 

6/1/2053

1,265,162

4,534,699

2.500%, 

7/1/2051

3,886,417

1,058,311

3.500%, 

7/1/2051

978,223

766,392

3.000%, 

7/1/2052

684,101

3,213,673

4.000%, 

7/1/2052

3,037,306

989,681

2.500%, 

8/1/2050

852,082

1,736,444

3.500%, 

8/1/2050

1,610,785

3,012,820

3.500%, 

8/1/2052

2,762,176

5,513,994

4.500%, 

8/1/2052

5,377,318

2,363,484

5.000%, 

8/1/2053

2,369,199

4,721,075

6.000%, 

8/1/2054

4,932,588

1,029,922

2.500%, 

9/1/2051

881,367

874,644

3.500%, 

9/1/2052

805,795

1,591,051

3.500%, 

9/1/2052

1,467,775

1,815,207

5.000%, 

9/1/2052

1,816,704

2,948,996

4.500%, 

9/1/2053

2,877,259

1,747,637

4.500%, 

9/1/2053

1,711,013

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Mortgage-Backed

Securities  2.5%

-

continued

$

4,505,840

4.000%, 

10/1/2052

$

4,278,783

1,075,000

2.500%, 

10/1/2055

h

905,515

975,076

2.000%, 

11/1/2051

797,642

1,158,319

3.500%, 

11/1/2052

1,072,102

3,988,185

2.000%, 

12/1/2050

3,247,999

8,979,317

2.500%, 

12/1/2051

7,658,475

5,397,254

4.500%, 

12/1/2052

5,287,350

8,875,000

5.500%, 

10/1/2041

h

8,948,112

1,980,099

3.500%, 

12/1/2047

1,857,328

3,200,000

4.000%, 

10/1/2048

h

3,015,560

1,625,000

4.500%, 

10/1/2048

h

1,576,019

2,675,000

5.000%, 

10/1/2048

h

2,652,683

700,000

3.000%, 

10/1/2049

h

614,741

4,300,000

3.500%, 

10/1/2049

h

3,928,141

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,378,197

2.500%, 

3/1/2062

4,385,936

1,071,165

3.500%, 

7/1/2061

961,655

2,352,344

4.000%, 

12/1/2061

2,201,672

PRPM,

LLC

582,296

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

d,f

583,614

Total

199,238,159

Technology  0.2%

Accenture

Capital,

Inc.

227,000

4.500%, 

10/4/2034

223,873

Advanced

Micro

Devices,

Inc.

225,000

4.393%, 

6/1/2052

a

193,484

Alphabet,

Inc.

160,000

5.250%, 

5/15/2055

160,349

Amentum

Holdings,

Inc.

144,000

7.250%, 

8/1/2032

d

149,525

Apple,

Inc.

241,000

3.750%, 

9/12/2047

193,799

Block,

Inc.

70,000

5.625%, 

8/15/2030

d

70,922

61,000

3.500%, 

6/1/2031

56,768

255,000

6.500%, 

5/15/2032

263,926

70,000

6.000%, 

8/15/2033

d

71,683

Boost

Newco

Borrower,

LLC

169,000

7.500%, 

1/15/2031

d

179,291

Broadcom,

Inc.

233,000

4.900%, 

7/15/2032

238,356

121,000

3.469%, 

4/15/2034

d

110,425

452,000

3.137%, 

11/15/2035

d

391,055

500,000

3.187%, 

11/15/2036

d

426,689

250,000

4.926%, 

5/15/2037

d

249,329

127,000

4.900%, 

2/15/2038

126,320

CACI

International,

Inc.

45,000

6.375%, 

6/15/2033

d

46,420

Central

Parent,

Inc./CDK

Global,

Inc.

56,000

7.250%, 

6/15/2029

d

48,219

Cisco

Systems,

Inc.

103,000

5.300%, 

2/26/2054

101,671

Clarivate

Science

Holdings

Corporation

62,000

3.875%, 

7/1/2028

d

59,666

Cloud

Software

Group,

Inc.

405,000

6.500%, 

3/31/2029

d

408,653

256,000

9.000%, 

9/30/2029

d

265,525

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Technology  0.2%

-

continued

CommScope

Technologies,

LLC

$

67,000

5.000%, 

3/15/2027

d

$

66,473

CommScope,

LLC

63,000

4.750%, 

9/1/2029

d

62,596

Consensus

Cloud

Solutions,

Inc.

29,000

6.000%, 

10/15/2026

d

28,944

CoreWeave,

Inc.

105,000

9.000%, 

2/1/2031

d

107,612

Dell,

Inc.

196,000

6.500%, 

4/15/2038

212,668

Diebold

Nixdorf,

Inc.

151,000

7.750%, 

3/31/2030

d

159,284

Fair

Isaac

Corporation

116,000

6.000%, 

5/15/2033

d

117,443

Fiserv,

Inc.

220,000

2.650%, 

6/1/2030

203,696

215,000

5.350%, 

3/15/2031

223,583

195,000

5.600%, 

3/2/2033

204,319

230,000

5.150%, 

8/12/2034

232,749

Foundry

JV

Holdco,

LLC

251,000

5.900%, 

1/25/2030

d

264,682

200,000

5.900%, 

1/25/2033

d

210,897

Gen

Digital,

Inc.

70,000

7.125%, 

9/30/2030

d

72,078

31,000

6.250%, 

4/1/2033

d

31,647

Global

Payments,

Inc.

337,000

5.300%, 

8/15/2029

344,634

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

56,000

3.500%, 

3/1/2029

d

53,059

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

64,000

4.625%, 

5/1/2028

d

61,898

Hewlett

Packard

Enterprise

Company

313,000

4.400%, 

9/25/2027

314,392

187,000

4.850%, 

10/15/2031

188,952

II-VI,

Inc.

58,000

5.000%, 

12/15/2029

d

57,200

Intel

Corporation

391,000

4.900%, 

7/29/2045

345,733

ION

Trading

Technologies

SARL

106,000

9.500%, 

5/30/2029

d

111,954

Iron

Mountain,

Inc.

296,000

4.875%, 

9/15/2029

d

291,397

160,000

5.250%, 

7/15/2030

d

158,235

247,000

4.500%, 

2/15/2031

d

235,768

Kioxia

Holdings

Corporation

243,000

6.625%, 

7/24/2033

d

249,811

KLA

Corporation

338,000

3.300%, 

3/1/2050

241,787

Marvell

Technology,

Inc.

54,000

5.950%, 

9/15/2033

57,937

Mastercard,

Inc.

265,000

3.950%, 

2/26/2048

218,563

Microchip

Technology,

Inc.

47,000

5.050%, 

3/15/2029

48,024

Micron

Technology,

Inc.

122,000

5.650%, 

11/1/2032

128,031

NCR

Atleos

Corporation

47,000

9.500%, 

4/1/2029

d

50,878

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Technology  0.2%

-

continued

NCR

Voyix

Corporation

$

85,000

5.000%, 

10/1/2028

d

$

83,730

53,000

5.125%, 

4/15/2029

d

52,148

Neptune

Bidco

US,

Inc.

136,000

9.290%, 

4/15/2029

d

133,510

NXP

BV/NXP

Funding,

LLC

150,000

5.550%, 

12/1/2028

155,265

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

106,000

4.300%, 

6/18/2029

105,872

250,000

3.250%, 

5/11/2041

189,941

Open

Text

Corporation

102,000

3.875%, 

12/1/2029

d

96,416

Open

Text

Holdings,

Inc.

145,000

4.125%, 

2/15/2030

d

137,358

Oracle

Corporation

224,000

6.900%, 

11/9/2052

249,234

198,000

5.250%, 

2/3/2032

204,127

202,000

4.800%, 

9/26/2032

202,243

103,000

4.700%, 

9/27/2034

100,588

228,000

5.875%, 

9/26/2045

228,619

624,000

4.000%, 

7/15/2046

486,080

Paychex,

Inc.

79,000

5.600%, 

4/15/2035

82,704

PayPal

Holdings,

Inc.

191,000

5.500%, 

6/1/2054

a

191,619

Pitney

Bowes,

Inc.

29,000

6.875%, 

3/15/2027

d

28,977

RingCentral,

Inc.

160,000

8.500%, 

8/15/2030

d

170,245

Rocket

Software,

Inc.

70,000

9.000%, 

11/28/2028

d

72,158

Roper

Technologies,

Inc.

273,000

1.750%, 

2/15/2031

237,922

Sabre

GLBL,

Inc.

17,000

8.625%, 

6/1/2027

a,d

17,243

67,000

11.125%, 

7/15/2030

d

64,886

Seagate

Data

Storage

Technology,

Private

Ltd.

114,560

9.625%, 

12/1/2032

d

129,759

44,000

5.750%, 

12/1/2034

d

43,858

Sensata

Technologies

BV

176,000

4.000%, 

4/15/2029

d

168,902

Sensata

Technologies,

Inc.

62,000

4.375%, 

2/15/2030

d

59,840

33,000

3.750%, 

2/15/2031

d

30,455

31,000

6.625%, 

7/15/2032

d

32,078

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

152,000

6.750%, 

8/15/2032

d

157,151

SS&C

Technologies,

Inc.

106,000

5.500%, 

9/30/2027

d

105,817

30,000

6.500%, 

6/1/2032

d

31,015

Synopsys,

Inc.

196,000

5.700%, 

4/1/2055

197,809

UKG,

Inc.

59,000

6.875%, 

2/1/2031

d

60,878

Verisk

Analytics,

Inc.

117,000

5.250%, 

3/15/2035

119,274

Viavi

Solutions,

Inc.

100,000

3.750%, 

10/1/2029

d

94,283

Xerox

Corporation

93,000

10.250%, 

10/15/2030

d

94,473

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Technology  0.2%

-

continued

Xerox

Holdings

Corporation

$

49,000

5.500%, 

8/15/2028

d

$

28,788

Total

14,038,137

Transportation  0.1%

Air

Canada

59,000

3.875%, 

8/15/2026

d

58,465

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

95,000

5.500%, 

4/20/2026

d

95,042

165,446

5.750%, 

4/20/2029

d

166,079

Avianca

Midco

2

plc

136,000

9.000%, 

12/1/2028

d

135,830

85,000

9.625%, 

2/14/2030

a,d

84,549

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

76,000

5.375%, 

3/1/2029

a,d

74,112

Burlington

Northern

Santa

Fe,

LLC

309,000

2.875%, 

6/15/2052

197,856

240,000

4.450%, 

3/15/2043

216,443

Canadian

Pacific

Railway

Company

225,000

4.700%, 

5/1/2048

200,799

DCLI

Bidco,

LLC

143,000

7.750%, 

11/15/2029

d

148,687

Delta

Air

Lines,

Inc.

284,000

5.250%, 

7/10/2030

289,735

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

456,000

4.750%, 

10/20/2028

d

458,564

ERAC

USA

Finance,

LLC

224,000

5.400%, 

5/1/2053

d

222,992

Norfolk

Southern

Corporation

233,000

5.100%, 

5/1/2035

237,894

OneSky

Flight,

LLC

148,000

8.875%, 

12/15/2029

d

155,630

Rand

Parent,

LLC

152,000

8.500%, 

2/15/2030

a,d

157,938

RXO,

Inc.

58,000

7.500%, 

11/15/2027

d

58,976

Ryder

System,

Inc.

186,000

4.850%, 

6/15/2030

189,782

Star

Leasing

Company,

LLC

61,000

7.625%, 

2/15/2030

d

59,276

Stena

International

SA

94,000

7.250%, 

1/15/2031

d

95,835

Stonepeak

Nile

Parent,

LLC

47,000

7.250%, 

3/15/2032

d

49,492

Union

Pacific

Corporation

449,000

2.973%, 

9/16/2062

269,007

United

Airlines,

Inc.

317,000

4.625%, 

4/15/2029

d

312,146

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

36,000

7.875%, 

5/1/2027

d

36,561

68,000

6.375%, 

2/1/2030

a,d

66,278

Watco

Companies,

LLC/Watco

Finance

Corporation

71,000

7.125%, 

8/1/2032

d

73,490

Total

4,111,458

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

U.S.

Government

&

Agencies  2.7%

U.S.

Treasury

Bonds

$

1,500,000

2.875%, 

5/15/2052

$

1,070,391

611,000

3.625%, 

5/15/2053

504,648

680,000

1.625%, 

11/15/2050

364,862

4,000,000

4.750%, 

11/15/2053

4,006,875

5,830,000

5.250%, 

11/15/2028

6,103,054

2,050,000

4.375%, 

5/15/2040

2,028,619

7,430,000

1.375%, 

11/15/2040

4,847,495

11,465,000

3.000%, 

5/15/2042

9,301,429

2,500,000

3.250%, 

5/15/2042

2,100,195

25,124,000

2.500%, 

5/15/2046

17,666,294

16,725,000

2.875%, 

5/15/2049

12,201,410

U.S.

Treasury

Notes

2,500,000

4.250%, 

12/31/2025

2,501,738

12,650,000

2.625%, 

1/31/2026

12,593,791

2,500,000

0.500%, 

2/28/2026

2,465,312

25,060,000

2.500%, 

2/28/2026

24,914,632

100,000

4.625%, 

2/28/2026

100,277

10,500,000

3.500%, 

9/30/2026

10,477,852

2,850,000

3.875%, 

5/31/2027

2,859,908

20,005,000

2.250%, 

11/15/2027

19,448,611

10,550,000

3.875%, 

12/31/2027

10,608,107

300,000

0.750%, 

1/31/2028

280,922

3,200,000

3.625%, 

3/31/2028

3,200,875

18,050,000

2.875%, 

5/15/2028

17,712,268

2,500,000

3.750%, 

12/31/2028

2,507,910

10,600,000

3.500%, 

9/30/2029

10,525,055

17,810,000

4.000%, 

3/31/2030

18,013,841

1,900,000

3.625%, 

8/31/2030

1,890,203

160,000

1.375%, 

11/15/2031

138,488

4,400,000

4.125%, 

11/15/2032

4,451,219

1,400,000

3.500%, 

2/15/2033

1,359,148

7,900,000

4.500%, 

11/15/2033

8,167,859

Total

214,413,288

Utilities  0.2%

AEP

Texas,

Inc.

176,000

5.850%, 

10/15/2055

175,213

AES

Corporation

96,000

7.600%, 

1/15/2055

e

99,442

450,000

3.950%, 

7/15/2030

d

434,533

Algonquin

Power

&

Utilities

Corporation

263,000

4.750%, 

1/18/2082

e

256,622

Alpha

Generation,

LLC

52,000

6.750%, 

10/15/2032

d

53,679

American

Water

Capital

Corporation

150,000

5.700%, 

9/1/2055

152,349

Atmos

Energy

Corporation

125,000

5.450%, 

1/15/2056

h

123,547

Berkshire

Hathaway

Energy

Company

375,000

4.500%, 

2/1/2045

332,015

Calpine

Corporation

125,000

4.500%, 

2/15/2028

d

124,473

Capital

Power

US

Holdings,

Inc.

257,000

5.257%, 

6/1/2028

d

261,883

Commonwealth

Edison

Company

355,000

3.700%, 

3/1/2045

281,154

Consolidated

Edison

Company

of

New

York,

Inc.

168,000

4.500%, 

12/1/2045

147,285

450,000

4.125%, 

5/15/2049

364,754

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Utilities  0.2%

-

continued

Constellation

Energy

Generation,

LLC

$

108,000

6.125%, 

1/15/2034

$

117,528

Consumers

Energy

Company

367,000

4.350%, 

4/15/2049

314,222

Dominion

Energy,

Inc.

29,000

6.875%, 

2/1/2055

e

30,354

29,000

7.000%, 

6/1/2054

e

31,444

DTE

Electric

Company

265,000

3.700%, 

3/15/2045

208,714

145,000

3.700%, 

6/1/2046

113,436

Duke

Energy

Carolinas,

LLC

340,000

3.700%, 

12/1/2047

261,538

Duke

Energy

Corporation

41,000

6.450%, 

9/1/2054

e

43,307

326,000

5.450%, 

6/15/2034

339,088

Duke

Energy

Indiana,

LLC

295,000

3.750%, 

5/15/2046

232,715

Enel

Finance

International

NV

220,000

5.125%, 

6/26/2029

d

225,372

Entergy

Louisiana,

LLC

60,000

5.800%, 

3/15/2055

61,432

Exelon

Corporation

275,000

4.700%, 

4/15/2050

237,410

336,000

4.450%, 

4/15/2046

286,099

FirstEnergy

Corporation

281,000

4.850%, 

7/15/2047

248,729

Georgia

Power

Company

190,000

4.950%, 

5/17/2033

193,818

102,000

5.250%, 

3/15/2034

105,217

Hawaiian

Electric

Company,

Inc.

36,000

6.000%, 

10/1/2033

d

36,313

ITC

Holdings

Corporation

224,000

5.300%, 

7/1/2043

214,817

Jersey

Central

Power

&

Light

Company

200,000

2.750%, 

3/1/2032

d

178,823

Lightning

Power,

LLC

124,000

7.250%, 

8/15/2032

d

131,281

Long

Ridge

Energy,

LLC

93,000

8.750%, 

2/15/2032

d

95,595

MidAmerican

Energy

Company

253,000

5.850%, 

9/15/2054

266,381

National

Rural

Utilities

Cooperative

Finance

Corporation

138,000

3.700%, 

3/15/2029

136,041

NextEra

Energy

Capital

Holdings,

Inc.

219,000

5.900%, 

3/15/2055

225,698

116,000

5.300%, 

3/15/2032

120,463

NiSource,

Inc.

29,000

6.375%, 

3/31/2055

e

30,015

415,000

5.650%, 

2/1/2045

413,381

NRG

Energy,

Inc.

50,000

3.375%, 

2/15/2029

d

47,266

165,000

5.250%, 

6/15/2029

d

164,466

48,000

6.000%, 

2/1/2033

d

48,747

220,000

5.750%, 

1/15/2034

d,h

219,775

118,000

6.250%, 

11/1/2034

d

120,961

Pacific

Gas

and

Electric

Company

213,000

5.550%, 

5/15/2029

219,250

199,000

4.550%, 

7/1/2030

197,618

102,000

5.800%, 

5/15/2034

105,689

Principal

Amount

Long-Term

Fixed

Income  8.5%

Value

Utilities  0.2%

-

continued

PG&E

Corporation

$

50,000

5.000%, 

7/1/2028

$

49,537

PPL

Capital

Funding,

Inc.

225,000

5.250%, 

9/1/2034

230,119

PPL

Electric

Utilities

Corporation

204,000

3.950%, 

6/1/2047

166,295

Public

Service

Company

of

Colorado

267,000

4.500%, 

6/1/2052

224,737

Public

Service

Enterprise

Group,

Inc.

321,000

4.900%, 

3/15/2030

328,113

RWE

Finance

US,

LLC

150,000

5.875%, 

9/18/2055

d

148,204

San

Diego

Gas

&

Electric

Company

500,000

4.150%, 

5/15/2048

405,581

Southern

California

Edison

Company

87,000

5.450%, 

3/1/2035

88,050

Southern

Company

274,000

5.113%, 

8/1/2027

278,634

312,000

4.850%, 

3/15/2035

308,800

Southern

Company

Gas

Capital

Corporation

140,000

4.400%, 

5/30/2047

117,598

Southwestern

Electric

Power

Company

180,000

3.900%, 

4/1/2045

139,629

Talen

Energy

Supply,

LLC

116,000

8.625%, 

6/1/2030

d

123,139

TerraForm

Power

Operating,

LLC

298,000

5.000%, 

1/31/2028

d

295,849

Virginia

Electric

and

Power

Company

77,000

5.350%, 

1/15/2054

73,994

284,000

4.600%, 

12/1/2048

247,962

Vistra

Corporation

57,000

8.000%, 

10/15/2026

d,e,k

58,303

143,000

7.000%, 

12/15/2026

d,e,k

145,184

Vistra

Operations

Company,

LLC

131,000

5.000%, 

7/31/2027

d

130,566

Xcel

Energy,

Inc.

163,000

4.600%, 

6/1/2032

161,718

118,000

5.600%, 

4/15/2035

122,323

XPLR

Infrastructure

Operating

Partners,

LP

198,000

3.875%, 

10/15/2026

d

195,158

Total

12,869,445

Total

Long-Term

Fixed

Income

(cost

$693,678,720)

667,409,762

Shares

Private

Equity

Funds

1.2%

Value

Secondary  1.2%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,c

12,688,165

1

ASF

IX,

LP

*,b,c

12,955,312

1

ASF

VIII

Sidecar

(Cayman),

LP

*,b,c

2,295,537

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,b,c

13,707,203

1

LCP

X

(Offshore),

LP

*,b,c

35,832,966

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Shares

Private

Equity

Funds

1.2%

Value

Secondary  1.2%

-

continued

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,c

$

18,302,226

Total

95,781,409

Total

Private

Equity

Funds

(cost

$74,397,295)

95,781,409

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

7,673,981

Thrivent

Cash

Management

Trust

7,673,981

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,673,981)

7,673,981

Shares

or

Principal

Amount

Short-Term

Investments

15.3%

Value

Federal

Farm

Credit

Bank

Discount

Notes

10,800,000

4.250%,

10/2/2025

m

10,797,582

Federal

Home

Loan

Bank

Discount

Notes

2,400,000

4.259%,

10/8/2025

m,n

2,397,851

1,300,000

4.260%,

10/10/2025

m,n

1,298,545

13,100,000

4.250%,

10/24/2025

m,n

13,064,805

1,200,000

4.240%,

10/29/2025

m,n

1,196,104

4,300,000

4.150%,

11/3/2025

m,n

4,284,446

11,300,000

4.150%,

11/19/2025

m,n

11,239,890

10,200,000

3.935%,

12/12/2025

m,n

10,120,266

12,900,000

3.890%,

12/17/2025

m,n

12,792,253

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

4.200%,

10/8/2025

m,n

99,910

200,000

4.110%,

11/21/2025

m,n

198,894

8,300,000

3.877%,

12/8/2025

m,n

8,238,673

8,500,000

3.900%,

12/23/2025

m,n

8,423,542

Federal

National

Mortgage

Association

Discount

Notes

700,000

4.155%,

10/22/2025

m,n

698,276

100,000

4.025%,

12/2/2025

m,n

99,325

10,300,000

3.960%,

12/3/2025

m,n

10,229,411

3,000,000

3.955%,

12/4/2025

m,n

2,979,119

8,100,000

3.860%,

12/22/2025

m,n

8,028,008

State

Street

Institutional

U.S.

Government

Money

Market

Fund

356,029,798

4.090%

m

356,029,798

Thrivent

Core

Short-Term

Reserve

Fund

73,471,566

4.410%

734,715,661

U.S.

Treasury

Bills

300,000

4.251%,

10/2/2025

m

299,966

1,400,000

4.206%,

10/14/2025

m,o

1,397,958

1,000,000

4.229%,

10/16/2025

m

998,311

300,000

4.230%,

10/23/2025

m

299,262

1,000,000

3.876%,

12/23/2025

m,o

991,088

Total

Short-Term

Investments

(cost

$1,200,851,487)

1,200,918,944

Total

Investments

(cost

$6,168,632,124)

100.3%

$7,879,087,498

Other

Assets

and

Liabilities,

Net

(0.3%)

(21,296,628)

Total

Net

Assets

100.0%

$7,857,790,870

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

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,

2025,

the

value

of

these

investments

was

$124,539,971

or

1.6%

of

total

net

assets.

e

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

f

Denotes

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,

2025.

g

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

i

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

j

Denotes

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,

2025.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Aggressive

Allocation

Portfolio

as

of

September

30,

2025

was

$95,811,159

or

1.22%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2025.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

9,981,570

ASF

IX,

LP 

3/18/2024

10,057,367

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,025,563

Credit

Suisse

Group

AG 

9/5/2018

350,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

10,400,000

LCP

X

(Offshore),

LP 

10/25/2023

27,589,003

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

14,343,792

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,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

6,992,102

Common

Stock

385,253

Total

lending

$7,377,355

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,673,981

Net

amounts

due

to

counterparty

$296,626

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

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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

SLST

-

Seasoned

Loans

Structured

Transactions

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

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

3,023,319,773

3,023,319,773

–

–

U.S.

Unaffiliated

34,367,871

34,367,871

–

–

Common

Stock

Communications

Services

305,297,102

305,297,102

–

–

Consumer

Discretionary

319,668,726

319,668,726

–

–

Consumer

Staples

56,570,101

56,570,101

–

–

Energy

52,153,498

52,153,498

–

–

Financials

296,381,746

296,282,593

–

99,153

Health

Care

217,896,951

217,896,951

–

–

Industrials

210,444,050

210,310,943

133,107

–

Information

Technology

870,016,535

865,527,215

4,489,320

–

Materials

50,753,706

50,593,591

160,115

–

Real

Estate

46,035,088

46,035,088

–

–

Utilities

43,985,265

43,985,265

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

14,501,822

–

14,501,822

–

Basic

Materials

5,409,550

–

5,409,550

–

Capital

Goods

11,359,642

–

11,359,642

–

Collateralized

Mortgage

Obligations

38,162,190

–

38,162,190

–

Commercial

Mortgage-Backed

Securities

9,914,228

–

9,914,228

–

Communications

Services

17,122,997

–

17,122,997

–

Consumer

Cyclical

23,439,799

–

23,439,799

–

Consumer

Non-Cyclical

23,781,390

–

23,781,390

–

Energy

17,046,245

–

17,046,245

–

Financials

60,827,506

–

60,827,506

–

Foreign

Government

1,173,906

–

1,173,906

–

Mortgage-Backed

Securities

199,238,159

–

199,238,159

–

Technology

14,038,137

–

14,038,137

–

Transportation

4,111,458

–

4,111,458

–

U.S.

Government

&

Agencies

214,413,288

–

214,413,288

–

Utilities

12,869,445

–

12,869,445

–

Private

Equity

Funds

Secondary

95,781,409

–

–

95,781,409

Short-Term

Investments

466,203,283

356,029,798

110,173,485

–

Subtotal

Investments

in

Securities

$6,756,284,866

$5,878,038,515

$782,365,789

$95,880,562

Other

Investments  *

Total

Affiliated

Short-Term

Investments

734,715,661

U.S.

Affiliated

Registered

Investment

Cos.

380,412,990

Collateral

Held

for

Securities

Loaned

7,673,981

Subtotal

Other

Investments

$1,122,802,632

Total

Investments

at

Value

$7,879,087,498

*

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,

2025,

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

22,098,532

22,098,532

–

–

Credit

Default

Swaps

2,442

–

2,442

–

Total

Asset

Derivatives

$22,100,974

$22,098,532

$2,442

$–

Liability

Derivatives

Futures

Contracts

5,782,868

3,355,834

2,427,034

–

Total

Liability

Derivatives

$5,782,868

$3,355,834

$2,427,034

$–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderately

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

12/31/2024

Realized

Gain/

(Loss)

%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

9/30/2025

Common

Stock

Financials

 $-

$- 

$52,480 

$46,673 

$- 

$- 

$- 

$99,153 

Private

Equity

Funds

 Secondary

65,841,314

- 

9,508,845

33,409,125

(12,977,875)  

-

- 

95,781,409

Total 

$65,841,314

$-  

$9,561,325

$33,455,798

$(12,977,875) 

$-

$-

$95,880,562

 Investments

in

Securities

Ending

Value  

9/30/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$95,781,409

Adjusted

reported

investment

of

net

asset

value

Fair

Value

adjustment

**

N/A

Total 

$95,781,409

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$95,389,318

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

399

December

2025

$

44,760,770

$

126,730

CBOT

2-Yr.

U.S.

Treasury

Note

616

December

2025

128,397,931

(

24,492)

CBOT

5-Yr.

U.S.

Treasury

Note

688

December

2025

75,144,089

(

17,716)

CBOT

U.S.

Long

Bond

193

December

2025

22,089,468

413,126

CME

E-mini

Russell

2000

Index

25

December

2025

3,050,316

19,059

CME

E-mini

S&P

500

Index

3,806

December

2025

1,265,310,450

17,073,675

CME

E-mini

S&P

Mid-Cap

400

Index

4

December

2025

1,333,149

(

18,669)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

207

December

2025

24,266,502

586,435

Ultra

10-Yr.

U.S.

Treasury

Note

256

December

2025

29,212,710

247,291

Total

Futures

Long

Contracts

$

1,593,565,385

$

18,405,439

CME

E-mini

Russell

2000

Index

(198)

December

2025

(

$

24,169,619)

(

$

139,831)

CME

E-mini

S&P

Mid-Cap

400

Index

(654)

December

2025

(

218,454,191)

3,536,711

CME

Euro

Foreign

Exchange

Currency

(377)

December

2025

(

55,665,305)

95,505

Eurex

Euro

STOXX

50

Index

(1,344)

December

2025

(

85,211,075)

(

2,427,034)

ICE

mini

MSCI

EAFE

Index

(1,644)

December

2025

(

228,354,384)

(

597,276)

ICE

US

mini

MSCI

Emerging

Markets

Index

(2,079)

December

2025

(

138,782,965)

(

2,557,850)

Total

Futures

Short

Contracts

(

$

750,637,539)

($2,089,775)

Total

Futures

Contracts

$

842,927,846

$16,315,664

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2025.

Investments

totaling

$2,389,046

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

45,

5

Year,

at

5.00%,

Quarterly

Sell

12/20/2030

(

$

26,456,000)

$

–

$

2,442

$

2,442

Total

Credit

Default

Swaps

$–

$2,442

$2,442

1

As

the

buyer

of

protection,

Moderately

Aggressive

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Aggressive

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Aggressive

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$51,386

$2,320

$2,345

$54,567

6,308

0.7%

Core

Emerging

Markets

Equity

128,762

–

–

163,034

13,875

2.1

Core

International

Equity

52,512

–

10

66,013

5,137

0.8

Core

Low

Volatility

Equity

5,753

–

–

6,348

517

0.1

Core

Mid

Cap

Value

90,954

–

36,000

58,106

5,070

0.7

Core

Small

Cap

Value

68,864

–

36,000

32,345

2,917

0.4

Global

Stock

609,566

69,596

–

713,782

45,420

9.1

High

Yield

38,508

1,879

516

40,707

9,530

0.5

Income

110,824

3,764

8,225

109,987

12,163

1.4

International

Equity

513,273

13,346

–

644,619

54,776

8.2

International

Index

49,182

1,290

–

61,852

3,761

0.8

Large

Cap

Value

822,263

119,221

–

937,448

40,189

11.9

Mid

Cap

Stock

416,337

47,004

141,010

282,906

14,552

3.6

Short-Term

Bond

64,093

1,970

3,865

63,198

6,368

0.8

Small

Cap

Stock

193,535

11,698

25,000

168,821

9,094

2.2

Total

U.S.

Affiliated

Registered

Investment

Companies

3,215,812

3,403,733

43.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

1,033,703

218,490

517,477

734,716

73,472

9.4

Total

Affiliated

Short-Term

Investments

1,033,703

734,716

9.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,600

374,000

370,926

7,674

7,674

0.1

Total

Collateral

Held

for

Securities

Loaned

4,600

7,674

0.1

Total

Value

$4,254,115

$4,146,123

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($475)

$3,681

$

–

$2,320

Core

Emerging

Markets

Equity

–

34,272

–

–

Core

International

Equity

0

13,511

–

–

Core

Low

Volatility

Equity

–

595

–

–

Core

Mid

Cap

Value

Fund

2,504

648

–

–

Core

Small

Cap

Value

Fund

2,278

(2,797)

–

–

Global

Stock

–

34,620

57,812

11,784

High

Yield

(65)

901

–

1,879

Income

(1,020)

4,644

–

3,766

International

Equity

–

118,000

–

13,347

International

Index

–

11,380

–

1,290

Large

Cap

Value

–

(4,036)

105,383

13,836

Mid

Cap

Stock

12,930

(52,355)

43,693

3,312

Short-Term

Bond

4

996

–

1,970

Small

Cap

Stock

(3,352)

(8,060)

10,590

1,108

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

5

(5)

–

24,764

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$79,376

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

24

Total

Affiliated

Income

from

Securities

Loaned,

Net

$24

Total

Value

$12,809

$155,995

$

217,478

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Long-Term

Fixed

Income

34.0%

Value

Asset-Backed

Securities  0.9%

Access

Group,

Inc.

$

84,112

4.971%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

a,b

$

84,086

ALLO

Issuer,

LLC

1,925,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

a

1,953,249

Balboa

Bay

Loan

Funding,

Ltd.

1,300,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

1,300,737

Barings

CLO,

Ltd.

1,525,000

6.229%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

a,b

1,524,947

CarVal

CLO

I,

Ltd.

1,250,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

1,251,030

CMFT

Net

Lease

Master

Issuer,

LLC

1,316,844

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

a

1,215,743

Commonbond

Student

Loan

Trust

90,090

4.772%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

89,027

Foundation

Finance

Trust

478,970

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

454,881

Goodgreen

1,153,774

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

1,052,588

Hertz

Vehicle

Financing

III,

LLC

1,000,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

1,010,486

Hotwire

Funding,

LLC

1,750,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,779,605

HTAP

Issuer

Trust

1,269,499

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

1,265,937

Laurel

Road

Prime

Student

Loan

Trust

497,823

5.970%, 

11/25/2043,

Ser.

2018-D,

Class

A

a,b

474,760

LCM

41,

Ltd.

725,000

6.318%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

a,b

726,272

MFA

Trust

1,102,048

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c

1,103,389

National

Collegiate

Trust

317,204

4.890%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

310,409

Oak

Street

Investment

1,560,572

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

1,489,894

Palmer

Square

Loan

Funding,

Ltd.

1,000,000

5.811%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

991,532

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Asset-Backed

Securities  0.9%

-

continued

PRET,

LLC

$

2,241,419

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

a,c

$

2,250,720

924,203

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,c

930,714

PRPM,

LLC

1,378,357

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

a,c

1,379,650

Renaissance

Home

Equity

Loan

Trust

2,167,539

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

c

684,709

Saxon

Asset

Securities

Trust

860,035

3.030%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

772,825

Sunnova

Hestia

II

Issuer,

LLC

1,185,775

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

1,187,139

Unlock

HEA

Trust

1,182,108

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,185,014

1,429,079

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

1,426,480

Vericrest

Opportunity

Loan

Transferee

804,545

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

803,878

863,159

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

859,635

Wind

River

CLO,

Ltd.

366,267

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

366,276

Total

29,925,612

Basic

Materials  0.3%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

216,000

8.625%, 

6/15/2029

a

228,644

Alumina,

Pty.

Ltd.

200,000

6.125%, 

3/15/2030

a

204,539

Avient

Corporation

220,000

6.250%, 

11/1/2031

a

223,415

Axalta

Coating

Systems

Dutch

Holding

B

BV

182,000

7.250%, 

2/15/2031

a

190,412

Cascades,

Inc./Cascades

USA,

Inc.

221,000

6.750%, 

7/15/2030

a

225,089

Celanese

US

Holdings,

LLC

59,000

6.850%, 

11/15/2028

61,226

98,000

6.500%, 

4/15/2030

e

98,641

83,000

6.629%, 

7/15/2032

84,810

33,000

6.750%, 

4/15/2033

e

32,861

Cerdia

Finanz

GmbH

250,000

9.375%, 

10/3/2031

a

264,688

Chemours

Company

350,000

5.750%, 

11/15/2028

a

341,381

Cleveland-Cliffs,

Inc.

230,000

4.625%, 

3/1/2029

a

221,595

170,000

6.875%, 

11/1/2029

a

173,241

277,000

4.875%, 

3/1/2031

a,e

258,607

100,000

7.375%, 

5/1/2033

a

102,087

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Basic

Materials  0.3%

-

continued

$

129,000

6.250%, 

10/1/2040

$

109,713

Consolidated

Energy

Finance

SA

429,000

5.625%, 

10/15/2028

a

357,353

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

119,000

6.125%, 

6/15/2028

a

118,807

Eastman

Chemical

Company

430,000

5.000%, 

8/1/2029

437,898

First

Quantum

Minerals,

Ltd.

94,000

9.375%, 

3/1/2029

a

99,624

Fortescue

Treasury,

Pty.

Ltd.

79,000

4.500%, 

9/15/2027

a

78,640

129,000

5.875%, 

4/15/2030

a

132,209

132,000

6.125%, 

4/15/2032

a

136,403

Glencore

Funding,

LLC

654,000

4.907%, 

4/1/2028

a

664,299

Hecla

Mining

Company

97,000

7.250%, 

2/15/2028

97,877

INEOS

Finance

plc

389,000

7.500%, 

4/15/2029

a,e

378,457

Magnera

Corporation

320,000

7.250%, 

11/15/2031

a,e

301,114

Mercer

International,

Inc.

157,000

5.125%, 

2/1/2029

115,727

Methanex

Corporation

129,000

5.250%, 

12/15/2029

e

128,810

33,000

5.650%, 

12/1/2044

28,176

Methanex

US

Operations,

Inc.

133,000

6.250%, 

3/15/2032

a

135,323

Mineral

Resources,

Ltd.

211,000

9.250%, 

10/1/2028

a

221,088

87,000

8.500%, 

5/1/2030

a,e

90,493

49,000

7.000%, 

4/1/2031

a,f

49,634

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

183,000

5.350%, 

3/15/2034

190,876

Novelis

Corporation

135,000

4.750%, 

1/30/2030

a

130,230

160,000

3.875%, 

8/15/2031

a

145,870

Olin

Corporation

89,000

6.625%, 

4/1/2033

a

89,459

Qnity

Electronics,

Inc.

307,000

5.750%, 

8/15/2032

a

309,341

Smurfit

Kappa

Treasury,

ULC

500,000

5.777%, 

4/3/2054

509,858

SNF

Group

SACA

302,000

3.375%, 

3/15/2030

a

280,357

Solstice

Advanced

Materials,

Inc.

122,000

5.625%, 

9/30/2033

a

122,403

Steel

Dynamics,

Inc.

205,000

5.250%, 

5/15/2035

209,473

SunCoke

Energy,

Inc.

378,000

4.875%, 

6/30/2029

a

353,290

Taseko

Mines,

Ltd.

269,000

8.250%, 

5/1/2030

a

284,910

Total

9,018,948

Capital

Goods  0.6%

Advanced

Drainage

Systems,

Inc.

264,000

6.375%, 

6/15/2030

a

268,676

AECOM

248,000

6.000%, 

8/1/2033

a

253,553

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Capital

Goods  0.6%

-

continued

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

$

126,000

7.000%, 

5/21/2030

a

$

130,322

Amrize

Finance

US,

LLC

271,000

5.400%, 

4/7/2035

a

279,167

Amsted

Industries,

Inc.

280,000

6.375%, 

3/15/2033

a

287,386

ATI,

Inc.

186,000

7.250%, 

8/15/2030

195,241

Axon

Enterprise,

Inc.

49,000

6.125%, 

3/15/2030

a

50,324

49,000

6.250%, 

3/15/2033

a

50,436

BAE

Systems

plc

400,000

5.250%, 

3/26/2031

a

414,785

Ball

Corporation

159,000

3.125%, 

9/15/2031

144,339

Boeing

Company

299,000

6.259%, 

5/1/2027

307,646

335,000

6.388%, 

5/1/2031

364,854

508,000

5.705%, 

5/1/2040

518,354

Bombardier,

Inc.

92,000

6.000%, 

2/15/2028

a

92,233

109,000

7.250%, 

7/1/2031

a

115,544

373,000

7.000%, 

6/1/2032

a,e

389,853

63,000

6.750%, 

6/15/2033

a

65,744

120,000

7.450%, 

5/1/2034

a

132,537

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

114,000

7.500%, 

2/1/2032

a

115,179

Builders

FirstSource,

Inc.

265,000

5.000%, 

3/1/2030

a

262,306

128,000

6.750%, 

5/15/2035

a

133,649

Canpack

SA/Canpack

US,

LLC

287,000

3.875%, 

11/15/2029

a

269,319

Chart

Industries,

Inc.

135,000

7.500%, 

1/1/2030

a

140,499

Clean

Harbors,

Inc.

114,000

6.375%, 

2/1/2031

a

116,740

Clydesdale

Acquisition

Holdings,

Inc.

55,000

6.625%, 

4/15/2029

a

55,627

247,000

6.875%, 

1/15/2030

a

253,375

56,000

8.750%, 

4/15/2030

a

57,526

130,000

6.750%, 

4/15/2032

a

133,362

Crown

Cork

&

Seal

Company,

Inc.

183,000

7.375%, 

12/15/2026

188,711

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

401,000

6.625%, 

12/15/2030

a

412,208

ESAB

Corporation

107,000

6.250%, 

4/15/2029

a

109,921

General

Dynamics

Corporation

70,000

4.950%, 

8/15/2035

71,307

GFL

Environmental,

Inc.

298,000

4.000%, 

8/1/2028

a

290,932

Herc

Holdings,

Inc.

84,000

5.500%, 

7/15/2027

a

83,790

212,000

6.625%, 

6/15/2029

a

217,831

159,000

7.000%, 

6/15/2030

a

165,157

115,000

7.250%, 

6/15/2033

a

120,049

Ingersoll

Rand,

Inc.

128,000

5.700%, 

8/14/2033

135,977

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Capital

Goods  0.6%

-

continued

Lockheed

Martin

Corporation

$

284,000

6.150%, 

9/1/2036

$

315,047

Martin

Marietta

Materials,

Inc.

249,000

5.150%, 

12/1/2034

254,117

Mueller

Water

Products,

Inc.

232,000

4.000%, 

6/15/2029

a

223,413

Nesco

Holdings

II,

Inc.

97,000

5.500%, 

4/15/2029

a

94,996

New

Enterprise

Stone

and

Lime

Company,

Inc.

258,000

5.250%, 

7/15/2028

a

255,619

Nordson

Corporation

512,000

5.600%, 

9/15/2028

530,025

Northrop

Grumman

Corporation

935,000

3.850%, 

4/15/2045

760,351

OI

European

Group

BV

278,000

4.750%, 

2/15/2030

a

265,295

Owens-Brockway

Glass

Container,

Inc.

221,000

6.625%, 

5/13/2027

a

220,591

105,000

7.375%, 

6/1/2032

a,e

106,017

Quikrete

Holdings,

Inc.

495,000

6.375%, 

3/1/2032

a

512,743

QXO

Building

Products,

Inc.

192,000

6.750%, 

4/30/2032

a

198,796

Regal

Rexnord

Corporation

670,000

6.050%, 

2/15/2026

673,243

Resideo

Funding,

Inc.

270,000

6.500%, 

7/15/2032

a

276,724

Reworld

Holding

Corporation

208,000

4.875%, 

12/1/2029

a

195,617

Roller

Bearing

Company

of

America,

Inc.

85,000

4.375%, 

10/15/2029

a

82,556

RTX

Corporation

159,000

6.400%, 

3/15/2054

177,891

775,000

4.450%, 

11/16/2038

729,321

600,000

4.500%, 

6/1/2042

542,574

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

206,000

6.125%, 

2/1/2028

a

208,845

Siemens

Funding

BV

200,000

5.800%, 

5/28/2055

a

214,598

Smyrna

Ready

Mix

Concrete,

LLC

323,000

8.875%, 

11/15/2031

a,e

341,070

Sonoco

Products

Company

450,000

4.600%, 

9/1/2029

452,671

Spirit

AeroSystems,

Inc.

690,000

4.600%, 

6/15/2028

689,114

79,000

9.750%, 

11/15/2030

a

86,884

SRM

Escrow

Issuer,

LLC

108,000

6.000%, 

11/1/2028

a

108,034

Standard

Building

Solutions,

Inc.

279,000

6.250%, 

8/1/2033

a

282,734

Standard

Industries,

Inc./NY

129,000

4.750%, 

1/15/2028

a

127,890

129,000

3.375%, 

1/15/2031

a

116,818

TopBuild

Corporation

87,000

4.125%, 

2/15/2032

a

81,558

61,000

5.625%, 

1/31/2034

a

60,778

Trane

Technologies

Financing,

Ltd.

283,000

5.100%, 

6/13/2034

290,544

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Capital

Goods  0.6%

-

continued

TransDigm,

Inc.

$

309,000

6.750%, 

8/15/2028

a

$

314,889

228,000

7.125%, 

12/1/2031

a

237,824

378,000

6.625%, 

3/1/2032

a

389,168

332,000

6.000%, 

1/15/2033

a

335,680

31,000

6.250%, 

1/31/2034

a,e

31,881

61,000

6.750%, 

1/31/2034

a

63,072

United

Rentals

North

America,

Inc.

175,000

4.875%, 

1/15/2028

174,466

360,000

4.000%, 

7/15/2030

344,340

Waste

Pro

USA,

Inc.

110,000

7.000%, 

2/1/2033

a

113,938

WESCO

Distribution,

Inc.

135,000

6.375%, 

3/15/2029

a

138,993

95,000

6.625%, 

3/15/2032

a

98,726

Total

19,113,910

Collateralized

Mortgage

Obligations  2.4%

A&D

Mortgage

Trust

1,087,896

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,c

1,103,853

Alternative

Loan

Trust

591,303

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

297,750

BINOM

Securitization

Trust

724,942

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

a,b

663,625

Chase

Home

Lending

Mortgage

Trust

1,350,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

a,b

1,375,237

CHNGE

Mortgage

Trust

820,194

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

826,087

Citicorp

Mortgage

Securities,

Inc.

907,418

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

831,586

COLT

Mortgage

Loan

Trust

1,359,251

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

1,227,072

Countrywide

Alternative

Loan

Trust

689,293

3.963%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

590,268

1,039,233

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

342,290

Cross

Mortgage

Trust

1,159,428

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

a,b

1,168,128

CSMC

Trust

809,336

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

806,494

985,606

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

872,586

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,063,206

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

3,028,026

1,550,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

1,517,130

2,300,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

2,318,812

1,150,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

1,139,687

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Collateralized

Mortgage

Obligations  2.4%

-

continued

$

2,250,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

$

2,189,720

3,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

3,269,748

2,023,120

7.932%, 

(SOFR30A

+

4.000%),

10/25/2025,

Ser.

5567,

Class

MB

b

2,061,144

716,515

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

44,991

881,334

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

g

69,513

2,290,076

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

2,304,887

2,650,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,213,763

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,450,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

d

1,254,962

Federal

National

Mortgage

Association

-

REMIC

2,100,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

2,076,068

2,254,541

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

2,255,172

1,400,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

1,362,779

2,223,712

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

1,811,337

522,264

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

g

9,614

Flagstar

Mortgage

Trust

911,578

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

821,912

GCAT

Trust

1,139,177

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

1,040,936

2,251,967

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

2,282,756

GS

Mortgage-Backed

Securities

Trust

2,222,818

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

a,b

1,921,933

2,375,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

a,b

2,368,015

HOMES

Trust

1,293,000

6.996%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

1,293,650

J.P.

Morgan

Mortgage

Trust

1,951,750

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

a,b

1,625,033

1,326,162

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

1,133,282

LHOME

Mortgage

Trust

1,400,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,c

1,408,341

Mello

Mortgage

Capital

Acceptance

1,965,846

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

a,b

1,628,685

Merrill

Lynch

Alternative

Note

Asset

Trust

184,045

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

58,872

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Collateralized

Mortgage

Obligations  2.4%

-

continued

Morgan

Stanley

Residential

Mortgage

Loan

Trust

$

500,000

7.402%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

$

507,048

New

Residential

Mortgage

Loan

Trust

3,695,308

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

a,b

3,070,858

OBX

Trust

1,400,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

a,b

1,297,702

Palisades

Mortgage

Loan

Trust

522,614

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

522,614

PMT

Loan

Trust

2,300,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

a,b

2,360,273

2,325,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

a,b

2,322,222

PRET

Trust

1,091,146

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

a,c

1,056,673

PRPM,

LLC

1,300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

1,240,363

RCO

IX

Mortgage,

LLC

1,443,586

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,c

1,448,640

Residential

Accredit

Loans,

Inc.

Trust

397,112

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

353,402

Residential

Asset

Securitization

Trust

1,477,934

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

769,022

Saluda

Grade

Alternative

Mortgage

Trust

2,100,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,c

2,125,026

1,600,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

1,610,482

Santander

Mortgage

Asset

Receivable

Trust

1,000,000

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

a,b

999,378

Sequoia

Mortgage

Trust

1,150,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

a,b

1,148,032

442,088

3.573%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

290,121

Toorak

Mortgage

Trust

1,050,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,c

1,056,924

TRK

Trust

1,071,352

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

966,142

TVC

Mortgage

Trust

1,350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

1,352,334

Verus

Securitization

Trust

678,888

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

608,830

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Collateralized

Mortgage

Obligations  2.4%

-

continued

Vontive

Mortgage

Trust

$

1,000,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

$

1,017,666

Total

80,739,496

Commercial

Mortgage-Backed

Securities  0.6%

AMSR

Trust

1,100,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

a

1,031,147

1,379,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

a

1,346,199

BANK

2022-BNK39

9,633,948

0.524%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,g

216,554

BANK

2025-BNK49

9,383,776

0.833%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,g

444,720

1,600,000

6.025%, 

3/15/2058,

Ser.

2025-BNK49,

Class

AS

b

1,695,657

BBCMS

Mortgage

Trust

1,050,000

5.586%, 

7/15/2058,

Ser.

2025-C35,

Class

A5

b

1,107,726

17,188,772

1.324%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,g

1,097,176

1,150,000

5.015%, 

9/15/2058,

Ser.

2025-5C37,

Class

A3

1,175,686

14,022,391

1.927%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,g

896,077

Benchmark

Mortgage

Trust

1,250,000

6.090%, 

4/15/2057,

Ser.

2025-V14,

Class

AM

b

1,307,748

FRTKL

Trust

2,350,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

2,283,229

Home

Partners

of

America

Trust

2,494,689

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

2,426,355

1,979,831

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

a

1,785,009

HTAP

Issuer

Trust

2,166,830

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

2,169,454

Morgan

Stanley

Capital

I

Trust

13,064,735

1.906%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,g

879,385

Total

19,862,122

Communications

Services  0.8%

AMC

Networks,

Inc.

314,000

10.250%, 

1/15/2029

a

330,878

American

Tower

Corporation

660,000

2.900%, 

1/15/2030

622,077

265,000

5.000%, 

1/31/2030

271,189

598,000

4.900%, 

3/15/2030

609,805

321,000

5.650%, 

3/15/2033

338,591

AppLovin

Corporation

463,000

5.500%, 

12/1/2034

477,930

AT&T,

Inc.

490,000

5.700%, 

3/1/2057

483,141

805,000

3.650%, 

6/1/2051

582,116

579,000

3.500%, 

9/15/2053

400,496

1,026,000

4.900%, 

8/15/2037

1,000,534

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Communications

Services  0.8%

-

continued

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

$

319,000

5.125%, 

5/1/2027

a

$

316,858

58,000

5.000%, 

2/1/2028

a

57,441

648,000

4.750%, 

3/1/2030

a

621,799

510,000

4.500%, 

8/15/2030

a

481,652

220,000

4.250%, 

2/1/2031

a

202,671

9,000

4.750%, 

2/1/2032

a,e

8,323

132,000

4.500%, 

6/1/2033

a

117,356

465,000

4.250%, 

1/15/2034

a,e

402,022

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

312,000

5.850%, 

12/1/2035

314,980

1,225,000

3.500%, 

6/1/2041

893,765

Clear

Channel

Outdoor

Holdings,

Inc.

173,000

7.875%, 

4/1/2030

a

181,655

Comcast

Corporation

303,000

5.350%, 

5/15/2053

284,121

640,000

4.400%, 

8/15/2035

614,582

885,000

4.750%, 

3/1/2044

797,756

Crown

Castle,

Inc.

488,000

4.900%, 

9/1/2029

495,010

Deluxe

Corporation

187,000

8.125%, 

9/15/2029

a

195,268

Deutsche

Telekom

International

Finance

BV

1,335,000

8.750%, 

6/15/2030

1,573,576

DIRECTV

Financing,

LLC

65,000

8.875%, 

2/1/2030

a

64,461

183,000

8.875%, 

2/1/2030

a

180,753

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

369,000

5.875%, 

8/15/2027

a

368,586

130,000

10.000%, 

2/15/2031

a

129,809

FiberCop

SPA

319,000

6.000%, 

9/30/2034

a

304,059

Frontier

Communications

Holdings,

LLC

295,000

5.875%, 

10/15/2027

a

294,822

Gray

Media,

Inc.

108,000

10.500%, 

7/15/2029

a,e

116,775

94,000

7.250%, 

8/15/2033

a

93,150

Level

3

Financing,

Inc.

67,000

3.625%, 

1/15/2029

a

57,985

130,000

4.875%, 

6/15/2029

a

122,213

282,000

6.875%, 

6/30/2033

a

287,409

277,000

7.000%, 

3/31/2034

a

281,795

Lumen

Technologies,

Inc.

69,709

4.125%, 

4/15/2030

a

68,315

Maya

SAS/Paris,

France

171,000

8.500%, 

4/15/2031

a

183,396

209,000

7.000%, 

4/15/2032

a

213,139

McGraw-Hill

Education,

Inc.

389,000

5.750%, 

8/1/2028

a

388,772

Meta

Platforms,

Inc.

402,000

5.600%, 

5/15/2053

407,767

687,000

5.400%, 

8/15/2054

678,743

Nexstar

Media,

Inc.

200,000

4.750%, 

11/1/2028

a,e

195,208

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Communications

Services  0.8%

-

continued

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

$

181,000

4.625%, 

3/15/2030

a,e

$

173,957

Paramount

Global

113,000

6.375%, 

3/30/2062

b

112,811

Rogers

Communications,

Inc.

98,000

7.000%, 

4/15/2055

b

102,165

200,000

7.125%, 

4/15/2055

b

212,033

620,000

5.000%, 

2/15/2029

631,834

Scripps

Escrow

II,

Inc.

92,000

3.875%, 

1/15/2029

a,e

81,050

Sinclair

Television

Group,

Inc.

66,000

8.125%, 

2/15/2033

a

67,734

Sirius

XM

Radio,

LLC

282,000

5.000%, 

8/1/2027

a

280,646

202,000

4.000%, 

7/15/2028

a

195,187

132,000

3.875%, 

9/1/2031

a,e

119,629

Snap,

Inc.

123,000

6.875%, 

3/15/2034

a

124,492

SoftBank

Corporation

434,000

5.332%, 

7/9/2035

a

437,599

Sprint

Capital

Corporation

874,000

8.750%, 

3/15/2032

1,064,780

Take-Two

Interactive

Software,

Inc.

305,000

5.600%, 

6/12/2034

318,496

Telecom

Italia

Capital

SA

48,000

6.000%, 

9/30/2034

e

48,725

Telenet

Finance

Luxembourg

Notes

SARL

400,000

5.500%, 

3/1/2028

a

396,792

TELUS

Corporation

199,000

6.625%, 

10/15/2055

b

204,873

T-Mobile

USA,

Inc.

909,000

3.600%, 

11/15/2060

617,488

900,000

4.375%, 

4/15/2040

812,645

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

47,000

10.500%, 

2/15/2028

a

49,500

411,000

4.750%, 

4/15/2028

a

402,476

Univision

Communications,

Inc.

53,000

8.000%, 

8/15/2028

a

54,920

445,000

4.500%, 

5/1/2029

a,e

419,736

195,000

7.375%, 

6/30/2030

a,e

195,933

127,000

8.500%, 

7/31/2031

a

131,146

Verizon

Communications,

Inc.

1,842,000

2.650%, 

11/20/2040

1,332,237

469,000

3.400%, 

3/22/2041

370,561

Viasat,

Inc.

133,000

5.625%, 

4/15/2027

a

132,464

Virgin

Media

Finance

plc

165,000

5.000%, 

7/15/2030

a

153,253

Virgin

Media

Secured

Finance

plc

341,000

5.500%, 

5/15/2029

a

337,145

Virgin

Media

Vendor

Financing

Notes

IV

DAC

158,000

5.000%, 

7/15/2028

a

154,769

VMED

O2

UK

Financing

I

plc

135,000

7.750%, 

4/15/2032

a

141,836

Vodafone

Group

plc

124,000

4.125%, 

6/4/2081

b

116,001

194,000

5.125%, 

6/4/2081

b

152,899

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Communications

Services  0.8%

-

continued

VZ

Secured

Financing

BV

$

271,000

5.000%, 

1/15/2032

a

$

245,179

WarnerMedia

Holdings,

Inc.

122,000

5.141%, 

3/15/2052

90,890

528,000

4.054%, 

3/15/2029

509,520

137,000

4.279%, 

3/15/2032

125,526

400,000

5.050%, 

3/15/2042

319,328

Windstream

Services,

LLC

152,000

7.500%, 

10/15/2033

a,f

151,959

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

175,000

8.250%, 

10/1/2031

a

181,278

Zegona

Finance

plc

110,000

8.625%, 

7/15/2029

a

117,095

Ziggo

BV

143,000

4.875%, 

1/15/2030

a

134,972

Total

29,136,308

Consumer

Cyclical  1.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

92,000

3.875%, 

1/15/2028

a

89,796

203,000

4.375%, 

1/15/2028

a

199,464

138,000

6.125%, 

6/15/2029

a

141,105

236,000

5.625%, 

9/15/2029

a

238,838

Adient

Global

Holdings,

Ltd.

87,000

8.250%, 

4/15/2031

a,e

91,244

132,000

7.500%, 

2/15/2033

a,e

136,681

ADT

Security

Corporation

210,000

4.125%, 

8/1/2029

a

203,073

210,000

4.875%, 

7/15/2032

a

203,374

Advance

Auto

Parts,

Inc.

128,000

7.000%, 

8/1/2030

a

131,693

128,000

7.375%, 

8/1/2033

a

132,000

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

201,000

4.625%, 

6/1/2028

a

197,014

285,000

4.625%, 

6/1/2028

a

279,460

Allison

Transmission,

Inc.

101,000

3.750%, 

1/30/2031

a

93,313

American

Axle

&

Manufacturing,

Inc.

373,000

5.000%, 

10/1/2029

e

354,454

122,000

6.375%, 

10/15/2032

a,f

121,794

123,000

7.750%, 

10/15/2033

a,f

123,959

Asbury

Automotive

Group,

Inc.

230,000

5.000%, 

2/15/2032

a

220,853

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

260,000

4.625%, 

8/1/2029

a

248,969

Aston

Martin

Capital

Holdings,

Ltd.

228,000

10.000%, 

3/31/2029

a,e

223,225

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

156,000

9.500%, 

7/1/2032

a

163,273

Beach

Acquisition

Bidco,

LLC

200,000

10.000%, 

7/15/2033

a

215,732

Belron

UK

Finance

plc

311,000

5.750%, 

10/15/2029

a

315,054

Block

Financial,

LLC

490,000

5.375%, 

9/15/2032

493,940

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

Boyd

Gaming

Corporation

$

201,000

4.750%, 

6/15/2031

a

$

193,765

Brightstar

Lottery

plc

322,000

5.250%, 

1/15/2029

a

320,554

Brinker

International,

Inc.

118,000

8.250%, 

7/15/2030

a

124,830

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

267,000

4.875%, 

2/15/2030

a

250,403

Caesars

Entertainment,

Inc.

317,000

4.625%, 

10/15/2029

a

303,127

162,000

6.500%, 

2/15/2032

a

165,238

144,000

6.000%, 

10/15/2032

a,e

141,834

Carnival

Corporation

122,000

5.125%, 

5/1/2029

a,f

122,000

81,000

6.000%, 

5/1/2029

a

82,209

249,000

5.750%, 

8/1/2032

a

253,402

84,000

6.125%, 

2/15/2033

a

86,103

Carvana

Company

134,000

11.000%, 

6/1/2030

a

140,193

151,940

9.000%, 

6/1/2031

a

172,031

Churchill

Downs,

Inc.

76,000

4.750%, 

1/15/2028

a

74,987

164,000

6.750%, 

5/1/2031

a

168,076

Cushman

&

Wakefield

US

Borrower,

LLC

65,000

6.750%, 

5/15/2028

a

65,592

Dana,

Inc.

197,000

4.500%, 

2/15/2032

e

193,978

Denso

Corporation

516,000

4.282%, 

9/17/2030

a

515,451

Dream

Finders

Homes,

Inc.

184,000

6.875%, 

9/15/2030

a

185,095

eG

Global

Finance

plc

65,000

12.000%, 

11/30/2028

a

71,393

Expedia

Group,

Inc.

555,000

5.400%, 

2/15/2035

569,549

Flutter

Treasury

DAC

200,000

5.875%, 

6/4/2031

a

203,004

Ford

Motor

Credit

Company,

LLC

476,000

5.850%, 

5/17/2027

481,884

770,000

2.900%, 

2/10/2029

713,425

605,000

7.122%, 

11/7/2033

646,670

Forestar

Group,

Inc.

99,000

6.500%, 

3/15/2033

a

101,277

FORVIA

SE

200,000

8.000%, 

6/15/2030

a,e

211,617

249,000

6.750%, 

9/15/2033

a

252,625

Gap,

Inc.

93,000

3.625%, 

10/1/2029

a

87,000

78,000

3.875%, 

10/1/2031

a

70,872

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

251,000

7.750%, 

5/31/2032

a

263,300

General

Motors

Company

270,000

5.350%, 

4/15/2028

276,252

General

Motors

Financial

Company,

Inc.

243,000

5.400%, 

5/8/2027

247,120

817,000

5.800%, 

1/7/2029

849,071

650,000

4.900%, 

10/6/2029

657,514

634,000

5.450%, 

7/15/2030

653,139

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

$

135,000

5.625%, 

4/4/2032

$

139,334

Genting

New

York,

LLC/GENNY

Capital,

Inc.

228,000

7.250%, 

10/1/2029

a

235,515

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

126,000

11.500%, 

8/15/2029

a,e

132,930

99,000

8.750%, 

1/15/2032

a

96,277

GLP

Capital,

LP

1,004,000

5.750%, 

6/1/2028

1,031,841

Goodyear

Tire

&

Rubber

Company

130,000

4.875%, 

3/15/2027

129,226

132,000

5.000%, 

7/15/2029

e

127,469

Group

1

Automotive,

Inc.

101,000

6.375%, 

1/15/2030

a

103,326

Hanesbrands,

Inc.

73,000

9.000%, 

2/15/2031

a,e

77,263

Hilton

Domestic

Operating

Company,

Inc.

360,000

4.875%, 

1/15/2030

357,981

65,000

4.000%, 

5/1/2031

a

61,505

377,000

3.625%, 

2/15/2032

a

344,995

125,000

5.750%, 

9/15/2033

a

126,669

Home

Depot,

Inc.

700,000

3.900%, 

6/15/2047

565,191

Hyundai

Capital

America

1,000,000

1.800%, 

1/10/2028

a

945,585

420,000

5.300%, 

6/24/2029

a

430,956

Jacobs

Entertainment,

Inc.

263,000

6.750%, 

2/15/2029

a

256,743

K

Hovnanian

Enterprises,

Inc.

92,000

8.000%, 

4/1/2031

a

94,340

KB

Home

239,000

4.800%, 

11/15/2029

236,524

Kingpin

Intermediate

Holdings,

LLC

100,000

7.250%, 

10/15/2032

a,e

95,018

L

Brands,

Inc.

246,000

6.625%, 

10/1/2030

a

251,485

208,000

6.875%, 

11/1/2035

216,325

Las

Vegas

Sands

Corporation

125,000

5.900%, 

6/1/2027

127,527

566,000

5.625%, 

6/15/2028

578,650

Lennar

Corporation

380,000

5.200%, 

7/30/2030

391,383

Life

Time,

Inc.

187,000

6.000%, 

11/15/2031

a

189,985

Light

&

Wonder

International,

Inc.

122,000

7.250%, 

11/15/2029

a

125,217

Lindblad

Expeditions,

LLC

123,000

7.000%, 

9/15/2030

a

125,373

Lithia

Motors,

Inc.

59,000

4.625%, 

12/15/2027

a

58,419

Live

Nation

Entertainment,

Inc.

145,000

4.750%, 

10/15/2027

a

144,041

Lowe's

Companies,

Inc.

536,000

5.625%, 

4/15/2053

533,027

657,000

2.625%, 

4/1/2031

599,589

Macy's

Retail

Holdings,

LLC

62,000

7.375%, 

8/1/2033

a,e

64,649

148,000

4.500%, 

12/15/2034

129,704

Marriott

International,

Inc./MD

200,000

5.100%, 

4/15/2032

205,262

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

Marriott

Ownership

Resorts,

Inc.

$

490,000

6.500%, 

10/1/2033

a

$

487,758

Match

Group

Holdings

II,

LLC

278,000

4.125%, 

8/1/2030

a

262,569

Mattamy

Group

Corporation

295,000

5.250%, 

12/15/2027

a

293,089

McDonald's

Corporation

590,000

4.450%, 

3/1/2047

510,740

Melco

Resorts

Finance,

Ltd.

361,000

5.375%, 

12/4/2029

a

354,028

335,000

7.625%, 

4/17/2032

a

350,943

249,000

6.500%, 

9/24/2033

a

249,197

Meritage

Homes

Corporation

446,000

5.650%, 

3/15/2035

452,855

MGM

Resorts

International

132,000

4.625%, 

9/1/2026

131,668

137,000

6.125%, 

9/15/2029

139,438

Michaels

Companies,

Inc.

82,000

5.250%, 

5/1/2028

a

75,474

Millrose

Properties,

Inc.

154,000

6.375%, 

8/1/2030

a

156,616

118,000

6.250%, 

9/15/2032

a

118,308

Muvico,

LLC

104,000

9.000%,PIK

6.000%,

2/19/2029

a,e,h

112,784

NCL

Corporation,

Ltd.

183,000

5.875%, 

1/15/2031

a

182,993

350,000

6.750%, 

2/1/2032

a

359,951

153,000

6.250%, 

9/15/2033

a

153,792

New

Home

Company,

Inc.

126,000

8.500%, 

11/1/2030

a

130,796

Nissan

Motor

Acceptance

Company,

LLC

240,000

5.625%, 

9/29/2028

a

240,155

240,000

6.125%, 

9/30/2030

a

240,082

Nissan

Motor

Company,

Ltd.

111,000

7.500%, 

7/17/2030

a

116,494

254,000

4.810%, 

9/17/2030

a

239,290

PetSmart,

LLC/PetSmart

Finance

Corporation

250,000

7.500%, 

9/15/2032

a

250,372

Phinia,

Inc.

194,000

6.625%, 

10/15/2032

a

199,943

Rakuten

Group,

Inc.

225,000

9.750%, 

4/15/2029

a

253,005

250,000

8.125%, 

12/15/2029

a,b,i

259,874

Raven

Acquisition

Holdings,

LLC

134,000

6.875%, 

11/15/2031

a

137,708

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

100,000

4.625%, 

4/16/2029

a

90,526

S&S

Holdings,

LLC

240,000

8.375%, 

10/1/2031

a

235,286

Service

Corporation

International/

US

129,000

3.375%, 

8/15/2030

119,527

92,000

4.000%, 

5/15/2031

86,742

205,000

5.750%, 

10/15/2032

207,681

Six

Flags

Entertainment

Corporation

66,000

7.250%, 

5/15/2031

a,e

66,026

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Cyclical  1.1%

-

continued

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

$

65,000

5.375%, 

4/15/2027

$

64,832

322,000

5.250%, 

7/15/2029

311,397

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

65,000

6.625%, 

5/1/2032

a,e

66,223

Sonic

Automotive,

Inc.

163,000

4.875%, 

11/15/2031

a,e

155,863

Staples,

Inc.

157,000

10.750%, 

9/1/2029

a

155,237

Station

Casinos,

LLC

109,000

4.625%, 

12/1/2031

a

102,821

Stellantis

Finance

US,

Inc.

489,000

5.750%, 

3/18/2030

a

497,389

200,000

6.450%, 

3/18/2035

a

205,014

Stellantis

Financial

Services

US

Corporation

200,000

5.400%, 

9/15/2030

a

200,419

Tenneco,

Inc.

275,000

8.000%, 

11/17/2028

a

275,502

Toyota

Motor

Credit

Corporation

460,000

4.800%, 

5/15/2030

471,110

119,000

4.800%, 

1/5/2034

121,104

Uber

Technologies,

Inc.

435,000

4.800%, 

9/15/2034

435,817

372,000

4.800%, 

9/15/2035

368,625

Vail

Resorts,

Inc.

87,000

5.625%, 

7/15/2030

a

87,544

VICI

Properties,

LP/VICI

Note

Company,

Inc.

240,000

5.750%, 

2/1/2027

a

242,995

371,000

4.125%, 

8/15/2030

a

358,547

Victoria's

Secret

&

Company

61,000

4.625%, 

7/15/2029

a,e

58,227

Victra

Holdings,

LLC/Victra

Finance

Corporation

92,000

8.750%, 

9/15/2029

a,e

96,450

Viking

Cruises,

Ltd.

482,000

5.875%, 

9/15/2027

a

482,185

293,000

5.875%, 

10/15/2033

a,f

293,206

Wayfair,

LLC

36,000

7.250%, 

10/31/2029

a

37,117

69,000

7.750%, 

9/15/2030

a

72,363

Wyndham

Hotels

&

Resorts,

Inc.

206,000

4.375%, 

8/15/2028

a

201,095

Wynn

Macau,

Ltd.

200,000

6.750%, 

2/15/2034

a

202,751

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

119,000

5.125%, 

10/1/2029

a

119,184

317,000

7.125%, 

2/15/2031

a

341,202

Yum!

Brands,

Inc.

377,000

4.750%, 

1/15/2030

a

374,661

ZF

North

America

Capital,

Inc.

222,000

7.125%, 

4/14/2030

a

219,823

134,000

6.750%, 

4/23/2030

a

130,768

Total

37,877,393

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.1%

1261229

B.C.,

Ltd.

$

239,000

10.000%, 

4/15/2032

a

$

244,987

AbbVie,

Inc.

241,000

5.400%, 

3/15/2054

239,634

1,028,000

4.500%, 

5/14/2035

1,008,776

555,000

5.350%, 

3/15/2044

556,786

Acadia

Healthcare

Company,

Inc.

87,000

5.000%, 

4/15/2029

a

85,171

156,000

7.375%, 

3/15/2033

a,e

161,958

AdaptHealth,

LLC

513,000

4.625%, 

8/1/2029

a,e

484,934

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

213,000

4.625%, 

1/15/2027

a

211,661

443,000

3.500%, 

3/15/2029

a

419,812

53,000

6.250%, 

3/15/2033

a

54,203

Altria

Group,

Inc.

505,000

6.875%, 

11/1/2033

570,620

Amgen,

Inc.

808,000

5.600%, 

3/2/2043

818,708

Amneal

Pharmaceuticals,

LLC

62,000

6.875%, 

8/1/2032

a

64,121

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,007,000

4.700%, 

2/1/2036

994,214

Anheuser-Busch

InBev

Worldwide,

Inc.

623,000

5.550%, 

1/23/2049

629,897

Archer-Daniels-Midland

Company

924,000

2.700%, 

9/15/2051

575,537

BAT

Capital

Corporation

500,000

7.079%, 

8/2/2043

565,841

Bausch

+

Lomb

Corporation

82,000

8.375%, 

10/1/2028

a

85,459

Becton,

Dickinson

and

Company

291,000

3.794%, 

5/20/2050

222,821

BellRing

Brands,

Inc.

102,000

7.000%, 

3/15/2030

a

105,339

Bristol-Myers

Squibb

Company

744,000

3.550%, 

3/15/2042

601,488

Bunge,

Ltd.

Finance

Corporation

642,000

3.200%, 

4/21/2031

601,258

175,000

4.650%, 

9/17/2034

171,552

Cargill,

Inc.

809,000

3.125%, 

5/25/2051

a

548,968

275,000

5.125%, 

2/11/2035

a

283,289

Cencora,

Inc.

383,000

5.150%, 

2/15/2035

391,132

Central

Garden

&

Pet

Company

173,000

4.125%, 

10/15/2030

e

164,325

Champ

Acquisition

Corporation

98,000

8.375%, 

12/1/2031

a

104,187

CHS/Community

Health

Systems,

Inc.

202,000

6.000%, 

1/15/2029

a

196,069

126,000

6.875%, 

4/15/2029

a,e

100,170

186,000

10.875%, 

1/15/2032

a

196,992

211,000

9.750%, 

1/15/2034

a

216,170

Cigna

Group

560,000

4.875%, 

9/15/2032

565,646

935,000

5.250%, 

1/15/2036

946,916

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.1%

-

continued

Conagra

Brands,

Inc.

$

394,000

5.750%, 

8/1/2035

$

401,082

Concentra

Health

Services,

Inc.

114,000

6.875%, 

7/15/2032

a

118,376

CVS

Health

Corporation

124,000

7.000%, 

3/10/2055

b

130,168

137,000

6.750%, 

12/10/2054

b

141,416

424,000

5.450%, 

9/15/2035

431,463

487,000

4.780%, 

3/25/2038

456,435

301,000

5.125%, 

7/20/2045

273,237

DaVita,

Inc.

73,000

3.750%, 

2/15/2031

a

66,861

262,000

6.875%, 

9/1/2032

a

270,655

126,000

6.750%, 

7/15/2033

a

129,931

Edgewell

Personal

Care

Company

178,000

5.500%, 

6/1/2028

a

177,619

Eli

Lilly

&

Company

165,000

5.500%, 

2/12/2055

168,536

401,000

4.950%, 

2/27/2063

370,113

345,000

4.550%, 

10/15/2032

347,708

Embecta

Corporation

128,000

6.750%, 

2/15/2030

a,e

124,800

Encompass

Health

Corporation

200,000

4.500%, 

2/1/2028

198,288

Endo

Finance

Holdings,

Inc.

130,000

8.500%, 

4/15/2031

a

139,473

Energizer

Holdings,

Inc.

214,000

6.000%, 

9/15/2033

a

209,297

General

Mills,

Inc.

214,000

4.950%, 

3/29/2033

216,875

Grifols

SA

125,000

4.750%, 

10/15/2028

a

121,420

HCA,

Inc.

395,000

5.250%, 

3/1/2030

407,807

921,000

3.500%, 

9/1/2030

879,704

325,000

5.450%, 

9/15/2034

333,382

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

138,000

12.250%, 

4/15/2029

a

149,702

147,000

4.875%, 

6/1/2029

a,e

129,249

Imperial

Brands

Finance

plc

350,000

3.875%, 

7/26/2029

a

343,822

Insulet

Corporation

78,000

6.500%, 

4/1/2033

a

81,091

IQVIA,

Inc.

252,000

6.250%, 

6/1/2032

a

259,092

Jazz

Securities

DAC

148,000

4.375%, 

1/15/2029

a

144,187

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

743,000

3.000%, 

5/15/2032

664,743

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

313,000

6.375%, 

4/15/2066

a

321,777

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

417,000

5.950%, 

4/20/2035

a

438,059

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.1%

-

continued

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

$

249,000

9.000%, 

2/15/2029

a

$

261,986

Kenvue,

Inc.

550,000

4.850%, 

5/22/2032

557,940

Keurig

Dr

Pepper,

Inc.

277,000

5.150%, 

5/15/2035

274,364

Kimberly-Clark

Corporation

710,000

3.900%, 

5/4/2047

573,950

Kraft

Heinz

Foods

Company

209,000

5.000%, 

6/4/2042

192,940

513,000

4.375%, 

6/1/2046

426,912

Lamb

Weston

Holdings,

Inc.

139,000

4.125%, 

1/31/2030

a

133,471

135,000

4.375%, 

1/31/2032

a

127,591

LifePoint

Health,

Inc.

110,000

9.875%, 

8/15/2030

a

119,123

167,000

11.000%, 

10/15/2030

a

184,060

L'Oreal

SA

200,000

5.000%, 

5/20/2035

a

205,904

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

156,000

6.250%, 

4/1/2029

a

159,963

Mozart

Debt

Merger

Sub,

Inc.

189,000

3.875%, 

4/1/2029

a

182,280

392,000

5.250%, 

10/1/2029

a

388,610

Newell

Brands,

Inc.

134,000

6.375%, 

9/15/2027

135,827

133,000

6.625%, 

9/15/2029

133,759

80,000

6.375%, 

5/15/2030

79,264

Novartis

Capital

Corporation

375,000

4.700%, 

9/18/2054

342,286

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

346,000

5.125%, 

4/30/2031

a,e

303,113

Owens

&

Minor,

Inc.

126,000

6.625%, 

4/1/2030

a,e

103,950

PepsiCo,

Inc.

15,000

4.200%, 

7/18/2052

12,500

519,000

4.650%, 

7/23/2032

526,659

Performance

Food

Group,

Inc.

294,000

4.250%, 

8/1/2029

a

285,588

184,000

6.125%, 

9/15/2032

a

188,473

Perrigo

Finance

Unlimited

Company

227,000

4.900%, 

6/15/2030

221,544

120,000

6.125%, 

9/30/2032

120,805

Pfizer

Investment

Enterprises,

Private

Ltd.

200,000

5.300%, 

5/19/2053

193,277

509,000

5.110%, 

5/19/2043

493,278

Philip

Morris

International,

Inc.

240,000

5.125%, 

2/13/2031

248,375

802,000

5.375%, 

2/15/2033

837,541

575,000

4.900%, 

11/1/2034

579,523

Post

Holdings,

Inc.

195,000

4.625%, 

4/15/2030

a

187,982

322,000

4.500%, 

9/15/2031

a

300,828

177,000

6.250%, 

10/15/2034

a

178,473

Prime

Healthcare

Services,

Inc.

301,000

9.375%, 

9/1/2029

a

313,040

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Consumer

Non-Cyclical  1.1%

-

continued

Radiology

Partners,

Inc.

$

91,000

8.500%, 

7/15/2032

a

$

94,170

Roche

Holdings,

Inc.

768,000

4.000%, 

11/28/2044

a

654,236

Royalty

Pharma

plc

431,000

5.150%, 

9/2/2029

442,212

244,000

5.200%, 

9/25/2035

243,793

Simmons

Foods,

Inc.

372,000

4.625%, 

3/1/2029

a

356,625

Sotera

Health

Holdings,

LLC

135,000

7.375%, 

6/1/2031

a

141,752

Spectrum

Brands,

Inc.

34,000

3.875%, 

3/15/2031

a

27,285

Star

Parent,

Inc.

145,000

9.000%, 

10/1/2030

a

153,293

Stryker

Corporation

350,000

5.200%, 

2/10/2035

360,938

Sysco

Corporation

797,000

6.600%, 

4/1/2040

889,407

Takeda

Pharmaceutical

Company,

Ltd.

800,000

3.175%, 

7/9/2050

541,485

722,000

5.650%, 

7/5/2044

738,035

Tenet

Healthcare

Corporation

587,000

5.125%, 

11/1/2027

585,923

183,000

4.375%, 

1/15/2030

177,976

330,000

6.750%, 

5/15/2031

341,642

Teva

Pharmaceutical

Finance

Company,

LLC

132,000

6.150%, 

2/1/2036

138,215

US

Acute

Care

Solutions,

LLC

129,000

9.750%, 

5/15/2029

a

132,094

Whirlpool

Corporation

106,000

6.500%, 

6/15/2033

105,782

Total

37,535,051

Energy  0.9%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

55,000

7.500%, 

10/1/2029

a

57,359

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

282,000

5.375%, 

6/15/2029

a

280,966

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

191,000

6.250%, 

4/1/2028

a

191,264

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

133,000

5.875%, 

6/30/2029

a

132,726

126,000

6.625%, 

7/15/2033

a

128,099

Baytex

Energy

Corporation

189,000

8.500%, 

4/30/2030

a

194,210

63,000

7.375%, 

3/15/2032

a

61,684

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

213,000

7.000%, 

7/15/2029

a

220,867

BP

Capital

Markets

America,

Inc.

1,327,000

2.939%, 

6/4/2051

857,496

Buckeye

Partners,

LP

186,000

4.500%, 

3/1/2028

a

183,689

125,000

6.875%, 

7/1/2029

a

129,547

60,000

6.750%, 

2/1/2030

a

62,319

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Energy  0.9%

-

continued

California

Resources

Corporation

$

160,000

8.250%, 

6/15/2029

a

$

166,855

60,000

7.000%, 

1/15/2034

a,f

59,587

Cheniere

Energy

Partners,

LP

1,342,000

4.500%, 

10/1/2029

1,337,701

Cheniere

Energy,

Inc.

133,000

5.650%, 

4/15/2034

137,102

Civitas

Resources,

Inc.

76,000

8.375%, 

7/1/2028

a

78,778

343,000

8.750%, 

7/1/2031

a,e

351,407

189,000

9.625%, 

6/15/2033

a

199,623

CNX

Resources

Corporation

159,000

6.000%, 

1/15/2029

a

159,065

Columbia

Pipelines

Holding

Company,

LLC

514,000

6.042%, 

8/15/2028

a

536,364

Columbia

Pipelines

Operating

Company,

LLC

130,000

5.927%, 

8/15/2030

a

137,534

Comstock

Resources,

Inc.

175,000

6.750%, 

3/1/2029

a

173,950

330,000

5.875%, 

1/15/2030

a

317,808

Continental

Resources,

Inc.

936,000

2.268%, 

11/15/2026

a

912,420

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

237,000

5.500%, 

6/15/2031

a

234,797

Crescent

Energy

Finance,

LLC

160,000

7.625%, 

4/1/2032

a

158,895

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

291,000

8.625%, 

3/15/2029

a

303,455

125,000

7.375%, 

6/30/2033

a

127,112

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

110,000

8.500%, 

10/1/2030

a

116,566

Diamondback

Energy,

Inc.

684,000

5.750%, 

4/18/2054

658,412

Eastern

Energy

Gas

Holdings,

LLC

530,000

5.800%, 

1/15/2035

557,586

Enerflex,

Ltd.

100,000

9.000%, 

10/15/2027

a

101,818

Energy

Transfer,

LP

307,000

6.500%, 

2/15/2056

b

305,561

600,000

5.150%, 

2/1/2043

544,640

1,090,000

6.000%, 

6/15/2048

1,074,239

Enterprise

Products

Operating,

LLC

724,000

3.300%, 

2/15/2053

492,861

Excelerate

Energy,

LP

63,000

8.000%, 

5/15/2030

a

67,062

Exxon

Mobil

Corporation

1,200,000

3.452%, 

4/15/2051

879,212

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

214,000

8.875%, 

4/15/2030

226,556

307,000

7.875%, 

5/15/2032

320,187

Gulfport

Energy

Operating

Corporation

92,000

6.750%, 

9/1/2029

a

94,410

Halliburton

Company

537,000

5.000%, 

11/15/2045

488,259

Harvest

Midstream

I,

LP

334,000

7.500%, 

9/1/2028

a

337,594

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Energy  0.9%

-

continued

Hess

Midstream

Operations,

LP

$

292,000

4.250%, 

2/15/2030

a

$

283,017

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

334,000

5.750%, 

2/1/2029

a

329,023

130,000

6.000%, 

4/15/2030

a

127,757

126,000

6.250%, 

4/15/2032

a

120,878

Howard

Midstream

Energy

Partners,

LLC

144,000

7.375%, 

7/15/2032

a

149,476

182,000

6.625%, 

1/15/2034

a

185,563

ITT

Holdings,

LLC

380,000

6.500%, 

8/1/2029

a

373,591

Kodiak

Gas

Services,

LLC

122,000

6.500%, 

10/1/2033

a

124,217

61,000

6.750%, 

10/1/2035

a

62,632

MEG

Energy

Corporation

124,000

5.875%, 

2/1/2029

a

123,993

Moss

Creek

Resources

Holdings,

Inc.

63,000

8.250%, 

9/1/2031

a

61,734

MPLX,

LP

432,000

4.800%, 

2/15/2031

434,607

73,000

4.950%, 

9/1/2032

73,231

202,000

5.000%, 

3/1/2033

202,050

Nabors

Industries,

Inc.

102,000

7.375%, 

5/15/2027

a

103,541

259,000

9.125%, 

1/31/2030

a

269,360

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

108,000

8.125%, 

2/15/2029

a

110,734

228,000

8.375%, 

2/15/2032

a

233,619

Noble

Finance

II,

LLC

266,000

8.000%, 

4/15/2030

a

275,326

Northern

Oil

and

Gas,

Inc.

193,000

8.750%, 

6/15/2031

a

199,387

Occidental

Petroleum

Corporation

182,000

5.000%, 

8/1/2027

183,906

ONEOK,

Inc.

352,000

5.700%, 

11/1/2054

332,313

400,000

4.750%, 

10/15/2031

400,128

240,000

5.600%, 

4/1/2044

227,549

Ovintiv,

Inc.

453,000

7.200%, 

11/1/2031

499,557

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

219,000

6.000%, 

2/15/2028

217,654

69,000

7.875%, 

9/15/2030

a

68,125

Permian

Resources

Operating,

LLC

247,000

6.250%, 

2/1/2033

a

251,608

Prairie

Acquiror,

LP

216,000

9.000%, 

8/1/2029

a

224,879

Precision

Drilling

Corporation

173,000

6.875%, 

1/15/2029

a

173,929

Range

Resources

Corporation

221,000

4.750%, 

2/15/2030

a

216,166

Repsol

E&P

Capital

Markets

US,

LLC

400,000

5.976%, 

9/16/2035

a

407,276

Rockies

Express

Pipeline,

LLC

227,000

4.950%, 

7/15/2029

a

225,159

Saturn

Oil

&

Gas,

Inc.

68,000

9.625%, 

6/15/2029

a,e

70,445

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Energy  0.9%

-

continued

SESI,

LLC

$

122,000

7.875%, 

9/30/2030

a,f

$

122,000

SM

Energy

Company

136,000

6.500%, 

7/15/2028

136,886

90,000

7.000%, 

8/1/2032

a

90,069

South

Bow

USA

Infrastructure

Holdings,

LLC

338,000

5.026%, 

10/1/2029

341,880

124,000

5.584%, 

10/1/2034

124,666

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

130,000

5.875%, 

3/1/2027

129,627

Sunoco,

LP

210,000

7.000%, 

5/1/2029

a

217,435

245,000

5.875%, 

3/15/2034

a

242,879

Sunoco,

LP/Sunoco

Finance

Corporation

186,000

5.875%, 

3/15/2028

186,048

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

107,000

5.500%, 

1/15/2028

a

106,456

195,000

7.375%, 

2/15/2029

a

200,819

306,000

6.750%, 

3/15/2034

a

302,929

Talos

Production,

Inc.

71,000

9.000%, 

2/1/2029

a

73,416

Targa

Resources

Corporation

80,000

6.125%, 

5/15/2055

80,445

939,000

4.200%, 

2/1/2033

892,148

TGNR

Intermediate

Holdings,

LLC

292,000

5.500%, 

10/15/2029

a

285,735

Tidewater,

Inc.

62,000

9.125%, 

7/15/2030

a

66,492

TotalEnergies

Capital

SA

346,000

5.275%, 

9/10/2054

332,374

Transocean

International,

Ltd.

70,000

8.250%, 

5/15/2029

a

69,011

321,000

8.750%, 

2/15/2030

a

337,747

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

230,000

7.125%, 

3/15/2029

a

237,205

184,000

6.250%, 

10/1/2033

a

184,704

Valaris,

Ltd.

272,000

8.375%, 

4/30/2030

a

282,294

Var

Energi

ASA

200,000

5.875%, 

5/22/2030

a

207,959

Venture

Global

LNG,

Inc.

314,000

8.125%, 

6/1/2028

a

325,012

235,000

9.000%, 

9/30/2029

a,b,i

232,904

186,000

7.000%, 

1/15/2030

a,e

192,466

562,000

8.375%, 

6/1/2031

a

590,083

257,000

9.875%, 

2/1/2032

a,e

279,802

Venture

Global

Plaquemines

LNG,

LLC

116,000

6.500%, 

1/15/2034

a

122,108

128,000

7.750%, 

5/1/2035

a

144,475

263,000

6.750%, 

1/15/2036

a

279,353

Vital

Energy,

Inc.

181,000

7.750%, 

7/31/2029

a,e

179,246

198,000

7.875%, 

4/15/2032

a,e

192,206

Western

Midstream

Operating,

LP

515,000

6.350%, 

1/15/2029

541,799

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Energy  0.9%

-

continued

$

267,000

6.150%, 

4/1/2033

$

282,064

Williams

Companies,

Inc.

900,000

7.500%, 

1/15/2031

1,019,841

160,000

5.600%, 

3/15/2035

166,040

Total

31,298,695

Financials  3.2%

200

Park

Funding

Trust

100,000

5.740%, 

2/15/2055

a

101,276

Acrisure,

LLC/Acrisure

Finance,

Inc.

46,000

4.250%, 

2/15/2029

a

44,318

54,000

7.500%, 

11/6/2030

a

56,254

AEGON

Funding

Company,

LLC

724,000

5.500%, 

4/16/2027

a,e

736,663

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

581,000

6.100%, 

1/15/2027

593,452

950,000

3.875%, 

1/23/2028

942,492

588,000

5.375%, 

12/15/2031

608,132

Agree,

LP

357,000

5.625%, 

6/15/2034

371,685

Air

Lease

Corporation

133,000

4.650%, 

6/15/2026

b,i

131,250

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

130,000

4.250%, 

10/15/2027

a

127,842

190,000

6.750%, 

4/15/2028

a

193,368

184,000

7.000%, 

1/15/2031

a

190,114

Ally

Financial,

Inc.

900,000

8.000%, 

11/1/2031

1,025,973

204,000

6.700%, 

2/14/2033

e

212,494

American

Express

Company

167,000

5.085%, 

1/30/2031

b

172,175

American

Homes

4

Rent,

LP

125,000

4.950%, 

6/15/2030

127,278

American

International

Group,

Inc.

1,019,000

5.125%, 

3/27/2033

1,048,271

Americold

Realty

Operating

Partnership,

LP

420,000

5.600%, 

5/15/2032

425,085

Ameriprise

Financial,

Inc.

546,000

5.200%, 

4/15/2035

556,190

AmWINS

Group,

Inc.

108,000

6.375%, 

2/15/2029

a

110,196

179,000

4.875%, 

6/30/2029

a

173,968

ANZ

Bank

New

Zealand,

Ltd.

550,000

5.548%, 

8/11/2032

a,b

560,446

Aon

North

America,

Inc.

365,000

5.750%, 

3/1/2054

367,585

Apollo

Debt

Solutions

BDC

505,000

6.700%, 

7/29/2031

535,205

Ares

Capital

Corporation

441,000

5.875%, 

3/1/2029

453,727

Ares

Strategic

Income

Fund

620,000

5.450%, 

9/9/2028

a

624,836

Arthur

J.

Gallagher

&

Company

126,000

6.750%, 

2/15/2054

142,005

176,000

5.750%, 

7/15/2054

175,396

Aviation

Capital

Group,

LLC

284,000

5.125%, 

4/10/2030

a

288,308

Avolon

Holdings

Funding,

Ltd.

210,000

4.950%, 

1/15/2028

a

212,108

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.2%

-

continued

$

629,000

5.750%, 

3/1/2029

a

$

651,210

580,000

5.375%, 

5/30/2030

a

594,955

Azorra

Finance,

Ltd.

334,000

7.750%, 

4/15/2030

a

351,498

Banco

Santander

SA

1,000,000

4.175%, 

3/24/2028

b

998,505

Bank

of

America

Corporation

467,000

5.202%, 

4/25/2029

b

478,704

1,200,000

2.496%, 

2/13/2031

b

1,110,604

1,250,000

1.922%, 

10/24/2031

b

1,110,213

804,000

2.972%, 

2/4/2033

b

732,152

760,000

5.872%, 

9/15/2034

b

814,345

300,000

5.468%, 

1/23/2035

b

313,269

692,000

5.425%, 

8/15/2035

b

705,916

1,075,000

3.846%, 

3/8/2037

b

1,004,360

Barclays

plc

128,000

6.125%, 

12/15/2025

b,e,i

128,022

783,000

6.496%, 

9/13/2027

b

798,862

621,000

4.972%, 

5/16/2029

b

630,239

684,000

4.942%, 

9/10/2030

b

694,167

825,000

5.746%, 

8/9/2033

b

867,259

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

200,000

7.625%, 

2/11/2035

a,b

210,400

Berkshire

Hathaway

Finance

Corporation

71,000

2.850%, 

10/15/2050

46,574

BlackRock

Funding,

Inc.

237,000

5.250%, 

3/14/2054

231,126

Blackstone

Private

Credit

Fund

400,000

5.600%, 

11/22/2029

407,020

374,000

5.050%, 

9/10/2030

369,648

Blue

Owl

Credit

Income

Corporation

670,000

4.700%, 

2/8/2027

668,843

Blue

Owl

Technology

Finance

Corporation

225,000

4.750%, 

12/15/2025

a

224,434

581,000

6.100%, 

3/15/2028

a

588,470

485,000

6.750%, 

4/4/2029

500,382

BNP

Paribas

SA

664,000

5.283%, 

11/19/2030

a,b

682,035

1,340,000

3.132%, 

1/20/2033

a,b

1,219,477

Brookfield

Asset

Management,

Ltd.

73,000

6.077%, 

9/15/2055

75,748

Brookfield

Finance,

Inc.

215,000

5.813%, 

3/3/2055

216,598

Brown

&

Brown,

Inc.

117,000

5.550%, 

6/23/2035

120,352

Burford

Capital

Global

Finance,

LLC

310,000

9.250%, 

7/1/2031

a

329,395

124,000

7.500%, 

7/15/2033

a

126,182

Camden

Property

Trust

661,000

3.150%, 

7/1/2029

636,374

Capital

One

Financial

Corporation

165,000

5.700%, 

2/1/2030

b

171,305

Capital

One

NA

910,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

942,284

Charles

Schwab

Corporation

518,000

6.136%, 

8/24/2034

b

564,252

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.2%

-

continued

Citadel,

LP

$

350,000

6.375%, 

1/23/2032

a

$

370,445

Citibank

NA

605,000

4.914%, 

5/29/2030

621,596

Citigroup,

Inc.

1,404,000

3.668%, 

7/24/2028

b

1,391,612

700,000

3.520%, 

10/27/2028

b

690,672

70,000

6.875%, 

8/15/2030

b,i

72,139

609,000

4.952%, 

5/7/2031

b

620,572

1,141,000

4.910%, 

5/24/2033

b

1,154,788

648,000

6.174%, 

5/25/2034

b

689,481

500,000

6.020%, 

1/24/2036

b

523,792

Citizens

Financial

Group,

Inc.

299,000

5.718%, 

7/23/2032

b

312,197

CNA

Financial

Corporation

371,000

5.125%, 

2/15/2034

374,383

Comerica,

Inc.

175,000

5.982%, 

1/30/2030

b

182,113

Constellation

Insurance,

Inc.

150,000

6.800%, 

1/24/2030

a

151,144

COPT

Defense

Properties,

LP

350,000

4.500%, 

10/15/2030

f

347,692

Corebridge

Financial,

Inc.

225,000

6.375%, 

9/15/2054

b

230,940

402,000

4.350%, 

4/5/2042

347,014

Countrywide

Home

Loans,

Inc.

187,548

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

81,077

Cousins

Properties,

LP

120,000

5.375%, 

2/15/2032

123,033

Credit

Agricole

SA

437,000

5.230%, 

1/9/2029

a,b

445,383

360,000

5.222%, 

5/27/2031

a,b

369,299

454,000

4.818%, 

9/25/2033

a,b

451,210

Credit

Suisse

Group

AG

775,000

7.250%, 

N/A

*,j

65,875

Deutsche

Bank

AG/New

York,

NY

305,000

5.297%, 

5/9/2031

b

312,431

950,000

3.729%, 

1/14/2032

b

890,905

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

804,000

5.950%, 

9/17/2030

a

784,768

Elevance

Health,

Inc.

900,000

3.125%, 

5/15/2050

595,390

725,000

4.625%, 

5/15/2042

653,651

Encore

Capital

Group,

Inc.

186,000

9.250%, 

4/1/2029

a

196,260

200,000

6.625%, 

4/15/2031

a,f

199,418

EPR

Properties

355,000

4.950%, 

4/15/2028

357,746

ERP

Operating,

LP

350,000

4.950%, 

6/15/2032

358,744

Essential

Properties,

LP

134,000

5.400%, 

12/1/2035

134,503

F&G

Global

Funding

396,000

4.650%, 

9/8/2028

a

397,402

Fairfax

Financial

Holdings,

Ltd.

478,000

6.350%, 

3/22/2054

505,180

First

Citizens

BancShares,

Inc./NC

560,000

5.600%, 

9/5/2035

b

558,520

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.2%

-

continued

FirstCash,

Inc.

$

327,000

5.625%, 

1/1/2030

a

$

326,526

First-Citizens

Bank

&

Trust

Company

443,000

6.125%, 

3/9/2028

459,633

Five

Corners

Funding

Trust

IV

536,000

5.997%, 

2/15/2053

a

560,984

Franklin

BSP

Capital

Corporation

395,000

6.000%, 

10/2/2030

a,f

390,673

Freedom

Mortgage

Holdings,

LLC

303,000

9.250%, 

2/1/2029

a

318,809

131,000

9.125%, 

5/15/2031

a

139,325

123,000

7.875%, 

4/1/2033

a

126,712

FTAI

Aviation

Investors,

LLC

137,000

5.500%, 

5/1/2028

a

137,022

114,000

7.000%, 

5/1/2031

a

119,251

186,000

7.000%, 

6/15/2032

a

194,653

GGAM

Finance,

Ltd.

120,000

7.750%, 

5/15/2026

a

120,299

135,000

8.000%, 

6/15/2028

a

142,891

354,000

5.875%, 

3/15/2030

a

358,424

Global

Aircraft

Leasing

Company,

Ltd.

381,000

8.750%, 

9/1/2027

a

393,626

Global

Net

Lease,

Inc.

86,000

4.500%, 

9/30/2028

a

84,128

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

222,000

3.750%, 

12/15/2027

a

215,474

goeasy,

Ltd.

54,000

9.250%, 

12/1/2028

a

56,363

66,000

7.625%, 

7/1/2029

a

66,884

243,000

6.875%, 

2/15/2031

a

235,417

Goldman

Sachs

BDC,

Inc.

307,000

6.375%, 

3/11/2027

314,028

482,000

5.650%, 

9/9/2030

484,810

Goldman

Sachs

Group,

Inc.

684,000

1.948%, 

10/21/2027

b

667,902

756,000

6.484%, 

10/24/2029

b

804,520

433,000

5.218%, 

4/23/2031

b

447,768

230,000

1.992%, 

1/27/2032

b

202,959

1,879,000

3.102%, 

2/24/2033

b

1,723,755

Goldman

Sachs

Private

Credit

Corporation

203,000

5.875%, 

5/6/2028

a,e

206,018

Howard

Hughes

Corporation

84,000

4.125%, 

2/1/2029

a

80,580

HSBC

Holdings

plc

435,000

5.130%, 

3/3/2031

b

445,502

540,000

5.741%, 

9/10/2036

b

550,968

HUB

International,

Ltd.

227,000

7.250%, 

6/15/2030

a

236,739

Huntington

Bancshares,

Inc./OH

624,000

5.709%, 

2/2/2035

b

650,379

454,000

6.141%, 

11/18/2039

b

472,438

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

39,000

6.250%, 

5/15/2026

38,954

415,000

5.250%, 

5/15/2027

407,923

Invitation

Homes

Operating

Partnership,

LP

670,000

2.000%, 

8/15/2031

578,924

222,000

4.950%, 

1/15/2033

223,077

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.2%

-

continued

Jane

Street

Group/JSG

Finance,

Inc.

$

210,000

4.500%, 

11/15/2029

a

$

205,008

80,000

7.125%, 

4/30/2031

a

83,911

134,000

6.125%, 

11/1/2032

a

135,817

192,000

6.750%, 

5/1/2033

a

199,418

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

112,000

5.000%, 

8/15/2028

a

108,213

200,000

6.625%, 

10/15/2031

a

201,332

Jefferson

Capital

Holdings,

LLC

109,000

6.000%, 

8/15/2026

a

108,974

271,000

9.500%, 

2/15/2029

a

285,422

43,000

8.250%, 

5/15/2030

a

44,970

JPMorgan

Chase

&

Company

700,000

2.522%, 

4/22/2031

b

649,271

975,000

1.953%, 

2/4/2032

b

861,868

1,073,000

4.586%, 

4/26/2033

b

1,076,341

805,000

4.912%, 

7/25/2033

b

820,864

489,000

5.766%, 

4/22/2035

b

520,974

275,000

5.502%, 

1/24/2036

b

287,708

455,000

5.534%, 

11/29/2045

b

467,912

KeyBank

NA/Cleveland,

OH

599,000

5.000%, 

1/26/2033

602,859

Kilroy

Realty,

LP

255,000

4.250%, 

8/15/2029

250,157

337,000

5.875%, 

10/15/2035

341,485

Liberty

Mutual

Group,

Inc.

74,000

4.125%, 

12/15/2051

a,b

72,682

Lincoln

National

Corporation

970,000

2.330%, 

8/15/2030

a

877,444

Lloyds

Banking

Group

plc

802,000

5.871%, 

3/6/2029

b

831,895

LPL

Holdings,

Inc.

540,000

4.900%, 

4/3/2028

545,838

Macquarie

AirFinance

Holdings,

Ltd.

127,000

6.400%, 

3/26/2029

a

133,746

305,000

5.150%, 

3/17/2030

a

309,264

Macquarie

Bank,

Ltd.

582,000

5.642%, 

8/13/2036

a,b

589,545

Marsh

&

McLennan

Companies,

Inc.

201,000

5.450%, 

3/15/2053

198,902

Massachusetts

Mutual

Life

Insurance

Company

1,000,000

3.200%, 

12/1/2061

a

625,453

Mizuho

Financial

Group,

Inc.

302,000

5.098%, 

5/13/2031

b

310,335

Molina

Healthcare,

Inc.

73,000

4.375%, 

6/15/2028

a

71,193

Morgan

Stanley

600,000

4.350%, 

9/8/2026

601,262

989,000

3.591%, 

7/22/2028

b

978,592

535,000

5.164%, 

4/20/2029

b

547,643

409,000

3.622%, 

4/1/2031

b

396,854

535,000

5.250%, 

4/21/2034

b

551,705

379,000

5.831%, 

4/19/2035

b

404,030

200,000

5.587%, 

1/18/2036

b

209,401

939,000

5.297%, 

4/20/2037

b

952,639

Nasdaq,

Inc.

575,000

3.250%, 

4/28/2050

400,709

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.2%

-

continued

National

Securities

Clearing

Corporation

$

395,000

4.700%, 

5/20/2030

a

$

403,583

Nationstar

Mortgage

Holdings,

Inc.

64,000

5.500%, 

8/15/2028

a

64,000

134,000

6.500%, 

8/1/2029

a

137,469

205,000

5.125%, 

12/15/2030

a

206,804

65,000

7.125%, 

2/1/2032

a

67,847

NatWest

Group

plc

450,000

4.445%, 

5/8/2030

b

451,096

758,000

6.475%, 

6/1/2034

b

797,323

Navient

Corporation

78,000

5.000%, 

3/15/2027

77,649

84,000

5.500%, 

3/15/2029

82,346

New

York

Life

Global

Funding

812,000

4.550%, 

1/28/2033

a

810,826

Nomura

Holdings,

Inc.

487,000

5.783%, 

7/3/2034

515,740

North

Haven

Private

Income

Fund,

LLC

133,000

5.125%, 

9/25/2028

a

132,313

Omega

Healthcare

Investors,

Inc.

774,000

3.625%, 

10/1/2029

742,627

186,000

5.200%, 

7/1/2030

188,831

Omnis

Funding

Trust

346,000

6.722%, 

5/15/2055

a

373,212

OneMain

Finance

Corporation

121,000

3.500%, 

1/15/2027

118,256

170,000

3.875%, 

9/15/2028

163,381

130,000

6.750%, 

3/15/2032

132,408

538,000

7.125%, 

9/15/2032

555,774

Osaic

Holdings,

Inc.

186,000

6.750%, 

8/1/2032

a

192,107

Panther

Escrow

Issuer,

LLC

169,000

7.125%, 

6/1/2031

a

175,780

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

366,000

4.875%, 

5/15/2029

a

356,849

PennyMac

Financial

Services,

Inc.

62,000

7.125%, 

11/15/2030

a

64,558

192,000

6.875%, 

5/15/2032

a

198,950

62,000

6.750%, 

2/15/2034

a

63,245

Phoenix

Aviation

Capital,

Ltd.

201,000

9.250%, 

7/15/2030

a

213,847

PNC

Financial

Services

Group,

Inc.

250,000

6.615%, 

10/20/2027

b

256,112

PRA

Group,

Inc.

208,000

8.375%, 

2/1/2028

a

212,744

Prologis

Targeted

US

Logistics

Fund,

LP

502,000

5.250%, 

4/1/2029

a

518,124

200,000

5.250%, 

1/15/2035

a

204,549

Prologis,

LP

340,000

5.250%, 

3/15/2054

328,929

Prudential

Financial,

Inc.

520,000

5.125%, 

3/1/2052

b

521,883

Regency

Centers,

LP

370,000

5.250%, 

1/15/2034

380,269

RenaissanceRe

Holdings,

Ltd.

580,000

5.800%, 

4/1/2035

608,144

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.2%

-

continued

RGA

Global

Funding

$

245,000

5.500%, 

1/11/2031

a

$

255,599

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

65,000

4.750%, 

10/15/2027

64,715

129,000

4.500%, 

2/15/2029

a

126,513

Rithm

Capital

Corporation

126,000

8.000%, 

7/15/2030

a

128,992

RLJ

Lodging

Trust,

LP

119,000

4.000%, 

9/15/2029

a

112,373

Rocket

Companies,

Inc.

189,000

6.375%, 

8/1/2033

a

195,070

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

118,000

3.625%, 

3/1/2029

a

112,540

262,000

3.875%, 

3/1/2031

a

244,667

87,000

4.000%, 

10/15/2033

a

79,456

Ryan

Specialty,

LLC

68,000

4.375%, 

2/1/2030

a

65,884

153,000

5.875%, 

8/1/2032

a

154,711

Santander

Holdings

USA,

Inc.

268,000

6.499%, 

3/9/2029

b

279,618

461,000

5.473%, 

3/20/2029

b

469,785

218,000

6.174%, 

1/9/2030

b

227,073

Sixth

Street

Lending

Partners

272,000

6.125%, 

7/15/2030

a

281,214

SLM

Corporation

38,000

6.500%, 

1/31/2030

39,599

Societe

Generale

SA

134,000

10.000%, 

11/14/2028

a,b,i

148,432

520,000

5.249%, 

5/22/2029

a,b

528,764

400,000

5.439%, 

10/3/2036

a,b,f

398,964

Standard

Chartered

plc

290,000

5.545%, 

1/21/2029

a,b

297,058

Starwood

Property

Trust,

Inc.

93,000

4.375%, 

1/15/2027

a

92,201

183,000

5.250%, 

10/15/2028

a,f

183,053

65,000

6.500%, 

10/15/2030

a

67,143

61,000

5.750%, 

1/15/2031

a,f

60,962

Stonex

Escrow

Issuer,

LLC

224,000

6.875%, 

7/15/2032

a

230,567

Sumitomo

Mitsui

Financial

Group,

Inc.

700,000

1.710%, 

1/12/2031

610,468

Synchrony

Financial

253,000

5.935%, 

8/2/2030

b

262,243

138,000

7.250%, 

2/2/2033

147,259

Synovus

Bank

799,000

5.625%, 

2/15/2028

815,744

Toronto-Dominion

Bank

223,000

5.146%, 

9/10/2034

b

225,717

Truist

Financial

Corporation

519,000

6.047%, 

6/8/2027

b

525,023

383,000

5.125%, 

12/15/2027

b,i

377,522

699,000

5.122%, 

1/26/2034

b

710,184

310,000

5.711%, 

1/24/2035

b

325,305

U.S.

Bancorp

744,000

5.775%, 

6/12/2029

b

774,300

178,000

5.836%, 

6/12/2034

b

189,675

340,000

5.678%, 

1/23/2035

b

357,983

UBS

Group

AG

771,000

6.246%, 

9/22/2029

a,b

813,438

200,000

6.600%, 

8/5/2030

a,b,e,i

201,070

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Financials  3.2%

-

continued

$

668,000

3.091%, 

5/14/2032

a,b

$

618,145

486,000

5.699%, 

2/8/2035

a,b

512,006

200,000

5.379%, 

9/6/2045

a,b

200,110

United

Wholesale

Mortgage,

LLC

355,000

5.500%, 

4/15/2029

a

350,120

UnitedHealth

Group,

Inc.

536,000

5.875%, 

2/15/2053

551,054

489,000

4.750%, 

5/15/2052

431,104

Wells

Fargo

&

Company

800,000

4.900%, 

1/24/2028

b

807,356

805,000

3.526%, 

3/24/2028

b

797,816

481,000

5.707%, 

4/22/2028

b

492,176

1,200,000

2.393%, 

6/2/2028

b

1,166,526

480,000

5.574%, 

7/25/2029

b

497,449

441,000

5.389%, 

4/24/2034

b

458,226

930,000

4.900%, 

11/17/2045

846,886

Wynnton

Funding

Trust

II

125,000

5.991%, 

8/15/2055

a

128,307

XHR,

LP

153,000

4.875%, 

6/1/2029

a

149,852

67,000

6.625%, 

5/15/2030

a

68,841

Zions

Bancorp

NA

300,000

4.704%, 

8/18/2028

b

300,932

400,000

6.816%, 

11/19/2035

b

425,182

Total

107,331,167

Foreign

Government  <0.1%

Eagle

Funding

Luxco

SARL

250,000

5.500%, 

8/17/2030

a

253,640

Mexico

Government

International

Bond

441,000

5.625%, 

9/22/2035

438,821

NBN

Company,

Ltd.

334,000

4.150%, 

9/16/2030

a

332,124

Saudi

Arabian

Oil

Company

451,000

5.250%, 

7/17/2034

a

463,896

Teine

Energy,

Ltd.

216,000

6.875%, 

4/15/2029

a

212,512

Total

1,700,993

Mortgage-Backed

Securities  9.6%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

1,037,428

5.500%, 

12/1/2038

1,064,428

3,564,183

5.500%, 

2/1/2040

3,644,690

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,014,677

2.000%, 

1/1/2052

2,466,154

190,069

6.000%, 

1/1/2055

198,115

3,421,327

2.000%, 

5/1/2051

2,798,832

6,183,274

3.500%, 

5/1/2052

5,697,331

5,728,344

4.000%, 

5/1/2052

5,448,572

2,336,919

5.000%, 

7/1/2053

2,339,534

730,221

5.500%, 

7/1/2053

744,081

4,277,771

3.500%, 

8/1/2052

3,941,124

3,625,807

5.000%, 

8/1/2053

3,638,610

3,890,204

5.500%, 

9/1/2053

3,976,440

3,018,288

3.500%, 

9/1/2047

2,823,642

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

3,194,124

2.500%, 

7/1/2030

3,096,426

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Mortgage-Backed

Securities  9.6%

-

continued

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

$

699,587

5.500%, 

9/1/2039

$

719,334

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

3,268,352

3.000%, 

12/1/2036

3,096,588

3,902,677

3.000%, 

8/1/2038

3,703,384

6,048,792

3.500%, 

5/1/2040

5,784,189

4,866,980

2.500%, 

4/1/2042

4,347,930

1,707,196

2.000%, 

5/1/2042

1,477,798

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

14,476,151

3.000%, 

1/1/2052

12,828,899

2,475,768

2.000%, 

2/1/2051

2,025,305

1,620,096

2.000%, 

2/1/2051

1,325,321

5,671,080

2.500%, 

2/1/2051

4,845,348

6,114,909

5.500%, 

2/1/2055

6,226,625

16,884,274

2.000%, 

3/1/2051

13,718,980

11,430,631

4.000%, 

3/1/2051

10,964,382

1,693,783

2.000%, 

3/1/2052

1,383,709

15,629,202

3.000%, 

3/1/2052

13,854,590

587,251

3.000%, 

4/1/2051

517,413

4,866,319

5.500%, 

4/1/2054

4,966,493

4,624,552

3.000%, 

5/1/2050

4,076,027

3,034,846

2.000%, 

5/1/2051

2,470,815

7,029,815

3.000%, 

5/1/2051

6,324,897

11,484,315

2.000%, 

6/1/2050

9,360,002

5,763,885

3.000%, 

6/1/2050

5,197,329

2,839,666

4.000%, 

6/1/2052

2,683,818

2,073,468

5.000%, 

6/1/2053

2,078,481

14,237,245

2.500%, 

7/1/2051

12,201,884

3,959,545

3.500%, 

7/1/2051

3,659,905

5,543,585

4.000%, 

7/1/2052

5,239,353

2,087,608

2.500%, 

8/1/2050

1,797,360

8,374,725

3.500%, 

8/1/2050

7,768,683

11,396,883

4.500%, 

8/1/2052

11,114,385

4,988,906

5.000%, 

8/1/2053

5,000,968

11,141,737

6.000%, 

8/1/2054

11,640,907

2,540,475

2.500%, 

9/1/2051

2,174,039

3,077,161

3.500%, 

9/1/2052

2,834,939

6,557,605

3.500%, 

9/1/2052

6,049,516

3,932,948

5.000%, 

9/1/2052

3,936,191

3,925,678

4.500%, 

9/1/2053

3,843,410

5,321,015

4.500%, 

9/1/2053

5,191,576

9,594,331

4.000%, 

10/1/2052

9,110,856

2,943,285

2.000%, 

11/1/2051

2,407,698

4,001,464

3.500%, 

11/1/2052

3,703,625

12,081,856

2.000%, 

12/1/2050

9,839,526

19,104,930

2.500%, 

12/1/2051

16,294,628

8,273,164

4.500%, 

12/1/2052

8,104,697

3,515,233

3.500%, 

12/1/2047

3,297,279

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

16,962,007

2.500%, 

3/1/2062

13,832,566

4,033,257

3.500%, 

7/1/2061

3,620,918

5,003,399

4.000%, 

12/1/2061

4,682,921

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Mortgage-Backed

Securities  9.6%

-

continued

PRPM,

LLC

$

1,118,007

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

a,c

$

1,120,539

Total

324,324,005

Technology  0.7%

Accenture

Capital,

Inc.

476,000

4.500%, 

10/4/2034

469,443

Advanced

Micro

Devices,

Inc.

537,000

4.393%, 

6/1/2052

461,781

Amentum

Holdings,

Inc.

201,000

7.250%, 

8/1/2032

a

208,712

Block,

Inc.

122,000

5.625%, 

8/15/2030

a

123,608

138,000

3.500%, 

6/1/2031

128,426

287,000

6.500%, 

5/15/2032

297,047

122,000

6.000%, 

8/15/2033

a

124,933

Boost

Newco

Borrower,

LLC

379,000

7.500%, 

1/15/2031

a

402,079

Broadcom,

Inc.

282,000

4.900%, 

7/15/2032

288,482

283,000

3.469%, 

4/15/2034

a

258,266

1,072,000

3.137%, 

11/15/2035

a

927,458

1,100,000

3.187%, 

11/15/2036

a

938,715

460,000

4.926%, 

5/15/2037

a

458,766

CACI

International,

Inc.

84,000

6.375%, 

6/15/2033

a

86,650

Central

Parent,

Inc./CDK

Global,

Inc.

99,000

7.250%, 

6/15/2029

a

85,244

Cisco

Systems,

Inc.

235,000

5.300%, 

2/26/2054

231,967

Clarivate

Science

Holdings

Corporation

143,000

3.875%, 

7/1/2028

a

137,616

Cloud

Software

Group,

Inc.

765,000

6.500%, 

3/31/2029

a

771,900

272,000

9.000%, 

9/30/2029

a

282,120

CommScope

Technologies,

LLC

126,000

5.000%, 

3/15/2027

a

125,010

CommScope,

LLC

131,000

4.750%, 

9/1/2029

a

130,159

Consensus

Cloud

Solutions,

Inc.

68,000

6.000%, 

10/15/2026

a

67,869

CoreWeave,

Inc.

185,000

9.000%, 

2/1/2031

a

189,603

Dell,

Inc.

452,000

6.500%, 

4/15/2038

490,438

Diebold

Nixdorf,

Inc.

101,000

7.750%, 

3/31/2030

a

106,541

Fair

Isaac

Corporation

222,000

6.000%, 

5/15/2033

a

224,762

Fiserv,

Inc.

517,000

2.650%, 

6/1/2030

478,685

494,000

5.350%, 

3/15/2031

513,720

468,000

5.600%, 

3/2/2033

490,366

500,000

5.150%, 

8/12/2034

505,976

Foundry

JV

Holdco,

LLC

551,000

5.900%, 

1/25/2030

a

581,034

200,000

5.900%, 

1/25/2033

a

210,897

Gen

Digital,

Inc.

163,000

7.125%, 

9/30/2030

a

167,839

66,000

6.250%, 

4/1/2033

a

67,378

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Technology  0.7%

-

continued

Global

Payments,

Inc.

$

805,000

5.300%, 

8/15/2029

$

823,235

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

129,000

3.500%, 

3/1/2029

a

122,224

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

130,000

4.625%, 

5/1/2028

a

125,730

Hewlett

Packard

Enterprise

Company

400,000

4.850%, 

10/15/2031

404,176

II-VI,

Inc.

131,000

5.000%, 

12/15/2029

a

129,193

Intel

Corporation

755,000

4.900%, 

7/29/2045

667,593

ION

Platform

Finance

US,

Inc.

200,000

7.875%, 

9/30/2032

a

198,686

ION

Trading

Technologies

SARL

179,000

9.500%, 

5/30/2029

a

189,055

Iron

Mountain,

Inc.

387,000

4.875%, 

9/15/2029

a

380,981

300,000

5.250%, 

7/15/2030

a

296,690

440,000

4.500%, 

2/15/2031

a

419,991

Kioxia

Holdings

Corporation

328,000

6.625%, 

7/24/2033

a

337,194

KLA

Corporation

804,000

3.300%, 

3/1/2050

575,139

Marvell

Technology,

Inc.

127,000

5.950%, 

9/15/2033

136,260

Microchip

Technology,

Inc.

102,000

5.050%, 

3/15/2029

104,222

Micron

Technology,

Inc.

121,000

5.650%, 

11/1/2032

126,981

NCR

Atleos

Corporation

108,000

9.500%, 

4/1/2029

a

116,912

NCR

Voyix

Corporation

106,000

5.000%, 

10/1/2028

a

104,416

123,000

5.125%, 

4/15/2029

a

121,022

Neptune

Bidco

US,

Inc.

256,000

9.290%, 

4/15/2029

a

251,313

NXP

BV/NXP

Funding,

LLC

475,000

5.550%, 

12/1/2028

491,672

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

476,000

4.300%, 

6/18/2029

475,424

475,000

3.250%, 

5/11/2041

360,888

Open

Text

Holdings,

Inc.

259,000

4.125%, 

2/15/2030

a

245,350

Oracle

Corporation

536,000

6.900%, 

11/9/2052

596,381

288,000

4.800%, 

9/26/2032

288,346

210,000

4.700%, 

9/27/2034

205,082

311,000

5.875%, 

9/26/2045

311,844

1,266,000

4.000%, 

7/15/2046

986,181

Paychex,

Inc.

98,000

5.600%, 

4/15/2035

102,594

PayPal

Holdings,

Inc.

420,000

5.500%, 

6/1/2054

e

421,362

Pitney

Bowes,

Inc.

68,000

6.875%, 

3/15/2027

a

67,946

RingCentral,

Inc.

359,000

8.500%, 

8/15/2030

a

381,988

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Technology  0.7%

-

continued

Rocket

Software,

Inc.

$

160,000

9.000%, 

11/28/2028

a

$

164,931

Roper

Technologies,

Inc.

640,000

1.750%, 

2/15/2031

557,766

Sabre

GLBL,

Inc.

33,000

8.625%, 

6/1/2027

a,e

33,473

126,000

11.125%, 

7/15/2030

a

122,025

Seagate

Data

Storage

Technology,

Private

Ltd.

257,280

9.625%, 

12/1/2032

a

291,415

87,000

5.750%, 

12/1/2034

a

86,720

Sensata

Technologies

BV

300,000

4.000%, 

4/15/2029

a

287,902

Sensata

Technologies,

Inc.

68,000

4.375%, 

2/15/2030

a

65,631

77,000

3.750%, 

2/15/2031

a

71,062

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

254,000

6.750%, 

8/15/2032

a

262,608

SS&C

Technologies,

Inc.

250,000

5.500%, 

9/30/2027

a

249,568

67,000

6.500%, 

6/1/2032

a

69,267

Synopsys,

Inc.

328,000

5.700%, 

4/1/2055

331,028

UKG,

Inc.

141,000

6.875%, 

2/1/2031

a

145,489

Verisk

Analytics,

Inc.

194,000

5.250%, 

3/15/2035

197,771

Viavi

Solutions,

Inc.

130,000

3.750%, 

10/1/2029

a

122,568

Xerox

Corporation

98,000

10.250%, 

10/15/2030

a

99,552

Xerox

Holdings

Corporation

87,000

5.500%, 

8/15/2028

a

51,114

Total

24,809,451

Transportation  0.2%

Air

Canada

135,000

3.875%, 

8/15/2026

a

133,775

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

181,500

5.500%, 

4/20/2026

a

181,580

245,647

5.750%, 

4/20/2029

a

246,587

Avianca

Midco

2

plc

112,000

9.000%, 

12/1/2028

a

111,860

200,000

9.625%, 

2/14/2030

a,e

198,940

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

173,000

5.375%, 

3/1/2029

a,e

168,703

Burlington

Northern

Santa

Fe,

LLC

631,000

2.875%, 

6/15/2052

404,035

530,000

4.450%, 

3/15/2043

477,978

Canadian

Pacific

Railway

Company

537,000

4.700%, 

5/1/2048

479,240

DCLI

Bidco,

LLC

174,000

7.750%, 

11/15/2029

a

180,920

Delta

Air

Lines,

Inc.

200,000

5.250%, 

7/10/2030

204,038

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,126,000

4.750%, 

10/20/2028

a

1,132,331

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Transportation  0.2%

-

continued

ERAC

USA

Finance,

LLC

$

536,000

5.400%, 

5/1/2053

a

$

533,588

Norfolk

Southern

Corporation

408,000

5.100%, 

5/1/2035

416,570

OneSky

Flight,

LLC

228,000

8.875%, 

12/15/2029

a

239,754

Rand

Parent,

LLC

335,000

8.500%, 

2/15/2030

a,e

348,087

RXO,

Inc.

124,000

7.500%, 

11/15/2027

a

126,087

Ryder

System,

Inc.

330,000

4.850%, 

6/15/2030

e

336,709

Stena

International

SA

217,000

7.250%, 

1/15/2031

a

221,236

Union

Pacific

Corporation

1,074,000

2.973%, 

9/16/2062

643,459

United

Airlines,

Inc.

583,000

4.625%, 

4/15/2029

a

574,074

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

81,000

7.875%, 

5/1/2027

a

82,263

156,000

6.375%, 

2/1/2030

a,e

152,050

Watco

Companies,

LLC/Watco

Finance

Corporation

122,000

7.125%, 

8/1/2032

a

126,279

Total

7,720,143

U.S.

Government

&

Agencies  10.9%

U.S.

Treasury

Bonds

8,480,000

1.625%, 

11/15/2050

4,550,050

11,400,000

4.750%, 

11/15/2053

11,419,594

14,120,000

5.250%, 

11/15/2028

14,781,324

1,075,000

4.375%, 

5/15/2040

1,063,788

41,740,000

1.375%, 

11/15/2040

27,232,089

600,000

3.000%, 

5/15/2042

486,773

27,658,000

2.500%, 

5/15/2046

19,448,112

35,275,000

2.875%, 

5/15/2049

25,734,215

U.S.

Treasury

Notes

13,200,000

2.625%, 

1/31/2026

13,141,348

3,050,000

0.500%, 

2/28/2026

3,007,681

22,580,000

2.500%, 

2/28/2026

22,449,018

2,900,000

4.625%, 

2/28/2026

2,908,020

1,500,000

4.375%, 

7/31/2026

1,507,195

2,200,000

3.500%, 

9/30/2026

2,195,359

2,350,000

0.500%, 

4/30/2027

2,237,365

17,999,000

3.875%, 

5/31/2027

18,061,575

3,000,000

3.625%, 

8/31/2027

2,999,883

16,875,000

2.250%, 

11/15/2027

16,405,664

12,250,000

3.875%, 

12/31/2027

12,317,471

4,300,000

0.750%, 

1/31/2028

4,026,547

16,200,000

3.500%, 

1/31/2028

16,156,969

13,400,000

3.625%, 

3/31/2028

13,403,664

31,750,000

2.875%, 

5/15/2028

31,155,928

55,000,000

4.375%, 

8/31/2028

56,119,336

6,300,000

3.750%, 

12/31/2028

6,319,934

2,200,000

3.500%, 

9/30/2029

2,184,445

850,000

1.375%, 

11/15/2031

735,715

24,275,000

4.125%, 

11/15/2032

24,557,576

13,500,000

4.500%, 

11/15/2033

13,957,734

Total

370,564,372

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Utilities  0.7%

AES

Corporation

$

80,000

7.600%, 

1/15/2055

b

$

82,868

1,069,000

3.950%, 

7/15/2030

a

1,032,256

Algonquin

Power

&

Utilities

Corporation

295,000

4.750%, 

1/18/2082

b

287,846

Alpha

Generation,

LLC

116,000

6.750%, 

10/15/2032

a

119,746

American

Water

Capital

Corporation

157,000

5.700%, 

9/1/2055

159,458

Atmos

Energy

Corporation

115,000

5.450%, 

1/15/2056

f

113,663

Berkshire

Hathaway

Energy

Company

900,000

4.500%, 

2/1/2045

796,836

Calpine

Corporation

266,000

4.500%, 

2/15/2028

a

264,878

Capital

Power

US

Holdings,

Inc.

410,000

5.257%, 

6/1/2028

a

417,790

Commonwealth

Edison

Company

800,000

3.700%, 

3/1/2045

633,586

Consolidated

Edison

Company

of

New

York,

Inc.

384,000

4.500%, 

12/1/2045

336,651

900,000

4.125%, 

5/15/2049

729,508

Constellation

Energy

Generation,

LLC

253,000

6.125%, 

1/15/2034

275,320

Consumers

Energy

Company

880,000

4.350%, 

4/15/2049

753,448

Dominion

Energy,

Inc.

66,000

6.875%, 

2/1/2055

b

69,080

66,000

7.000%, 

6/1/2054

b

71,563

DTE

Electric

Company

760,000

3.700%, 

3/15/2045

598,575

Duke

Energy

Corporation

92,000

6.450%, 

9/1/2054

b

97,178

729,000

5.450%, 

6/15/2034

758,268

Duke

Energy

Indiana,

LLC

693,000

3.750%, 

5/15/2046

546,683

Enel

Finance

International

NV

470,000

5.125%, 

6/26/2029

a

481,476

Exelon

Corporation

642,000

4.450%, 

4/15/2046

546,654

FirstEnergy

Corporation

669,000

4.850%, 

7/15/2047

592,171

Georgia

Power

Company

455,000

4.950%, 

5/17/2033

464,142

237,000

5.250%, 

3/15/2034

244,475

Hawaiian

Electric

Company,

Inc.

61,000

6.000%, 

10/1/2033

a

61,530

ITC

Holdings

Corporation

560,000

5.300%, 

7/1/2043

537,043

Jersey

Central

Power

&

Light

Company

375,000

2.750%, 

3/1/2032

a

335,292

Lightning

Power,

LLC

235,000

7.250%, 

8/15/2032

a

248,798

Long

Ridge

Energy,

LLC

197,000

8.750%, 

2/15/2032

a

202,498

MidAmerican

Energy

Company

589,000

5.850%, 

9/15/2054

620,152

Principal

Amount

Long-Term

Fixed

Income  34.0%

Value

Utilities  0.7%

-

continued

NextEra

Energy

Capital

Holdings,

Inc.

$

412,000

5.900%, 

3/15/2055

$

424,602

160,000

5.300%, 

3/15/2032

166,156

NiSource,

Inc.

64,000

6.375%, 

3/31/2055

b

66,239

675,000

5.650%, 

2/1/2045

672,366

NRG

Energy,

Inc.

115,000

3.375%, 

2/15/2029

a

108,712

195,000

5.250%, 

6/15/2029

a

194,369

107,000

6.000%, 

2/1/2033

a

108,666

370,000

5.750%, 

1/15/2034

a,f

369,622

107,000

6.250%, 

11/1/2034

a

109,685

Pacific

Gas

and

Electric

Company

495,000

5.550%, 

5/15/2029

509,524

467,000

4.550%, 

7/1/2030

463,756

233,000

5.800%, 

5/15/2034

241,426

PG&E

Corporation

99,000

5.000%, 

7/1/2028

98,084

PPL

Capital

Funding,

Inc.

470,000

5.250%, 

9/1/2034

480,694

PPL

Electric

Utilities

Corporation

440,000

3.950%, 

6/1/2047

358,675

Public

Service

Company

of

Colorado

624,000

4.500%, 

6/1/2052

525,228

San

Diego

Gas

&

Electric

Company

900,000

4.150%, 

5/15/2048

730,045

Southern

California

Edison

Company

140,000

5.450%, 

3/1/2035

141,689

Southern

Company

650,000

4.850%, 

3/15/2035

643,333

Southern

Company

Gas

Capital

Corporation

600,000

4.400%, 

5/30/2047

503,993

Southwestern

Electric

Power

Company

542,000

3.900%, 

4/1/2045

420,439

Talen

Energy

Supply,

LLC

267,000

8.625%, 

6/1/2030

a

283,431

TerraForm

Power

Operating,

LLC

384,000

5.000%, 

1/31/2028

a

381,229

Virginia

Electric

and

Power

Company

180,000

5.350%, 

1/15/2054

172,974

675,000

4.600%, 

12/1/2048

589,347

Vistra

Corporation

129,000

8.000%, 

10/15/2026

a,b,i

131,949

162,000

7.000%, 

12/15/2026

a,b,i

164,474

Vistra

Operations

Company,

LLC

231,000

5.000%, 

7/31/2027

a

230,236

Xcel

Energy,

Inc.

379,000

4.600%, 

6/1/2032

376,020

160,000

5.600%, 

4/15/2035

165,862

XPLR

Infrastructure

Operating

Partners,

LP

434,000

3.875%, 

10/15/2026

a

427,770

Total

22,740,027

Total

Long-Term

Fixed

Income

(cost

$1,210,034,979)

1,153,697,693

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Shares

Registered

Investment

Companies  

33.5%

Value

U.S.

Affiliated  

33.2%  

11,055,358

Thrivent

Core

Emerging

Markets

Debt

Fund

$

95,628,845

3,317,050

Thrivent

Core

Emerging

Markets

Equity

Fund

38,975,336

2,986,559

Thrivent

Core

International

Equity

Fund

38,377,279

198,143

Thrivent

Core

Low

Volatility

Equity

Fund

2,433,200

404,213

Thrivent

Core

Mid

Cap

Value

Fund

4,632,277

559,352

Thrivent

Core

Small

Cap

Value

Fund

6,203,215

1,237,545

Thrivent

Global

Stock

Portfolio

19,448,149

16,656,863

Thrivent

High

Yield

Portfolio

71,153,122

21,402,224

Thrivent

Income

Portfolio

193,536,030

9,048,716

Thrivent

International

Equity

Portfolio

106,488,002

1,762,974

Thrivent

International

Index

Portfolio

28,992,987

14,297,408

Thrivent

Large

Cap

Value

Portfolio

333,502,760

2,594,877

Thrivent

Mid

Cap

Stock

Portfolio

50,448,562

11,142,263

Thrivent

Short-Term

Bond

Portfolio

110,581,386

1,274,084

Thrivent

Small

Cap

Stock

Portfolio

23,652,730

Total

1,124,053,880

U.S.

Unaffiliated  

0.3%  

5,070

Invesco

QQQ

Trust

Series

1

3,043,876

407

iShares

Semiconductor

ETF

110,346

10,678

SPDR

S&P

500

ETF

Trust

7,113,470

2,141

SPDR

S&P

Biotech

ETF

214,528

885

SPDR

S&P

Software

&

Services

ETF

175,018

928

VanEck

Semiconductor

ETF

302,862

Total

10,960,100

Total

Registered

Investment

Companies

(cost

$918,196,830)

1,135,013,980

Shares

Common

Stock

16.9%

Value

Communications

Services  2.1%

55,989

Alphabet,

Inc.,

Class

A

13,610,926

55,527

Alphabet,

Inc.,

Class

C

13,523,601

42,373

AT&T,

Inc.

1,196,613

13,220

CarGurus,

Inc.

k

492,181

6,879

Comcast

Corporation

216,138

9,756

E.W.

Scripps

Company

k

24,000

333

Electronic

Arts,

Inc.

67,166

763

Fox

Corporation,

Class

A

48,115

464

Fox

Corporation,

Class

B

26,582

379

Globalstar,

Inc.

k

13,792

1,147

Iridium

Communications,

Inc.

20,027

4,770

Liberty

Global,

Ltd.,

Class

A

k

54,664

307

Liberty

Media

Corporation-Liberty

Formula

One

k

32,066

156

Liberty

Media

Corporation-Liberty

Live

Group

k

15,127

366

Madison

Square

Garden

Entertainment

Corporation

k

22,736

75

Madison

Square

Garden

Sports

Corporation

k

17,025

2,304

Magnite,

Inc.

k

50,181

12,708

Match

Group,

Inc.

448,846

31,725

Meta

Platforms,

Inc.

23,298,205

7,293

Netflix,

Inc.

k

8,743,724

3,532

New

York

Times

Company

202,737

Shares

Common

Stock  16.9%

Value

Communications

Services  2.1%

-

continued

12,941

News

Corporation,

Class

A

$

397,418

13,640

Pinterest,

Inc.

k

438,799

42

Reddit,

Inc.

k

9,660

2,315

ROBLOX

Corporation

k

320,674

434

Sirius

XM

Holdings,

Inc.

10,101

4,072

Spotify

Technology

SA

k

2,842,256

2,462

T-Mobile

US,

Inc.

589,354

223

Trade

Desk,

Inc.

k

10,929

44,092

Uniti

Group,

Inc.

269,843

18,788

Verizon

Communications,

Inc.

825,733

11,014

Walt

Disney

Company

1,261,103

14,252

Warner

Brothers

Discovery,

Inc.

k

278,342

5,649

Warner

Music

Group

Corporation

192,405

Total

69,571,069

Consumer

Discretionary  2.2%

2,055

Adient

plc

k

49,484

83,118

ADT,

Inc.

723,958

1,196

Advance

Auto

Parts,

Inc.

73,434

124,747

Amazon.com,

Inc.

k

27,390,699

5,848

American

Axle

&

Manufacturing

Holdings,

Inc.

k

35,146

2,146

American

Eagle

Outfitters,

Inc.

36,718

12,374

Aptiv

plc

k

1,066,886

578

Aramark

22,195

177

Asbury

Automotive

Group,

Inc.

k

43,268

226

Autoliv,

Inc.

27,911

3,789

Bath

&

Body

Works,

Inc.

97,605

146

Booking

Holdings,

Inc.

788,293

1,632

Boot

Barn

Holdings,

Inc.

k

270,455

5,978

BorgWarner,

Inc.

262,793

228

Bright

Horizons

Family

Solutions,

Inc.

k

24,754

72

Brinker

International,

Inc.

k

9,121

373

Buckle,

Inc.

21,880

3,346

Build-A-Bear

Workshop,

Inc.

218,193

445

CarMax,

Inc.

k

19,967

38,381

Carnival

Corporation

k

1,109,595

62

Carvana

Company

k

23,389

27

Cavco

Industries,

Inc.

k

15,680

1,599

Champion

Homes,

Inc.

k

122,116

1,911

Chewy,

Inc.

k

77,300

1,062

Columbia

Sportswear

Company

55,543

2,411

Coursera,

Inc.

k

28,233

563

Crocs,

Inc.

k

47,039

1,346

D.R.

Horton,

Inc.

228,107

1,527

Dana,

Inc.

30,601

70

Darden

Restaurants,

Inc.

13,325

1,961

Deckers

Outdoor

Corporation

k

198,787

95

Domino's

Pizza,

Inc.

41,012

14,915

DoorDash,

Inc.

k

4,056,731

313

Dorman

Products,

Inc.

k

48,790

56

Dutch

Bros,

Inc.

k

2,931

557

eBay,

Inc.

50,659

3,786

Etsy,

Inc.

k

251,353

11,478

Expedia

Group,

Inc.

2,453,422

425

Five

Below,

Inc.

k

65,748

8,501

Ford

Motor

Company

101,672

1,551

Fox

Factory

Holding

Corporation

k

37,674

3,585

Frontdoor,

Inc.

k

241,235

3,498

Gap,

Inc.

74,822

1,206

Garmin,

Ltd.

296,941

1,642

Garrett

Motion,

Inc.

22,364

142

General

Motors

Company

8,658

5,396

Gentex

Corporation

152,707

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Shares

Common

Stock  16.9%

Value

Consumer

Discretionary  2.2%

-

continued

1,308

GigaCloud

Technology,

Inc.

k

$

37,147

5,070

Goodyear

Tire

&

Rubber

Company

k

37,924

1,181

Grand

Canyon

Education,

Inc.

k

259,253

138

Group

1

Automotive,

Inc.

60,376

3,087

Hasbro,

Inc.

234,149

8,217

Hilton

Worldwide

Holdings,

Inc.

2,131,818

19,640

Home

Depot,

Inc.

7,957,932

1,202

Installed

Building

Products,

Inc.

296,485

7,960

Laureate

Education,

Inc.

k

251,058

2,081

La-Z-Boy,

Inc.

71,420

309

Lear

Corporation

31,088

145

Lithia

Motors,

Inc.

45,820

1,161

Lowe's

Companies,

Inc.

291,771

163

Lululemon

Athletica,

Inc.

k

29,003

112

M/I

Homes,

Inc.

k

16,177

5,880

Mattel,

Inc.

k

98,960

1,640

McDonald's

Corporation

498,380

1,647

MGM

Resorts

International

k

57,085

2,149

Modine

Manufacturing

Company

k

305,502

830

Mohawk

Industries,

Inc.

k

107,004

468

Murphy

USA,

Inc.

181,706

1,231

National

Vision

Holdings,

Inc.

k

35,933

39

NVR,

Inc.

k

313,352

13,794

O'Reilly

Automotive,

Inc.

k

1,487,131

212

Planet

Fitness,

Inc.

k

22,006

707

Pool

Corporation

219,219

157

PulteGroup,

Inc.

20,744

469

Ralph

Lauren

Corporation

147,060

228

Red

Rock

Resorts,

Inc.

13,922

10,547

Ross

Stores,

Inc.

1,607,257

9

Royal

Caribbean

Cruises,

Ltd.

2,912

727

Service

Corporation

International/

US

60,501

3,348

SharkNinja,

Inc.

k

345,346

1,905

Sonos,

Inc.

k

30,099

8,793

Sony

Group

Corporation

ADR

253,150

1,544

Stoneridge,

Inc.

k

11,765

368

Strategic

Education,

Inc.

31,652

313

Tapestry,

Inc.

35,438

189

Taylor

Morrison

Home

Corporation

k

12,476

29,152

Tesla,

Inc.

k

12,964,477

129

Texas

Roadhouse,

Inc.

21,433

411

Toll

Brothers,

Inc.

56,776

27

TopBuild

Corporation

k

10,553

1,239

Travel

+

Leisure

Company

73,708

342

Ulta

Beauty,

Inc.

k

186,989

46

United

Parks

&

Resorts,

Inc.

k

2,378

806

Universal

Technical

Institute,

Inc.

k

26,235

154

Urban

Outfitters,

Inc.

k

11,000

820

Valvoline,

Inc.

k

29,446

2,317

VF

Corporation

33,434

1,829

Viking

Holdings,

Ltd.

k

113,691

429

Visteon

Corporation

51,420

359

Wayfair,

Inc.

k

32,069

2,417

Wingstop,

Inc.

608,311

161

Winmark

Corporation

80,141

6,026

Wyndham

Hotels

&

Resorts,

Inc.

481,477

2,828

Wynn

Resorts,

Ltd.

362,748

458

Yum!

Brands,

Inc.

69,616

Total

73,905,117

Consumer

Staples  0.4%

1,374

Albertsons

Companies,

Inc.

24,059

2,625

Altria

Group,

Inc.

173,407

Shares

Common

Stock  16.9%

Value

Consumer

Staples  0.4%

-

continued

499

Archer-Daniels-Midland

Company

$

29,810

462

BellRing

Brands,

Inc.

k

16,794

3,610

BJ's

Wholesale

Club

Holdings,

Inc.

k

336,632

989

Casey's

General

Stores,

Inc.

559,101

969

Central

Garden

&

Pet

Company,

Class

A

k

28,615

1,511

Church

&

Dwight

Company,

Inc.

132,409

6,909

Colgate-Palmolive

Company

552,305

2,919

Conagra

Brands,

Inc.

53,447

399

Costco

Wholesale

Corporation

369,326

22,798

Coty,

Inc.

k

92,104

1,073

Darling

Ingredients,

Inc.

k

33,124

176

e.l.f.

Beauty,

Inc.

k

23,316

432

Ingredion,

Inc.

52,752

2,429

J

&

J

Snack

Foods

Corporation

233,403

1,469

John

B.

Sanfilippo

&

Son,

Inc.

94,427

13,778

Kenvue,

Inc.

223,617

5,855

Keurig

Dr

Pepper,

Inc.

149,361

439

Kimberly-Clark

Corporation

54,585

167

Kraft

Heinz

Company

4,349

531

Kroger

Company

35,795

2,342

Maplebear,

Inc.

k

86,092

579

Marzetti

Company

100,045

529

McCormick

&

Company,

Inc.

35,395

3,819

Monster

Beverage

Corporation

k

257,057

4,640

Philip

Morris

International,

Inc.

752,608

397

Primo

Brands

Corporation

8,774

9,707

Procter

&

Gamble

Company

1,491,481

46

Sprouts

Farmers

Markets,

Inc.

k

5,005

5,212

Sysco

Corporation

429,156

999

Turning

Point

Brands,

Inc.

98,761

479

Tyson

Foods,

Inc.

26,010

5,632

Unilever

plc

ADR

333,865

915

US

Foods

Holding

Corporation

k

70,107

4,565

Vita

Coco

Company,

Inc.

k

193,876

49,320

Walmart,

Inc.

5,082,919

Total

12,243,889

Energy  0.3%

25,018

Antero

Midstream

Corporation

486,350

1,790

Antero

Resources

Corporation

k

60,072

1,738

APA

Corporation

42,199

1,338

Archrock,

Inc.

35,203

8,389

Baker

Hughes

Company

408,712

389

Cactus,

Inc.

15,354

395

California

Resources

Corporation

21,006

2,768

Cheniere

Energy,

Inc.

650,425

1,245

Chevron

Corporation

193,336

420

Chord

Energy

Corporation

41,735

1,993

Civitas

Resources,

Inc.

64,772

18,951

ConocoPhillips

1,792,575

21,542

Devon

Energy

Corporation

755,262

4,960

DHT

Holdings,

Inc.

59,272

979

DT

Midstream,

Inc.

110,686

10,407

Enterprise

Products

Partners,

LP

325,427

6,612

EOG

Resources,

Inc.

741,337

684

EQT

Corporation

37,230

2,261

Expand

Energy

Corporation

240,209

11,404

Exxon

Mobil

Corporation

1,285,801

622

Gulfport

Energy

Corporation

k

112,570

7,666

Halliburton

Company

188,584

8,380

Hess

Midstream,

LP

289,529

1,004

HF

Sinclair

Corporation

52,549

19,129

Kinder

Morgan,

Inc.

541,542

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Shares

Common

Stock  16.9%

Value

Energy  0.3%

-

continued

934

Kodiak

Gas

Services,

Inc.

$

34,530

11,773

Kosmos

Energy,

Ltd.

k

19,543

1,391

Marathon

Petroleum

Corporation

268,101

1,447

Matador

Resources

Company

65,014

563

Noble

Corporation

plc

15,922

356

Occidental

Petroleum

Corporation

16,821

1,402

Oceaneering

International,

Inc.

k

34,742

1,512

Oil

States

International,

Inc.

k

9,163

976

ONEOK,

Inc.

71,219

3,975

Ovintiv,

Inc.

160,510

822

Par

Pacific

Holdings,

Inc.

k

29,115

4,065

Permian

Resources

Corporation

52,032

243

Phillips

66

33,053

2,024

Range

Resources

Corporation

76,183

242

Ranger

Energy

Services,

Inc.

3,398

2,276

Ring

Energy,

Inc.

k

2,481

1,939

Shell

plc

ADR

138,697

732

SM

Energy

Company

18,278

1,299

Talos

Energy,

Inc.

k

12,457

50

Targa

Resources

Corporation

8,377

14,980

TechnipFMC

plc

590,961

113

Valero

Energy

Corporation

19,239

73

Weatherford

International

plc

4,995

13,099

Williams

Companies,

Inc.

829,822

Total

11,066,390

Financials  2.0%

169

1st

Source

Corporation

10,404

1,868

Affiliated

Managers

Group,

Inc.

445,387

575

Affirm

Holdings,

Inc.

k

42,021

267

Aflac,

Inc.

29,824

9,663

AGNC

Investment

Corporation

94,601

3,125

Allstate

Corporation

670,781

7,571

Ally

Financial,

Inc.

296,783

8,910

Amalgamated

Financial

Corporation

241,907

2,235

Amerant

Bancorp,

Inc.

43,068

8,100

American

Express

Company

2,690,496

2,686

American

International

Group,

Inc.

210,958

3,608

Ameriprise

Financial,

Inc.

1,772,430

383

Ameris

Bancorp

28,078

317

AMERISAFE,

Inc.

13,897

1,600

Annaly

Capital

Management,

Inc.

32,336

2,352

Arch

Capital

Group,

Ltd.

213,397

2,541

Ares

Management

Corporation

406,281

996

Arthur

J.

Gallagher

&

Company

308,501

1,490

Artisan

Partners

Asset

Management,

Inc.

64,666

12,112

Associated

Banc-Corp

311,400

409

Assurant,

Inc.

88,589

2,301

Atlantic

Union

Bankshares

Corporation

81,202

565

Axis

Capital

Holdings,

Ltd.

54,127

32,838

Bank

of

America

Corporation

1,694,112

1,520

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

65,238

3,698

Bank

of

New

York

Mellon

Corporation

402,934

490

Bank

OZK

24,980

464

BankFinancial

Corporation

5,582

1,332

BankUnited,

Inc.

50,829

837

Bar

Harbor

Bankshares

25,495

845

BCB

Bancorp,

Inc.

7,335

11,578

Beacon

Financial

Corporation

274,514

4,471

Berkshire

Hathaway,

Inc.

k

2,247,751

439

BlackRock,

Inc.

511,817

Shares

Common

Stock  16.9%

Value

Financials  2.0%

-

continued

638

Blackstone

Mortgage

Trust,

Inc.

$

11,746

483

Block,

Inc.

k

34,906

4,635

Blue

Owl

Capital,

Inc.

78,471

607

Bread

Financial

Holdings,

Inc.

33,852

3,381

Bridgewater

Bancshares,

Inc.

k

59,506

785

Brown

&

Brown,

Inc.

73,625

711

Burke

&

Herbert

Financial

Services

Corporation

43,862

1,145

Business

First

Bancshares,

Inc.

27,033

3,306

Byline

Bancorp,

Inc.

91,675

193

C&F

Financial

Corporation

12,970

937

Cadence

Bank

35,175

1,521

California

BanCorp

k

25,370

123

Camden

National

Corporation

4,747

363

Capital

City

Bank

Group,

Inc.

15,170

2,602

Capital

One

Financial

Corporation

553,133

4,938

Capitol

Federal

Financial,

Inc.

31,356

501

Carlyle

Group,

Inc.

31,413

76

Cathay

General

Bancorp

3,649

2,402

Central

Pacific

Financial

Corporation

72,877

26,884

Charles

Schwab

Corporation

2,566,615

1,198

Chubb,

Ltd.

338,136

372

Cincinnati

Financial

Corporation

58,813

4,457

Citigroup,

Inc.

452,386

383

Citizens

Financial

Group,

Inc.

20,360

1,178

Civista

Bancshares,

Inc.

23,925

960

CNB

Financial

Corporation

23,232

1,877

CNO

Financial

Group,

Inc.

74,235

359

Coinbase

Global,

Inc.

k

121,159

1,129

Colony

Bankcorp,

Inc.

19,204

3,088

Columbia

Banking

System,

Inc.

79,485

806

Comerica,

Inc.

55,227

757

Commerce

Bancshares,

Inc.

45,238

78

Community

Financial

System,

Inc.

4,574

3,027

Community

Trust

Bancorp,

Inc.

169,361

343

Community

West

Bancshares

7,148

751

ConnectOne

Bancorp,

Inc.

18,632

337

Cullen/Frost

Bankers,

Inc.

42,721

111

Dave,

Inc.

k

22,128

81

Diamond

Hill

Investment

Group,

Inc.

11,341

1,855

Donnelley

Financial

Solutions,

Inc.

k

95,403

1,608

Dynex

Capital,

Inc.

19,762

1,024

East

West

Bancorp,

Inc.

109,005

573

Eastern

Bankshares,

Inc.

10,400

959

Enact

Holdings,

Inc.

36,768

2,313

Enova

International,

Inc.

k

266,203

1,201

Enterprise

Financial

Services

Corporation

69,634

835

Equitable

Holdings,

Inc.

42,401

274

Equity

Bancshares,

Inc.

11,152

1,664

Essent

Group,

Ltd.

105,764

310

Euronet

Worldwide,

Inc.

k

27,221

395

Evercore,

Inc.

133,241

1,610

F.N.B.

Corporation

25,937

1,079

Farmers

National

Banc

Corporation

15,548

560

Federal

Agricultural

Mortgage

Corporation

94,069

2,677

Federated

Hermes,

Inc.

139,017

407

Fidelity

National

Information

Services,

Inc.

26,838

772

Fifth

Third

Bancorp

34,393

2,487

Financial

Institutions,

Inc.

67,646

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Shares

Common

Stock  16.9%

Value

Financials  2.0%

-

continued

1,485

First

American

Financial

Corporation

$

95,396

2,007

First

Bancorp/Puerto

Rico

44,254

124

First

Citizens

BancShares,

Inc./NC

221,856

2,266

First

Financial

Bancorp

57,217

442

First

Financial

Bankshares,

Inc.

14,873

1,181

First

Financial

Corporation

66,656

270

First

Hawaiian,

Inc.

6,704

3,440

First

Horizon

Corporation

77,778

1,032

First

Internet

Bancorp

23,148

12

First

Interstate

BancSystem,

Inc.

382

1,101

First

Merchants

Corporation

41,508

1,520

First

Mid-Illinois

Bancshares,

Inc.

57,578

363

FirstCash

Holdings,

Inc.

57,506

3,731

Fiserv,

Inc.

k

481,038

576

Flagstar

Financial,

Inc.

6,653

1,786

Flushing

Financial

Corporation

24,665

476

Flywire

Corporation

k

6,445

2,141

Franklin

Resources,

Inc.

49,521

15,485

Fulton

Financial

Corporation

288,486

2,208

Genworth

Financial,

Inc.

k

19,651

6,651

Glacier

Bancorp,

Inc.

323,704

302

Global

Life,

Inc.

43,177

218

Global

Payments,

Inc.

18,111

2,799

Great

Southern

Bancorp,

Inc.

171,439

49

Hamilton

Lane,

Inc.

6,605

347

Hancock

Whitney

Corporation

21,726

164

Hanover

Insurance

Group,

Inc.

29,787

1,725

HarborOne

Bancorp,

Inc.

23,460

701

Hartford

Insurance

Group,

Inc.

93,506

154

HBT

Financial,

Inc.

3,881

1,088

Heritage

Financial

Corporation

26,319

209

Home

Bancorp,

Inc.

11,354

863

Home

BancShares,

Inc.

24,423

2,835

Hometrust

Bancshares,

Inc.

116,065

2,884

Horizon

Bancorp,

Inc.

46,173

4,107

Houlihan

Lokey,

Inc.

843,249

1,525

Huntington

Bancshares,

Inc./OH

26,337

34

Independent

Bank

Corporation/MA

2,352

2,075

Independent

Bank

Corporation/MI

64,273

11,794

Intercontinental

Exchange,

Inc.

1,987,053

34,203

Invesco,

Ltd.

784,617

37

Jack

Henry

&

Associates,

Inc.

5,510

458

Jackson

Financial,

Inc.

46,363

13,646

Janus

Henderson

Group

plc

607,383

400

Jefferies

Financial

Group,

Inc.

26,168

23,717

JPMorgan

Chase

&

Company

7,481,053

4,098

Kearny

Financial

Corporation/MD

26,924

13,700

KeyCorp

256,053

1,105

Ladder

Capital

Corporation

12,056

1,957

Lazard,

Inc.

103,290

1,208

LendingClub

Corporation

k

18,350

1,525

Lincoln

National

Corporation

61,503

99

Loews

Corporation

9,939

1,062

M&T

Bank

Corporation

209,872

274

MarketAxess

Holdings,

Inc.

47,745

469

Marsh

&

McLennan

Companies,

Inc.

94,518

3,338

Mastercard,

Inc.

1,898,688

877

Mercantile

Bank

Corporation

39,465

3,037

MetLife,

Inc.

250,158

23,242

MGIC

Investment

Corporation

659,376

1,395

Midland

States

Bancorp,

Inc.

23,910

6,880

MidWestOne

Financial

Group,

Inc.

194,635

2,281

Moody's

Corporation

1,086,851

Shares

Common

Stock  16.9%

Value

Financials  2.0%

-

continued

388

Morningstar,

Inc.

$

90,020

1,221

MSCI,

Inc.

692,808

22,089

Nasdaq,

Inc.

1,953,772

960

National

Bank

Holdings

Corporation

37,094

5,552

NMI

Holdings,

Inc.

k

212,864

1,116

Northeast

Community

Bancorp,

Inc.

22,956

3,698

Northern

Trust

Corporation

497,751

2,511

Northfield

Bancorp,

Inc.

29,630

18,612

Northwest

Bancshares,

Inc.

230,603

961

OceanFirst

Financial

Corporation

16,885

3,851

OFG

Bancorp

167,480

14,263

Old

National

Bancorp

313,073

7,639

Old

Republic

International

Corporation

324,428

9,875

Old

Second

Bancorp,

Inc.

170,689

4,433

OneMain

Holdings,

Inc.

250,287

776

Orange

County

Bancorp,

Inc.

19,563

722

Origin

Bancorp,

Inc.

24,923

1,653

Orrstown

Financial

Services,

Inc.

56,169

267

Palomar

Holdings,

Inc.

k

31,172

17

Park

National

Corporation

2,763

435

Paymentus

Holdings,

Inc.

k

13,311

635

PCB

Bancorp

13,335

977

Peoples

Bancorp,

Inc./OH

29,300

378

Peoples

Financial

Services

Corporation

18,375

460

Pinnacle

Financial

Partners,

Inc.

43,143

281

PNC

Financial

Services

Group,

Inc.

56,461

2,596

Popular,

Inc.

329,718

447

Principal

Financial

Group,

Inc.

37,061

5,714

Progressive

Corporation

1,411,072

464

Prosperity

Bancshares,

Inc.

30,786

12,348

Provident

Financial

Services,

Inc.

238,069

467

Prudential

Financial,

Inc.

48,447

3,022

Radian

Group,

Inc.

109,457

879

Regions

Financial

Corporation

23,179

520

Reinsurance

Group

of

America,

Inc.

99,908

113

RenaissanceRe

Holdings,

Ltd.

28,694

169

Renasant

Corporation

6,234

1,019

Repay

Holdings

Corporation

k

5,329

7,029

Rithm

Capital

Corporation

80,060

3,716

RLI

Corporation

242,358

22,007

Robinhood

Markets,

Inc.

k

3,150,962

3,224

S&P

Global,

Inc.

1,569,153

13,135

SEI

Investments

Company

1,114,505

154

ServisFirst

Bancshares,

Inc.

12,402

2,541

Shore

Bancshares,

Inc.

41,698

759

Sierra

Bancorp

21,943

2,457

Simmons

First

National

Corporation

47,101

1,758

Sony

Financial

Group,

Inc.

ADR

k,l

9,748

531

Southern

Missouri

Bancorp,

Inc.

27,909

694

SouthState

Bank

Corporation

68,616

603

Starwood

Property

Trust,

Inc.

11,680

1,556

StepStone

Group,

Inc.

101,622

918

Stifel

Financial

Corporation

104,165

353

StoneX

Group,

Inc.

k

35,625

479

Synchrony

Financial

34,033

1,417

Synovus

Financial

Corporation

69,546

444

Third

Coast

Bancshares,

Inc.

k

16,859

4,652

Toast,

Inc.

k

169,845

439

Tompkins

Financial

Corporation

29,066

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Shares

Common

Stock  16.9%

Value

Financials  2.0%

-

continued

1,323

Towne

Bank/Portsmouth,

VA

$

45,736

3,447

TPG

RE

Finance

Trust,

Inc.

29,506

346

TPG,

Inc.

19,878

4,044

Tradeweb

Markets,

Inc.

448,803

6,166

Triumph

Financial,

Inc.

k

308,547

4,127

Trustmark

Corporation

163,429

1,177

U.S.

Bancorp

56,884

447

UMB

Financial

Corporation

52,902

662

United

Bankshares,

Inc.

24,633

1,835

United

Community

Banks,

Inc.

57,527

487

Unity

Bancorp,

Inc.

23,800

1,056

Univest

Financial

Corporation

31,701

1,631

Unum

Group

126,859

2,092

Valley

National

Bancorp

22,175

953

Virtu

Financial,

Inc.

33,832

29,187

Visa,

Inc.

9,963,858

283

WaFd,

Inc.

8,572

1,020

Washington

Trust

Bancorp,

Inc.

29,478

1,171

Webster

Financial

Corporation

69,604

19,204

Wells

Fargo

&

Company

1,609,679

7,035

WesBanco,

Inc.

224,628

601

Western

Alliance

Bancorp

52,119

7,296

Western

Union

Company

58,295

3

White

Mountains

Insurance

Group,

Ltd.

5,015

71

Willis

Towers

Watson

plc

24,527

1,043

Wintrust

Financial

Corporation

138,135

2,550

WisdomTree,

Inc.

35,445

103

WSFS

Financial

Corporation

5,555

9,760

Zions

Bancorp

NA

552,221

Total

68,524,363

Health

Care  1.5%

11,839

AbbVie,

Inc.

2,741,202

16,802

ADMA

Biologics,

Inc.

k

246,317

14,440

Agilent

Technologies,

Inc.

1,853,374

403

Agios

Pharmaceuticals,

Inc.

k

16,176

35

Align

Technology,

Inc.

k

4,383

296

Alkermes

plc

k

8,880

10,230

Amgen,

Inc.

2,886,906

1,723

Amicus

Therapeutics,

Inc.

k

13,577

5,385

Amneal

Pharmaceuticals,

Inc.

k

53,904

2,608

ANI

Pharmaceuticals,

Inc.

k

238,893

651

Anika

Therapeutics,

Inc.

k

6,119

339

Argenx

SE

ADR

k

250,033

261

Artivion,

Inc.

k

11,051

1,527

Aurinia

Pharmaceuticals,

Inc.

k

16,873

10,554

Avantor,

Inc.

k

131,714

704

Azenta,

Inc.

k

20,219

173

Becton,

Dickinson

and

Company

32,380

4,243

Biogen,

Inc.

k

594,359

482

Biohaven,

Ltd.

k

7,235

1,845

BioMarin

Pharmaceutical,

Inc.

k

99,925

1,841

Bio-Techne

Corporation

102,415

24,466

Boston

Scientific

Corporation

k

2,388,616

166

Bruker

Corporation

5,393

139

Cardinal

Health,

Inc.

21,817

1,185

CareDx,

Inc.

k

17,230

2,069

Caribou

Biosciences,

Inc.

k

4,821

549

Cencora,

Inc.

171,579

727

Charles

River

Laboratories

International,

Inc.

k

113,746

704

Cigna

Group

202,928

14,292

Concentra

Group

Holdings

Parent,

Inc.

299,132

Shares

Common

Stock  16.9%

Value

Health

Care  1.5%

-

continued

2,213

Cooper

Companies,

Inc.

k

$

151,723

3,449

CorVel

Corporation

k

267,022

18,493

Danaher

Corporation

3,666,422

2,073

Denali

Therapeutics,

Inc.

k

30,100

3,369

Dentsply

Sirona,

Inc.

42,753

7,177

Dexcom,

Inc.

k

482,940

483

Doximity,

Inc.

k

35,331

1,367

Dyne

Therapeutics,

Inc.

k

17,293

309

Edwards

Lifesciences

Corporation

k

24,031

6,981

Elanco

Animal

Health,

Inc.

k

140,597

7,699

Eli

Lilly

&

Company

5,874,337

1,978

Enanta

Pharmaceuticals,

Inc.

k

23,677

5,734

Encompass

Health

Corporation

728,333

1,825

Fate

Therapeutics,

Inc.

k

2,299

5,348

Fortrea

Holdings,

Inc.

k

45,030

406

GE

HealthCare

Technologies,

Inc.

30,491

8,219

Gilead

Sciences,

Inc.

912,309

2,759

GoodRx

Holdings,

Inc.

k

11,671

3,809

Halozyme

Therapeutics,

Inc.

k

279,352

4,684

HealthEquity,

Inc.

k

443,903

276

Henry

Schein,

Inc.

k

18,318

23

Hims

&

Hers

Health,

Inc.

k

1,305

2,421

IDEXX

Laboratories,

Inc.

k

1,546,753

1,964

Illumina,

Inc.

k

186,521

3,832

Incyte

Corporation

k

324,992

9,239

Indivior

plc

k

222,752

261

Insmed,

Inc.

k

37,587

1,460

Insulet

Corporation

k

450,746

6,410

Intuitive

Surgical,

Inc.

k

2,866,744

579

Ionis

Pharmaceuticals,

Inc.

k

37,878

386

IQVIA

Holding,

Inc.

k

73,317

385

Jazz

Pharmaceuticals,

Inc.

k

50,743

18,197

Johnson

&

Johnson

3,374,088

3,429

Kura

Oncology,

Inc.

k

30,347

1,287

Labcorp

Holdings,

Inc.

369,446

1,448

Medpace

Holdings,

Inc.

k

744,504

28,375

Medtronic

plc

2,702,435

5,685

Merck

&

Company,

Inc.

477,142

3,526

Merit

Medical

Systems,

Inc.

k

293,469

172

Mettler-Toledo

International,

Inc.

k

211,149

1,060

Myriad

Genetics,

Inc.

k

7,664

1,969

Natera,

Inc.

k

316,950

2,624

Neurocrine

Biosciences,

Inc.

k

368,357

232

Option

Care

Health,

Inc.

k

6,440

3,490

Organon

&

Company

37,273

2,672

Penumbra,

Inc.

k

676,871

548

Perrigo

Company

plc

12,204

14,478

Pfizer,

Inc.

368,899

385

Prestige

Consumer

Healthcare,

Inc.

k

24,024

3,161

Progyny,

Inc.

k

68,025

1,207

Prothena

Corporation

plc

k

11,780

1,062

QIAGEN

NV

47,450

250

Quest

Diagnostics,

Inc.

47,645

2,036

REGENXBIO,

Inc.

k

19,647

5,088

Relay

Therapeutics,

Inc.

k

26,559

2,286

Repligen

Corporation

k

305,570

58

ResMed,

Inc.

15,876

31

Revvity,

Inc.

2,717

68

Rigel

Pharmaceuticals,

Inc.

k

1,926

2,130

Rocket

Pharmaceuticals,

Inc.

k

6,944

11,386

Royalty

Pharma

plc

401,698

5,498

Sanofi

SA

ADR

259,506

281

SIGA

Technologies,

Inc.

2,571

682

Sotera

Health

Company

k

10,728

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Shares

Common

Stock  16.9%

Value

Health

Care  1.5%

-

continued

8,024

STERIS

plc

$

1,985,459

7,863

Stevanato

Group

SPA

202,472

3,179

Stryker

Corporation

1,175,181

42

Supernus

Pharmaceuticals,

Inc.

k

2,007

1,075

Teleflex,

Inc.

131,537

2,568

Tenet

Healthcare

Corporation

k

521,407

2,341

Thermo

Fisher

Scientific,

Inc.

1,135,432

8,093

Twist

Bioscience

Corporation

k

227,737

351

UFP

Technologies,

Inc.

k

70,060

231

United

Therapeutics

Corporation

k

96,838

1,021

UnitedHealth

Group,

Inc.

352,551

167

Universal

Health

Services,

Inc.

34,141

683

Vaxcyte,

Inc.

k

24,602

144

Veeva

Systems,

Inc.

k

42,899

3,284

Vericel

Corporation

k

103,347

3,128

Vertex

Pharmaceuticals,

Inc.

k

1,225,050

17,319

Viatris,

Inc.

171,458

546

Viemed

Healthcare,

Inc.

k

3,707

586

Viking

Therapeutics,

Inc.

e,k

15,400

6,566

Waystar

Holding

Corporation

k

248,983

1,056

West

Pharmaceutical

Services,

Inc.

277,020

2,101

Xencor,

Inc.

k

24,645

937

Xenon

Pharmaceuticals,

Inc.

k

37,621

2,826

Zimmer

Biomet

Holdings,

Inc.

278,361

Total

51,226,286

Industrials  1.4%

1,384

A.O.

Smith

Corporation

101,599

216

Acuity,

Inc.

74,388

2,113

Advanced

Drainage

Systems,

Inc.

293,073

755

AECOM

98,505

134

AGCO

Corporation

14,347

301

Alaska

Air

Group,

Inc.

k

14,984

841

Allegheny

Technologies,

Inc.

k

68,407

564

Allegion

plc

100,025

813

Allison

Transmission

Holdings,

Inc.

69,007

4,457

Amentum

Holdings,

Inc.

k

106,745

10,597

AMETEK,

Inc.

1,992,236

1,192

API

Group

Corporation

k

40,969

117

Applied

Industrial

Technologies,

Inc.

30,543

463

Arcosa,

Inc.

43,388

1,103

Armstrong

World

Industries,

Inc.

216,199

4,050

Atmus

Filtration

Technologies,

Inc.

182,614

6,159

Automatic

Data

Processing,

Inc.

1,807,666

797

Axon

Enterprise,

Inc.

k

571,959

150

AZZ,

Inc.

16,369

2,051

Badger

Infrastructure

Solutions,

Ltd.

90,458

6,575

Barrett

Business

Services,

Inc.

291,404

1,223

Brady

Corporation

95,431

50

Brink's

Company

5,843

66

Broadridge

Financial

Solutions,

Inc.

15,719

5,993

BWX

Technologies,

Inc.

1,104,929

556

C.H.

Robinson

Worldwide,

Inc.

73,614

1,920

Casella

Waste

Systems,

Inc.

k

182,170

8,825

Caterpillar,

Inc.

4,210,849

3,128

CECO

Environmental

Corporation

k

160,154

2,034

Clean

Harbors,

Inc.

k

472,335

21,068

CNH

Industrial

NV

228,588

420

Copart,

Inc.

k

18,887

72

CSW

Industrials,

Inc.

17,478

57,423

CSX

Corporation

2,039,091

Shares

Common

Stock  16.9%

Value

Industrials  1.4%

-

continued

232

Cummins,

Inc.

$

97,990

1,004

Curtiss-Wright

Corporation

545,112

7,554

Delta

Air

Lines,

Inc.

428,689

2,183

DNOW,

Inc.

k

33,291

400

Donaldson

Company,

Inc.

32,740

62

Dycom

Industries,

Inc.

k

18,089

437

EMCOR

Group,

Inc.

283,849

944

Energy

Recovery,

Inc.

k

14,556

7,400

Enerpac

Tool

Group

Corporation

303,400

673

EnerSys

76,022

1,768

EnPro,

Inc.

399,568

8,332

ExlService

Holdings,

Inc.

k

366,858

907

Expeditors

International

of

Washington,

Inc.

111,189

84,825

Fastenal

Company

4,159,818

2,012

Federal

Signal

Corporation

239,408

2,558

Ferguson

Enterprises,

Inc.

574,476

5,525

Flowserve

Corporation

293,598

971

Fortive

Corporation

47,569

691

Fortune

Brands

Innovations,

Inc.

36,892

11,897

Gates

Industrial

Corporation

plc

k

295,284

253

Generac

Holdings,

Inc.

k

42,352

1,581

General

Dynamics

Corporation

539,121

3,884

General

Electric

Company

1,168,385

200

Gorman-Rupp

Company

9,282

3,440

Graco,

Inc.

292,262

6,386

Great

Lakes

Dredge

&

Dock

Corporation

k

76,568

2,298

Helios

Technologies,

Inc.

119,795

4,308

Hexcel

Corporation

270,112

498

HNI

Corporation

23,331

1,471

Honeywell

International,

Inc.

309,645

3,652

Howmet

Aerospace,

Inc.

716,632

1,586

Hudson

Technologies,

Inc.

k

15,749

1,596

Huron

Consulting

Group,

Inc.

k

234,245

111

ICF

International,

Inc.

10,301

325

IDEX

Corporation

52,897

189

IES

Holdings,

Inc.

k

75,156

582

Ingersoll

Rand,

Inc.

48,085

155

Insteel

Industries,

Inc.

5,943

1,222

ITT

Corporation

218,445

1,795

Jacobs

Solutions,

Inc.

268,999

1,283

JB

Hunt

Transport

Services,

Inc.

172,140

1,664

Johnson

Controls

International

plc

182,957

690

Kirby

Corporation

k

57,581

1,839

Knight-Swift

Transportation

Holdings,

Inc.

72,659

1,148

Korn

Ferry

80,337

1,292

L3Harris

Technologies,

Inc.

394,590

827

Legalzoom.com,

Inc.

k

8,584

826

Leidos

Holdings,

Inc.

156,081

2,649

Limbach

Holdings,

Inc.

k

257,271

507

Lincoln

Electric

Holdings,

Inc.

119,566

1,825

Lyft,

Inc.

k

40,168

10,827

Masco

Corporation

762,113

129

MasTec,

Inc.

k

27,452

14,776

Masterbrand,

Inc.

k

194,600

272

Maximus,

Inc.

24,853

1,506

McGrath

RentCorp

176,654

604

Middleby

Corporation

k

80,290

1,761

Moog,

Inc.

365,707

7,393

Mueller

Water

Products,

Inc.

188,669

1,725

NEXTracker,

Inc.

k

127,633

17

Nordson

Corporation

3,858

6,094

nVent

Electric

plc

601,112

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Shares

Common

Stock  16.9%

Value

Industrials  1.4%

-

continued

2,729

Old

Dominion

Freight

Line,

Inc.

$

384,189

355

Oshkosh

Corporation

46,044

3,748

Otis

Worldwide

Corporation

342,680

5,903

Parker-Hannifin

Corporation

4,475,359

62

Paylocity

Holding

Corporation

k

9,875

2,170

Pentair

plc

240,349

391

Pitney

Bowes,

Inc.

4,461

101

Primoris

Services

Corporation

13,870

351

Quanta

Services,

Inc.

145,461

676

RBC

Bearings,

Inc.

k

263,836

138

Regal

Rexnord

Corporation

19,795

2,484

Republic

Services,

Inc.

570,028

1,992

Rockwell

Automation,

Inc.

696,264

44

Ryder

System,

Inc.

8,300

850

Schneider

National,

Inc.

17,986

1,483

Sensata

Technologies

Holding

plc

45,306

4,870

Shoals

Technologies

Group,

Inc.

k

36,087

258

SkyWest,

Inc.

k

25,960

3,199

Southwest

Airlines

Company

102,080

216

SPX

Technologies,

Inc.

k

40,344

371

SS&C

Technologies

Holdings,

Inc.

32,930

1,512

Stanley

Black

&

Decker,

Inc.

112,387

486

Sterling

Construction

Company,

Inc.

k

165,084

574

Textron,

Inc.

48,497

1,828

Timken

Company

137,429

648

Toro

Company

49,378

919

Trane

Technologies

plc

387,781

4,162

TransUnion

348,692

1,328

Trex

Company,

Inc.

k

68,618

964

Trinity

Industries,

Inc.

27,031

32,288

Uber

Technologies,

Inc.

k

3,163,255

753

UFP

Industries,

Inc.

70,398

352

UL

Solutions,

Inc.

24,943

316

UniFirst

Corporation/MA

52,832

3,334

Union

Pacific

Corporation

788,058

864

United

Airlines

Holdings,

Inc.

k

83,376

1,777

United

Parcel

Service,

Inc.

148,433

277

United

Rentals,

Inc.

264,441

1,370

Upwork,

Inc.

k

25,441

2,078

Veralto

Corporation

221,536

4,503

Verisk

Analytics,

Inc.

1,132,550

1,486

Verra

Mobility

Corporation

k

36,704

325

Wabtec

Corporation

65,153

1,686

Waste

Connections,

Inc.

296,399

1,641

Waste

Management,

Inc.

362,382

550

Watsco,

Inc.

222,365

74

WESCO

International,

Inc.

15,651

676

Xylem,

Inc.

99,710

1,421

Zurn

Elkay

Water

Solutions

Corporation

66,830

Total

47,807,109

Information

Technology  6.0%

2,571

Adobe,

Inc.

k

906,920

9,664

Advanced

Micro

Devices,

Inc.

k

1,563,539

2,073

Agilysys,

Inc.

k

218,183

616

Ambarella,

Inc.

k

50,832

1,939

Amkor

Technology,

Inc.

55,068

28,778

Amphenol

Corporation

3,561,277

3,919

Analog

Devices,

Inc.

962,898

124,782

Apple,

Inc.

31,773,241

1,826

Applied

Materials,

Inc.

373,855

3,405

AppLovin

Corporation

k

2,446,629

14,906

Arista

Networks,

Inc.

k

2,171,953

Shares

Common

Stock  16.9%

Value

Information

Technology  6.0%

-

continued

175

Arrow

Electronics,

Inc.

k

$

21,175

204

Astera

Labs,

Inc.

k

39,943

75

Atlassian

Corporation

k

11,977

8,419

Autodesk,

Inc.

k

2,674,464

417

Avnet,

Inc.

21,801

1,494

Bel

Fuse,

Inc.

210,684

182

BILL

Holdings,

Inc.

k

9,641

2,829

BlackLine,

Inc.

k

150,220

46,157

Broadcom,

Inc.

15,227,656

2,157

Cadence

Design

Systems,

Inc.

k

757,668

97

Calix,

Inc.

k

5,953

10,953

CDW

Corporation

1,744,594

438

Ciena

Corporation

k

63,803

788

Cirrus

Logic,

Inc.

k

98,729

38,548

Cisco

Systems,

Inc.

2,637,454

4,679

Cognex

Corporation

211,959

472

Cognizant

Technology

Solutions

Corporation

31,657

1,865

Coherent

Corporation

k

200,898

2,322

CommScope

Holding

Company,

Inc.

k

35,945

291

CommVault

Systems,

Inc.

k

54,935

3,482

CompoSecure,

Inc.

72,495

925

Corning,

Inc.

75,878

1,790

Crane

NXT

Company

120,055

58

Credo

Technology

Group

Holding,

Ltd.

k

8,445

58

CTS

Corporation

2,317

840

CyberArk

Software,

Ltd.

k

405,846

932

Datadog,

Inc.

k

132,717

2,141

Descartes

Systems

Group,

Inc.

k

201,746

5,101

DigitalOcean

Holdings,

Inc.

k

174,250

1,913

DocuSign,

Inc.

k

137,908

1,180

Dolby

Laboratories,

Inc.

85,397

28,013

Dropbox,

Inc.

k

846,273

8,123

Dynatrace

Holdings,

LLC

k

393,559

1,176

Enphase

Energy,

Inc.

k

41,619

160

EPAM

Systems,

Inc.

k

24,126

481

F5,

Inc.

k

155,454

826

Fabrinet

k

301,176

126

First

Solar,

Inc.

k

27,787

5,290

Flex,

Ltd.

k

306,661

7,174

Fortinet,

Inc.

k

603,190

914

Gen

Digital,

Inc.

25,948

7,496

Gitlab,

Inc.

k

337,920

2,837

Guidewire

Software,

Inc.

k

652,113

3,188

Hewlett

Packard

Enterprise

Company

78,297

786

HubSpot,

Inc.

k

367,691

6,097

I3

Verticals,

Inc.

k

197,909

990

Impinj,

Inc.

k

178,942

104

Intapp,

Inc.

k

4,254

11,226

International

Business

Machines

Corporation

3,167,528

312

IPG

Photonics

Corporation

k

24,707

301

Itron,

Inc.

k

37,493

14,609

JFrog,

Ltd.

k

691,444

2,693

Keysight

Technologies,

Inc.

k

471,060

627

KLA

Corporation

676,282

1,490

Knowles

Corporation

k

34,732

11,310

Lam

Research

Corporation

1,514,409

5,570

Lattice

Semiconductor

Corporation

k

408,392

356

Littelfuse,

Inc.

92,208

74

MACOM

Technology

Solutions

Holdings,

Inc.

k

9,212

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

Shares

Common

Stock  16.9%

Value

Information

Technology  6.0%

-

continued

45

Manhattan

Associates,

Inc.

k

$

9,224

4,031

Marvell

Technology,

Inc.

338,886

585

Microchip

Technology,

Inc.

37,569

15,329

Micron

Technology,

Inc.

2,564,848

72,416

Microsoft

Corporation

37,507,867

268

Mirion

Technologies,

Inc.

k

6,234

693

MKS,

Inc.

85,773

427

Monday.com,

Ltd.

k

82,706

727

Monolithic

Power

Systems,

Inc.

669,305

4,008

Motorola

Solutions,

Inc.

1,832,818

2,951

Napco

Security

Technologies,

Inc.

126,745

574

NetApp,

Inc.

67,996

18,127

Nokia

Oyj

ADR

87,191

250,614

NVIDIA

Corporation

46,759,560

1,385

NXP

Semiconductors

NV

315,406

464

ON

Semiconductor

Corporation

k

22,880

2,695

Onto

Innovation,

Inc.

k

348,248

15,011

Oracle

Corporation

4,221,694

23,600

Palantir

Technologies,

Inc.

k

4,305,112

5,659

Pegasystems,

Inc.

325,392

397

Plexus

Corporation

k

57,442

157

Procore

Technologies,

Inc.

k

11,448

2,630

PTC,

Inc.

k

533,943

153

Q2

Holdings,

Inc.

k

11,076

2,883

Qorvo,

Inc.

k

262,584

5,849

Qualcomm,

Inc.

973,040

3,807

Salesforce,

Inc.

902,259

7,364

Samsung

Electronics

Company,

Ltd.

441,474

7,918

SAP

SE

ADR

2,115,769

6,882

ServiceNow,

Inc.

k

6,333,367

1,387

Silicon

Laboratories,

Inc.

k

181,877

1,804

Skyworks

Solutions,

Inc.

138,872

13,958

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

3,898,330

2,782

TD

SYNNEX

Corporation

455,552

938

TE

Connectivity

plc

205,919

262

Teledyne

Technologies,

Inc.

k

153,542

662

Tenable

Holdings,

Inc.

k

19,304

934

Teradyne,

Inc.

128,556

1,363

Texas

Instruments,

Inc.

250,424

9,704

Trimble,

Inc.

k

792,332

4,938

TTM

Technologies,

Inc.

k

284,429

46

Twilio,

Inc.

k

4,604

806

Tyler

Technologies,

Inc.

k

421,667

1,429

Unity

Software,

Inc.

k

57,217

838

Varonis

Systems,

Inc.

k

48,160

2,683

VeriSign,

Inc.

750,086

16,469

Vontier

Corporation

691,204

22,808

Weave

Communications,

Inc.

k

152,357

9,164

Western

Digital

Corporation

1,100,230

477

Zebra

Technologies

Corporation

k

141,745

9,652

Zoom

Communications,

Inc.

k

796,290

96

Zscaler,

Inc.

k

28,767

Total

203,442,311

Materials  0.4%

930

Albemarle

Corporation

75,404

1,739

Alcoa

Corporation

57,196

22,670

Amcor

plc

185,441

525

AptarGroup,

Inc.

70,171

282

Avery

Dennison

Corporation

45,732

1,803

Avient

Corporation

59,409

6,930

Axalta

Coating

Systems,

Ltd.

k

198,337

Shares

Common

Stock  16.9%

Value

Materials  0.4%

-

continued

362

Balchem

Corporation

$

54,322

1,283

Ball

Corporation

64,689

5,139

CF

Industries

Holdings,

Inc.

460,968

4,360

Coeur

Mining,

Inc.

k

81,794

440

Commercial

Metals

Company

25,203

7,851

Constellium

SE

k

116,823

1,419

Corteva,

Inc.

95,967

7,724

Crown

Holdings,

Inc.

746,061

5,509

DuPont

de

Nemours,

Inc.

429,151

1,940

Eastman

Chemical

Company

122,317

6,772

Ecolab,

Inc.

1,854,580

7,593

Element

Solutions,

Inc.

191,116

457

FMC

Corporation

15,369

44,299

Freeport-McMoRan,

Inc.

1,737,407

1,581

Greif,

Inc.

94,480

9,882

Hecla

Mining

Company

119,572

3,085

Huntsman

Corporation

27,703

630

Ingevity

Corporation

k

34,770

208

International

Flavors

&

Fragrances,

Inc.

12,800

10,227

Ivanhoe

Mines,

Ltd.

k

108,465

804

Kaiser

Aluminum

Corporation

62,037

113

Knife

River

Corporation

k

8,686

614

Koppers

Holdings,

Inc.

17,192

4,506

Linde

plc

2,140,350

583

Martin

Marietta

Materials,

Inc.

367,453

579

Minerals

Technologies,

Inc.

35,967

5,070

Mosaic

Company

175,828

303

MP

Materials

Corporation

e,k

20,322

23

NewMarket

Corporation

19,049

5,054

Newmont

Corporation

426,103

2,662

Nucor

Corporation

360,515

1,153

O-I

Glass,

Inc.

k

14,954

7,096

Olin

Corporation

177,329

2,420

Packaging

Corporation

of

America

527,391

662

PPG

Industries,

Inc.

69,583

47

Reliance,

Inc.

13,199

501

Royal

Gold,

Inc.

100,491

1,433

RPM

International,

Inc.

168,922

661

Scotts

Miracle-Gro

Company

37,644

1,235

Sealed

Air

Corporation

43,657

92

Sensient

Technologies

Corporation

8,634

1,604

Sonoco

Products

Company

69,116

1,866

Steel

Dynamics,

Inc.

260,176

344

Stepan

Company

16,409

5,696

Tronox

Holdings

plc

22,898

2,206

Vulcan

Materials

Company

678,610

1,301

West

Fraser

Timber

Company,

Ltd.

88,442

Total

13,016,204

Real

Estate  0.3%

416

Agree

Realty

Corporation

29,553

506

Alexandria

Real

Estate

Equities,

Inc.

42,170

356

Alpine

Income

Property

Trust,

Inc.

5,045

479

AvalonBay

Communities,

Inc.

92,528

5,844

Brixmor

Property

Group,

Inc.

161,762

27,061

Broadstone

Net

Lease,

Inc.

483,580

876

CareTrust

REIT,

Inc.

30,380

376

CBL

&

Associates

Properties,

Inc.

11,498

6,872

CBRE

Group,

Inc.

k

1,082,752

2,825

Chatham

Lodging

Trust

18,956

1,369

Colliers

International

Group,

Inc.

213,851

1,151

Compass,

Inc.

k

9,243

5,172

CoStar

Group,

Inc.

k

436,362

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Shares

Common

Stock  16.9%

Value

Real

Estate  0.3%

-

continued

2,571

Cousins

Properties,

Inc.

$

74,405

3,468

Crown

Castle,

Inc.

334,627

1,977

Curbline

Properties

Corporation

44,087

4,325

Cushman

and

Wakefield

plc

k

68,854

257

Digital

Realty

Trust,

Inc.

44,430

7,034

Easterly

Government

Properties,

Inc.

161,290

6,818

EPR

Properties

395,512

47,566

Essential

Properties

Realty

Trust,

Inc.

1,415,564

246

Essex

Property

Trust,

Inc.

65,844

799

Extra

Space

Storage,

Inc.

112,611

340

Federal

Realty

Investment

Trust

34,445

4,484

First

Industrial

Realty

Trust,

Inc.

230,791

917

Getty

Realty

Corporation

24,603

363

Global

Net

Lease,

Inc.

2,951

12,448

Healthcare

Realty

Trust,

Inc.

224,437

38,354

Host

Hotels

&

Resorts,

Inc.

652,785

231

Howard

Hughes

Holdings,

Inc.

k

18,981

4,654

Independence

Realty

Trust,

Inc.

76,279

14,400

Industrial

Logistics

Properties

Trust

83,952

6,345

Innovative

Industrial

Properties,

Inc.

339,965

4,117

InvenTrust

Properties

Corporation

117,829

230

Iron

Mountain,

Inc.

23,446

303

Jones

Lang

LaSalle,

Inc.

k

90,379

928

Kimco

Realty

Corporation

20,277

62

Lamar

Advertising

Company

7,590

22,853

Millrose

Properties,

Inc.

768,089

33

National

Health

Investors,

Inc.

2,623

6,562

National

Storage

Affiliates

Trust

198,304

2,256

NetSTREIT

Corporation

40,743

272

NNN

REIT,

Inc.

11,579

17,888

Outfront

Media,

Inc.

327,708

4,460

Park

Hotels

&

Resorts,

Inc.

49,417

1,549

Peakstone

Realty

Trust

20,323

10,192

Pebblebrook

Hotel

Trust

116,087

934

Postal

Realty

Trust,

Inc.

14,654

290

RE/MAX

Holdings,

Inc.

k

2,735

362

Regency

Centers

Corporation

26,390

817

Rexford

Industrial

Realty,

Inc.

33,587

5,019

RLJ

Lodging

Trust

36,137

553

RMR

Group,

Inc.

8,699

247

Ryman

Hospitality

Properties

22,129

36,869

Sabra

Health

Care

REIT,

Inc.

687,238

3,120

Safehold,

Inc.

48,329

553

SBA

Communications

Corporation

106,923

6,629

Sila

Realty

Trust,

Inc.

166,388

53

Simon

Property

Group,

Inc.

9,947

3,998

STAG

Industrial,

Inc.

141,089

4,151

Summit

Hotel

Properties,

Inc.

22,789

25,178

Tanger,

Inc.

852,024

3,755

Terreno

Realty

Corporation

213,096

883

VICI

Properties,

Inc.

28,795

7,209

Xenia

Hotels

&

Resorts,

Inc.

98,907

1,047

Zillow

Group,

Inc.,

Class

A

k

77,939

1,009

Zillow

Group,

Inc.,

Class

C

k

77,743

Total

11,494,025

Utilities  0.3%

54,816

AES

Corporation

721,379

1,724

Alliant

Energy

Corporation

116,215

948

American

States

Water

Company

69,507

568

American

Water

Works

Company,

Inc.

79,060

Shares

Common

Stock  16.9%

Value

Utilities  0.3%

-

continued

256

Artesian

Resources

Corporation

$

8,344

322

Avista

Corporation

12,175

2,682

Black

Hills

Corporation

165,184

9,235

Brookfield

Infrastructure

Corporation

379,743

157

California

Water

Service

Group

7,205

3,284

CenterPoint

Energy,

Inc.

127,419

3,299

Clearway

Energy,

Inc.,

Class

A

88,842

3,590

Clearway

Energy,

Inc.,

Class

C

101,417

38

Consolidated

Edison,

Inc.

3,820

917

Constellation

Energy

Corporation

301,757

3,301

Duke

Energy

Corporation

408,499

21,960

Edison

International

1,213,949

5,313

Entergy

Corporation

495,118

1,712

Essential

Utilities,

Inc.

68,309

2,510

Evergy,

Inc.

190,810

1,292

Eversource

Energy

91,913

1,998

Exelon

Corporation

89,930

918

FirstEnergy

Corporation

42,063

1,553

MDU

Resources

Group,

Inc.

27,659

458

Middlesex

Water

Company

24,787

2,566

New

Jersey

Resources

Corporation

123,553

2,895

NiSource,

Inc.

125,353

724

Northwestern

Energy

Group,

Inc.

42,434

218

Otter

Tail

Corporation

17,869

48,389

PG&E

Corporation

729,706

306

Pinnacle

West

Capital

Corporation

27,436

29,049

Portland

General

Electric

Company

1,278,156

973

Spire,

Inc.

79,319

58,499

UGI

Corporation

1,945,677

393

Unitil

Corporation

18,809

3,330

Vistra

Energy

Corporation

652,414

6,435

XPLR

Infrastructure,

LP

65,444

Total

9,941,274

Total

Common

Stock

(cost

$355,597,648)

572,238,037

Shares

Private

Equity

Funds

1.1%

Value

Secondary  1.1%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,k,l

2,626,706

1

ASF

IX,

LP

*,k,l

6,311,563

1

ASF

VIII

Sidecar

(Cayman),

LP

*,k,l

473,476

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,k,l

6,579,457

1

LCP

X

(Offshore),

LP

*,k,l

16,538,290

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,k,l

3,921,906

Total

36,451,398

Total

Private

Equity

Funds

(cost

$28,182,967)

36,451,398

Shares

Collateral

Held

for

Securities

Loaned

0.4%

Value

12,423,073

Thrivent

Cash

Management

Trust

12,423,073

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,423,073)

12,423,073

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

Shares

or

Principal

Amount

Short-Term

Investments

14.2%

Value

Federal

Farm

Credit

Bank

Discount

Notes

200,000

4.250%,

10/2/2025

m

$

199,955

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.255%,

10/2/2025

m,n

99,977

300,000

4.255%,

10/8/2025

m,n

299,731

1,800,000

4.260%,

10/10/2025

m,n

1,797,985

5,100,000

4.250%,

10/24/2025

m,n

5,086,298

2,000,000

4.240%,

10/29/2025

m,n

1,993,507

4,700,000

4.150%,

11/19/2025

m,n

4,674,999

400,000

3.935%,

12/12/2025

m,n

396,873

5,300,000

3.890%,

12/17/2025

m,n

5,255,732

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

4.200%,

10/8/2025

m,n

99,910

900,000

3.908%,

12/8/2025

m,n

893,350

2,400,000

3.900%,

12/23/2025

m,n

2,378,412

Federal

National

Mortgage

Association

Discount

Notes

1,200,000

3.960%,

12/3/2025

m,n

1,191,776

5,700,000

3.860%,

12/22/2025

m,n

5,649,339

State

Street

Institutional

U.S.

Government

Money

Market

Fund

108,263,459

4.090%

m

108,263,459

Thrivent

Core

Short-Term

Reserve

Fund

34,270,991

4.410%

342,709,914

U.S.

Treasury

Bills

500,000

4.206%,

10/14/2025

m,o

499,271

300,000

4.230%,

10/23/2025

m

299,262

200,000

3.876%,

12/23/2025

m,o

198,218

Total

Short-Term

Investments

(cost

$481,925,249)

481,987,968

Total

Investments

(cost

$3,006,360,746)

100.1%

$3,391,812,149

Other

Assets

and

Liabilities,

Net

(0.1%)

(2,064,777)

Total

Net

Assets

100.0%

$3,389,747,372

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,

2025,

the

value

of

these

investments

was

$224,169,237

or

6.6%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

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,

2025.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

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

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,

2025.

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

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Conservative

Allocation

Portfolio

as

of

September

30,

2025

was

$36,517,273

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,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

2,066,379

ASF

IX,

LP 

3/18/2024

4,899,748

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

417,790

Credit

Suisse

Group

AG 

9/5/2018

775,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

4,992,000

LCP

X

(Offshore),

LP 

10/25/2023

12,733,384

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

3,073,666

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

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,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

11,878,204

Common

Stock

23,926

Total

lending

$11,902,130

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,423,073

Net

amounts

due

to

counterparty

$520,943

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

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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

SLST

-

Seasoned

Loans

Structured

Transactions

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

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

29,925,612

–

29,925,612

–

Basic

Materials

9,018,948

–

9,018,948

–

Capital

Goods

19,113,910

–

19,113,910

–

Collateralized

Mortgage

Obligations

80,739,496

–

80,739,496

–

Commercial

Mortgage-Backed

Securities

19,862,122

–

19,862,122

–

Communications

Services

29,136,308

–

29,136,308

–

Consumer

Cyclical

37,877,393

–

37,877,393

–

Consumer

Non-Cyclical

37,535,051

–

37,535,051

–

Energy

31,298,695

–

31,298,695

–

Financials

107,331,167

–

107,331,167

–

Foreign

Government

1,700,993

–

1,700,993

–

Mortgage-Backed

Securities

324,324,005

–

324,324,005

–

Technology

24,809,451

–

24,809,451

–

Transportation

7,720,143

–

7,720,143

–

U.S.

Government

&

Agencies

370,564,372

–

370,564,372

–

Utilities

22,740,027

–

22,740,027

–

Registered

Investment

Companies

U.S.

Affiliated

937,803,728

937,803,728

–

–

U.S.

Unaffiliated

10,960,100

10,960,100

–

–

Common

Stock

Communications

Services

69,571,069

69,571,069

–

–

Consumer

Discretionary

73,905,117

73,905,117

–

–

Consumer

Staples

12,243,889

12,243,889

–

–

Energy

11,066,390

11,066,390

–

–

Financials

68,524,363

68,514,615

–

9,748

Health

Care

51,226,286

51,226,286

–

–

Industrials

47,807,109

47,716,651

90,458

–

Information

Technology

203,442,311

203,000,837

441,474

–

Materials

13,016,204

12,907,739

108,465

–

Real

Estate

11,494,025

11,494,025

–

–

Utilities

9,941,274

9,941,274

–

–

Private

Equity

Funds

Secondary

36,451,398

–

–

36,451,398

Short-Term

Investments

139,278,054

108,263,459

31,014,595

–

Subtotal

Investments

in

Securities

$2,850,429,010

$1,628,615,179

$1,185,352,685

$36,461,146

Other

Investments  *

Total

Affiliated

Short-Term

Investments

342,709,914

U.S.

Affiliated

Registered

Investment

Cos.

186,250,152

Collateral

Held

for

Securities

Loaned

12,423,073

Subtotal

Other

Investments

$541,383,139

Total

Investments

at

Value

$3,391,812,149

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

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,

2025,

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

6,939,961

6,939,961

–

–

Credit

Default

Swaps

655

–

655

–

Total

Asset

Derivatives

$6,940,616

$6,939,961

$655

$–

Liability

Derivatives

Futures

Contracts

1,856,270

187,684

1,668,586

–

Total

Liability

Derivatives

$1,856,270

$187,684

$1,668,586

$–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderately

Conservative

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

12/31/2024

Realized

Gain/

(Loss)

%

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

9/30/2025

Common

Stock

Financials

$- 

$- 

$5,158 

$4,590 

$- 

$- 

$- 

$9,748 

Private

Equity

Funds

 Secondary

24,506,441

- 

3,647,872

12,049,765

(3,752,680)

-

- 

36,451,398

Total 

$24,506,441

$-  

$3,653,030

$12,054,355

$(3,752,680) 

$-

$-

$36,461,146

 Investments

in

Securities

Ending

 Value

9/30/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$36,451,398  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$36,451,398 

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$29,927,889

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

146

December

2025

$

16,378,627

$

46,373

CBOT

2-Yr.

U.S.

Treasury

Note

382

December

2025

79,623,392

(

15,188)

CBOT

5-Yr.

U.S.

Treasury

Note

485

December

2025

52,972,214

(

12,489)

CBOT

U.S.

Long

Bond

56

December

2025

6,409,379

119,871

CME

E-mini

Russell

2000

Index

8

December

2025

976,624

5,576

CME

E-mini

S&P

500

Index

1,157

December

2025

384,646,805

5,189,882

CME

E-mini

S&P

Mid-Cap

400

Index

1

December

2025

334,672

(

6,052)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

51

December

2025

5,978,703

144,484

ICE

mini

MSCI

EAFE

Index

293

December

2025

40,648,567

156,078

ICE

US

mini

MSCI

Emerging

Markets

Index

55

December

2025

3,673,039

66,136

Ultra

10-Yr.

U.S.

Treasury

Note

108

December

2025

12,324,112

104,326

Total

Futures

Long

Contracts

$

603,966,134

$

5,798,997

CME

E-mini

Russell

2000

Index

(218)

December

2025

(

$

26,610,994)

(

$

153,955)

CME

E-mini

S&P

Mid-Cap

400

Index

(192)

December

2025

(

64,136,663)

1,041,623

CME

Euro

Foreign

Exchange

Currency

(259)

December

2025

(

38,242,212)

65,612

Eurex

Euro

STOXX

50

Index

(924)

December

2025

(

58,582,614)

(

1,668,586)

Total

Futures

Short

Contracts

(

$

187,572,483)

($715,306)

Total

Futures

Contracts

$

416,393,651

$5,083,691

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2025.

Investments

totaling

$697,489

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

45,

5

Year,

at

5.00%,

Quarterly

Sell

12/20/2030

(

$

7,098,000)

$

–

$

655

$

655

Total

Credit

Default

Swaps

$–

$655

$655

1

As

the

buyer

of

protection,

Moderately

Conservative

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Conservative

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Conservative

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$114,164

$4,544

$29,133

$95,629

11,055

2.8%

Core

Emerging

Markets

Equity

30,782

–

–

38,975

3,317

1.2

Core

International

Equity

30,532

–

10

38,377

2,987

1.1

Core

Low

Volatility

Equity

2,205

–

–

2,433

198

0.1

Core

Mid

Cap

Value

24,667

–

20,001

4,632

404

0.1

Core

Small

Cap

Value

15,398

–

9,001

6,203

559

0.2

Global

Stock

16,609

1,896

–

19,448

1,238

0.6

High

Yield

86,239

3,733

20,349

71,153

16,657

2.1

Income

246,464

7,499

67,314

193,536

21,402

5.7

International

Equity

84,790

2,205

–

106,488

9,049

3.1

International

Index

23,054

604

–

28,993

1,763

0.9

Large

Cap

Value

292,526

42,413

–

333,503

14,297

9.8

Mid

Cap

Stock

100,216

11,314

51,010

50,449

2,595

1.5

Short-Term

Bond

141,768

3,899

37,044

110,581

11,142

3.3

Small

Cap

Stock

74,120

4,480

48,000

23,653

1,274

0.7

Total

U.S.

Affiliated

Registered

Investment

Companies

1,283,534

1,124,053

33.2

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

502,841

190,931

351,062

342,710

34,271

10.1

Total

Affiliated

Short-Term

Investments

502,841

342,710

10.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,346

178,226

173,149

12,423

12,423

0.4

Total

Collateral

Held

for

Securities

Loaned

7,346

12,423

0.4

Total

Value

$1,793,721

$1,479,186

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($5,860)

$11,914

$

–

$4,544

Core

Emerging

Markets

Equity

–

8,193

–

–

Core

International

Equity

0

7,855

–

–

Core

Low

Volatility

Equity

–

228

–

–

Core

Mid

Cap

Value

Fund

1,950

(1,984)

–

–

Core

Small

Cap

Value

Fund

861

(1,055)

–

–

Global

Stock

–

943

1,575

321

High

Yield

(2,402)

3,932

–

3,734

Income

(8,705)

15,592

–

7,502

International

Equity

–

19,493

–

2,20

6

International

Index

–

5,335

–

604

Large

Cap

Value

–

(1,436)

37,491

4,922

Mid

Cap

Stock

5,289

(15,360)

10,516

797

Short-Term

Bond

290

1,668

–

3,899

Small

Cap

Stock

1,963

(8,910)

4,056

424

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

118

(118)

–

10,726

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$39,679

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

30

Total

Affiliated

Income

from

Securities

Loaned,

Net

$30

Total

Value

($6,496)

$46,290

$

53,638

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Principal

Amount

Long-Term

Fixed

Income

82.7%

Value

Asset-Backed

Securities  10.6%

Anchorage

Capital

CLO

20,

Ltd.

$

500,000

7.526%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

$

501,105

Anchorage

Capital

CLO

21,

Ltd.

400,000

6.226%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

400,709

Annisa

CLO,

Ltd.

225,000

5.826%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

225,045

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

250,000

4.770%, 

2/20/2032,

Ser.

2025-4A,

Class

B

a

249,658

Balboa

Bay

Loan

Funding,

Ltd.

250,000

6.276%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

249,997

200,000

6.576%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

200,113

Barings

Loan

Partners

CLO,

Ltd.

2

250,000

5.976%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

249,943

Battalion

CLO

XI,

Ltd.

250,000

6.269%, 

(TSFR3M

+

1.950%),

4/24/2034,

Ser.

2017-11A,

Class

CR2

a,b

250,019

Battalion

CLO

XXI,

Ltd.

300,000

6.318%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

299,990

Business

Jet

Securities,

LLC

240,512

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

238,029

208,391

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

209,264

CarVal

CLO,

Ltd.

300,000

8.026%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

300,525

College

Avenue

Student

Loans,

LLC

44,873

5.922%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

45,225

Dryden

72

CLO,

Ltd.

200,000

5.861%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

200,415

Education

Funding

Trust

144,557

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

138,577

GMAC

Mortgage

Corporation

Loan

Trust

16,885

4.772%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

7,985

GSAA

Home

Equity

Trust

76,740

4.276%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

71,073

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Asset-Backed

Securities  10.6%

-

continued

Hertz

Vehicle

Financing

III,

LLC

$

650,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

$

663,127

275,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

277,884

Hotwire

Funding,

LLC

300,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

305,075

HTAP

Issuer

Trust

408,053

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

406,908

KKR

Static

CLO

I,

Ltd.

500,000

5.776%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

498,479

LCM

41,

Ltd.

550,000

7.918%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

552,308

Marathon

CLO,

Ltd.

150,000

5.868%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,b

150,076

MetroNet

Infrastructure

Issuer,

LLC

250,000

5.400%, 

8/20/2055,

Ser.

2025-2A,

Class

A2

a

253,735

MFA

Trust

352,655

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

353,084

OZLM

XVII,

Ltd.

400,000

6.326%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

399,586

Pagaya

AI

Debt

Grantor

Trust

113,040

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

113,521

195,554

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

196,525

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

112,948

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

113,744

Palmer

Square

Loan

Funding,

Ltd.

500,000

6.868%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

500,345

250,000

6.018%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

250,180

275,000

5.811%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

272,671

Park

Blue

CLO,

Ltd.

150,000

6.506%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

150,693

Point

Securitization

Trust

194,791

6.250%, 

6/25/2055,

Ser.

2025-1,

Class

A1

a

194,820

PPM

CLO

3,

Ltd.

400,000

6.134%, 

(TSFR3M

+

1.812%),

4/17/2034,

Ser.

2019-3A,

Class

BR

a,b

400,148

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Asset-Backed

Securities  10.6%

-

continued

PRET,

LLC

$

400,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,d

$

401,425

231,051

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,d

232,678

PRPM,

LLC

275,000

3.000%, 

5/25/2055,

Ser.

2025-RPL4,

Class

A2

a,d

250,074

125,000

8.569%, 

7/25/2030,

Ser.

2025-5,

Class

A2

a,d

125,042

Radnor

Re,

Ltd.

700,000

7.256%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

705,399

Renaissance

Home

Equity

Loan

Trust

216,611

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

d

75,603

RFS

Asset

Securitization

V,

LLC

150,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

150,777

Rockford

Tower

CLO,

Ltd.

325,000

6.113%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-2A,

Class

CR

a,b

325,117

Saxon

Asset

Securities

Trust

120,405

3.030%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

108,195

Sculptor

CLO

XXVIII,

Ltd.

250,000

6.276%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

250,058

Signal

Peak

CLO

1,

Ltd.

350,000

6.272%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

350,169

375,000

7.822%, 

(TSFR3M

+

3.500%),

4/17/2034,

Ser.

2014-1A,

Class

DR4

a,b

374,058

Sunnova

Hestia

II

Issuer,

LLC

250,837

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

251,125

Symphony

CLO

XX,

Ltd.

250,000

7.318%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

250,431

TCW

CLO,

Ltd.

700,000

6.119%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

700,211

Unlock

HEA

Trust

257,734

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

258,817

295,527

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

296,254

460,993

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

460,155

VERDE

CLO,

Ltd.

400,000

7.518%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

401,048

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Asset-Backed

Securities  10.6%

-

continued

Vericrest

Opportunity

Loan

Transferee

$

150,804

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

$

150,816

417,277

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

417,346

495,415

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

495,485

178,788

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

178,639

355,188

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

355,214

261,563

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,d

260,496

Whitebox

CLO

I,

Ltd.

200,000

6.319%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

200,147

Wind

River

CLO,

Ltd.

57,454

6.587%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

57,455

500,000

6.176%, 

(TSFR3M

+

1.850%),

7/20/2035,

Ser.

2022-1A,

Class

B1R

a,b

500,620

Zayo

Issuer,

LLC

300,000

5.570%, 

10/20/2055,

Ser.

2025-3A,

Class

A2

a,e

301,839

Total

18,775,274

Basic

Materials  1.4%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

71,000

8.625%, 

6/15/2029

a

75,156

Alumina,

Pty.

Ltd.

35,000

6.125%, 

3/15/2030

a

35,794

Avient

Corporation

35,000

6.250%, 

11/1/2031

a

35,543

Cascades,

Inc./Cascades

USA,

Inc.

68,000

6.750%, 

7/15/2030

a

69,258

Celanese

US

Holdings,

LLC

19,000

6.850%, 

11/15/2028

19,717

31,000

6.500%, 

4/15/2030

f

31,203

27,000

6.629%, 

7/15/2032

27,589

10,000

6.750%, 

4/15/2033

f

9,958

Cerdia

Finanz

GmbH

23,000

9.375%, 

10/3/2031

a

24,351

Chemours

Company

115,000

5.750%, 

11/15/2028

a

112,168

Cleveland-Cliffs,

Inc.

150,000

4.625%, 

3/1/2029

a,f

144,519

49,000

4.875%, 

3/1/2031

a

45,746

33,000

7.375%, 

5/1/2033

a

33,689

49,000

6.250%, 

10/1/2040

41,674

Consolidated

Energy

Finance

SA

146,000

5.625%, 

10/15/2028

a

121,617

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

37,000

6.125%, 

6/15/2028

a

36,940

Eastman

Chemical

Company

66,000

5.000%, 

8/1/2029

67,212

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Basic

Materials  1.4%

-

continued

First

Quantum

Minerals,

Ltd.

$

29,000

9.375%, 

3/1/2029

a

$

30,735

FMC

Corporation

27,000

8.450%, 

11/1/2055

b

28,495

Fortescue

Treasury,

Pty.

Ltd.

49,000

5.875%, 

4/15/2030

a

50,219

Glencore

Funding,

LLC

54,000

4.000%, 

3/27/2027

a

53,743

Hecla

Mining

Company

36,000

7.250%, 

2/15/2028

36,326

INEOS

Finance

plc

147,000

7.500%, 

4/15/2029

a,f

143,016

Magnera

Corporation

75,000

7.250%, 

11/15/2031

a

70,574

Mercer

International,

Inc.

63,000

5.125%, 

2/1/2029

46,438

Methanex

Corporation

51,000

5.250%, 

12/15/2029

50,925

11,000

5.650%, 

12/1/2044

9,392

Methanex

US

Operations,

Inc.

43,000

6.250%, 

3/15/2032

a

43,751

Mineral

Resources,

Ltd.

83,000

9.250%, 

10/1/2028

a

86,968

14,000

7.000%, 

4/1/2031

a,e

14,181

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

50,000

5.350%, 

3/15/2034

52,152

Novelis

Corporation

38,000

4.750%, 

1/30/2030

a

36,657

65,000

3.875%, 

8/15/2031

a

59,260

Olin

Corporation

43,000

6.625%, 

4/1/2033

a

43,222

Peabody

Energy

Corporation,

Convertible

53,000

3.250%, 

3/1/2028

79,431

Qnity

Electronics,

Inc.

92,000

5.750%, 

8/15/2032

a

92,702

Smurfit

Kappa

Treasury,

ULC

56,000

5.777%, 

4/3/2054

57,104

SNF

Group

SACA

96,000

3.375%, 

3/15/2030

a

89,120

Solstice

Advanced

Materials,

Inc.

36,000

5.625%, 

9/30/2033

a

36,119

Steel

Dynamics,

Inc.

29,000

5.250%, 

5/15/2035

29,633

SunCoke

Energy,

Inc.

114,000

4.875%, 

6/30/2029

a

106,548

Taseko

Mines,

Ltd.

104,000

8.250%, 

5/1/2030

a

110,151

Total

2,388,996

Capital

Goods  3.1%

Advanced

Drainage

Systems,

Inc.

99,000

6.375%, 

6/15/2030

a

100,753

AECOM

75,000

6.000%, 

8/1/2033

a

76,679

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

39,000

7.000%, 

5/21/2030

a

40,338

Amrize

Finance

US,

LLC

39,000

5.400%, 

4/7/2035

a

40,175

Amsted

Industries,

Inc.

10,000

4.625%, 

5/15/2030

a

9,664

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Capital

Goods  3.1%

-

continued

$

86,000

6.375%, 

3/15/2033

a

$

88,269

Array

Technologies,

Inc.,

Convertible

43,000

1.000%, 

12/1/2028

37,228

62,000

2.875%, 

7/1/2031

a

78,833

ATI,

Inc.

57,000

7.250%, 

8/15/2030

59,832

Axon

Enterprise,

Inc.

37,000

6.125%, 

3/15/2030

a

38,000

37,000

6.250%, 

3/15/2033

a

38,084

Axon

Enterprise,

Inc.,

Convertible

28,000

0.500%, 

12/15/2027

87,780

Boeing

Company

36,000

6.858%, 

5/1/2054

41,065

163,000

2.196%, 

2/4/2026

161,766

63,000

3.250%, 

3/1/2028

61,504

76,000

5.150%, 

5/1/2030

77,988

17,000

6.528%, 

5/1/2034

18,793

Bombardier,

Inc.

69,000

7.250%, 

7/1/2031

a

73,142

139,000

7.000%, 

6/1/2032

a,f

145,280

20,000

6.750%, 

6/15/2033

a

20,871

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

31,000

7.500%, 

2/1/2032

a

31,321

Builders

FirstSource,

Inc.

100,000

5.000%, 

3/1/2030

a

98,983

40,000

6.750%, 

5/15/2035

a

41,765

Canpack

SA/Canpack

US,

LLC

87,000

3.875%, 

11/15/2029

a

81,640

Carrier

Global

Corporation

85,000

2.722%, 

2/15/2030

79,661

Chart

Industries,

Inc.

41,000

7.500%, 

1/1/2030

a

42,670

Clean

Harbors,

Inc.

25,000

6.375%, 

2/1/2031

a

25,601

Clydesdale

Acquisition

Holdings,

Inc.

29,000

6.625%, 

4/15/2029

a

29,330

35,000

6.875%, 

1/15/2030

a

35,903

40,000

6.750%, 

4/15/2032

a

41,034

Crown

Cork

&

Seal

Company,

Inc.

27,000

7.375%, 

12/15/2026

27,843

Deere

&

Company

30,000

5.700%, 

1/19/2055

31,553

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

108,000

6.625%, 

12/15/2030

a

111,019

ESAB

Corporation

41,000

6.250%, 

4/15/2029

a

42,119

Fluor

Corporation,

Convertible

56,000

1.125%, 

8/15/2029

66,444

General

Dynamics

Corporation

21,000

4.950%, 

8/15/2035

21,392

GFL

Environmental,

Inc.

94,000

4.000%, 

8/1/2028

a

91,770

Greenbrier

Companies,

Inc.,

Convertible

33,000

2.875%, 

4/15/2028

35,323

Herc

Holdings,

Inc.

80,000

6.625%, 

6/15/2029

a

82,200

50,000

7.000%, 

6/15/2030

a

51,936

36,000

7.250%, 

6/15/2033

a

37,581

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Capital

Goods  3.1%

-

continued

Honeywell

International,

Inc.

$

69,000

5.250%, 

3/1/2054

$

66,414

Howmet

Aerospace,

Inc.

59,000

6.750%, 

1/15/2028

62,425

Huntington

Ingalls

Industries,

Inc.

63,000

4.200%, 

5/1/2030

62,125

Ingersoll

Rand,

Inc.

19,000

5.700%, 

8/14/2033

20,184

JBT

Marel

Corporation,

Convertible

45,000

0.250%, 

5/15/2026

45,284

52,000

0.375%, 

9/15/2030

a

50,518

John

Deere

Capital

Corporation

42,000

3.900%, 

6/7/2032

40,945

16,000

5.150%, 

9/8/2033

16,724

Lockheed

Martin

Corporation

42,000

5.200%, 

2/15/2064

39,633

Martin

Marietta

Materials,

Inc.

34,000

5.150%, 

12/1/2034

34,699

Mirion

Technologies,

Inc.,

Convertible

58,000

0.250%, 

6/1/2030

a

71,369

51,000

Zero

Coupon, 

10/1/2031

a

54,724

Mueller

Water

Products,

Inc.

109,000

4.000%, 

6/15/2029

a

104,966

Nesco

Holdings

II,

Inc.

29,000

5.500%, 

4/15/2029

a

28,401

New

Enterprise

Stone

and

Lime

Company,

Inc.

83,000

5.250%, 

7/15/2028

a

82,234

Northrop

Grumman

Corporation

65,000

5.200%, 

6/1/2054

61,888

21,000

4.700%, 

3/15/2033

21,146

OI

European

Group

BV

104,000

4.750%, 

2/15/2030

a

99,247

Owens-Brockway

Glass

Container,

Inc.

98,000

6.625%, 

5/13/2027

a

97,819

Patrick

Industries,

Inc.,

Convertible

26,000

1.750%, 

12/1/2028

42,146

Quikrete

Holdings,

Inc.

158,000

6.375%, 

3/1/2032

a

163,663

QXO

Building

Products,

Inc.

60,000

6.750%, 

4/30/2032

a

62,124

Republic

Services,

Inc.

38,000

5.000%, 

12/15/2033

39,268

Resideo

Funding,

Inc.

103,000

6.500%, 

7/15/2032

a

105,565

Reworld

Holding

Corporation

47,000

4.875%, 

12/1/2029

a

44,202

Roller

Bearing

Company

of

America,

Inc.

26,000

4.375%, 

10/15/2029

a

25,252

RTX

Corporation

44,000

5.750%, 

1/15/2029

46,113

200,000

4.500%, 

6/1/2042

180,858

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

79,000

6.125%, 

2/1/2028

a

80,091

Smyrna

Ready

Mix

Concrete,

LLC

89,000

8.875%, 

11/15/2031

a,f

93,979

Spirit

AeroSystems,

Inc.

111,000

4.600%, 

6/15/2028

f

110,858

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Capital

Goods  3.1%

-

continued

$

25,000

9.750%, 

11/15/2030

a

$

27,495

SRM

Escrow

Issuer,

LLC

45,000

6.000%, 

11/1/2028

a

45,014

Standard

Building

Solutions,

Inc.

85,000

6.250%, 

8/1/2033

a

86,138

Standard

Industries,

Inc./NY

49,000

4.750%, 

1/15/2028

a

48,579

49,000

3.375%, 

1/15/2031

a

44,373

Textron,

Inc.

63,000

3.650%, 

3/15/2027

62,370

TopBuild

Corporation

18,000

5.625%, 

1/31/2034

a

17,935

Trane

Technologies

Financing,

Ltd.

40,000

5.100%, 

6/13/2034

41,066

TransDigm,

Inc.

116,000

7.125%, 

12/1/2031

a

120,998

146,000

6.625%, 

3/1/2032

a

150,314

120,000

6.000%, 

1/15/2033

a

121,330

9,000

6.250%, 

1/31/2034

a,f

9,256

18,000

6.750%, 

1/31/2034

a

18,611

United

Rentals

North

America,

Inc.

7,000

5.500%, 

5/15/2027

7,000

49,000

4.875%, 

1/15/2028

48,850

120,000

4.000%, 

7/15/2030

114,780

Waste

Connections,

Inc.

23,000

3.200%, 

6/1/2032

21,298

WESCO

Distribution,

Inc.

52,000

6.375%, 

3/15/2029

a

53,538

36,000

6.625%, 

3/15/2032

a

37,412

Total

5,534,353

Collateralized

Mortgage

Obligations  12.2%

A&D

Mortgage

Trust

145,053

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,d

147,284

199,448

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,d

202,373

418,201

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

419,562

ACRA

Trust

343,954

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

346,595

Arroyo

Mortgage

Trust

500,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

a,d

468,039

Banc

of

America

Alternative

Loan

Trust

74,775

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

67,143

Banc

of

America

Mortgage

Securities

Trust

60,606

5.592%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

57,833

Bear

Stearns

ARM

Trust

74,132

5.732%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

65,345

17,017

6.420%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

16,269

CAFL

Issuer,

LLC

174,779

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

174,779

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

302

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Collateralized

Mortgage

Obligations  12.2%

-

continued

ChaseFlex

Trust

$

145,182

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

$

96,905

CHNGE

Mortgage

Trust

187,273

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

183,782

108,690

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

109,098

380,679

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,d

379,283

Citigroup

Mortgage

Loan

Trust,

Inc.

147,378

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

146,006

236,156

5.243%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

212,925

Countrywide

Alternative

Loan

Trust

64,265

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

53,024

96,420

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

76,551

40,168

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

27,385

25,631

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

20,372

CSMC

Trust

161,867

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

161,299

185,963

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

164,639

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

91,325

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

79,667

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

84,619

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

83,647

300,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

302,454

250,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

247,758

250,000

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

243,629

238,819

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

195,814

300,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

301,823

292,499

7.932%, 

(SOFR30A

+

4.000%),

10/25/2025,

Ser.

5567,

Class

MB

b

297,997

3,037,160

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

g

295,525

37,686

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

g

456

59,935

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

g

1,076

185,815

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

g

13,863

145,442

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

g

5,466

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Collateralized

Mortgage

Obligations  12.2%

-

continued

Federal

Home

Loan

Mortgage

Corporation

STRIPS

$

258,519

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

g

$

23,494

Federal

National

Mortgage

Association

-

REMIC

300,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

296,581

350,000

5.000%, 

4/25/2055,

Ser.

2025-15,

Class

BD

339,620

128,831

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

128,867

200,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

194,683

41,270

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

g

637

54,132

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

g

741

15,763

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

g

42

164,563

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

g

2,936

83,728

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

g

1,374

39,571

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

g

659

110,766

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

g

1,676

93,233

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

g

1,667

95,284

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

g

2,189

174,311

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

g

12,156

First

Horizon

Alternative

Mortgage

Securities

Trust

21,370

5.389%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

20,137

Flagstar

Mortgage

Trust

235,834

3.000%, 

3/25/2050,

Ser.

2020-1INV,

Class

A3

a,b

204,140

475,115

2.500%, 

8/25/2051,

Ser.

2021-6INV,

Class

A4

a,b

394,382

182,316

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

164,382

GCAT

Trust

477,458

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

487,319

200,000

5.500%, 

5/25/2055,

Ser.

2025-INV2,

Class

A12

a,b

199,946

167,949

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

159,651

327,559

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

332,037

GMAC

Mortgage

Corporation

Loan

Trust

21,693

4.016%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

19,387

GMACM

Mortgage

Loan

Trust

13,921

3.685%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

11,413

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

303

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Collateralized

Mortgage

Obligations  12.2%

-

continued

GS

Mortgage-Backed

Securities

Trust

$

175,295

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

$

176,036

Home

Equity

Asset

Trust

298,228

5.592%, 

(TSFR1M

+

1.434%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

288,786

Home

RE,

Ltd.

315,609

8.956%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

323,675

HOMES

Trust

175,000

6.996%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

175,088

IndyMac

IMJA

Mortgage

Loan

Trust

81,603

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

31,835

IndyMac

INDA

Mortgage

Loan

Trust

458,757

3.645%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

359,553

J.P.

Morgan

Mortgage

Trust

174,495

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

149,116

254,586

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

253,465

29,417

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

30,709

24,843

5.743%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

24,108

LHOME

Mortgage

Trust

200,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

201,192

200,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

202,205

275,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

277,433

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,d

202,318

375,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,d

377,476

Long

Beach

Mortgage

Loan

Trust

303,964

5.772%, 

(TSFR1M

+

1.614%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

318,161

MASTR

Alternative

Loans

Trust

33,029

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

28,118

Merrill

Lynch

Alternative

Note

Asset

Trust

164,749

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

52,699

MFA

Trust

200,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

201,318

Morgan

Stanley

Residential

Mortgage

Loan

Trust

249,029

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,d

249,635

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Collateralized

Mortgage

Obligations  12.2%

-

continued

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

$

428,678

4.732%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

$

376,031

NYMT

Loan

Trust

406,000

5.456%, 

10/25/2060,

Ser.

2025-INV2,

Class

A3

a,d

405,772

200,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

201,148

375,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

378,827

PMT

Loan

Trust

374,834

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

379,959

250,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

a,b

256,551

225,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

a,b

224,731

PRET,

LLC

200,000

7.507%, 

8/25/2055,

Ser.

2025-NPL9,

Class

A2

a,d

200,030

200,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,d

200,374

PRKCM

Trust

51,474

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

51,653

130,827

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,d

133,095

PRPM

Trust

200,000

6.251%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

199,514

275,000

7.250%, 

11/25/2068,

Ser.

2023-NQM3,

Class

M1

a,b

279,578

PRPM,

LLC

190,034

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

187,258

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,d

286,238

417,397

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,d

417,479

360,308

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

360,505

400,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,d

400,195

302,839

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,d

303,938

RCO

IX

Mortgage,

LLC

186,269

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,d

186,921

Residential

Accredit

Loans,

Inc.

Trust

99,278

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

88,351

78,358

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

62,517

50,603

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

43,030

Roc

Mortgage

Trust

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

402,235

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

304

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Collateralized

Mortgage

Obligations  12.2%

-

continued

Saluda

Grade

Alternative

Mortgage

Trust

$

200,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,d

$

202,383

350,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,d

352,293

Toorak

Mortgage

Trust

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,d

402,312

350,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,d

352,308

Triangle

Re,

Ltd.

131,256

7.756%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

132,477

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

350,605

Verus

Securitization

Trust

304,076

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,d

306,643

304,832

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

a,b

269,158

169,722

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

153,174

192,431

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,d

192,470

Vontive

Mortgage

Trust

150,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,d

152,650

Washington

Mutual

Mortgage

Pass-Through

Certificates

80,871

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

70,619

Total

21,551,730

Commercial

Mortgage-Backed

Securities  1.9%

AMSR

Trust

250,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

237,819

BANK

2018-BNK12

400,000

4.473%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

392,444

BANK

2022-BNK39

3,958,072

0.524%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,g

88,970

BANK

2025-BNK49

1,397,584

0.833%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,g

66,235

BBCMS

Mortgage

Trust

1,985,993

1.324%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,g

126,768

250,000

5.382%, 

9/15/2058,

Ser.

2025-5C37,

Class

AS

b

255,688

COLT

Mortgage

Loan

Trust

175,000

5.924%, 

9/25/2069,

Ser.

2024-INV3,

Class

M1

a,b

175,645

FirstKey

Homes

Trust

700,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

696,619

FRTKL

Trust

200,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

194,317

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Commercial

Mortgage-Backed

Securities  1.9%

-

continued

HTAP

Issuer

Trust

$

333,359

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

$

333,762

Progress

Residential

Trust

350,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

343,587

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

254,867

Velocity

Commercial

Capital

Loan

Trust

187,515

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

190,574

Total

3,357,295

Communications

Services  3.7%

AMC

Networks,

Inc.

69,000

10.250%, 

1/15/2029

a

72,709

American

Tower

Corporation

41,000

1.450%, 

9/15/2026

40,006

68,000

5.500%, 

3/15/2028

70,080

35,000

5.800%, 

11/15/2028

36,548

63,000

3.800%, 

8/15/2029

61,804

40,000

5.000%, 

1/31/2030

40,934

87,000

4.900%, 

3/15/2030

88,717

AppLovin

Corporation

75,000

5.500%, 

12/1/2034

77,418

AT&T,

Inc.

70,000

5.700%, 

3/1/2057

f

69,020

113,000

6.050%, 

8/15/2056

117,127

175,000

3.550%, 

9/15/2055

120,596

123,000

4.300%, 

2/15/2030

123,268

Bell

Telephone

Company

of

Canada

30,000

7.000%, 

9/15/2055

b

31,353

43,000

5.100%, 

5/11/2033

43,759

Cable

One,

Inc.,

Convertible

41,000

Zero

Coupon, 

3/15/2026

f

39,934

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

94,000

6.375%, 

9/1/2029

a

95,291

143,000

4.750%, 

3/1/2030

a

137,218

85,000

4.500%, 

8/15/2030

a

80,275

21,000

4.250%, 

2/1/2031

a

19,346

181,000

4.750%, 

2/1/2032

a,f

167,382

178,000

4.250%, 

1/15/2034

a,f

153,892

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

50,000

6.700%, 

12/1/2055

50,598

48,000

6.550%, 

6/1/2034

51,154

Comcast

Corporation

77,000

6.050%, 

5/15/2055

f

79,577

109,000

5.650%, 

6/1/2054

106,971

70,000

3.400%, 

4/1/2030

67,722

Crown

Castle,

Inc.

50,000

4.900%, 

9/1/2029

50,718

Deluxe

Corporation

61,000

8.125%, 

9/15/2029

a

63,697

Deutsche

Telekom

International

Finance

BV

144,000

8.750%, 

6/15/2030

169,734

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

305

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Communications

Services  3.7%

-

continued

DIRECTV

Financing,

LLC

$

20,000

8.875%, 

2/1/2030

a

$

19,834

54,000

8.875%, 

2/1/2030

a

53,337

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

113,000

5.875%, 

8/15/2027

a

112,873

41,000

10.000%, 

2/15/2031

a

40,940

FiberCop

SPA

117,000

6.000%, 

9/30/2034

a

111,520

Frontier

Communications

Holdings,

LLC

73,000

5.875%, 

10/15/2027

a

72,956

Gray

Media,

Inc.

32,000

10.500%, 

7/15/2029

a,f

34,600

28,000

7.250%, 

8/15/2033

a

27,747

Level

3

Financing,

Inc.

22,000

3.625%, 

1/15/2029

a

19,040

40,000

4.875%, 

6/15/2029

a

37,604

86,000

6.875%, 

6/30/2033

a

87,649

84,000

7.000%, 

3/31/2034

a

85,454

Liberty

Media

Corporation-Liberty

Formula

One,

Convertible

2,000

2.250%, 

8/15/2027

2,652

Maya

SAS/Paris,

France

54,000

8.500%, 

4/15/2031

a

57,915

68,000

7.000%, 

4/15/2032

a

69,347

McGraw-Hill

Education,

Inc.

147,000

5.750%, 

8/1/2028

a

146,914

Meta

Platforms,

Inc.

95,000

5.550%, 

8/15/2064

94,302

Nexstar

Media,

Inc.

66,000

4.750%, 

11/1/2028

a,f

64,419

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

52,000

4.625%, 

3/15/2030

a,f

49,977

Paramount

Global

82,000

6.375%, 

3/30/2062

b

81,863

Rogers

Communications,

Inc.

75,000

5.250%, 

3/15/2082

a,b

74,422

31,000

7.000%, 

4/15/2055

b

32,318

59,000

7.125%, 

4/15/2055

b

62,550

29,000

5.000%, 

2/15/2029

29,554

Scripps

Escrow

II,

Inc.

28,000

3.875%, 

1/15/2029

a,f

24,668

Sinclair

Television

Group,

Inc.

20,000

8.125%, 

2/15/2033

a

20,525

Sirius

XM

Radio,

LLC

29,000

5.000%, 

8/1/2027

a

28,861

69,000

4.000%, 

7/15/2028

a

66,673

60,000

4.125%, 

7/1/2030

a

56,275

40,000

3.875%, 

9/1/2031

a,f

36,251

Snap,

Inc.

37,000

6.875%, 

3/15/2034

a

37,449

Snap,

Inc.,

Convertible

16,000

0.750%, 

8/1/2026

f

15,266

74,000

0.500%, 

5/1/2030

f

63,270

Sprint

Capital

Corporation

118,000

6.875%, 

11/15/2028

126,926

65,000

8.750%, 

3/15/2032

79,188

Take-Two

Interactive

Software,

Inc.

37,000

5.600%, 

6/12/2034

38,637

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Communications

Services  3.7%

-

continued

TELUS

Corporation

$

85,000

6.625%, 

10/15/2055

b

$

87,508

T-Mobile

USA,

Inc.

35,000

5.500%, 

1/15/2055

33,841

87,000

5.250%, 

6/15/2055

80,987

70,000

3.375%, 

4/15/2029

67,965

29,000

5.125%, 

5/15/2032

29,846

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

158,000

4.750%, 

4/15/2028

a

154,723

Univision

Communications,

Inc.

20,000

8.000%, 

8/15/2028

a

20,724

115,000

4.500%, 

5/1/2029

a,f

108,471

73,000

7.375%, 

6/30/2030

a,f

73,349

41,000

8.500%, 

7/31/2031

a

42,338

Verizon

Communications,

Inc.

39,000

5.500%, 

2/23/2054

38,413

18,000

2.355%, 

3/15/2032

15,785

78,000

4.780%, 

2/15/2035

76,730

68,000

5.250%, 

4/2/2035

69,150

125,000

5.401%, 

7/2/2037

a

126,995

Viasat,

Inc.

44,000

5.625%, 

4/15/2027

a

43,823

Virgin

Media

Finance

plc

68,000

5.000%, 

7/15/2030

a

63,159

Virgin

Media

Secured

Finance

plc

141,000

5.500%, 

5/15/2029

a

139,406

Virgin

Media

Vendor

Financing

Notes

IV

DAC

41,000

5.000%, 

7/15/2028

a

40,162

Vodafone

Group

plc

74,000

5.125%, 

6/4/2081

b

58,322

39,000

5.875%, 

6/28/2064

38,820

62,000

7.000%, 

4/4/2079

b

65,506

VZ

Secured

Financing

BV

82,000

5.000%, 

1/15/2032

a

74,187

WarnerMedia

Holdings,

Inc.

36,000

5.141%, 

3/15/2052

26,820

159,000

4.054%, 

3/15/2029

153,435

41,000

4.279%, 

3/15/2032

37,566

117,000

5.050%, 

3/15/2042

93,403

Windstream

Services,

LLC

44,000

7.500%, 

10/15/2033

a,e

43,988

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

57,000

8.250%, 

10/1/2031

a

59,045

Zegona

Finance

plc

72,000

8.625%, 

7/15/2029

a

76,644

Ziggo

BV

56,000

4.875%, 

1/15/2030

a

52,856

Total

6,484,591

Consumer

Cyclical  5.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

73,000

4.375%, 

1/15/2028

a

71,728

80,000

5.625%, 

9/15/2029

a

80,962

Adient

Global

Holdings,

Ltd.

29,000

8.250%, 

4/15/2031

a,f

30,415

42,000

7.500%, 

2/15/2033

a

43,490

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

306

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Cyclical  5.1%

-

continued

ADT

Security

Corporation

$

57,000

4.875%, 

7/15/2032

a

$

55,201

Advance

Auto

Parts,

Inc.

56,000

7.000%, 

8/1/2030

a

57,616

56,000

7.375%, 

8/1/2033

a

57,750

Alimentation

Couche-Tard,

Inc.

53,000

5.617%, 

2/12/2054

a

52,961

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

149,000

4.625%, 

6/1/2028

a

146,045

40,000

4.625%, 

6/1/2028

a

39,223

Allison

Transmission,

Inc.

33,000

3.750%, 

1/30/2031

a

30,488

Amazon.com,

Inc.

21,000

1.500%, 

6/3/2030

18,817

86,000

4.700%, 

12/1/2032

88,390

American

Axle

&

Manufacturing,

Inc.

145,000

5.000%, 

10/1/2029

137,791

36,000

6.375%, 

10/15/2032

a,e

35,939

36,000

7.750%, 

10/15/2033

a,e

36,281

American

Honda

Finance

Corporation

44,000

4.900%, 

1/10/2034

44,327

Asbury

Automotive

Group,

Inc.

88,000

5.000%, 

2/15/2032

a

84,500

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

105,000

4.625%, 

8/1/2029

a

100,545

Aston

Martin

Capital

Holdings,

Ltd.

75,000

10.000%, 

3/31/2029

a,f

73,429

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

48,000

9.500%, 

7/1/2032

a

50,238

Beach

Acquisition

Bidco,

LLC

43,000

10.000%, 

7/15/2033

a

46,383

Belron

UK

Finance

plc

54,000

5.750%, 

10/15/2029

a

54,704

Best

Buy

Company,

Inc.

42,000

1.950%, 

10/1/2030

37,312

Block

Financial,

LLC

83,000

5.375%, 

9/15/2032

83,667

Boyd

Gaming

Corporation

62,000

4.750%, 

6/15/2031

a

59,768

Brightstar

Lottery

plc

97,000

5.250%, 

1/15/2029

a

96,564

Brinker

International,

Inc.

38,000

8.250%, 

7/15/2030

a

40,199

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

73,000

4.875%, 

2/15/2030

a

68,462

Burlington

Stores,

Inc.,

Convertible

28,000

1.250%, 

12/15/2027

37,702

Caesars

Entertainment,

Inc.

64,000

6.500%, 

2/15/2032

a

65,279

47,000

6.000%, 

10/15/2032

a,f

46,293

Carnival

Corporation

35,000

5.125%, 

5/1/2029

a,e

35,000

98,000

5.750%, 

8/1/2032

a

99,732

26,000

6.125%, 

2/15/2033

a

26,651

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Cyclical  5.1%

-

continued

Carnival

Corporation,

Convertible

$

49,000

5.750%, 

12/1/2027

$

109,438

Carvana

Company

47,080

9.000%, 

6/1/2031

a

53,305

Churchill

Downs,

Inc.

32,000

4.750%, 

1/15/2028

a

31,573

77,000

6.750%, 

5/1/2031

a

78,914

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

9,000

0.625%, 

6/15/2026

8,613

9,000

1.750%, 

9/15/2030

a

8,291

Cushman

&

Wakefield

US

Borrower,

LLC

25,000

6.750%, 

5/15/2028

a

25,228

Dana,

Inc.

79,000

4.500%, 

2/15/2032

f

77,788

DraftKings

Holdings,

Inc.,

Convertible

114,000

Zero

Coupon, 

3/15/2028

102,315

Dream

Finders

Homes,

Inc.

54,000

6.875%, 

9/15/2030

a

54,321

eG

Global

Finance

plc

25,000

12.000%, 

11/30/2028

a

27,459

Expedia

Group,

Inc.

80,000

5.400%, 

2/15/2035

82,097

Expedia

Group,

Inc.,

Convertible

38,000

Zero

Coupon, 

2/15/2026

38,266

EZCORP,

Inc.,

Convertible

22,000

3.750%, 

12/15/2029

a

40,172

Ford

Motor

Company,

Convertible

66,000

Zero

Coupon, 

3/15/2026

66,891

Ford

Motor

Credit

Company,

LLC

80,000

2.900%, 

2/10/2029

74,122

67,000

7.122%, 

11/7/2033

71,615

Forestar

Group,

Inc.

72,000

6.500%, 

3/15/2033

a

73,656

FORVIA

SE

57,000

8.000%, 

6/15/2030

a,f

60,311

34,000

6.750%, 

9/15/2033

a

34,495

Gap,

Inc.

36,000

3.625%, 

10/1/2029

a

33,678

24,000

3.875%, 

10/1/2031

a

21,807

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

70,000

7.750%, 

5/31/2032

a

73,430

General

Motors

Company

63,000

5.350%, 

4/15/2028

64,459

General

Motors

Financial

Company,

Inc.

20,000

5.800%, 

6/23/2028

20,725

45,000

5.800%, 

1/7/2029

46,767

108,000

4.900%, 

10/6/2029

109,249

14,000

5.700%, 

9/30/2030

b,h

13,938

14,000

5.750%, 

2/8/2031

14,586

26,000

5.625%, 

4/4/2032

26,835

58,000

5.950%, 

4/4/2034

60,236

Genting

New

York,

LLC/GENNY

Capital,

Inc.

26,000

7.250%, 

10/1/2029

a

26,857

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

40,000

11.500%, 

8/15/2029

a,f

42,200

31,000

8.750%, 

1/15/2032

a

30,148

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

307

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Cyclical  5.1%

-

continued

Goodyear

Tire

&

Rubber

Company

$

50,000

4.875%, 

3/15/2027

$

49,702

43,000

5.000%, 

7/15/2029

41,524

Group

1

Automotive,

Inc.

26,000

6.375%, 

1/15/2030

a

26,599

Hanesbrands,

Inc.

26,000

9.000%, 

2/15/2031

a,f

27,518

Hilton

Domestic

Operating

Company,

Inc.

86,000

4.875%, 

1/15/2030

85,518

25,000

4.000%, 

5/1/2031

a

23,656

141,000

3.625%, 

2/15/2032

a

129,030

38,000

5.750%, 

9/15/2033

a

38,507

Home

Depot,

Inc.

39,000

5.300%, 

6/25/2054

38,169

39,000

5.400%, 

6/25/2064

38,528

66,000

3.250%, 

4/15/2032

61,812

Hyundai

Capital

America

33,000

5.500%, 

3/30/2026

a

33,167

63,000

3.000%, 

2/10/2027

a

61,908

30,000

6.500%, 

1/16/2029

a

31,800

Jacobs

Entertainment,

Inc.

111,000

6.750%, 

2/15/2029

a

108,359

K

Hovnanian

Enterprises,

Inc.

27,000

8.000%, 

4/1/2031

a

27,687

KB

Home

73,000

4.800%, 

11/15/2029

72,244

L

Brands,

Inc.

75,000

6.625%, 

10/1/2030

a

76,672

58,000

6.875%, 

11/1/2035

60,321

Las

Vegas

Sands

Corporation

23,000

5.900%, 

6/1/2027

23,465

33,000

5.625%, 

6/15/2028

33,738

Lennar

Corporation

76,000

5.200%, 

7/30/2030

78,277

Life

Time,

Inc.

61,000

6.000%, 

11/15/2031

a

61,974

Light

&

Wonder

International,

Inc.

36,000

7.250%, 

11/15/2029

a

36,949

Lindblad

Expeditions,

LLC

37,000

7.000%, 

9/15/2030

a

37,714

Lithia

Motors,

Inc.

18,000

4.625%, 

12/15/2027

a

17,823

Live

Nation

Entertainment,

Inc.

56,000

4.750%, 

10/15/2027

a

55,629

Live

Nation

Entertainment,

Inc.,

Convertible

45,000

3.125%, 

1/15/2029

72,590

35,000

2.875%, 

1/15/2030

a

38,798

Macy's

Retail

Holdings,

LLC

19,000

7.375%, 

8/1/2033

a

19,812

Marriott

International,

Inc./MD

46,000

4.900%, 

4/15/2029

46,958

33,000

5.100%, 

4/15/2032

33,868

Marriott

Ownership

Resorts,

Inc.

145,000

6.500%, 

10/1/2033

a

144,337

Marriott

Vacations

Worldwide

Corporation,

Convertible

50,000

3.250%, 

12/15/2027

47,660

Match

Group

Holdings

II,

LLC

42,000

4.125%, 

8/1/2030

a

39,669

Mattamy

Group

Corporation

76,000

5.250%, 

12/15/2027

a

75,508

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Cyclical  5.1%

-

continued

McDonald's

Corporation

$

40,000

4.950%, 

8/14/2033

$

41,207

Melco

Resorts

Finance,

Ltd.

140,000

5.375%, 

12/4/2029

a

137,296

83,000

7.625%, 

4/17/2032

a

86,950

34,000

6.500%, 

9/24/2033

a

34,027

Meritage

Homes

Corporation

66,000

5.650%, 

3/15/2035

67,014

Meritage

Homes

Corporation,

Convertible

24,000

1.750%, 

5/15/2028

f

24,563

MGM

Resorts

International

46,000

6.125%, 

9/15/2029

46,819

Michaels

Companies,

Inc.

27,000

5.250%, 

5/1/2028

a

24,851

Millrose

Properties,

Inc.

47,000

6.375%, 

8/1/2030

a

47,799

24,000

6.250%, 

9/15/2032

a

24,063

Muvico,

LLC

29,000

9.000%,PIK

6.000%,

2/19/2029

a,f,i

31,449

NCL

Corporation,

Ltd.

54,000

5.875%, 

1/15/2031

a

53,998

79,000

6.750%, 

2/1/2032

a

81,246

45,000

6.250%, 

9/15/2033

a

45,233

New

Home

Company,

Inc.

39,000

8.500%, 

11/1/2030

a

40,484

Nissan

Motor

Acceptance

Company,

LLC

70,000

5.625%, 

9/29/2028

a

70,045

70,000

6.125%, 

9/30/2030

a

70,024

Nissan

Motor

Company,

Ltd.

34,000

7.500%, 

7/17/2030

a

35,683

61,000

4.810%, 

9/17/2030

a

57,467

PetSmart,

LLC/PetSmart

Finance

Corporation

53,000

7.500%, 

9/15/2032

a

53,079

Phinia,

Inc.

37,000

6.625%, 

10/15/2032

a

38,133

Rakuten

Group,

Inc.

41,000

11.250%, 

2/15/2027

a

44,438

89,000

9.750%, 

4/15/2029

a

100,077

37,000

8.125%, 

12/15/2029

a,b,h

38,461

Raven

Acquisition

Holdings,

LLC

44,000

6.875%, 

11/15/2031

a

45,217

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

22,000

4.625%, 

4/16/2029

a

19,916

S&S

Holdings,

LLC

39,000

8.375%, 

10/1/2031

a

38,234

Service

Corporation

International/

US

50,000

3.375%, 

8/15/2030

46,328

Six

Flags

Entertainment

Corporation

24,000

7.250%, 

5/15/2031

a,f

24,010

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

25,000

5.375%, 

4/15/2027

24,935

71,000

5.250%, 

7/15/2029

f

68,662

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

308

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Cyclical  5.1%

-

continued

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

$

25,000

6.625%, 

5/1/2032

a,f

$

25,470

Staples,

Inc.

46,000

10.750%, 

9/1/2029

a

45,483

Station

Casinos,

LLC

32,000

4.625%, 

12/1/2031

a

30,186

Tenneco,

Inc.

90,000

8.000%, 

11/17/2028

a

90,164

Toyota

Motor

Credit

Corporation

76,000

4.800%, 

5/15/2030

77,836

35,000

5.550%, 

11/20/2030

37,052

30,000

4.800%, 

1/5/2034

30,531

Tractor

Supply

Company

44,000

5.250%, 

5/15/2033

45,368

Uber

Technologies,

Inc.

80,000

4.800%, 

9/15/2034

80,150

70,000

4.800%, 

9/15/2035

69,365

Uber

Technologies,

Inc.,

Convertible

20,000

Zero

Coupon, 

12/15/2025

24,360

26,000

Zero

Coupon, 

5/15/2028

a

27,612

45,000

0.875%, 

12/1/2028

66,150

Vail

Resorts,

Inc.

27,000

5.625%, 

7/15/2030

a

27,169

VICI

Properties,

LP/VICI

Note

Company,

Inc.

152,000

5.750%, 

2/1/2027

a

153,897

Victra

Holdings,

LLC/Victra

Finance

Corporation

25,000

8.750%, 

9/15/2029

a,f

26,209

Viking

Cruises,

Ltd.

68,000

5.875%, 

9/15/2027

a

68,026

85,000

5.875%, 

10/15/2033

a,e

85,060

Walmart,

Inc.

40,000

4.900%, 

4/28/2035

41,146

Wayfair,

LLC

27,000

7.250%, 

10/31/2029

a

27,838

47,000

7.750%, 

9/15/2030

a

49,291

Wyndham

Hotels

&

Resorts,

Inc.

85,000

4.375%, 

8/15/2028

a

82,976

Wynn

Macau,

Ltd.

50,000

6.750%, 

2/15/2034

a

50,688

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

106,000

7.125%, 

2/15/2031

a

114,093

Yum!

Brands,

Inc.

120,000

4.750%, 

1/15/2030

a

119,256

ZF

North

America

Capital,

Inc.

104,000

7.125%, 

4/14/2030

a

102,980

44,000

6.750%, 

4/23/2030

a

42,939

Total

8,938,130

Consumer

Non-Cyclical  4.9%

1261229

B.C.,

Ltd.

74,000

10.000%, 

4/15/2032

a

75,854

AbbVie,

Inc.

86,000

5.500%, 

3/15/2064

85,955

125,000

4.500%, 

5/14/2035

122,662

48,000

5.350%, 

3/15/2044

48,154

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Non-Cyclical  4.9%

-

continued

Acadia

Healthcare

Company,

Inc.

$

49,000

7.375%, 

3/15/2033

a,f

$

50,871

AdaptHealth,

LLC

159,000

4.625%, 

8/1/2029

a

150,301

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

44,000

4.625%, 

1/15/2027

a

43,723

166,000

3.500%, 

3/15/2029

a

157,311

17,000

6.250%, 

3/15/2033

a

17,386

Altria

Group,

Inc.

35,000

6.200%, 

11/1/2028

36,963

Amgen,

Inc.

46,000

5.150%, 

3/2/2028

47,074

Amneal

Pharmaceuticals,

LLC

19,000

6.875%, 

8/1/2032

a

19,650

Anheuser-Busch

InBev

Worldwide,

Inc.

99,000

5.000%, 

6/15/2034

102,132

193,000

5.450%, 

1/23/2039

199,411

AstraZeneca

Finance,

LLC

42,000

5.000%, 

2/26/2034

43,314

BAT

Capital

Corporation

40,000

6.343%, 

8/2/2030

43,181

43,000

7.750%, 

10/19/2032

50,250

Bausch

+

Lomb

Corporation

34,000

8.375%, 

10/1/2028

a

35,434

Becton,

Dickinson

and

Company

48,000

4.693%, 

2/13/2028

48,605

63,000

2.823%, 

5/20/2030

59,036

BellRing

Brands,

Inc.

32,000

7.000%, 

3/15/2030

a

33,047

Bio-Rad

Laboratories,

Inc.

70,000

3.300%, 

3/15/2027

69,034

Bristol-Myers

Squibb

Company

63,000

5.550%, 

2/22/2054

62,790

30,000

5.750%, 

2/1/2031

32,087

19,000

5.900%, 

11/15/2033

20,652

Bunge,

Ltd.

Finance

Corporation

60,000

3.200%, 

4/21/2031

56,192

30,000

4.650%, 

9/17/2034

29,409

Cargill,

Inc.

88,000

2.125%, 

11/10/2031

a

77,302

138,000

5.125%, 

2/11/2035

a

142,160

Cencora,

Inc.

66,000

5.150%, 

2/15/2035

67,401

Central

Garden

&

Pet

Company

56,000

4.125%, 

10/15/2030

f

53,192

Champ

Acquisition

Corporation

29,000

8.375%, 

12/1/2031

a

30,831

Chefs'

Warehouse,

Inc.,

Convertible

44,000

2.375%, 

12/15/2028

63,492

CHS/Community

Health

Systems,

Inc.

22,000

6.000%, 

1/15/2029

a

21,354

39,000

6.875%, 

4/15/2029

a,f

31,005

69,000

10.875%, 

1/15/2032

a

73,078

75,000

9.750%, 

1/15/2034

a

76,837

Cigna

Group

30,000

5.600%, 

2/15/2054

29,501

51,000

2.400%, 

3/15/2030

47,073

86,000

4.875%, 

9/15/2032

86,867

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

309

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Non-Cyclical  4.9%

-

continued

$

82,000

5.250%, 

1/15/2036

$

83,045

Coca-Cola

Company

36,000

5.300%, 

5/13/2054

35,837

Conagra

Brands,

Inc.

78,000

5.750%, 

8/1/2035

79,402

Concentra

Health

Services,

Inc.

25,000

6.875%, 

7/15/2032

a

25,960

Constellation

Brands,

Inc.

29,000

4.800%, 

1/15/2029

29,454

84,000

3.150%, 

8/1/2029

80,783

28,000

4.900%, 

5/1/2033

28,262

CVS

Health

Corporation

76,000

6.050%, 

6/1/2054

76,877

77,000

6.750%, 

12/10/2054

b

79,482

47,000

5.000%, 

2/20/2026

47,067

33,000

4.300%, 

3/25/2028

33,022

100,000

4.780%, 

3/25/2038

93,724

116,000

6.000%, 

6/1/2044

117,683

DaVita,

Inc.

23,000

3.750%, 

2/15/2031

a

21,066

72,000

6.875%, 

9/1/2032

a

74,379

39,000

6.750%, 

7/15/2033

a

40,217

Edgewell

Personal

Care

Company

55,000

5.500%, 

6/1/2028

a

54,882

Eli

Lilly

&

Company

66,000

5.000%, 

2/9/2054

62,443

34,000

5.500%, 

2/12/2055

34,729

60,000

4.550%, 

10/15/2032

60,471

87,000

4.700%, 

2/27/2033

88,764

Embecta

Corporation

66,000

6.750%, 

2/15/2030

a

64,350

Encompass

Health

Corporation

66,000

4.500%, 

2/1/2028

65,435

Endo

Finance

Holdings,

Inc.

51,000

8.500%, 

4/15/2031

a,f

54,716

Energizer

Holdings,

Inc.

63,000

6.000%, 

9/15/2033

a

61,616

Envista

Holdings

Corporation,

Convertible

17,000

1.750%, 

8/15/2028

16,012

General

Mills,

Inc.

18,000

4.950%, 

3/29/2033

18,242

Gilead

Sciences,

Inc.

30,000

5.250%, 

10/15/2033

31,461

Grifols

SA

20,000

4.750%, 

10/15/2028

a

19,427

HCA,

Inc.

55,000

5.950%, 

9/15/2054

54,879

55,000

5.250%, 

3/1/2030

56,783

70,000

5.750%, 

3/1/2035

73,183

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

49,000

4.875%, 

6/1/2029

a

43,083

Insulet

Corporation

24,000

6.500%, 

4/1/2033

a

24,951

Integer

Holdings

Corporation,

Convertible

16,000

2.125%, 

2/15/2028

20,856

78,000

1.875%, 

3/15/2030

a

75,582

IQVIA,

Inc.

78,000

6.250%, 

6/1/2032

a

80,195

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Non-Cyclical  4.9%

-

continued

Jazz

Investments

I,

Ltd.,

Convertible

$

46,000

2.000%, 

6/15/2026

$

48,829

55,000

3.125%, 

9/15/2030

f

65,257

Jazz

Securities

DAC

45,000

4.375%, 

1/15/2029

a

43,841

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

49,000

3.625%, 

1/15/2032

45,676

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

73,000

6.375%, 

4/15/2066

a

75,047

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

63,000

5.950%, 

4/20/2035

a

66,182

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

53,000

9.000%, 

2/15/2029

a

55,764

Kenvue,

Inc.

110,000

4.850%, 

5/22/2032

111,588

Keurig

Dr

Pepper,

Inc.

72,000

3.200%, 

5/1/2030

67,923

Kraft

Heinz

Foods

Company

45,000

6.750%, 

3/15/2032

49,744

65,000

5.400%, 

3/15/2035

f

66,412

29,000

5.000%, 

6/4/2042

26,772

Kroger

Company

42,000

4.500%, 

1/15/2029

42,518

Lamb

Weston

Holdings,

Inc.

43,000

4.375%, 

1/31/2032

a

40,640

LCI

Industries,

Convertible

46,000

3.000%, 

3/1/2030

a

46,966

LifePoint

Health,

Inc.

34,000

9.875%, 

8/15/2030

a

36,820

68,000

11.000%, 

10/15/2030

a

74,947

Mars,

Inc.

7,000

5.650%, 

5/1/2045

a

7,101

Mattel,

Inc.

137,000

3.375%, 

4/1/2026

a

136,017

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

51,000

6.250%, 

4/1/2029

a

52,296

Medtronic

Global

Holdings

SCA

45,000

4.500%, 

3/30/2033

45,030

Mozart

Debt

Merger

Sub,

Inc.

80,000

3.875%, 

4/1/2029

a

77,156

114,000

5.250%, 

10/1/2029

a

113,014

Newell

Brands,

Inc.

52,000

6.375%, 

9/15/2027

52,709

52,000

6.625%, 

9/15/2029

52,297

26,000

6.375%, 

5/15/2030

25,761

18,000

6.625%, 

5/15/2032

f

17,764

Novartis

Capital

Corporation

121,000

4.700%, 

9/18/2054

110,444

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

110,000

5.125%, 

4/30/2031

a,f

96,365

Owens

&

Minor,

Inc.

39,000

6.625%, 

4/1/2030

a,f

32,175

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

310

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Consumer

Non-Cyclical  4.9%

-

continued

PepsiCo,

Inc.

$

75,000

5.250%, 

7/17/2054

$

73,955

Performance

Food

Group,

Inc.

76,000

4.250%, 

8/1/2029

a

73,825

55,000

6.125%, 

9/15/2032

a

56,337

Perrigo

Finance

Unlimited

Company

93,000

4.900%, 

6/15/2030

90,765

Philip

Morris

International,

Inc.

88,000

4.875%, 

2/15/2028

89,583

43,000

5.625%, 

11/17/2029

45,246

23,000

5.125%, 

2/13/2031

23,803

43,000

5.750%, 

11/17/2032

45,814

39,000

5.250%, 

2/13/2034

40,271

37,000

4.900%, 

11/1/2034

37,291

Post

Holdings,

Inc.

76,000

4.625%, 

4/15/2030

a

73,265

133,000

4.500%, 

9/15/2031

a

124,255

Post

Holdings,

Inc.,

Convertible

89,000

2.500%, 

8/15/2027

99,858

Prime

Healthcare

Services,

Inc.

75,000

9.375%, 

9/1/2029

a

78,000

Radiology

Partners,

Inc.

27,000

8.500%, 

7/15/2032

a

27,941

Roche

Holdings,

Inc.

52,000

5.218%, 

3/8/2054

a

51,197

68,000

2.076%, 

12/13/2031

a

59,675

Royalty

Pharma

plc

40,000

5.150%, 

9/2/2029

41,041

36,000

5.200%, 

9/25/2035

35,969

Simmons

Foods,

Inc.

122,000

4.625%, 

3/1/2029

a

116,958

Spectrum

Brands,

Inc.,

Convertible

54,000

3.375%, 

6/1/2029

f

50,112

Star

Parent,

Inc.

63,000

9.000%, 

10/1/2030

a

66,603

Stryker

Corporation

50,000

5.200%, 

2/10/2035

51,563

Sysco

Corporation

42,000

5.950%, 

4/1/2030

44,520

Takeda

Pharmaceutical

Company,

Ltd.

95,000

5.650%, 

7/5/2054

94,875

75,000

5.000%, 

11/26/2028

76,645

Tenet

Healthcare

Corporation

251,000

5.125%, 

11/1/2027

250,539

108,000

4.375%, 

1/15/2030

105,035

US

Acute

Care

Solutions,

LLC

48,000

9.750%, 

5/15/2029

a

49,151

Whirlpool

Corporation

32,000

6.500%, 

6/15/2033

31,934

Winnebago

Industries,

Inc.,

Convertible

63,000

3.250%, 

1/15/2030

f

56,259

Wyeth,

LLC

106,000

6.500%, 

2/1/2034

119,857

Zoetis,

Inc.

56,000

5.600%, 

11/16/2032

59,558

Total

8,673,646

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Energy  4.4%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

$

115,000

5.375%, 

6/15/2029

a

$

114,578

APA

Corporation

59,000

4.375%, 

10/15/2028

f

57,517

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

55,000

6.250%, 

4/1/2028

a

55,076

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

50,000

5.875%, 

6/30/2029

a

49,897

39,000

6.625%, 

7/15/2033

a

39,650

Baytex

Energy

Corporation

56,000

8.500%, 

4/30/2030

a

57,544

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

80,000

7.000%, 

7/15/2029

a

82,955

BP

Capital

Markets

America,

Inc.

69,000

4.234%, 

11/6/2028

69,327

61,000

4.812%, 

2/13/2033

61,717

130,000

5.227%, 

11/17/2034

134,275

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,h

50,640

37,000

6.450%, 

12/1/2033

b,h

39,507

Buckeye

Partners,

LP

75,000

4.500%, 

3/1/2028

a

74,068

53,000

6.875%, 

7/1/2029

a

54,928

California

Resources

Corporation

60,000

8.250%, 

6/15/2029

a

62,571

20,000

7.000%, 

1/15/2034

a,e

19,862

Cheniere

Energy

Partners,

LP

42,000

4.500%, 

10/1/2029

41,865

41,000

3.250%, 

1/31/2032

37,351

52,000

5.950%, 

6/30/2033

55,047

Cheniere

Energy,

Inc.

28,000

5.650%, 

4/15/2034

28,864

Civitas

Resources,

Inc.

25,000

8.375%, 

7/1/2028

a

25,914

113,000

8.750%, 

7/1/2031

a

115,770

59,000

9.625%, 

6/15/2033

a

62,316

CNX

Resources

Corporation

71,000

6.000%, 

1/15/2029

a

71,029

CNX

Resources

Corporation,

Convertible

33,000

2.250%, 

5/1/2026

82,566

Columbia

Pipelines

Holding

Company,

LLC

34,000

6.055%, 

8/15/2026

a

34,458

77,000

6.042%, 

8/15/2028

a

80,350

Comstock

Resources,

Inc.

55,000

6.750%, 

3/1/2029

a

54,670

90,000

5.875%, 

1/15/2030

a

86,675

ConocoPhillips

Company

108,000

4.850%, 

1/15/2032

110,412

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

70,000

5.500%, 

6/15/2031

a

69,349

Crescent

Energy

Finance,

LLC

47,000

7.625%, 

4/1/2032

a

46,675

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

113,000

8.625%, 

3/15/2029

a

117,836

39,000

7.375%, 

6/30/2033

a

39,659

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

311

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Energy  4.4%

-

continued

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

$

45,000

8.500%, 

10/1/2030

a

$

47,686

Diamondback

Energy,

Inc.

82,000

5.750%, 

4/18/2054

78,932

Eastern

Energy

Gas

Holdings,

LLC

75,000

5.800%, 

1/15/2035

78,904

Enbridge,

Inc.

45,000

7.375%, 

1/15/2083

b

46,761

57,000

7.625%, 

1/15/2083

b

61,772

51,000

5.950%, 

4/5/2054

52,380

22,000

5.700%, 

3/8/2033

23,152

Enerflex,

Ltd.

34,000

9.000%, 

10/15/2027

a

34,618

Energy

Transfer,

LP

91,000

6.500%, 

2/15/2056

b

90,573

31,000

5.950%, 

5/15/2054

30,021

32,000

8.000%, 

5/15/2054

b

34,196

36,000

6.050%, 

9/1/2054

35,348

15,000

7.125%, 

5/15/2030

b,h

15,499

28,000

6.400%, 

12/1/2030

30,347

Enterprise

Products

Operating,

LLC

76,000

5.550%, 

2/16/2055

75,117

Excelerate

Energy,

LP

20,000

8.000%, 

5/15/2030

a

21,289

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

80,000

8.875%, 

4/15/2030

84,694

68,000

7.875%, 

5/15/2032

70,921

Harvest

Midstream

I,

LP

136,000

7.500%, 

9/1/2028

a

137,464

Hess

Midstream

Operations,

LP

114,000

4.250%, 

2/15/2030

a

110,493

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

102,000

5.750%, 

2/1/2029

a

100,480

50,000

6.000%, 

4/15/2030

a

49,137

36,000

6.250%, 

4/15/2032

a

34,537

Howard

Midstream

Energy

Partners,

LLC

45,000

7.375%, 

7/15/2032

a

46,711

58,000

6.625%, 

1/15/2034

a

59,135

ITT

Holdings,

LLC

108,000

6.500%, 

8/1/2029

a

106,179

Kinder

Morgan,

Inc.

94,000

5.950%, 

8/1/2054

94,668

Kodiak

Gas

Services,

LLC

36,000

6.500%, 

10/1/2033

a

36,654

18,000

6.750%, 

10/1/2035

a

18,482

MEG

Energy

Corporation

43,000

5.875%, 

2/1/2029

a

42,998

MPLX,

LP

84,000

4.800%, 

2/15/2031

84,507

21,000

5.000%, 

3/1/2033

21,005

25,000

5.500%, 

6/1/2034

25,477

Nabors

Industries,

Inc.

39,000

7.375%, 

5/15/2027

a

39,589

79,000

9.125%, 

1/31/2030

a

82,160

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

43,000

8.125%, 

2/15/2029

a

44,089

65,000

8.375%, 

2/15/2032

a

66,602

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Energy  4.4%

-

continued

Noble

Finance

II,

LLC

$

51,000

8.000%, 

4/15/2030

a

$

52,788

Northern

Oil

and

Gas,

Inc.

60,000

8.750%, 

6/15/2031

a

61,986

Northern

Oil

and

Gas,

Inc.,

Convertible

79,000

3.625%, 

4/15/2029

79,119

Occidental

Petroleum

Corporation

53,000

5.000%, 

8/1/2027

53,555

70,000

8.875%, 

7/15/2030

80,874

ONEOK,

Inc.

86,000

5.700%, 

11/1/2054

81,190

42,000

5.650%, 

11/1/2028

43,554

78,000

4.750%, 

10/15/2031

78,025

Ovintiv,

Inc.

63,000

7.200%, 

11/1/2031

69,475

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

88,000

6.000%, 

2/15/2028

87,459

Permian

Resources

Operating,

LLC

40,000

6.250%, 

2/1/2033

a

40,746

Phillips

66

Company

26,000

6.200%, 

3/15/2056

b

26,070

Pioneer

Natural

Resources

Company

63,000

1.900%, 

8/15/2030

56,579

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

103,000

4.650%, 

10/15/2025

103,001

Prairie

Acquiror,

LP

83,000

9.000%, 

8/1/2029

a

86,412

Precision

Drilling

Corporation

59,000

6.875%, 

1/15/2029

a

59,317

Range

Resources

Corporation

98,000

4.750%, 

2/15/2030

a

95,856

Rockies

Express

Pipeline,

LLC

66,000

4.950%, 

7/15/2029

a

65,465

Saturn

Oil

&

Gas,

Inc.

24,000

9.625%, 

6/15/2029

a,f

24,863

Schlumberger

Holdings

Corporation

27,000

4.300%, 

5/1/2029

a

27,110

SESI,

LLC

35,000

7.875%, 

9/30/2030

a,e

35,000

SM

Energy

Company

41,000

6.500%, 

7/15/2028

41,267

34,000

7.000%, 

8/1/2032

a

34,026

South

Bow

USA

Infrastructure

Holdings,

LLC

30,000

5.584%, 

10/1/2034

30,161

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

50,000

5.875%, 

3/1/2027

49,856

Sunoco,

LP

59,000

7.000%, 

5/1/2029

a

61,089

72,000

5.875%, 

3/15/2034

a

71,377

Sunoco,

LP/Sunoco

Finance

Corporation

64,000

5.875%, 

3/15/2028

64,017

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

312

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Energy  4.4%

-

continued

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

$

35,000

5.500%, 

1/15/2028

a

$

34,822

76,000

7.375%, 

2/15/2029

a

78,268

90,000

6.750%, 

3/15/2034

a

89,097

Talos

Production,

Inc.

22,000

9.000%, 

2/1/2029

a

22,749

Targa

Resources

Corporation

42,000

6.125%, 

5/15/2055

42,233

Targa

Resources

Partners,

LP

115,000

4.875%, 

2/1/2031

115,336

TGNR

Intermediate

Holdings,

LLC

129,000

5.500%, 

10/15/2029

a

126,232

Tidewater,

Inc.

19,000

9.125%, 

7/15/2030

a

20,377

TotalEnergies

Capital

SA

102,000

5.488%, 

4/5/2054

100,886

TransCanada

Trust

60,000

5.875%, 

8/15/2076

b

60,036

Transocean

International,

Ltd.

51,750

8.750%, 

2/15/2030

a

54,450

UGI

Corporation,

Convertible

20,000

5.000%, 

6/1/2028

25,563

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

90,000

7.125%, 

3/15/2029

a

92,819

54,000

6.250%, 

10/1/2033

a

54,207

Valaris,

Ltd.

119,000

8.375%, 

4/30/2030

a

123,503

Venture

Global

LNG,

Inc.

188,000

8.125%, 

6/1/2028

a

194,593

77,000

9.000%, 

9/30/2029

a,b,h

76,313

73,000

8.375%, 

6/1/2031

a

76,648

85,000

9.875%, 

2/1/2032

a,f

92,541

Venture

Global

Plaquemines

LNG,

LLC

35,000

6.500%, 

1/15/2034

a

36,843

40,000

7.750%, 

5/1/2035

a

45,148

81,000

6.750%, 

1/15/2036

a

86,036

Vital

Energy,

Inc.

59,000

7.750%, 

7/31/2029

a

58,428

59,000

7.875%, 

4/15/2032

a,f

57,274

Williams

Companies,

Inc.

65,000

4.900%, 

3/15/2029

66,204

42,000

2.600%, 

3/15/2031

38,135

23,000

5.600%, 

3/15/2035

23,868

Total

7,850,341

Financials  11.9%

Acrisure,

LLC/Acrisure

Finance,

Inc.

15,000

4.250%, 

2/15/2029

a

14,451

17,000

7.500%, 

11/6/2030

a

17,710

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

25,000

6.950%, 

3/10/2055

b

26,167

108,000

3.000%, 

10/29/2028

104,079

Agree,

LP

34,000

5.625%, 

6/15/2034

35,399

Air

Lease

Corporation

52,000

4.650%, 

6/15/2026

b,h

51,316

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

$

52,000

3.125%, 

12/1/2030

$

48,074

Aircastle,

Ltd.

51,000

5.250%, 

6/15/2026

a,b,h

50,720

51,000

2.850%, 

1/26/2028

a

49,178

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

51,000

4.250%, 

10/15/2027

a

50,153

64,000

6.750%, 

4/15/2028

a

65,134

69,000

7.000%, 

1/15/2031

a

71,293

Ally

Financial,

Inc.

112,000

4.700%, 

5/15/2026

b,h

109,080

138,000

8.000%, 

11/1/2031

157,316

79,000

6.700%, 

2/14/2033

f

82,289

American

Express

Company

35,000

3.550%, 

9/15/2026

b,h

34,331

65,000

6.338%, 

10/30/2026

b

65,110

American

Homes

4

Rent,

LP

36,000

4.950%, 

6/15/2030

36,656

American

International

Group,

Inc.

76,000

5.125%, 

3/27/2033

78,183

Americold

Realty

Operating

Partnership,

LP

61,000

5.600%, 

5/15/2032

f

61,739

Ameriprise

Financial,

Inc.

85,000

5.200%, 

4/15/2035

86,586

AmWINS

Group,

Inc.

42,000

6.375%, 

2/15/2029

a

42,854

55,000

4.875%, 

6/30/2029

a

53,454

Aon

North

America,

Inc.

66,000

5.750%, 

3/1/2054

66,467

Apollo

Debt

Solutions

BDC

71,000

6.700%, 

7/29/2031

75,247

Ares

Capital

Corporation

35,000

5.875%, 

3/1/2029

36,010

Ares

Strategic

Income

Fund

138,000

5.450%, 

9/9/2028

a

139,076

Arthur

J.

Gallagher

&

Company

49,000

5.750%, 

7/15/2054

48,832

Aviation

Capital

Group,

LLC

41,000

4.875%, 

10/1/2025

a

41,000

Avolon

Holdings

Funding,

Ltd.

62,000

5.750%, 

3/1/2029

a

64,189

83,000

5.375%, 

5/30/2030

a

85,140

Azorra

Finance,

Ltd.

110,000

7.750%, 

4/15/2030

a

115,763

Banco

Santander

SA

29,000

4.750%, 

11/12/2026

b,h

28,493

Bank

of

America

Corporation

85,000

6.125%, 

4/27/2027

b,h

85,964

89,000

4.376%, 

4/27/2028

b

89,321

126,000

3.593%, 

7/21/2028

b

124,845

60,000

5.819%, 

9/15/2029

b

62,742

202,000

3.974%, 

2/7/2030

b

200,510

80,000

5.162%, 

1/24/2031

b

82,567

149,000

2.687%, 

4/22/2032

b

135,736

62,000

2.572%, 

10/20/2032

b

55,568

92,000

2.972%, 

2/4/2033

b

83,779

49,000

5.468%, 

1/23/2035

b

51,167

164,000

5.425%, 

8/15/2035

b

167,298

45,000

3.846%, 

3/8/2037

b

42,043

Bank

of

Montreal

46,000

3.088%, 

1/10/2037

b

40,947

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

313

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

Bank

of

New

York

Mellon

Corporation

$

39,000

4.596%, 

7/26/2030

b

$

39,634

50,000

5.950%, 

12/20/2030

b,h

50,558

30,000

6.474%, 

10/25/2034

b

33,437

Bank

of

Nova

Scotia

43,000

6.875%, 

10/27/2085

b,e

42,872

Barclays

plc

61,000

6.125%, 

12/15/2025

b,h

61,010

50,000

5.501%, 

8/9/2028

b

51,074

64,000

4.972%, 

5/16/2029

b

64,952

54,000

6.224%, 

5/9/2034

b

58,092

35,000

7.119%, 

6/27/2034

b

39,127

BlackRock

Funding,

Inc.

35,000

5.250%, 

3/14/2054

34,132

Blackstone

Private

Credit

Fund

90,000

5.600%, 

11/22/2029

91,579

62,000

5.050%, 

9/10/2030

61,279

Blue

Owl

Credit

Income

Corporation

68,000

4.700%, 

2/8/2027

f

67,883

Blue

Owl

Technology

Finance

Corporation

20,000

4.750%, 

12/15/2025

a

19,950

84,000

6.100%, 

3/15/2028

a

85,080

18,000

6.750%, 

4/4/2029

18,571

BNP

Paribas

SA

66,000

3.132%, 

1/20/2033

a,b

60,064

30,000

7.450%, 

6/27/2035

a,b,h

31,312

Boston

Properties,

LP,

Convertible

25,000

2.000%, 

10/1/2030

a

24,900

Brixmor

Operating

Partnership,

LP

83,000

2.250%, 

4/1/2028

79,049

Brookfield

Asset

Management,

Ltd.

11,000

6.077%, 

9/15/2055

11,414

Brookfield

Finance,

Inc.

51,000

5.813%, 

3/3/2055

51,379

Brown

&

Brown,

Inc.

27,000

6.250%, 

6/23/2055

28,411

23,000

5.550%, 

6/23/2035

23,659

Burford

Capital

Global

Finance,

LLC

120,000

9.250%, 

7/1/2031

a

127,508

38,000

7.500%, 

7/15/2033

a

38,669

Capital

Automotive

REIT

384,000

4.400%, 

10/15/2054,

Ser.

2024-3A,

Class

A1

a

374,029

Capital

One

Financial

Corporation

60,000

3.950%, 

9/1/2026

b,f,h

58,901

69,000

3.273%, 

3/1/2030

b

66,496

22,000

6.700%, 

11/29/2032

24,271

Capital

One

NA

84,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

86,980

Capital

Southwest

Corporation,

Convertible

3,000

5.125%, 

11/15/2029

2,955

Charles

Schwab

Corporation

58,000

4.000%, 

6/1/2026

b,h

57,348

41,000

6.136%, 

8/24/2034

b

44,661

CHL

Mortgage

Pass-Through

Trust

14,696

6.314%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

14,416

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

$

68,422

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

$

30,860

Citadel,

LP

49,000

6.375%, 

1/23/2032

a

51,862

Citigroup,

Inc.

53,000

4.000%, 

12/10/2025

b,h

52,794

90,000

3.875%, 

2/18/2026

b,h

89,169

83,000

1.462%, 

6/9/2027

b

81,421

98,000

3.070%, 

2/24/2028

b

96,496

27,000

7.375%, 

5/15/2028

b,h

28,132

47,000

7.625%, 

11/15/2028

b,h

49,343

168,000

4.075%, 

4/23/2029

b

167,593

32,000

7.125%, 

8/15/2029

b,h

33,060

30,000

6.950%, 

2/15/2030

b,h

30,810

63,000

6.875%, 

8/15/2030

b,h

64,925

112,000

4.952%, 

5/7/2031

b

114,128

41,000

6.174%, 

5/25/2034

b

43,625

45,000

7.000%, 

8/15/2034

b,h

47,797

70,000

6.020%, 

1/24/2036

b

73,331

99,000

5.174%, 

9/11/2036

b

100,005

Citizens

Financial

Group,

Inc.

48,000

4.000%, 

10/6/2026

b,h

47,038

42,000

5.718%, 

7/23/2032

b

43,854

CNA

Financial

Corporation

53,000

5.125%, 

2/15/2034

53,483

Coinbase

Global,

Inc.,

Convertible

56,000

0.500%, 

6/1/2026

f

62,160

41,000

0.250%, 

4/1/2030

51,475

21,000

Zero

Coupon, 

10/1/2032

a

23,194

Comerica,

Inc.

15,000

5.982%, 

1/30/2030

b

15,610

Commonwealth

Bank

of

Australia

51,000

2.688%, 

3/11/2031

a

46,137

COPT

Defense

Properties,

LP

82,000

2.250%, 

3/15/2026

81,164

COPT

Defense

Properties,

LP,

Convertible

12,000

5.250%, 

9/15/2028

a

13,690

Corebridge

Financial,

Inc.

72,000

6.375%, 

9/15/2054

b

73,901

39,000

6.875%, 

12/15/2052

b

39,993

35,000

6.050%, 

9/15/2033

37,347

35,000

5.750%, 

1/15/2034

36,816

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

59,969

5.147%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

49,533

Cousins

Properties,

LP

14,000

5.375%, 

2/15/2032

14,354

Credit

Agricole

SA

42,000

3.250%, 

1/14/2030

a

39,624

Credit

Suisse

Group

AG

64,000

7.250%, 

N/A

*,j

5,440

110,000

7.500%, 

N/A

*,j

9,350

Dai-ichi

Life

Insurance

Company,

Ltd.

60,000

6.200%, 

1/16/2035

a,b,h

62,368

Deutsche

Bank

AG/New

York,

NY

143,000

2.129%, 

11/24/2026

b

142,476

90,000

2.311%, 

11/16/2027

b

88,031

68,000

3.742%, 

1/7/2033

b

62,632

Digital

Realty

Trust,

LP,

Convertible

32,000

1.875%, 

11/15/2029

a

33,600

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

314

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

Elevance

Health,

Inc.

$

72,000

5.650%, 

6/15/2054

$

70,764

133,000

2.550%, 

3/15/2031

120,751

Encore

Capital

Group,

Inc.

55,000

9.250%, 

4/1/2029

a

58,034

25,000

8.500%, 

5/15/2030

a

26,549

Encore

Capital

Group,

Inc.,

Convertible

20,000

4.000%, 

3/15/2029

19,745

ERP

Operating,

LP

77,000

4.950%, 

6/15/2032

78,924

Essential

Properties,

LP

67,000

5.400%, 

12/1/2035

67,251

Fairfax

Financial

Holdings,

Ltd.

50,000

6.350%, 

3/22/2054

52,843

Federal

Realty

OP,

LP,

Convertible

13,000

3.250%, 

1/15/2029

a

13,201

Fifth

Third

Bancorp

40,000

4.772%, 

7/28/2030

b

40,450

Fifth

Third

Bank

NA

111,000

3.850%, 

3/15/2026

f

110,795

First

Citizens

BancShares,

Inc./NC

86,000

5.600%, 

9/5/2035

b

85,773

FirstCash,

Inc.

122,000

5.625%, 

1/1/2030

a

121,823

Franklin

BSP

Capital

Corporation

62,000

6.000%, 

10/2/2030

a,e

61,321

Freedom

Mortgage

Holdings,

LLC

113,000

9.250%, 

2/1/2029

a

118,896

48,000

9.125%, 

5/15/2031

a

51,050

18,000

8.375%, 

4/1/2032

a

18,867

37,000

7.875%, 

4/1/2033

a

38,117

FS

KKR

Capital

Corporation

42,000

2.625%, 

1/15/2027

f

40,808

FTAI

Aviation

Investors,

LLC

51,000

5.500%, 

5/1/2028

a

51,008

52,000

7.000%, 

5/1/2031

a

54,395

30,000

7.000%, 

6/15/2032

a

31,396

GGAM

Finance,

Ltd.

52,000

8.000%, 

6/15/2028

a

55,040

91,000

5.875%, 

3/15/2030

a

92,137

Global

Aircraft

Leasing

Company,

Ltd.

50,000

8.750%, 

9/1/2027

a

51,657

Global

Net

Lease,

Inc.

33,000

4.500%, 

9/30/2028

a

32,282

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

69,000

3.750%, 

12/15/2027

a

66,972

goeasy,

Ltd.

13,000

7.625%, 

7/1/2029

a

13,174

75,000

6.875%, 

2/15/2031

a

72,660

Goldman

Sachs

BDC,

Inc.

26,000

6.375%, 

3/11/2027

26,595

76,000

5.650%, 

9/9/2030

76,443

Goldman

Sachs

Group,

Inc.

26,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2026

b,h

26,254

45,000

3.650%, 

8/10/2026

b,h

44,076

75,000

4.125%, 

11/10/2026

b,h

73,751

135,000

1.948%, 

10/21/2027

b

131,823

45,000

2.640%, 

2/24/2028

b

44,054

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

$

132,000

3.615%, 

3/15/2028

b

$

131,010

86,000

4.482%, 

8/23/2028

b

86,538

84,000

3.814%, 

4/23/2029

b

83,284

42,000

2.615%, 

4/22/2032

b

38,103

42,000

2.383%, 

7/21/2032

b

37,485

32,000

6.125%, 

11/10/2034

b,f,h

32,477

77,000

5.330%, 

7/23/2035

b

79,267

121,000

5.016%, 

10/23/2035

b

121,804

Hartford

Insurance

Group,

Inc.

42,000

2.800%, 

8/19/2029

39,729

44,000

6.598%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

41,125

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

11,000

3.750%, 

8/15/2028

a

13,745

Hercules

Capital,

Inc.,

Convertible

7,000

4.750%, 

9/1/2028

a

6,954

HSBC

Holdings

plc

118,000

4.583%, 

6/19/2029

b

118,835

50,000

2.804%, 

5/24/2032

b

45,320

HUB

International,

Ltd.

69,000

7.250%, 

6/15/2030

a

71,960

Huntington

Bancshares,

Inc./OH

30,000

4.450%, 

10/15/2027

b,h

29,555

77,000

5.709%, 

2/2/2035

b

80,255

67,000

6.141%, 

11/18/2039

b

69,721

Huntington

Bank

Auto

Credit-

Linked

Notes

224,005

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

226,180

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

15,000

6.250%, 

5/15/2026

14,982

129,000

5.250%, 

5/15/2027

126,800

Invitation

Homes

Operating

Partnership,

LP

72,000

2.000%, 

8/15/2031

62,213

80,000

4.950%, 

1/15/2033

80,388

Jane

Street

Group/JSG

Finance,

Inc.

79,000

4.500%, 

11/15/2029

a

77,122

26,000

7.125%, 

4/30/2031

a

27,271

45,000

6.125%, 

11/1/2032

a

45,610

60,000

6.750%, 

5/1/2033

a

62,318

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

54,000

5.000%, 

8/15/2028

a

52,174

64,000

6.625%, 

10/15/2031

a

64,426

Jefferson

Capital

Holdings,

LLC

44,000

6.000%, 

8/15/2026

a

43,989

108,000

9.500%, 

2/15/2029

a

113,748

JPMorgan

Chase

&

Company

35,000

3.650%, 

6/1/2026

b,h

34,616

96,000

1.045%, 

11/19/2026

b

95,570

105,000

2.947%, 

2/24/2028

b

103,352

126,000

4.005%, 

4/23/2029

b

125,685

41,000

2.069%, 

6/1/2029

b

38,904

33,000

6.500%, 

4/1/2030

b,h

34,159

168,000

4.493%, 

3/24/2031

b

169,577

45,000

2.963%, 

1/25/2033

b

41,168

39,000

4.912%, 

7/25/2033

b

39,769

42,000

5.717%, 

9/14/2033

b

44,416

30,000

5.350%, 

6/1/2034

b

31,259

25,000

6.254%, 

10/23/2034

b

27,548

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

315

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

$

16,000

5.336%, 

1/23/2035

b

$

16,630

50,000

5.766%, 

4/22/2035

b

53,269

40,000

5.502%, 

1/24/2036

b

41,848

75,000

5.534%, 

11/29/2045

b

77,128

KeyBank

NA/Cleveland,

OH

63,000

3.900%, 

4/13/2029

61,635

82,000

5.000%, 

1/26/2033

82,528

Kilroy

Realty,

LP

55,000

4.250%, 

8/15/2029

53,956

67,000

5.875%, 

10/15/2035

67,892

Kite

Realty

Group,

LP,

Convertible

2,000

0.750%, 

4/1/2027

a

2,032

Liberty

Mutual

Group,

Inc.

28,000

4.125%, 

12/15/2051

a,b

27,501

Lincoln

National

Corporation

29,000

6.804%, 

(TSFR3M

+

2.619%),

11/17/2025

b

24,924

Lloyds

Banking

Group

plc

124,000

1.627%, 

5/11/2027

b

122,004

LPL

Holdings,

Inc.

88,000

4.900%, 

4/3/2028

88,951

M&T

Bank

Corporation

99,000

3.500%, 

9/1/2026

b,h

95,393

Macquarie

AirFinance

Holdings,

Ltd.

4,000

6.400%, 

3/26/2029

a

4,212

70,000

5.150%, 

3/17/2030

a

70,979

Macquarie

Group,

Ltd.

83,000

1.629%, 

9/23/2027

a,b

80,889

Marsh

&

McLennan

Companies,

Inc.

45,000

2.375%, 

12/15/2031

40,073

MetLife,

Inc.

27,000

6.350%, 

3/15/2055

b

28,687

36,000

5.875%, 

3/15/2028

b,h

37,018

47,000

6.400%, 

12/15/2036

49,459

Metropolitan

Life

Global

Funding

I

68,000

2.950%, 

4/9/2030

a

64,303

Mid-America

Apartments,

LP

84,000

4.200%, 

6/15/2028

84,241

Mitsubishi

UFJ

Financial

Group,

Inc.

81,000

1.538%, 

7/20/2027

b

79,268

Mizuho

Financial

Group,

Inc.

84,000

2.564%, 

9/13/2031

74,377

39,000

5.748%, 

7/6/2034

b

41,438

Molina

Healthcare,

Inc.

22,000

4.375%, 

6/15/2028

a

21,455

50,000

6.250%, 

1/15/2033

a

50,555

Morgan

Stanley

51,000

5.516%, 

11/19/2055

b

51,552

61,000

0.985%, 

12/10/2026

b

60,599

82,000

1.512%, 

7/20/2027

b

80,243

30,000

5.123%, 

2/1/2029

b

30,646

76,000

3.622%, 

4/1/2031

b

73,743

45,000

2.943%, 

1/21/2033

b

40,912

40,000

4.889%, 

7/20/2033

b

40,616

43,000

5.250%, 

4/21/2034

b

44,343

25,000

5.831%, 

4/19/2035

b

26,651

29,000

5.587%, 

1/18/2036

b

30,363

85,000

2.484%, 

9/16/2036

b

73,833

Nasdaq,

Inc.

28,000

5.350%, 

6/28/2028

28,871

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

Nationstar

Mortgage

Holdings,

Inc.

$

24,000

5.500%, 

8/15/2028

a

$

24,000

76,000

5.125%, 

12/15/2030

a

76,669

20,000

7.125%, 

2/1/2032

a

20,876

NatWest

Group

plc

42,000

4.892%, 

5/18/2029

b

42,660

83,000

6.475%, 

6/1/2034

b

87,306

Navient

Corporation

30,000

5.000%, 

3/15/2027

29,865

New

York

Life

Global

Funding

44,000

4.550%, 

1/28/2033

a

43,936

27,000

5.000%, 

1/9/2034

a

27,622

Nippon

Life

Insurance

Company

130,000

5.950%, 

4/16/2054

a,b

135,602

Nomura

Holdings,

Inc.

62,000

2.172%, 

7/14/2028

58,578

63,000

5.783%, 

7/3/2034

66,718

North

Haven

Private

Income

Fund,

LLC

20,000

5.125%, 

9/25/2028

a

19,897

Northwestern

Mutual

Life

Insurance

Company

72,000

6.170%, 

5/29/2055

a

77,454

Omega

Healthcare

Investors,

Inc.

106,000

5.200%, 

7/1/2030

107,613

OneMain

Finance

Corporation

37,000

3.500%, 

1/15/2027

36,161

41,000

6.750%, 

3/15/2032

41,759

166,000

7.125%, 

9/15/2032

171,484

Osaic

Holdings,

Inc.

57,000

6.750%, 

8/1/2032

a

58,872

Panther

Escrow

Issuer,

LLC

51,000

7.125%, 

6/1/2031

a

53,046

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

123,000

4.875%, 

5/15/2029

a

119,925

Pebblebrook

Hotel

Trust,

Convertible

61,000

1.750%, 

12/15/2026

60,115

56,000

1.625%, 

1/15/2030

a

55,058

PennyMac

Financial

Services,

Inc.

19,000

7.125%, 

11/15/2030

a

19,784

60,000

6.875%, 

5/15/2032

a

62,172

18,000

6.750%, 

2/15/2034

a

18,362

Phoenix

Aviation

Capital,

Ltd.

61,000

9.250%, 

7/15/2030

a

64,899

PNC

Bank

NA

42,000

2.700%, 

10/22/2029

39,515

PNC

Financial

Services

Group,

Inc.

43,000

6.200%, 

9/15/2027

b,h

43,714

31,000

5.582%, 

6/12/2029

b

32,123

45,000

6.250%, 

3/15/2030

b,h

46,175

30,000

6.875%, 

10/20/2034

b

33,989

PRA

Group,

Inc.

80,000

8.375%, 

2/1/2028

a

81,825

Prologis

Targeted

US

Logistics

Fund,

LP

46,000

5.250%, 

4/1/2029

a

47,477

57,000

5.250%, 

1/15/2035

a

58,296

Prologis,

LP

41,000

5.250%, 

3/15/2054

39,665

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

316

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

Provident

Financing

Trust

I

$

47,000

7.405%, 

3/15/2038

f

$

51,110

Prudential

Financial,

Inc.

45,000

5.125%, 

3/1/2052

b

45,163

65,000

6.750%, 

3/1/2053

b

70,097

90,000

6.500%, 

3/15/2054

b

96,309

42,000

3.700%, 

10/1/2050

b

39,232

Realty

Income

Corporation

68,000

3.200%, 

1/15/2027

67,207

Regency

Centers,

LP

45,000

5.250%, 

1/15/2034

46,249

Reinsurance

Group

of

America,

Inc.

35,000

6.000%, 

9/15/2033

37,422

50,000

5.750%, 

9/15/2034

52,274

RenaissanceRe

Holdings,

Ltd.

85,000

5.800%, 

4/1/2035

89,125

Rexford

Industrial

Realty,

LP,

Convertible

13,000

4.375%, 

3/15/2027

a

12,987

28,000

4.125%, 

3/15/2029

a

28,196

RGA

Global

Funding

26,000

5.500%, 

1/11/2031

a

27,125

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

25,000

4.750%, 

10/15/2027

24,890

48,000

4.500%, 

2/15/2029

a

47,075

Rithm

Capital

Corporation

38,000

8.000%, 

7/15/2030

a

38,903

RLJ

Lodging

Trust,

LP

45,000

4.000%, 

9/15/2029

a

42,494

Rocket

Companies,

Inc.

58,000

6.375%, 

8/1/2033

a

59,863

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

41,000

3.625%, 

3/1/2029

a

39,103

59,000

3.875%, 

3/1/2031

a

55,097

27,000

4.000%, 

10/15/2033

a

24,659

Royal

Bank

of

Canada

50,000

6.750%, 

8/24/2085

b

51,575

Santander

Holdings

USA,

Inc.

47,000

2.490%, 

1/6/2028

b

45,861

72,000

5.473%, 

3/20/2029

b

73,372

Shift4

Payments,

Inc.,

Convertible

61,000

Zero

Coupon, 

12/15/2025

62,586

48,000

0.500%, 

8/1/2027

47,236

Simon

Property

Group,

LP

35,000

6.250%, 

1/15/2034

38,623

Sixth

Street

Lending

Partners

41,000

6.125%, 

7/15/2030

a

42,389

SLM

Corporation

12,000

6.500%, 

1/31/2030

12,505

Societe

Generale

SA

49,000

1.488%, 

12/14/2026

a,b

48,696

44,000

10.000%, 

11/14/2028

a,b,h

48,739

Standard

Chartered

plc

66,000

2.608%, 

1/12/2028

a,b

64,565

Starwood

Property

Trust,

Inc.

28,000

4.375%, 

1/15/2027

a

27,760

54,000

5.250%, 

10/15/2028

a,e

54,016

20,000

6.500%, 

10/15/2030

a

20,659

18,000

5.750%, 

1/15/2031

a,e

17,989

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

Starwood

Property

Trust,

Inc.,

Convertible

$

37,000

6.750%, 

7/15/2027

$

39,109

State

Street

Corporation

29,000

6.700%, 

3/15/2029

b,h

30,162

42,000

4.421%, 

5/13/2033

b

41,873

Stonex

Escrow

Issuer,

LLC

69,000

6.875%, 

7/15/2032

a

71,023

Sumitomo

Life

Insurance

Company

65,000

3.375%, 

4/15/2081

a,b

60,206

Sumitomo

Mitsui

Financial

Group,

Inc.

59,000

5.766%, 

1/13/2033

63,046

Synchrony

Financial

42,000

5.935%, 

8/2/2030

b

43,534

53,000

7.250%, 

2/2/2033

56,556

Synovus

Bank

43,000

5.625%, 

2/15/2028

43,901

Toronto-Dominion

Bank

40,000

8.125%, 

10/31/2082

b

42,277

42,000

4.456%, 

6/8/2032

41,968

44,000

5.146%, 

9/10/2034

b

44,536

Travelers

Companies,

Inc.

37,000

5.050%, 

7/24/2035

37,659

Truist

Bank

42,000

2.250%, 

3/11/2030

38,287

Truist

Financial

Corporation

74,000

6.047%, 

6/8/2027

b

74,859

42,000

1.887%, 

6/7/2029

b

39,580

100,000

5.100%, 

3/1/2030

b,h

99,831

105,000

5.153%, 

8/5/2032

b

108,062

25,000

5.711%, 

1/24/2035

b

26,234

U.S.

Bancorp

59,000

4.548%, 

7/22/2028

b

59,447

15,000

5.836%, 

6/12/2034

b

15,984

46,000

5.678%, 

1/23/2035

b

48,433

UBS

Group

AG

83,000

3.869%, 

1/12/2029

a,b

82,305

United

Wholesale

Mortgage,

LLC

141,000

5.500%, 

4/15/2029

a

139,062

UnitedHealth

Group,

Inc.

106,000

5.375%, 

4/15/2054

101,799

Ventas

Realty,

LP,

Convertible

25,000

3.750%, 

6/1/2026

32,288

Wells

Fargo

&

Company

32,000

3.900%, 

3/15/2026

b,h

31,689

46,000

3.526%, 

3/24/2028

b

45,589

99,000

3.584%, 

5/22/2028

b

98,107

59,000

4.808%, 

7/25/2028

b

59,696

65,000

7.625%, 

9/15/2028

b,h

69,577

230,000

4.478%, 

4/4/2031

b

231,259

30,000

5.389%, 

4/24/2034

b

31,172

28,000

6.491%, 

10/23/2034

b

31,111

136,000

5.499%, 

1/23/2035

b

141,860

50,000

5.605%, 

4/23/2036

b

52,473

Welltower

OP,

LLC,

Convertible

32,000

2.750%, 

5/15/2028

a

59,872

23,000

3.125%, 

7/15/2029

a

33,776

Westpac

Banking

Corporation

63,000

4.110%, 

7/24/2034

b

61,694

Willis

North

America,

Inc.

33,000

5.900%, 

3/5/2054

33,617

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

317

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Financials  11.9%

-

continued

XHR,

LP

$

88,000

4.875%, 

6/1/2029

a

$

86,189

22,000

6.625%, 

5/15/2030

a

22,604

Total

21,030,025

Foreign

Government  0.1%

Saudi

Arabian

Oil

Company

54,000

5.750%, 

7/17/2054

a

53,703

Teine

Energy,

Ltd.

64,000

6.875%, 

4/15/2029

a

62,967

Total

116,670

Mortgage-Backed

Securities  9.9%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

776,060

2.500%, 

5/1/2051

662,772

588,883

3.500%, 

5/1/2052

542,603

347,172

4.000%, 

5/1/2052

330,216

259,658

5.000%, 

7/1/2053

259,948

63,241

5.000%, 

8/1/2053

63,464

228,835

5.500%, 

9/1/2053

233,908

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

276,493

2.500%, 

7/1/2030

268,036

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

800,000

5.000%, 

10/1/2040

e

808,240

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

214,829

3.500%, 

5/1/2040

205,432

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

975,721

3.000%, 

1/1/2052

864,693

74,618

2.000%, 

2/1/2051

61,041

100,369

2.000%, 

2/1/2051

82,107

205,178

2.500%, 

2/1/2051

173,155

927,323

2.000%, 

3/1/2051

753,478

1,042,794

4.000%, 

3/1/2051

1,000,259

1,043,714

3.000%, 

3/1/2052

925,206

675,613

2.000%, 

4/1/2051

546,740

652,284

5.500%, 

4/1/2054

665,711

111,031

2.000%, 

5/1/2051

90,396

331,248

3.000%, 

5/1/2051

298,032

324,533

4.000%, 

6/1/2052

306,722

616,035

2.500%, 

7/1/2051

527,966

883,760

4.000%, 

7/1/2052

835,259

180,880

3.500%, 

8/1/2050

167,790

615,759

3.500%, 

8/1/2052

564,532

815,450

4.500%, 

8/1/2052

795,237

86,764

5.000%, 

8/1/2053

86,973

426,867

3.500%, 

9/1/2052

393,793

187,424

3.500%, 

9/1/2052

172,670

56,725

5.000%, 

9/1/2052

56,772

1,089,846

4.500%, 

9/1/2053

1,063,335

310,748

4.000%, 

10/1/2052

295,088

108,342

2.000%, 

11/1/2051

88,627

231,664

3.500%, 

11/1/2052

214,420

502,712

2.000%, 

12/1/2050

409,412

1,043,994

4.500%, 

12/1/2052

1,022,736

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Mortgage-Backed

Securities  9.9%

-

continued

$

125,000

5.000%, 

10/1/2048

e

$

123,957

200,000

3.000%, 

10/1/2049

e

175,640

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

372,337

2.500%, 

3/1/2062

303,642

289,073

3.500%, 

7/1/2061

259,520

149,355

4.000%, 

12/1/2061

139,789

New

Residential

Mortgage

Loan

Trust

386,000

3.875%, 

1/25/2064,

Ser.

2024-RPL1,

Class

B2

a,b

312,623

PRPM,

LLC

150,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,d

140,403

93,167

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

a,d

93,378

Total

17,385,721

Technology  3.5%

Accenture

Capital,

Inc.

69,000

4.500%, 

10/4/2034

68,049

Akamai

Technologies,

Inc.,

Convertible

54,000

1.125%, 

2/15/2029

50,652

45,000

0.250%, 

5/15/2033

a

45,157

Alphabet,

Inc.

46,000

5.250%, 

5/15/2055

46,100

Apple,

Inc.

90,000

1.650%, 

2/8/2031

79,743

173,000

3.750%, 

9/12/2047

139,117

Avnet,

Inc.,

Convertible

17,000

1.750%, 

9/1/2030

a

17,161

Block,

Inc.

36,000

5.625%, 

8/15/2030

a

36,474

142,000

6.500%, 

5/15/2032

146,971

36,000

6.000%, 

8/15/2033

a

36,865

Block,

Inc.,

Convertible

13,000

0.250%, 

11/1/2027

11,824

Boost

Newco

Borrower,

LLC

128,000

7.500%, 

1/15/2031

a

135,794

Broadcom,

Inc.

46,000

4.000%, 

4/15/2029

a

45,786

160,000

4.900%, 

7/15/2032

163,678

47,000

4.800%, 

10/15/2034

47,329

49,000

4.900%, 

2/15/2038

48,737

CACI

International,

Inc.

26,000

6.375%, 

6/15/2033

a

26,820

Central

Parent,

Inc./CDK

Global,

Inc.

28,000

7.250%, 

6/15/2029

a

24,110

Cisco

Systems,

Inc.

69,000

5.350%, 

2/26/2064

67,742

Clarivate

Science

Holdings

Corporation

56,000

3.875%, 

7/1/2028

a

53,892

Cloud

Software

Group,

Inc.

236,000

6.500%, 

3/31/2029

a

238,129

80,000

9.000%, 

9/30/2029

a

82,977

CommScope

Technologies,

LLC

39,000

5.000%, 

3/15/2027

a

38,694

CommScope,

LLC

41,000

4.750%, 

9/1/2029

a

40,737

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

318

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Technology  3.5%

-

continued

Consensus

Cloud

Solutions,

Inc.

$

26,000

6.000%, 

10/15/2026

a

$

25,950

CoreWeave,

Inc.

56,000

9.000%, 

2/1/2031

a

57,393

CSG

Systems

International,

Inc.,

Convertible

41,000

3.875%, 

9/15/2028

45,489

Dayforce,

Inc.,

Convertible

57,000

0.250%, 

3/15/2026

55,774

Dell,

Inc.

45,000

6.500%, 

4/15/2038

48,827

Diebold

Nixdorf,

Inc.

32,000

7.750%, 

3/31/2030

a

33,756

Euronet

Worldwide,

Inc.,

Convertible

25,000

0.625%, 

10/1/2030

a

23,812

Fair

Isaac

Corporation

69,000

6.000%, 

5/15/2033

a

69,859

Fiserv,

Inc.

67,000

5.350%, 

3/15/2031

69,675

22,000

5.600%, 

3/2/2033

23,051

67,000

5.450%, 

3/15/2034

69,239

94,000

5.150%, 

8/12/2034

95,124

Gen

Digital,

Inc.

63,000

7.125%, 

9/30/2030

a

64,870

21,000

6.250%, 

4/1/2033

a

21,438

Global

Payments,

Inc.

65,000

4.950%, 

8/15/2027

65,777

Global

Payments,

Inc.,

Convertible

56,000

1.500%, 

3/1/2031

51,254

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

50,000

3.500%, 

3/1/2029

a

47,374

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

34,000

4.625%, 

5/1/2028

a

32,883

Hewlett

Packard

Enterprise

Company

77,000

4.850%, 

10/15/2031

77,804

IBM

International

Capital

Private,

Ltd.

33,000

5.300%, 

2/5/2054

31,581

II-VI,

Inc.

58,000

5.000%, 

12/15/2029

a

57,200

Intel

Corporation

115,000

4.900%, 

7/29/2045

101,686

InterDigital,

Inc.,

Convertible

13,000

3.500%, 

6/1/2027

58,129

ION

Trading

Technologies

SARL

55,000

9.500%, 

5/30/2029

a

58,090

Iron

Mountain,

Inc.

84,000

4.875%, 

9/15/2029

a

82,694

30,000

5.250%, 

7/15/2030

a

29,669

218,000

4.500%, 

2/15/2031

a

208,087

Jabil,

Inc.

43,000

5.450%, 

2/1/2029

44,374

Kioxia

Holdings

Corporation

92,000

6.625%, 

7/24/2033

a

94,579

Marvell

Technology,

Inc.

42,000

2.950%, 

4/15/2031

38,789

Mastercard,

Inc.

46,000

2.000%, 

11/18/2031

40,608

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Technology  3.5%

-

continued

$

12,000

4.875%, 

5/9/2034

$

12,284

Microchip

Technology,

Inc.

20,000

5.050%, 

3/15/2029

20,436

Microchip

Technology,

Inc.,

Convertible

25,000

0.750%, 

6/1/2030

24,237

Micron

Technology,

Inc.

35,000

5.650%, 

11/1/2032

36,730

MKS,

Inc.,

Convertible

108,000

1.250%, 

6/1/2030

118,260

Moody's

Corporation

43,000

4.250%, 

8/8/2032

42,459

NCR

Atleos

Corporation

42,000

9.500%, 

4/1/2029

a

45,466

NCR

Voyix

Corporation

36,000

5.000%, 

10/1/2028

a

35,462

43,000

5.125%, 

4/15/2029

a

42,309

Neptune

Bidco

US,

Inc.

79,000

9.290%, 

4/15/2029

a

77,554

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

42,000

4.300%, 

6/18/2029

41,949

ON

Semiconductor

Corporation,

Convertible

41,000

Zero

Coupon, 

5/1/2027

46,658

75,000

0.500%, 

3/1/2029

69,200

Open

Text

Holdings,

Inc.

90,000

4.125%, 

2/15/2030

a

85,257

Oracle

Corporation

88,000

5.375%, 

9/27/2054

80,839

121,000

6.900%, 

11/9/2052

134,631

59,000

5.250%, 

2/3/2032

60,826

46,000

4.800%, 

9/26/2032

46,055

49,000

5.875%, 

9/26/2045

49,133

Paychex,

Inc.

23,000

5.600%, 

4/15/2035

24,078

PayPal

Holdings,

Inc.

72,000

5.500%, 

6/1/2054

72,233

Pitney

Bowes,

Inc.

26,000

6.875%, 

3/15/2027

a

25,979

RingCentral,

Inc.

115,000

8.500%, 

8/15/2030

a

122,364

Rocket

Software,

Inc.

63,000

9.000%, 

11/28/2028

a

64,942

Sabre

GLBL,

Inc.

39,000

11.125%, 

7/15/2030

a

37,770

Seagate

Data

Storage

Technology,

Private

Ltd.

93,330

9.625%, 

12/1/2032

a

105,713

Semtech

Corporation,

Convertible

31,000

1.625%, 

11/1/2027

60,993

Sensata

Technologies

BV

100,000

4.000%, 

4/15/2029

a

95,967

Sensata

Technologies,

Inc.

28,000

3.750%, 

2/15/2031

a

25,841

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

75,000

6.750%, 

8/15/2032

a

77,542

SS&C

Technologies,

Inc.

104,000

5.500%, 

9/30/2027

a

103,820

22,000

6.500%, 

6/1/2032

a

22,744

Synaptics,

Inc.,

Convertible

42,000

0.750%, 

12/1/2031

a

41,349

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

319

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Technology  3.5%

-

continued

Synopsys,

Inc.

$

52,000

5.700%, 

4/1/2055

$

52,480

Texas

Instruments,

Inc.

30,000

5.150%, 

2/8/2054

28,928

UKG,

Inc.

60,000

6.875%, 

2/1/2031

a

61,910

Verint

Systems,

Inc.,

Convertible

29,000

0.250%, 

4/15/2026

f

28,348

Verisk

Analytics,

Inc.

29,000

5.250%, 

3/15/2035

29,564

Viavi

Solutions,

Inc.

40,000

3.750%, 

10/1/2029

a

37,713

Viavi

Solutions,

Inc.,

Convertible

29,000

1.625%, 

3/15/2026

30,414

20,000

0.625%, 

3/1/2031

a

21,963

Vishay

Intertechnology,

Inc.,

Convertible

74,000

2.250%, 

9/15/2030

67,199

VMware,

LLC

141,000

4.700%, 

5/15/2030

142,743

61,000

2.200%, 

8/15/2031

53,803

Western

Digital

Corporation,

Convertible

44,000

3.000%, 

11/15/2028

f

141,130

Xerox

Corporation

30,000

10.250%, 

10/15/2030

a

30,475

Xerox

Holdings

Corporation

26,000

5.500%, 

8/15/2028

a

15,275

Ziff

Davis,

Inc.,

Convertible

18,000

3.625%, 

3/1/2028

a

17,347

Total

6,227,745

Transportation  0.9%

Air

Canada

43,000

3.875%, 

8/15/2026

a

42,610

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

57,000

5.500%, 

4/20/2026

a

57,025

76,568

5.750%, 

4/20/2029

a

76,861

Avianca

Midco

2

plc

30,000

9.000%, 

12/1/2028

a

29,962

40,000

9.625%, 

2/14/2030

a

39,788

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

71,000

5.375%, 

3/1/2029

a,f

69,237

Burlington

Northern

Santa

Fe,

LLC

36,000

5.500%, 

3/15/2055

36,081

DCLI

Bidco,

LLC

44,000

7.750%, 

11/15/2029

a

45,750

Delta

Air

Lines,

Inc.

91,000

4.375%, 

4/19/2028

f

91,028

93,000

5.250%, 

7/10/2030

94,878

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

7,924

4.500%, 

10/20/2025

a,f

7,914

ERAC

USA

Finance,

LLC

51,000

5.200%, 

10/30/2034

a

52,660

Norfolk

Southern

Corporation

65,000

4.450%, 

3/1/2033

64,613

66,000

5.100%, 

5/1/2035

67,386

OneSky

Flight,

LLC

71,000

8.875%, 

12/15/2029

a

74,660

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Transportation  0.9%

-

continued

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

$

41,000

1.200%, 

11/15/2025

a

$

40,828

42,000

1.700%, 

6/15/2026

a

41,222

Rand

Parent,

LLC

108,000

8.500%, 

2/15/2030

a,f

112,219

RXO,

Inc.

40,000

7.500%, 

11/15/2027

a

40,673

Ryder

System,

Inc.

51,000

2.850%, 

3/1/2027

50,101

53,000

4.850%, 

6/15/2030

54,078

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

42,508

Stena

International

SA

87,000

7.250%, 

1/15/2031

a

88,698

Union

Pacific

Corporation

35,000

5.600%, 

12/1/2054

35,543

United

Airlines,

Inc.

89,000

4.625%, 

4/15/2029

a

87,637

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

36,000

7.875%, 

5/1/2027

a

36,561

60,000

6.375%, 

2/1/2030

a,f

58,481

Watco

Companies,

LLC/Watco

Finance

Corporation

36,000

7.125%, 

8/1/2032

a

37,263

Total

1,576,265

U.S.

Government

&

Agencies  6.0%

U.S.

Treasury

Notes

900,000

4.250%, 

12/31/2025

900,626

800,000

4.625%, 

6/30/2026

804,788

5,300,000

4.375%, 

7/31/2026

5,325,423

1,980,000

1.250%, 

12/31/2026

1,921,141

300,000

3.875%, 

5/31/2027

301,043

300,000

4.125%, 

7/31/2028

303,984

450,000

4.125%, 

11/15/2032

455,238

400,000

3.375%, 

5/15/2033

384,219

100,000

4.500%, 

11/15/2033

103,391

Total

10,499,853

Utilities  3.1%

AEP

Texas,

Inc.

33,000

5.850%, 

10/15/2055

32,852

AES

Corporation

59,000

7.600%, 

1/15/2055

b

61,115

81,000

3.950%, 

7/15/2030

a

78,216

Algonquin

Power

&

Utilities

Corporation

141,000

4.750%, 

1/18/2082

b

137,581

Alliant

Energy

Corporation,

Convertible

21,000

3.875%, 

3/15/2026

22,585

13,000

3.250%, 

5/30/2028

a

13,396

Alpha

Generation,

LLC

38,000

6.750%, 

10/15/2032

a

39,227

Ameren

Corporation

52,000

1.750%, 

3/15/2028

49,117

American

Electric

Power

Company,

Inc.

48,000

6.950%, 

12/15/2054

b

51,948

42,000

2.300%, 

3/1/2030

38,438

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

320

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Utilities  3.1%

-

continued

American

Water

Capital

Corporation

$

33,000

5.700%, 

9/1/2055

$

33,517

American

Water

Capital

Corporation,

Convertible

31,000

3.625%, 

6/15/2026

31,043

Arizona

Public

Service

Company

37,000

5.550%, 

8/1/2033

38,699

Atmos

Energy

Corporation

50,000

5.450%, 

1/15/2056

e

49,419

52,000

5.000%, 

12/15/2054

48,401

Calpine

Corporation

85,000

4.500%, 

2/15/2028

a

84,641

CenterPoint

Energy,

Inc.

45,000

7.000%, 

2/15/2055

b

46,892

14,000

6.700%, 

5/15/2055

b

14,458

62,000

1.450%, 

6/1/2026

60,847

63,000

2.650%, 

6/1/2031

57,020

CenterPoint

Energy,

Inc.,

Convertible

31,000

4.250%, 

8/15/2026

34,410

23,000

3.000%, 

8/1/2028

a

23,353

CMS

Energy

Corporation,

Convertible

3,000

3.375%, 

5/1/2028

3,285

Consolidated

Edison

Company

of

New

York,

Inc.

109,000

5.700%, 

5/15/2054

111,717

Constellation

Energy

Generation,

LLC

51,000

5.750%, 

3/15/2054

51,675

43,000

5.800%, 

3/1/2033

45,936

Dominion

Energy,

Inc.

59,000

6.875%, 

2/1/2055

b

61,754

59,000

7.000%, 

6/1/2054

b

63,973

52,000

3.375%, 

4/1/2030

49,947

DTE

Energy

Company

39,000

4.875%, 

6/1/2028

39,676

Duke

Energy

Carolinas,

LLC

88,000

5.400%, 

1/15/2054

87,254

Duke

Energy

Corporation

52,000

3.250%, 

1/15/2082

b

50,181

61,000

5.800%, 

6/15/2054

61,627

32,000

6.450%, 

9/1/2054

b

33,801

26,000

2.450%, 

6/1/2030

23,929

43,000

4.500%, 

8/15/2032

42,729

35,000

5.750%, 

9/15/2033

37,176

Duke

Energy

Corporation,

Convertible

51,000

4.125%, 

4/15/2026

54,748

Duke

Energy

Ohio,

Inc.

33,000

5.550%, 

3/15/2054

32,965

Edison

International

44,000

7.875%, 

6/15/2054

b,f

44,831

65,000

5.000%, 

12/15/2026

b,h

61,587

Entergy

Louisiana,

LLC

45,000

5.800%, 

3/15/2055

46,074

Evergy,

Inc.,

Convertible

32,000

4.500%, 

12/15/2027

40,208

Eversource

Energy

73,000

4.600%, 

7/1/2027

73,412

Exelon

Corporation

137,000

5.600%, 

3/15/2053

133,929

42,000

4.050%, 

4/15/2030

41,545

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Utilities  3.1%

-

continued

Fells

Point

Funding

Trust

$

100,000

3.046%, 

1/31/2027

a

$

98,380

FirstEnergy

Corporation,

Convertible

13,000

4.000%, 

5/1/2026

13,501

39,000

3.625%, 

1/15/2029

a

41,352

33,000

3.875%, 

1/15/2031

a

35,607

Georgia

Power

Company

27,000

4.950%, 

5/17/2033

27,543

Hawaiian

Electric

Company,

Inc.

18,000

6.000%, 

10/1/2033

a

18,156

ITC

Holdings

Corporation

42,000

4.950%, 

9/22/2027

a

42,499

Jersey

Central

Power

&

Light

Company

86,000

2.750%, 

3/1/2032

a

76,894

Lightning

Power,

LLC

76,000

7.250%, 

8/15/2032

a

80,462

Long

Ridge

Energy,

LLC

63,000

8.750%, 

2/15/2032

a

64,758

MidAmerican

Energy

Company

133,000

5.300%, 

2/1/2055

129,403

National

Rural

Utilities

Cooperative

Finance

Corporation

22,000

4.850%, 

2/7/2029

22,503

NextEra

Energy

Capital

Holdings,

Inc.

71,000

5.900%, 

3/15/2055

73,172

20,000

3.800%, 

3/15/2082

b

19,503

64,000

6.750%, 

6/15/2054

b

68,783

42,000

2.250%, 

6/1/2030

38,347

30,000

5.300%, 

3/15/2032

31,154

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

24,000

3.000%, 

3/1/2027

28,344

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

15,525

69,000

5.850%, 

4/1/2055

69,975

34,000

6.950%, 

11/30/2054

b

35,382

42,000

2.950%, 

9/1/2029

40,066

Northern

States

Power

Company/

MN

31,000

5.400%, 

3/15/2054

30,733

NRG

Energy,

Inc.

53,000

2.000%, 

12/2/2025

a

52,720

50,000

10.250%, 

3/15/2028

a,b,h

54,518

51,000

3.375%, 

2/15/2029

a

48,211

75,000

5.250%, 

6/15/2029

a

74,757

35,000

6.000%, 

2/1/2033

a

35,545

110,000

5.750%, 

1/15/2034

a,e

109,888

35,000

6.250%, 

11/1/2034

a

35,878

Oncor

Electric

Delivery

Company,

LLC

62,000

5.550%, 

6/15/2054

61,706

Pacific

Gas

and

Electric

Company

33,000

6.750%, 

1/15/2053

35,556

67,000

5.550%, 

5/15/2029

68,966

PG&E

Corporation

30,000

5.000%, 

7/1/2028

29,722

PG&E

Corporation,

Convertible

67,000

4.250%, 

12/1/2027

67,757

Pinnacle

West

Capital

Corporation,

Convertible

12,000

4.750%, 

6/15/2027

12,888

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

321

Principal

Amount

Long-Term

Fixed

Income  82.7%

Value

Utilities  3.1%

-

continued

PPL

Capital

Funding,

Inc.

$

84,000

5.250%, 

9/1/2034

$

85,911

San

Diego

Gas

&

Electric

Company

33,000

5.550%, 

4/15/2054

32,450

Sempra

30,000

6.550%, 

4/1/2055

b

30,656

30,000

6.625%, 

4/1/2055

b

30,464

32,000

6.400%, 

10/1/2054

b

32,697

30,000

6.875%, 

10/1/2054

b

31,085

30,000

4.875%, 

10/15/2025

b,h

29,994

Southern

California

Edison

Company

70,000

5.450%, 

6/1/2031

72,043

Southern

Company

40,000

5.700%, 

10/15/2032

42,356

102,000

4.850%, 

3/15/2035

100,954

41,000

4.000%, 

1/15/2051

b

40,851

106,000

3.750%, 

9/15/2051

b

104,586

Southern

Company,

Convertible

28,000

3.875%, 

12/15/2025

f

31,514

43,000

4.500%, 

6/15/2027

47,795

17,000

3.250%, 

6/15/2028

a

17,204

TerraForm

Power

Operating,

LLC

117,000

5.000%, 

1/31/2028

a

116,156

Virginia

Electric

and

Power

Company

52,000

5.350%, 

1/15/2054

49,970

Vistra

Corporation

48,000

8.000%, 

10/15/2026

a,b,h

49,097

52,000

7.000%, 

12/15/2026

a,b,h

52,794

Vistra

Operations

Company,

LLC

70,000

5.000%, 

7/31/2027

a

69,768

WEC

Energy

Group,

Inc.,

Convertible

16,000

4.375%, 

6/1/2027

19,168

26,000

3.375%, 

6/1/2028

a

26,858

32,000

4.375%, 

6/1/2029

39,248

Xcel

Energy,

Inc.

65,000

4.600%, 

6/1/2032

64,489

43,000

5.600%, 

4/15/2035

44,575

XPLR

Infrastructure

Operating

Partners,

LP

139,000

3.875%, 

10/15/2026

a

137,005

XPLR

Infrastructure,

LP,

Convertible

16,000

2.500%, 

6/15/2026

a

15,600

Total

5,546,576

Total

Long-Term

Fixed

Income

(cost

$145,767,070)

145,937,211

Shares

Registered

Investment

Companies  

10.8%

Value

U.S.

Affiliated  

8.8%  

1,791,589

Thrivent

Core

Emerging

Markets

Debt

Fund

15,497,248

Total

15,497,248

U.S.

Unaffiliated  

2.0%  

6,977

abrdn

Asia-Pacific

Income

Fund,

Inc.

f

113,655

23,877

abrdn

Income

Credit

Strategies

Fund

138,487

Shares

Registered

Investment

Companies  10.8%

Value

U.S.

Unaffiliated  

2.0%  -

continued

6,122

abrdn

Total

Dynamic

Dividend

Fund

$

57,914

13,565

AllianceBernstein

Global

High

Income

Fund,

Inc.

152,064

18,858

Allspring

Income

Opportunities

Fund

132,195

710

Barings

Global

Short

Duration

High

Yield

Fund

10,977

4,512

BlackRock

Capital

Allocation

Term

Trust

66,732

3,233

BlackRock

Core

Bond

Trust

32,136

13,357

BlackRock

Corporate

High

Yield

Fund,

Inc.

126,891

14,785

BlackRock

Credit

Allocation

Income

Trust

163,374

2,248

BlackRock

Debt

Strategies

Fund,

Inc.

23,874

2,551

BlackRock

Enhanced

Equity

Dividend

Trust

23,240

10,756

BlackRock

Enhanced

Global

Dividend

Trust

124,447

8,090

BlackRock

Enhanced

International

Dividend

Trust

46,518

5,032

BlackRock

Income

Trust,

Inc.

56,560

11,750

BlackRock

Multi-Sector

Income

Trust

157,332

11,347

Blackstone

Strategic

Credit

2027

Term

Fund

138,093

9,906

Cornerstone

Strategic

Investment

Fund,

Inc.

82,022

13,913

Eaton

Vance

Limited

Duration

Income

Fund

141,217

6,064

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

55,182

25,612

Nuveen

Credit

Strategies

Income

Fund

134,975

781

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund

6,388

172

Nuveen

Global

High

Income

Fund

2,325

8,576

Nuveen

Preferred

Income

Opportunities

Fund

70,323

9,802

PGIM

Global

High

Yield

Fund,

Inc.

126,250

9,876

PGIM

High

Yield

Bond

Fund,

Inc.

142,017

5,770

Pimco

Dynamic

Income

Fund

114,246

8,234

PIMCO

High

Income

Fund

41,088

8,107

PIMCO

Income

Strategy

Fund

II

61,532

1,224

Tri-Continental

Corporation

41,616

4,791

Vanguard

Short-Term

Corporate

Bond

ETF

382,945

2,675

Virtus

Convertible

&

Income

Fund

40,125

9,712

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

126,353

2,300

Virtus

Equity

&

Convertible

Income

Fund

57,753

21,985

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

130,371

2,627

Western

Asset

Diversified

Income

Fund

38,643

33,077

Western

Asset

High

Income

Opportunity

Fund,

Inc.

127,016

Total

3,486,876

Total

Registered

Investment

Companies

(cost

$19,655,449)

18,984,124

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

322

Shares

Collateral

Held

for

Securities

Loaned

2.5%

Value

4,357,229

Thrivent

Cash

Management

Trust

$

4,357,229

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,357,229)

4,357,229

Shares

Preferred

Stock

1.3%

Value

Basic

Materials  <0.1%

1,264

Albemarle

Corporation,

Convertible,

7.250%

47,880

Total

47,880

Capital

Goods  0.1%

2,549

Boeing

Company,

Convertible,

6.000%

177,334

Total

177,334

Communications

Services  0.1%

4,075

AT&T,

Inc.,

4.750%

h

81,174

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

h

69,300

Total

150,474

Financials  0.9%

1,425

AEGON

Funding

Company,

LLC,

5.100%

29,284

3,200

Allstate

Corporation,

5.100%

h

71,168

757

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

53,202

782

Ares

Management

Corporation,

Convertible,

6.750%

38,858

1,450

Athene

Holding,

Ltd.,

5.625%

h

31,842

4,350

Bank

of

America

Corporation,

4.250%

h

78,604

3,300

Bank

of

America

Corporation,

4.375%

h

61,314

1,650

Bank

of

America

Corporation,

4.750%

h

33,775

2,300

Bank

of

America

Corporation,

5.000%

h

49,036

84

Bank

of

America

Corporation,

Convertible,

7.250%

h

107,520

725

Capital

One

Financial

Corporation,

4.800%

h

13,971

2,600

Capital

One

Financial

Corporation,

5.000%

h

52,468

725

Charles

Schwab

Corporation,

4.450%

f,h

14,246

525

Citizens

Financial

Group,

Inc.,

7.375%

h

13,886

1,275

Corebridge

Financial,

Inc.,

6.375%

31,301

1,450

Fifth

Third

Bancorp,

4.950%

h

30,015

1,450

Huntington

Bancshares,

Inc./OH,

4.500%

h

26,941

3,200

JPMorgan

Chase

&

Company,

4.200%

h

60,416

3,300

JPMorgan

Chase

&

Company,

4.625%

h

66,891

3,125

JPMorgan

Chase

&

Company,

4.750%

h

65,562

725

KeyCorp,

5.650%

h

16,697

2,000

KeyCorp,

6.200%

b,h

50,480

1,343

KKR

&

Company,

Inc.,

Convertible,

6.250%

70,306

725

MetLife,

Inc.,

4.750%

h

15,123

2,300

Morgan

Stanley,

4.250%

h

42,412

Shares

Preferred

Stock  1.3%

Value

Financials  0.9%

-

continued

1,380

Morgan

Stanley,

5.850%

h

$

33,796

2,200

Morgan

Stanley,

7.125%

h

55,902

2,275

Public

Storage,

4.125%

h

39,881

668

Public

Storage,

4.625%

h

13,113

100

Public

Storage,

4.700%

h

1,994

1,450

Regions

Financial

Corporation,

4.450%

h

26,898

550

Regions

Financial

Corporation,

5.700%

b,h

13,470

425

Synovus

Financial

Corporation,

8.397%

b,h

11,199

1,450

Truist

Financial

Corporation,

4.750%

h

29,725

1,800

U.S.

Bancorp,

4.000%

h

30,330

2,000

Wells

Fargo

&

Company,

4.250%

h

35,540

3,300

Wells

Fargo

&

Company,

4.375%

h

60,027

1,450

Wells

Fargo

&

Company,

4.700%

h

28,406

1,750

Wells

Fargo

&

Company,

4.750%

h

34,545

112

Wells

Fargo

&

Company,

Convertible,

7.500%

h

138,240

Total

1,678,384

Technology  0.1%

814

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

55,271

867

Microchip

Technology,

Inc.,

Convertible,

7.500%

51,179

Total

106,450

Utilities  0.1%

2,825

CMS

Energy

Corporation,

4.200%

h

54,720

818

Nextera

Energy,

Inc.,

Convertible,

7.234%

38,471

962

NextEra

Energy,

Inc.,

Convertible,

7.299%

47,975

2,875

Southern

Company,

4.950%

60,317

Total

201,483

Total

Preferred

Stock

(cost

$2,551,866)

2,362,005

Shares

Common

Stock

<0.1%

Value

Communications

Services  <0.1%

74

Tripadvisor,

Inc.

k

1,203

Total

1,203

Financials  <0.1%

428

AGNC

Investment

Corporation

4,190

236

Annaly

Capital

Management,

Inc.

4,770

445

Apollo

Commercial

Real

Estate

Finance,

Inc.

4,508

5,032

BlackRock

Income

Trust,

Inc.,

Rights

k

297

28

Blackstone

Mortgage

Trust,

Inc.

515

224

Chimera

Investment

Corporation

2,961

3

Encore

Capital

Group,

Inc.

k

125

761

Rithm

Capital

Corporation

8,668

Total

26,034

Health

Care  <0.1%

38

BioMarin

Pharmaceutical,

Inc.

k

2,058

Total

2,058

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

323

Shares

Common

Stock  <0.1%

Value

Information

Technology  <0.1%

19

RingCentral,

Inc.

k

$

539

Total

539

Total

Common

Stock

(cost

$30,504)

29,834

Shares

or

Principal

Amount

Short-Term

Investments

5.6%

Value

Federal

National

Mortgage

Association

Discount

Notes

100,000

3.860%,

12/22/2025

l,m

99,111

State

Street

Institutional

U.S.

Government

Money

Market

Fund

8,911,394

4.090%

l

8,911,394

Thrivent

Core

Short-Term

Reserve

Fund

75,000

4.410%

750,000

U.S.

Treasury

Bills

200,000

4.223%,

10/16/2025

l,n

199,662

Total

Short-Term

Investments

(cost

$9,960,162)

9,960,167

Total

Investments

(cost

$182,322,280)

102.9%

$181,630,570

Other

Assets

and

Liabilities,

Net

(2.9%)

(5,149,756)

Total

Net

Assets

100.0%

$176,480,814

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,

2025,

the

value

of

these

investments

was

$71,681,703

or

40.6%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

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,

2025.

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

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,

2025.

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

Multisector

Bond

Portfolio

as

of

September

30,

2025

was

$14,790

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,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

70,948

Credit

Suisse

Group

AG 

8/24/2015

118,598

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

Multisector

Bond

Portfolio

as

of

September

30,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,085,757

Common

Stock

122,226

Total

lending

$4,207,983

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,357,229

Net

amounts

due

to

counterparty

$149,246

Definitions:

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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.

Ser.

-

Series

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

324

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

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

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

Multisector

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

18,775,274

–

18,775,274

–

Basic

Materials

2,388,996

–

2,388,996

–

Capital

Goods

5,534,353

–

5,534,353

–

Collateralized

Mortgage

Obligations

21,551,730

–

21,551,730

–

Commercial

Mortgage-Backed

Securities

3,357,295

–

3,357,295

–

Communications

Services

6,484,591

–

6,484,591

–

Consumer

Cyclical

8,938,130

–

8,938,130

–

Consumer

Non-Cyclical

8,673,646

–

8,673,646

–

Energy

7,850,341

–

7,850,341

–

Financials

21,030,025

–

21,030,025

–

Foreign

Government

116,670

–

116,670

–

Mortgage-Backed

Securities

17,385,721

–

17,385,721

–

Technology

6,227,745

–

6,227,745

–

Transportation

1,576,265

–

1,576,265

–

U.S.

Government

&

Agencies

10,499,853

–

10,499,853

–

Utilities

5,546,576

–

5,546,576

–

Registered

Investment

Companies

U.S.

Unaffiliated

3,486,876

3,486,876

–

–

Preferred

Stock

Basic

Materials

47,880

47,880

–

–

Capital

Goods

177,334

177,334

–

–

Communications

Services

150,474

150,474

–

–

Financials

1,678,384

1,678,384

–

–

Technology

106,450

106,450

–

–

Utilities

201,483

201,483

–

–

Common

Stock

Communications

Services

1,203

1,203

–

–

Financials

26,034

26,034

–

–

Health

Care

2,058

2,058

–

–

Information

Technology

539

539

–

–

Short-Term

Investments

9,210,167

8,911,394

298,773

–

Subtotal

Investments

in

Securities

$161,026,093

$14,790,109

$146,235,984

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

15,497,248

Collateral

Held

for

Securities

Loaned

4,357,229

Affiliated

Short-Term

Investments

750,000

Subtotal

Other

Investments

$20,604,477

Total

Investments

at

Value

$181,630,570

*

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.  

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

325

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

Multisector

Bond

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

17,090

17,090

–

–

Credit

Default

Swaps

412

–

412

–

Total

Liability

Derivatives

$17,502

$17,090

$412

$–

The

following

table

presents

Multisector

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$99,111

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

(4)

December

2025

(

$

457,801)

(

$

8,574)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(3)

December

2025

(

351,671)

(

8,516)

Total

Futures

Short

Contracts

(

$

809,472)

($17,090)

Total

Futures

Contracts

(

$

809,472)

($17,090)

The

following

table

presents

Multisector

Bond

Portfolio's

credit

default

swap

contracts

held

as

of

September

30,

2025.

Investments

totaling

$199,662

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

45,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2030

$

2,200,000

$

–

(

$

412)

(

$

412)

Total

Credit

Default

Swaps

$–

($412)

($412)

1

As

the

buyer

of

protection,

Multisector

Bond

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,

Multisector

Bond

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

Multisector

Bond

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.

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

326

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

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

Multisector

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$16,533

$698

$2,680

$15,497

1,792

8.8%

Total

U.S.

Affiliated

Registered

Investment

Companies

16,533

15,497

8.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

3,654

7,786

10,690

750

75

0.4

Total

Affiliated

Short-Term

Investments

3,654

750

0.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,181

44,502

45,326

4,357

4,357

2.5

Total

Collateral

Held

for

Securities

Loaned

5,181

4,357

2.5

Total

Value

$25,368

$20,604

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($399)

$1,345

$

–

$698

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

2

(2)

–

15

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$713

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

16

Total

Affiliated

Income

from

Securities

Loaned,

Net

$16

Total

Value

($397)

$1,343

$

–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

327

Shares

Common

Stock

99.0%

Value

Data

Center

REITs  10.3%

39,150

Digital

Realty

Trust,

Inc.

$

6,768,252

9,808

Equinix,

Inc.

7,682,018

Total

14,450,270

Diversified

REITs  2.8%

78,046

Broadstone

Net

Lease,

Inc.

1,394,682

82,338

Essential

Properties

Realty

Trust,

Inc.

2,450,379

45

WP

Carey,

Inc.

3,041

Total

3,848,102

Health

Care

REITs  13.9%

9,651

Alexandria

Real

Estate

Equities,

Inc.

804,314

12,557

American

Healthcare

REIT,

Inc.

527,520

32,623

CareTrust

REIT,

Inc.

1,131,366

19,771

Healthpeak

Properties,

Inc.

378,615

13,397

National

Health

Investors,

Inc.

1,065,061

2,164

Omega

Healthcare

Investors,

Inc.

91,364

66,751

Sabra

Health

Care

REIT,

Inc.

1,244,239

44,032

Sila

Realty

Trust,

Inc.

1,105,203

54,786

Ventas,

Inc.

3,834,472

52,454

Welltower,

Inc.

9,344,155

Total

19,526,309

Hotel

&

Resort

REITs  3.5%

146,709

Host

Hotels

&

Resorts,

Inc.

2,496,987

133,737

Pebblebrook

Hotel

Trust

1,523,264

61,016

Xenia

Hotels

&

Resorts,

Inc.

837,140

Total

4,857,391

Industrial

REITs  11.1%

7,767

EastGroup

Properties,

Inc.

1,314,642

25,520

First

Industrial

Realty

Trust,

Inc.

1,313,514

202,952

Industrial

Logistics

Properties

Trust

1,183,210

83,272

Prologis,

Inc.

9,536,310

19,378

Rexford

Industrial

Realty,

Inc.

796,630

31,028

STAG

Industrial,

Inc.

1,094,978

6,004

Terreno

Realty

Corporation

340,727

Total

15,580,011

Multi-Family

Residential

REITs  8.1%

15,849

AvalonBay

Communities,

Inc.

3,061,551

7,820

Camden

Property

Trust

835,020

37,109

Equity

Residential

2,402,065

7,874

Essex

Property

Trust,

Inc.

2,107,555

34,776

Independence

Realty

Trust,

Inc.

569,979

1,926

Mid-America

Apartment

Communities,

Inc.

269,120

56,144

UDR,

Inc.

2,091,925

Total

11,337,215

Office

REITs  2.1%

8,628

BXP,

Inc.

641,406

56,410

Cousins

Properties,

Inc.

1,632,505

21,703

Easterly

Government

Properties,

Inc.

497,650

10,148

Postal

Realty

Trust,

Inc.

159,222

Total

2,930,783

Other

Specialized

REITs  9.3%

28,101

EPR

Properties

1,630,139

828

Four

Corners

Property

Trust,

Inc.

20,203

Shares

Common

Stock  99.0%

Value

Other

Specialized

REITs  9.3%

-

continued

19,209

Gaming

and

Leisure

Properties,

Inc.

$

895,332

44,382

Iron

Mountain,

Inc.

4,524,301

23,146

Millrose

Properties,

Inc.

777,937

42,855

Safehold,

Inc.

663,824

138,469

VICI

Properties,

Inc.

4,515,474

Total

13,027,210

Retail

REITs  19.0%

11,309

Acadia

Realty

Trust

227,876

13,471

Agree

Realty

Corporation

956,980

47,563

Brixmor

Property

Group,

Inc.

1,316,544

13,077

Curbline

Properties

Corporation

291,617

10,588

Federal

Realty

Investment

Trust

1,072,670

15,749

Getty

Realty

Corporation

422,546

20,725

InvenTrust

Properties

Corporation

593,150

107,508

Kimco

Realty

Corporation

2,349,050

10,453

Macerich

Company

190,245

63,673

NetSTREIT

Corporation

1,149,934

18,957

NNN

REIT,

Inc.

807,000

32,837

Phillips

Edison

and

Company,

Inc.

1,127,294

94,636

Realty

Income

Corporation

5,752,922

39,179

Regency

Centers

Corporation

2,856,149

29,926

Simon

Property

Group,

Inc.

5,616,212

57,215

Tanger,

Inc.

1,936,156

Total

26,666,345

Self-Storage

REITs  5.0%

21,988

Extra

Space

Storage,

Inc.

3,098,988

13,655

Public

Storage

3,944,247

Total

7,043,235

Single-Family

Residential

REITs  2.1%

28,326

American

Homes

4

Rent

941,839

2,341

Equity

Lifestyle

Properties,

Inc.

142,099

54,719

Invitation

Homes,

Inc.

1,604,908

2,022

Sun

Communities,

Inc.

260,838

Total

2,949,684

Telecom

Tower

REITs  11.2%

47,507

American

Tower

Corporation

9,136,546

43,670

Crown

Castle,

Inc.

4,213,718

11,913

SBA

Communications

Corporation

2,303,379

Total

15,653,643

Timber

REITs  0.6%

9,524

PotlatchDeltic

Corporation

388,103

15,954

Weyerhaeuser

Company

395,500

Total

783,603

Total

Common

Stock

(cost

$101,258,177)

138,653,801

Shares

or

Principal

Amount

Short-Term

Investments

0.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.150%,

11/19/2025

a,b

99,468

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

328

Shares

or

Principal

Amount

Short-Term

Investments  0.7%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

825,815

4.090%

a

$

825,815

Total

Short-Term

Investments

(cost

$925,250)

925,283

Total

Investments

(cost

$102,183,427)

99.7%

$139,579,084

Other

Assets

and

Liabilities,

Net

0.3%

414,083

Total

Net

Assets

100.0%

$139,993,167

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.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

14,450,270

14,450,270

–

–

Diversified

REITs

3,848,102

3,848,102

–

–

Health

Care

REITs

19,526,309

19,526,309

–

–

Hotel

&

Resort

REITs

4,857,391

4,857,391

–

–

Industrial

REITs

15,580,011

15,580,011

–

–

Multi-Family

Residential

REITs

11,337,215

11,337,215

–

–

Office

REITs

2,930,783

2,930,783

–

–

Other

Specialized

REITs

13,027,210

13,027,210

–

–

Retail

REITs

26,666,345

26,666,345

–

–

Self-Storage

REITs

7,043,235

7,043,235

–

–

Single-Family

Residential

REITs

2,949,684

2,949,684

–

–

Telecom

Tower

REITs

15,653,643

15,653,643

–

–

Timber

REITs

783,603

783,603

–

–

Short-Term

Investments

925,283

825,815

99,468

–

Subtotal

Investments

in

Securities

$139,579,084

$139,479,616

$99,468

$–

Total

Investments

at

Value

$139,579,084

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

12,067

12,067

–

–

Total

Asset

Derivatives

$12,067

$12,067

$–

$–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

329

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,

2025.

Investments

and/or

cash

totaling

$99,468

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

27

December

2025

$

897,664

$

12,067

Total

Futures

Long

Contracts

$

897,664

$

12,067

Total

Futures

Contracts

$

897,664

$12,067

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$1,637

$1,299

$2,936

$–

–

–

Total

Affiliated

Short-Term

Investments

1,637

–

–

Total

Value

$1,637

$–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$8

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$8

Total

Value

$–

$–

$

–

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

330

Principal

Amount

Long-Term

Fixed

Income

99.3%

Value

Asset-Backed

Securities  14.3%

ACHV

ABS

Trust

$

254,448

5.900%, 

4/25/2031,

Ser.

2024-1PL,

Class

A

a

$

256,814

701,303

5.070%, 

10/27/2031,

Ser.

2024-2PL,

Class

A

a

705,490

Affirm

Asset

Securitization

Trust

1,900,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

1,908,668

600,810

5.220%, 

12/17/2029,

Ser.

2024-X2,

Class

A

a

601,350

1,385,538

5.080%, 

4/15/2030,

Ser.

2025-X1,

Class

A

a

1,388,431

Affirm

Master

Trust

2,500,000

4.990%, 

2/15/2033,

Ser.

2025-1A,

Class

A

a

2,520,010

American

Credit

Acceptance

Receivables

Trust

1,620,000

4.850%, 

5/14/2029,

Ser.

2025-2,

Class

B

a

1,627,173

Annisa

CLO,

Ltd.

1,500,000

5.826%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

1,500,300

Auxilior

Term

Funding,

LLC

774,893

5.840%, 

3/15/2027,

Ser.

2024-1A,

Class

A2

a

778,389

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

2,450,000

5.250%, 

4/20/2029,

Ser.

2023-1A,

Class

A

a

2,505,755

810,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

824,605

3,500,000

4.400%, 

2/20/2032,

Ser.

2025-4A,

Class

A

a

3,479,370

CarVal

CLO

I,

Ltd.

2,800,000

6.168%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

2,802,307

CarVal

CLO

III,

Ltd.

3,000,000

5.726%, 

(TSFR3M

+

1.400%),

7/20/2032,

Ser.

2019-2A,

Class

BR2

a,b

2,994,642

Cascade

Funding

Mortgage

Trust

65,526

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

65,201

Cascade

Funding

Mortgage

Trust,

LLC

13,151

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

13,141

Chenango

Park

CLO,

Ltd.

2,180,000

6.118%, 

(TSFR3M

+

1.800%),

4/15/2030,

Ser.

2018-1A,

Class

BR

a,b

2,182,040

Commonbond

Student

Loan

Trust

134,733

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

129,049

217,035

4.772%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

214,475

Dryden

61

CLO,

Ltd.

1,750,000

5.902%, 

(TSFR3M

+

1.580%),

1/17/2032,

Ser.

2018-61A,

Class

B2R

a,b

1,752,434

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Asset-Backed

Securities  14.3%

-

continued

Dryden

72

CLO,

Ltd.

$

1,100,000

5.861%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

$

1,102,284

Education

Funding

Trust

699,471

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

670,533

Enterprise

Fleet

Financing,

LLC

1,500,000

4.700%, 

6/20/2031,

Ser.

2024-4,

Class

A4

a

1,522,295

Ford

Credit

Floorplan

Master

Owner

Trust

A

1,500,000

4.400%, 

9/15/2031,

Ser.

2024-4,

Class

A

a

1,512,243

Foundation

Finance

Trust

638,627

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

606,508

1,515,218

6.530%, 

6/15/2049,

Ser.

2023-2A,

Class

A

a

1,581,729

GM

Financial

Automobile

Leasing

Trust

750,000

4.220%, 

10/20/2028,

Ser.

2024-3,

Class

A4

752,199

GMAC

Mortgage

Corporation

Loan

Trust

25,328

4.772%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

11,978

GoldenTree

Loan

Management

US

CLO

11,

Ltd.

1,000,000

5.406%, 

(TSFR3M

+

1.080%),

10/20/2034,

Ser.

2021-11A,

Class

AR

a,b

999,544

GreatAmerica

Leasing

Receivables

Funding,

LLC

630,000

4.520%, 

10/15/2027,

Ser.

2025-1,

Class

A2

a

632,905

GSAA

Home

Equity

Trust

102,536

6.222%, 

(TSFR1M

+

2.064%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

175,235

844,141

4.276%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

781,806

Hertz

Vehicle

Financing

III,

LLC

975,000

5.490%, 

6/25/2027,

Ser.

2023-1A,

Class

A

a

980,756

950,000

5.440%, 

1/25/2029,

Ser.

2024-1A,

Class

A

a

969,448

2,355,000

4.910%, 

9/25/2029,

Ser.

2025-1A,

Class

A

a

2,375,685

1,350,000

5.590%, 

12/26/2029,

Ser.

2025-3A,

Class

B

a

1,362,623

KKR

Static

CLO

I,

Ltd.

1,011,315

5.306%, 

(TSFR3M

+

0.980%),

7/20/2031,

Ser.

2022-1A,

Class

AR2

a,b

1,010,509

1,500,000

5.776%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

1,495,437

Lendbuzz

Securitization

Trust

1,453,918

5.100%, 

10/15/2030,

Ser.

2025-1A,

Class

A2

a

1,455,589

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

331

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Asset-Backed

Securities  14.3%

-

continued

M&T

Bank

Auto

Receivables

Trust

$

1,000,000

4.890%, 

7/15/2032,

Ser.

2025-1A,

Class

A4

a

$

1,018,799

Madison

Park

Funding

XXIV,

Ltd.

130,000

5.876%, 

(TSFR3M

+

1.550%),

10/20/2029,

Ser.

2016-24A,

Class

BR2

a,b

130,074

Madison

Park

Funding

XXXIX,

Ltd.

2,500,000

6.082%, 

(TSFR3M

+

1.750%),

10/22/2034,

Ser.

2021-39A,

Class

BR

a,b

2,502,435

Marathon

CLO,

Ltd.

2,250,000

5.868%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,b

2,251,138

MFA

Trust

881,638

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

882,711

National

Collegiate

Trust

335,863

4.890%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

328,669

Navient

Student

Loan

Trust

1,159,738

4.160%, 

10/15/2070,

Ser.

2022-BA,

Class

A

a

1,142,954

Neuberger

Berman

Loan

Advisers

CLO

35,

Ltd.

2,125,654

5.376%, 

(TSFR3M

+

1.050%),

1/19/2033,

Ser.

2019-35A,

Class

ARR

a,b

2,122,452

Octane

Receivables

Trust

682,923

5.800%, 

7/20/2032,

Ser.

2024-2A,

Class

A2

a

689,065

OneMain

Financial

Issuance

Trust

3,353,040

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,295,311

OZLM

XVII,

Ltd.

2,800,000

6.326%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

2,797,105

Pagaya

AI

Debt

Grantor

Trust

663,170

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

665,991

1,479,779

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

1,487,125

1,849,626

5.365%, 

12/15/2032,

Ser.

2025-3,

Class

A2

a

1,865,572

1,800,000

4.497%, 

4/15/2033,

Ser.

2025-6,

Class

A2

a

1,800,476

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

1,807,171

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

1,819,904

Palmer

Square

Loan

Funding,

Ltd.

1,984,228

5.368%, 

(TSFR3M

+

1.050%),

10/15/2032,

Ser.

2024-1A,

Class

A1

a,b

1,987,204

1,250,000

5.768%, 

(TSFR3M

+

1.450%),

10/15/2032,

Ser.

2024-1A,

Class

A2

a,b

1,251,050

2,000,000

5.768%, 

(TSFR3M

+

1.450%),

1/15/2033,

Ser.

2024-2A,

Class

A2

a,b

1,997,930

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Asset-Backed

Securities  14.3%

-

continued

$

2,000,000

5.411%, 

(TSFR3M

+

1.200%),

2/15/2033,

Ser.

2025-1A,

Class

A2

a,b

$

1,983,158

2,250,000

5.688%, 

(TSFR3M

+

1.400%),

7/15/2033,

Ser.

2025-2A,

Class

A2

a,b

2,250,088

PPM

CLO

2,

Ltd.

3,750,000

5.818%, 

(TSFR3M

+

1.500%),

4/16/2037,

Ser.

2019-2A,

Class

AR

a,b

3,751,328

PRET,

LLC

1,061,725

5.835%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A1

a,d

1,066,130

693,152

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,d

698,035

PRPM,

LLC

2,461,352

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

a,d

2,463,662

Terwin

Mortgage

Trust

423,741

5.772%, 

(TSFR1M

+

1.614%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,b

422,638

Tesla

Lease

Electric

Vehicle

Securitization,

LLC

1,592,142

4.370%, 

5/21/2029,

Ser.

2025-A,

Class

A4

a

1,594,044

Towd

Point

Asset

Trust

640,526

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

621,847

Vericrest

Opportunity

Loan

Transferee

755,218

5.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a

755,002

Wheels

Fleet

Lease

Funding

1,

LLC

967,012

4.800%, 

9/19/2039,

Ser.

2024-3A,

Class

A1

a

976,541

Total

94,867,388

Basic

Materials  0.9%

Eastman

Chemical

Company

1,100,000

5.000%, 

8/1/2029

1,120,205

Georgia-Pacific,

LLC

825,000

4.400%, 

6/30/2028

a

832,051

Glencore

Funding,

LLC

1,500,000

5.338%, 

4/4/2027

a

1,523,028

1,475,000

6.125%, 

10/6/2028

a

1,548,286

International

Flavors

&

Fragrances,

Inc.

196,000

1.832%, 

10/15/2027

a

186,470

LYB

International

Finance

III,

LLC

1,079,000

1.250%, 

10/1/2025

1,079,000

Total

6,289,040

Capital

Goods  1.9%

AGCO

Corporation

1,100,000

5.450%, 

3/21/2027

1,115,920

Amrize

Finance

US,

LLC

535,000

4.700%, 

4/7/2028

a

541,244

BAE

Systems

plc

935,000

5.000%, 

3/26/2027

a

945,853

Boeing

Company

1,750,000

2.196%, 

2/4/2026

1,736,746

650,000

6.259%, 

5/1/2027

668,796

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

332

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Capital

Goods  1.9%

-

continued

Eaton

Capital,

ULC

$

550,000

4.450%, 

5/9/2030

$

555,701

General

Electric

Company

725,000

4.300%, 

7/29/2030

729,307

Howmet

Aerospace,

Inc.

1,100,000

3.000%, 

1/15/2029

1,061,321

Ingersoll

Rand,

Inc.

250,000

5.400%, 

8/14/2028

258,599

Regal

Rexnord

Corporation

850,000

6.050%, 

2/15/2026

854,114

Siemens

Funding

BV

550,000

4.350%, 

5/26/2028

a

555,439

Sonoco

Products

Company

850,000

4.450%, 

9/1/2026

851,170

Spirit

AeroSystems,

Inc.

1,425,000

4.600%, 

6/15/2028

1,423,171

Veralto

Corporation

1,100,000

5.500%, 

9/18/2026

1,113,278

Total

12,410,659

Collateralized

Mortgage

Obligations  11.0%

A&D

Mortgage

Trust

2,230,526

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,d

2,251,968

1,338,244

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

1,342,599

ACRA

Trust

1,939,900

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,d

1,954,797

Banc

of

America

Funding

Trust

188,233

6.490%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

190,885

408,309

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

407,351

Bear

Stearns

ARM

Trust

73,236

6.420%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

70,014

CAFL

Issuer,

LLC

1,477,300

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

1,477,300

CHNGE

Mortgage

Trust

1,270,046

3.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,228,303

1,107,418

7.065%, 

3/25/2058,

Ser.

2023-1,

Class

A1

a,b

1,110,944

1,872,728

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

1,837,817

1,692,300

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,d

1,698,657

1,118,446

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,d

1,126,482

Citigroup

Mortgage

Loan

Trust,

Inc.

415,418

5.392%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

b

399,519

COLT

Mortgage

Loan

Trust

1,656,724

5.443%, 

9/25/2069,

Ser.

2024-INV3,

Class

A1

a,d

1,666,543

1,631,101

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

1,472,486

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Collateralized

Mortgage

Obligations  11.0%

-

continued

Countrywide

Alternative

Loan

Trust

$

132,005

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

$

84,349

139,808

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

111,118

Credit

Suisse

Mortgage

Capital

Certificates

2,355,728

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,b

2,083,860

Cross

Mortgage

Trust

1,932,380

5.509%, 

7/25/2070,

Ser.

2025-H5,

Class

A1

a,b

1,946,880

Deephaven

Residential

Mortgage

Trust

1,801,036

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,652,804

1,894,742

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,b

1,680,732

Federal

National

Mortgage

Association

-

REMIC

2,233,389

5.000%, 

6/25/2051,

Ser.

2025-69,

Class

E

2,255,055

1,512,858

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

1,497,297

Flagstar

Mortgage

Trust

1,245,824

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

1,123,280

GCAT

Trust

1,367,012

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

1,249,124

1,043,199

5.500%, 

12/25/2054,

Ser.

2024-INV4,

Class

A6

a,b

1,049,632

GS

Mortgage-Backed

Securities

Trust

221,377

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,b

208,973

J.P.

Morgan

Alternative

Loan

Trust

469,456

5.036%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

351,198

LHOME

Mortgage

Trust

632,188

8.000%, 

6/25/2028,

Ser.

2023-RTL2,

Class

A1

a,d

632,538

1,250,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,d

1,257,447

2,000,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,d

2,017,697

MFA

Trust

2,000,000

5.229%, 

8/25/2070,

Ser.

2025-NQM4,

Class

A1

a,b

2,001,307

1,675,855

4.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a

1,650,517

2,250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,d

2,264,823

Morgan

Stanley

Residential

Mortgage

Loan

Trust

1,157,711

5.530%, 

5/25/2070,

Ser.

2025-NQM3,

Class

A1

a,b

1,166,074

2,166,550

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,d

2,171,824

NYMT

Loan

Trust

1,254,606

5.379%, 

6/25/2069,

Ser.

2024-INV1,

Class

A1

a,b

1,259,549

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

333

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Collateralized

Mortgage

Obligations  11.0%

-

continued

$

1,500,000

5.254%, 

10/25/2060,

Ser.

2025-INV2,

Class

A2

a,d

$

1,499,099

1,000,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,d

1,005,739

1,500,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,d

1,515,309

OBX

Trust

795,819

5.396%, 

7/27/2065,

Ser.

2025-NQM15,

Class

A2

a,d

798,988

Palisades

Mortgage

Loan

Trust

227,223

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

227,223

PRET

Trust

1,897,645

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

a,d

1,837,692

PRPM,

LLC

1,710,305

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,d

1,685,322

900,771

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,d

901,263

Radnor

Re,

Ltd.

433,637

6.356%, 

(SOFR30A

+

2.000%),

9/25/2034,

Ser.

2024-1,

Class

M1A

a,b

433,959

Roc

Mortgage

Trust

1,500,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,d

1,508,380

2,000,000

5.625%, 

2/25/2040,

Ser.

2025-RTL1,

Class

A1

a,d

2,007,856

Toorak

Mortgage

Trust

2,750,000

6.597%, 

2/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,d

2,764,864

1,200,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,d

1,207,913

TRK

Trust

1,747,686

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,b

1,639,401

1,127,740

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

1,016,991

Verus

Securitization

Trust

1,216,303

5.623%, 

5/25/2070,

Ser.

2025-3,

Class

A1

a,d

1,228,521

2,749,508

5.580%, 

6/25/2070,

Ser.

2025-5,

Class

A2

a,d

2,765,723

1,015,503

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

910,709

Wachovia

Mortgage

Loan

Trust,

LLC

8,570

6.988%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

8,365

Total

72,915,060

Commercial

Mortgage-Backed

Securities  3.8%

AMSR

Trust

2,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

1,952,533

2,000,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

A

a

1,922,802

BANK

2019-BNK17

1,237,719

3.623%, 

4/15/2052,

Ser.

2019-BN17,

Class

ASB

1,227,385

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Commercial

Mortgage-Backed

Securities  3.8%

-

continued

BANK5

2025-5YR16

$

2,150,000

5.282%, 

8/15/2063,

Ser.

2025-5YR16,

Class

A3

$

2,220,721

Benchmark

Mortgage

Trust

1,775,000

5.075%, 

9/15/2058,

Ser.

2025-V17,

Class

A3

1,818,447

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

500,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

507,713

1,000,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

c

1,025,437

FirstKey

Homes

Trust

330,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

328,406

Home

Partners

of

America

Trust

2,014,941

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

1,959,748

Progress

Residential

Trust

2,365,248

1.524%, 

7/17/2038,

Ser.

2021-SFR6,

Class

A

a

2,328,705

2,250,000

1.942%, 

8/17/2040,

Ser.

2021-SFR7,

Class

B

a

2,097,089

998,766

3.400%, 

2/17/2042,

Ser.

2025-SFR1,

Class

A

a

954,093

898,075

3.305%, 

4/17/2042,

Ser.

2025-SFR2,

Class

A

a

852,058

Silver

Hill

Trust

369,100

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

365,457

Tricon

Residential

Trust

3,250,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

3,188,142

1,197,679

4.750%, 

6/17/2040,

Ser.

2024-SFR2,

Class

A

a

1,201,438

1,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

1,274,335

Total

25,224,509

Communications

Services  2.4%

American

Tower

Corporation

500,000

1.450%, 

9/15/2026

487,883

1,200,000

5.500%, 

3/15/2028

1,236,699

AppLovin

Corporation

2,000,000

5.125%, 

12/1/2029

2,046,012

AT&T,

Inc.

1,000,000

4.700%, 

8/15/2030

1,017,019

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,250,000

4.200%, 

3/15/2028

1,244,277

1,025,000

6.100%, 

6/1/2029

1,075,628

Crown

Castle,

Inc.

740,000

4.800%, 

9/1/2028

750,422

750,000

4.900%, 

9/1/2029

760,774

NTT

Finance

Corporation

500,000

4.620%, 

7/16/2028

a

504,944

Rogers

Communications,

Inc.

1,100,000

5.000%, 

2/15/2029

1,120,995

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

334

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Communications

Services  2.4%

-

continued

Sprint

Capital

Corporation

$

2,770,000

6.875%, 

11/15/2028

$

2,979,546

T-Mobile

USA,

Inc.

1,875,000

4.850%, 

1/15/2029

1,912,657

WarnerMedia

Holdings,

Inc.

569,000

3.755%, 

3/15/2027

561,176

Total

15,698,032

Consumer

Cyclical  6.2%

American

Honda

Finance

Corporation

1,000,000

4.900%, 

7/9/2027

1,014,127

1,000,000

4.450%, 

10/22/2027

1,008,608

1,200,000

5.650%, 

11/15/2028

1,251,108

Daimler

Truck

Finance

North

America,

LLC

725,000

4.300%, 

8/12/2027

a

726,797

Darden

Restaurants,

Inc.

1,000,000

4.350%, 

10/15/2027

1,003,830

Denso

Corporation

1,250,000

4.282%, 

9/17/2030

a

1,248,671

Ford

Motor

Credit

Company,

LLC

1,100,000

3.375%, 

11/13/2025

1,097,977

600,000

5.125%, 

11/5/2026

601,988

1,125,000

5.800%, 

3/5/2027

1,136,381

1,500,000

5.113%, 

5/3/2029

1,488,875

General

Motors

Company

850,000

5.350%, 

4/15/2028

869,683

General

Motors

Financial

Company,

Inc.

550,000

5.400%, 

5/8/2027

559,324

1,100,000

5.350%, 

7/15/2027

1,119,913

1,100,000

5.050%, 

4/4/2028

1,117,683

1,000,000

5.800%, 

1/7/2029

1,039,255

Hyatt

Hotels

Corporation

1,650,000

5.750%, 

1/30/2027

1,681,070

Hyundai

Capital

America

1,140,000

1.800%, 

10/15/2025

a

1,138,806

750,000

6.250%, 

11/3/2025

a

751,089

750,000

1.650%, 

9/17/2026

a,e

731,729

1,100,000

5.300%, 

3/19/2027

a

1,114,910

1,275,000

4.875%, 

6/23/2027

a

1,286,055

Hyundai

Capital

Services,

Inc.

750,000

1.250%, 

2/8/2026

a

741,712

Las

Vegas

Sands

Corporation

935,000

5.900%, 

6/1/2027

953,899

950,000

5.625%, 

6/15/2028

971,233

Lennar

Corporation

1,300,000

5.200%, 

7/30/2030

1,338,943

McDonald's

Corporation

700,000

4.800%, 

8/14/2028

714,911

1,125,000

5.000%, 

5/17/2029

1,158,227

Mercedes-Benz

Finance

North

America,

LLC

925,000

5.200%, 

8/3/2026

a

933,575

O'Reilly

Automotive,

Inc.

1,100,000

5.750%, 

11/20/2026

1,118,963

PulteGroup,

Inc.

1,750,000

5.500%, 

3/1/2026

1,751,630

Royal

Caribbean

Cruises,

Ltd.

1,800,000

5.500%, 

4/1/2028

a

1,835,033

Stellantis

Finance

US,

Inc.

1,750,000

5.350%, 

3/17/2028

a

1,772,110

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Consumer

Cyclical  6.2%

-

continued

Stellantis

Financial

Services

US

Corporation

$

425,000

5.400%, 

9/15/2030

a

$

425,891

Toyota

Motor

Credit

Corporation

750,000

4.650%, 

1/5/2029

763,750

640,000

4.950%, 

1/9/2030

659,262

Uber

Technologies,

Inc.

1,400,000

4.150%, 

1/15/2031

1,387,214

Volkswagen

Group

of

America

Finance,

LLC

1,100,000

5.300%, 

3/22/2027

a

1,114,568

1,250,000

4.450%, 

9/11/2027

a

1,253,036

Total

40,881,836

Consumer

Non-Cyclical  5.8%

Altria

Group,

Inc.

365,000

4.875%, 

2/4/2028

370,912

1,100,000

6.200%, 

11/1/2028

1,161,682

Amgen,

Inc.

825,000

5.150%, 

3/2/2028

844,260

BAT

International

Finance

plc

2,500,000

1.668%, 

3/25/2026

2,469,716

1,100,000

5.931%, 

2/2/2029

1,155,206

Becton,

Dickinson

and

Company

1,250,000

4.693%, 

2/13/2028

1,265,760

Bunge,

Ltd.

Finance

Corporation

1,300,000

4.100%, 

1/7/2028

1,301,774

Campbell's

Company

370,000

5.300%, 

3/20/2026

371,294

Cargill,

Inc.

1,100,000

4.625%, 

2/11/2028

a

1,115,645

Cigna

Group

1,425,000

4.500%, 

9/15/2030

1,429,200

Conagra

Brands,

Inc.

1,250,000

4.850%, 

11/1/2028

1,263,255

CVS

Health

Corporation

1,500,000

5.400%, 

6/1/2029

1,551,011

Eli

Lilly

&

Company

1,250,000

4.000%, 

10/15/2028

1,252,161

General

Mills,

Inc.

1,100,000

5.500%, 

10/17/2028

1,142,123

GSK

Consumer

Healthcare

Capital

US,

LLC

1,100,000

3.375%, 

3/24/2027

1,088,577

HCA,

Inc.

1,250,000

5.875%, 

2/15/2026

1,251,612

1,400,000

5.000%, 

3/1/2028

1,425,764

Illumina,

Inc.

500,000

4.650%, 

9/9/2026

502,290

Imperial

Brands

Finance

plc

825,000

4.500%, 

6/30/2028

a

830,301

Keurig

Dr

Pepper,

Inc.

1,500,000

5.100%, 

3/15/2027

1,514,805

Kraft

Heinz

Foods

Company

1,500,000

3.000%, 

6/1/2026

1,487,487

Mars,

Inc.

900,000

4.600%, 

3/1/2028

a

911,006

Mattel,

Inc.

2,000,000

3.375%, 

4/1/2026

a

1,985,643

PepsiCo,

Inc.

1,600,000

4.100%, 

1/15/2029

1,605,653

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

335

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Consumer

Non-Cyclical  5.8%

-

continued

Pfizer

Investment

Enterprises,

Private

Ltd.

$

1,100,000

4.450%, 

5/19/2028

$

1,112,539

Philip

Morris

International,

Inc.

900,000

4.875%, 

2/15/2028

916,191

1,500,000

4.125%, 

4/28/2028

1,502,688

375,000

4.875%, 

2/13/2029

383,049

Royalty

Pharma

plc

500,000

5.150%, 

9/2/2029

513,007

1,775,000

4.450%, 

3/25/2031

1,760,206

Stryker

Corporation

1,100,000

4.700%, 

2/10/2028

1,116,065

Universal

Health

Services,

Inc.

1,650,000

1.650%, 

9/1/2026

1,610,980

Total

38,211,862

Energy  4.0%

APA

Corporation

1,100,000

4.375%, 

10/15/2028

1,072,351

BP

Capital

Markets

America,

Inc.

550,000

4.699%, 

4/10/2029

560,252

Cheniere

Energy

Partners,

LP

2,500,000

4.500%, 

10/1/2029

2,491,992

Columbia

Pipelines

Holding

Company,

LLC

925,000

6.055%, 

8/15/2026

a

937,457

740,000

6.042%, 

8/15/2028

a

772,198

Continental

Resources,

Inc.

2,650,000

2.268%, 

11/15/2026

a

2,583,240

Diamondback

Energy,

Inc.

750,000

5.200%, 

4/18/2027

760,766

Enbridge,

Inc.

1,100,000

5.900%, 

11/15/2026

1,119,247

Energy

Transfer,

LP

750,000

6.050%, 

12/1/2026

763,978

1,100,000

5.250%, 

7/1/2029

1,131,913

EOG

Resources,

Inc.

365,000

4.400%, 

7/15/2028

368,352

Helmerich

&

Payne,

Inc.

1,300,000

4.650%, 

12/1/2027

e

1,305,563

Kinder

Morgan,

Inc.

700,000

5.100%, 

8/1/2029

719,355

1,050,000

5.150%, 

6/1/2030

1,083,158

MPLX,

LP

1,100,000

1.750%, 

3/1/2026

1,088,466

National

Fuel

Gas

Company

900,000

5.500%, 

3/15/2030

930,263

Occidental

Petroleum

Corporation

500,000

5.000%, 

8/1/2027

505,235

ONEOK,

Inc.

500,000

5.550%, 

11/1/2026

506,333

1,000,000

4.250%, 

9/24/2027

1,001,083

500,000

5.650%, 

11/1/2028

518,502

Ovintiv,

Inc.

1,200,000

5.375%, 

1/1/2026

1,200,132

Phillips

66

Company

800,000

4.950%, 

12/1/2027

813,216

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

750,000

4.650%, 

10/15/2025

750,004

Repsol

E&P

Capital

Markets

US,

LLC

525,000

4.805%, 

9/16/2028

a

527,273

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Energy  4.0%

-

continued

Schlumberger

Holdings

Corporation

$

525,000

5.000%, 

5/29/2027

a

$

532,476

South

Bow

USA

Infrastructure

Holdings,

LLC

700,000

4.911%, 

9/1/2027

705,992

Var

Energi

ASA

450,000

5.875%, 

5/22/2030

a

467,908

Williams

Companies,

Inc.

1,100,000

4.625%, 

6/30/2030

1,109,373

Total

26,326,078

Financials  32.4%

ABN

AMRO

Bank

NV

1,100,000

6.339%, 

9/18/2027

a,b

1,121,383

AEGON

Funding

Company,

LLC

1,125,000

5.500%, 

4/16/2027

a,e

1,144,676

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,200,000

1.750%, 

1/30/2026

1,190,238

250,000

2.450%, 

10/29/2026

245,621

900,000

6.100%, 

1/15/2027

919,289

665,000

6.450%, 

4/15/2027

685,792

1,075,000

4.625%, 

9/10/2029

1,084,419

Ally

Financial,

Inc.

3,000,000

5.750%, 

11/20/2025

3,001,780

600,000

5.737%, 

5/15/2029

b

614,151

American

Express

Company

1,250,000

5.098%, 

2/16/2028

b

1,266,775

500,000

5.043%, 

7/26/2028

b

508,531

1,100,000

4.731%, 

4/25/2029

b

1,117,335

365,000

5.085%, 

1/30/2031

b

376,310

American

Homes

4

Rent,

LP

425,000

4.950%, 

6/15/2030

432,744

American

International

Group,

Inc.

750,000

4.850%, 

5/7/2030

767,182

Apollo

Debt

Solutions

BDC

1,370,000

6.900%, 

4/13/2029

1,440,386

Ares

Capital

Corporation

1,350,000

3.875%, 

1/15/2026

1,347,635

800,000

2.150%, 

7/15/2026

785,934

Ares

Strategic

Income

Fund

600,000

5.700%, 

3/15/2028

608,414

875,000

5.600%, 

2/15/2030

883,540

Arthur

J.

Gallagher

&

Company

450,000

4.600%, 

12/15/2027

454,412

450,000

4.850%, 

12/15/2029

459,195

Associated

Banc-Corp

700,000

6.455%, 

8/29/2030

b

725,572

Aviation

Capital

Group,

LLC

1,500,000

4.875%, 

10/1/2025

a

1,500,000

725,000

4.750%, 

4/14/2027

a

728,232

1,100,000

4.800%, 

10/24/2030

a

1,098,993

Avolon

Holdings

Funding,

Ltd.

1,644,000

5.500%, 

1/15/2026

a

1,646,179

401,000

2.125%, 

2/21/2026

a

396,870

600,000

4.950%, 

1/15/2028

a

606,024

1,050,000

5.375%, 

5/30/2030

a

1,077,075

Banco

Santander

SA

600,000

4.175%, 

3/24/2028

b

599,103

1,000,000

5.365%, 

7/15/2028

b

1,020,264

1,000,000

5.588%, 

8/8/2028

1,038,805

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

336

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Financials  32.4%

-

continued

Bank

of

America

Corporation

$

1,500,000

1.734%, 

7/22/2027

b

$

1,470,043

Bank

of

Montreal

1,115,000

5.266%, 

12/11/2026

1,129,820

500,000

5.370%, 

6/4/2027

e

510,989

750,000

4.567%, 

9/10/2027

b

752,578

Bank

of

New

York

Mellon

Corporation

750,000

6.317%, 

10/25/2029

b

798,128

Bank

of

New

Zealand

1,800,000

4.846%, 

2/7/2028

a

1,830,607

Bank

of

Nova

Scotia

1,000,000

4.404%, 

9/8/2028

b

1,005,194

1,050,000

4.043%, 

9/15/2028

b

1,047,696

Barclays

plc

1,100,000

6.496%, 

9/13/2027

b

1,122,284

500,000

2.279%, 

11/24/2027

b

488,881

550,000

5.674%, 

3/12/2028

b

560,697

850,000

4.837%, 

9/10/2028

b

858,600

1,100,000

5.086%, 

2/25/2029

b

1,119,759

Blackstone

Private

Credit

Fund

600,000

4.950%, 

9/26/2027

603,297

1,050,000

5.050%, 

9/10/2030

1,037,781

Blackstone

Secured

Lending

Fund

1,025,000

5.875%, 

11/15/2027

1,050,299

900,000

5.350%, 

4/13/2028

912,311

Blue

Owl

Capital

Corporation

II

750,000

8.450%, 

11/15/2026

776,969

Blue

Owl

Credit

Income

Corporation

650,000

4.700%, 

2/8/2027

648,878

1,100,000

6.600%, 

9/15/2029

1,146,818

Blue

Owl

Technology

Finance

Corporation

750,000

4.750%, 

12/15/2025

a

748,112

1,800,000

3.750%, 

6/17/2026

a

1,784,009

1,025,000

6.750%, 

4/4/2029

1,057,508

BNP

Paribas

SA

1,300,000

1.323%, 

1/13/2027

a,b

1,288,131

825,000

4.792%, 

5/9/2029

a,b

832,683

850,000

5.176%, 

1/9/2030

a,b

872,003

Boston

Properties,

LP

1,500,000

3.650%, 

2/1/2026

1,495,439

BPCE

SA

750,000

5.975%, 

1/18/2027

a,b

752,812

Brown

&

Brown,

Inc.

725,000

4.600%, 

12/23/2026

728,795

550,000

4.900%, 

6/23/2030

557,390

CaixaBank

SA

1,100,000

4.634%, 

7/3/2029

a,b

1,107,701

Canadian

Imperial

Bank

of

Commerce

1,000,000

5.237%, 

6/28/2027

1,019,939

1,100,000

4.857%, 

3/30/2029

b

1,117,061

Capital

One

Financial

Corporation

1,050,000

4.493%, 

9/11/2031

b

1,041,507

Capital

One

NA

1,285,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

1,330,587

Centene

Corporation

2,000,000

4.250%, 

12/15/2027

1,964,035

1,200,000

4.625%, 

12/15/2029

1,163,251

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Financials  32.4%

-

continued

Charles

Schwab

Corporation

$

1,250,000

4.000%, 

6/1/2026

b,f

$

1,235,939

Chubb

INA

Holdings,

LLC

1,250,000

4.650%, 

8/15/2029

1,274,587

Citadel

Securities

Global

Holdings,

LLC

365,000

5.500%, 

6/18/2030

a

374,621

Citadel,

LP

1,450,000

6.000%, 

1/23/2030

a

1,507,103

Citibank

NA

1,291,000

4.576%, 

5/29/2027

1,302,422

850,000

4.876%, 

11/19/2027

b

856,621

Citigroup,

Inc.

500,000

4.000%, 

12/10/2025

b,f

498,054

1,025,000

4.643%, 

5/7/2028

b

1,032,089

650,000

5.174%, 

2/13/2030

b

666,780

1,400,000

4.503%, 

9/11/2031

b

1,400,757

Citizens

Financial

Group,

Inc.

900,000

5.253%, 

3/5/2031

b

922,385

Commonwealth

Bank

of

Australia

1,050,000

4.150%, 

10/1/2030

g

1,049,659

COPT

Defense

Properties,

LP

450,000

2.250%, 

3/15/2026

445,412

Corebridge

Financial,

Inc.

1,000,000

3.650%, 

4/5/2027

991,418

Corebridge

Global

Funding

1,425,000

4.650%, 

8/20/2027

a

1,440,855

Cousins

Properties,

LP

1,000,000

5.250%, 

7/15/2030

1,024,089

Credit

Agricole

SA

750,000

1.247%, 

1/26/2027

a,b

742,101

1,000,000

4.631%, 

9/11/2028

a,b

1,006,323

550,000

5.230%, 

1/9/2029

a,b

560,551

725,000

6.316%, 

10/3/2029

a,b

764,317

Credit

Suisse

Group

AG

990,000

7.500%, 

N/A

*,h

84,150

Deutsche

Bank

AG

2,000,000

6.000%, 

10/30/2025

b,f

2,001,354

Deutsche

Bank

AG/New

York,

NY

1,100,000

2.129%, 

11/24/2026

b

1,095,972

700,000

4.999%, 

9/11/2030

b

710,024

800,000

4.950%, 

8/4/2031

b

807,565

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

1,550,000

5.950%, 

9/17/2030

a

1,512,923

EPR

Properties

1,875,000

4.950%, 

4/15/2028

1,889,505

F&G

Global

Funding

700,000

4.650%, 

9/8/2028

a

702,478

Fifth

Third

Bank

NA

200,000

3.850%, 

3/15/2026

199,631

First

Horizon

Bank

1,480,000

5.750%, 

5/1/2030

1,526,921

First-Citizens

Bank

&

Trust

Company

1,200,000

6.125%, 

3/9/2028

1,245,056

Fortitude

Group

Holdings,

LLC

1,400,000

6.250%, 

4/1/2030

a

1,453,618

Franklin

BSP

Capital

Corporation

1,000,000

6.000%, 

10/2/2030

a,g

989,046

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

337

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Financials  32.4%

-

continued

FS

KKR

Capital

Corporation

$

2,000,000

3.400%, 

1/15/2026

$

1,990,934

GA

Global

Funding

Trust

1,200,000

1.625%, 

1/15/2026

a

1,190,316

GATX

Corporation

750,000

5.400%, 

3/15/2027

760,854

Goldman

Sachs

Bank

USA/New

York,

NY

1,100,000

5.283%, 

3/18/2027

b

1,104,988

Goldman

Sachs

BDC,

Inc.

550,000

6.375%, 

3/11/2027

562,591

Goldman

Sachs

Group,

Inc.

1,250,000

3.615%, 

3/15/2028

b

1,240,625

1,100,000

4.482%, 

8/23/2028

b

1,106,882

1,100,000

6.484%, 

10/24/2029

b

1,170,597

650,000

5.218%, 

4/23/2031

b

672,169

Goldman

Sachs

Private

Credit

Corporation

450,000

5.875%, 

5/6/2028

a,e

456,690

Healthcare

Realty

Holdings,

LP

625,000

3.100%, 

2/15/2030

588,042

Highwoods

Realty,

LP

1,059,000

4.200%, 

4/15/2029

1,037,331

HPS

Corporate

Lending

Fund

825,000

5.300%, 

6/5/2027

a

829,395

950,000

4.900%, 

9/11/2028

a

945,109

HSBC

Holdings

plc

850,000

5.130%, 

11/19/2028

b

865,153

750,000

4.899%, 

3/3/2029

b

760,891

HSBC

USA,

Inc.

1,475,000

4.650%, 

6/3/2028

1,495,858

Huntington

Bank

Auto

Credit-

Linked

Notes

160,003

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

161,557

ING

Groep

NV

1,250,000

1.726%, 

4/1/2027

b

1,233,882

1,000,000

4.017%, 

3/28/2028

b

997,020

1,100,000

4.858%, 

3/25/2029

b

1,114,581

JPMorgan

Chase

&

Company

1,000,000

3.650%, 

6/1/2026

b,f

989,035

1,000,000

1.045%, 

11/19/2026

b

995,520

1,150,000

5.571%, 

4/22/2028

b

1,175,117

1,250,000

4.979%, 

7/22/2028

b

1,269,043

800,000

4.851%, 

7/25/2028

b

810,577

KeyBank

NA/Cleveland,

OH

500,000

4.700%, 

1/26/2026

500,301

KeyCorp

1,500,000

5.121%, 

4/4/2031

b,e

1,540,189

Lincoln

Financial

Global

Funding

500,000

5.300%, 

1/13/2030

a

517,364

Lloyds

Banking

Group

plc

350,000

4.582%, 

12/10/2025

350,067

550,000

5.985%, 

8/7/2027

b

557,872

1,125,000

5.462%, 

1/5/2028

b

1,141,763

1,000,000

3.750%, 

3/18/2028

b

993,206

600,000

5.087%, 

11/26/2028

b

610,684

LPL

Holdings,

Inc.

900,000

5.200%, 

3/15/2030

919,048

M&T

Bank

Corporation

750,000

3.500%, 

9/1/2026

b,f

722,671

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Financials  32.4%

-

continued

Macquarie

AirFinance

Holdings,

Ltd.

$

1,035,000

6.400%, 

3/26/2029

a

$

1,089,976

700,000

5.150%, 

3/17/2030

a

709,786

MassMutual

Global

Funding

II

1,100,000

4.850%, 

1/17/2029

a

1,123,684

Met

Tower

Global

Funding

1,000,000

4.000%, 

10/1/2027

a

999,549

Metropolitan

Life

Global

Funding

I

1,100,000

5.400%, 

9/12/2028

a

1,139,976

Mitsubishi

UFJ

Financial

Group,

Inc.

1,075,000

4.527%, 

9/12/2031

b

1,079,093

Mizuho

Financial

Group,

Inc.

1,275,000

4.711%, 

7/8/2031

b

1,290,008

Morgan

Stanley

1,000,000

6.138%, 

10/16/2026

b

1,000,637

1,125,000

5.652%, 

4/13/2028

b

1,150,191

2,000,000

5.164%, 

4/20/2029

b

2,047,263

465,000

5.449%, 

7/20/2029

b

480,489

Morgan

Stanley

Bank

NA

1,150,000

4.447%, 

10/15/2027

b

1,152,749

1,100,000

5.016%, 

1/12/2029

b

1,119,706

Morgan

Stanley

Direct

Lending

Fund

1,425,000

6.150%, 

5/17/2029

1,474,588

National

Bank

of

Canada

1,300,000

5.600%, 

7/2/2027

b

1,312,938

NatWest

Group

plc

750,000

5.847%, 

3/2/2027

b

754,486

New

York

Life

Global

Funding

1,100,000

4.900%, 

6/13/2028

a

1,124,722

500,000

5.000%, 

6/6/2029

a,e

514,189

Nomura

Holdings,

Inc.

750,000

2.329%, 

1/22/2027

731,417

1,300,000

5.594%, 

7/2/2027

1,328,705

North

Haven

Private

Income

Fund,

LLC

450,000

5.125%, 

9/25/2028

a

447,675

Northwestern

Mutual

Global

Funding

1,100,000

4.900%, 

6/12/2028

a

1,126,261

Omega

Healthcare

Investors,

Inc.

1,000,000

5.250%, 

1/15/2026

1,000,261

750,000

5.200%, 

7/1/2030

761,414

PNC

Bank

NA

1,100,000

4.429%, 

7/21/2028

b

1,105,569

PNC

Financial

Services

Group,

Inc.

1,500,000

3.400%, 

9/15/2026

b,f

1,453,842

750,000

6.615%, 

10/20/2027

b

768,335

925,000

5.582%, 

6/12/2029

b

958,515

Principal

Life

Global

Funding

II

1,000,000

4.800%, 

1/9/2028

a

1,012,951

Regions

Financial

Corporation

300,000

5.722%, 

6/6/2030

b

312,668

RGA

Global

Funding

1,500,000

5.448%, 

5/24/2029

a

1,556,371

Royal

Bank

of

Canada

900,000

5.069%, 

7/23/2027

b

906,679

1,000,000

4.510%, 

10/18/2027

b

1,003,398

1,075,000

4.498%, 

8/6/2029

b

1,083,362

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

338

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Financials  32.4%

-

continued

Santander

Holdings

USA,

Inc.

$

750,000

2.490%, 

1/6/2028

b,e

$

731,821

750,000

5.473%, 

3/20/2029

b

764,292

Skandinaviska

Enskilda

Banken

AB

1,750,000

4.500%, 

9/3/2030

a

1,753,942

Societe

Generale

SA

1,400,000

1.488%, 

12/14/2026

a,b

1,391,313

850,000

5.250%, 

2/19/2027

a

859,193

1,000,000

5.500%, 

4/13/2029

a,b

1,021,064

Standard

Chartered

plc

1,000,000

2.608%, 

1/12/2028

a,b

978,263

750,000

5.688%, 

5/14/2028

a,b

765,576

900,000

5.545%, 

1/21/2029

a,b

921,903

State

Street

Corporation

1,000,000

5.751%, 

11/4/2026

b

1,001,168

1,300,000

5.684%, 

11/21/2029

b

1,362,372

Sumitomo

Mitsui

Financial

Group,

Inc.

1,100,000

5.716%, 

9/14/2028

1,148,740

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,100,000

5.650%, 

9/14/2026

a

1,116,343

Synovus

Bank

1,845,000

5.625%, 

2/15/2028

1,883,663

Toronto-Dominion

Bank

1,450,000

4.861%, 

1/31/2028

1,475,342

Truist

Bank

1,500,000

4.420%, 

7/24/2028

b

1,506,400

Truist

Financial

Corporation

675,000

4.950%, 

10/6/2025

b,f

672,222

1,100,000

1.267%, 

3/2/2027

b

1,086,197

1,275,000

5.071%, 

5/20/2031

b

1,307,249

U.S.

Bancorp

750,000

5.727%, 

10/21/2026

b

750,504

1,000,000

6.787%, 

10/26/2027

b

1,026,792

500,000

4.548%, 

7/22/2028

b

503,786

550,000

5.384%, 

1/23/2030

b

568,655

1,000,000

5.100%, 

7/23/2030

b

1,028,768

750,000

5.046%, 

2/12/2031

b

769,224

UBS

Group

AG

3,350,000

1.305%, 

2/2/2027

a,b

3,315,136

1,100,000

6.327%, 

12/22/2027

a,b

1,127,596

875,000

6.850%, 

9/10/2029

a,b,f

902,285

1,300,000

5.428%, 

2/8/2030

a,b

1,343,145

USB

Realty

Corporation

95,000

5.726%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,f

76,340

Wells

Fargo

&

Company

850,000

3.526%, 

3/24/2028

b

842,414

1,000,000

5.707%, 

4/22/2028

b

1,023,235

1,750,000

4.970%, 

4/23/2029

b

1,783,323

1,100,000

5.574%, 

7/25/2029

b

1,139,987

1,050,000

4.078%, 

9/15/2029

b

1,046,725

Welltower

OP,

LLC

1,275,000

4.500%, 

7/1/2030

1,286,895

Westpac

New

Zealand,

Ltd.

1,500,000

5.132%, 

2/26/2027

a

1,521,583

1,100,000

4.902%, 

2/15/2028

a

1,118,574

Zions

Bancorp

NA

1,150,000

4.704%, 

8/18/2028

b

1,153,574

Total

214,514,756

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Foreign

Government  0.3%

Eagle

Funding

Luxco

SARL

$

875,000

5.500%, 

8/17/2030

a,e

$

887,740

NBN

Company,

Ltd.

700,000

4.000%, 

10/1/2027

a

696,660

800,000

4.150%, 

9/16/2030

a

795,507

Total

2,379,907

Mortgage-Backed

Securities  1.7%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

11,000,000

5.000%, 

10/1/2040

g

11,113,297

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

46,814

6.501%, 

(RFUCCT1Y

+

1.502%),

1/1/2043

b

47,622

Total

11,160,919

Technology  4.1%

Broadcom,

Inc.

1,000,000

4.150%, 

2/15/2028

1,002,608

1,000,000

4.800%, 

4/15/2028

1,018,403

1,350,000

5.050%, 

7/12/2029

1,390,616

1,275,000

4.200%, 

10/15/2030

1,272,825

Dell

International,

LLC/EMC

Corporation

1,050,000

4.750%, 

4/1/2028

1,065,395

Fiserv,

Inc.

1,100,000

5.150%, 

3/15/2027

1,114,357

1,100,000

5.450%, 

3/2/2028

1,130,892

1,800,000

4.550%, 

2/15/2031

1,806,674

Foundry

JV

Holdco,

LLC

1,100,000

5.500%, 

1/25/2031

a

1,141,438

Hewlett

Packard

Enterprise

Company

350,000

4.450%, 

9/25/2026

351,329

1,400,000

4.400%, 

10/15/2030

1,391,500

International

Business

Machines

Corporation

750,000

4.650%, 

2/10/2028

760,712

Jabil,

Inc.

1,000,000

4.250%, 

5/15/2027

1,000,081

Microchip

Technology,

Inc.

350,000

5.050%, 

3/15/2029

357,624

Molex

Electronic

Technologies,

LLC

950,000

4.750%, 

4/30/2028

a

959,306

Oracle

Corporation

1,100,000

4.500%, 

5/6/2028

1,108,114

900,000

4.800%, 

8/3/2028

915,147

875,000

4.200%, 

9/27/2029

873,169

700,000

4.450%, 

9/26/2030

699,656

Paychex,

Inc.

325,000

5.100%, 

4/15/2030

334,436

PayPal

Holdings,

Inc.

1,100,000

4.450%, 

3/6/2028

1,111,482

Qorvo,

Inc.

2,300,000

4.375%, 

10/15/2029

2,254,532

Qualcomm,

Inc.

825,000

4.500%, 

5/20/2030

837,619

Roper

Technologies,

Inc.

1,075,000

4.500%, 

10/15/2029

1,085,237

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

339

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Technology  4.1%

-

continued

SK

Hynix,

Inc.

$

750,000

5.500%, 

1/16/2027

a

$

761,461

Synopsys,

Inc.

700,000

4.550%, 

4/1/2027

704,116

Verisk

Analytics,

Inc.

360,000

4.500%, 

8/15/2030

361,081

VMware,

LLC

350,000

1.400%, 

8/15/2026

342,220

Total

27,152,030

Transportation  1.2%

Air

Canada

1,875,000

3.875%, 

8/15/2026

a

1,857,983

Delta

Air

Lines,

Inc.

1,100,000

4.950%, 

7/10/2028

1,113,350

370,000

5.250%, 

7/10/2030

377,471

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

179,167

4.500%, 

10/20/2025

a

178,948

ERAC

USA

Finance,

LLC

750,000

5.000%, 

2/15/2029

a

769,211

Ryder

System,

Inc.

925,000

4.850%, 

6/15/2030

e

943,806

United

Airlines,

Inc.

1,875,000

4.375%, 

4/15/2026

a

1,872,120

United

Parcel

Service,

Inc.

600,000

4.650%, 

10/15/2030

612,646

Total

7,725,535

U.S.

Government

&

Agencies  5.6%

U.S.

Treasury

Notes

3,500,000

3.875%, 

7/31/2027

3,514,355

7,750,000

3.875%, 

7/15/2028

7,800,254

25,900,000

4.000%, 

10/31/2029

26,191,375

Total

37,505,984

Utilities  3.7%

American

Electric

Power

Company,

Inc.

1,050,000

5.800%, 

3/15/2056

b

1,046,321

1,075,000

1.000%, 

11/1/2025

1,071,684

745,000

5.200%, 

1/15/2029

768,159

Capital

Power

US

Holdings,

Inc.

750,000

5.257%, 

6/1/2028

a

764,251

Constellation

Energy

Generation,

LLC

1,100,000

5.600%, 

3/1/2028

1,136,809

DTE

Energy

Company

900,000

4.950%, 

7/1/2027

911,454

950,000

5.100%, 

3/1/2029

973,418

Duke

Energy

Carolinas,

LLC

1,000,000

4.850%, 

3/15/2030

1,027,124

Enel

Finance

International

NV

1,000,000

6.800%, 

10/14/2025

a

1,000,871

Evergy

Kansas

Central,

Inc.

650,000

4.700%, 

3/13/2028

657,939

Eversource

Energy

1,100,000

5.450%, 

3/1/2028

1,129,890

Exelon

Corporation

725,000

5.150%, 

3/15/2028

741,540

Georgia

Power

Company

1,100,000

4.650%, 

5/16/2028

1,116,303

875,000

4.000%, 

10/1/2028

874,984

Principal

Amount

Long-Term

Fixed

Income  99.3%

Value

Utilities  3.7%

-

continued

Jersey

Central

Power

&

Light

Company

$

1,500,000

4.300%, 

1/15/2026

a

$

1,499,852

National

Rural

Utilities

Cooperative

Finance

Corporation

1,100,000

4.750%, 

2/7/2028

1,116,218

1,100,000

4.800%, 

3/15/2028

1,120,360

862,000

7.482%, 

(TSFR3M

+

3.172%),

4/30/2043

b

858,109

Nevada

Power

Company

725,000

6.250%, 

5/15/2055

b

735,222

NextEra

Energy

Capital

Holdings,

Inc.

725,000

4.685%, 

9/1/2027

732,884

900,000

5.050%, 

3/15/2030

926,700

Southern

Company

900,000

4.000%, 

1/15/2051

b

896,732

750,000

3.750%, 

9/15/2051

b

739,998

Southern

Power

Company

400,000

4.250%, 

10/1/2030

397,588

Vistra

Operations

Company,

LLC

600,000

5.050%, 

12/30/2026

a

603,448

WEC

Energy

Group,

Inc.

460,000

5.600%, 

9/12/2026

466,076

Xcel

Energy,

Inc.

1,050,000

4.750%, 

3/21/2028

1,062,950

Total

24,376,884

Total

Long-Term

Fixed

Income

(cost

$652,854,715)

657,640,479

Shares

Collateral

Held

for

Securities

Loaned

1.1%

Value

7,094,156

Thrivent

Cash

Management

Trust

7,094,156

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,094,156)

7,094,156

Shares

Preferred

Stock

0.3%

Value

Financials  0.3%

66,000

Citigroup

Capital

XIII,

10.942%

b

1,991,220

Total

1,991,220

Total

Preferred

Stock

(cost

$1,821,600)

1,991,220

Shares

or

Principal

Amount

Short-Term

Investments

1.5%

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

3.920%,

12/8/2025

i,j

99,261

Federal

National

Mortgage

Association

Discount

Notes

200,000

4.155%,

10/22/2025

i,j

199,508

State

Street

Institutional

U.S.

Government

Money

Market

Fund

67,623

4.090%

i

67,623

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

340

Shares

or

Principal

Amount

Short-Term

Investments  1.5%

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,000,000

4.410%

$

10,000,000

Total

Short-Term

Investments

(cost

$10,366,398)

10,366,392

Total

Investments

(cost

$672,136,869)

102.2%

$677,092,247

Other

Assets

and

Liabilities,

Net

(2.2%)

(14,783,039)

Total

Net

Assets

100.0%

$662,309,208

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,

2025,

the

value

of

these

investments

was

$287,138,667

or

43.4%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2025.

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,

2025.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

The

interest

rate

shown

reflects

the

yield.

j

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

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

Short-Term

Bond

Portfolio

as

of

September

30,

2025

was

$84,150

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,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

12/4/2013

$

990,000

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

Short-Term

Bond

Portfolio

as

of

September

30,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

6,831,741

Total

lending

$6,831,741

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,094,156

Net

amounts

due

to

counterparty

$262,415

Definitions:

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

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

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(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,

2025,

in

valuing

Short-Term

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

94,867,388

–

94,867,388

–

Basic

Materials

6,289,040

–

6,289,040

–

Capital

Goods

12,410,659

–

12,410,659

–

Collateralized

Mortgage

Obligations

72,915,060

–

72,915,060

–

Commercial

Mortgage-Backed

Securities

25,224,509

–

25,224,509

–

Communications

Services

15,698,032

–

15,698,032

–

Consumer

Cyclical

40,881,836

–

40,881,836

–

Consumer

Non-Cyclical

38,211,862

–

38,211,862

–

Energy

26,326,078

–

26,326,078

–

Financials

214,514,756

–

214,514,756

–

Foreign

Government

2,379,907

–

2,379,907

–

Mortgage-Backed

Securities

11,160,919

–

11,160,919

–

Technology

27,152,030

–

27,152,030

–

Transportation

7,725,535

–

7,725,535

–

U.S.

Government

&

Agencies

37,505,984

–

37,505,984

–

Utilities

24,376,884

–

24,376,884

–

Preferred

Stock

Financials

1,991,220

1,991,220

–

–

Short-Term

Investments

366,392

67,623

298,769

–

Subtotal

Investments

in

Securities

$659,998,091

$

2,058,843

$657,939,248

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

10,000,000

Collateral

Held

for

Securities

Loaned

7,094,156

Subtotal

Other

Investments

$17,094,156

Total

Investments

at

Value

$677,092,247

*

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,

2025,

in

valuing

Short-Term

Bond

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

43,252

43,252

–

–

Total

Liability

Derivatives

$43,252

$43,252

$–

$–

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

342

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Short-Term

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$298,769

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

200

December

2025

$

41,722,940

(

$

43,252)

Total

Futures

Long

Contracts

$

41,722,940

(

$

43,252)

Total

Futures

Contracts

$

41,722,940

($43,252)

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

Short-Term

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$10,000

$–

$10,000

1,000

1.5%

Total

Affiliated

Short-Term

Investments

–

10,000

1.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,061

35,295

33,262

7,094

7,094

1.1

Total

Collateral

Held

for

Securities

Loaned

5,061

7,094

1.1

Total

Value

$5,061

$17,094

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$174

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$174

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

$–

$–

$

–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

343

Shares

Common

Stock

97.2%

Value

Communications

Services  1.5%

51,091

CarGurus,

Inc.

a

$

1,902,118

Total

1,902,118

Consumer

Discretionary  12.4%

10,788

Boot

Barn

Holdings,

Inc.

a

1,787,787

19,444

Build-A-Bear

Workshop,

Inc.

1,267,943

14,639

Champion

Homes,

Inc.

a

1,117,980

5,561

Grand

Canyon

Education,

Inc.

a

1,220,751

11,074

Installed

Building

Products,

Inc.

2,731,513

14,211

Modine

Manufacturing

Company

a

2,020,236

4,292

Murphy

USA,

Inc.

1,666,412

7,805

Wingstop,

Inc.

b

1,964,362

28,145

Wyndham

Hotels

&

Resorts,

Inc.

2,248,786

Total

16,025,770

Consumer

Staples  4.4%

23,227

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,165,918

18,613

J

&

J

Snack

Foods

Corporation

1,788,523

42,062

Vita

Coco

Company,

Inc.

a

1,786,373

Total

5,740,814

Energy  0.8%

5,813

Gulfport

Energy

Corporation

a

1,052,037

Total

1,052,037

Financials  8.1%

40,997

Glacier

Bancorp,

Inc.

1,995,324

11,461

Houlihan

Lokey,

Inc.

2,353,173

87,113

Old

National

Bancorp

1,912,130

14,924

OneMain

Holdings,

Inc.

842,609

21,534

RLI

Corporation

1,404,447

40,819

Triumph

Financial,

Inc.

a

2,042,583

Total

10,550,266

Health

Care  15.5%

108,307

ADMA

Biologics,

Inc.

a

1,587,781

74,827

Concentra

Group

Holdings

Parent,

Inc.

1,566,129

27,874

CorVel

Corporation

a

2,158,005

17,781

Encompass

Health

Corporation

2,258,543

21,807

HealthEquity,

Inc.

a

2,066,649

23,598

Merit

Medical

Systems,

Inc.

a

1,964,062

9,895

Penumbra,

Inc.

a

2,506,601

42,896

Stevanato

Group

SPA

b

1,104,572

58,425

Twist

Bioscience

Corporation

a

1,644,079

3,244

UFP

Technologies,

Inc.

a

647,502

30,277

Vericel

Corporation

a

952,817

44,656

Waystar

Holding

Corporation

a

1,693,356

Total

20,150,096

Industrials  26.2%

34,118

Atmus

Filtration

Technologies,

Inc.

1,538,381

36,857

Barrett

Business

Services,

Inc.

1,633,502

17,972

BWX

Technologies,

Inc.

3,313,498

17,697

Casella

Waste

Systems,

Inc.

a

1,679,091

28,824

CECO

Environmental

Corporation

a

1,475,789

51,891

Enerpac

Tool

Group

Corporation

2,127,531

15,335

EnPro,

Inc.

3,465,710

32,226

ExlService

Holdings,

Inc.

a

1,418,911

18,433

Federal

Signal

Corporation

2,193,343

63,147

Gates

Industrial

Corporation

plc

a

1,567,308

14,628

Huron

Consulting

Group,

Inc.

a

2,146,951

17,310

Limbach

Holdings,

Inc.

a

1,681,147

Shares

Common

Stock  97.2%

Value

Industrials  26.2%

-

continued

136,706

Masterbrand,

Inc.

a

$

1,800,418

11,014

Moog,

Inc.

2,287,277

68,117

Mueller

Water

Products,

Inc.

1,738,346

6,196

RBC

Bearings,

Inc.

a

2,418,237

4,488

Sterling

Construction

Company,

Inc.

a

1,524,484

Total

34,009,924

Information

Technology  23.6%

19,060

Agilysys,

Inc.

a

2,006,065

13,691

Bel

Fuse,

Inc.

1,930,705

26,107

BlackLine,

Inc.

a

1,386,282

35,272

Cognex

Corporation

1,597,822

18,999

CompoSecure,

Inc.

395,559

19,738

Descartes

Systems

Group,

Inc.

a

1,859,912

46,727

DigitalOcean

Holdings,

Inc.

a

1,596,194

5,075

Fabrinet

a

1,850,447

29,252

Gitlab,

Inc.

a

1,318,680

8,234

Guidewire

Software,

Inc.

a

1,892,667

56,353

I3

Verticals,

Inc.

a

1,829,218

9,129

Impinj,

Inc.

a

1,650,067

53,586

JFrog,

Ltd.

a

2,536,225

19,181

Onto

Innovation,

Inc.

a

2,478,569

27,634

Pegasystems,

Inc.

1,588,955

11,640

Silicon

Laboratories,

Inc.

a

1,526,353

29,381

TTM

Technologies,

Inc.

a

1,692,346

210,196

Weave

Communications,

Inc.

a

1,404,109

Total

30,540,175

Materials  1.4%

42,344

Constellium

SE

a

630,079

46,240

Olin

Corporation

1,155,537

Total

1,785,616

Real

Estate  3.3%

12,646

Colliers

International

Group,

Inc.

1,975,432

42,578

National

Storage

Affiliates

Trust

1,286,707

17,197

Terreno

Realty

Corporation

975,930

Total

4,238,069

Total

Common

Stock

(cost

$109,524,317)

125,994,885

Shares

Collateral

Held

for

Securities

Loaned

1.7%

Value

2,137,000

Thrivent

Cash

Management

Trust

2,137,000

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,137,000)

2,137,000

Shares

or

Principal

Amount

Short-Term

Investments

3.0%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

3,920,276

4.090%

c

3,920,276

Total

Short-Term

Investments

(cost

$3,920,276)

3,920,276

Total

Investments

(cost

$115,581,593)

101.9%

$132,052,161

Other

Assets

and

Liabilities,

Net

(1.9%)

(2,461,754)

Total

Net

Assets

100.0%

$129,590,407

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

344

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Growth

Portfolio

as

of

September

30,

2025:

Securities

Lending

Transactions

Common

Stock

$

2,096,510

Total

lending

$2,096,510

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,137,000

Net

amounts

due

to

counterparty

$40,490

Definitions:

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

1,902,118

1,902,118

–

–

Consumer

Discretionary

16,025,770

16,025,770

–

–

Consumer

Staples

5,740,814

5,740,814

–

–

Energy

1,052,037

1,052,037

–

–

Financials

10,550,266

10,550,266

–

–

Health

Care

20,150,096

20,150,096

–

–

Industrials

34,009,924

34,009,924

–

–

Information

Technology

30,540,175

30,540,175

–

–

Materials

1,785,616

1,785,616

–

–

Real

Estate

4,238,069

4,238,069

–

–

Short-Term

Investments

3,920,276

3,920,276

–

–

Subtotal

Investments

in

Securities

$129,915,161

$129,915,161

$–

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

2,137,000

Subtotal

Other

Investments

$2,137,000

Total

Investments

at

Value

$132,052,161

*

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.  

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

345

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$3,650

$5,141

$8,791

$–

–

–

Total

Affiliated

Short-Term

Investments

3,650

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

21,594

19,457

2,137

2,137

1.7%

Total

Collateral

Held

for

Securities

Loaned

–

2,137

1.7

Total

Value

$3,650

$2,137

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$11

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$11

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

346

Shares

Common

Stock

99.7%

Value

Communications

Services  2.9%

26,551

Angi,

Inc.

a

$

431,719

3,330

Cable

One,

Inc.

589,577

61,353

CarGurus,

Inc.

a

2,284,172

41,225

Cars.com,

Inc.

a

503,770

73,862

Cinemark

Holdings,

Inc.

2,069,613

34,287

Cogent

Communications

Holdings

1,314,906

97,979

DoubleVerify

Holdings,

Inc.

a

1,173,788

53,846

Gogo,

Inc.

a

462,537

48,823

IAC,

Inc.

a

1,663,400

29,575

John

Wiley

and

Sons,

Inc.

1,196,900

681,067

Lumen

Technologies,

Inc.

a

4,168,130

12,935

Madison

Square

Garden

Sports

Corporation

a

2,936,245

41,087

QuinStreet,

Inc.

a

635,616

16,285

Scholastic

Corporation

445,883

32,872

Shenandoah

Telecommunications

Company

441,142

17,403

Shutterstock,

Inc.

362,853

116,062

TEGNA,

Inc.

2,359,540

70,902

Telephone

and

Data

Systems,

Inc.

2,782,195

29,795

Thryv

Holdings,

Inc.

a

359,328

83,783

Tripadvisor,

Inc.

a

1,362,312

129,100

Uniti

Group,

Inc.

790,092

43,219

Yelp,

Inc.

a

1,348,433

29,581

Ziff

Davis,

Inc.

a

1,127,036

Total

30,809,187

Consumer

Discretionary  13.5%

47,958

Academy

Sports

and

Outdoors,

Inc.

2,398,859

19,889

Acushnet

Holdings

Corporation

1,561,088

58,613

Adient

plc

a

1,411,401

25,940

Adtalem

Global

Education,

Inc.

a

4,006,433

43,275

Advance

Auto

Parts,

Inc.

2,657,085

85,608

American

Axle

&

Manufacturing

Holdings,

Inc.

a

514,504

116,251

American

Eagle

Outfitters,

Inc.

1,989,055

14,184

Asbury

Automotive

Group,

Inc.

a

3,467,279

15,961

BJ's

Restaurants,

Inc.

a

487,289

55,234

Bloomin'

Brands,

Inc.

396,028

22,044

Boot

Barn

Holdings,

Inc.

a

3,653,132

156,113

BorgWarner,

Inc.

6,862,727

32,068

Brinker

International,

Inc.

a

4,062,374

21,729

Buckle,

Inc.

1,274,623

150,052

Caesars

Entertainment,

Inc.

a

4,055,155

24,382

Caleres,

Inc.

317,941

26,283

Carter's,

Inc.

741,706

5,712

Cavco

Industries,

Inc.

a

3,317,130

18,629

Century

Communities,

Inc.

1,180,520

40,774

Champion

Homes,

Inc.

a

3,113,910

33,060

Cheesecake

Factory,

Inc.

1,806,398

16,064

Cracker

Barrel

Old

Country

Store,

Inc.

707,780

94,619

Dana,

Inc.

1,896,165

19,456

Dave

&

Buster's

Entertainment,

Inc.

a,b

353,321

20,046

Dorman

Products,

Inc.

a

3,124,770

20,797

Dream

Finders

Homes,

Inc.

a,b

539,058

16,695

Ethan

Allen

Interiors,

Inc.

491,835

71,500

Etsy,

Inc.

a

4,746,885

30,157

Fox

Factory

Holding

Corporation

a

732,514

52,556

Frontdoor,

Inc.

a

3,536,493

22,018

Gentherm,

Inc.

a

749,933

27,493

G-III

Apparel

Group,

Ltd.

a

731,589

14,153

Golden

Entertainment,

Inc.

333,728

Shares

Common

Stock  99.7%

Value

Consumer

Discretionary  13.5%

-

continued

22,000

Green

Brick

Partners,

Inc.

a

$

1,624,920

9,147

Group

1

Automotive,

Inc.

4,001,904

22,141

Guess

?,

Inc.

b

369,976

255,224

Hanesbrands,

Inc.

a

1,681,926

16,560

Helen

of

Troy,

Ltd.

a

417,312

16,461

Installed

Building

Products,

Inc.

4,060,270

80,831

Kohl's

Corporation

b

1,242,372

36,885

Kontoor

Brands,

Inc.

2,942,316

29,699

La-Z-Boy,

Inc.

1,019,270

17,490

LCI

Industries

1,629,194

97,647

Leggett

&

Platt,

Inc.

867,105

14,638

LGI

Homes,

Inc.

a

756,931

19,039

M/I

Homes,

Inc.

a

2,749,993

13,627

MarineMax,

Inc.

a

345,172

22,214

Matthews

International

Corporation

539,356

51,334

Meritage

Homes

Corporation

3,718,122

70,832

Mister

Car

Wash,

Inc.

a

377,535

8,961

Monarch

Casino

&

Resort,

Inc.

948,432

21,628

Monro,

Inc.

388,655

57,135

National

Vision

Holdings,

Inc.

a

1,667,771

302,352

Newell

Brands,

Inc.

1,584,324

10,128

Oxford

Industries,

Inc.

410,589

23,633

Papa

John's

International,

Inc.

b

1,137,929

24,009

Patrick

Industries,

Inc.

2,483,251

101,360

PENN

Entertainment,

Inc.

a

1,952,194

44,048

Perdoceo

Education

Corporation

1,658,848

28,067

Phinia,

Inc.

1,613,291

15,503

Pursuit

Attractions

and

Hospitality,

Inc.

a

560,899

284,615

Sabre

Corporation

a

520,845

71,382

Sally

Beauty

Holdings,

Inc.

a

1,162,099

29,036

Shake

Shack,

Inc.

a

2,718,060

12,819

Shoe

Carnival,

Inc.

266,507

29,687

Signet

Jewelers,

Ltd.

2,847,577

73,066

Six

Flags

Entertainment

Corporation

1,660,060

10,692

Sonic

Automotive,

Inc.

813,554

87,207

Sonos,

Inc.

a

1,377,871

15,070

Standard

Motor

Products,

Inc.

615,157

52,413

Steven

Madden,

Ltd.

1,754,787

17,065

Strategic

Education,

Inc.

1,467,761

31,058

Stride,

Inc.

a

4,625,779

11,660

Sturm,

Ruger

&

Company,

Inc.

506,860

100,812

Topgolf

Callaway

Brands

Corporation

a

957,714

63,130

Tri

Pointe

Homes,

Inc.

a

2,144,526

19,844

United

Parks

&

Resorts,

Inc.

a,b

1,025,935

37,591

Upbound

Group,

Inc.

888,275

38,802

Urban

Outfitters,

Inc.

a

2,771,627

57,608

Victoria's

Secret

&

Company

a

1,563,481

114,108

Wendy's

Company

1,045,229

20,222

Winnebago

Industries,

Inc.

676,224

58,619

Wolverine

World

Wide,

Inc.

1,608,505

18,167

XPEL,

Inc.

a

600,783

Total

143,587,781

Consumer

Staples  2.5%

24,505

Andersons,

Inc.

975,544

32,888

Cal-Maine

Foods,

Inc.

3,094,761

5,848

Central

Garden

&

Pet

Company

a

190,937

37,239

Central

Garden

&

Pet

Company,

Class

A

a

1,099,668

26,173

Chefs'

Warehouse,

Inc.

a

1,526,671

33,521

Edgewell

Personal

Care

Company

682,488

43,834

Energizer

Holdings,

Inc.

1,091,028

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

347

Shares

Common

Stock  99.7%

Value

Consumer

Staples  2.5%

-

continued

23,881

Fresh

Del

Monte

Produce,

Inc.

$

829,148

35,191

Freshpet,

Inc.

a

1,939,376

70,775

Grocery

Outlet

Holding

Corporation

a

1,135,939

13,207

Interparfums,

Inc.

1,299,305

11,236

J

&

J

Snack

Foods

Corporation

1,079,667

6,609

John

B.

Sanfilippo

&

Son,

Inc.

424,827

10,139

MGP

Ingredients,

Inc.

245,262

16,885

National

Beverage

Corporation

623,394

18,172

PriceSmart,

Inc.

2,202,265

39,451

Reynolds

Consumer

Products,

Inc.

965,366

66,731

Simply

Good

Foods

Company

a

1,656,263

14,176

Tootsie

Roll

Industries,

Inc.

b

594,258

32,060

TreeHouse

Foods,

Inc.

a

647,933

43,694

United

Natural

Foods,

Inc.

a

1,643,768

17,954

Universal

Corporation

1,003,090

7,777

USANA

Health

Sciences,

Inc.

a

214,256

9,764

WD-40

Company

1,929,366

Total

27,094,580

Energy  4.4%

126,843

Archrock,

Inc.

3,337,239

55,347

Atlas

Energy

Solutions,

Inc.

b

629,295

18,085

Bristow

Group,

Inc.

a

652,507

49,472

Cactus,

Inc.

1,952,660

52,521

California

Resources

Corporation

2,793,067

57,086

Comstock

Resources,

Inc.

a,b

1,132,015

33,831

Core

Laboratories,

Inc.

418,151

37,134

Core

Natural

Resources,

Inc.

3,099,946

134,092

Crescent

Energy

Company

1,196,101

21,758

CVR

Energy,

Inc.

793,732

26,460

Dorian

LPG,

Ltd.

788,508

98,618

Helix

Energy

Solutions

Group,

Inc.

a

646,934

71,739

Helmerich

&

Payne,

Inc.

1,584,715

27,787

Innovex

International,

Inc.

a

515,171

29,204

International

Seaways,

Inc.

1,345,720

31,489

Kinetik

Holdings,

Inc.

b

1,345,840

47,480

Kodiak

Gas

Services,

Inc.

1,755,336

116,840

Liberty

Energy,

Inc.

1,441,806

133,675

Magnolia

Oil

&

Gas

Corporation

3,190,822

90,519

Noble

Corporation

plc

2,559,877

70,068

Northern

Oil

and

Gas,

Inc.

1,737,686

72,293

Oceaneering

International,

Inc.

a

1,791,421

36,660

Par

Pacific

Holdings,

Inc.

a

1,298,497

252,864

Patterson-UTI

Energy,

Inc.

1,309,836

87,726

Peabody

Energy

Corporation

2,326,494

20,436

REX

American

Resources

Corporation

a

625,750

64,164

RPC,

Inc.

305,421

82,931

SM

Energy

Company

2,070,787

93,243

Talos

Energy,

Inc.

a

894,200

33,206

Tidewater,

Inc.

a

1,770,876

20,997

Vital

Energy,

Inc.

a

354,639

40,072

World

Kinect

Corporation

1,039,868

Total

46,704,917

Financials  19.0%

19,119

Acadian

Asset

Management,

Inc.

920,771

60,595

Adamas

Trust,

Inc.

422,347

46,330

Ameris

Bancorp

3,396,452

13,692

AMERISAFE,

Inc.

600,257

94,224

Apollo

Commercial

Real

Estate

Finance,

Inc.

954,489

138,732

Arbor

Realty

Trust,

Inc.

1,693,918

81,208

ARMOUR

Residential

REIT,

Inc.

1,213,248

Shares

Common

Stock  99.7%

Value

Financials  19.0%

-

continued

50,840

Artisan

Partners

Asset

Management,

Inc.

$

2,206,456

32,275

Assured

Guaranty,

Ltd.

2,732,079

102,812

Atlantic

Union

Bankshares

Corporation

3,628,235

40,669

Axos

Financial,

Inc.

a

3,442,631

94,578

Banc

of

California,

Inc.

1,565,266

14,899

BancFirst

Corporation

1,883,979

33,233

Bancorp,

Inc.

a

2,488,819

28,690

Bank

of

Hawaii

Corporation

1,883,212

54,261

BankUnited,

Inc.

2,070,600

24,951

Banner

Corporation

1,634,290

59,976

Beacon

Financial

Corporation

1,422,031

263,223

BGC

Group,

Inc.

2,490,090

115,044

Blackstone

Mortgage

Trust,

Inc.

2,117,960

33,649

Bread

Financial

Holdings,

Inc.

1,876,605

88,157

Capitol

Federal

Financial,

Inc.

559,797

49,846

Cathay

General

Bancorp

2,393,106

19,465

Central

Pacific

Financial

Corporation

590,568

10,457

City

Holding

Company

1,295,309

19,867

Cohen

&

Steers,

Inc.

1,303,474

38,133

Community

Financial

System,

Inc.

2,236,119

21,217

Customers

Bancorp,

Inc.

a

1,386,955

93,461

CVB

Financial

Corporation

1,767,348

29,448

Dime

Community

Bancshares,

Inc.

878,434

19,836

Donnelley

Financial

Solutions,

Inc.

a

1,020,165

19,937

Eagle

Bancorp,

Inc.

403,126

72,067

Ellington

Financial,

Inc.

935,430

16,962

Employers

Holdings,

Inc.

720,546

21,283

Enact

Holdings,

Inc.

815,990

16,602

Encore

Capital

Group,

Inc.

a

692,967

18,045

Enova

International,

Inc.

a

2,076,799

46,159

EVERTEC,

Inc.

1,559,251

41,790

EZCORP,

Inc.

a

795,682

30,302

FB

Financial

Corporation

1,689,033

115,005

First

Bancorp/Puerto

Rico

2,535,860

29,912

First

Bancorp/Southern

Pines,

NC

1,582,046

75,172

First

Commonwealth

Financial

Corporation

1,281,683

69,080

First

Financial

Bancorp

1,744,270

89,911

First

Hawaiian,

Inc.

2,232,490

59,356

Franklin

BSP

Realty

Trust,

Inc.

644,606

131,376

Fulton

Financial

Corporation

2,447,535

296,100

Genworth

Financial,

Inc.

a

2,635,290

18,289

Goosehead

Insurance,

Inc.

1,361,067

89,390

HA

Sustainable

Infrastructure

Capital,

Inc.

2,744,273

21,547

Hanmi

Financial

Corporation

531,995

7,749

HCI

Group,

Inc.

1,487,266

24,495

Heritage

Financial

Corporation

592,534

31,816

Hilltop

Holdings,

Inc.

1,063,291

92,473

Hope

Bancorp,

Inc.

995,934

29,359

Horace

Mann

Educators

Corporation

1,326,146

36,011

Independent

Bank

Corporation/MA

2,490,881

50,248

Jackson

Financial,

Inc.

5,086,605

39,326

KKR

Real

Estate

Finance

Trust,

Inc.

353,934

18,418

Lakeland

Financial

Corporation

1,182,436

121,724

Lincoln

National

Corporation

4,909,129

26,956

MarketAxess

Holdings,

Inc.

4,697,083

19,181

Mercury

General

Corporation

1,626,165

53,514

Moelis

&

Company

3,816,618

46,167

Mr.

Cooper

Group,

Inc.

9,731,542

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

348

Shares

Common

Stock  99.7%

Value

Financials  19.0%

-

continued

27,448

National

Bank

Holdings

Corporation

$

1,060,591

49,496

Navient

Corporation

650,872

37,799

NBT

Bancorp,

Inc.

1,578,486

53,087

NCR

Atleos

Corporation

a

2,086,850

55,964

NMI

Holdings,

Inc.

a

2,145,660

105,482

Northwest

Bancshares,

Inc.

1,306,922

32,117

OFG

Bancorp

1,396,768

19,322

Palomar

Holdings,

Inc.

a

2,255,843

10,319

Park

National

Corporation

1,677,147

16,560

Pathward

Financial,

Inc.

1,225,606

210,554

Payoneer

Global,

Inc.

a

1,273,852

62,777

PennyMac

Mortgage

Investment

Trust

769,646

11,991

Piper

Sandler

Companies

4,160,757

17,534

PJT

Partners,

Inc.

3,116,318

28,189

PRA

Group,

Inc.

a

435,238

8,303

Preferred

Bank/Los

Angeles,

CA

750,508

37,092

ProAssurance

Corporation

a

889,837

28,528

PROG

Holdings,

Inc.

923,166

94,236

Provident

Financial

Services,

Inc.

1,816,870

97,718

Radian

Group,

Inc.

3,539,346

111,438

Ready

Capital

Corporation

431,265

93,226

Redwood

Trust,

Inc.

539,779

68,550

Renasant

Corporation

2,528,809

27,664

S&T

Bancorp,

Inc.

1,039,890

10,745

Safety

Insurance

Group,

Inc.

759,564

62,606

Seacoast

Banking

Corporation

of

Florida

1,905,101

36,252

ServisFirst

Bancshares,

Inc.

2,919,374

104,392

Simmons

First

National

Corporation

2,001,195

74,969

SiriusPoint,

Ltd.

a

1,356,189

20,399

Southside

Bancshares,

Inc.

576,272

33,343

Stellar

Bancorp,

Inc.

1,011,627

52,137

StepStone

Group,

Inc.

3,405,067

20,199

Stewart

Information

Services

Corporation

1,480,991

33,494

StoneX

Group,

Inc.

a

3,380,214

9,162

Tompkins

Financial

Corporation

606,616

16,266

Triumph

Financial,

Inc.

a

813,951

24,194

Trupanion,

Inc.

a

1,047,116

13,600

TrustCo

Bank

Corporation

NY

493,680

43,551

Trustmark

Corporation

1,724,620

75,124

Two

Harbors

Investment

Corporation

741,474

87,635

United

Community

Banks,

Inc.

2,747,357

15,816

United

Fire

Group,

Inc.

481,123

39,495

Veritex

Holdings,

Inc.

1,324,267

35,653

Victory

Capital

Holdings,

Inc.

2,308,888

57,356

Virtu

Financial,

Inc.

2,036,138

4,576

Virtus

Investment

Partners,

Inc.

869,577

56,843

WaFd,

Inc.

1,721,774

24,578

Walker

&

Dunlop,

Inc.

2,055,212

18,369

Westamerica

Bancorporation

918,266

86,752

WisdomTree,

Inc.

1,205,853

2,251

World

Acceptance

Corporation

a

380,734

40,378

WSFS

Financial

Corporation

2,177,586

Total

202,914,365

Health

Care  10.6%

66,622

Acadia

Healthcare

Company,

Inc.

a

1,649,561

90,069

ACADIA

Pharmaceuticals,

Inc.

a

1,922,072

77,348

AdaptHealth

Corporation

a

692,265

13,103

Addus

HomeCare

Corporation

a

1,546,023

Shares

Common

Stock  99.7%

Value

Health

Care  10.6%

-

continued

172,156

ADMA

Biologics,

Inc.

a

$

2,523,807

119,093

Alkermes

plc

a

3,572,790

27,648

AMN

Healthcare

Services,

Inc.

a

535,265

25,828

Amphastar

Pharmaceuticals,

Inc.

a

688,316

12,468

ANI

Pharmaceuticals,

Inc.

a

1,142,069

49,909

Arcus

Biosciences,

Inc.

a

678,762

99,744

Arrowhead

Research

Corporation

a

3,440,171

29,955

Artivion,

Inc.

a

1,268,295

30,977

Astrana

Health,

Inc.

a

878,198

33,476

Avanos

Medical,

Inc.

a

386,983

29,433

Azenta,

Inc.

a

845,316

27,994

BioLife

Solutions,

Inc.

a

714,127

82,999

Catalyst

Pharmaceuticals,

Inc.

a

1,635,080

86,909

Certara,

Inc.

a

1,062,028

22,727

Collegium

Pharmaceutical,

Inc.

a

795,218

85,994

Concentra

Group

Holdings

Parent,

Inc.

1,799,854

22,332

CONMED

Corporation

1,050,274

67,657

Corcept

Therapeutics,

Inc.

a

5,622,973

22,581

CorVel

Corporation

a

1,748,221

78,934

Cytek

Biosciences,

Inc.

a

273,901

71,910

Dynavax

Technologies

Corporation

a

714,066

42,193

Embecta

Corporation

595,343

41,237

Enovis

Corporation

a

1,251,131

65,506

Fortrea

Holdings,

Inc.

a

551,560

41,374

Glaukos

Corporation

a

3,374,050

28,639

Harmony

Biosciences

Holdings,

Inc.

a

789,291

17,107

HealthStream,

Inc.

483,102

17,809

ICU

Medical,

Inc.

a

2,136,368

43,192

Innoviva,

Inc.

a

788,254

19,415

Inspire

Medical

Systems,

Inc.

a

1,440,593

25,275

Integer

Holdings

Corporation

a

2,611,666

48,338

Integra

LifeSciences

Holdings

Corporation

a

692,684

18,584

Krystal

Biotech,

Inc.

a

3,280,633

15,025

LeMaitre

Vascular,

Inc.

1,314,838

14,138

Ligand

Pharmaceuticals,

Inc.

a

2,504,405

42,722

Merit

Medical

Systems,

Inc.

a

3,555,752

67,126

Myriad

Genetics,

Inc.

a

485,321

8,946

National

HealthCare

Corporation

1,087,028

156,699

Neogen

Corporation

a

894,751

93,194

NeoGenomics,

Inc.

a

719,458

6,287

OmniAb,

Inc.,

12.5

Earnout

Share

a,c

1

6,287

OmniAb,

Inc.,

15.0

Earnout

Share

a,c

1

33,138

Omnicell,

Inc.

a

1,009,052

187,548

Organon

&

Company

2,003,013

32,416

Pacira

Pharmaceuticals,

Inc.

a

835,360

61,602

Pediatrix

Medical

Group,

Inc.

a

1,031,833

14,694

Phibro

Animal

Health

Corporation

594,519

59,404

Premier,

Inc.

1,651,431

35,505

Prestige

Consumer

Healthcare,

Inc.

a

2,215,512

83,229

Privia

Health

Group,

Inc.

a

2,072,402

57,688

Progyny,

Inc.

a

1,241,446

42,188

Protagonist

Therapeutics,

Inc.

a

2,802,549

48,985

QuidelOrtho

Corporation

a

1,442,608

49,941

RadNet,

Inc.

a

3,806,004

70,493

Sarepta

Therapeutics,

Inc.

a

1,358,400

40,447

Schrodinger,

Inc./United

States

a

811,367

79,610

Select

Medical

Holdings

Corporation

1,022,192

35,749

STAAR

Surgical

Company

a

960,576

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

349

Shares

Common

Stock  99.7%

Value

Health

Care  10.6%

-

continued

40,453

Supernus

Pharmaceuticals,

Inc.

a

$

1,933,249

48,746

Tandem

Diabetes

Care,

Inc.

a

591,776

31,882

Teleflex,

Inc.

3,901,081

97,886

TG

Therapeutics,

Inc.

a

3,536,132

24,594

TransMedics

Group,

Inc.

a

2,759,447

10,969

U.S.

Physical

Therapy,

Inc.

931,817

5,563

UFP

Technologies,

Inc.

a

1,110,375

56,756

Veracyte,

Inc.

a

1,948,433

36,403

Vericel

Corporation

a

1,145,602

68,149

Vir

Biotechnology,

Inc.

a

389,131

82,963

Waystar

Holding

Corporation

a

3,145,957

51,455

Xencor,

Inc.

a

603,567

Total

112,596,696

Industrials  17.7%

25,559

AAR

Corporation

a

2,291,876

44,915

ABM

Industries,

Inc.

2,071,480

75,793

Air

Lease

Corporation

4,824,224

7,776

Alamo

Group,

Inc.

1,484,438

21,282

Albany

International

Corporation

1,134,331

9,728

Allegiant

Travel

Company

591,171

110,594

Amentum

Holdings,

Inc.

a

2,648,726

10,503

American

Woodmark

Corporation

a

701,180

15,532

Apogee

Enterprises,

Inc.

676,729

16,396

ArcBest

Corporation

1,145,589

35,383

Arcosa,

Inc.

3,315,741

31,208

Armstrong

World

Industries,

Inc.

6,117,080

16,503

Astec

Industries,

Inc.

794,289

21,653

AZZ,

Inc.

2,362,992

26,936

Boise

Cascade

Company

2,082,692

31,582

Brady

Corporation

2,464,343

77,236

CoreCivic,

Inc.

a

1,571,753

19,776

CSG

Systems

International,

Inc.

1,273,179

12,121

CSW

Industrials,

Inc.

2,942,373

32,381

Deluxe

Corporation

626,896

77,271

DNOW,

Inc.

a

1,178,383

9,171

DXP

Enterprises,

Inc.

a

1,091,991

20,867

Dycom

Industries,

Inc.

a

6,088,156

38,912

Enerpac

Tool

Group

Corporation

1,595,392

15,189

EnPro,

Inc.

3,432,714

58,182

Enviri

Corporation

a

738,330

18,631

ESCO

Technologies,

Inc.

3,933,190

36,798

Everus

Construction

Group,

Inc.

a

3,155,428

43,857

Federal

Signal

Corporation

5,218,544

15,772

Forward

Air

Corporation

a

404,394

27,600

Franklin

Electric

Company,

Inc.

2,627,520

185,829

Gates

Industrial

Corporation

plc

a

4,612,276

100,143

GEO

Group,

Inc.

a

2,051,930

21,291

Gibraltar

Industries,

Inc.

a

1,337,075

31,589

Granite

Construction,

Inc.

3,463,734

22,281

Greenbrier

Companies,

Inc.

1,028,714

28,215

Griffon

Corporation

2,148,572

143,832

Hayward

Holdings,

Inc.

a

2,174,740

52,241

Healthcare

Services

Group,

Inc.

a

879,216

32,948

Heartland

Express,

Inc.

276,104

14,960

Heidrick

&

Struggles

International,

Inc.

744,559

89,684

Hertz

Global

Holdings,

Inc.

a,b

609,851

50,848

Hillenbrand,

Inc.

1,374,930

33,070

HNI

Corporation

1,549,329

43,751

Hub

Group,

Inc.

1,506,784

14,003

Insteel

Industries,

Inc.

536,875

42,104

Interface,

Inc.

1,218,490

37,493

JBT

Marel

Corporation

5,265,892

209,887

JetBlue

Airways

Corporation

a

1,032,644

Shares

Common

Stock  99.7%

Value

Industrials  17.7%

-

continued

8,496

Kadant,

Inc.

$

2,528,240

54,845

Kennametal,

Inc.

1,147,906

37,751

Korn

Ferry

2,641,815

7,836

Lindsay

Corporation

1,101,428

17,127

Liquidity

Services,

Inc.

a

469,794

33,396

ManpowerGroup,

Inc.

1,265,708

41,756

Marten

Transport,

Ltd.

445,119

91,428

Masterbrand,

Inc.

a

1,204,107

22,934

Matson,

Inc.

2,261,063

38,038

Mercury

Systems,

Inc.

a

2,944,141

48,918

MillerKnoll,

Inc.

867,805

20,506

Moog,

Inc.

4,258,481

112,755

Mueller

Water

Products,

Inc.

2,877,508

11,199

MYR

Group,

Inc.

a

2,329,728

3,817

National

Presto

Industries,

Inc.

428,077

76,691

OPENLANE,

Inc.

a

2,207,167

114,241

Pitney

Bowes,

Inc.

1,303,490

6,791

Powell

Industries,

Inc.

2,069,965

17,224

Proto

Labs,

Inc.

a

861,717

32,981

Quanex

Building

Products

Corporation

468,990

98,737

Resideo

Technologies,

Inc.

a

4,263,464

72,130

Robert

Half,

Inc.

2,450,977

44,184

Rush

Enterprises,

Inc.

2,362,518

118,305

RXO,

Inc.

a

1,819,531

35,931

Schneider

National,

Inc.

760,300

29,130

SkyWest,

Inc.

a

2,931,061

35,637

SPX

Technologies,

Inc.

a

6,656,279

8,706

Standex

International

Corporation

1,844,801

21,946

Sterling

Construction

Company,

Inc.

a

7,454,617

38,464

Sun

Country

Airlines

Holdings,

Inc.

a

454,260

166,458

Sunrun,

Inc.

a

2,878,059

13,324

Tennant

Company

1,080,043

34,572

Titan

International,

Inc.

a

261,364

58,318

Trinity

Industries,

Inc.

1,635,237

10,816

UniFirst

Corporation/MA

1,808,327

115,098

Verra

Mobility

Corporation

a

2,842,921

80,847

Vestis

Corporation

366,237

16,517

Vicor

Corporation

a

821,225

43,163

Werner

Enterprises,

Inc.

1,136,050

131,355

WillScot

Holdings

Corporation

2,772,904

22,645

Worthington

Enterprises,

Inc.

1,256,571

107,581

Zurn

Elkay

Water

Solutions

Corporation

5,059,534

Total

188,995,368

Information

Technology  14.9%

52,053

A10

Networks,

Inc.

944,762

74,446

ACI

Worldwide,

Inc.

a

3,928,515

37,984

ACM

Research,

Inc.

a

1,486,314

78,902

Adeia,

Inc.

1,325,554

27,166

Advanced

Energy

Industries,

Inc.

4,622,023

18,304

Agilysys,

Inc.

a

1,926,496

36,003

Alarm.com

Holdings,

Inc.

a

1,911,039

17,820

Alpha

and

Omega

Semiconductor,

Ltd.

a

498,247

75,297

Arlo

Technologies,

Inc.

a

1,276,284

22,667

Axcelis

Technologies,

Inc.

a

2,213,206

21,260

Badger

Meter,

Inc.

3,796,611

25,907

Benchmark

Electronics,

Inc.

998,715

37,504

BlackLine,

Inc.

a

1,991,462

104,472

Box,

Inc.

a

3,371,311

42,872

Calix,

Inc.

a

2,631,055

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

350

Shares

Common

Stock  99.7%

Value

Information

Technology  14.9%

-

continued

17,229

CEVA,

Inc.

a

$

455,018

202,782

CleanSpark,

Inc.

a

2,940,339

62,585

Clear

Secure,

Inc.

2,089,087

33,678

Cohu,

Inc.

a

684,674

33,659

Corsair

Gaming,

Inc.

a

300,238

21,266

CTS

Corporation

849,364

26,781

Digi

International,

Inc.

a

976,435

49,258

DigitalOcean

Holdings,

Inc.

a

1,682,653

33,505

Diodes,

Inc.

a

1,782,801

129,136

DXC

Technology

Company

a

1,760,124

94,328

Enphase

Energy,

Inc.

a

3,338,268

19,021

ePlus,

Inc.

1,350,681

95,275

Extreme

Networks,

Inc.

a

1,967,429

55,632

FormFactor,

Inc.

a

2,026,117

47,645

Grid

Dynamics

Holdings,

Inc.

a

367,343

82,070

Harmonic,

Inc.

a

835,473

24,765

Ichor

Holdings,

Ltd.

a

433,883

18,678

Impinj,

Inc.

a

3,376,048

22,704

Insight

Enterprises,

Inc.

a

2,574,861

18,614

InterDigital,

Inc.

b

6,426,111

32,982

Itron,

Inc.

a

4,108,238

61,962

Knowles

Corporation

a

1,444,334

37,620

Kulicke

and

Soffa

Industries,

Inc.

1,528,877

47,330

LiveRamp

Holding,

Inc.

a

1,284,536

267,260

MARA

Holdings,

Inc.

a,b

4,880,168

59,053

MaxLinear,

Inc.

a

949,572

176,896

Mirion

Technologies,

Inc.

a

4,114,601

53,991

N-able,

Inc./US

a

421,130

99,726

NCR

Voyix

Corporation

a

1,251,561

49,260

NetScout

Systems,

Inc.

a

1,272,386

11,385

OSI

Systems,

Inc.

a

2,837,597

8,242

PC

Connection,

Inc.

510,922

23,078

PDF

Solutions,

Inc.

a

595,874

34,401

Penguin

Solutions,

Inc.

a

904,058

43,395

Photronics,

Inc.

a

995,915

19,469

Plexus

Corporation

a

2,816,970

31,099

Progress

Software

Corporation

1,366,179

45,048

Q2

Holdings,

Inc.

a

3,261,025

60,828

Qorvo,

Inc.

a

5,540,214

81,333

Ralliant

Corporation

3,556,692

12,159

Rogers

Corporation

a

978,313

99,583

SanDisk

Corporation/DE

a

11,173,213

38,441

Sanmina

Corporation

a

4,424,944

14,997

ScanSource,

Inc.

a

659,718

62,502

Semtech

Corporation

a

4,465,768

15,758

SiTime

Corporation

a

4,748,043

42,835

SolarEdge

Technologies,

Inc.

a

1,584,895

87,586

Sprinklr,

Inc.

a

676,164

27,349

SPS

Commerce,

Inc.

a

2,848,125

68,175

Teradata

Corporation

a

1,466,444

74,533

TTM

Technologies,

Inc.

a

4,293,101

32,713

Ultra

Clean

Holdings,

Inc.

a

891,429

43,403

Veeco

Instruments,

Inc.

a

1,320,753

96,862

ViaSat,

Inc.

a

2,838,057

161,057

Viavi

Solutions,

Inc.

a

2,043,813

89,089

Vishay

Intertechnology,

Inc.

1,363,062

Total

158,555,232

Materials  4.9%

19,366

AdvanSix,

Inc.

375,313

7,911

Alpha

Metallurgical

Resources,

Inc.

a

1,298,116

23,414

Balchem

Corporation

3,513,505

79,000

Celanese

Corporation

3,324,320

38,382

Century

Aluminum

Company

a

1,126,896

Shares

Common

Stock  99.7%

Value

Materials  4.9%

-

continued

107,997

Chemours

Company

$

1,710,672

163,852

Element

Solutions,

Inc.

4,124,155

90,115

FMC

Corporation

3,030,567

38,931

H.B.

Fuller

Company

2,307,830

15,061

Hawkins,

Inc.

2,751,946

477,021

Hecla

Mining

Company

5,771,954

26,308

Ingevity

Corporation

a

1,451,939

17,915

Innospec,

Inc.

1,382,321

11,562

Kaiser

Aluminum

Corporation

892,124

14,224

Koppers

Holdings,

Inc.

398,272

14,953

Materion

Corporation

1,806,472

25,950

Metallus,

Inc.

a

428,953

22,636

Minerals

Technologies,

Inc.

1,406,148

111,153

O-I

Glass,

Inc.

a

1,441,654

9,914

Quaker

Chemical

Corporation

1,306,169

106,119

Sealed

Air

Corporation

3,751,307

30,636

Sensient

Technologies

Corporation

2,875,189

15,500

Stepan

Company

739,350

61,081

SunCoke

Energy,

Inc.

498,421

24,466

Sylvamo

Corporation

1,081,887

37,925

Warrior

Met

Coal,

Inc.

2,413,547

23,489

Worthington

Steel,

Inc.

713,831

Total

51,922,858

Real

Estate  7.2%

94,517

Acadia

Realty

Trust

1,904,518

52,486

Alexander

&

Baldwin,

Inc.

954,720

34,070

American

Assets

Trust,

Inc.

692,302

159,004

Apple

Hospitality

REIT,

Inc.

1,909,638

57,829

Armada

Hoffler

Properties,

Inc.

405,381

125,312

Brandywine

Realty

Trust

522,551

158,931

CareTrust

REIT,

Inc.

5,511,727

12,089

Centerspace

712,042

69,833

Curbline

Properties

Corporation

1,557,276

167,031

Cushman

and

Wakefield

plc

a

2,659,134

147,861

DiamondRock

Hospitality

Company

1,176,974

120,801

Douglas

Emmett,

Inc.

1,880,872

31,052

Easterly

Government

Properties,

Inc.

712,022

63,602

Elme

Communities

1,072,330

142,944

Essential

Properties

Realty

Trust,

Inc.

4,254,013

64,656

eXp

World

Holdings,

Inc.

689,233

75,364

Four

Corners

Property

Trust,

Inc.

1,838,882

37,562

Getty

Realty

Corporation

1,007,788

143,362

Global

Net

Lease,

Inc.

1,165,533

77,967

Highwoods

Properties,

Inc.

2,480,910

20,217

Innovative

Industrial

Properties,

Inc.

1,083,227

44,530

JBG

SMITH

Properties

990,792

86,552

Kennedy-Wilson

Holdings,

Inc.

720,113

33,136

LTC

Properties,

Inc.

1,221,393

213,389

LXP

Industrial

Trust

1,911,965

182,343

Macerich

Company

3,318,643

17,437

Marcus

and

Millichap,

Inc.

511,776

355,595

Medical

Properties

Trust,

Inc.

1,802,867

86,762

Millrose

Properties,

Inc.

2,916,071

15,737

NexPoint

Residential

Trust,

Inc.

507,046

104,958

Outfront

Media,

Inc.

1,922,831

85,543

Pebblebrook

Hotel

Trust

974,335

90,612

Phillips

Edison

and

Company,

Inc.

3,110,710

45,450

Ryman

Hospitality

Properties

4,071,865

33,131

Safehold,

Inc.

513,199

8,965

Saul

Centers,

Inc.

285,715

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

351

/

Shares

Common

Stock  99.7%

Value

Real

Estate  7.2%

-

continued

37,835

SITE

Centers

Corporation

$

340,893

51,238

SL

Green

Realty

Corporation

3,064,545

28,826

St.

Joe

Company

1,426,310

76,388

Summit

Hotel

Properties,

Inc.

419,370

137,050

Sunstone

Hotel

Investors,

Inc.

1,284,159

81,647

Tanger,

Inc.

2,762,934

74,525

Terreno

Realty

Corporation

4,229,294

9,208

Universal

Health

Realty

Income

Trust

360,677

90,750

Urban

Edge

Properties

1,857,653

58,591

Veris

Residential,

Inc.

890,583

32,389

Whitestone

REIT

397,737

69,099

Xenia

Hotels

&

Resorts,

Inc.

948,038

Total

76,952,587

Utilities  2.1%

27,782

American

States

Water

Company

2,036,976

58,516

Avista

Corporation

2,212,490

42,984

California

Water

Service

Group

1,972,536

16,985

Chesapeake

Utilities

Corporation

2,287,710

24,972

Clearway

Energy,

Inc.,

Class

A

672,496

60,069

Clearway

Energy,

Inc.,

Class

C

1,696,949

23,675

H2O

America

1,152,972

147,411

MDU

Resources

Group,

Inc.

2,625,390

26,363

MGE

Energy,

Inc.

2,219,237

12,998

Middlesex

Water

Company

703,452

29,534

Northwest

Natural

Holding

Company

1,326,963

30,232

Otter

Tail

Corporation

2,478,117

12,759

Unitil

Corporation

610,646

Total

21,995,934

Total

Common

Stock

(cost

$781,069,226)

1,062,129,505

Shares

Collateral

Held

for

Securities

Loaned

1.9%

Value

20,019,865

Thrivent

Cash

Management

Trust

20,019,865

Total

Collateral

Held

for

Securities

Loaned

(cost

$20,019,865)

20,019,865

Shares

Registered

Investment

Companies  

0.1%

Value

U.S.

Unaffiliated  

<0.1%  

9,986

iShares

Core

S&P

Small-Cap

ETF

1,186,636

Total

1,186,636

Total

Registered

Investment

Companies

(cost

$1,005,642)

1,186,636

Shares

or

Principal

Amount

Short-Term

Investments

0.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

4.150%,

11/19/2025

d,e

298,404

Shares

or

Principal

Amount

Short-Term

Investments  0.2%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,329,398

4.090%

d

$

1,329,398

Total

Short-Term

Investments

(cost

$1,627,703)

1,627,802

Total

Investments

(cost

$803,722,436)

101.9%

$1,084,963,808

Other

Assets

and

Liabilities,

Net

(1.9%)

(19,716,888)

Total

Net

Assets

100.0%

$1,065,246,920

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

The

interest

rate

shown

reflects

the

yield.

e

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Index

Portfolio

as

of

September

30,

2025:

Securities

Lending

Transactions

Common

Stock

$

18,335,775

Total

lending

$18,335,775

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$20,019,865

Net

amounts

due

to

counterparty

$1,684,090

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,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

352

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

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

30,809,187

30,809,187

–

–

Consumer

Discretionary

143,587,781

143,587,781

–

–

Consumer

Staples

27,094,580

27,094,580

–

–

Energy

46,704,917

46,704,917

–

–

Financials

202,914,365

202,914,365

–

–

Health

Care

112,596,696

112,596,694

–

2

Industrials

188,995,368

188,995,368

–

–

Information

Technology

158,555,232

158,555,232

–

–

Materials

51,922,858

51,922,858

–

–

Real

Estate

76,952,587

76,952,587

–

–

Utilities

21,995,934

21,995,934

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,186,636

1,186,636

–

–

Short-Term

Investments

1,627,802

1,329,398

298,404

–

Subtotal

Investments

in

Securities

$1,064,943,943

$1,064,645,537

$298,404

$2

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

20,019,865

Subtotal

Other

Investments

$20,019,865

Total

Investments

at

Value

$1,084,963,808

*

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,

2025,

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

13,940

13,940

–

–

Total

Asset

Derivatives

$13,940

$13,940

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2025.

Investments

and/or

cash

totaling

$298,404

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

2025

$

2,441,560

$

13,940

Total

Futures

Long

Contracts

$

2,441,560

$

13,940

Total

Futures

Contracts

$

2,441,560

$13,940

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

353

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$303

$6,337

$6,640

$–

–

–

Total

Affiliated

Short-Term

Investments

303

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

19,401

173,311

172,692

20,020

20,020

1.9%

Total

Collateral

Held

for

Securities

Loaned

19,401

20,020

1.9

Total

Value

$19,704

$20,020

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$5

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

49

Total

Affiliated

Income

from

Securities

Loaned,

Net

$49

Total

Value

$–

$–

$

–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

354

Shares

Common

Stock

96.1%

Value

Consumer

Discretionary  11.6%

174,805

Advance

Auto

Parts,

Inc.

$

10,733,027

68,086

Boot

Barn

Holdings,

Inc.

a

11,283,212

181,274

Build-A-Bear

Workshop,

Inc.

11,820,877

20,335

Group

1

Automotive,

Inc.

8,896,766

304,521

La-Z-Boy,

Inc.

10,451,161

89,294

Modine

Manufacturing

Company

a

12,694,035

163,644

SharkNinja,

Inc.

a

16,879,879

117,752

Universal

Technical

Institute,

Inc.

a

3,832,827

36,051

Wingstop,

Inc.

9,073,316

139,983

Wyndham

Hotels

&

Resorts,

Inc.

11,184,642

Total

106,849,742

Consumer

Staples  5.1%

60,474

J

&

J

Snack

Foods

Corporation

5,810,947

214,805

John

B.

Sanfilippo

&

Son,

Inc.

13,807,665

72,722

Marzetti

Company

12,565,634

146,214

Turning

Point

Brands,

Inc.

14,454,716

Total

46,638,962

Energy  3.2%

71,165

Expand

Energy

Corporation

7,560,570

211,828

Matador

Resources

Company

9,517,432

319,649

TechnipFMC

plc

12,610,153

Total

29,688,155

Financials  18.0%

259,918

Ally

Financial,

Inc.

10,188,786

269,703

Atlantic

Union

Bankshares

Corporation

9,517,819

223,207

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

9,580,044

495,833

Bridgewater

Bancshares,

Inc.

a

8,726,661

271,686

Donnelley

Financial

Solutions,

Inc.

a

13,972,811

170,092

Enterprise

Financial

Services

Corporation

9,861,934

81,870

Federal

Agricultural

Mortgage

Corporation

13,752,523

255,398

Glacier

Bancorp,

Inc.

12,430,221

64,650

Houlihan

Lokey,

Inc.

13,273,938

452,376

Old

National

Bancorp

9,929,653

379,632

Old

Republic

International

Corporation

16,122,971

201,919

RLI

Corporation

13,169,157

253,239

Triumph

Financial,

Inc.

a

12,672,079

92,899

Wintrust

Financial

Corporation

12,303,544

Total

165,502,141

Health

Care  13.3%

732,475

ADMA

Biologics,

Inc.

a

10,738,083

581,652

Concentra

Group

Holdings

Parent,

Inc.

12,173,976

63,912

CorVel

Corporation

a

4,948,067

122,109

Encompass

Health

Corporation

15,510,285

19,616

Medpace

Holdings,

Inc.

a

10,085,763

112,734

Merit

Medical

Systems,

Inc.

a

9,382,851

59,227

Penumbra,

Inc.

a

15,003,384

409,876

Progyny,

Inc.

a

8,820,532

86,938

Repligen

Corporation

a

11,621,002

470,048

Stevanato

Group

SPA

b

12,103,736

254,216

Twist

Bioscience

Corporation

a

7,153,638

80,132

Viemed

Healthcare,

Inc.

a

544,096

120,926

Waystar

Holding

Corporation

a

4,585,514

Total

122,670,927

Shares

Common

Stock  96.1%

Value

Industrials  18.5%

299,553

Badger

Infrastructure

Solutions,

Ltd.

$

13,211,585

379,477

Barrett

Business

Services,

Inc.

16,818,421

96,898

BWX

Technologies,

Inc.

17,865,084

180,468

Enerpac

Tool

Group

Corporation

7,399,188

625,560

Gates

Industrial

Corporation

plc

a

15,526,399

336,268

Helios

Technologies,

Inc.

17,529,651

16,195

ICF

International,

Inc.

1,502,896

26,970

IES

Holdings,

Inc.

a

10,724,620

221,239

Knight-Swift

Transportation

Holdings,

Inc.

8,741,153

168,187

Korn

Ferry

11,769,726

112,597

Limbach

Holdings,

Inc.

a

10,935,421

71,167

Moog,

Inc.

14,779,251

124,756

Schneider

National,

Inc.

2,639,837

194,546

Trex

Company,

Inc.

a

10,052,192

110,298

UFP

Industries,

Inc.

10,311,760

Total

169,807,184

Information

Technology  13.4%

207,750

CompoSecure,

Inc.

4,325,355

262,113

Crane

NXT

Company

17,579,919

39,084

Fabrinet

a

14,250,808

321,386

JFrog,

Ltd.

a

15,211,199

52,200

Littelfuse,

Inc.

13,520,322

87,859

Onto

Innovation,

Inc.

a

11,353,140

390,100

Pegasystems,

Inc.

22,430,750

58,162

Plexus

Corporation

a

8,415,460

9,307

Silicon

Laboratories,

Inc.

a

1,220,427

251,120

TTM

Technologies,

Inc.

a

14,464,512

Total

122,771,892

Materials  6.1%

371,603

Element

Solutions,

Inc.

9,353,247

182,606

Greif,

Inc.

10,912,535

1,460,738

Ivanhoe

Mines,

Ltd.

a

15,492,199

299,867

Olin

Corporation

7,493,676

190,245

West

Fraser

Timber

Company,

Ltd.

12,932,855

Total

56,184,512

Real

Estate  3.9%

60,858

Agree

Realty

Corporation

4,323,352

631,882

Cushman

and

Wakefield

plc

a

10,059,562

289,353

National

Storage

Affiliates

Trust

8,744,248

221,647

Terreno

Realty

Corporation

12,578,467

Total

35,705,629

Utilities  3.0%

105,940

Northwestern

Energy

Group,

Inc.

6,209,144

219,279

Portland

General

Electric

Company

9,648,276

142,587

Spire,

Inc.

11,623,692

Total

27,481,112

Total

Common

Stock

(cost

$776,059,955)

883,300,256

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

355

Shares

Registered

Investment

Companies  

1.7%

Value

U.S.

Unaffiliated  

1.7%  

58,110

iShares

Semiconductor

ETF

b

$

15,754,783

Total

15,754,783

Total

Registered

Investment

Companies

(cost

$14,367,419)

15,754,783

Shares

Collateral

Held

for

Securities

Loaned

0.9%

Value

8,270,750

Thrivent

Cash

Management

Trust

8,270,750

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,270,750)

8,270,750

Shares

or

Principal

Amount

Short-Term

Investments

2.1%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

19,205,564

4.090%

c

19,205,564

Total

Short-Term

Investments

(cost

$19,205,564)

19,205,564

Total

Investments

(cost

$817,903,688)

100.8%

$926,531,353

Other

Assets

and

Liabilities,

Net

(0.8%)

(7,564,258)

Total

Net

Assets

100.0%

$918,967,095

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

8,169,969

Total

lending

$8,169,969

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,270,750

Net

amounts

due

to

counterparty

$100,781

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

356

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2025,

in

valuing

Small

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

106,849,742

106,849,742

–

–

Consumer

Staples

46,638,962

46,638,962

–

–

Energy

29,688,155

29,688,155

–

–

Financials

165,502,141

165,502,141

–

–

Health

Care

122,670,927

122,670,927

–

–

Industrials

169,807,184

156,595,599

13,211,585

–

Information

Technology

122,771,892

122,771,892

–

–

Materials

56,184,512

40,692,313

15,492,199

–

Real

Estate

35,705,629

35,705,629

–

–

Utilities

27,481,112

27,481,112

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

15,754,783

15,754,783

–

–

Short-Term

Investments

19,205,564

19,205,564

–

–

Subtotal

Investments

in

Securities

$918,260,603

$889,556,819

$28,703,784

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

8,270,750

Subtotal

Other

Investments

$8,270,750

Total

Investments

at

Value

$926,531,353

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

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

12/31/2024

Gross

Purchases

Gross

Sales

Value

9/30/2025

Shares

Held

at

9/30/2025

%

of

Net

Assets

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$31,227

$19,233

$50,460

$–

–

–

Total

Affiliated

Short-Term

Investments

31,227

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,285

116,750

113,764

8,271

8,271

0.9%

Total

Collateral

Held

for

Securities

Loaned

5,285

8,271

0.9

Total

Value

$36,512

$8,271

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

9/30/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.410%

$–

$–

$

–

$38

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$38

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

$–

$–

$

–

Notes

to

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

357

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

funds

that

invest

in

private

equity

securities

("Private

Equity Funds"),

which

are

fair

valued

by

the

Portfolios

pursuant

to

valuation

procedures

designed

by

the

Committee. Private

Equity Funds

are

typically

valued

at

an

amount

equal

to

the

Net

Asset

Value

(NAV)

of

a

portfolio's

investment

in

the Private

Equity 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

Equity Funds

held

by

the

Portfolios,

if

the

NAV

of

the Private

Equity 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

Equity 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,

2025

(unaudited)

358

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,

2025

(unaudited)

359

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,

2025,

none

of

the

Portfolios invested

in

options. 

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,

2025,

Aggressive

Allocation,

Conservative

Allocation,

Dynamic

Allocation, Government

Bond, Income, Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, Multisector

Bond,

and

Short-Term

Bond 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,

2025,

Aggressive

Allocation,

All

Cap,

Conservative

Allocation,

Dynamic

Allocation, Emerging

Markets

Equity,

ESG

Index, Global

Stock, International

Equity,

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,

2025,

Aggressive

Allocation,

Conservative

Allocation,

Dynamic

Allocation,

Global

Stock,

International

Equity,

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,

2025

(unaudited)

360

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,

2025,

none

of

the Portfolios invested

in

foreign

currency

forward

contracts. 

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

CDX

Indices

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,

2025, Conservative

Allocation,

Dynamic

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and

Multisector

Bond

used

CDX

Indices

(comprised

of

CDSs)

to

help

manage

credit

risk

exposure

within

the

Portfolio.

Total Return Swaps

—

A

total return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return

of

a

particular

reference

asset. 

A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

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

obligation,

the

Portfolios

will

Notes

to

Schedule

of

Investments

as

of

September

30,

2025

(unaudited)

361

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,

2025, Aggressive

Allocation,

Conservative

Allocation,

Dynamic

Allocation, Global

Stock, Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used total return

swaps to

manage

exposure

to

the

equities

market. 

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,

2025,

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 Portfolio

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,

2025, 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

Evergreen

Acqco

1,

LP,

Term

Loan

$1,137,863

Total

$1,137,863

Portfolio

Total

Commitments

Unfunded

Commitments

Percent

Funded

Aggressive

Allocation

$120,000,000

$79,328,601

33.89%

Moderate

Allocation

278,500,000

185,288,195

33.47%

Moderately

Aggressive

Allocation

226,500,000

150,493,545

33.56%

Moderately

Conservative

Allocation

85,000,000

56,044,136

34.07%