Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

43.8%

Value

Communications

Services  3.9%

72,900

Alphabet,

Inc.,

Class

A

$

20,963,124

78,819

Alphabet,

Inc.,

Class

C

22,610,018

87,126

AT&T,

Inc.

2,525,783

262

Cable

One,

Inc.

a

23,897

973

CarGurus

,

Inc.

a

33,131

67,993

Comcast

Corporation

1,952,079

404

Fox

Corporation,

Class

B

21,452

1,293

Iridium

Communications,

Inc.

35,868

21,629

Liberty

Global,

Ltd.,

Class

A

a

261,495

763

Liberty

Media

Corporation-Liberty

Formula

One

a

64,870

116

Madison

Square

Garden

Sports

Corporation

a

37,282

39,448

Meta

Platforms,

Inc.

22,569,384

121,764

Netflix,

Inc.

a

11,707,609

6,046

New

York

Times

Company

506,232

21,722

News

Corporation,

Class

A

541,530

584

Omnicom

Group,

Inc.

43,981

5,000

Reddit

,

Inc.

a

673,250

632

Roku,

Inc.

a

59,800

1,534

Spotify

Technology

SA

a

743,852

648

Take-Two

Interactive

Software,

Inc.

a

127,980

2,509

T-Mobile

US,

Inc.

526,965

1,210

Trade

Desk,

Inc.

a

27,455

69,611

Universal

Music

Group

NV

1,351,213

11,224

Walt

Disney

Company

1,081,769

83,413

Warner

Brothers

Discovery,

Inc.

a

2,290,521

88,880

Warner

Music

Group

Corporation

2,269,995

Total

93,050,535

Consumer

Discretionary  4.5%

2,191

Adient

plc

a

44,280

113,772

ADT,

Inc.

747,482

5,330

Advance

Auto

Parts,

Inc.

281,157

167,664

Amazon.com,

Inc.

a

34,919,381

3,891

American

Eagle

Outfitters,

Inc.

64,980

21,294

Aptiv

plc

a

1,478,655

2,287

Aramark

92,715

70

AutoNation,

Inc.

a

13,668

22

AutoZone,

Inc.

a

74,311

392

Booking

Holdings,

Inc.

1,650,445

5,829

Boot

Barn

Holdings,

Inc.

a

853,132

10,956

BorgWarner,

Inc.

594,473

96

Bright

Horizons

Family

Solutions,

Inc.

a

7,884

417

Brunswick

Corporation

30,341

1,986

Buckle,

Inc.

100,015

5,014

Build-A-Bear

Workshop,

Inc.

187,774

2,098

CarMax,

Inc.

a

87,235

4,625

Carnival

Corporation

119,695

41

Cavco

Industries,

Inc.

a

19,856

3,404

Chewy,

Inc.

a

91,908

1,750

Chipotle

Mexican

Grill,

Inc.

a

56,017

9,921

Churchill

Downs,

Inc.

891,203

161

Citi

Trends,

Inc.

a

6,975

13,764

D.R.

Horton,

Inc.

1,888,696

4,697

Dana,

Inc.

158,054

1,048

Deckers

Outdoor

Corporation

a

104,894

226

Domino's

Pizza,

Inc.

81,087

6,303

DoorDash

,

Inc.

a

946,395

1,326

eBay,

Inc.

120,693

868

Etsy,

Inc.

a

43,383

1,100

Five

Below,

Inc.

a

251,328

21,163

Ford

Motor

Company

244,221

Shares

Common

Stock  43.8%

Value

Consumer

Discretionary  4.5%

-

continued

2,147

Fox

Factory

Holding

Corporation

a

$

35,340

3,349

Frontdoor

,

Inc.

a

177,028

1,759

Gap,

Inc.

42,568

3,494

Garmin,

Ltd.

810,643

12,896

General

Motors

Company

960,752

4,186

Gentex

Corporation

91,464

218

GigaCloud

Technology,

Inc.

a

9,893

6,537

Goodyear

Tire

&

Rubber

Company

a

43,340

120

Graham

Holdings

Company

126,871

719

Grand

Canyon

Education,

Inc.

a

122,252

4,902

Helen

of

Troy,

Ltd.

a

70,687

17,807

Hilton

Worldwide

Holdings,

Inc.

5,414,753

17,213

Home

Depot,

Inc.

5,661,184

2,657

Installed

Building

Products,

Inc.

704,504

8,235

Laureate

Education,

Inc.

a

286,907

874

Lear

Corporation

105,824

35,754

Life

Time

Group

Holdings,

Inc.

a

963,213

224

Lithia

Motors,

Inc.

55,937

16,094

Lowe's

Companies,

Inc.

3,802,690

435

Lululemon

Athletica

,

Inc.

a

66,599

172

M/I

Homes,

Inc.

a

21,061

2,934

Macy's,

Inc.

53,076

10,043

Mattel,

Inc.

a

145,925

3,496

Mohawk

Industries,

Inc.

a

344,216

1,148

Murphy

USA,

Inc.

567,078

42

NVR,

Inc.

a

276,773

7,106

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

654,036

25,684

O'Reilly

Automotive,

Inc.

a

2,370,890

1,642

Ralph

Lauren

Corporation

564,832

352

Red

Rock

Resorts,

Inc.

18,783

16,813

Ross

Stores,

Inc.

3,642,200

940

Service

Corporation

International/

US

77,559

22,608

SharkNinja

,

Inc.

a

2,394,187

6,480

Sonos

,

Inc.

a

86,832

86,901

Sony

Group

Corporation

ADR

b

1,798,851

568

Strategic

Education,

Inc.

47,121

4,616

Tapestry,

Inc.

651,364

1,136

Taylor

Morrison

Home

Corporation

a

66,161

39,740

Tesla,

Inc.

a

14,773,345

13,633

Texas

Roadhouse,

Inc.

2,251,354

3,962

TJX

Companies,

Inc.

632,731

1,262

Toll

Brothers,

Inc.

172,225

2,685

TopBuild

Corporation

a

943,241

556

Ulta

Beauty,

Inc.

a

290,627

23,866

Universal

Technical

Institute,

Inc.

a

861,563

264

Urban

Outfitters,

Inc.

a

16,724

17,424

Viking

Holdings,

Ltd.

a

1,280,316

392

Visteon

Corporation

35,715

448

Wayfair,

Inc.

a

33,694

367

Williams-Sonoma,

Inc.

66,915

5,301

Wingstop

,

Inc.

821,496

248

Winmark

Corporation

106,032

31,065

Wyndham

Hotels

&

Resorts,

Inc.

2,523,410

16,766

Wynn

Resorts,

Ltd.

1,702,587

62

Yum!

Brands,

Inc.

9,640

Total

106,107,342

Consumer

Staples  1.4%

1,555

BellRing

Brands,

Inc.

a

25,020

666

BJ's

Wholesale

Club

Holdings,

Inc.

a

65,548

570

Campbell's

Company

b

12,694

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock  43.8%

Value

Consumer

Staples  1.4%

-

continued

2,248

Casey's

General

Stores,

Inc.

$

1,636,229

4,780

Central

Garden

&

Pet

Company,

Class

A

a

154,968

12,236

Chefs'

Warehouse,

Inc.

a

727,430

1,490

Church

&

Dwight

Company,

Inc.

139,047

2,430

Coca-Cola

Company

184,801

3,395

Colgate-Palmolive

Company

289,356

13,499

Conagra

Brands,

Inc.

212,204

2,536

Costco

Wholesale

Corporation

2,526,946

4,978

Darling

Ingredients,

Inc.

a

307,889

453

Dollar

General

Corporation

53,785

332

Dollar

Tree,

Inc.

a

36,357

2,359

Edgewell

Personal

Care

Company

50,341

138

Hershey

Company

28,689

113

Ingles

Markets,

Inc.

10,158

663

Ingredion,

Inc.

74,694

1,769

J.M.

Smucker

Company

170,602

4,929

John

B.

Sanfilippo

&

Son,

Inc.

391,018

106,854

Keurig

Dr

Pepper,

Inc.

2,813,466

1,084

Maplebear

,

Inc.

a

40,607

1,347

Marzetti

Company

186,331

2,007

McCormick

&

Company,

Inc.

101,233

929

Molson

Coors

Beverage

Company

40,003

4,207

Monster

Beverage

Corporation

a

304,839

13,271

PepsiCo,

Inc.

2,060,854

4,724

Philip

Morris

International,

Inc.

781,066

613

Primo

Brands

Corporation

11,543

9,798

Procter

&

Gamble

Company

1,415,223

12

Seaboard

Corporation

67,848

1,844

Simply

Good

Foods

Company

a

26,461

1,217

Smithfield

Foods,

Inc.

34,039

569

Sprouts

Farmers

Markets,

Inc.

a

43,887

44,660

Sysco

Corporation

3,185,598

26,609

Turning

Point

Brands,

Inc.

2,309,395

3,330

Tyson

Foods,

Inc.

213,353

64,053

Unilever

plc

ADR

3,649,099

675

Universal

Corporation

35,573

582

US

Foods

Holding

Corporation

a

53,666

8,192

Vita

Coco

Company,

Inc.

a

392,479

58,512

Walmart,

Inc.

7,271,871

394

WD-40

Company

80,352

Total

32,216,562

Energy  2.0%

5,482

Amplify

Energy

Corporation

a

34,208

43,911

Antero

Midstream

Corporation

1,001,171

5,249

Antero

Resources

Corporation

a

222,768

2,054

Archrock

,

Inc.

71,479

371

Baker

Hughes

Company

22,649

173

California

Resources

Corporation

11,975

5,610

Cheniere

Energy,

Inc.

1,591,894

7,882

Chevron

Corporation

1,630,786

1,829

Chord

Energy

Corporation

260,047

1,290

CNX

Resources

Corporation

a

49,729

57,027

ConocoPhillips

7,527,564

64,677

Devon

Energy

Corporation

3,254,547

18,680

DHT

Holdings,

Inc.

341,284

658

Diamondback

Energy,

Inc.

130,146

7,924

Dorian

LPG,

Ltd.

271,001

1,656

DT

Midstream,

Inc.

223,013

110,915

Enterprise

Products

Partners,

LP

4,197,024

2,987

EOG

Resources,

Inc.

431,831

1,824

EQT

Corporation

116,079

3,251

Expand

Energy

Corporation

356,895

67,319

Exxon

Mobil

Corporation

11,421,341

Shares

Common

Stock  43.8%

Value

Energy  2.0%

-

continued

1,777

Gulfport

Energy

Corporation

a

$

375,960

81,625

Halliburton

Company

3,182,559

568

Hess

Midstream,

LP

22,078

1,551

HF

Sinclair

Corporation

96,767

36,380

Kinder

Morgan,

Inc.

1,219,821

1,443

Kodiak

Gas

Services,

Inc.

84,156

11,096

Marathon

Petroleum

Corporation

2,709,421

15,450

Matador

Resources

Company

976,131

1,289

NOV,

Inc.

24,246

948

Occidental

Petroleum

Corporation

61,620

304

Oceaneering

International,

Inc.

a

10,783

2,602

ONEOK,

Inc.

235,195

3,621

Ovintiv

,

Inc.

214,943

80,504

Patterson-UTI

Energy,

Inc.

871,858

18,724

Permian

Resources

Corporation

399,196

1,810

Phillips

66

329,746

3,124

Range

Resources

Corporation

141,142

702

Scorpio

Tankers,

Inc.

52,411

3,631

SM

Energy

Company

113,215

2,223

Talos

Energy,

Inc.

a

35,034

168

Targa

Resources

Corporation

42,123

25,192

TechnipFMC

plc

1,741,523

278

Teekay

Tankers,

Ltd.

20,383

86,792

Transocean,

Ltd.

a

575,431

363

Valero

Energy

Corporation

89,690

1,074

Viper

Energy,

Inc.

50,467

14,098

Williams

Companies,

Inc.

1,026,052

Total

47,869,382

Financials  5.8%

509

ACNB

Corporation

24,366

2,414

Affiliated

Managers

Group,

Inc.

667,954

1,198

Affirm

Holdings,

Inc.

a

54,892

9,988

Allstate

Corporation

2,070,912

18,084

Ally

Financial,

Inc.

709,435

3,919

Amalgamated

Financial

Corporation

152,332

14,248

American

Express

Company

4,309,735

844

American

Financial

Group,

Inc.

107,787

29,104

American

International

Group,

Inc.

2,190,076

5,006

Ameriprise

Financial,

Inc.

2,224,666

364

Ameris

Bancorp

28,388

933

Aon

plc

301,154

15,346

Arch

Capital

Group,

Ltd.

a

1,473,063

1,241

Arrow

Financial

Corporation

41,660

2,303

Artisan

Partners

Asset

Management,

Inc.

83,806

14,650

Associated

Banc-Corp

378,849

901

Assurant,

Inc.

196,247

2,996

Assured

Guaranty,

Ltd.

244,114

8,161

Atlantic

Union

Bankshares

Corporation

291,674

1,268

Axis

Capital

Holdings,

Ltd.

128,588

20,338

Banc

of

California,

Inc.

357,542

148,389

Bank

of

America

Corporation

7,233,964

1,494

Bank

of

Marin

Bancorp

38,291

33,396

Bank

of

New

York

Mellon

Corporation

3,961,767

585

Bank

OZK

26,846

80

BankUnited

,

Inc.

3,613

862

Bankwell

Financial

Group,

Inc.

41,824

495

Banner

Corporation

30,037

1,155

Bar

Harbor

Bankshares

37,480

2,079

Beacon

Financial

Corporation

62,370

9,324

Berkshire

Hathaway,

Inc.

a

4,468,061

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock  43.8%

Value

Financials  5.8%

-

continued

2,246

BGC

Group,

Inc.

$

21,966

1,491

BlackRock,

Inc.

1,433,910

486

Block,

Inc.

a

29,247

4,582

Blue

Owl

Capital,

Inc.

41,834

295

Bread

Financial

Holdings,

Inc.

22,093

13,761

Bridgewater

Bancshares,

Inc.

a

243,570

369

Burke

&

Herbert

Financial

Services

Corporation

22,985

6,572

Byline

Bancorp,

Inc.

207,478

297

C&F

Financial

Corporation

21,663

155

Camden

National

Corporation

7,355

25,378

Capital

One

Financial

Corporation

4,629,709

7,629

Capitol

Federal

Financial,

Inc.

54,395

773

Carlyle

Group,

Inc.

37,405

118

Cathay

General

Bancorp

5,883

3,714

Central

Pacific

Financial

Corporation

118,699

60,388

Charles

Schwab

Corporation

5,675,264

1,291

ChoiceOne

Financial

Services,

Inc.

36,303

8,942

Chubb,

Ltd.

2,914,466

44

Cincinnati

Financial

Corporation

6,923

4,542

Citigroup,

Inc.

515,108

1,021

Citizens

Financial

Group,

Inc.

61,229

215

Citizens

Financial

Services,

Inc.

13,147

1,818

Civista

Bancshares,

Inc.

41,432

85

CNA

Financial

Corporation

3,903

1,212

CNB

Financial

Corporation

35,100

4,741

CNO

Financial

Group,

Inc.

194,665

157

Coinbase

Global,

Inc.

a

27,414

7,204

Columbia

Banking

System,

Inc.

197,606

929

Commerce

Bancshares,

Inc.

45,707

98

Community

Financial

System,

Inc.

5,748

3,500

Community

Trust

Bancorp,

Inc.

212,520

1,700

Community

West

Bancshares

39,610

5,403

ConnectOne

Bancorp,

Inc.

144,638

61

Corpay

,

Inc.

a

17,750

519

Cullen/Frost

Bankers,

Inc.

71,145

5,018

Customers

Bancorp,

Inc.

a

348,299

7,507

Donnelley

Financial

Solutions,

Inc.

a

353,880

1,664

East

West

Bancorp,

Inc.

177,649

980

Eastern

Bankshares

,

Inc.

19,169

3,249

Enova

International,

Inc.

a

441,312

2,654

Enterprise

Financial

Services

Corporation

143,608

2,938

Essent

Group,

Ltd.

171,697

477

Euronet

Worldwide,

Inc.

a

31,658

700

Evercore

,

Inc.

208,957

109

Everest

Group,

Ltd.

35,627

706

F&G

Annuities

&

Life,

Inc.

17,876

5,419

F.N.B.

Corporation

90,606

690

FactSet

Research

Systems,

Inc.

149,723

340

Farmers

National

Banc

Corporation

4,474

2,258

Federal

Agricultural

Mortgage

Corporation

334,974

2,710

Federated

Hermes,

Inc.

153,684

2,510

Fidelity

National

Information

Services,

Inc.

117,744

6,019

Fifth

Third

Bancorp

279,643

3,716

Financial

Institutions,

Inc.

117,834

2,588

First

American

Financial

Corporation

156,031

17,712

First

Bancorp/Puerto

Rico

378,328

2,635

First

Bank/Hamilton,

NJ

42,160

18

First

Citizens

BancShares

,

Inc./NC

33,924

436

First

Financial

Bankshares

,

Inc.

12,840

Shares

Common

Stock  43.8%

Value

Financials  5.8%

-

continued

1,924

First

Financial

Corporation

$

121,597

177

First

Hawaiian,

Inc.

4,361

5,101

First

Horizon

Corporation

116,099

1,701

First

Merchants

Corporation

65,880

1,559

First

Mid-Illinois

Bancshares,

Inc.

64,215

1,483

FirstCash

Holdings,

Inc.

278,804

889

Flagstar

Bank

NA

11,708

1,800

Flushing

Financial

Corporation

27,648

809

Flywire

Corporation

a

9,417

3,142

Franklin

Resources,

Inc.

74,214

4,301

Fulton

Financial

Corporation

87,482

70,416

Genworth

Financial,

Inc.

a

571,778

665

Glacier

Bancorp,

Inc.

29,706

466

Global

Life,

Inc.

64,853

580

Global

Payments,

Inc.

39,034

2,564

Great

Southern

Bancorp,

Inc.

161,865

1,591

Hamilton

Lane,

Inc.

158,145

466

Hancock

Whitney

Corporation

29,633

6,677

Hanmi

Financial

Corporation

176,006

275

Hanover

Insurance

Group,

Inc.

47,671

3,156

Hartford

Insurance

Group,

Inc.

426,786

747

HBT

Financial,

Inc.

19,960

1,290

Hilltop

Holdings,

Inc.

46,208

998

Home

BancShares

,

Inc.

26,876

2,534

Hometrust

Bancshares,

Inc.

108,075

3,064

Horizon

Bancorp,

Inc.

50,770

5,398

Houlihan

Lokey

,

Inc.

775,261

6,272

Huntington

Bancshares,

Inc./OH

98,157

43

Independent

Bank

Corporation/MA

3,234

2,108

Independent

Bank

Corporation/MI

70,196

482

Interactive

Brokers

Group,

Inc.

32,328

33,640

Intercontinental

Exchange,

Inc.

5,290,899

18,191

Invesco,

Ltd.

441,859

14

Jack

Henry

&

Associates,

Inc.

2,213

2,040

Jackson

Financial,

Inc.

215,669

1,659

Jefferies

Financial

Group,

Inc.

68,467

46,899

JPMorgan

Chase

&

Company

13,795,810

6,330

Kearny

Financial

Corporation/MD

47,791

4,883

Kemper

Corporation

149,224

1,576

KeyCorp

31,599

1,250

Lazard,

Inc.

53,100

1,864

LendingClub

Corporation

a

26,692

1,713

Lincoln

National

Corporation

60,811

265

Loews

Corporation

28,286

1,244

M&T

Bank

Corporation

257,160

52

Markel

Group,

Inc.

a

99,532

589

MarketAxess

Holdings,

Inc.

97,173

14,976

Marsh

&

McLennan

Companies,

Inc.

2,597,587

5,428

Mastercard

,

Inc.

2,712,154

1,025

Mercantile

Bank

Corporation

51,762

369

Mercury

General

Corporation

32,527

208

Meridian

Corporation

3,944

31,365

MetLife,

Inc.

2,218,133

30,136

MGIC

Investment

Corporation

791,070

2,326

Moody's

Corporation

1,014,718

59,648

Morgan

Stanley

9,816,271

3,363

Morningstar,

Inc.

568,515

24,303

Nasdaq,

Inc.

2,063,082

2,874

NBT

Bancorp,

Inc.

122,375

7,317

NMI

Holdings,

Inc.

a

274,461

1,720

Northeast

Community

Bancorp,

Inc.

40,936

2,670

Northern

Trust

Corporation

372,652

3,478

Northfield

Bancorp,

Inc.

47,092

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock  43.8%

Value

Financials  5.8%

-

continued

2,296

Northpointe

Bancshares,

Inc.

$

39,629

1,510

Northrim

BanCorp

,

Inc.

34,549

8,153

Northwest

Bancshares,

Inc.

103,462

3,401

OFG

Bancorp

137,604

43,454

Old

National

Bancorp

960,333

28,341

Old

Republic

International

Corporation

1,130,806

9,100

Old

Second

Bancorp,

Inc.

183,456

2,165

OneMain

Holdings,

Inc.

115,806

1,434

Orange

County

Bancorp,

Inc.

45,859

5,089

Orrstown

Financial

Services,

Inc.

183,611

815

Palomar

Holdings,

Inc.

a

97,393

1,272

Parke

Bancorp,

Inc.

36,125

672

Paymentus

Holdings,

Inc.

a

17,069

1,868

PCB

Bancorp

42,011

267

PennyMac

Financial

Services,

Inc.

23,336

555

Peoples

Financial

Services

Corporation

29,598

1,356

Pinnacle

Financial

Partners,

Inc.

116,806

792

Piper

Sandler

Companies

60,628

274

PNC

Financial

Services

Group,

Inc.

57,017

3,762

Popular,

Inc.

504,748

1,190

Principal

Financial

Group,

Inc.

107,231

3,451

Progressive

Corporation

684,126

715

Prosperity

Bancshares,

Inc.

48,034

1,405

Provident

Financial

Services,

Inc.

29,730

1,884

Prudential

Financial,

Inc.

184,048

4,669

Radian

Group,

Inc.

154,451

828

Raymond

James

Financial,

Inc.

119,886

2,172

Regions

Financial

Corporation

56,733

3,649

Reinsurance

Group

of

America,

Inc.

744,980

792

RenaissanceRe

Holdings,

Ltd.

235,406

261

Renasant

Corporation

9,430

1,022

RLI

Corporation

58,295

50,062

Robinhood

Markets,

Inc.

a

3,469,297

1,450

Rocket

Companies,

Inc.

a

20,663

243

S&P

Global,

Inc.

103,358

20,951

SEI

Investments

Company

1,644,025

364

Selective

Insurance

Group,

Inc.

27,442

174

ServisFirst

Bancshares,

Inc.

12,672

3,032

Shore

Bancshares,

Inc.

56,638

3,950

Simmons

First

National

Corporation

76,828

1,090

South

Plains

Financial,

Inc.

45,671

340

Southern

Missouri

Bancorp,

Inc.

21,740

6,893

SouthState

Bank

Corporation

637,740

932

Starwood

Property

Trust,

Inc.

16,049

1,946

State

Street

Corporation

246,286

1,363

StepStone

Group,

Inc.

65,042

7,183

Stifel

Financial

Corporation

530,967

10,341

Stock

Yards

Bancorp,

Inc.

685,505

208

StoneX

Group,

Inc.

a

16,775

176

Texas

Capital

Bancshares,

Inc.

a

16,699

1,626

Third

Coast

Bancshares,

Inc.

a

61,512

19,220

Toast,

Inc.

a

509,522

679

Tompkins

Financial

Corporation

53,532

2,042

Towne

Bank/Portsmouth,

VA

68,754

999

TPG

RE

Finance

Trust,

Inc.

7,802

914

TPG,

Inc.

37,026

2,582

Tradeweb

Markets,

Inc.

303,798

24,031

Triumph

Financial,

Inc.

a

1,433,689

1,588

U.S.

Bancorp

82,592

1,355

UMB

Financial

Corporation

152,830

Shares

Common

Stock  43.8%

Value

Financials  5.8%

-

continued

891

United

Bankshares

,

Inc.

$

36,905

2,685

United

Community

Banks,

Inc.

84,551

1,225

Unity

Bancorp,

Inc.

63,492

651

Univest

Financial

Corporation

22,303

3,897

Unum

Group

284,598

22,645

Valley

National

Bancorp

278,081

1,463

Virtu

Financial,

Inc.

64,343

31,783

Visa,

Inc.

9,606,094

20

Webster

Financial

Corporation

1,388

98,354

Wells

Fargo

&

Company

7,829,962

8,817

WesBanco

,

Inc.

304,098

1,912

Western

Alliance

Bancorp

135,465

8,013

Western

Union

Company

69,953

192

Willis

Towers

Watson

plc

55,814

3,162

Wintrust

Financial

Corporation

439,328

3,939

WisdomTree

,

Inc.

57,352

95

WSFS

Financial

Corporation

6,219

8,634

Zions

Bancorp

NA

497,491

Total

136,706,678

Health

Care  4.5%

1,359

4D

Molecular

Therapeutics,

Inc.

a

12,652

1,075

AbbVie,

Inc.

233,802

2,487

Adaptive

Biotechnologies

Corporation

a

34,520

16,824

Agilent

Technologies,

Inc.

1,917,599

623

Agios

Pharmaceuticals,

Inc.

a

21,076

1,234

Align

Technology,

Inc.

a

211,545

2,406

Alnylam

Pharmaceuticals,

Inc.

a

796,073

11,640

Amgen,

Inc.

4,095,534

849

Anika

Therapeutics,

Inc.

a

12,310

1,953

Arcus

Biosciences,

Inc.

a

42,185

1,166

Argenx

SE

ADR

a

851,471

446

Artivion

,

Inc.

a

16,332

288

Avanos

Medical,

Inc.

a

4,035

25,036

Avantor

,

Inc.

a

196,282

1,088

Azenta

,

Inc.

a

22,989

469

Biogen,

Inc.

a

85,982

4,965

BioMarin

Pharmaceutical,

Inc.

a

280,473

6,999

Bio-

Techne

Corporation

365,768

24,927

Boston

Scientific

Corporation

a

1,564,169

5,374

BridgeBio

Pharma,

Inc.

a

399,073

23,824

BrightSpring

Health

Services,

Inc.

a

1,015,141

23,860

Bristol-Myers

Squibb

Company

1,447,109

256

Bruker

Corporation

9,247

611

Cardinal

Health,

Inc.

129,110

9,025

Cencora

,

Inc.

2,835,113

29,551

Centene

Corporation

a

967,500

1,393

Charles

River

Laboratories

International,

Inc.

a

240,292

14,145

Cigna

Group

3,773,179

16,166

Concentra

Group

Holdings

Parent,

Inc.

346,761

4,484

Cooper

Companies,

Inc.

a

320,606

26,774

Danaher

Corporation

5,076,350

2,925

Denali

Therapeutics,

Inc.

a

56,160

4,526

Dentsply

Sirona,

Inc.

52,502

7,594

Dexcom

,

Inc.

a

476,903

2,333

Edwards

Lifesciences

Corporation

a

186,827

8,190

Elanco

Animal

Health,

Inc.

a

195,987

549

Elevance

Health,

Inc.

160,720

13,037

Eli

Lilly

&

Company

11,991,041

2,760

Enanta

Pharmaceuticals,

Inc.

a

34,859

12,102

Encompass

Health

Corporation

1,170,626

3,304

Enovis

Corporation

a

75,166

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock  43.8%

Value

Health

Care  4.5%

-

continued

727

Envista

Holdings

Corporation

a

$

18,444

2,244

Exelixis

,

Inc.

a

96,245

2,300

Fate

Therapeutics,

Inc.

a

2,760

5,240

Fortrea

Holdings,

Inc.

a

49,361

1,257

GE

HealthCare

Technologies,

Inc.

89,473

4,526

GeneDx

Holdings

Corporation

a

290,660

24,876

Gilead

Sciences,

Inc.

3,466,968

1,274

Globus

Medical,

Inc.

a

109,768

5,765

Guardant

Health,

Inc.

a

532,513

1,511

Henry

Schein,

Inc.

a

111,361

145

Humana,

Inc.

25,142

12,950

ICON

plc

a

1,433,047

6,776

ICU

Medical,

Inc.

a

875,120

4,533

IDEXX

Laboratories,

Inc.

a

2,547,047

2,665

Illumina,

Inc.

a

328,488

1,423

Insmed

,

Inc.

a

232,689

1,826

Insulet

Corporation

a

383,168

14,617

Intuitive

Surgical,

Inc.

a

6,738,291

892

Ionis

Pharmaceuticals,

Inc.

a

66,980

994

IQVIA

Holding,

Inc.

a

169,517

8,081

iRhythm

Holdings,

Inc.

a

953,720

594

Jazz

Pharmaceuticals,

Inc.

a

112,296

27,931

Johnson

&

Johnson

6,827,454

15,784

Labcorp

Holdings,

Inc.

4,211,329

5,263

LivaNova

plc

a

334,516

2,385

Masimo

Corporation

a

424,220

3,098

Medpace

Holdings,

Inc.

a

1,487,629

28,923

Medtronic

plc

2,506,178

53,099

Merck

&

Company,

Inc.

6,387,279

297

Merit

Medical

Systems,

Inc.

a

20,472

259

Mettler

-Toledo

International,

Inc.

a

326,651

5,208

Mirum

Pharmaceuticals,

Inc.

a

481,115

1,553

Moderna

,

Inc.

a

78,892

1,672

Myriad

Genetics,

Inc.

a

7,524

6,226

Natera

,

Inc.

a

1,245,138

6,337

Neogen

Corporation

a

58,871

6,021

Neurocrine

Biosciences,

Inc.

a

793,206

358

Option

Care

Health,

Inc.

a

9,637

2,263

Penumbra,

Inc.

a

743,101

5,923

Pfizer,

Inc.

166,318

595

Prestige

Consumer

Healthcare,

Inc.

a

35,266

1,123

QIAGEN

NV

44,965

158

Quest

Diagnostics,

Inc.

30,965

8,675

RadNet

,

Inc.

a

484,846

155

REGENXBIO,

Inc.

a

1,299

11,832

Repligen

Corporation

a

1,394,046

155

ResMed

,

Inc.

34,794

782

Revolution

Medicines,

Inc.

a

76,049

921

Revvity

,

Inc.

80,689

16,705

Royalty

Pharma

plc

801,339

1,052

Sotera

Health

Company

a

15,086

10,753

STERIS

plc

2,377,811

3,947

Stryker

Corporation

1,296,945

1,844

Tenet

Healthcare

Corporation

a

347,981

21,842

Twist

Bioscience

Corporation

a

1,037,932

5,312

UFP

Technologies,

Inc.

a

1,028,403

2,356

Ultragenyx

Pharmaceutical,

Inc.

a

49,358

363

United

Therapeutics

Corporation

a

215,252

7,814

UnitedHealth

Group,

Inc.

2,114,390

123

Universal

Health

Services,

Inc.

22,013

4,058

Varex

Imaging

Corporation

a

43,055

1,056

Vaxcyte

,

Inc.

a

61,364

5,385

Veeva

Systems,

Inc.

a

945,929

13,401

Vericel

Corporation

a

431,110

Shares

Common

Stock  43.8%

Value

Health

Care  4.5%

-

continued

3,185

Vertex

Pharmaceuticals,

Inc.

a

$

1,422,230

24,690

Viatris

,

Inc.

333,562

3,431

Vir

Biotechnology,

Inc.

a

30,742

63

Waters

Corporation

a

18,761

44,451

Waystar

Holding

Corporation

a

1,071,714

5,604

West

Pharmaceutical

Services,

Inc.

1,404,587

1,996

Xencor

,

Inc.

a

24,072

820

Xenon

Pharmaceuticals,

Inc.

a

47,683

31,592

Zimmer

Biomet

Holdings,

Inc.

2,856,549

6,271

Zoetis,

Inc.

741,295

Total

107,389,739

Industrials  6.1%

2,781

3M

Company

403,885

11,926

AAON,

Inc.

986,876

2,771

Acuity,

Inc.

776,490

12,235

Advanced

Drainage

Systems,

Inc.

1,677,786

1,172

AECOM

99,409

206

AGCO

Corporation

23,869

53,761

Alight,

Inc.

31,327

1,944

Allegheny

Technologies,

Inc.

a

282,774

974

Allegion

plc

141,512

604

Allison

Transmission

Holdings,

Inc.

70,704

50,677

Amentum

Holdings,

Inc.

a

1,321,656

1,063

American

Superconductor

Corporation

a

35,983

10,204

AMETEK,

Inc.

2,187,329

2,434

API

Group

Corporation

a

98,626

5,177

Applied

Industrial

Technologies,

Inc.

1,373,562

715

Arcosa

,

Inc.

75,890

2,162

Armstrong

World

Industries,

Inc.

356,298

6,913

Atmus

Filtration

Technologies,

Inc.

392,451

9,644

Automatic

Data

Processing,

Inc.

1,959,468

2,238

Axon

Enterprise,

Inc.

a

950,456

230

AZZ,

Inc.

28,780

6,058

Badger

Infrastructure

Solutions,

Ltd.

270,173

10,500

Barrett

Business

Services,

Inc.

306,390

164

Bloom

Energy

Corporation

a

22,220

1,082

Brady

Corporation

87,902

1,144

BrightView

Holdings,

Inc.

a

13,488

77

Brink's

Company

7,979

174

Broadridge

Financial

Solutions,

Inc.

28,271

15,042

BWX

Technologies,

Inc.

3,075,939

613

C.H.

Robinson

Worldwide,

Inc.

101,801

145

CACI

International,

Inc.

a

78,861

6,204

Casella

Waste

Systems,

Inc.

a

492,225

13,847

Caterpillar,

Inc.

9,810,046

10,061

CECO

Environmental

Corporation

a

599,434

3,275

Cintas

Corporation

553,933

6,145

Clean

Harbors,

Inc.

a

1,761,956

244,679

CNH

Industrial

NV

2,691,469

1,715

Concentrix

Corporation

46,922

5,418

Construction

Partners,

Inc.

a

602,048

13,741

Copart

,

Inc.

a

456,201

4,186

CRA

International,

Inc.

677,630

469

Crane

Company

80,199

3,037

CSW

Industrials,

Inc.

791,381

96,220

CSX

Corporation

3,949,831

642

Cummins,

Inc.

345,409

1,314

Curtiss-Wright

Corporation

894,992

66,385

Delta

Air

Lines,

Inc.

4,413,275

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock  43.8%

Value

Industrials  6.1%

-

continued

3,372

DNOW,

Inc.

a

$

40,161

2,071

Donaldson

Company,

Inc.

175,766

96

Dycom

Industries,

Inc.

a

32,527

10,992

Eaton

Corporation

plc

3,931,509

6,310

EMCOR

Group,

Inc.

4,658,736

15,069

Enerpac

Tool

Group

Corporation

549,566

1,071

EnerSys

186,054

3,285

EnPro

,

Inc.

823,385

217

Equifax,

Inc.

39,075

104

ESCO

Technologies,

Inc.

29,262

2,164

ExlService

Holdings,

Inc.

a

65,894

151,303

Fastenal

Company

7,020,459

4,863

Federal

Signal

Corporation

525,885

3,415

Ferguson

Enterprises,

Inc.

796,583

48,759

Flowserve

Corporation

3,584,274

10,784

Fluor

Corporation

a

503,074

759

Fortive

Corporation

41,958

2,105

Fortune

Brands

Innovations,

Inc.

82,032

1,976

FTAI

Aviation,

Ltd.

484,120

1,129

Gates

Industrial

Corporation

plc

a

25,527

56

GATX

Corporation

9,561

2,787

GE

Vernova

,

Inc.

2,432,772

8,952

General

Dynamics

Corporation

3,072,505

27,481

General

Electric

Company

7,798,283

2,076

Genpact

,

Ltd.

77,331

8,112

Graco

,

Inc.

686,681

1,164

HEICO

Corporation

245,709

5,521

Helios

Technologies,

Inc.

357,264

36,013

Hexcel

Corporation

2,914,532

764

HNI

Corporation

25,510

18,493

Honeywell

International,

Inc.

4,179,973

8,687

Howmet

Aerospace,

Inc.

2,002,006

70

Hubbell,

Inc.

34,352

1,629

Hudson

Technologies,

Inc.

a

9,579

165

Huntington

Ingalls

Industries,

Inc.

62,683

4,036

ICF

International,

Inc.

263,510

853

IDEX

Corporation

161,686

750

IES

Holdings,

Inc.

a

357,352

1,282

Ingersoll

Rand,

Inc.

102,714

239

Insteel

Industries,

Inc.

8,033

1,574

ITT

Corporation

299,894

15,128

Jacobs

Solutions,

Inc.

1,925,492

11,609

JB

Hunt

Transport

Services,

Inc.

2,459,947

444

Kennametal,

Inc.

16,042

1,066

Kirby

Corporation

a

141,650

189

Knight-Swift

Transportation

Holdings,

Inc.

10,883

4,892

Korn

Ferry

307,951

11,272

L3Harris

Technologies,

Inc.

3,890,531

363

Leidos

Holdings,

Inc.

56,454

10,332

Limbach

Holdings,

Inc.

a

806,413

4,548

Lincoln

Electric

Holdings,

Inc.

1,132,816

1,582

Lyft,

Inc.

a

21,041

2,570

Masco

Corporation

155,151

199

MasTec

,

Inc.

a

64,026

420

Maximus,

Inc.

26,922

1,282

McGrath

RentCorp

141,379

9,545

Mercury

Systems,

Inc.

a

695,926

1,792

Middleby

Corporation

a

237,583

7,277

MillerKnoll

,

Inc.

105,225

5,078

Modine

Manufacturing

Company

a

1,100,453

4,404

Moog,

Inc.

1,288,787

2,418

Mueller

Industries,

Inc.

267,914

22,485

Mueller

Water

Products,

Inc.

618,113

202

MYR

Group,

Inc.

a

57,029

Shares

Common

Stock  43.8%

Value

Industrials  6.1%

-

continued

1,830

Nextpower

,

Inc.

a

$

220,606

85

Nordson

Corporation

22,615

44,229

NPK

International,

Inc.

a

640,878

9,510

nVent

Electric

plc

1,124,843

5,293

Old

Dominion

Freight

Line,

Inc.

1,034,252

546

Oshkosh

Corporation

80,377

5,854

Otis

Worldwide

Corporation

451,226

605

Owens

Corning,

Inc.

65,473

8,040

Parker-Hannifin

Corporation

7,197,730

1,120

Paychex,

Inc.

103,174

455

Paylocity

Holding

Corporation

a

49,158

4,047

Pentair

plc

352,534

3,250

Proficient

Auto

Logistics,

Inc.

a

22,035

2,704

Quanta

Services,

Inc.

1,484,550

2,443

RBC

Bearings,

Inc.

a

1,326,842

213

Regal

Rexnord

Corporation

39,886

2,933

Republic

Services,

Inc.

642,386

4,527

Rockwell

Automation,

Inc.

1,624,650

13,364

RTX

Corporation

2,577,916

68

Ryder

System,

Inc.

13,920

708

Science

Applications

International

Corporation

67,203

2,290

Sensata

Technologies

Holding

plc

80,654

228

SkyWest,

Inc.

a

20,937

334

SPX

Technologies,

Inc.

a

66,780

3,032

SS&C

Technologies

Holdings,

Inc.

204,872

2,889

Standex

International

Corporation

736,291

1,732

Stanley

Black

&

Decker,

Inc.

123,076

1,835

Sterling

Construction

Company,

Inc.

a

747,340

423

Tetra

Tech,

Inc.

12,741

117

Textron,

Inc.

10,245

1,412

Timken

Company

142,005

2,859

Toro

Company

267,145

711

Trane

Technologies

plc

296,302

8,453

Transcat

,

Inc.

a

620,873

680

Trex

Company,

Inc.

a

24,766

61,090

Uber

Technologies,

Inc.

a

4,394,204

1,397

UL

Solutions,

Inc.

119,737

1,357

United

Airlines

Holdings,

Inc.

a

124,939

477

United

Rentals,

Inc.

347,523

8,137

Veralto

Corporation

719,474

7,829

Verisk

Analytics,

Inc.

1,485,553

2,296

Verra

Mobility

Corporation

a

32,810

6,650

Vertiv

Holdings

Company

1,666,357

867

Wabtec

Corporation

216,672

1,673

Waste

Management,

Inc.

384,439

83

Watts

Water

Technologies,

Inc.

24,094

3,362

WESCO

International,

Inc.

919,910

5,520

Willdan

Group,

Inc.

a

422,611

322

Woodward,

Inc.

115,250

10,694

Xylem,

Inc.

1,277,933

2,196

Zurn

Elkay

Water

Solutions

Corporation

98,469

Total

144,506,867

Information

Technology  12.0%

2,621

Adobe,

Inc.

a

637,113

18,941

Advanced

Micro

Devices,

Inc.

a

3,853,168

951

Ambarella

,

Inc.

a

48,953

2,555

Amkor

Technology,

Inc.

115,052

32,626

Amphenol

Corporation

4,122,295

3,989

Analog

Devices,

Inc.

1,269,060

140,845

Apple,

Inc.

35,745,053

2,919

Applied

Materials,

Inc.

997,685

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock  43.8%

Value

Information

Technology  12.0%

-

continued

55,605

Arista

Networks,

Inc.

a

$

6,827,182

837

Arrow

Electronics,

Inc.

a

120,034

2,265

ASGN,

Inc.

a

87,678

121

Astera

Labs,

Inc.

a

13,262

9,144

Autodesk,

Inc.

a

2,189,074

1,851

Avnet,

Inc.

114,059

2,442

Bel

Fuse,

Inc.

483,467

677

Blackbaud

,

Inc.

a

26,139

60,009

Broadcom,

Inc.

18,573,386

2,195

Cadence

Design

Systems,

Inc.

a

609,925

150

Calix,

Inc.

a

7,348

3,046

Celestica,

Inc.

a

857,997

324

Ciena

Corporation

a

125,786

1,216

Cirrus

Logic,

Inc.

a

175,858

68,263

Cisco

Systems,

Inc.

5,296,526

6,016

Cloudflare

,

Inc.

a

1,241,341

24,337

Cognex

Corporation

1,192,270

1,899

Cognizant

Technology

Solutions

Corporation

116,504

5,221

Coherent

Corporation

a

1,243,694

284

Cohu

,

Inc.

a

8,696

477

CommVault

Systems,

Inc.

a

37,153

3,605

Corning,

Inc.

490,172

5,327

Crane

NXT

Company

216,223

154

Credo

Technology

Group

Holding,

Ltd.

a

14,456

89

CTS

Corporation

4,251

935

Datadog

,

Inc.

a

110,377

9,796

DigitalOcean

Holdings,

Inc.

a

840,301

1,013

Dolby

Laboratories,

Inc.

60,841

661

EPAM

Systems,

Inc.

a

89,499

388

F5,

Inc.

a

112,260

3,313

Fabrinet

a

1,727,796

7,669

Flex,

Ltd.

a

502,013

25,800

Fortinet,

Inc.

a

2,108,376

2,422

Gen

Digital,

Inc.

45,606

2,739

GoDaddy

,

Inc.

a

226,433

38,850

GPGI,

Inc.

664,335

13,904

Guidewire

Software,

Inc.

a

2,079,482

8,504

Hewlett

Packard

Enterprise

Company

202,480

312

Ichor

Holdings,

Ltd.

a

14,542

2,136

InterDigital

,

Inc.

645,072

20,980

International

Business

Machines

Corporation

5,085,342

6,543

Intuit,

Inc.

2,829,062

68,550

JFrog

,

Ltd.

a

3,217,051

6,513

Keysight

Technologies,

Inc.

a

1,839,076

2,298

Knowles

Corporation

a

59,013

1,166

Kulicke

and

Soffa

Industries,

Inc.

76,629

44,073

Lam

Research

Corporation

9,416,637

22,535

Lattice

Semiconductor

Corporation

a

2,090,347

1,772

Littelfuse

,

Inc.

601,328

983

Lumentum

Holdings,

Inc.

a

690,813

564

MACOM

Technology

Solutions

Holdings,

Inc.

a

125,247

204

Manhattan

Associates,

Inc.

a

27,156

3,521

Microchip

Technology,

Inc.

227,492

7,157

Micron

Technology,

Inc.

2,417,921

101,730

Microsoft

Corporation

37,657,394

5,072

MKS,

Inc.

1,165,596

211

MongoDB,

Inc.

a

51,646

2,456

Monolithic

Power

Systems,

Inc.

2,685,268

3,174

Motorola

Solutions,

Inc.

1,377,421

3,608

Napco

Security

Technologies,

Inc.

142,119

Shares

Common

Stock  43.8%

Value

Information

Technology  12.0%

-

continued

3,800

NetApp,

Inc.

$

389,082

20,715

Nokia

Oyj

ADR

166,549

3,630

Novanta

,

Inc.

a

428,739

296,946

NVIDIA

Corporation

51,787,382

1,901

NXP

Semiconductors

NV

374,231

2,304

ON

Semiconductor

Corporation

a

142,664

5,137

Onto

Innovation,

Inc.

a

1,053,445

16,339

Oracle

Corporation

2,403,630

55,632

Palantir

Technologies,

Inc.

a

8,137,849

9,062

Pegasystems

,

Inc.

385,679

1,609

Plexus

Corporation

a

325,887

1,549

PTC,

Inc.

a

220,717

236

Q2

Holdings,

Inc.

a

11,163

1,008

Qnity

Electronics,

Inc.

116,303

34,956

Qualcomm,

Inc.

4,501,634

14,363

Rambus,

Inc.

a

1,235,649

302

Roper

Industries,

Inc.

106,866

2,726

Salesforce,

Inc.

508,862

58,757

Samsung

Electronics

Company,

Ltd.

6,872,300

516

SanDisk

Corporation/

DE

a

327,835

101

Sanmina

Corporation

a

13,094

42,544

ServiceNow

,

Inc.

a

4,447,975

330

ServiceTitan

,

Inc.

a

20,942

34,430

Shopify,

Inc.

a

4,084,087

7,014

Silicon

Laboratories,

Inc.

a

1,459,964

1,892

SiTime

Corporation

a

653,402

3,121

Skyworks

Solutions,

Inc.

167,130

5,962

Snowflake,

Inc.

a

899,189

2,667

Sprout

Social,

Inc.

a

15,202

2,401

Synopsys,

Inc.

a

951,948

28,614

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

9,670,101

25,636

TD

SYNNEX

Corporation

4,325,050

6,527

TE

Connectivity

plc

1,364,274

381

Teledyne

Technologies,

Inc.

a

230,509

1,022

Tenable

Holdings,

Inc.

a

17,287

4,489

Teradyne,

Inc.

1,330,809

11,856

Texas

Instruments,

Inc.

2,301,724

3,754

Trimble,

Inc.

a

244,873

8,805

TTM

Technologies,

Inc.

a

857,783

2,313

Tyler

Technologies,

Inc.

a

791,925

2,695

Unity

Software,

Inc.

a

59,128

777

Varonis

Systems,

Inc.

a

16,682

3,080

VeriSign,

Inc.

764,949

4,788

Viavi

Solutions,

Inc.

a

159,345

17,198

Vontier

Corporation

610,013

1,634

Western

Digital

Corporation

441,981

161

Workday,

Inc.

a

20,917

1,749

Zebra

Technologies

Corporation

a

365,681

1,314

Zoom

Communications,

Inc.

a

105,632

714

Zscaler

,

Inc.

a

100,167

Total

284,061,060

Materials  1.2%

147

Air

Products

and

Chemicals,

Inc.

42,702

778

Albemarle

Corporation

139,674

5,635

Alcoa

Corporation

373,769

2,569

Amcor

plc

102,118

2,449

American

Vanguard

Corporation

a

6,098

969

AngloGold

Ashanti

plc

94,342

2,323

AptarGroup,

Inc.

292,744

5,850

Ashland,

Inc.

325,318

1,330

Avery

Dennison

Corporation

229,664

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock  43.8%

Value

Materials  1.2%

-

continued

2,782

Avient

Corporation

$

100,987

4,708

Balchem

Corporation

797,912

2,886

Ball

Corporation

170,591

4,149

Celanese

Corporation

272,880

33,118

CF

Industries

Holdings,

Inc.

4,300,041

6,190

Coeur

Mining,

Inc.

a

116,186

1,276

Commercial

Metals

Company

78,385

16,325

Constellium

SE

a

401,268

3,429

Corteva

,

Inc.

287,042

23,664

Crown

Holdings,

Inc.

2,372,316

12,734

DuPont

de

Nemours,

Inc.

583,217

14,202

Eastman

Chemical

Company

1,083,897

6,425

Ecolab,

Inc.

1,709,178

37,585

Element

Solutions,

Inc.

1,283,152

13,485

Freeport-McMoRan,

Inc.

792,648

5,561

Greif,

Inc.

372,976

4,712

Hecla

Mining

Company

87,785

8,973

Huntsman

Corporation

119,431

972

Ingevity

Corporation

a

69,236

554

International

Flavors

&

Fragrances,

Inc.

40,193

30,674

International

Paper

Company

1,095,062

1,267

Intrepid

Potash,

Inc.

a

54,190

61,526

Ivanhoe

Mines,

Ltd.

a

525,875

658

Kaiser

Aluminum

Corporation

79,296

3,287

Linde

plc

1,629,563

7,913

Louisiana-Pacific

Corporation

575,671

1,722

Martin

Marietta

Materials,

Inc.

1,013,707

895

Minerals

Technologies,

Inc.

63,473

8,287

Mosaic

Company

211,318

107

NewMarket

Corporation

68,582

8,750

Newmont

Corporation

947,187

21,131

Nucor

Corporation

3,573,252

1,475

O-I

Glass,

Inc.

a

15,502

7,397

Orion

SA

48,080

945

Packaging

Corporation

of

America

200,548

1,752

PPG

Industries,

Inc.

187,254

124

Reliance,

Inc.

37,686

936

Royal

Gold,

Inc.

238,203

318

Scotts

Miracle-

Gro

Company

19,338

975

Sensient

Technologies

Corporation

84,279

2,515

Smurfit

WestRock

plc

100,223

25,650

Solstice

Advanced

Materials,

Inc.

1,953,504

1,353

Sonoco

Products

Company

73,184

1,225

Steel

Dynamics,

Inc.

220,500

531

Stepan

Company

26,539

Total

29,687,766

Real

Estate  1.0%

4,047

Agree

Realty

Corporation

305,063

2,041

Alpine

Income

Property

Trust,

Inc.

36,738

3,318

Americold

Realty

Trust,

Inc.

38,024

4,731

AvalonBay

Communities,

Inc.

772,809

8,842

Brixmor

Property

Group,

Inc.

254,650

781

Broadstone

Net

Lease,

Inc.

14,269

1,400

CareTrust

REIT,

Inc.

51,310

25,287

CBRE

Group,

Inc.

a

3,425,377

5,779

Compass,

Inc.

a

42,244

1,455

CoStar

Group,

Inc.

a

58,695

10,523

Cousins

Properties,

Inc.

237,504

41,938

Crown

Castle,

Inc.

3,409,979

3,055

Curbline

Properties

Corporation

78,788

1,120

Cushman

&

Wakefield,

Ltd.

a

13,731

2,059

Digital

Realty

Trust,

Inc.

371,052

Shares

Common

Stock  43.8%

Value

Real

Estate  1.0%

-

continued

8,960

Easterly

Government

Properties,

Inc.

$

192,013

11,184

EPR

Properties

558,753

4,752

Equity

Lifestyle

Properties,

Inc.

296,620

53,352

Essential

Properties

Realty

Trust,

Inc.

1,619,767

207

Essex

Property

Trust,

Inc.

50,094

725

Extra

Space

Storage,

Inc.

95,069

526

Federal

Realty

Investment

Trust

55,866

4,812

Fermi,

Inc.

a,b

28,102

4,072

First

Industrial

Realty

Trust,

Inc.

235,565

543

FrontView

REIT,

Inc.

8,400

4,124

Getty

Realty

Corporation

131,143

123,031

Healthcare

Realty

Trust,

Inc.

2,090,297

42,560

Host

Hotels

&

Resorts,

Inc.

815,450

355

Howard

Hughes

Holdings,

Inc.

a

22,457

3,886

Independence

Realty

Trust,

Inc.

57,863

28,357

Industrial

Logistics

Properties

Trust

161,068

9,994

Innovative

Industrial

Properties,

Inc.

501,299

7,407

InvenTrust

Properties

Corporation

225,617

2,949

Iron

Mountain,

Inc.

301,211

572

Jones

Lang

LaSalle,

Inc.

a

174,071

2,098

Kimco

Realty

Corporation

47,142

107

Lamar

Advertising

Company

13,553

2,948

Macerich

Company

55,717

30,926

Medical

Properties

Trust,

Inc.

143,187

43,650

Millrose

Properties,

Inc.

1,222,200

181

National

Health

Investors,

Inc.

14,636

2,897

NET

Lease

Office

Properties

33,373

5,780

NetSTREIT

Corporation

108,837

750

NNN

REIT,

Inc.

31,522

324

Omega

Healthcare

Investors,

Inc.

14,198

14,273

Outfront

Media,

Inc.

378,235

9,791

Park

Hotels

&

Resorts,

Inc.

103,099

3,040

Piedmont

Realty

Trust,

Inc.

a

19,973

1,440

Postal

Realty

Trust,

Inc.

26,726

472

Realty

Income

Corporation

28,877

723

Regency

Centers

Corporation

54,702

9,991

RLJ

Lodging

Trust

74,133

449

Ryman

Hospitality

Properties

41,429

23,676

Sabra

Health

Care

REIT,

Inc.

455,289

15,719

Safehold

,

Inc.

212,678

450

SBA

Communications

Corporation

77,450

29,135

Sila

Realty

Trust,

Inc.

689,917

141

Simon

Property

Group,

Inc.

26,301

4,704

STAG

Industrial,

Inc.

169,626

49,747

Tanger

,

Inc.

1,690,403

16,887

Terreno

Realty

Corporation

1,037,200

1,550

Ventas,

Inc.

126,759

4,142

Xenia

Hotels

&

Resorts,

Inc.

61,426

3,912

Zillow

Group,

Inc.,

Class

C

a

161,879

Total

23,851,425

Utilities  1.4%

1,431

Alliant

Energy

Corporation

102,689

2,318

American

States

Water

Company

175,287

970

American

Water

Works

Company,

Inc.

132,007

1,212

Artesian

Resources

Corporation

38,602

6,769

Avista

Corporation

271,708

2,280

Black

Hills

Corporation

158,255

1,845

California

Water

Service

Group

83,652

2,458

CenterPoint

Energy,

Inc.

106,087

5,994

Clearway

Energy,

Inc.,

Class

A

234,785

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock  43.8%

Value

Utilities  1.4%

-

continued

7,089

Clearway

Energy,

Inc.,

Class

C

$

278,527

624

Consolidated

Edison,

Inc.

70,624

23,677

Constellation

Energy

Corporation

6,611,802

257

DTE

Energy

Company

37,579

32,614

Duke

Energy

Corporation

4,270,477

37,172

Edison

International

2,720,247

44,226

Entergy

Corporation

4,969,233

24,790

Evergy

,

Inc.

2,030,797

6,631

Eversource

Energy

459,396

5,443

Exelon

Corporation

266,816

2,700

FirstEnergy

Corporation

136,782

2,648

H2O

America

b

155,358

708

Middlesex

Water

Company

36,851

561

National

Fuel

Gas

Company

52,712

6,612

New

Jersey

Resources

Corporation

363,131

2,236

NiSource,

Inc.

104,332

675

Northwestern

Energy

Group,

Inc.

44,509

601

OGE

Energy

Corporation

28,824

1,418

Otter

Tail

Corporation

124,458

49,965

PG&E

Corporation

877,885

2,058

Pinnacle

West

Capital

Corporation

207,343

39,813

Portland

General

Electric

Company

2,100,932

3,941

Spire,

Inc.

356,818

60,525

UGI

Corporation

2,204,321

2,156

Unitil

Corporation

112,629

24,190

Vistra

Energy

Corporation

3,636,483

4,335

XPLR

Infrastructure,

LP

a

46,038

160

York

Water

Company

4,872

Total

33,612,848

Total

Common

Stock

(cost

$733,463,192)

1,039,060,204

Shares

Registered

Investment

Companies  

38.5%

Value

U.S.

Affiliated  

37.8%  

5,417,611

Thrivent

Core

Emerging

Markets

Equity

Fund

67,340,900

5,853,663

Thrivent

Core

International

Equity

Fund

73,814,687

6,818,695

Thrivent

Global

Stock

Portfolio

108,801,823

16,337,522

Thrivent

International

Equity

Portfolio

202,956,131

940,253

Thrivent

International

Index

Portfolio

16,280,006

5,850,447

Thrivent

Large

Cap

Value

Portfolio

146,816,971

6,535,728

Thrivent

Mid

Cap

Stock

Portfolio

129,728,322

2,986,154

Thrivent

Mid

Cap

Value

ETF

46,833,645

4,701,556

Thrivent

Small

Cap

Stock

Portfolio

88,133,017

602,707

Thrivent

Small

Cap

Value

ETF

16,854,520

Total

897,560,022

U.S.

Unaffiliated  

0.7%  

5,054

Invesco

QQQ

Trust

Series

1

b

2,917,068

19,274

iShares

Biotechnology

ETF

3,254,415

4,376

iShares

Expanded

Tech-Software

Sector

ETF

a

350,299

10,828

State

Street

SPDR

S&P

500

ETF

Trust

7,041,881

8,278

State

Street

SPDR

S&P

Biotech

ETF

1,057,349

4,634

State

Street

SPDR

S&P

Software

&

Services

ETF

659,372

Shares

Registered

Investment

Companies  38.5%

Value

U.S.

Unaffiliated  

0.7%  -

continued

1,635

VanEck

Semiconductor

ETF

$

626,859

Total

15,907,243

Total

Registered

Investment

Companies

(cost

$711,634,350)

913,467,265

Principal

Amount

Long-Term

Fixed

Income

3.0%

Value

Commercial

Mortgage-Backed

Securities  <0.1%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

930,000

5.000%, 

5/25/2034,

Ser.

K-164,

Class

A2

c

957,636

375,000

4.600%, 

9/25/2035,

Ser.

K-173,

Class

A2

c,d

374,368

Total

1,332,004

Mortgage-Backed

Securities  1.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

425,394

2.000%, 

5/1/2051

347,974

841,304

2.500%, 

5/1/2051

717,508

385,043

4.000%, 

5/1/2052

366,929

125,338

5.000%, 

7/1/2053

124,921

808,157

5.500%, 

7/1/2053

822,525

700,869

5.000%, 

8/1/2053

699,952

1,611,096

5.500%, 

9/1/2053

1,651,246

24,209

5.500%, 

9/1/2055

24,573

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

117,058

2.500%, 

7/1/2030

113,516

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

675,000

4.500%, 

4/1/2041

e

670,138

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

451,564

3.000%, 

8/1/2038

429,725

415,909

3.500%, 

5/1/2040

396,488

396,330

2.500%, 

4/1/2042

356,359

1,605,729

5.000%, 

10/1/2045

1,605,528

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

796,743

3.000%, 

1/1/2052

706,255

130,762

2.000%, 

2/1/2051

106,963

87,033

2.000%, 

2/1/2051

71,193

636,752

2.500%, 

2/1/2051

546,604

1,369,915

5.500%, 

2/1/2055

1,395,816

1,152,177

2.000%, 

3/1/2051

936,697

1,350,301

4.000%, 

3/1/2051

1,290,561

242,595

2.000%, 

3/1/2052

198,978

884,442

3.000%, 

3/1/2052

784,320

450,462

3.000%, 

4/1/2051

396,542

556,990

5.500%, 

4/1/2054

569,999

541,541

3.000%, 

5/1/2050

477,046

176,940

2.000%, 

5/1/2051

143,988

402,716

3.000%, 

5/1/2051

362,214

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income  3.0%

Value

Mortgage-Backed

Securities  1.5%

-

continued

$

1,115,933

2.000%, 

6/1/2050

$

909,784

330,795

3.000%, 

6/1/2050

298,651

342,305

4.000%, 

6/1/2052

324,367

106,015

5.000%, 

6/1/2053

105,769

649,910

2.500%, 

7/1/2051

558,818

276,391

3.500%, 

7/1/2051

256,222

192,201

4.000%, 

7/1/2052

182,129

292,772

3.500%, 

8/1/2050

272,372

3,387,661

2.500%, 

8/1/2051

2,865,041

403,355

3.500%, 

8/1/2052

370,245

2,844,268

4.500%, 

8/1/2052

2,757,356

946,100

5.000%, 

8/1/2053

943,606

879,694

6.000%, 

8/1/2054

920,569

149,281

3.500%, 

9/1/2052

138,375

120,198

3.500%, 

9/1/2052

111,120

706,805

5.000%, 

9/1/2052

703,326

2,191,301

4.500%, 

9/1/2053

2,130,967

755,756

4.500%, 

9/1/2053

735,761

634,073

4.000%, 

10/1/2052

603,788

176,397

2.000%, 

11/1/2051

144,289

141,188

3.500%, 

11/1/2052

131,144

712,524

2.000%, 

12/1/2050

583,108

731,111

2.500%, 

12/1/2051

626,062

343,319

4.500%, 

12/1/2052

334,121

375,000

4.000%, 

4/1/2049

e

353,821

200,000

4.500%, 

4/1/2049

e

193,001

375,000

5.000%, 

4/1/2049

e

369,797

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

459,590

2.500%, 

3/1/2062

377,913

140,634

3.500%, 

7/1/2061

126,710

323,605

4.000%, 

12/1/2061

301,576

Total

35,044,366

U.S.

Government

&

Agencies  1.5%

U.S.

Treasury

Bonds

1,880,000

1.625%, 

11/15/2050

980,905

1,950,000

4.000%, 

11/15/2052

1,675,400

3,030,000

1.375%, 

11/15/2040

1,951,746

120,000

3.000%, 

5/15/2042

95,634

2,413,000

2.500%, 

5/15/2046

1,657,806

U.S.

Treasury

Notes

2,200,000

3.875%, 

5/31/2027

2,201,461

3,200,000

3.500%, 

9/30/2027

3,184,375

920,000

2.250%, 

11/15/2027

897,108

300,000

0.750%, 

1/31/2028

283,770

1,700,000

3.625%, 

3/31/2028

1,693,824

4,000,000

2.875%, 

5/15/2028

3,923,906

4,200,000

4.375%, 

8/31/2028

4,252,500

1,600,000

4.125%, 

3/31/2029

1,613,313

5,900,000

3.625%, 

9/30/2030

5,826,480

125,000

0.875%, 

11/15/2030

108,945

2,000,000

3.750%, 

1/31/2031

1,982,969

2,500,000

2.875%, 

5/15/2032

2,338,086

500,000

3.375%, 

5/15/2033

476,309

Total

35,144,537

Total

Long-Term

Fixed

Income

(cost

$74,601,152)

71,520,907

Shares

f

Private

Equity

Funds

2.8%

Value

Secondary  2.8%

__

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,

a,g

$

11,259,163

__

ASF

IX,

LP

*,

a,g

8,060,279

__

ASF

VIII

Sidecar

(Cayman),

LP

*,

a,g

2,373,167

__

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,

a,g

8,507,819

__

LCP

X

(Offshore),

LP

*,

a,g

18,473,425

__

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,

a,g

18,321,779

Total

66,995,632

Total

Private

Equity

Funds

(cost

$50,120,648)

66,995,632

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

4,788,100

Thrivent

Cash

Management

Trust

4,788,100

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,788,100)

4,788,100

Shares

or

Principal

Amount

Short-Term

Investments

11.8%

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

3.545%,

4/8/2026

h,i

199,841

200,000

3.610%,

4/17/2026

h,i

199,661

5,800,000

3.606%,

4/24/2026

h,i

5,786,119

500,000

3.600%,

4/29/2026

h,i

498,554

4,200,000

3.635%,

5/1/2026

h,i

4,186,944

700,000

3.604%,

5/8/2026

h,i

697,333

2,200,000

3.595%,

5/27/2026

h,i

2,187,425

2,800,000

3.600%,

5/29/2026

h,i

2,783,434

200,000

3.610%,

6/3/2026

h,i

198,718

100,000

3.635%,

6/5/2026

h,i

99,339

800,000

3.628%,

6/17/2026

h,i

793,751

500,000

3.590%,

6/18/2026

h,i

496,045

Federal

National

Mortgage

Association

Discount

Notes

4,600,000

3.595%,

6/1/2026

h,i

4,571,440

State

Street

Institutional

U.S.

Government

Money

Market

Fund

84,754,881

3.602%

h

84,754,881

Thrivent

Core

Short-Term

Reserve

Fund

17,068,864

3.930%

170,688,646

U.S.

Treasury

Bills

1,000,000

3.609%,

5/28/2026

h,j

994,241

600,000

3.601%,

6/11/2026

h,j

595,743

Total

Short-Term

Investments

(cost

$279,675,820)

279,732,115

Total

Investments

(cost

$1,854,283,262)

100.1%

$2,375,564,223

Other

Assets

and

Liabilities,

Net

(0.1%)

(1,290,160)

Total

Net

Assets

100.0%

$2,374,274,063

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

Private

equity

fund

partnerships

do

not

issue

shares.

g

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

h

The

interest

rate

shown

reflects

the

yield.

i

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

j

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Aggressive

Allocation

Portfolio

as

of

March

31,

2026

was

$66,995,632

or

2.82%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

8,480,205

ASF

IX,

LP 

3/18/2024

6,432,630

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

1,853,585

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

6,360,000

LCP

X

(Offshore),

LP 

10/25/2023

12,740,187

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

14,254,041

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

4,841,008

Total

lending

$4,841,008

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,788,100

Net

amounts

due

from

counterparty

$(52,908)

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

93,050,535

91,699,322

1,351,213

–

Consumer

Discretionary

106,107,342

106,107,342

–

–

Consumer

Staples

32,216,562

32,216,562

–

–

Energy

47,869,382

47,869,382

–

–

Financials

136,706,678

136,706,678

–

–

Health

Care

107,389,739

107,389,739

–

–

Industrials

144,506,867

144,236,694

270,173

–

Information

Technology

284,061,060

277,188,760

6,872,300

–

Materials

29,687,766

29,161,891

525,875

–

Real

Estate

23,851,425

23,851,425

–

–

Utilities

33,612,848

33,612,848

–

–

Registered

Investment

Companies

U.S.

Affiliated

756,404,435

756,404,435

–

–

U.S.

Unaffiliated

15,907,243

15,907,243

–

–

Long-Term

Fixed

Income

Commercial

Mortgage-Backed

Securities

1,332,004

–

1,332,004

–

Mortgage-Backed

Securities

35,044,366

–

35,044,366

–

U.S.

Government

&

Agencies

35,144,537

–

35,144,537

–

Private

Equity

Funds

Secondary

66,995,632

–

–

66,995,632

Short-Term

Investments

109,043,469

84,754,881

24,288,588

–

Subtotal

Investments

in

Securities

$2,058,931,890

$1,887,107,202

$104,829,056

$66,995,632

Other

Investments  *

Total

Affiliated

Short-Term

Investments

170,688,646

U.S.

Affiliated

Registered

Investment

Cos.

141,155,587

Collateral

Held

for

Securities

Loaned

4,788,100

Subtotal

Other

Investments

$316,632,333

Total

Investments

at

Value

$2,375,564,223

*

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

March

31,

2026,

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

1,189,992

922,308

267,684

–

Total

Asset

Derivatives

$1,189,992

$922,308

$267,684

$–

Liability

Derivatives

Futures

Contracts

10,195,937

10,195,937

–

–

Total

Return

Swaps

1,045,253

–

1,045,253

–

Total

Liability

Derivatives

$11,241,190

$10,195,937

$1,045,253

$–

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(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

Nasdaq

-

National

association

of

securities

dealers

automated

quotations

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

12/31/2025

Realized

Gain/

(Loss)

%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

03/31/2026

Private

Equity

Funds

 Secondary

$61,364,072

$- 

$2,932,739

$3,738,695

$(1,032,074) 

$-

$- 

$66,995,632

Total 

$61,364,072

$-  

$2,932,739

$3,738,695

$(1,032,074) 

$-

$-

$66,995,632

 Investments

in

Securities

Ending

Value  03/31/2026

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$66

,995,632

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$66

,995,632

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$23,108,603

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

June

2026

$

4,515,732

(

$

73,857)

CBOT

5-Yr.

U.S.

Treasury

Note

10

June

2026

1,095,572

(

13,775)

CME

E-mini

Russell

2000

Index

14

June

2026

1,749,864

8,676

CME

E-mini

S&P

500

Index

1,195

June

2026

401,787,208

(

9,184,895)

CME

E-mini

S&P

Mid-Cap

400

Index

5

June

2026

1,682,417

15,833

ICE

mini

MSCI

EAFE

Index

390

June

2026

56,498,333

73,117

Ultra

10-Yr.

U.S.

Treasury

Note

4

June

2026

462,227

(

8,164)

Total

Futures

Long

Contracts

$

467,791,353

(

$

9,183,065)

CBOT

U.S.

Long

Bond

(9)

June

2026

(

$

1,052,834)

$

27,959

CME

E-mini

Nasdaq

100

Index

(44)

June

2026

(

21,797,677)

752,477

CME

E-mini

Russell

2000

Index

(676)

June

2026

(

84,728,841)

(

183,520)

CME

E-mini

S&P

Mid-Cap

400

Index

(253)

June

2026

(

85,199,724)

(

731,726)

Eurex

Euro

STOXX

50

Index

(285)

June

2026

(

18,669,020)

267,684

ICE

US

mini

MSCI

Emerging

Markets

Index

(82)

June

2026

(

6,008,106)

44,246

Total

Futures

Short

Contracts

(

$

217,456,202)

$177,120

Total

Futures

Contracts

$

250,335,151

($9,005,945)

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Reference

Description:

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$1,508,507

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

100

Equal

Weight

USD

Total

Return

Index

Swap

SOFR

1

day

+58bps

Total

Return

Goldman

Sachs

&

Co.

LLC

5/1/2026

$

23,003,937

(

$

1,045,253)

$

–

(

$

1,045,253)

Total

Return

Swaps

(

$

1,045,253)

$

–

($1,045,253)

#

Payment

made

on

Termination

Date

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

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

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$64,957

$–

$–

$67,341

5,418

2.8%

Core

International

Equity

71,766

–

–

73,815

5,854

3.1

Global

Stock

110,560

–

–

108,802

6,819

4.6

International

Equity

200,352

–

–

202,956

16,338

8.5

International

Index

16,126

–

–

16,280

940

0.7

Large

Cap

Value

143,222

–

–

146,817

5,850

6.2

Mid

Cap

Stock

129,232

–

–

129,728

6,536

5.5

Mid

Cap

Value

ETF

45,144

–

–

46,834

2,986

2.0

Small

Cap

Stock

88,519

–

–

88,133

4,702

3.7

Small

Cap

Value

ETF

16,016

–

–

16,855

603

0.7

Total

U.S.

Affiliated

Registered

Investment

Companies

885,894

897,561

37.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

141,493

102,511

73,290

170,689

17,069

7.2

Total

Affiliated

Short-Term

Investments

141,493

170,689

7.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

44,950

40,162

4,788

4,788

0.2

Total

Collateral

Held

for

Securities

Loaned

–

4,788

0.2

Total

Value

$1,027,387

$1,073,038

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$2,384

$

–

$–

Core

International

Equity

–

2,049

–

–

Global

Stock

–

(1,758)

–

–

International

Equity

–

2,604

–

–

International

Index

–

154

–

–

Large

Cap

Value

–

3,595

–

–

Mid

Cap

Stock

–

496

–

–

Mid

Cap

Value

ETF

–

1,690

–

–

Small

Cap

Stock

–

(386)

–

–

Small

Cap

Value

ETF

–

839

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

(8)

(17)

–

1,684

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,684

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

($8)

$11,650

$

–

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock

95.4%

Value

Communications

Services  9.5%

15,296

Alphabet,

Inc.,

Class

A

$

4,398,518

15,610

Alphabet,

Inc.,

Class

C

4,477,884

76,562

AT&T,

Inc.

2,219,532

10,089

Liberty

Global,

Ltd.,

Class

A

a

121,976

6,913

Meta

Platforms,

Inc.

3,955,135

25,123

Netflix,

Inc.

a

2,415,576

686

New

York

Times

Company

57,439

9,518

News

Corporation,

Class

A

237,284

2,229

T-Mobile

US,

Inc.

468,157

9,970

Walt

Disney

Company

960,909

Total

19,312,410

Consumer

Discretionary  7.6%

75,177

ADT,

Inc.

493,913

31,436

Amazon.com,

Inc.

a

6,547,176

119

Booking

Holdings,

Inc.

501,028

101

Carnival

Corporation

2,614

2,162

Frontdoor,

Inc.

a

114,283

903

Garmin,

Ltd.

209,505

10,340

General

Motors

Company

770,330

264

Home

Depot,

Inc.

86,827

4,909

Laureate

Education,

Inc.

a

171,030

12,478

O'Reilly

Automotive,

Inc.

a

1,151,844

648

Ralph

Lauren

Corporation

222,905

8,203

Ross

Stores,

Inc.

1,777,016

3,916

Tapestry,

Inc.

552,587

6,116

Tesla,

Inc.

a

2,273,623

3,509

TJX

Companies,

Inc.

560,387

Total

15,435,068

Consumer

Staples  2.8%

2,147

Coca-Cola

Company

163,279

3,025

Colgate-Palmolive

Company

257,821

2,226

Costco

Wholesale

Corporation

2,218,053

3,624

Monster

Beverage

Corporation

a

262,595

4,160

Philip

Morris

International,

Inc.

687,814

8,656

Procter

&

Gamble

Company

1,250,273

6,302

Walmart,

Inc.

783,213

Total

5,623,048

Energy  4.2%

23,969

Antero

Midstream

Corporation

546,493

1,624

Cheniere

Energy,

Inc.

460,826

6,927

Chevron

Corporation

1,433,196

8,949

ConocoPhillips

1,181,268

6,650

Devon

Energy

Corporation

334,628

7,067

DHT

Holdings,

Inc.

129,114

2,622

EOG

Resources,

Inc.

379,063

12,640

Exxon

Mobil

Corporation

2,144,503

22,023

Kinder

Morgan,

Inc.

738,431

44,538

Transocean,

Ltd.

a

295,287

11,345

Williams

Companies,

Inc.

825,689

Total

8,468,498

Financials  15.1%

1,155

Affiliated

Managers

Group,

Inc.

319,588

1,525

Allstate

Corporation

316,193

3,441

Amalgamated

Financial

Corporation

133,752

558

American

Express

Company

168,784

1,785

Ameriprise

Financial,

Inc.

793,254

828

Aon

plc

267,262

8,496

Associated

Banc-Corp

219,706

1,516

Assured

Guaranty,

Ltd.

123,524

12,141

Banc

of

California,

Inc.

213,439

Shares

Common

Stock  95.4%

Value

Financials  15.1%

-

continued

17,992

Bank

of

America

Corporation

$

877,110

1,476

Bank

of

New

York

Mellon

Corporation

175,098

8,194

Berkshire

Hathaway,

Inc.

a

3,926,565

1,321

BlackRock,

Inc.

1,270,419

3,103

Byline

Bancorp,

Inc.

97,962

964

Central

Pacific

Financial

Corporation

30,809

13,575

Charles

Schwab

Corporation

1,275,778

1,188

Chubb,

Ltd.

387,205

4,025

Citigroup,

Inc.

456,475

2,648

Community

Trust

Bancorp,

Inc.

160,786

1,393

ConnectOne

Bancorp,

Inc.

37,291

3,103

Customers

Bancorp,

Inc.

a

215,379

1,163

Financial

Institutions,

Inc.

36,879

10,819

First

Bancorp/Puerto

Rico

231,094

385

First

Financial

Corporation

24,332

818

First

Mid-Illinois

Bancshares,

Inc.

33,693

20,120

Genworth

Financial,

Inc.

a

163,374

2,375

Great

Southern

Bancorp,

Inc.

149,934

2,606

Hanmi

Financial

Corporation

68,694

1,160

Hartford

Insurance

Group,

Inc.

156,867

2,518

Hometrust

Bancshares,

Inc.

107,393

1,307

Independent

Bank

Corporation/MI

43,523

14,377

Intercontinental

Exchange,

Inc.

2,261,214

8,410

JPMorgan

Chase

&

Company

2,473,886

9,077

Marsh

&

McLennan

Companies,

Inc.

1,574,406

4,733

Mastercard,

Inc.

2,364,891

12,839

MGIC

Investment

Corporation

337,024

2,076

Moody's

Corporation

905,655

13,150

Morgan

Stanley

2,164,095

979

Morningstar,

Inc.

165,500

8,956

Nasdaq,

Inc.

760,275

922

NBT

Bancorp,

Inc.

39,259

1,629

NMI

Holdings,

Inc.

a

61,104

2,811

Northwest

Bancshares,

Inc.

35,672

1,749

OFG

Bancorp

70,764

6,931

Old

Second

Bancorp,

Inc.

139,729

2,237

Orrstown

Financial

Services,

Inc.

80,711

619

Pinnacle

Financial

Partners,

Inc.

53,321

306

PNC

Financial

Services

Group,

Inc.

63,675

1,854

Popular,

Inc.

248,751

3,097

Progressive

Corporation

613,949

1,793

Reinsurance

Group

of

America,

Inc.

366,059

214

S&P

Global,

Inc.

91,023

12,577

SEI

Investments

Company

986,917

2,729

SouthState

Bank

Corporation

252,487

2,052

Stifel

Financial

Corporation

151,684

865

Tradeweb

Markets,

Inc.

101,776

1,086

U.S.

Bancorp

56,483

2,255

Visa,

Inc.

681,551

8,499

Wells

Fargo

&

Company

676,605

4,538

WesBanco,

Inc.

156,516

4,490

Zions

Bancorp

NA

258,714

Total

30,675,858

Health

Care  9.9%

945

AbbVie,

Inc.

205,528

11,860

Agilent

Technologies,

Inc.

1,351,803

21,897

Boston

Scientific

Corporation

a

1,374,037

19,616

Centene

Corporation

a

642,228

6,032

Danaher

Corporation

1,143,667

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Shares

Common

Stock  95.4%

Value

Health

Care  9.9%

-

continued

3,966

Dexcom,

Inc.

a

$

249,065

369

Edwards

Lifesciences

Corporation

a

29,549

482

Elevance

Health,

Inc.

141,105

3,740

Eli

Lilly

&

Company

3,439,940

4,662

Gilead

Sciences,

Inc.

649,743

800

IDEXX

Laboratories,

Inc.

a

449,512

1,272

Insulet

Corporation

a

266,916

3,312

Intuitive

Surgical,

Inc.

a

1,526,799

3,761

Johnson

&

Johnson

919,339

2,496

LivaNova

plc

a

158,646

875

Medpace

Holdings,

Inc.

a

420,166

25,458

Medtronic

plc

2,205,936

1,247

Neurocrine

Biosciences,

Inc.

a

164,280

5,249

Pfizer,

Inc.

147,392

5,490

Royalty

Pharma

plc

263,355

4,628

STERIS

plc

1,023,390

3,462

Stryker

Corporation

1,137,579

297

Tenet

Healthcare

Corporation

a

56,047

406

Veeva

Systems,

Inc.

a

71,318

2,830

Vertex

Pharmaceuticals,

Inc.

a

1,263,708

342

West

Pharmaceutical

Services,

Inc.

85,719

5,135

Zoetis,

Inc.

607,008

Total

19,993,775

Industrials  8.7%

2,468

3M

Company

358,428

6,653

AMETEK,

Inc.

1,426,137

316

Armstrong

World

Industries,

Inc.

52,077

8,548

Automatic

Data

Processing,

Inc.

1,736,783

1,345

Caterpillar,

Inc.

952,879

2,900

Cintas

Corporation

490,506

796

Clean

Harbors,

Inc.

a

228,237

6,753

Copart,

Inc.

a

224,199

598

Curtiss-Wright

Corporation

407,310

1,794

Ferguson

Enterprises,

Inc.

418,468

4,058

Fluor

Corporation

a

189,306

2,449

GE

Vernova,

Inc.

2,137,732

697

General

Dynamics

Corporation

239,224

6,924

General

Electric

Company

1,964,823

3,181

Graco,

Inc.

269,272

972

HEICO

Corporation

205,179

2,389

Otis

Worldwide

Corporation

184,144

1,334

Parker-Hannifin

Corporation

1,194,250

290

RBC

Bearings,

Inc.

a

157,505

2,050

Republic

Services,

Inc.

448,991

550

Rockwell

Automation,

Inc.

197,384

11,744

RTX

Corporation

2,265,418

515

Trane

Technologies

plc

214,621

5,060

Uber

Technologies,

Inc.

a

363,966

5,255

Veralto

Corporation

464,647

2,705

Verisk

Analytics,

Inc.

513,274

1,544

Waste

Management,

Inc.

354,796

Total

17,659,556

Information

Technology  30.7%

2,326

Adobe,

Inc.

a

565,404

215

Advanced

Micro

Devices,

Inc.

a

43,737

18,926

Amphenol

Corporation

2,391,300

3,536

Analog

Devices,

Inc.

1,124,943

39,888

Apple,

Inc.

10,123,175

2,565

Applied

Materials,

Inc.

876,691

9,542

Arista

Networks,

Inc.

a

1,171,567

7,272

Autodesk,

Inc.

a

1,740,917

12,350

Broadcom,

Inc.

3,822,448

Shares

Common

Stock  95.4%

Value

Information

Technology  30.7%

-

continued

1,991

Cadence

Design

Systems,

Inc.

a

$

553,239

2,082

Flex,

Ltd.

a

136,288

22,866

Fortinet,

Inc.

a

1,868,610

1,152

GoDaddy,

Inc.

a

95,236

4,092

Keysight

Technologies,

Inc.

a

1,155,458

10,065

Lam

Research

Corporation

2,150,488

6,289

Micron

Technology,

Inc.

2,124,676

22,886

Microsoft

Corporation

8,471,711

2,529

Motorola

Solutions,

Inc.

1,097,510

1,662

Napco

Security

Technologies,

Inc.

65,466

1,938

NetApp,

Inc.

198,432

67,950

NVIDIA

Corporation

11,850,480

1,282

NXP

Semiconductors

NV

252,375

14,358

Oracle

Corporation

2,112,205

14,108

Palantir

Technologies,

Inc.

a

2,063,718

720

PTC,

Inc.

a

102,593

1,850

Qualcomm,

Inc.

238,243

2,413

Salesforce,

Inc.

450,435

7,534

ServiceNow,

Inc.

a

787,680

5,048

TE

Connectivity

plc

1,055,133

2,386

Teradyne,

Inc.

707,354

10,408

Texas

Instruments,

Inc.

2,020,609

2,073

VeriSign,

Inc.

514,850

8,985

Vontier

Corporation

318,698

Total

62,251,669

Materials  2.3%

784

CF

Industries

Holdings,

Inc.

101,794

4,515

DuPont

de

Nemours,

Inc.

206,787

5,702

Ecolab,

Inc.

1,516,846

8,646

Freeport-McMoRan,

Inc.

508,212

2,888

Linde

plc

1,431,755

7,700

Newmont

Corporation

833,525

Total

4,598,919

Real

Estate  2.1%

3,743

EPR

Properties

187,000

38,329

Essential

Properties

Realty

Trust,

Inc.

1,163,669

22,735

Host

Hotels

&

Resorts,

Inc.

435,603

3,165

Innovative

Industrial

Properties,

Inc.

158,756

21,623

Millrose

Properties,

Inc.

605,444

2,482

Outfront

Media,

Inc.

65,773

16,031

Sabra

Health

Care

REIT,

Inc.

308,276

10,671

Sila

Realty

Trust,

Inc.

252,689

30,644

Tanger,

Inc.

1,041,283

Total

4,218,493

Utilities  2.5%

128

Clearway

Energy,

Inc.,

Class

C

5,029

25,816

Edison

International

1,889,215

1,622

Eversource

Energy

112,372

28,132

PG&E

Corporation

494,279

19,704

Portland

General

Electric

Company

1,039,780

42,738

UGI

Corporation

1,556,518

Total

5,097,193

Total

Common

Stock

(cost

$150,629,367)

193,334,487

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Shares

Registered

Investment

Companies  

4.2%

Value

U.S.

Unaffiliated  

4.2%  

145,400

Roundhill

Magnificent

Seven

ETF

b

$

8,424,476

Total

8,424,476

Total

Registered

Investment

Companies

(cost

$9,652,233)

8,424,476

Shares

Collateral

Held

for

Securities

Loaned

4.0%

Value

8,130,350

Thrivent

Cash

Management

Trust

8,130,350

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,130,350)

8,130,350

Shares

or

Principal

Amount

Short-Term

Investments

0.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

3.600%,

4/29/2026

c,d

99,711

300,000

3.600%,

5/1/2026

c,d

299,067

200,000

3.600%,

5/8/2026

c,d

199,238

200,000

3.610%,

6/3/2026

c,d

198,718

100,000

3.590%,

6/18/2026

c,d

99,209

Total

Short-Term

Investments

(cost

$896,039)

895,943

Total

Investments

(cost

$169,307,989)

104.0%

$210,785,256

Other

Assets

and

Liabilities,

Net

(4.0%)

(8,031,585)

Total

Net

Assets

100.0%

$202,753,671

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

All

Cap

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

8,337,566

Total

lending

$8,337,566

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,130,350

Net

amounts

due

from

counterparty

$(207,216)

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

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

19,312,410

19,312,410

–

–

Consumer

Discretionary

15,435,068

15,435,068

–

–

Consumer

Staples

5,623,048

5,623,048

–

–

Energy

8,468,498

8,468,498

–

–

Financials

30,675,858

30,675,858

–

–

Health

Care

19,993,775

19,993,775

–

–

Industrials

17,659,556

17,659,556

–

–

Information

Technology

62,251,669

62,251,669

–

–

Materials

4,598,919

4,598,919

–

–

Real

Estate

4,218,493

4,218,493

–

–

Utilities

5,097,193

5,097,193

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

8,424,476

8,424,476

–

–

Short-Term

Investments

895,943

–

895,943

–

Subtotal

Investments

in

Securities

$202,654,906

$201,758,963

$895,943

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

8,130,350

Subtotal

Other

Investments

$8,130,350

Total

Investments

at

Value

$210,785,256

*

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.  

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

1034/

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

in

valuing

All

Cap

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

127,452

127,452

–

–

Total

Liability

Derivatives

$127,452

$127,452

$–

$–

The

following

table

presents

All

Cap

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$895,943

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

22

June

2026

$

7,355,277

(

$

127,452)

Total

Futures

Long

Contracts

$

7,355,277

(

$

127,452)

Total

Futures

Contracts

$

7,355,277

($127,452)

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

All

Cap

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$5,176

$24,846

$21,892

$8,130

8,130

4.0%

Total

Collateral

Held

for

Securities

Loaned

5,176

8,130

4.0

Total

Value

$5,176

$8,130

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$6

Total

Affiliated

Income

from

Securities

Loaned,

Net

$6

Total

Value

$–

$–

$

–

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

49.2%

Value

Asset-Backed

Securities  4.9%

522

Funding

CLO,

Ltd.

$

725,000

5.410%, 

(TSFR3M

+

1.750%),

4/15/2035,

Ser.

2019-5A,

Class

CR2

a,b

$

718,981

Anchorage

Capital

CLO

20,

Ltd.

150,000

6.868%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

147,249

Anchorage

Capital

CLO

21,

Ltd.

875,000

5.568%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

869,746

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

550,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

553,692

500,000

4.770%, 

2/20/2032,

Ser.

2025-4A,

Class

B

a

490,118

Balboa

Bay

Loan

Funding,

Ltd.

500,000

5.618%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

496,787

675,000

5.918%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

673,080

Barings

CLO,

Ltd.

650,000

5.568%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

a,b

645,659

Barings

Loan

Partners

CLO,

Ltd.

2

1,000,000

5.318%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

995,542

Battalion

CLO

XI,

Ltd.

850,000

5.618%, 

(TSFR3M

+

1.950%),

4/24/2034,

Ser.

2017-11A,

Class

CR2

a,b

841,071

Battalion

CLO

XIV,

Ltd.

1,075,000

5.668%, 

(TSFR3M

+

2.000%),

1/20/2035,

Ser.

2019-14A,

Class

CR2

a,b

1,067,920

Battalion

CLO

XXI,

Ltd.

1,300,000

5.672%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

1,287,000

Business

Jet

Securities,

LLC

417,392

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

412,826

Dryden

72

CLO,

Ltd.

650,000

5.303%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

650,097

Hertz

Vehicle

Financing

III,

LLC

875,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

879,775

500,000

5.140%, 

5/25/2032,

Ser.

2025-6A,

Class

B

a

492,861

Hotwire

Funding,

LLC

1,000,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,011,732

Kennedy

Lewis

CLO

3,

Ltd.

650,000

5.068%, 

(TSFR3M

+

1.400%),

10/20/2036,

Ser.

3A,

Class

A2R3

a,b

647,613

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Asset-Backed

Securities  4.9%

-

continued

LCM

41,

Ltd.

$

1,400,000

7.272%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

$

1,342,239

Lightpath

Fiber

Issuer,

LLC

1,000,000

5.597%, 

3/25/2056,

Ser.

2026-1A,

Class

A2

a

997,228

Marathon

CLO,

Ltd.

600,000

5.222%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,b

595,465

MetroNet

Infrastructure

Issuer,

LLC

800,000

5.400%, 

8/20/2055,

Ser.

2025-2A,

Class

A2

a

806,865

325,000

5.163%, 

12/20/2055,

Ser.

2025-4A,

Class

A2

a

323,493

Octagon

Investment

Partners

50,

Ltd.

1,500,000

5.672%, 

(TSFR3M

+

2.000%),

1/15/2035,

Ser.

2020-4A,

Class

CR2

a,b

1,484,948

Pagaya

AI

Debt

Grantor

Trust

181,939

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

182,528

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

190,242

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

190,531

Palmer

Square

Loan

Funding,

Ltd.

900,000

5.510%, 

(TSFR3M

+

1.850%),

10/15/2032,

Ser.

2024-1A,

Class

CR

a,b

885,104

250,000

5.169%, 

(TSFR3M

+

1.500%),

1/15/2033,

Ser.

2024-2A,

Class

BR

a,b

249,700

525,000

5.253%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

520,638

Park

Blue

CLO,

Ltd.

450,000

5.848%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

448,493

PPM

CLO

3,

Ltd.

400,000

5.718%, 

(TSFR3M

+

2.050%),

7/17/2034,

Ser.

2019-3A,

Class

CR2

a,b

397,032

RFS

Asset

Securitization

V,

LLC

800,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

803,692

Rockford

Tower

CLO,

Ltd.

1,075,000

5.618%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-2A,

Class

CR

a,b

1,068,038

Sculptor

CLO

XXVIII,

Ltd.

650,000

5.618%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

644,643

Signal

Peak

CLO

1,

Ltd.

250,000

5.618%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

248,512

Sunnova

Hestia

II

Issuer,

LLC

668,792

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

647,949

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Asset-Backed

Securities  4.9%

-

continued

Symphony

CLO

XX,

Ltd.

$

700,000

6.671%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

$

691,836

TCW

CLO,

Ltd.

750,000

5.468%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

749,780

Veros

Auto

Receivables

Trust

344,450

5.310%, 

9/15/2028,

Ser.

2025-1,

Class

A

a

345,565

Zayo

Issuer,

LLC

975,000

5.570%, 

10/20/2055,

Ser.

2025-3A,

Class

A2

a

976,050

Total

27,482,078

Basic

Materials  <0.1%

FMC

Corporation

88,000

8.450%, 

11/1/2055

b

56,660

Peabody

Energy

Corporation,

Convertible

143,000

3.250%, 

3/1/2028

262,691

Total

319,351

Capital

Goods  0.5%

Array

Technologies,

Inc.,

Convertible

129,000

1.000%, 

12/1/2028

116,487

149,000

2.875%, 

7/1/2031

a

185,039

BWX

Technologies,

Inc.,

Convertible

459,000

Zero

Coupon, 

11/1/2030

a

475,524

Fluor

Corporation,

Convertible

290,000

1.125%, 

8/15/2029

357,135

Greenbrier

Companies,

Inc.,

Convertible

188,000

2.875%, 

4/15/2028

d

216,839

JBT

Marel

Corporation,

Convertible

280,000

0.375%, 

9/15/2030

a

271,320

LEDN

Issuer

Trust

450,000

6.748%, 

2/25/2041,

Ser.

2026-1A,

Class

A

a

450,222

Mirion

Technologies,

Inc.,

Convertible

170,000

0.250%, 

6/1/2030

a

184,365

168,000

Zero

Coupon, 

10/1/2031

a

159,180

Patrick

Industries,

Inc.,

Convertible

131,000

1.750%, 

12/1/2028

d

226,696

Total

2,642,807

Collateralized

Mortgage

Obligations  9.8%

A&D

Mortgage

Trust

153,647

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,e

154,938

ACRA

Trust

331,190

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,e

331,808

Alternative

Loan

Trust

341,845

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

170,508

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Collateralized

Mortgage

Obligations  9.8%

-

continued

Archwest

Mortgage

Trust

$

550,000

5.435%, 

4/25/2041,

Ser.

2026-RTL1,

Class

A1

a,e

$

550,602

Banc

of

America

Alternative

Loan

Trust

592,511

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

532,078

Banc

of

America

Mortgage

Securities

Trust

182,451

5.587%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

175,233

Bear

Stearns

ARM

Trust

16,297

6.420%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

15,773

Bellemeade

Re,

Ltd.

315,000

6.162%, 

(SOFR30A

+

2.500%),

10/25/2035,

Ser.

2025-1,

Class

M1B

a,b

316,518

BRAVO

Residential

Funding

Trust

643,035

5.138%, 

11/25/2065,

Ser.

2026-NQM3,

Class

A2

a,e

638,225

CFST

Mortgage

Trust

300,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

a,e

302,295

CHNGE

Mortgage

Trust

751,284

4.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

737,228

322,149

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,e

321,471

396,939

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,e

395,614

204,099

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,e

204,103

CIM

Trust

684,403

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,e

682,177

Citigroup

Mortgage

Loan

Trust,

Inc.

191,760

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

189,748

45,229

6.202%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

46,164

571,634

4.958%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

520,357

COLT

Mortgage

Loan

Trust

543,521

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,e

546,500

Countrywide

Alternative

Loan

Trust

273,218

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

223,395

112,024

3.907%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

101,626

159,260

4.130%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

138,609

157,514

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

123,226

CSMC

Trust

318,580

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

276,261

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Collateralized

Mortgage

Obligations  9.8%

-

continued

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

$

423,397

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

$

368,969

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

959,749

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

948,526

1,050,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

1,044,775

2,190,140

1.500%, 

3/25/2051,

Ser.

5092,

Class

IC

f

182,338

850,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

843,107

827,794

7.662%, 

(SOFR30A

+

4.000%),

4/25/2026,

Ser.

5567,

Class

MB

b

851,228

700,000

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

680,298

712,101

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

600,181

3,704,021

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

344,856

1,570,378

2.000%, 

12/25/2050,

Ser.

5051,

Class

WI

f

206,115

60,441

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

431

149,446

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

f

1,999

132,561

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

1,719

52,009

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

f

660

139,796

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

f

1,922

258,021

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

f

4,348

595,967

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

41,191

345,076

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

19,770

415,240

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

14,168

932,301

5.500%, 

1/25/2046,

Ser.

5617,

Class

AZ

g

923,651

Federal

Home

Loan

Mortgage

Corporation

STRIPS

887,675

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

77,286

Federal

National

Mortgage

Association

-

REMIC

1,000,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

983,722

1,200,000

5.000%, 

4/25/2055,

Ser.

2025-15,

Class

BD

1,172,771

1,075,000

5.500%, 

8/25/2054,

Ser.

2024-50,

Class

DB

1,080,724

650,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

633,734

1,109,130

2.000%, 

12/25/2050,

Ser.

2020-89,

Class

IM

f

147,428

189,889

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

2,055

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Collateralized

Mortgage

Obligations  9.8%

-

continued

$

89,619

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

$

750

138,667

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

f

1,638

395,159

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

5,080

243,047

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

2,763

98,871

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

1,209

219,204

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

2,290

14,361

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

f

17

176,462

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

2,730

69,849

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

f

1,199

549,408

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

35,541

First

Horizon

Alternative

Mortgage

Securities

Trust

84,883

5.477%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

83,634

75,932

5.165%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

71,887

Flagstar

Mortgage

Trust

284,619

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

257,865

GCAT

Trust

675,000

5.500%, 

5/25/2055,

Ser.

2025-INV2,

Class

A12

a,b

669,621

602,880

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

566,792

203,145

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

205,303

GMAC

Mortgage

Corporation

Loan

Trust

290,254

3.920%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

261,605

Government

National

Mortgage

Association

872

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

f

1

GS

Mortgage-Backed

Securities

Trust

476,082

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

475,835

Home

Re,

Ltd.

666,994

8.262%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

681,746

750,000

5.812%, 

(SOFR30A

+

2.150%),

1/25/2036,

Ser.

2026-1,

Class

M1B

a,b

751,008

HTAP

Issuer

Trust

390,017

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

386,920

808,732

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

805,534

IndyMac

IMJA

Mortgage

Loan

Trust

564,005

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

209,953

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Collateralized

Mortgage

Obligations  9.8%

-

continued

J.P.

Morgan

Mortgage

Trust

$

404,451

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

$

347,987

429,711

5.055%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1D

a,e

425,507

435,420

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

432,445

50,731

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

52,686

224,734

4.985%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

153,004

LHOME

Mortgage

Trust

500,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,e

502,233

Merrill

Lynch

Alternative

Note

Asset

Trust

501,694

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

150,815

MFA

Trust

413,910

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

a,e

414,420

Morgan

Stanley

Residential

Mortgage

Loan

Trust

900,000

5.432%, 

3/25/2071,

Ser.

2026-NQM3,

Class

A2

a,e

897,411

683,389

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,e

682,824

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,010,539

4.253%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

881,458

NYMT

Loan

Trust

750,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,e

753,091

PMT

Loan

Trust

714,498

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

722,089

800,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

a,b

793,783

Point

Securitization

Trust

606,492

6.250%, 

6/25/2055,

Ser.

2025-1,

Class

A1

a

606,395

PRET,

LLC

307,807

5.151%, 

2/25/2056,

Ser.

2026-NPL2,

Class

A1

a,e

305,384

423,612

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,e

424,010

625,000

7.507%, 

8/25/2055,

Ser.

2025-NPL9,

Class

A2

a,e

626,445

PRKCM

Trust

499,155

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

498,179

462,058

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,e

465,228

PRPM

Trust

680,000

6.171%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

682,231

900,000

7.250%, 

11/25/2068,

Ser.

2023-NQM3,

Class

M1

a,b

908,139

PRPM,

LLC

584,029

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,e

576,363

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Collateralized

Mortgage

Obligations  9.8%

-

continued

$

550,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,e

$

525,979

639,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,e

617,426

900,000

3.000%, 

5/25/2055,

Ser.

2025-RPL4,

Class

A2

a,e

835,619

825,000

5.207%, 

12/25/2055,

Ser.

2025-RCF6,

Class

A2

a,e

818,615

422,269

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,e

422,579

500,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,e

500,356

239,485

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

a,e

238,810

881,155

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,e

879,075

423,000

8.569%, 

7/25/2030,

Ser.

2025-5,

Class

A2

a,e

422,261

RCO

IX

Mortgage,

LLC

540,188

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,e

540,914

177,281

5.310%, 

10/25/2030,

Ser.

2025-4,

Class

A1

a,e

177,142

Renaissance

Home

Equity

Loan

Trust

1,130,711

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

e

374,960

Residential

Accredit

Loans,

Inc.

Trust

235,873

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

209,613

170,529

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

135,733

171,286

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

145,770

Residential

Asset

Securitization

Trust

253,546

4.433%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

243,485

Residential

Funding

Mortgage

Security

I

Trust

412,368

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

333,620

Roc

Mortgage

Trust

800,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,e

801,113

Saluda

Grade

Alternative

Mortgage

Trust

1,200,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,e

1,207,937

Santander

Mortgage

Asset

Receivable

Trust

364,259

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

a,b

363,021

Saxon

Asset

Securities

Trust

399,056

2.687%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

366,973

Sequoia

Mortgage

Trust

550,000

5.000%, 

12/25/2055,

Ser.

2025-12,

Class

A8

a,b

523,854

281,690

3.538%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

183,773

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Collateralized

Mortgage

Obligations  9.8%

-

continued

Structured

Adjustable

Rate

Mortgage

Loan

Trust

$

107,889

4.638%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

$

95,480

Triangle

Re,

Ltd.

308,680

7.062%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

310,719

Unlock

HEA

Trust

847,107

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

846,202

723,008

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

720,542

375,926

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

374,914

Velocity

Commercial

Capital

Loan

Trust

326,905

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

330,463

254,021

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

256,329

397,440

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

405,186

Verus

Securitization

Trust

871,467

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,e

875,009

618,221

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

552,906

VOLT

C,

LLC

1,427,515

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

1,427,806

VOLT

CVI,

LLC

298,585

9.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a

298,866

VOLT

XCVII,

LLC

129,553

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

129,588

Vontive

Mortgage

Trust

850,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,e

859,843

WaMu

Mortgage

Pass-Through

Certificates

69,855

6.422%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

70,219

Washington

Mutual

Mortgage

Pass-Through

Certificates

217,225

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

190,219

Total

55,268,396

Commercial

Mortgage-Backed

Securities  0.4%

AMSR

Trust

800,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

755,229

BANK

4,583,034

0.624%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

210,555

650,000

4.340%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

637,803

BBCMS

Mortgage

Trust

3,964,456

1.149%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

236,319

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Commercial

Mortgage-Backed

Securities  0.4%

-

continued

$

400,000

5.382%, 

9/15/2058,

Ser.

2025-5C37,

Class

AS

b

$

405,046

Total

2,244,952

Communications

Services  0.1%

Bell

Telephone

Company

of

Canada

93,000

7.000%, 

9/15/2055

b

95,187

Paramount

Global

60,000

6.375%, 

3/30/2062

b

43,800

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b,d

49,389

93,000

7.125%, 

4/15/2055

b

95,166

Snap,

Inc.,

Convertible

96,000

0.125%, 

3/1/2028

87,379

323,000

0.500%, 

5/1/2030

259,046

TELUS

Corporation

60,000

6.625%, 

10/15/2055

b

60,022

Vodafone

Group

plc

240,000

7.000%, 

4/4/2079

b

246,854

Total

936,843

Consumer

Cyclical  0.4%

Burlington

Stores,

Inc.,

Convertible

134,000

1.250%, 

12/15/2027

221,100

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

26,000

1.750%, 

9/15/2030

a

20,105

DraftKings

Holdings,

Inc.,

Convertible

501,000

Zero

Coupon, 

3/15/2028

450,900

EZCORP,

Inc.,

Convertible

114,000

3.750%, 

12/15/2029

a,d

269,123

General

Motors

Financial

Company,

Inc.

42,000

5.750%, 

9/30/2027

b,h

40,892

31,000

5.700%, 

9/30/2030

b,h

30,404

Live

Nation

Entertainment,

Inc.,

Convertible

113,000

3.125%, 

1/15/2029

171,647

128,000

2.875%, 

1/15/2030

137,920

156,000

2.875%, 

10/15/2031

a

158,312

Marriott

Vacations

Worldwide

Corporation,

Convertible

191,000

3.250%, 

12/15/2027

183,360

Meritage

Homes

Corporation,

Convertible

63,000

1.750%, 

5/15/2028

60,669

Uber

Technologies,

Inc.,

Convertible

125,000

Zero

Coupon, 

5/15/2028

a

121,875

189,000

0.875%, 

12/1/2028

227,273

Total

2,093,580

Consumer

Non-Cyclical  0.5%

BioMarin

Pharmaceutical,

Inc.,

Convertible

214,000

1.250%, 

5/15/2027

206,103

Chefs'

Warehouse,

Inc.,

Convertible

139,000

2.375%, 

12/15/2028

204,886

CVS

Health

Corporation

102,000

6.750%, 

12/10/2054

b

103,279

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Consumer

Non-Cyclical  0.5%

-

continued

Envista

Holdings

Corporation,

Convertible

$

76,000

1.750%, 

8/15/2028

$

75,383

Integer

Holdings

Corporation,

Convertible

72,000

2.125%, 

2/15/2028

85,032

424,000

1.875%, 

3/15/2030

404,284

Jazz

Investments

I,

Ltd.,

Convertible

192,000

2.000%, 

6/15/2026

232,896

192,000

3.125%, 

9/15/2030

d

271,872

LCI

Industries,

Convertible

229,000

3.000%, 

3/1/2030

275,144

Post

Holdings,

Inc.,

Convertible

257,000

2.500%, 

8/15/2027

278,203

Spectrum

Brands,

Inc.,

Convertible

168,000

3.375%, 

6/1/2029

167,462

Winnebago

Industries,

Inc.,

Convertible

159,000

3.250%, 

1/15/2030

143,418

Zoetis,

Inc.,

Convertible

212,000

0.250%, 

6/15/2029

a

210,410

Total

2,658,372

Energy  0.4%

BP

Capital

Markets

plc

165,000

4.875%, 

3/22/2030

b,h

162,890

177,000

6.450%, 

12/1/2033

b,h

184,051

Crescent

Energy

Company,

Convertible

285,000

2.750%, 

3/15/2031

a

327,180

Enbridge,

Inc.

140,000

7.375%, 

1/15/2083

b

142,117

182,000

7.625%, 

1/15/2083

b

196,203

Energy

Transfer,

LP

107,000

8.000%, 

5/15/2054

b

112,071

54,000

7.125%, 

5/15/2030

b,h

54,963

Northern

Oil

and

Gas,

Inc.,

Convertible

445,000

3.625%, 

4/15/2029

487,984

Phillips

66

Company

76,000

6.200%, 

3/15/2056

b

75,659

TransCanada

Trust

133,000

5.875%, 

8/15/2076

b

133,141

UGI

Corporation,

Convertible

75,000

5.000%, 

6/1/2028

105,112

Venture

Global

LNG,

Inc.

160,000

9.000%, 

9/30/2029

a,b,h

159,367

Total

2,140,738

Financials  1.7%

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

150,000

6.950%, 

3/10/2055

b

153,522

Air

Lease

Corporation

180,000

4.650%, 

6/15/2026

b,h

178,856

Aircastle,

Ltd.

165,000

5.250%, 

6/15/2026

a,b,h

164,132

Ally

Financial,

Inc.

255,000

4.700%, 

5/15/2026

b,h

252,620

American

Express

Company

190,000

3.550%, 

9/15/2026

b,h

187,847

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Financials  1.7%

-

continued

Bank

of

America

Corporation

$

165,000

6.125%, 

4/27/2027

b,h

$

165,303

Bank

of

New

York

Mellon

Corporation

150,000

5.950%, 

12/20/2030

b,h

150,036

Bank

of

Nova

Scotia

118,000

6.875%, 

10/27/2085

b

115,918

Blackstone

Mortgage

Trust,

Inc.,

Convertible

26,000

5.500%, 

3/15/2027

25,740

Boston

Properties,

LP,

Convertible

75,000

2.000%, 

10/1/2030

a

68,062

Capital

One

Financial

Corporation

110,000

3.950%, 

9/1/2026

b,d,h

108,412

Charles

Schwab

Corporation

240,000

4.000%, 

6/1/2026

b,h

238,367

CHL

Mortgage

Pass-Through

Trust

48,536

6.221%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

48,309

538,647

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

215,757

Citigroup,

Inc.

90,000

7.375%, 

5/15/2028

b,h

92,989

96,000

7.625%, 

11/15/2028

b,h

99,279

107,000

7.125%, 

8/15/2029

b,h

108,052

94,000

6.950%, 

2/15/2030

b,h

94,698

130,000

6.875%, 

8/15/2030

b,h

130,918

158,000

6.625%, 

2/15/2031

b,h

158,119

130,000

7.000%, 

8/15/2034

b,h

133,794

Citizens

Financial

Group,

Inc.

115,000

4.000%, 

10/6/2026

b,h

113,234

Coinbase

Global,

Inc.,

Convertible

90,000

0.500%, 

6/1/2026

89,262

128,000

Zero

Coupon, 

10/1/2029

a

112,064

121,000

0.250%, 

4/1/2030

112,106

134,000

Zero

Coupon, 

10/1/2032

a

107,267

COPT

Defense

Properties,

LP,

Convertible

36,000

5.250%, 

9/15/2028

a

41,785

Corebridge

Financial,

Inc.

66,000

6.375%, 

9/15/2054

b

64,867

71,000

6.875%, 

12/15/2052

b

71,537

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

198,538

4.785%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

165,265

Credit

Suisse

Group

AG

110,000

7.250%, 

N/A

*,i

26,400

110,000

7.500%, 

N/A

*,i

26,400

Dai-ichi

Life

Insurance

Company,

Ltd.

90,000

6.200%, 

1/16/2035

a,b,h

90,536

Digital

Realty

Trust,

LP,

Convertible

114,000

1.875%, 

11/15/2029

a

120,684

Encore

Capital

Group,

Inc.,

Convertible

115,000

4.000%, 

3/15/2029

144,612

Federal

Realty

OP,

LP,

Convertible

53,000

3.250%, 

1/15/2029

a

54,170

Goldman

Sachs

Group,

Inc.

124,000

3.650%, 

8/10/2026

b,h

122,892

188,000

4.125%, 

11/10/2026

b,h

185,440

98,000

6.125%, 

11/10/2034

b,d,h

97,490

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Financials  1.7%

-

continued

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

$

48,000

3.750%, 

8/15/2028

a

$

68,184

Hercules

Capital,

Inc.,

Convertible

14,000

4.750%, 

9/1/2028

a

13,524

Huntington

Bancshares,

Inc./OH

105,000

4.450%, 

10/15/2027

b,h

103,186

Huntington

Bank

Auto

Credit-

Linked

Notes

121,001

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

121,938

JPMorgan

Chase

&

Company

101,000

6.500%, 

4/1/2030

b,h

103,640

Kite

Realty

Group,

LP,

Convertible

9,000

0.750%, 

4/1/2027

a

9,705

Lincoln

National

Corporation

74,000

6.272%, 

(TSFR3M

+

2.619%),

5/18/2026

b

60,651

M&T

Bank

Corporation

290,000

3.500%, 

9/1/2026

b,h

280,754

MetLife,

Inc.

96,000

6.350%, 

3/15/2055

b,d

97,416

115,000

5.875%, 

3/15/2028

b,h

114,485

137,000

6.400%, 

12/15/2036

139,882

Nippon

Life

Insurance

Company

425,000

5.950%, 

4/16/2054

a,b

424,874

Pebblebrook

Hotel

Trust,

Convertible

256,000

1.750%, 

12/15/2026

249,350

187,000

1.625%, 

1/15/2030

a

191,675

PNC

Financial

Services

Group,

Inc.

131,000

6.200%, 

9/15/2027

b,h

131,291

140,000

6.250%, 

3/15/2030

b,h

141,228

Provident

Financing

Trust

I

72,000

7.405%, 

3/15/2038

76,866

Prudential

Financial,

Inc.

138,000

6.750%, 

3/1/2053

b

142,804

85,000

3.700%, 

10/1/2050

b

77,217

Realty

Income

Corporation,

Convertible

95,000

3.500%, 

1/15/2029

a

96,948

Rexford

Industrial

Realty,

LP,

Convertible

63,000

4.375%, 

3/15/2027

a

62,654

38,000

4.125%, 

3/15/2029

a

37,259

Royal

Bank

of

Canada

90,000

6.750%, 

8/24/2085

b

90,329

Shift4

Payments,

Inc.,

Convertible

266,000

0.500%, 

8/1/2027

249,375

Starwood

Property

Trust,

Inc.,

Convertible

155,000

6.750%, 

7/15/2027

157,558

State

Street

Corporation

88,000

6.700%, 

3/15/2029

b,d,h

89,417

Sumitomo

Life

Insurance

Company

170,000

3.375%, 

4/15/2081

a,b

155,108

Tanger

Properties,

LP,

Convertible

27,000

2.375%, 

1/15/2031

a

27,022

Terawulf,

Inc.,

Convertible

36,000

2.750%, 

2/1/2030

a

69,876

65,000

1.000%, 

9/1/2031

a

89,960

80,000

Zero

Coupon, 

5/1/2032

a

82,633

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Financials  1.7%

-

continued

Toronto-Dominion

Bank

$

125,000

8.125%, 

10/31/2082

b

$

128,958

Truist

Financial

Corporation

200,000

5.100%, 

3/1/2030

b,d,h

199,637

Ventas

Realty,

LP,

Convertible

98,000

3.750%, 

6/1/2026

145,716

Wells

Fargo

&

Company

180,000

7.625%, 

9/15/2028

b,h

189,087

Welltower

OP,

LLC,

Convertible

129,000

2.750%, 

5/15/2028

a

267,546

93,000

3.125%, 

7/15/2029

a

147,200

Total

9,471,694

Mortgage-Backed

Securities  21.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

288,013

2.000%, 

1/1/2052

235,593

134,407

6.000%, 

1/1/2055

140,327

3,235,784

2.500%, 

5/1/2051

2,759,645

3,474,073

3.500%, 

5/1/2052

3,210,256

2,126,904

4.000%, 

5/1/2052

2,026,848

4,261,502

5.000%, 

7/1/2053

4,247,319

4,848,941

5.500%, 

7/1/2053

4,935,152

280,347

5.000%, 

8/1/2053

279,981

1,045,035

5.500%, 

9/1/2053

1,071,079

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,605,948

2.500%, 

7/1/2030

1,557,359

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,400,000

4.500%, 

4/1/2041

g

1,389,916

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

2,375,721

3.500%, 

5/1/2040

2,264,786

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

4,933,029

3.000%, 

1/1/2052

4,372,770

667,111

2.000%, 

2/1/2051

545,696

417,759

2.000%, 

2/1/2051

341,727

3,176,812

2.500%, 

2/1/2051

2,681,546

2,591,432

2.500%, 

2/1/2051

2,224,552

4,337,608

2.000%, 

3/1/2051

3,526,389

3,225,720

4.000%, 

3/1/2051

3,083,007

5,601,466

3.000%, 

3/1/2052

4,967,361

4,692,549

2.000%, 

4/1/2051

3,813,977

2,148,360

3.000%, 

4/1/2051

1,891,200

2,037,875

5.500%, 

4/1/2054

2,085,472

796,229

2.000%, 

5/1/2051

647,948

1,873,507

3.000%, 

5/1/2051

1,685,081

1,984,770

3.000%, 

6/1/2050

1,791,904

931,831

4.000%, 

6/1/2052

882,999

2,607,981

5.000%, 

6/1/2053

2,601,910

4,419,387

2.500%, 

7/1/2051

3,799,962

2,142,033

3.500%, 

7/1/2051

1,985,723

944,049

2.500%, 

8/1/2050

811,655

4,064,369

3.500%, 

8/1/2050

3,781,163

3,884,948

3.500%, 

8/1/2052

3,566,043

2,339,036

4.500%, 

8/1/2052

2,267,562

390,780

5.000%, 

8/1/2053

389,750

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Mortgage-Backed

Securities  21.5%

-

continued

$

2,985,613

3.500%, 

9/1/2052

$

2,767,503

1,121,848

3.500%, 

9/1/2052

1,037,116

318,062

5.000%, 

9/1/2052

316,497

2,483,474

4.500%, 

9/1/2053

2,415,096

676,203

4.500%, 

9/1/2053

658,312

3,580,648

4.000%, 

10/1/2052

3,409,626

776,149

2.000%, 

11/1/2051

634,873

1,452,215

3.500%, 

11/1/2052

1,348,905

3,190,163

2.000%, 

12/1/2050

2,610,736

10,375,861

4.500%, 

12/1/2052

10,097,871

1,000,000

4.000%, 

4/1/2049

g

943,524

1,850,000

4.500%, 

4/1/2049

g

1,785,260

7,925,000

5.000%, 

4/1/2049

g

7,815,054

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,103,450

2.500%, 

3/1/2062

4,196,475

1,751,533

3.500%, 

7/1/2061

1,578,110

1,869,719

4.000%, 

12/1/2061

1,742,437

Total

121,221,053

Technology  0.9%

Akamai

Technologies,

Inc.,

Convertible

123,000

0.375%, 

9/1/2027

142,495

90,000

1.125%, 

2/15/2029

102,852

187,000

0.250%, 

5/15/2033

a

258,995

Applied

Digital

Corporation,

Convertible

80,000

2.750%, 

6/1/2030

212,160

Avnet,

Inc.,

Convertible

70,000

1.750%, 

9/1/2030

a

75,880

Block,

Inc.,

Convertible

34,000

0.250%, 

11/1/2027

31,773

CoreWeave,

Inc.,

Convertible

214,000

1.750%, 

12/1/2031

a

214,235

CSG

Systems

International,

Inc.,

Convertible

218,000

3.875%, 

9/15/2028

265,197

Euronet

Worldwide,

Inc.,

Convertible

91,000

0.625%, 

10/1/2030

a

79,170

Global

Payments,

Inc.,

Convertible

226,000

1.500%, 

3/1/2031

199,118

InterDigital,

Inc.,

Convertible

47,000

3.500%, 

6/1/2027

183,417

Microchip

Technology,

Inc.,

Convertible

111,000

Zero

Coupon, 

2/15/2030

a

108,281

116,000

0.750%, 

6/1/2030

114,631

MKS,

Inc.,

Convertible

272,000

1.250%, 

6/1/2030

449,344

ON

Semiconductor

Corporation,

Convertible

162,000

Zero

Coupon, 

5/1/2027

208,899

270,000

0.500%, 

3/1/2029

263,925

Progress

Software

Corporation,

Convertible

232,000

3.500%, 

3/1/2030

206,109

Semtech

Corporation,

Convertible

63,000

1.625%, 

11/1/2027

132,741

163,000

Zero

Coupon, 

10/15/2030

a,d

181,908

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Technology  0.9%

-

continued

Synaptics,

Inc.,

Convertible

$

227,000

0.750%, 

12/1/2031

$

234,491

Ultra

Clean

Holdings,

Inc.,

Convertible

213,000

Zero

Coupon, 

3/15/2031

a

225,354

Viavi

Solutions,

Inc.,

Convertible

110,000

0.625%, 

3/1/2031

a

273,900

Vishay

Intertechnology,

Inc.,

Convertible

376,000

2.250%, 

9/15/2030

360,772

Western

Digital

Corporation,

Convertible

64,000

3.000%, 

11/15/2028

458,125

Ziff

Davis,

Inc.,

Convertible

23,000

1.750%, 

11/1/2026

d

22,540

77,000

3.625%, 

3/1/2028

a

75,460

Total

5,081,772

U.S.

Government

&

Agencies  7.1%

U.S.

Treasury

Bonds

2,517,000

3.625%, 

5/15/2053

2,018,221

952,000

4.750%, 

11/15/2053

925,634

4,556,000

4.625%, 

2/15/2035

4,674,527

U.S.

Treasury

Notes

1,000,000

3.625%, 

8/31/2027

997,031

17,000,000

3.500%, 

1/31/2028

16,903,047

7,400,000

4.125%, 

7/31/2028

7,450,875

2,501,000

4.000%, 

2/28/2030

2,510,477

400,000

3.625%, 

9/30/2030

395,016

4,600,000

4.000%, 

11/15/2035

4,487,156

Total

40,361,984

Utilities  1.0%

AES

Corporation

100,000

7.600%, 

1/15/2055

b

99,192

Algonquin

Power

&

Utilities

Corporation

110,000

4.750%, 

1/18/2082

b

106,984

Alliant

Energy

Corporation,

Convertible

56,000

3.250%, 

5/30/2028

a

59,331

American

Electric

Power

Company,

Inc.

79,000

6.050%, 

3/15/2056

b

78,295

121,000

6.950%, 

12/15/2054

b

128,242

American

Water

Capital

Corporation,

Convertible

122,000

3.625%, 

6/15/2026

121,732

CenterPoint

Energy,

Inc.

68,000

7.000%, 

2/15/2055

b

69,981

47,000

6.700%, 

5/15/2055

b

47,526

CenterPoint

Energy,

Inc.,

Convertible

119,000

4.250%, 

8/15/2026

140,955

87,000

3.000%, 

8/1/2028

a

91,885

66,000

2.875%, 

5/15/2029

a

66,073

CMS

Energy

Corporation,

Convertible

98,000

3.375%, 

5/1/2028

110,740

72,000

3.125%, 

5/1/2031

a

73,872

Dominion

Energy,

Inc.

100,000

6.875%, 

2/1/2055

b

102,917

100,000

7.000%, 

6/1/2054

b

105,769

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Utilities  1.0%

-

continued

Duke

Energy

Corporation

$

120,000

3.250%, 

1/15/2082

b

$

115,264

100,000

6.450%, 

9/1/2054

b,d

103,264

Duke

Energy

Corporation,

Convertible

153,000

3.000%, 

3/15/2029

a

153,841

Edison

International

138,000

5.000%, 

12/15/2026

b,h

136,737

Entergy

Corporation

39,000

5.875%, 

6/15/2056

b

38,480

80,000

6.100%, 

6/15/2056

b

78,955

Evergy,

Inc.,

Convertible

130,000

4.500%, 

12/15/2027

175,370

Exelon

Corporation,

Convertible

103,000

3.250%, 

3/15/2029

a

106,459

FirstEnergy

Corporation,

Convertible

169,000

3.625%, 

1/15/2029

a,d

191,477

118,000

3.875%, 

1/15/2031

a

136,054

NextEra

Energy

Capital

Holdings,

Inc.

80,000

3.800%, 

3/15/2082

b

77,214

214,000

6.750%, 

6/15/2054

b

221,390

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

73,000

3.000%, 

3/1/2027

101,287

NiSource,

Inc.

49,000

6.375%, 

3/31/2055

b

50,071

80,000

5.750%, 

7/15/2056

b,d

78,783

102,000

6.950%, 

11/30/2054

b

104,886

NRG

Energy,

Inc.

128,000

10.250%, 

3/15/2028

a,b,h

138,076

PacifiCorp

85,000

7.125%, 

8/15/2056

b

80,298

PG&E

Corporation,

Convertible

466,000

4.250%, 

12/1/2027

482,532

Pinnacle

West

Capital

Corporation,

Convertible

65,000

4.750%, 

6/15/2027

74,425

PPL

Capital

Funding,

Inc.,

Convertible

131,000

2.875%, 

3/15/2028

153,466

96,000

3.000%, 

12/1/2030

a

100,224

Puget

Energy,

Inc.

90,000

7.000%, 

9/15/2056

a,b

89,314

Sempra

101,000

6.550%, 

4/1/2055

b

100,549

101,000

6.625%, 

4/1/2055

b

100,997

60,000

6.400%, 

10/1/2054

b

59,812

101,000

6.875%, 

10/1/2054

b,d

102,087

Southern

Company

150,000

3.750%, 

9/15/2051

b

148,507

Southern

Company,

Convertible

84,000

4.500%, 

6/15/2027

93,307

205,000

3.250%, 

6/15/2028

a

208,567

WEC

Energy

Group,

Inc.

80,000

5.625%, 

5/15/2056

b

78,386

WEC

Energy

Group,

Inc.,

Convertible

101,000

4.375%, 

6/1/2027

121,705

108,000

3.375%, 

6/1/2028

a

112,050

92,000

4.375%, 

6/1/2029

113,804

Xcel

Energy,

Inc.

88,000

5.750%, 

12/3/2056

b

85,904

Principal

Amount

Long-Term

Fixed

Income  49.2%

Value

Utilities  1.0%

-

continued

XPLR

Infrastructure,

LP,

Convertible

$

133,000

2.500%, 

6/15/2026

a,d

$

131,670

Total

5,848,706

Total

Long-Term

Fixed

Income

(cost

$282,073,519)

277,772,326

Shares

Registered

Investment

Companies  

29.7%

Value

U.S.

Affiliated  

28.8%  

4,398,573

Thrivent

Core

Emerging

Markets

Debt

Fund

37,959,687

2,547,344

Thrivent

Core

High

Yield

Bond

Fund

50,021,685

701,247

Thrivent

Core

International

Equity

Fund

8,842,726

3,350,764

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

65,684,689

Total

162,508,787

U.S.

Unaffiliated  

0.9%  

9,010

abrdn

Asia-Pacific

Income

Fund,

Inc.

129,924

30,025

abrdn

Income

Credit

Strategies

Fund

153,128

7,991

abrdn

Total

Dynamic

Dividend

Fund

d

73,597

17,404

AllianceBernstein

Global

High

Income

Fund,

Inc.

176,999

24,503

Allspring

Income

Opportunities

Fund

158,780

6,097

BlackRock

Capital

Allocation

Term

Trust

d

86,151

5,093

BlackRock

Core

Bond

Trust

46,652

20,368

BlackRock

Corporate

High

Yield

Fund,

Inc.

173,535

17,671

BlackRock

Credit

Allocation

Income

Trust

178,477

3,599

BlackRock

Debt

Strategies

Fund,

Inc.

34,515

2,666

BlackRock

Enhanced

Equity

Dividend

Trust

22,981

13,337

BlackRock

Enhanced

Global

Dividend

Trust

146,174

7,542

BlackRock

Enhanced

International

Dividend

Trust

40,802

8,027

BlackRock

Income

Trust,

Inc.

84,845

15,364

BlackRock

Multi-Sector

Income

Trust

192,357

11,734

Blackstone

Strategic

Credit

2027

Term

Fund

130,834

12,946

Cornerstone

Strategic

Investment

Fund,

Inc.

94,247

16,811

Eaton

Vance

Limited

Duration

Income

Fund

158,864

7,811

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

67,643

438

iShares

Biotechnology

ETF

73,956

29,350

iShares

Preferred

and

Income

Securities

ETF

d

889,892

31,444

Nuveen

Credit

Strategies

Income

Fund

153,132

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Shares

Registered

Investment

Companies  29.7%

Value

U.S.

Unaffiliated  

0.9%  -

continued

11,861

Nuveen

Preferred

Income

Opportunities

Fund

$

89,432

12,757

PGIM

Global

High

Yield

Fund,

Inc.

148,619

10,505

PGIM

High

Yield

Bond

Fund,

Inc.

138,246

7,049

Pimco

Dynamic

Income

Fund

120,608

10,417

PIMCO

High

Income

Fund

48,231

11,498

PIMCO

Income

Strategy

Fund

II

79,221

1,827

Tri-Continental

Corporation

57,715

7,044

Vanguard

Short-Term

Corporate

Bond

ETF

558,378

3,393

Virtus

Convertible

&

Income

Fund

50,488

10,872

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

137,096

2,970

Virtus

Equity

&

Convertible

Income

Fund

69,379

26,128

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

148,930

5,757

Western

Asset

Diversified

Income

Fund

d

77,374

42,572

Western

Asset

High

Income

Opportunity

Fund,

Inc.

154,536

Total

5,145,738

Total

Registered

Investment

Companies

(cost

$167,929,420)

167,654,525

Shares

Common

Stock

15.4%

Value

Communications

Services  1.3%

4,626

Alphabet,

Inc.,

Class

A

1,330,253

5,997

Alphabet,

Inc.,

Class

C

1,720,299

12,471

AT&T,

Inc.

361,534

8,947

Comcast

Corporation

256,868

1,632

Liberty

Global,

Ltd.,

Class

A

j

19,731

2,804

Meta

Platforms,

Inc.

1,604,253

6,763

Netflix,

Inc.

j

650,263

84

New

York

Times

Company

7,033

1,500

News

Corporation,

Class

A

37,395

680

Reddit,

Inc.

j

91,562

358

T-Mobile

US,

Inc.

75,191

9,163

Universal

Music

Group

NV

177,862

1,603

Walt

Disney

Company

154,497

10,973

Warner

Brothers

Discovery,

Inc.

j

301,319

11,700

Warner

Music

Group

Corporation

298,818

Total

7,086,878

Consumer

Discretionary  1.4%

11,973

ADT,

Inc.

78,663

1,042

Advance

Auto

Parts,

Inc.

54,966

11,593

Amazon.com,

Inc.

j

2,414,474

2,695

Aptiv

plc

j

187,141

22

AutoZone,

Inc.

j

74,311

53

Booking

Holdings,

Inc.

223,147

369

Boot

Barn

Holdings,

Inc.

j

54,007

980

Build-A-Bear

Workshop,

Inc.

36,701

16

Carnival

Corporation

414

463

Churchill

Downs,

Inc.

41,591

1,751

D.R.

Horton,

Inc.

240,272

348

Frontdoor,

Inc.

j

18,395

700

Garmin,

Ltd.

162,407

1,678

General

Motors

Company

125,011

359

Hilton

Worldwide

Holdings,

Inc.

109,165

523

Home

Depot,

Inc.

172,010

680

Laureate

Education,

Inc.

j

23,691

2,203

Life

Time

Group

Holdings,

Inc.

j

59,349

Shares

Common

Stock  15.4%

Value

Consumer

Discretionary  1.4%

-

continued

2,119

Lowe's

Companies,

Inc.

$

500,677

87

Murphy

USA,

Inc.

42,975

15

NVR,

Inc.

j

98,847

2,007

O'Reilly

Automotive,

Inc.

j

185,266

105

Ralph

Lauren

Corporation

36,119

1,332

Ross

Stores,

Inc.

288,551

1,701

SharkNinja,

Inc.

j

180,136

11,435

Sony

Group

Corporation

ADR

d

236,705

618

Tapestry,

Inc.

87,206

2,351

Tesla,

Inc.

j

873,984

353

Texas

Roadhouse,

Inc.

58,294

566

TJX

Companies,

Inc.

90,390

218

Ulta

Beauty,

Inc.

j

113,951

1,344

Universal

Technical

Institute,

Inc.

j

48,518

1,272

Viking

Holdings,

Ltd.

j

93,467

370

Williams-Sonoma,

Inc.

67,462

195

Wingstop,

Inc.

30,219

4,089

Wyndham

Hotels

&

Resorts,

Inc.

332,150

1,392

Wynn

Resorts,

Ltd.

141,358

Total

7,581,990

Consumer

Staples  0.5%

139

Casey's

General

Stores,

Inc.

101,173

347

Coca-Cola

Company

26,389

485

Colgate-Palmolive

Company

41,337

363

Costco

Wholesale

Corporation

361,704

962

John

B.

Sanfilippo

&

Son,

Inc.

76,315

13,824

Keurig

Dr

Pepper,

Inc.

363,986

223

Marzetti

Company

30,848

601

Monster

Beverage

Corporation

j

43,548

1,747

PepsiCo,

Inc.

271,292

675

Philip

Morris

International,

Inc.

111,604

1,400

Procter

&

Gamble

Company

202,216

5,569

Sysco

Corporation

397,237

894

Turning

Point

Brands,

Inc.

77,590

8,429

Unilever

plc

ADR

480,200

2,489

Walmart,

Inc.

309,333

399

WD-40

Company

81,372

Total

2,976,144

Energy  0.9%

3,844

Antero

Midstream

Corporation

87,643

264

Cheniere

Energy,

Inc.

74,913

1,126

Chevron

Corporation

232,969

5,901

ConocoPhillips

778,932

10,427

Devon

Energy

Corporation

524,687

1,133

DHT

Holdings,

Inc.

20,700

14,597

Enterprise

Products

Partners,

LP

552,350

426

EOG

Resources,

Inc.

61,587

1,421

Expand

Energy

Corporation

155,997

9,020

Exxon

Mobil

Corporation

1,530,333

12,190

Halliburton

Company

475,288

3,541

Kinder

Morgan,

Inc.

118,730

1,372

Marathon

Petroleum

Corporation

335,015

1,142

Matador

Resources

Company

72,152

4,518

Patterson-UTI

Energy,

Inc.

48,930

720

TechnipFMC

plc

49,774

7,206

Transocean,

Ltd.

j

47,776

1,840

Williams

Companies,

Inc.

133,915

Total

5,301,691

Financials  2.4%

179

Affiliated

Managers

Group,

Inc.

49,529

1,170

Allstate

Corporation

242,588

3,738

Ally

Financial,

Inc.

146,642

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Shares

Common

Stock  15.4%

Value

Financials  2.4%

-

continued

560

Amalgamated

Financial

Corporation

$

21,767

481

American

Express

Company

145,493

3,830

American

International

Group,

Inc.

288,207

436

Ameriprise

Financial,

Inc.

193,758

133

Aon

plc

42,930

1,757

Arch

Capital

Group,

Ltd.

j

168,654

1,319

Associated

Banc-Corp

34,109

245

Assured

Guaranty,

Ltd.

19,963

1,457

Atlantic

Union

Bankshares

Corporation

52,073

1,964

Banc

of

California,

Inc.

34,527

19,754

Bank

of

America

Corporation

963,007

3,885

Bank

of

New

York

Mellon

Corporation

460,878

1,332

Berkshire

Hathaway,

Inc.

j

638,294

213

BlackRock,

Inc.

204,844

2,595

Bridgewater

Bancshares,

Inc.

j

45,932

490

Byline

Bancorp,

Inc.

15,469

3,319

Capital

One

Financial

Corporation

605,485

116

Central

Pacific

Financial

Corporation

3,707

8,121

Charles

Schwab

Corporation

763,212

1,192

Chubb,

Ltd.

388,509

649

Citigroup,

Inc.

73,603

408

Community

Trust

Bancorp,

Inc.

24,774

220

ConnectOne

Bancorp,

Inc.

5,889

500

Customers

Bancorp,

Inc.

j

34,705

1,469

Donnelley

Financial

Solutions,

Inc.

j

69,249

11

Encore

Capital

Group,

Inc.

j

771

517

Enterprise

Financial

Services

Corporation

27,975

443

Federal

Agricultural

Mortgage

Corporation

65,719

2,921

Fifth

Third

Bancorp

135,710

265

Financial

Institutions,

Inc.

8,403

1,701

First

Bancorp/Puerto

Rico

36,333

46

First

Financial

Corporation

2,907

90

First

Mid-Illinois

Bancshares,

Inc.

3,707

3,255

Genworth

Financial,

Inc.

j

26,431

366

Great

Southern

Bancorp,

Inc.

23,106

420

Hanmi

Financial

Corporation

11,071

183

Hartford

Insurance

Group,

Inc.

24,747

390

Hometrust

Bancshares,

Inc.

16,634

351

Houlihan

Lokey,

Inc.

50,411

157

Independent

Bank

Corporation/MI

5,228

4,046

Intercontinental

Exchange,

Inc.

636,355

4,230

JPMorgan

Chase

&

Company

1,244,297

775

M&T

Bank

Corporation

160,208

2,087

Marsh

&

McLennan

Companies,

Inc.

361,990

777

Mastercard,

Inc.

388,236

3,950

MetLife,

Inc.

279,344

1,994

MGIC

Investment

Corporation

52,343

332

Moody's

Corporation

144,835

6,041

Morgan

Stanley

994,167

158

Morningstar,

Inc.

26,710

2,518

Nasdaq,

Inc.

213,753

146

NBT

Bancorp,

Inc.

6,217

198

NMI

Holdings,

Inc.

j

7,427

1,016

Northern

Trust

Corporation

141,803

457

Northwest

Bancshares,

Inc.

5,799

284

OFG

Bancorp

11,491

2,443

Old

National

Bancorp

53,990

4,471

Old

Republic

International

Corporation

178,393

Shares

Common

Stock  15.4%

Value

Financials  2.4%

-

continued

1,054

Old

Second

Bancorp,

Inc.

$

21,249

360

Orrstown

Financial

Services,

Inc.

12,989

100

Pinnacle

Financial

Partners,

Inc.

8,614

37

PNC

Financial

Services

Group,

Inc.

7,699

286

Popular,

Inc.

38,373

493

Progressive

Corporation

97,732

290

Reinsurance

Group

of

America,

Inc.

59,206

1,932

Robinhood

Markets,

Inc.

j

133,888

35

S&P

Global,

Inc.

14,887

2,008

SEI

Investments

Company

157,568

660

SouthState

Bank

Corporation

61,063

327

Stifel

Financial

Corporation

24,172

139

Tradeweb

Markets,

Inc.

16,355

1,338

Triumph

Financial,

Inc.

j

79,825

231

U.S.

Bancorp

12,014

3,791

Valley

National

Bancorp

46,553

1,205

Visa,

Inc.

364,199

13,050

Wells

Fargo

&

Company

1,038,911

715

WesBanco,

Inc.

24,660

502

Wintrust

Financial

Corporation

69,748

686

Zions

Bancorp

NA

39,527

Total

13,413,540

Health

Care  1.7%

154

AbbVie,

Inc.

33,493

1,917

Agilent

Technologies,

Inc.

218,500

334

Amgen,

Inc.

117,518

616

BioMarin

Pharmaceutical,

Inc.

j

34,798

3,559

Boston

Scientific

Corporation

j

223,327

1,047

BrightSpring

Health

Services,

Inc.

j

44,613

3,140

Bristol-Myers

Squibb

Company

190,441

715

Cencora,

Inc.

224,610

3,190

Centene

Corporation

j

104,441

1,861

Cigna

Group

496,422

3,156

Concentra

Group

Holdings

Parent,

Inc.

67,696

1,549

Danaher

Corporation

293,690

2,003

Dexcom,

Inc.

j

125,788

59

Edwards

Lifesciences

Corporation

j

4,725

78

Elevance

Health,

Inc.

22,835

860

Eli

Lilly

&

Company

791,002

659

Encompass

Health

Corporation

63,745

2,269

Exelixis,

Inc.

j

97,317

3,333

Gilead

Sciences,

Inc.

464,520

1,704

ICON

plc

j

188,565

439

ICU

Medical,

Inc.

j

56,697

129

IDEXX

Laboratories,

Inc.

j

72,484

920

Illumina,

Inc.

j

113,399

197

Insulet

Corporation

j

41,339

847

Intuitive

Surgical,

Inc.

j

390,459

3,722

Johnson

&

Johnson

909,806

2,056

Labcorp

Holdings,

Inc.

548,561

406

LivaNova

plc

j

25,805

406

Medpace

Holdings,

Inc.

j

194,957

4,128

Medtronic

plc

357,691

6,987

Merck

&

Company,

Inc.

840,466

110

Mettler-Toledo

International,

Inc.

j

138,732

196

Neurocrine

Biosciences,

Inc.

j

25,821

194

Penumbra,

Inc.

j

63,704

845

Pfizer,

Inc.

23,728

380

Repligen

Corporation

j

44,772

852

Royalty

Pharma

plc

40,870

745

STERIS

plc

164,742

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Shares

Common

Stock  15.4%

Value

Health

Care  1.7%

-

continued

564

Stryker

Corporation

$

185,325

528

Tenet

Healthcare

Corporation

j

99,639

1,368

Twist

Bioscience

Corporation

j

65,007

222

UFP

Technologies,

Inc.

j

42,979

137

United

Therapeutics

Corporation

j

81,238

1,028

UnitedHealth

Group,

Inc.

278,167

554

Veeva

Systems,

Inc.

j

97,316

455

Vertex

Pharmaceuticals,

Inc.

j

203,176

1,331

Waystar

Holding

Corporation

j

32,090

55

West

Pharmaceutical

Services,

Inc.

13,785

4,158

Zimmer

Biomet

Holdings,

Inc.

375,966

826

Zoetis,

Inc.

97,641

Total

9,434,408

Industrials  2.0%

397

3M

Company

57,656

143

Acuity,

Inc.

40,071

612

Allegion

plc

88,917

6,669

Amentum

Holdings,

Inc.

j

173,928

1,581

AMETEK,

Inc.

338,903

220

Applied

Industrial

Technologies,

Inc.

58,370

38

Armstrong

World

Industries,

Inc.

6,262

1,377

Automatic

Data

Processing,

Inc.

279,779

1,183

Badger

Infrastructure

Solutions,

Ltd.

52,759

2,048

Barrett

Business

Services,

Inc.

59,761

369

BWX

Technologies,

Inc.

75,457

620

C.H.

Robinson

Worldwide,

Inc.

102,963

966

Caterpillar,

Inc.

684,372

223

CECO

Environmental

Corporation

j

13,286

468

Cintas

Corporation

79,158

129

Clean

Harbors,

Inc.

j

36,988

32,198

CNH

Industrial

NV

354,178

1,090

Copart,

Inc.

j

36,188

168

CRA

International,

Inc.

27,196

176

CSW

Industrials,

Inc.

45,862

12,663

CSX

Corporation

519,816

97

Curtiss-Wright

Corporation

66,069

8,499

Delta

Air

Lines,

Inc.

565,014

316

Eaton

Corporation

plc

113,024

248

EMCOR

Group,

Inc.

183,101

973

Enerpac

Tool

Group

Corporation

35,485

6,603

Fastenal

Company

306,379

282

Ferguson

Enterprises,

Inc.

65,779

5,767

Flowserve

Corporation

423,932

660

Fluor

Corporation

j

30,789

398

GE

Vernova,

Inc.

347,414

1,186

General

Dynamics

Corporation

407,059

1,690

General

Electric

Company

479,571

512

Graco,

Inc.

43,341

156

HEICO

Corporation

32,930

1,077

Helios

Technologies,

Inc.

69,693

4,581

Hexcel

Corporation

370,740

2,434

Honeywell

International,

Inc.

550,157

732

Howmet

Aerospace,

Inc.

168,697

788

ICF

International,

Inc.

51,449

431

IDEX

Corporation

81,696

146

IES

Holdings,

Inc.

j

69,565

1,933

Jacobs

Solutions,

Inc.

246,032

1,420

JB

Hunt

Transport

Services,

Inc.

300,898

911

Korn

Ferry

57,347

1,404

L3Harris

Technologies,

Inc.

484,591

609

Limbach

Holdings,

Inc.

j

47,532

Shares

Common

Stock  15.4%

Value

Industrials  2.0%

-

continued

506

Lincoln

Electric

Holdings,

Inc.

$

126,035

228

Modine

Manufacturing

Company

j

49,410

233

Moog,

Inc.

68,185

600

Old

Dominion

Freight

Line,

Inc.

117,240

552

Oshkosh

Corporation

81,260

374

Otis

Worldwide

Corporation

28,828

399

Parker-Hannifin

Corporation

357,201

231

Quanta

Services,

Inc.

126,824

47

RBC

Bearings,

Inc.

j

25,527

327

Republic

Services,

Inc.

71,620

446

Rockwell

Automation,

Inc.

160,060

1,909

RTX

Corporation

368,246

1,316

Timken

Company

132,350

83

Trane

Technologies

plc

34,589

2,402

Uber

Technologies,

Inc.

j

172,776

1,290

UL

Solutions,

Inc.

110,566

120

United

Rentals,

Inc.

87,427

841

Veralto

Corporation

74,361

881

Verisk

Analytics,

Inc.

167,170

239

Waste

Management,

Inc.

54,920

180

WESCO

International,

Inc.

49,252

Total

11,194,001

Information

Technology  3.6%

374

Adobe,

Inc.

j

90,912

573

Advanced

Micro

Devices,

Inc.

j

116,565

3,078

Amphenol

Corporation

388,905

570

Analog

Devices,

Inc.

181,340

9,857

Apple,

Inc.

2,501,608

417

Applied

Materials,

Inc.

142,526

2,536

Arista

Networks,

Inc.

j

311,370

1,179

Autodesk,

Inc.

j

282,253

3,330

Broadcom,

Inc.

1,030,668

314

Cadence

Design

Systems,

Inc.

j

87,251

8,985

Cisco

Systems,

Inc.

697,146

56

Cohu,

Inc.

j

1,715

1,041

Crane

NXT

Company

42,254

948

Datadog,

Inc.

j

111,911

279

Fabrinet

j

145,504

288

Flex,

Ltd.

j

18,852

3,683

Fortinet,

Inc.

j

300,975

185

GoDaddy,

Inc.

j

15,294

1,947

GPGI,

Inc.

33,294

1,264

International

Business

Machines

Corporation

306,381

189

Intuit,

Inc.

81,720

3,347

JFrog,

Ltd.

j

157,075

660

Keysight

Technologies,

Inc.

j

186,364

2,574

Lam

Research

Corporation

549,961

281

Littelfuse,

Inc.

95,357

1,023

Micron

Technology,

Inc.

345,610

8,186

Microsoft

Corporation

3,030,212

111

Monolithic

Power

Systems,

Inc.

121,362

409

Motorola

Solutions,

Inc.

177,494

262

Napco

Security

Technologies,

Inc.

10,320

312

NetApp,

Inc.

31,946

20,946

Nokia

Oyj

ADR

168,406

18,353

NVIDIA

Corporation

3,200,763

201

NXP

Semiconductors

NV

39,569

965

Onto

Innovation,

Inc.

j

197,893

2,334

Oracle

Corporation

343,355

3,316

Palantir

Technologies,

Inc.

j

485,064

1,766

Pegasystems,

Inc.

75,161

312

Plexus

Corporation

j

63,192

111

PTC,

Inc.

j

15,816

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Shares

Common

Stock  15.4%

Value

Information

Technology  3.6%

-

continued

4,625

Qualcomm,

Inc.

$

595,607

389

Salesforce,

Inc.

72,615

7,730

Samsung

Electronics

Company,

Ltd.

904,112

2,208

ServiceNow,

Inc.

j

230,846

990

Shopify,

Inc.

j

117,434

357

Silicon

Laboratories,

Inc.

j

74,310

2,056

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

694,825

3,239

TD

SYNNEX

Corporation

546,452

815

TE

Connectivity

plc

170,351

383

Teradyne,

Inc.

113,544

1,693

Texas

Instruments,

Inc.

328,679

1,547

Trimble,

Inc.

j

100,911

987

TTM

Technologies,

Inc.

j

96,154

335

VeriSign,

Inc.

83,201

1,450

Vontier

Corporation

51,432

305

Western

Digital

Corporation

82,499

423

Zebra

Technologies

Corporation

j

88,441

Total

20,534,777

Materials  0.6%

447

Albemarle

Corporation

80,250

1,954

Amcor

plc

77,672

1,141

Ashland,

Inc.

63,451

4,031

CF

Industries

Holdings,

Inc.

523,385

2,940

Crown

Holdings,

Inc.

294,735

734

DuPont

de

Nemours,

Inc.

33,617

1,749

Eastman

Chemical

Company

133,484

918

Ecolab,

Inc.

244,206

2,011

Element

Solutions,

Inc.

68,656

1,391

Freeport-McMoRan,

Inc.

81,763

986

Greif,

Inc.

66,131

4,037

International

Paper

Company

144,121

5,298

Ivanhoe

Mines,

Ltd.

j

45,283

470

Linde

plc

233,007

549

Louisiana-Pacific

Corporation

39,940

1,250

Newmont

Corporation

135,312

2,733

Nucor

Corporation

462,150

3,376

Solstice

Advanced

Materials,

Inc.

257,116

1,238

Steel

Dynamics,

Inc.

222,840

Total

3,207,119

Real

Estate  0.4%

704

Agree

Realty

Corporation

53,068

623

AvalonBay

Communities,

Inc.

101,767

2,228

CBRE

Group,

Inc.

j

301,805

5,521

Crown

Castle,

Inc.

448,913

581

EPR

Properties

29,027

928

Equity

Lifestyle

Properties,

Inc.

57,926

6,240

Essential

Properties

Realty

Trust,

Inc.

189,446

677

Extra

Space

Storage,

Inc.

88,775

2,951

First

Industrial

Realty

Trust,

Inc.

170,715

16,189

Healthcare

Realty

Trust,

Inc.

275,051

3,831

Host

Hotels

&

Resorts,

Inc.

73,402

499

Innovative

Industrial

Properties,

Inc.

25,030

397

Kite

Realty

Group

Trust

9,746

3,452

Millrose

Properties,

Inc.

96,656

396

Outfront

Media,

Inc.

10,494

2,578

Sabra

Health

Care

REIT,

Inc.

49,575

456

SBA

Communications

Corporation

78,482

1,719

Sila

Realty

Trust,

Inc.

40,706

Shares

Common

Stock  15.4%

Value

Real

Estate  0.4%

-

continued

4,935

Tanger,

Inc.

$

167,691

1,201

Terreno

Realty

Corporation

73,765

Total

2,342,040

Utilities  0.6%

1,447

Alliant

Energy

Corporation

103,837

2,485

CenterPoint

Energy,

Inc.

107,253

16

Clearway

Energy,

Inc.,

Class

C

629

1,798

Constellation

Energy

Corporation

502,091

4,291

Duke

Energy

Corporation

561,863

4,177

Edison

International

305,673

5,821

Entergy

Corporation

654,047

3,263

Evergy,

Inc.

267,305

264

Eversource

Energy

18,290

2,261

NiSource,

Inc.

105,498

132

Northwestern

Energy

Group,

Inc.

8,704

4,503

PG&E

Corporation

79,118

309

Pinnacle

West

Capital

Corporation

31,132

4,367

Portland

General

Electric

Company

230,447

771

Spire,

Inc.

69,806

6,883

UGI

Corporation

250,679

2,143

Vistra

Energy

Corporation

322,157

Total

3,618,529

Total

Common

Stock

(cost

$61,502,988)

86,691,117

Shares

Preferred

Stock

1.4%

Value

Basic

Materials  0.1%

4,906

Albemarle

Corporation,

Convertible,

7.250%

352,496

Total

352,496

Capital

Goods  0.1%

9,434

Boeing

Company,

Convertible,

6.000%

612,078

Total

612,078

Communications

Services  0.1%

14,875

AT&T,

Inc.,

4.750%

h

273,700

3,250

Telephone

and

Data

Systems,

Inc.,

6.000%

h

57,460

Total

331,160

Financials  0.8%

2,725

AEGON

Funding

Company,

LLC,

5.100%

51,639

4,000

Allstate

Corporation,

5.100%

h

79,080

2,955

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

172,749

2,991

Ares

Management

Corporation,

Convertible,

6.750%

108,214

4,800

Athene

Holding,

Ltd.,

5.625%

h

90,624

8,300

Bank

of

America

Corporation,

4.250%

h

141,100

10,000

Bank

of

America

Corporation,

4.375%

h

175,600

5,000

Bank

of

America

Corporation,

4.750%

h

95,150

7,500

Bank

of

America

Corporation,

5.000%

d,h

151,275

338

Bank

of

America

Corporation,

Convertible,

7.250%

h

402,747

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Shares

Preferred

Stock  1.4%

Value

Financials  0.8%

-

continued

2,400

Capital

One

Financial

Corporation,

4.800%

h

$

42,792

4,375

Capital

One

Financial

Corporation,

5.000%

d,h

81,594

2,400

Charles

Schwab

Corporation,

4.450%

d,h

42,432

3,700

Citigroup,

Inc.,

6.250%

h,j

91,205

1,775

Citizens

Financial

Group,

Inc.,

7.375%

h

45,032

4,050

Corebridge

Financial,

Inc.,

6.375%

d

92,218

4,800

Fifth

Third

Bancorp,

4.950%

h

90,768

4,800

Huntington

Bancshares,

Inc./OH,

4.500%

h

81,792

10,400

JPMorgan

Chase

&

Company,

4.200%

h

182,000

7,000

JPMorgan

Chase

&

Company,

4.625%

h

133,840

6,425

JPMorgan

Chase

&

Company,

4.750%

h

125,223

2,400

KeyCorp,

5.650%

d,h

49,920

5,750

KeyCorp,

6.200%

b,h

136,447

5,399

KKR

&

Company,

Inc.,

Convertible,

6.250%

217,148

2,400

MetLife,

Inc.,

4.750%

d,h

44,064

4,050

Morgan

Stanley,

4.250%

h

69,539

7,800

Morgan

Stanley,

5.850%

h

182,286

5,100

Morgan

Stanley,

7.125%

h

128,367

2,675

Pinnacle

Financial

Partners,

Inc.,

8.397%

b,h

68,400

6,350

Public

Storage,

4.125%

h

99,378

3,775

Public

Storage,

4.625%

d,h

66,138

958

Public

Storage,

4.700%

h

17,110

4,800

Regions

Financial

Corporation,

4.450%

h

78,240

2,700

Regions

Financial

Corporation,

5.700%

b,h

63,450

4,800

Truist

Financial

Corporation,

4.750%

d,h

87,024

5,000

U.S.

Bancorp,

4.000%

d,h

78,000

5,000

Wells

Fargo

&

Company,

4.250%

h

86,250

7,925

Wells

Fargo

&

Company,

4.375%

h

138,291

4,800

Wells

Fargo

&

Company,

4.700%

h

90,624

4,600

Wells

Fargo

&

Company,

4.750%

h

87,400

474

Wells

Fargo

&

Company,

Convertible,

7.500%

h

547,470

Total

4,812,620

Technology  0.1%

3,153

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

203,400

3,539

Microchip

Technology,

Inc.,

Convertible,

7.500%

201,617

5,234

Oracle

Corporation,

Convertible,

6.500%

j

235,582

Total

640,599

Utilities  0.2%

9,250

CMS

Energy

Corporation,

4.200%

d,h

154,938

2,456

Nextera

Energy,

Inc.,

Convertible,

7.234%

129,038

3,331

NextEra

Energy,

Inc.,

Convertible,

7.299%

186,469

Shares

Preferred

Stock  1.4%

Value

Utilities  0.2%

-

continued

2,828

NextEra

Energy,

Inc.,

Convertible,

7.375%

j

$

142,050

927

PPL

Corporation,

Convertible,

7.000%

j

47,546

6,200

Southern

Company,

4.950%

119,660

4,029

Southern

Company,

Convertible,

7.125%

207,091

Total

986,792

Total

Preferred

Stock

(cost

$8,502,482)

7,735,745

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

3,869,558

Thrivent

Cash

Management

Trust

3,869,558

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,869,558)

3,869,558

Shares

or

Principal

Amount

Short-Term

Investments

6.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

3.600%,

4/29/2026

k,l

99,711

100,000

3.635%,

5/1/2026

k,l

99,689

400,000

3.600%,

5/29/2026

k,l

397,633

100,000

3.635%,

6/5/2026

k,l

99,339

1,300,000

3.623%,

6/17/2026

k,l

1,289,846

Federal

National

Mortgage

Association

Discount

Notes

500,000

3.595%,

6/1/2026

k,l

496,896

State

Street

Institutional

U.S.

Government

Money

Market

Fund

14,991,573

3.602%

k

14,991,573

Thrivent

Core

Short-Term

Reserve

Fund

1,835,806

3.930%

18,358,063

U.S.

Treasury

Bills

200,000

3.498%,

4/7/2026

k,m

199,879

100,000

3.620%,

5/28/2026

k,m

99,424

100,000

3.589%,

6/2/2026

k,m

99,378

100,000

3.611%,

6/18/2026

k,m

99,221

Total

Short-Term

Investments

(cost

$36,337,367)

36,330,652

Total

Investments

(cost

$560,215,334)

102.8%

$580,053,923

Other

Assets

and

Liabilities,

Net

(2.8%)

(15,783,860)

Total

Net

Assets

100.0%

$564,270,063

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$74,641,202

or

13.2%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

All

or

a

portion

of

the

security

is

on

loan.

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2026.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Conservative

Allocation

Portfolio

as

of

March

31,

2026

was

$52,800

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

121,941

Credit

Suisse

Group

AG 

12/4/2013

110,000

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

Conservative

Allocation

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

1,729,918

Long-Term

Fixed

Income

2,057,282

Total

lending

$3,787,200

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,869,558

Net

amounts

due

to

counterparty

$82,358

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

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

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

27,482,078

–

27,482,078

–

Basic

Materials

319,351

–

319,351

–

Capital

Goods

2,642,807

–

2,642,807

–

Collateralized

Mortgage

Obligations

55,268,396

–

55,268,396

–

Commercial

Mortgage-Backed

Securities

2,244,952

–

2,244,952

–

Communications

Services

936,843

–

936,843

–

Consumer

Cyclical

2,093,580

–

2,093,580

–

Consumer

Non-Cyclical

2,658,372

–

2,658,372

–

Energy

2,140,738

–

2,140,738

–

Financials

9,471,694

–

9,471,694

–

Mortgage-Backed

Securities

121,221,053

–

121,221,053

–

Technology

5,081,772

–

5,081,772

–

U.S.

Government

&

Agencies

40,361,984

–

40,361,984

–

Utilities

5,848,706

–

5,848,706

–

Registered

Investment

Companies

U.S.

Affiliated

115,706,374

115,706,374

–

–

U.S.

Unaffiliated

5,145,738

5,145,738

–

–

Common

Stock

Communications

Services

7,086,878

6,909,016

177,862

–

Consumer

Discretionary

7,581,990

7,581,990

–

–

Consumer

Staples

2,976,144

2,976,144

–

–

Energy

5,301,691

5,301,691

–

–

Financials

13,413,540

13,413,540

–

–

Health

Care

9,434,408

9,434,408

–

–

Industrials

11,194,001

11,141,242

52,759

–

Information

Technology

20,534,777

19,630,665

904,112

–

Materials

3,207,119

3,161,836

45,283

–

Real

Estate

2,342,040

2,342,040

–

–

Utilities

3,618,529

3,618,529

–

–

Preferred

Stock

Basic

Materials

352,496

352,496

–

–

Capital

Goods

612,078

612,078

–

–

Communications

Services

331,160

331,160

–

–

Financials

4,812,620

4,812,620

–

–

Technology

640,599

640,599

–

–

Utilities

986,792

986,792

–

–

Short-Term

Investments

17,972,589

14,991,573

2,981,016

–

Subtotal

Investments

in

Securities

$511,023,889

$229,090,531

$281,933,358

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

46,802,413

Affiliated

Short-Term

Investments

18,358,063

Collateral

Held

for

Securities

Loaned

3,869,558

Subtotal

Other

Investments

$69,030,034

Total

Investments

at

Value

$580,053,923

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

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

Nasdaq

-

National

association

of

securities

dealers

automated

quotations

S&P

-

Standard

&

Poor's

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

285,535

186,915

98,620

–

Total

Asset

Derivatives

$285,535

$186,915

$98,620

$–

Liability

Derivatives

Futures

Contracts

582,237

582,237

–

–

Total

Return

Swaps

136,489

–

136,489

–

Credit

Default

Swaps

55,708

–

55,708

–

Total

Liability

Derivatives

$774,434

$582,237

$192,197

$–

The

following

table

presents

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$2,655,514

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

20

June

2026

$

4,143,072

$

5,834

CME

E-mini

S&P

500

Index

65

June

2026

21,854,998

(

500,060)

ICE

mini

MSCI

EAFE

Index

66

June

2026

9,561,256

12,374

ICE

US

mini

MSCI

Emerging

Markets

Index

63

June

2026

4,626,879

(

44,889)

Total

Futures

Long

Contracts

$

40,186,205

(

$

526,741)

CBOT

U.S.

Long

Bond

(16)

June

2026

(

$

1,871,705)

$

49,705

CME

E-mini

Nasdaq

100

Index

(6)

June

2026

(

2,972,410)

102,610

CME

E-mini

Russell

2000

Index

(39)

June

2026

(

4,888,202)

(

10,588)

CME

E-mini

S&P

Mid-Cap

400

Index

(9)

June

2026

(

3,030,150)

(

26,700)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(5)

June

2026

(

599,204)

16,392

Eurex

Euro

STOXX

50

Index

(105)

June

2026

(

6,878,060)

98,620

Total

Futures

Short

Contracts

(

$

20,239,731)

$230,039

Total

Futures

Contracts

$

19,946,474

($296,702)

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

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

total

return

swap

contracts

held

as

of

March

31,

2026.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

100

Equal

Weight

USD

Total

Return

Index

Swap

SOFR

1

day

+58bps

Total

Return

Goldman

Sachs

&

Co.

LLC

5/1/2026

$

3,003,852

(

$

136,489)

$

–

(

$

136,489)

Total

Return

Swaps

(

$

136,489)

$

–

($136,489)

#

Payment

made

on

Termination

Date

Reference

Description:

S&P

-

Standard

&

Poor's

The

following

table

presents

Conservative

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$497,902

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

46,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2031

$

7,350,000

$

–

(

$

55,708)

(

$

55,708)

Total

Credit

Default

Swaps

$–

($55,708)

($55,708)

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

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

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$42,614

$547

$4,250

$37,960

4,399

6.7%

Core

High

Yield

Bond

–

50,285

–

50,022

2,547

8.9

Core

International

Equity

8,597

–

–

8,843

701

1.5

Core

Investment

Grade

Corporate

Bond

–

65,853

–

65,685

3,351

11.7

Total

U.S.

Affiliated

Registered

Investment

Companies

51,211

162,510

28.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

25,361

15,980

22,980

18,358

1,836

3.2

Total

Affiliated

Short-Term

Investments

25,361

18,358

3.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,532

20,112

21,774

3,870

3,870

0.7

Total

Collateral

Held

for

Securities

Loaned

5,532

3,870

0.7

Total

Value

$82,104

$184,738

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($462)

($489)

$

–

$547

Core

High

Yield

Bond

–

(263)

–

119

Core

International

Equity

–

246

–

–

Core

Investment

Grade

Corporate

Bond

–

(168)

–

116

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

4

(7)

–

225

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,007

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

($458)

($681)

$

–

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income

35.7%

Value

Asset-Backed

Securities  3.9%

522

Funding

CLO,

Ltd.

$

350,000

5.410%, 

(TSFR3M

+

1.750%),

4/15/2035,

Ser.

2019-5A,

Class

CR2

a,b

$

347,094

Anchorage

Capital

CLO

20,

Ltd.

150,000

6.868%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

147,249

Anchorage

Capital

CLO

21,

Ltd.

250,000

5.568%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

248,499

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

250,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

251,678

250,000

4.770%, 

2/20/2032,

Ser.

2025-4A,

Class

B

a

245,059

Balboa

Bay

Loan

Funding,

Ltd.

300,000

5.918%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

299,147

Barings

Loan

Partners

CLO,

Ltd.

2

500,000

5.318%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

497,771

Battalion

CLO

XI,

Ltd.

400,000

5.618%, 

(TSFR3M

+

1.950%),

4/24/2034,

Ser.

2017-11A,

Class

CR2

a,b

395,798

Battalion

CLO

XIV,

Ltd.

500,000

5.668%, 

(TSFR3M

+

2.000%),

1/20/2035,

Ser.

2019-14A,

Class

CR2

a,b

496,707

Battalion

CLO

XXI,

Ltd.

500,000

5.672%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

495,000

Business

Jet

Securities,

LLC

125,217

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

123,848

273,038

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

272,314

College

Avenue

Student

Loans,

LLC

47,102

5.443%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

47,509

Dryden

72

CLO,

Ltd.

300,000

5.303%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

300,045

Hertz

Vehicle

Financing

III,

LLC

475,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

482,432

400,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

402,183

250,000

5.140%, 

5/25/2032,

Ser.

2025-6A,

Class

B

a

246,430

HOMES

Trust

334,457

5.077%, 

8/25/2060,

Ser.

2026-INV1,

Class

A1D

a,c

332,667

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Asset-Backed

Securities  3.9%

-

continued

Hotwire

Funding,

LLC

$

425,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

$

429,986

Kennedy

Lewis

CLO

3,

Ltd.

300,000

5.068%, 

(TSFR3M

+

1.400%),

10/20/2036,

Ser.

3A,

Class

A2R3

a,b

298,898

LCM

41,

Ltd.

650,000

7.272%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

623,182

Lightpath

Fiber

Issuer,

LLC

500,000

5.597%, 

3/25/2056,

Ser.

2026-1A,

Class

A2

a

498,614

MetroNet

Infrastructure

Issuer,

LLC

400,000

5.400%, 

8/20/2055,

Ser.

2025-2A,

Class

A2

a

403,432

175,000

5.163%, 

12/20/2055,

Ser.

2025-4A,

Class

A2

a

174,189

Octagon

Investment

Partners

50,

Ltd.

625,000

5.672%, 

(TSFR3M

+

2.000%),

1/15/2035,

Ser.

2020-4A,

Class

CR2

a,b

618,728

Pagaya

AI

Debt

Grantor

Trust

92,715

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

92,950

113,712

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

114,080

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

69,179

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

69,284

Palmer

Square

Loan

Funding,

Ltd.

425,000

5.510%, 

(TSFR3M

+

1.850%),

10/15/2032,

Ser.

2024-1A,

Class

CR

a,b

417,966

250,000

5.169%, 

(TSFR3M

+

1.500%),

1/15/2033,

Ser.

2024-2A,

Class

BR

a,b

249,700

250,000

5.253%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

247,923

Park

Blue

CLO,

Ltd.

200,000

5.848%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

199,330

PPM

CLO

3,

Ltd.

300,000

5.718%, 

(TSFR3M

+

2.050%),

7/17/2034,

Ser.

2019-3A,

Class

CR2

a,b

297,774

RFS

Asset

Securitization

V,

LLC

400,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

401,846

Rockford

Tower

CLO,

Ltd.

500,000

5.618%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-2A,

Class

CR

a,b

496,762

Sculptor

CLO

XXVIII,

Ltd.

300,000

5.618%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

297,528

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Asset-Backed

Securities  3.9%

-

continued

Signal

Peak

CLO

1,

Ltd.

$

250,000

5.618%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

$

248,512

Sunnova

Hestia

II

Issuer,

LLC

312,103

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

302,376

Symphony

CLO

XX,

Ltd.

500,000

6.671%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

494,169

TCW

CLO,

Ltd.

450,000

5.468%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

449,868

VERDE

CLO,

Ltd.

500,000

6.872%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

498,436

Veros

Auto

Receivables

Trust

150,697

5.310%, 

9/15/2028,

Ser.

2025-1,

Class

A

a

151,185

Zayo

Issuer,

LLC

475,000

5.570%, 

10/20/2055,

Ser.

2025-3A,

Class

A2

a

475,512

Total

14,183,660

Basic

Materials  <0.1%

FMC

Corporation

23,000

8.450%, 

11/1/2055

b

14,809

Peabody

Energy

Corporation,

Convertible

79,000

3.250%, 

3/1/2028

145,123

Total

159,932

Capital

Goods  0.4%

Array

Technologies,

Inc.,

Convertible

65,000

1.000%, 

12/1/2028

58,695

86,000

2.875%, 

7/1/2031

a

106,801

BWX

Technologies,

Inc.,

Convertible

248,000

Zero

Coupon, 

11/1/2030

a

256,928

Fluor

Corporation,

Convertible

148,000

1.125%, 

8/15/2029

182,262

Greenbrier

Companies,

Inc.,

Convertible

96,000

2.875%, 

4/15/2028

e

110,726

JBT

Marel

Corporation,

Convertible

146,000

0.375%, 

9/15/2030

a

141,474

LEDN

Issuer

Trust

200,000

6.748%, 

2/25/2041,

Ser.

2026-1A,

Class

A

a

200,099

Mirion

Technologies,

Inc.,

Convertible

96,000

0.250%, 

6/1/2030

a

104,112

90,000

Zero

Coupon, 

10/1/2031

a

85,275

Patrick

Industries,

Inc.,

Convertible

67,000

1.750%, 

12/1/2028

115,944

Total

1,362,316

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Collateralized

Mortgage

Obligations  7.6%

A&D

Mortgage

Trust

$

138,282

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,c

$

139,444

307,293

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,c

309,589

287,892

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

288,144

ACRA

Trust

294,391

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

294,941

Archwest

Mortgage

Trust

250,000

5.435%, 

4/25/2041,

Ser.

2026-RTL1,

Class

A1

a,c

250,273

Banc

of

America

Alternative

Loan

Trust

162,483

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

145,911

Banc

of

America

Mortgage

Securities

Trust

18,321

5.054%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

16,470

45,613

5.587%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

43,808

Bear

Stearns

ARM

Trust

40,015

5.709%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

38,587

Bellemeade

Re,

Ltd.

150,000

6.162%, 

(SOFR30A

+

2.500%),

10/25/2035,

Ser.

2025-1,

Class

M1B

a,b

150,723

BRAVO

Residential

Funding

Trust

296,785

5.138%, 

11/25/2065,

Ser.

2026-NQM3,

Class

A2

a,c

294,565

CFST

Mortgage

Trust

325,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

327,486

CHNGE

Mortgage

Trust

176,773

4.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

173,465

107,383

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

107,157

305,338

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,c

304,318

108,853

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

108,855

CIM

Trust

311,092

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,c

310,081

Citigroup

Mortgage

Loan

Trust,

Inc.

57,528

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

56,924

139,992

4.958%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

127,434

COLT

Mortgage

Loan

Trust

237,790

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,c

239,094

CSMC

Trust

176,989

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

153,478

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

101,615

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

88,552

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Collateralized

Mortgage

Obligations  7.6%

-

continued

$

65,263

3.925%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

$

58,265

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

419,890

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

414,980

500,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

497,512

730,047

1.500%, 

3/25/2051,

Ser.

5092,

Class

IC

f

60,779

400,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

396,756

403,802

7.662%, 

(SOFR30A

+

4.000%),

4/25/2026,

Ser.

5567,

Class

MB

b

415,233

325,000

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

315,853

256,357

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

216,065

400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

399,011

749,351

2.000%, 

12/25/2050,

Ser.

5051,

Class

WI

f

98,354

19,181

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

137

162,537

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

11,234

122,690

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

4,186

436,941

5.500%, 

1/25/2046,

Ser.

5617,

Class

AZ

g

432,887

Federal

Home

Loan

Mortgage

Corporation

STRIPS

263,015

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

22,900

Federal

National

Mortgage

Association

-

REMIC

450,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

442,675

550,000

5.000%, 

4/25/2055,

Ser.

2025-15,

Class

BD

537,520

525,000

5.500%, 

8/25/2054,

Ser.

2024-50,

Class

DB

527,796

300,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

292,493

528,651

2.000%, 

12/25/2050,

Ser.

2020-89,

Class

IM

f

70,269

46,105

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

499

27,575

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

231

109,351

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

1,406

81,015

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

921

30,897

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

378

71,369

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

746

46,939

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

726

66,131

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

f

889

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Collateralized

Mortgage

Obligations  7.6%

-

continued

$

49,403

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

f

$

928

169,344

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

10,955

Flagstar

Mortgage

Trust

113,847

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

103,146

GCAT

Trust

402,820

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

412,418

241,152

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

226,717

406,290

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

410,607

GMAC

Mortgage

Corporation

Loan

Trust

54,423

3.920%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

49,051

19,997

4.288%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,d

9,138

GMACM

Mortgage

Loan

Trust

16,650

3.319%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

8,381

GS

Mortgage-Backed

Securities

Trust

395,262

4.978%, 

5/25/2066,

Ser.

2026-DSC1,

Class

A2

a,c

391,615

349,127

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

348,946

GSAA

Home

Equity

Trust

76,740

4.027%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

71,015

Home

Re,

Ltd.

233,448

8.262%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

238,611

400,000

5.812%, 

(SOFR30A

+

2.150%),

1/25/2036,

Ser.

2026-1,

Class

M1B

a,b

400,538

HTAP

Issuer

Trust

260,011

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

257,947

449,296

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

447,519

IndyMac

INDA

Mortgage

Loan

Trust

457,043

3.469%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

352,464

J.P.

Morgan

Mortgage

Trust

168,521

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

144,995

203,547

5.055%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1D

a,c

201,556

326,565

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

324,333

65,981

4.985%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

44,922

LHOME

Mortgage

Trust

500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,c

500,412

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

200,893

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Collateralized

Mortgage

Obligations  7.6%

-

continued

$

500,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,c

$

501,172

Merrill

Lynch

Alternative

Note

Asset

Trust

246,988

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

74,247

MFA

Trust

331,128

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

a,c

331,536

Morgan

Stanley

Residential

Mortgage

Loan

Trust

396,777

4.988%, 

1/26/2071,

Ser.

2026-NQM2,

Class

A2

a,c

393,290

425,000

5.432%, 

3/25/2071,

Ser.

2026-NQM3,

Class

A2

a,c

423,777

320,339

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,c

320,074

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

471,585

4.253%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

411,347

NYMT

Loan

Trust

392,443

5.456%, 

10/25/2060,

Ser.

2025-INV2,

Class

A3

a,c

390,913

300,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

301,236

PMT

Loan

Trust

252,176

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

254,855

PRET,

LLC

434,838

5.151%, 

2/25/2056,

Ser.

2026-NPL2,

Class

A1

a,c

431,416

300,000

7.507%, 

8/25/2055,

Ser.

2025-NPL9,

Class

A2

a,c

300,694

PRKCM

Trust

213,496

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

213,079

179,689

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,c

180,922

PRPM

Trust

150,000

6.171%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

150,492

PRPM,

LLC

240,483

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

237,326

250,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,c

239,081

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

289,871

300,000

5.207%, 

12/25/2055,

Ser.

2025-RCF6,

Class

A2

a,c

297,678

422,269

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

422,579

300,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,c

300,213

429,832

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,c

428,817

Radnor

Re,

Ltd.

320,209

6.562%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

321,619

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Collateralized

Mortgage

Obligations  7.6%

-

continued

RCO

IX

Mortgage,

LLC

$

249,318

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,c

$

249,652

177,281

5.310%, 

10/25/2030,

Ser.

2025-4,

Class

A1

a,c

177,142

Residential

Accredit

Loans,

Inc.

Trust

62,899

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

55,897

63,948

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

50,900

Residential

Asset

Securitization

Trust

84,515

4.433%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

81,162

Residential

Funding

Mortgage

Security

I

Trust

130,703

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

105,743

Roc

Mortgage

Trust

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,c

400,557

Saluda

Grade

Alternative

Mortgage

Trust

300,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,c

299,647

650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

654,299

Sequoia

Mortgage

Trust

250,000

5.000%, 

12/25/2055,

Ser.

2025-12,

Class

A8

a,b

238,115

Structured

Adjustable

Rate

Mortgage

Loan

Trust

39,109

4.638%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

34,611

Triangle

Re,

Ltd.

126,278

7.062%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

127,112

TVC

Mortgage

Trust

550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

551,134

Unlock

HEA

Trust

296,488

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

296,171

241,003

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

240,181

353,813

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

352,861

Velocity

Commercial

Capital

Loan

Trust

183,950

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

185,952

190,516

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

192,247

198,720

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

202,593

Verus

Securitization

Trust

415,927

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,c

417,618

201,594

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

180,295

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Collateralized

Mortgage

Obligations  7.6%

-

continued

VOLT

C,

LLC

$

399,704

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

$

399,786

VOLT

CVI,

LLC

271,441

9.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a

271,697

VOLT

XCVII,

LLC

57,397

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

57,413

Vontive

Mortgage

Trust

400,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

404,632

Total

27,790,758

Commercial

Mortgage-Backed

Securities  0.4%

AMSR

Trust

250,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

236,009

BANK

2,092,255

0.624%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

96,123

600,000

4.340%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

588,742

BBCMS

Mortgage

Trust

2,230,007

1.149%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

132,929

250,000

5.382%, 

9/15/2058,

Ser.

2025-5C37,

Class

AS

b

253,153

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

250,937

Total

1,557,893

Communications

Services  0.1%

Bell

Telephone

Company

of

Canada

27,500

7.000%, 

9/15/2055

b

28,147

Paramount

Global

33,000

6.375%, 

3/30/2062

b

24,090

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

a,b,e

49,389

27,500

7.125%, 

4/15/2055

b

28,140

Snap,

Inc.,

Convertible

47,000

0.125%, 

3/1/2028

42,779

164,000

0.500%, 

5/1/2030

131,528

TELUS

Corporation

21,000

6.625%, 

10/15/2055

b

21,008

Vodafone

Group

plc

67,000

7.000%, 

4/4/2079

b

68,913

Total

393,994

Consumer

Cyclical  0.3%

Burlington

Stores,

Inc.,

Convertible

78,000

1.250%, 

12/15/2027

128,700

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

12,000

1.750%, 

9/15/2030

a

9,279

DraftKings

Holdings,

Inc.,

Convertible

260,000

Zero

Coupon, 

3/15/2028

234,000

EZCORP,

Inc.,

Convertible

58,000

3.750%, 

12/15/2029

a

136,922

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Consumer

Cyclical  0.3%

-

continued

General

Motors

Financial

Company,

Inc.

$

18,000

5.750%, 

9/30/2027

b,h

$

17,525

11,500

5.700%, 

9/30/2030

b,h

11,279

Live

Nation

Entertainment,

Inc.,

Convertible

60,000

3.125%, 

1/15/2029

91,140

65,000

2.875%, 

1/15/2030

70,038

82,000

2.875%, 

10/15/2031

a

83,215

Marriott

Vacations

Worldwide

Corporation,

Convertible

94,000

3.250%, 

12/15/2027

90,240

Meritage

Homes

Corporation,

Convertible

34,000

1.750%, 

5/15/2028

32,742

Uber

Technologies,

Inc.,

Convertible

64,000

Zero

Coupon, 

5/15/2028

a

62,400

97,000

0.875%, 

12/1/2028

116,643

Total

1,084,123

Consumer

Non-Cyclical  0.4%

BioMarin

Pharmaceutical,

Inc.,

Convertible

103,000

1.250%, 

5/15/2027

99,199

Chefs'

Warehouse,

Inc.,

Convertible

71,000

2.375%, 

12/15/2028

104,654

CVS

Health

Corporation

31,000

6.750%, 

12/10/2054

b

31,389

Envista

Holdings

Corporation,

Convertible

36,000

1.750%, 

8/15/2028

35,707

Integer

Holdings

Corporation,

Convertible

33,000

2.125%, 

2/15/2028

38,973

222,000

1.875%, 

3/15/2030

211,677

Jazz

Investments

I,

Ltd.,

Convertible

105,000

2.000%, 

6/15/2026

127,365

105,000

3.125%, 

9/15/2030

e

148,680

LCI

Industries,

Convertible

117,000

3.000%, 

3/1/2030

140,576

Post

Holdings,

Inc.,

Convertible

136,000

2.500%, 

8/15/2027

147,220

Spectrum

Brands,

Inc.,

Convertible

85,000

3.375%, 

6/1/2029

84,728

Winnebago

Industries,

Inc.,

Convertible

78,000

3.250%, 

1/15/2030

70,356

Zoetis,

Inc.,

Convertible

109,000

0.250%, 

6/15/2029

a

108,183

Total

1,348,707

Energy  0.2%

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,h

50,348

56,000

6.450%, 

12/1/2033

b,h

58,231

Crescent

Energy

Company,

Convertible

153,000

2.750%, 

3/15/2031

a

175,644

Enbridge,

Inc.

40,000

7.375%, 

1/15/2083

b

40,605

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Energy  0.2%

-

continued

$

56,000

7.625%, 

1/15/2083

b

$

60,370

Energy

Transfer,

LP

34,000

8.000%, 

5/15/2054

b

35,611

17,000

7.125%, 

5/15/2030

b,h

17,303

Northern

Oil

and

Gas,

Inc.,

Convertible

235,000

3.625%, 

4/15/2029

257,699

Phillips

66

Company

26,000

6.200%, 

3/15/2056

b

25,883

TransCanada

Trust

55,000

5.875%, 

8/15/2076

b

55,058

UGI

Corporation,

Convertible

38,000

5.000%, 

6/1/2028

53,257

Venture

Global

LNG,

Inc.

55,000

9.000%, 

9/30/2029

a,b,h

54,783

Total

884,792

Financials  1.1%

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

40,000

6.950%, 

3/10/2055

b

40,939

Air

Lease

Corporation

49,000

4.650%, 

6/15/2026

b,h

48,689

Aircastle,

Ltd.

45,000

5.250%, 

6/15/2026

a,b,h

44,763

Ally

Financial,

Inc.

88,000

4.700%, 

5/15/2026

b,h

87,179

American

Express

Company

50,000

3.550%, 

9/15/2026

b,h

49,433

Bank

of

America

Corporation

70,000

6.125%, 

4/27/2027

b,h

70,129

Bank

of

New

York

Mellon

Corporation

50,000

5.950%, 

12/20/2030

b,h

50,012

Bank

of

Nova

Scotia

43,000

6.875%, 

10/27/2085

b

42,241

Blackstone

Mortgage

Trust,

Inc.,

Convertible

14,000

5.500%, 

3/15/2027

13,860

Boston

Properties,

LP,

Convertible

40,000

2.000%, 

10/1/2030

a

36,300

Capital

One

Financial

Corporation

28,000

3.950%, 

9/1/2026

b,h

27,596

Charles

Schwab

Corporation

54,000

4.000%, 

6/1/2026

b,h

53,633

CHL

Mortgage

Pass-Through

Trust

14,858

6.221%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

14,788

172,367

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

69,042

Citigroup,

Inc.

29,000

7.375%, 

5/15/2028

b,h

29,963

55,000

7.625%, 

11/15/2028

b,h

56,879

34,000

7.125%, 

8/15/2029

b,h

34,334

28,000

6.950%, 

2/15/2030

b,h

28,208

39,000

6.875%, 

8/15/2030

b,h

39,275

60,000

6.625%, 

2/15/2031

b,h

60,045

45,000

7.000%, 

8/15/2034

b,h

46,313

Citizens

Financial

Group,

Inc.

45,000

4.000%, 

10/6/2026

b,h

44,309

Coinbase

Global,

Inc.,

Convertible

46,000

0.500%, 

6/1/2026

45,623

78,000

Zero

Coupon, 

10/1/2029

a

68,289

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Financials  1.1%

-

continued

$

63,000

0.250%, 

4/1/2030

$

58,369

75,000

Zero

Coupon, 

10/1/2032

a

60,037

COPT

Defense

Properties,

LP,

Convertible

18,000

5.250%, 

9/15/2028

a

20,893

Corebridge

Financial,

Inc.

31,000

6.375%, 

9/15/2054

b

30,468

32,000

6.875%, 

12/15/2052

b

32,242

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

293,295

4.785%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

244,141

Credit

Suisse

Group

AG

32,000

7.250%, 

N/A

*,i

7,680

22,000

7.500%, 

N/A

*,i

5,280

Dai-ichi

Life

Insurance

Company,

Ltd.

60,000

6.200%, 

1/16/2035

a,b,h

60,357

Digital

Realty

Trust,

LP,

Convertible

58,000

1.875%, 

11/15/2029

a

61,401

Encore

Capital

Group,

Inc.,

Convertible

59,000

4.000%, 

3/15/2029

74,193

Federal

Realty

OP,

LP,

Convertible

28,000

3.250%, 

1/15/2029

a

28,618

Goldman

Sachs

Group,

Inc.

33,000

3.650%, 

8/10/2026

b,h

32,705

57,000

4.125%, 

11/10/2026

b,h

56,224

29,000

6.125%, 

11/10/2034

b,e,h

28,849

Hartford

Insurance

Group,

Inc.

22,000

6.039%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

21,077

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

23,000

3.750%, 

8/15/2028

a

32,672

Hercules

Capital,

Inc.,

Convertible

7,000

4.750%, 

9/1/2028

a

6,762

Huntington

Bancshares,

Inc./OH

28,000

4.450%, 

10/15/2027

b,h

27,516

Huntington

Bank

Auto

Credit-

Linked

Notes

145,201

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

146,325

JPMorgan

Chase

&

Company

30,000

6.500%, 

4/1/2030

b,h

30,784

Kite

Realty

Group,

LP,

Convertible

4,000

0.750%, 

4/1/2027

a

4,313

Lincoln

National

Corporation

16,000

6.272%, 

(TSFR3M

+

2.619%),

5/18/2026

b

13,114

M&T

Bank

Corporation

96,000

3.500%, 

9/1/2026

b,h

92,939

MetLife,

Inc.

30,000

6.350%, 

3/15/2055

b,e

30,443

34,000

5.875%, 

3/15/2028

b,e,h

33,848

37,000

6.400%, 

12/15/2036

37,778

Nippon

Life

Insurance

Company

135,000

5.950%, 

4/16/2054

a,b

134,960

Pebblebrook

Hotel

Trust,

Convertible

122,000

1.750%, 

12/15/2026

118,831

97,000

1.625%, 

1/15/2030

a

99,425

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Financials  1.1%

-

continued

PNC

Financial

Services

Group,

Inc.

$

42,000

6.200%, 

9/15/2027

b,h

$

42,093

43,000

6.250%, 

3/15/2030

b,h

43,377

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

21,878

4.136%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

20,819

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

44,838

Prudential

Financial,

Inc.

43,000

6.750%, 

3/1/2053

b

44,497

27,000

3.700%, 

10/1/2050

b

24,528

Realty

Income

Corporation,

Convertible

48,000

3.500%, 

1/15/2029

a

48,984

Rexford

Industrial

Realty,

LP,

Convertible

34,000

4.375%, 

3/15/2027

a

33,813

18,000

4.125%, 

3/15/2029

a

17,649

Royal

Bank

of

Canada

40,000

6.750%, 

8/24/2085

b

40,146

Shift4

Payments,

Inc.,

Convertible

137,000

0.500%, 

8/1/2027

128,438

Starwood

Property

Trust,

Inc.,

Convertible

78,000

6.750%, 

7/15/2027

79,287

State

Street

Corporation

28,000

6.700%, 

3/15/2029

b,e,h

28,451

Sumitomo

Life

Insurance

Company

75,000

3.375%, 

4/15/2081

a,b

68,430

Tanger

Properties,

LP,

Convertible

14,000

2.375%, 

1/15/2031

a

14,011

Terawulf,

Inc.,

Convertible

18,000

2.750%, 

2/1/2030

a

34,938

35,000

1.000%, 

9/1/2031

a

48,440

40,000

Zero

Coupon, 

5/1/2032

a

41,317

Toronto-Dominion

Bank

32,000

8.125%, 

10/31/2082

b

33,013

Truist

Financial

Corporation

80,000

5.100%, 

3/1/2030

b,h

79,855

Ventas

Realty,

LP,

Convertible

50,000

3.750%, 

6/1/2026

74,345

Wells

Fargo

&

Company

58,000

7.625%, 

9/15/2028

b,h

60,928

Welltower

OP,

LLC,

Convertible

69,000

2.750%, 

5/15/2028

a

143,106

47,000

3.125%, 

7/15/2029

a

74,392

Total

4,003,781

Mortgage-Backed

Securities  14.4%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

288,013

2.000%, 

1/1/2052

235,593

896,043

6.000%, 

1/1/2055

935,511

1,504,640

2.500%, 

5/1/2051

1,283,235

882,914

3.500%, 

5/1/2052

815,866

898,433

4.000%, 

5/1/2052

856,169

2,381,428

5.000%, 

7/1/2053

2,373,502

582,625

5.500%, 

7/1/2053

592,983

260,323

5.000%, 

8/1/2053

259,982

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Mortgage-Backed

Securities  14.4%

-

continued

$

348,345

5.500%, 

9/1/2053

$

357,026

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

607,878

2.500%, 

7/1/2030

589,486

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

500,000

4.500%, 

4/1/2041

g

496,399

1,550,000

5.000%, 

4/1/2041

g

1,561,318

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

693,181

3.500%, 

5/1/2040

660,813

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,152,903

3.000%, 

1/1/2052

1,908,391

343,249

2.000%, 

2/1/2051

280,777

226,286

2.000%, 

2/1/2051

185,102

1,103,524

2.500%, 

2/1/2051

931,484

1,080,997

2.500%, 

2/1/2051

927,956

2,033,254

2.000%, 

3/1/2051

1,652,995

1,050,234

4.000%, 

3/1/2051

1,003,770

2,376,938

3.000%, 

3/1/2052

2,107,860

1,552,151

2.000%, 

4/1/2051

1,261,546

1,489,991

3.000%, 

4/1/2051

1,311,638

972,522

5.500%, 

4/1/2054

995,236

406,962

2.000%, 

5/1/2051

331,174

717,886

3.000%, 

5/1/2051

645,685

750,650

3.000%, 

6/1/2050

677,708

304,271

4.000%, 

6/1/2052

288,326

1,378,201

5.000%, 

6/1/2053

1,374,993

1,689,765

2.500%, 

7/1/2051

1,452,927

552,783

3.500%, 

7/1/2051

512,445

693,285

2.500%, 

8/1/2050

596,059

1,205,533

3.500%, 

8/1/2050

1,121,531

1,528,504

3.500%, 

8/1/2052

1,403,033

973,039

4.500%, 

8/1/2052

943,306

349,646

5.000%, 

8/1/2053

348,724

440,726

3.500%, 

9/1/2052

407,439

1,044,965

3.500%, 

9/1/2052

968,626

282,722

5.000%, 

9/1/2052

281,331

238,660

4.500%, 

9/1/2053

232,346

783,409

4.500%, 

9/1/2053

761,839

1,510,586

4.000%, 

10/1/2052

1,438,436

423,354

2.000%, 

11/1/2051

346,294

564,750

3.500%, 

11/1/2052

524,574

1,667,953

2.000%, 

12/1/2050

1,365,004

2,822,844

4.500%, 

12/1/2052

2,747,215

925,000

4.000%, 

4/1/2049

g

872,759

925,000

4.500%, 

4/1/2049

g

892,630

6,000,000

5.000%, 

4/1/2049

g

5,916,760

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

1,958,254

2.500%, 

3/1/2062

1,610,237

613,676

3.500%, 

7/1/2061

552,915

791,035

4.000%, 

12/1/2061

737,185

Total

52,936,139

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Technology  0.7%

Akamai

Technologies,

Inc.,

Convertible

$

61,000

0.375%, 

9/1/2027

$

70,668

64,000

1.125%, 

2/15/2029

73,139

100,000

0.250%, 

5/15/2033

a

138,500

Applied

Digital

Corporation,

Convertible

40,000

2.750%, 

6/1/2030

106,080

Avnet,

Inc.,

Convertible

36,000

1.750%, 

9/1/2030

a

39,024

Block,

Inc.,

Convertible

18,000

0.250%, 

11/1/2027

16,821

CoreWeave,

Inc.,

Convertible

109,000

1.750%, 

12/1/2031

a

109,120

CSG

Systems

International,

Inc.,

Convertible

112,000

3.875%, 

9/15/2028

136,248

Euronet

Worldwide,

Inc.,

Convertible

47,000

0.625%, 

10/1/2030

a

40,890

Global

Payments,

Inc.,

Convertible

113,000

1.500%, 

3/1/2031

99,559

InterDigital,

Inc.,

Convertible

26,000

3.500%, 

6/1/2027

101,465

Microchip

Technology,

Inc.,

Convertible

57,000

Zero

Coupon, 

2/15/2030

a

55,603

70,000

0.750%, 

6/1/2030

69,174

MKS,

Inc.,

Convertible

140,000

1.250%, 

6/1/2030

231,280

ON

Semiconductor

Corporation,

Convertible

88,000

Zero

Coupon, 

5/1/2027

113,476

127,000

0.500%, 

3/1/2029

124,142

Progress

Software

Corporation,

Convertible

119,000

3.500%, 

3/1/2030

105,720

Semtech

Corporation,

Convertible

33,000

1.625%, 

11/1/2027

69,531

84,000

Zero

Coupon, 

10/15/2030

a,e

93,744

Synaptics,

Inc.,

Convertible

116,000

0.750%, 

12/1/2031

119,828

Ultra

Clean

Holdings,

Inc.,

Convertible

114,000

Zero

Coupon, 

3/15/2031

a

120,612

Viavi

Solutions,

Inc.,

Convertible

60,000

0.625%, 

3/1/2031

a

149,400

Vishay

Intertechnology,

Inc.,

Convertible

195,000

2.250%, 

9/15/2030

187,103

Western

Digital

Corporation,

Convertible

34,000

3.000%, 

11/15/2028

243,379

Ziff

Davis,

Inc.,

Convertible

4,000

1.750%, 

11/1/2026

e

3,920

37,000

3.625%, 

3/1/2028

a

36,260

Total

2,654,686

U.S.

Government

&

Agencies  5.5%

U.S.

Treasury

Bonds

300,000

4.250%, 

2/15/2054

268,734

2,500,000

4.750%, 

11/15/2053

2,430,762

1,200,000

4.625%, 

2/15/2035

1,231,219

1,450,000

3.250%, 

5/15/2042

1,194,777

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

U.S.

Government

&

Agencies  5.5%

-

continued

$

4,000,000

3.375%, 

8/15/2042

$

3,341,094

1,200,000

4.750%, 

2/15/2045

1,179,094

U.S.

Treasury

Notes

470,000

0.500%, 

4/30/2027

453,839

1,550,000

1.125%, 

2/29/2028

1,473,529

3,100,000

4.125%, 

7/31/2028

3,121,313

2,500,000

3.500%, 

9/30/2029

2,469,922

200,000

3.625%, 

9/30/2030

197,508

715,000

1.375%, 

11/15/2031

620,039

900,000

4.125%, 

11/15/2032

900,316

100,000

3.375%, 

5/15/2033

95,262

1,000,000

4.000%, 

2/15/2034

986,406

Total

19,963,814

Utilities  0.7%

AES

Corporation

30,000

7.600%, 

1/15/2055

b

29,758

Algonquin

Power

&

Utilities

Corporation

50,000

4.750%, 

1/18/2082

b

48,629

Alliant

Energy

Corporation,

Convertible

28,000

3.250%, 

5/30/2028

a

29,665

American

Electric

Power

Company,

Inc.

30,000

6.050%, 

3/15/2056

b

29,732

51,000

6.950%, 

12/15/2054

b

54,052

American

Water

Capital

Corporation,

Convertible

61,000

3.625%, 

6/15/2026

60,866

CenterPoint

Energy,

Inc.

24,000

7.000%, 

2/15/2055

b

24,699

14,000

6.700%, 

5/15/2055

b

14,157

CenterPoint

Energy,

Inc.,

Convertible

64,000

4.250%, 

8/15/2026

75,808

44,000

3.000%, 

8/1/2028

a

46,471

35,000

2.875%, 

5/15/2029

a

35,038

CMS

Energy

Corporation,

Convertible

49,000

3.375%, 

5/1/2028

55,370

34,000

3.125%, 

5/1/2031

a

34,884

Dominion

Energy,

Inc.

34,000

6.875%, 

2/1/2055

b

34,992

34,000

7.000%, 

6/1/2054

b

35,961

Duke

Energy

Corporation

56,000

3.250%, 

1/15/2082

b

53,790

33,000

6.450%, 

9/1/2054

b,e

34,077

Duke

Energy

Corporation,

Convertible

82,000

3.000%, 

3/15/2029

a

82,451

Edison

International

28,000

7.875%, 

6/15/2054

b,e

28,683

43,000

5.000%, 

12/15/2026

b,h

42,607

Entergy

Corporation

18,000

5.875%, 

6/15/2056

b

17,760

35,000

6.100%, 

6/15/2056

b

34,543

Evergy,

Inc.,

Convertible

67,000

4.500%, 

12/15/2027

90,383

Exelon

Corporation,

Convertible

53,000

3.250%, 

3/15/2029

a

54,780

FirstEnergy

Corporation,

Convertible

81,000

3.625%, 

1/15/2029

a

91,773

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Long-Term

Fixed

Income  35.7%

Value

Utilities  0.7%

-

continued

$

62,000

3.875%, 

1/15/2031

a

$

71,486

NextEra

Energy

Capital

Holdings,

Inc.

31,000

3.800%, 

3/15/2082

b

29,920

68,000

6.750%, 

6/15/2054

b

70,348

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

46,000

3.000%, 

3/1/2027

63,825

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

15,328

35,000

5.750%, 

7/15/2056

b,e

34,467

32,000

6.950%, 

11/30/2054

b

32,906

NRG

Energy,

Inc.

46,000

10.250%, 

3/15/2028

a,b,h

49,621

PacifiCorp

30,000

7.125%, 

8/15/2056

b,e

28,340

PG&E

Corporation,

Convertible

239,000

4.250%, 

12/1/2027

247,479

Pinnacle

West

Capital

Corporation,

Convertible

32,000

4.750%, 

6/15/2027

36,640

PPL

Capital

Funding,

Inc.,

Convertible

64,000

2.875%, 

3/15/2028

74,976

57,000

3.000%, 

12/1/2030

a

59,508

Puget

Energy,

Inc.

28,000

7.000%, 

9/15/2056

a,b

27,787

Sempra

28,000

6.550%, 

4/1/2055

b

27,875

28,000

6.625%, 

4/1/2055

b

27,999

26,000

6.400%, 

10/1/2054

b

25,919

28,000

6.875%, 

10/1/2054

b,e

28,301

Southern

Company

64,000

3.750%, 

9/15/2051

b

63,363

Southern

Company,

Convertible

42,000

4.500%, 

6/15/2027

46,653

105,000

3.250%, 

6/15/2028

a

106,827

WEC

Energy

Group,

Inc.

35,000

5.625%, 

5/15/2056

b

34,294

WEC

Energy

Group,

Inc.,

Convertible

45,000

4.375%, 

6/1/2027

54,225

53,000

3.375%, 

6/1/2028

a

54,988

54,000

4.375%, 

6/1/2029

66,798

Xcel

Energy,

Inc.

28,000

5.750%, 

12/3/2056

b

27,333

XPLR

Infrastructure,

LP,

Convertible

70,000

2.500%, 

6/15/2026

a,e

69,300

Total

2,617,435

Total

Long-Term

Fixed

Income

(cost

$132,638,994)

130,942,030

Shares

Common

Stock

31.1%

Value

Communications

Services  2.8%

7,137

Alphabet,

Inc.,

Class

A

2,052,316

8,711

Alphabet,

Inc.,

Class

C

2,498,837

13,752

AT&T,

Inc.

398,670

11,150

Comcast

Corporation

320,117

1,805

Liberty

Global,

Ltd.,

Class

A

j

21,822

4,152

Meta

Platforms,

Inc.

2,375,484

11,173

Netflix,

Inc.

j

1,074,284

111

New

York

Times

Company

9,294

Shares

Common

Stock  31.1%

Value

Communications

Services  2.8%

-

continued

1,661

News

Corporation,

Class

A

$

41,409

688

Reddit,

Inc.

j

92,639

397

T-Mobile

US,

Inc.

83,382

11,419

Universal

Music

Group

NV

221,653

1,774

Walt

Disney

Company

170,978

13,682

Warner

Brothers

Discovery,

Inc.

j

375,708

14,576

Warner

Music

Group

Corporation

372,271

Total

10,108,864

Consumer

Discretionary  2.9%

13,246

ADT,

Inc.

87,026

1,463

Advance

Auto

Parts,

Inc.

77,173

17,409

Amazon.com,

Inc.

j

3,625,772

3,359

Aptiv

plc

j

233,249

22

AutoZone,

Inc.

j

74,311

64

Booking

Holdings,

Inc.

269,461

515

Boot

Barn

Holdings,

Inc.

j

75,375

1,374

Build-A-Bear

Workshop,

Inc.

51,456

18

Carnival

Corporation

466

652

Churchill

Downs,

Inc.

58,569

2,180

D.R.

Horton,

Inc.

299,140

386

Frontdoor,

Inc.

j

20,404

722

Garmin,

Ltd.

167,511

1,856

General

Motors

Company

138,272

898

Hilton

Worldwide

Holdings,

Inc.

273,064

1,249

Home

Depot,

Inc.

410,784

796

Laureate

Education,

Inc.

j

27,733

3,095

Life

Time

Group

Holdings,

Inc.

j

83,379

2,640

Lowe's

Companies,

Inc.

623,779

123

Murphy

USA,

Inc.

60,758

15

NVR,

Inc.

j

98,847

2,222

O'Reilly

Automotive,

Inc.

j

205,113

116

Ralph

Lauren

Corporation

39,903

1,474

Ross

Stores,

Inc.

319,313

2,067

SharkNinja,

Inc.

j

218,895

14,251

Sony

Group

Corporation

ADR

e

294,996

684

Tapestry,

Inc.

96,519

3,763

Tesla,

Inc.

j

1,398,895

494

Texas

Roadhouse,

Inc.

81,579

627

TJX

Companies,

Inc.

100,132

221

Ulta

Beauty,

Inc.

j

115,519

1,887

Universal

Technical

Institute,

Inc.

j

68,121

1,289

Viking

Holdings,

Ltd.

j

94,716

375

Williams-Sonoma,

Inc.

68,374

274

Wingstop,

Inc.

42,462

5,095

Wyndham

Hotels

&

Resorts,

Inc.

413,867

1,584

Wynn

Resorts,

Ltd.

160,855

Total

10,475,788

Consumer

Staples  1.0%

141

Casey's

General

Stores,

Inc.

102,628

384

Coca-Cola

Company

29,203

537

Colgate-Palmolive

Company

45,768

401

Costco

Wholesale

Corporation

399,568

1,351

John

B.

Sanfilippo

&

Son,

Inc.

107,175

17,224

Keurig

Dr

Pepper,

Inc.

453,508

313

Marzetti

Company

43,297

665

Monster

Beverage

Corporation

j

48,186

2,176

PepsiCo,

Inc.

337,911

748

Philip

Morris

International,

Inc.

123,674

1,549

Procter

&

Gamble

Company

223,738

6,938

Sysco

Corporation

494,888

1,254

Turning

Point

Brands,

Inc.

108,835

10,502

Unilever

plc

ADR

598,299

4,802

Walmart,

Inc.

596,793

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Shares

Common

Stock  31.1%

Value

Consumer

Staples  1.0%

-

continued

404

WD-40

Company

$

82,392

Total

3,795,863

Energy  1.8%

4,251

Antero

Midstream

Corporation

96,923

292

Cheniere

Energy,

Inc.

82,858

1,246

Chevron

Corporation

257,797

7,744

ConocoPhillips

1,022,208

12,157

Devon

Energy

Corporation

611,740

1,253

DHT

Holdings,

Inc.

22,892

18,189

Enterprise

Products

Partners,

LP

688,272

472

EOG

Resources,

Inc.

68,237

1,590

Expand

Energy

Corporation

174,550

10,953

Exxon

Mobil

Corporation

1,858,286

14,611

Halliburton

Company

569,683

3,915

Kinder

Morgan,

Inc.

131,270

1,710

Marathon

Petroleum

Corporation

417,548

1,605

Matador

Resources

Company

101,404

6,348

Patterson-UTI

Energy,

Inc.

68,749

1,011

TechnipFMC

plc

69,890

7,968

Transocean,

Ltd.

j

52,828

2,036

Williams

Companies,

Inc.

148,180

Total

6,443,315

Financials  4.6%

198

Affiliated

Managers

Group,

Inc.

54,787

1,424

Allstate

Corporation

295,252

4,334

Ally

Financial,

Inc.

170,023

619

Amalgamated

Financial

Corporation

24,061

1,069

American

Express

Company

323,351

4,773

American

International

Group,

Inc.

359,168

468

Ameriprise

Financial,

Inc.

207,979

148

Aon

plc

47,771

1,778

Arch

Capital

Group,

Ltd.

j

170,670

1,460

Associated

Banc-Corp

37,756

271

Assured

Guaranty,

Ltd.

22,081

2,045

Atlantic

Union

Bankshares

Corporation

73,088

2,172

Banc

of

California,

Inc.

38,184

24,212

Bank

of

America

Corporation

1,180,335

4,808

Bank

of

New

York

Mellon

Corporation

570,373

1,474

Berkshire

Hathaway,

Inc.

j

706,341

236

BlackRock,

Inc.

226,964

3,646

Bridgewater

Bancshares,

Inc.

j

64,534

542

Byline

Bancorp,

Inc.

17,111

4,137

Capital

One

Financial

Corporation

754,713

154

Central

Pacific

Financial

Corporation

4,922

9,812

Charles

Schwab

Corporation

922,132

1,459

Chubb,

Ltd.

475,532

718

Citigroup,

Inc.

81,428

427

Community

Trust

Bancorp,

Inc.

25,927

243

ConnectOne

Bancorp,

Inc.

6,505

553

Customers

Bancorp,

Inc.

j

38,384

2,065

Donnelley

Financial

Solutions,

Inc.

j

97,344

5

Encore

Capital

Group,

Inc.

j

351

727

Enterprise

Financial

Services

Corporation

39,338

622

Federal

Agricultural

Mortgage

Corporation

92,274

2,956

Fifth

Third

Bancorp

137,336

189

Financial

Institutions,

Inc.

5,993

1,881

First

Bancorp/Puerto

Rico

40,178

Shares

Common

Stock  31.1%

Value

Financials  4.6%

-

continued

62

First

Financial

Corporation

$

3,918

132

First

Mid-Illinois

Bancshares,

Inc.

5,437

3,600

Genworth

Financial,

Inc.

j

29,232

383

Great

Southern

Bancorp,

Inc.

24,179

464

Hanmi

Financial

Corporation

12,231

202

Hartford

Insurance

Group,

Inc.

27,316

406

Hometrust

Bancshares,

Inc.

17,316

492

Houlihan

Lokey,

Inc.

70,661

209

Independent

Bank

Corporation/MI

6,960

4,716

Intercontinental

Exchange,

Inc.

741,732

5,787

JPMorgan

Chase

&

Company

1,702,304

784

M&T

Bank

Corporation

162,068

2,394

Marsh

&

McLennan

Companies,

Inc.

415,239

857

Mastercard,

Inc.

428,209

4,922

MetLife,

Inc.

348,084

2,206

MGIC

Investment

Corporation

57,908

367

Moody's

Corporation

160,104

7,912

Morgan

Stanley

1,302,078

175

Morningstar,

Inc.

29,584

2,687

Nasdaq,

Inc.

228,099

161

NBT

Bancorp,

Inc.

6,855

264

NMI

Holdings,

Inc.

j

9,903

1,029

Northern

Trust

Corporation

143,618

506

Northwest

Bancshares,

Inc.

6,421

315

OFG

Bancorp

12,745

3,432

Old

National

Bancorp

75,847

5,237

Old

Republic

International

Corporation

208,956

1,106

Old

Second

Bancorp,

Inc.

22,297

399

Orrstown

Financial

Services,

Inc.

14,396

110

Pinnacle

Financial

Partners,

Inc.

9,475

49

PNC

Financial

Services

Group,

Inc.

10,196

316

Popular,

Inc.

42,398

546

Progressive

Corporation

108,239

321

Reinsurance

Group

of

America,

Inc.

65,535

3,379

Robinhood

Markets,

Inc.

j

234,165

38

S&P

Global,

Inc.

16,163

2,223

SEI

Investments

Company

174,439

797

SouthState

Bank

Corporation

73,738

361

Stifel

Financial

Corporation

26,685

154

Tradeweb

Markets,

Inc.

18,120

1,882

Triumph

Financial,

Inc.

j

112,280

190

U.S.

Bancorp

9,882

5,326

Valley

National

Bancorp

65,403

2,494

Visa,

Inc.

753,787

16,072

Wells

Fargo

&

Company

1,279,492

792

WesBanco,

Inc.

27,316

705

Wintrust

Financial

Corporation

97,953

760

Zions

Bancorp

NA

43,791

Total

16,754,940

Health

Care  3.3%

170

AbbVie,

Inc.

36,973

2,119

Agilent

Technologies,

Inc.

241,524

834

Amgen,

Inc.

293,443

864

BioMarin

Pharmaceutical,

Inc.

j

48,807

3,939

Boston

Scientific

Corporation

j

247,172

1,471

BrightSpring

Health

Services,

Inc.

j

62,679

3,914

Bristol-Myers

Squibb

Company

237,384

891

Cencora,

Inc.

279,899

3,530

Centene

Corporation

j

115,572

2,320

Cigna

Group

618,860

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Shares

Common

Stock  31.1%

Value

Health

Care  3.3%

-

continued

4,431

Concentra

Group

Holdings

Parent,

Inc.

$

95,045

2,499

Danaher

Corporation

473,810

2,087

Dexcom,

Inc.

j

131,064

66

Edwards

Lifesciences

Corporation

j

5,285

87

Elevance

Health,

Inc.

25,469

1,300

Eli

Lilly

&

Company

1,195,701

926

Encompass

Health

Corporation

89,572

2,297

Exelixis,

Inc.

j

98,518

4,049

Gilead

Sciences,

Inc.

564,309

2,124

ICON

plc

j

235,042

617

ICU

Medical,

Inc.

j

79,686

143

IDEXX

Laboratories,

Inc.

j

80,350

931

Illumina,

Inc.

j

114,755

217

Insulet

Corporation

j

45,535

1,365

Intuitive

Surgical,

Inc.

j

629,251

4,555

Johnson

&

Johnson

1,113,424

2,564

Labcorp

Holdings,

Inc.

684,101

449

LivaNova

plc

j

28,539

466

Medpace

Holdings,

Inc.

j

223,769

4,563

Medtronic

plc

395,384

8,707

Merck

&

Company,

Inc.

1,047,365

111

Mettler-Toledo

International,

Inc.

j

139,993

217

Neurocrine

Biosciences,

Inc.

j

28,588

274

Penumbra,

Inc.

j

89,973

936

Pfizer,

Inc.

26,283

533

Repligen

Corporation

j

62,798

943

Royalty

Pharma

plc

45,236

825

STERIS

plc

182,432

624

Stryker

Corporation

205,040

539

Tenet

Healthcare

Corporation

j

101,715

1,924

Twist

Bioscience

Corporation

j

91,429

311

UFP

Technologies,

Inc.

j

60,210

139

United

Therapeutics

Corporation

j

82,424

1,282

UnitedHealth

Group,

Inc.

346,896

566

Veeva

Systems,

Inc.

j

99,424

504

Vertex

Pharmaceuticals,

Inc.

j

225,056

1,869

Waystar

Holding

Corporation

j

45,062

61

West

Pharmaceutical

Services,

Inc.

15,289

5,181

Zimmer

Biomet

Holdings,

Inc.

468,466

913

Zoetis,

Inc.

107,926

Total

11,962,527

Industrials  4.0%

440

3M

Company

63,901

202

Acuity,

Inc.

56,604

619

Allegion

plc

89,935

8,309

Amentum

Holdings,

Inc.

j

216,699

1,699

AMETEK,

Inc.

364,198

308

Applied

Industrial

Technologies,

Inc.

81,719

51

Armstrong

World

Industries,

Inc.

8,405

1,524

Automatic

Data

Processing,

Inc.

309,646

1,661

Badger

Infrastructure

Solutions,

Ltd.

74,077

2,880

Barrett

Business

Services,

Inc.

84,038

518

BWX

Technologies,

Inc.

105,926

628

C.H.

Robinson

Worldwide,

Inc.

104,292

1,479

Caterpillar,

Inc.

1,047,812

311

CECO

Environmental

Corporation

j

18,529

518

Cintas

Corporation

87,615

143

Clean

Harbors,

Inc.

j

41,002

40,128

CNH

Industrial

NV

441,408

1,206

Copart,

Inc.

j

40,039

Shares

Common

Stock  31.1%

Value

Industrials  4.0%

-

continued

240

CRA

International,

Inc.

$

38,851

249

CSW

Industrials,

Inc.

64,884

15,781

CSX

Corporation

647,810

107

Curtiss-Wright

Corporation

72,880

10,591

Delta

Air

Lines,

Inc.

704,090

787

Eaton

Corporation

plc

281,486

418

EMCOR

Group,

Inc.

308,614

1,368

Enerpac

Tool

Group

Corporation

49,891

12,066

Fastenal

Company

559,862

312

Ferguson

Enterprises,

Inc.

72,777

7,188

Flowserve

Corporation

528,390

730

Fluor

Corporation

j

34,054

441

GE

Vernova,

Inc.

384,949

1,464

General

Dynamics

Corporation

502,474

2,650

General

Electric

Company

751,991

567

Graco,

Inc.

47,997

173

HEICO

Corporation

36,519

1,512

Helios

Technologies,

Inc.

97,842

5,708

Hexcel

Corporation

461,948

3,032

Honeywell

International,

Inc.

685,323

740

Howmet

Aerospace,

Inc.

170,540

1,106

ICF

International,

Inc.

72,211

436

IDEX

Corporation

82,644

206

IES

Holdings,

Inc.

j

98,153

2,410

Jacobs

Solutions,

Inc.

306,745

1,769

JB

Hunt

Transport

Services,

Inc.

374,851

1,273

Korn

Ferry

80,135

1,749

L3Harris

Technologies,

Inc.

603,667

853

Limbach

Holdings,

Inc.

j

66,577

514

Lincoln

Electric

Holdings,

Inc.

128,027

319

Modine

Manufacturing

Company

j

69,130

326

Moog,

Inc.

95,401

607

Old

Dominion

Freight

Line,

Inc.

118,608

559

Oshkosh

Corporation

82,290

414

Otis

Worldwide

Corporation

31,911

692

Parker-Hannifin

Corporation

619,506

233

Quanta

Services,

Inc.

127,922

52

RBC

Bearings,

Inc.

j

28,242

362

Republic

Services,

Inc.

79,285

459

Rockwell

Automation,

Inc.

164,726

2,112

RTX

Corporation

407,405

1,332

Timken

Company

133,959

92

Trane

Technologies

plc

38,340

5,065

Uber

Technologies,

Inc.

j

364,325

1,306

UL

Solutions,

Inc.

111,937

121

United

Rentals,

Inc.

88,156

930

Veralto

Corporation

82,231

933

Verisk

Analytics,

Inc.

177,037

257

Waste

Management,

Inc.

59,056

253

WESCO

International,

Inc.

69,226

Total

14,500,720

Information

Technology  7.8%

414

Adobe,

Inc.

j

100,635

1,378

Advanced

Micro

Devices,

Inc.

j

280,327

3,435

Amphenol

Corporation

434,012

631

Analog

Devices,

Inc.

200,746

14,440

Apple,

Inc.

3,664,728

461

Applied

Materials,

Inc.

157,565

4,190

Arista

Networks,

Inc.

j

514,448

1,306

Autodesk,

Inc.

j

312,656

5,510

Broadcom,

Inc.

1,705,400

347

Cadence

Design

Systems,

Inc.

j

96,421

11,194

Cisco

Systems,

Inc.

868,542

78

Cohu,

Inc.

j

2,388

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

Shares

Common

Stock  31.1%

Value

Information

Technology  7.8%

-

continued

1,463

Crane

NXT

Company

$

59,383

957

Datadog,

Inc.

j

112,974

336

Fabrinet

j

175,231

338

Flex,

Ltd.

j

22,125

4,076

Fortinet,

Inc.

j

333,091

205

GoDaddy,

Inc.

j

16,947

2,732

GPGI,

Inc.

46,717

2,098

International

Business

Machines

Corporation

508,534

468

Intuit,

Inc.

202,354

3,998

JFrog,

Ltd.

j

187,626

731

Keysight

Technologies,

Inc.

j

206,412

4,147

Lam

Research

Corporation

886,048

397

Littelfuse,

Inc.

134,722

1,131

Micron

Technology,

Inc.

382,097

11,522

Microsoft

Corporation

4,265,099

113

Monolithic

Power

Systems,

Inc.

123,549

453

Motorola

Solutions,

Inc.

196,588

290

Napco

Security

Technologies,

Inc.

11,423

345

NetApp,

Inc.

35,325

21,202

Nokia

Oyj

ADR

170,464

28,650

NVIDIA

Corporation

4,996,560

223

NXP

Semiconductors

NV

43,900

1,095

Onto

Innovation,

Inc.

j

224,552

2,582

Oracle

Corporation

379,838

5,083

Palantir

Technologies,

Inc.

j

743,541

2,487

Pegasystems,

Inc.

105,847

442

Plexus

Corporation

j

89,523

116

PTC,

Inc.

j

16,529

5,722

Qualcomm,

Inc.

736,879

430

Salesforce,

Inc.

80,268

9,632

Samsung

Electronics

Company,

Ltd.

1,126,572

3,785

ServiceNow,

Inc.

j

395,722

2,467

Shopify,

Inc.

j

292,636

502

Silicon

Laboratories,

Inc.

j

104,491

3,157

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

1,066,908

4,035

TD

SYNNEX

Corporation

680,745

902

TE

Connectivity

plc

188,536

423

Teradyne,

Inc.

125,403

1,873

Texas

Instruments,

Inc.

363,624

1,565

Trimble,

Inc.

j

102,085

1,386

TTM

Technologies,

Inc.

j

135,024

371

VeriSign,

Inc.

92,142

1,615

Vontier

Corporation

57,284

308

Western

Digital

Corporation

83,311

428

Zebra

Technologies

Corporation

j

89,486

Total

28,735,983

Materials  1.0%

452

Albemarle

Corporation

81,148

1,971

Amcor

plc

78,347

1,604

Ashland,

Inc.

89,198

5,005

CF

Industries

Holdings,

Inc.

649,849

3,664

Crown

Holdings,

Inc.

367,316

812

DuPont

de

Nemours,

Inc.

37,190

2,177

Eastman

Chemical

Company

166,149

1,016

Ecolab,

Inc.

270,276

2,825

Element

Solutions,

Inc.

96,445

1,538

Freeport-McMoRan,

Inc.

90,404

1,383

Greif,

Inc.

92,758

5,030

International

Paper

Company

179,571

7,449

Ivanhoe

Mines,

Ltd.

j

63,668

Shares

Common

Stock  31.1%

Value

Materials  1.0%

-

continued

519

Linde

plc

$

257,299

772

Louisiana-Pacific

Corporation

56,163

1,382

Newmont

Corporation

149,602

3,407

Nucor

Corporation

576,124

4,207

Solstice

Advanced

Materials,

Inc.

320,405

1,254

Steel

Dynamics,

Inc.

225,720

Total

3,847,632

Real

Estate  0.7%

987

Agree

Realty

Corporation

74,400

777

AvalonBay

Communities,

Inc.

126,923

2,774

CBRE

Group,

Inc.

j

375,766

6,879

Crown

Castle,

Inc.

559,331

643

EPR

Properties

32,124

1,303

Equity

Lifestyle

Properties,

Inc.

81,333

6,897

Essential

Properties

Realty

Trust,

Inc.

209,393

684

Extra

Space

Storage,

Inc.

89,693

2,982

First

Industrial

Realty

Trust,

Inc.

172,509

20,175

Healthcare

Realty

Trust,

Inc.

342,773

4,245

Host

Hotels

&

Resorts,

Inc.

81,334

552

Innovative

Industrial

Properties,

Inc.

27,688

3,822

Millrose

Properties,

Inc.

107,016

439

Outfront

Media,

Inc.

11,633

2,851

Sabra

Health

Care

REIT,

Inc.

54,825

460

SBA

Communications

Corporation

79,171

1,904

Sila

Realty

Trust,

Inc.

45,087

5,469

Tanger,

Inc.

185,837

1,683

Terreno

Realty

Corporation

103,370

Total

2,760,206

Utilities  1.2%

1,465

Alliant

Energy

Corporation

105,128

2,515

CenterPoint

Energy,

Inc.

108,547

21

Clearway

Energy,

Inc.,

Class

C

825

2,699

Constellation

Energy

Corporation

753,696

5,348

Duke

Energy

Corporation

700,267

4,619

Edison

International

338,018

7,254

Entergy

Corporation

815,060

4,066

Evergy,

Inc.

333,087

292

Eversource

Energy

20,230

2,289

NiSource,

Inc.

106,805

185

Northwestern

Energy

Group,

Inc.

12,199

4,981

PG&E

Corporation

87,516

436

Pinnacle

West

Capital

Corporation

43,927

5,186

Portland

General

Electric

Company

273,665

1,081

Spire,

Inc.

97,874

7,627

UGI

Corporation

277,775

2,671

Vistra

Energy

Corporation

401,532

Total

4,476,151

Total

Common

Stock

(cost

$75,821,982)

113,861,989

Shares

Registered

Investment

Companies  

28.3%

Value

U.S.

Affiliated  

27.6%  

2,249,562

Thrivent

Core

Emerging

Markets

Debt

Fund

19,413,718

1,081,917

Thrivent

Core

High

Yield

Bond

Fund

21,245,389

2,599,490

Thrivent

Core

International

Equity

Fund

32,779,569

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Shares

Registered

Investment

Companies  28.3%

Value

U.S.

Affiliated  

27.6%  -

continued

1,426,241

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

$

27,958,453

Total

101,397,129

U.S.

Unaffiliated  

0.7%  

3,584

abrdn

Asia-Pacific

Income

Fund,

Inc.

51,681

13,135

abrdn

Income

Credit

Strategies

Fund

66,989

3,217

abrdn

Total

Dynamic

Dividend

Fund

29,629

7,595

AllianceBernstein

Global

High

Income

Fund,

Inc.

77,241

10,662

Allspring

Income

Opportunities

Fund

69,090

2,602

BlackRock

Capital

Allocation

Term

Trust

36,766

2,225

BlackRock

Core

Bond

Trust

20,381

8,110

BlackRock

Corporate

High

Yield

Fund,

Inc.

69,097

7,715

BlackRock

Credit

Allocation

Income

Trust

77,922

1,572

BlackRock

Debt

Strategies

Fund,

Inc.

15,075

1,042

BlackRock

Enhanced

Equity

Dividend

Trust

8,982

5,822

BlackRock

Enhanced

Global

Dividend

Trust

63,809

3,060

BlackRock

Enhanced

International

Dividend

Trust

16,555

3,503

BlackRock

Income

Trust,

Inc.

37,027

6,347

BlackRock

Multi-Sector

Income

Trust

79,464

4,961

Blackstone

Strategic

Credit

2027

Term

Fund

55,315

5,094

Cornerstone

Strategic

Investment

Fund,

Inc.

37,084

7,352

Eaton

Vance

Limited

Duration

Income

Fund

69,476

3,089

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

26,751

1,091

iShares

Biotechnology

ETF

184,215

7,225

iShares

Preferred

and

Income

Securities

ETF

e

219,062

12,984

Nuveen

Credit

Strategies

Income

Fund

63,232

4,632

Nuveen

Preferred

Income

Opportunities

Fund

34,925

5,146

PGIM

Global

High

Yield

Fund,

Inc.

59,951

4,586

PGIM

High

Yield

Bond

Fund,

Inc.

60,352

3,059

Pimco

Dynamic

Income

Fund

52,340

4,141

PIMCO

High

Income

Fund

19,173

5,018

PIMCO

Income

Strategy

Fund

II

34,574

734

Tri-Continental

Corporation

23,187

3,111

Vanguard

Short-Term

Corporate

Bond

ETF

246,609

1,358

Virtus

Convertible

&

Income

Fund

20,207

4,315

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

54,412

1,299

Virtus

Equity

&

Convertible

Income

Fund

30,345

11,427

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

65,134

2,513

Western

Asset

Diversified

Income

Fund

e

33,775

Shares

Registered

Investment

Companies  28.3%

Value

U.S.

Unaffiliated  

0.7%  -

continued

16,927

Western

Asset

High

Income

Opportunity

Fund,

Inc.

$

61,445

Total

2,171,272

Total

Registered

Investment

Companies

(cost

$97,015,462)

103,568,401

Shares

Preferred

Stock

0.9%

Value

Basic

Materials  0.1%

2,642

Albemarle

Corporation,

Convertible,

7.250%

189,828

Total

189,828

Capital

Goods  0.1%

4,227

Boeing

Company,

Convertible,

6.000%

274,248

Total

274,248

Communications

Services  <0.1%

4,500

AT&T,

Inc.,

4.750%

h

82,800

1,500

Telephone

and

Data

Systems,

Inc.,

6.000%

h

26,520

Total

109,320

Financials  0.5%

2,750

AEGON

Funding

Company,

LLC,

5.100%

52,112

1,800

Allstate

Corporation,

5.100%

h

35,586

1,513

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

88,450

1,509

Ares

Management

Corporation,

Convertible,

6.750%

54,596

1,400

Athene

Holding,

Ltd.,

5.625%

h

26,432

3,775

Bank

of

America

Corporation,

4.250%

h

64,175

3,100

Bank

of

America

Corporation,

4.375%

h

54,436

1,550

Bank

of

America

Corporation,

4.750%

h

29,496

2,600

Bank

of

America

Corporation,

5.000%

h

52,442

175

Bank

of

America

Corporation,

Convertible,

7.250%

h

208,523

700

Capital

One

Financial

Corporation,

4.800%

h

12,481

2,225

Capital

One

Financial

Corporation,

5.000%

e,h

41,496

700

Charles

Schwab

Corporation,

4.450%

h

12,376

1,200

Citigroup,

Inc.,

6.250%

h,j

29,580

550

Citizens

Financial

Group,

Inc.,

7.375%

h

13,953

1,200

Corebridge

Financial,

Inc.,

6.375%

27,324

1,400

Fifth

Third

Bancorp,

4.950%

h

26,474

1,400

Huntington

Bancshares,

Inc./OH,

4.500%

h

23,856

3,100

JPMorgan

Chase

&

Company,

4.200%

h

54,250

3,100

JPMorgan

Chase

&

Company,

4.625%

h

59,272

2,350

JPMorgan

Chase

&

Company,

4.750%

h

45,801

700

KeyCorp,

5.650%

h

14,560

2,500

KeyCorp,

6.200%

b,h

59,325

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Shares

Preferred

Stock  0.9%

Value

Financials  0.5%

-

continued

2,742

KKR

&

Company,

Inc.,

Convertible,

6.250%

$

110,283

700

MetLife,

Inc.,

4.750%

e,h

12,852

1,350

Morgan

Stanley,

4.250%

h

23,180

2,630

Morgan

Stanley,

5.850%

h

61,463

3,100

Morgan

Stanley,

7.125%

h

78,027

775

Pinnacle

Financial

Partners,

Inc.,

8.397%

b,h

19,817

2,000

Public

Storage,

4.125%

h

31,300

1,300

Public

Storage,

4.625%

h

22,776

325

Public

Storage,

4.700%

h

5,805

1,400

Regions

Financial

Corporation,

4.450%

h

22,820

825

Regions

Financial

Corporation,

5.700%

b,h

19,388

1,400

Truist

Financial

Corporation,

4.750%

h

25,382

1,600

U.S.

Bancorp,

4.000%

h

24,960

2,300

Wells

Fargo

&

Company,

4.250%

h

39,675

3,100

Wells

Fargo

&

Company,

4.375%

h

54,095

1,400

Wells

Fargo

&

Company,

4.700%

h

26,432

1,400

Wells

Fargo

&

Company,

4.750%

h

26,600

219

Wells

Fargo

&

Company,

Convertible,

7.500%

h

252,945

Total

1,944,796

Technology  0.1%

1,614

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

104,119

1,797

Microchip

Technology,

Inc.,

Convertible,

7.500%

102,375

2,742

Oracle

Corporation,

Convertible,

6.500%

j

123,418

Total

329,912

Utilities  0.1%

2,600

CMS

Energy

Corporation,

4.200%

e,h

43,550

1,044

Nextera

Energy,

Inc.,

Convertible,

7.234%

54,852

2,397

NextEra

Energy,

Inc.,

Convertible,

7.299%

134,184

1,513

NextEra

Energy,

Inc.,

Convertible,

7.375%

j

75,998

496

PPL

Corporation,

Convertible,

7.000%

j

25,440

2,925

Southern

Company,

4.950%

56,452

2,221

Southern

Company,

Convertible,

7.125%

114,159

Total

504,635

Total

Preferred

Stock

(cost

$3,612,623)

3,352,739

Shares

Collateral

Held

for

Securities

Loaned

0.3%

Value

1,277,505

Thrivent

Cash

Management

Trust

1,277,505

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,277,505)

1,277,505

Shares

or

Principal

Amount

Short-Term

Investments

6.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

600,000

3.606%,

4/24/2026

k,l

$

598,564

100,000

3.600%,

4/29/2026

k,l

99,711

600,000

3.635%,

5/1/2026

k,l

598,135

200,000

3.600%,

6/5/2026

k,l

198,678

200,000

3.625%,

6/17/2026

k,l

198,438

Federal

National

Mortgage

Association

Discount

Notes

500,000

3.595%,

6/1/2026

k,l

496,895

State

Street

Institutional

U.S.

Government

Money

Market

Fund

10,216,285

3.602%

k

10,216,285

Thrivent

Core

Short-Term

Reserve

Fund

1,217,843

3.930%

12,178,429

U.S.

Treasury

Bills

100,000

3.589%,

6/2/2026

k,m

99,378

Total

Short-Term

Investments

(cost

$24,682,430)

24,684,513

Total

Investments

(cost

$335,048,996)

103.0%

$377,687,177

Other

Assets

and

Liabilities,

Net

(3.0%)

(11,027,035)

Total

Net

Assets

100.0%

$366,660,142

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$39,906,543

or

10.9%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

March

31,

2026.

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

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

x

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Dynamic

Allocation

Portfolio

as

of

March

31,

2026

was

$12,960

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

508,104

Long-Term

Fixed

Income

695,069

Total

lending

$1,203,173

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,277,505

Net

amounts

due

to

counterparty

$74,332

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

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:

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

14,183,660

–

14,183,660

–

Basic

Materials

159,932

–

159,932

–

Capital

Goods

1,362,316

–

1,362,316

–

Collateralized

Mortgage

Obligations

27,790,758

–

27,790,758

–

Commercial

Mortgage-Backed

Securities

1,557,893

–

1,557,893

–

Communications

Services

393,994

–

393,994

–

Consumer

Cyclical

1,084,123

–

1,084,123

–

Consumer

Non-Cyclical

1,348,707

–

1,348,707

–

Energy

884,792

–

884,792

–

Financials

4,003,781

–

4,003,781

–

Mortgage-Backed

Securities

52,936,139

–

52,936,139

–

Technology

2,654,686

–

2,654,686

–

U.S.

Government

&

Agencies

19,963,814

–

19,963,814

–

Utilities

2,617,435

–

2,617,435

–

Common

Stock

Communications

Services

10,108,864

9,887,211

221,653

–

Consumer

Discretionary

10,475,788

10,475,788

–

–

Consumer

Staples

3,795,863

3,795,863

–

–

Energy

6,443,315

6,443,315

–

–

Financials

16,754,940

16,754,940

–

–

Health

Care

11,962,527

11,962,527

–

–

Industrials

14,500,720

14,426,643

74,077

–

Information

Technology

28,735,983

27,609,411

1,126,572

–

Materials

3,847,632

3,783,964

63,668

–

Real

Estate

2,760,206

2,760,206

–

–

Utilities

4,476,151

4,476,151

–

–

Registered

Investment

Companies

U.S.

Affiliated

49,203,842

49,203,842

–

–

U.S.

Unaffiliated

2,171,272

2,171,272

–

–

Preferred

Stock

Basic

Materials

189,828

189,828

–

–

Capital

Goods

274,248

274,248

–

–

Communications

Services

109,320

109,320

–

–

Financials

1,944,796

1,944,796

–

–

Technology

329,912

329,912

–

–

Utilities

504,635

504,635

–

–

Short-Term

Investments

12,506,084

10,216,285

2,289,799

–

Subtotal

Investments

in

Securities

$312,037,956

$177,320,157

$134,717,799

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

52,193,287

Affiliated

Short-Term

Investments

12,178,429

Collateral

Held

for

Securities

Loaned

1,277,505

Subtotal

Other

Investments

$65,649,221

Total

Investments

at

Value

$377,687,177

*

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

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

Nasdaq

-

National

association

of

securities

dealers

automated

quotations

S&P

-

Standard

&

Poor's

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

151,244

70,469

80,775

–

Total

Asset

Derivatives

$151,244

$70,469

$80,775

$–

Liability

Derivatives

Futures

Contracts

803,714

803,714

–

–

Total

Return

Swaps

90,702

–

90,702

–

Credit

Default

Swaps

6,632

–

6,632

–

Total

Liability

Derivatives

$901,048

$803,714

$97,334

$–

The

following

table

presents

Dynamic

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$2,365,921

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

29

June

2026

$

3,273,906

(

$

53,546)

CBOT

2-Yr.

U.S.

Treasury

Note

55

June

2026

11,446,106

(

36,614)

CBOT

5-Yr.

U.S.

Treasury

Note

143

June

2026

15,666,678

(

196,983)

CBOT

U.S.

Long

Bond

5

June

2026

584,924

(

15,549)

CME

E-mini

S&P

500

Index

30

June

2026

10,082,561

(

226,436)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

30

June

2026

3,595,384

(

98,509)

ICE

mini

MSCI

EAFE

Index

11

June

2026

1,593,543

2,062

ICE

US

mini

MSCI

Emerging

Markets

Index

114

June

2026

8,372,447

(

81,227)

Total

Futures

Long

Contracts

$

54,615,549

(

$

706,802)

CME

E-mini

Nasdaq

100

Index

(4)

June

2026

(

$

1,981,607)

$

68,407

CME

E-mini

Russell

2000

Index

(6)

June

2026

(

752,031)

(

1,629)

CME

E-mini

S&P

Mid-Cap

400

Index

(32)

June

2026

(

10,775,579)

(

93,221)

Eurex

Euro

STOXX

50

Index

(86)

June

2026

(

5,633,459)

80,775

Total

Futures

Short

Contracts

(

$

19,142,676)

$54,332

Total

Futures

Contracts

$

35,472,873

($652,470)

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Reference

Description:

S&P

-

Standard

&

Poor's

The

following

table

presents

Dynamic

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$99,378

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

46,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2031

$

875,000

$

–

(

$

6,632)

(

$

6,632)

Total

Credit

Default

Swaps

$–

($6,632)

($6,632)

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.

The

following

table

presents

Dynamic

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2026.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

100

Equal

Weight

USD

Total

Return

Index

Swap

SOFR

1

day

+58bps

Total

Return

Goldman

Sachs

&

Co.

LLC

5/1/2026

$

1,996,170

(

$

90,702)

$

–

(

$

90,702)

Total

Return

Swaps

(

$

90,702)

$

–

($90,702)

#

Payment

made

on

Termination

Date

Dynamic

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

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

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$19,628

$280

$–

$19,414

2,250

5.3%

Core

High

Yield

Bond

–

21,120

–

21,245

1,082

5.8

Core

International

Equity

31,870

–

–

32,780

2,599

8.9

Core

Investment

Grade

Corporate

Bond

–

27,868

–

27,958

1,426

7.6

Total

U.S.

Affiliated

Registered

Investment

Companies

51,498

101,397

27.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

17,480

7,190

12,490

12,178

1,218

3.3

Total

Affiliated

Short-Term

Investments

17,480

12,178

3.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,887

10,950

12,559

1,278

1,278

0.3

Total

Collateral

Held

for

Securities

Loaned

2,887

1,278

0.3

Total

Value

$71,865

$114,853

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

($494)

$

–

$280

Core

High

Yield

Bond

–

125

–

4

Core

International

Equity

–

910

–

–

Core

Investment

Grade

Corporate

Bond

–

90

–

4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

0

(2)

–

145

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$433

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$0

$629

$

–

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Shares

Common

Stock

96.7%

Value

Bermuda  0.5%  

669

Credicorp,

Ltd.

$

226,912

21,000

Nine

Dragons

Paper

Holdings,

Ltd.

a

17,800

9,500

Orient

Overseas

International,

Ltd.

169,427

Total

414,139

Brazil  4.3%  

18,500

Allos

SA

108,110

13,800

Alupar

Investimento

SA

93,806

28,300

Ambev

SA

83,318

4,222

Axia

Energia

ADR

47,624

10,600

Banco

ABC

Brasil

SA

52,244

45,754

Banco

Bradesco

SA

ADR

167,002

27,200

Banco

do

Brasil

SA

121,091

68,100

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

226,919

246,400

Cogna

Educacao

SA

151,269

4,216

Companhia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

ADR

128,630

5,300

Companhia

de

Saneamento

de

Minas

Gerais

COPASA

MG

58,905

18,962

Companhia

Energetica

de

Minas

Gerais

ADR

45,319

890

Companhia

Paranaense

de

Energia

-

COPEL

ADR

10,627

11,200

CPFL

Energia

SA

105,279

17,508

Cury

Construtora

e

Incorporadora

SA

119,754

19,500

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

103,150

34,200

Direcional

Engenharia

SA

87,285

13,200

EcoRodovias

Infraestrutura

e

Logistica

SA

21,457

871

Embraer

SA

ADR

51,685

59,731

Itau

Unibanco

Holding

SA

ADR

500,546

3,100

M.

Dias

Branco

SA

13,675

48,665

Metalurgica

Gerdau

SA

80,046

19,969

Petroleo

Brasileiro

SA

-

Petrobras

ADR

414,357

4,000

Suzano

SA

40,086

14,200

TIM

SA/Brazil

75,224

1,900

Transmissora

Alianca

de

Energia

Eletrica

SA

15,747

25,506

Vale

SA

ADR

405,800

Total

3,328,955

Canada  0.2%  

7,100

China

Gold

International

Resources

Corporation,

Ltd.

140,581

Total

140,581

Cayman

Islands  10.1%  

53,000

3SBio,

Inc.

b

156,242

108,300

Alibaba

Group

Holding,

Ltd.

1,697,547

100,000

China

Hongqiao

Group,

Ltd.

451,721

21,500

China

Resources

Land,

Ltd.

79,686

159,000

Consun

Pharmaceutical

Group,

Ltd.

339,240

21,000

Geely

Automobile

Holdings,

Ltd.

56,027

3,056

Hello

Group,

Inc.

ADR

17,603

8,000

Hengan

International

Group

Company,

Ltd.

28,309

1,821

JOYY,

Inc.

ADR

106,328

71,000

Kingboard

Holdings,

Ltd.

300,503

Shares

Common

Stock  96.7%

Value

Cayman

Islands  10.1%  -

continued

10,000

Kingboard

Laminates

Holdings,

Ltd.

$

24,902

38,500

Li

Ning

Company,

Ltd.

106,369

5,500

Meituan

a,b

60,017

23,000

NetDragon

Websoft

Holdings,

Ltd.

26,446

3,873

NetEase,

Inc.

ADR

433,544

18,000

Newborn

Town,

Inc.

a

18,413

59,000

Nexteer

Automotive

Group,

Ltd.

38,564

10,231

NU

Holdings,

Ltd./Cayman

Islands

a

147,019

2,659

PDD

Holdings,

Inc.

ADR

a

271,697

33,000

Q

Technology

Group

Company,

Ltd.

31,433

549,000

Shui

On

Land,

Ltd.

36,062

47,500

Tencent

Holdings,

Ltd.

2,995,938

31,000

WuXi

Biologics

(Cayman),

Inc.

a,b

133,315

57,200

Xiaomi

Corporation

a,b

236,274

5,700

ZTO

Express

Cayman,

Inc.

140,294

Total

7,933,493

Chile  0.4%  

38,475

Aguas

Andinas

SA

14,704

1,941

Banco

de

Chile

ADR

71,895

1,370

Banco

de

Credito

e

Inversiones

SA

88,744

2,852

Banco

Santander

Chile

SA

ADR

95,257

302,272

Colbun

SA

42,424

816,233

Latam

Airlines

Group

SA

20,141

Total

333,165

China  13.2%  

137,000

Agricultural

Bank

of

China,

Ltd.,

Class

H

97,997

43,700

Air

China,

Ltd.

a

42,965

23,200

Aluminum

Corporation

of

China,

Ltd.,

Class

A

39,016

116,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

169,704

8,034

Angel

Yeast

Company,

Ltd.

47,208

8,400

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

28,310

10,000

Anhui

Expressway

Company,

Ltd.

18,939

419,500

BAIC

Motor

Corporation,

Ltd.

a,b

82,570

293,000

Bank

of

China,

Ltd.,

Class

H

187,091

74,300

Baoshan

Iron

&

Steel

Company,

Ltd.

69,446

72,600

BOE

Technology

Group

Company,

Ltd.

41,432

3,600

BYD

Company,

Ltd.,

Class

H

49,217

2,900

Chaozhou

Three-Circle

Group

Company,

Ltd.

22,751

37,500

China

CITIC

Bank

Corporation,

Ltd.

45,055

262,000

China

CITIC

Bank

Corporation,

Ltd.

265,384

113,000

China

Coal

Energy

Company,

Ltd.

190,446

685,000

China

Construction

Bank

Corporation,

Class

H

739,262

11,600

China

International

Capital

Corporation,

Ltd.,

Class

A

54,966

126,000

China

International

Capital

Corporation,

Ltd.,

Class

H

b

279,740

21,900

China

Life

Insurance

Company,

Ltd.,

Class

A

116,257

128,000

China

Life

Insurance

Company,

Ltd.,

Class

H

408,350

32,500

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

39,841

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Shares

Common

Stock  96.7%

Value

China  13.2%  -

continued

243,000

China

Minsheng

Banking

Corporation,

Ltd.

$

114,282

76,000

China

National

Building

Material

Company,

Ltd.

46,624

35,000

China

National

Chemical

Engineering

Company,

Ltd.

44,840

21,000

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

A

113,782

123,000

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

H

503,759

60,900

China

Petroleum

&

Chemical

Corporation,

Class

A

51,679

94,000

China

Railway

Group,

Ltd.

48,815

15,900

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Company,

Ltd.

64,575

17,500

China

Shenhua

Energy

Company,

Ltd.,

Class

H

103,585

55,700

China

Southern

Airlines

Company,

Ltd.

a

45,880

12,300

CITIC

Pacific

Special

Steel

Group

Company,

Ltd.

29,307

17,000

CITIC

Securities

Company,

Ltd.,

Class

A

59,659

48,000

CITIC

Securities

Company,

Ltd.,

Class

H

146,984

21,600

CMOC

Group,

Ltd.,

Class

A

55,079

99,000

CMOC

Group,

Ltd.,

Class

H

208,213

1,800

Contemporary

Amperex

Technology

Company,

Ltd.

106,499

26,300

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

A

57,418

125,500

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

238,986

7,900

CSC

Financial

Company,

Ltd.

24,747

53,700

Datang

International

Power

Generation

Company,

Ltd.

30,879

54,800

Focus

Media

Information

Technology

Company,

Ltd.

52,320

2,000

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

A

16,683

40,300

GD

Power

Development

Company,

Ltd.

28,317

3,500

Gree

Electric

Appliances,

Inc.

of

Zhuhai

19,266

19,800

Guotai

Haitong

Securities

Company,

Ltd.

47,925

15,300

Haier

Smart

Home

Company,

Ltd.,

Class

A

47,841

22,000

Harbin

Electric

Company,

Ltd.

59,417

24,800

Huaneng

Power

International,

Inc.,

Class

A

25,313

160,000

Huaneng

Power

International,

Inc.,

Class

H

121,151

38,900

HUAYU

Automotive

Systems

Company,

Ltd.

108,949

673,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

593,215

200

Kweichow

Moutai

Company,

Ltd.

42,117

30,000

Lenovo

Group,

Ltd.

36,081

5,200

Midea

Group

Company,

Ltd.

57,922

11,500

New

China

Life

Insurance

Company,

Ltd.,

Class

A

103,759

42,500

New

China

Life

Insurance

Company,

Ltd.,

Class

H

253,020

34,900

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

A

37,129

Shares

Common

Stock  96.7%

Value

China  13.2%  -

continued

428,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

$

298,071

43,200

PetroChina

Company,

Ltd.,

Class

A

75,542

284,000

PetroChina

Company,

Ltd.,

Class

H

389,609

32,000

PICC

Property

and

Casualty

Company,

Ltd.

58,905

8,600

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

71,258

70,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

538,245

33,900

SAIC

Motor

Corporation,

Ltd.

72,415

17,800

Sany

Heavy

Industry

Company,

Ltd.

49,997

63,900

SDIC

Capital

Company,

Ltd.

64,610

3,600

Shandong

Gold

Mining

Company,

Ltd.

21,408

69,900

Shandong

Nanshan

Aluminum

Company,

Ltd.

62,698

3,400

Shanghai

Fosun

Pharmaceutical

Group

Company,

Ltd.

13,204

14,800

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

A

36,695

40,400

Sichuan

Road

and

Bridge

Group

Company,

Ltd.

58,891

12,000

Sinopharm

Group

Company,

Ltd.

31,132

4,800

Spring

Airlines

Company,

Ltd.

32,289

11,800

Tianshan

Aluminum

Group

Company,

Ltd.

30,971

62,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

31,319

5,800

TongFu

Microelectronics

Company,

Ltd.

35,300

8,023

Vipshop

Holdings,

Ltd.

ADR

126,121

17,100

Weichai

Power

Company,

Ltd.,

Class

A

60,769

4,700

WuXi

AppTec

Company,

Ltd.,

Class

A

68,182

32,800

WuXi

AppTec

Company,

Ltd.,

Class

H

b

502,347

28,600

XCMG

Construction

Machinery

Company,

Ltd.

42,106

18,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

24,017

7,600

Zhejiang

Chint

Electrics

Company,

Ltd.

36,289

46,700

Zhejiang

Dahua

Technology

Company,

Ltd.

115,405

27,100

Zhejiang

Longsheng

Group

Company,

Ltd.

51,396

10,800

Zhejiang

NHU

Company,

Ltd.

54,325

53,500

Zhejiang

Zheneng

Electric

Power

Company,

Ltd.

42,312

3,376

Zhuzhou

CRRC

Times

Electric

Company,

Ltd.

25,661

86,000

Zijin

Mining

Group

Company,

Ltd.

386,871

26,600

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

A

33,424

Total

10,323,748

Colombia  0.4%  

4,361

Grupo

Cibest

SA

100,785

2,480

Grupo

Cibest

SA

ADR

180,569

Total

281,354

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Shares

Common

Stock  96.7%

Value

Czech

Republic  0.4%  

724

CEZ

AS

$

40,917

2,826

Komercni

Banka

AS

144,183

9,732

Moneta

Money

Bank

AS

b

84,832

42

Philip

Morris

CR

37,266

Total

307,198

Egypt  0.1%  

21,505

Commercial

International

Bank

Egypt

SAE

GDR

47,526

Total

47,526

Greece  0.8%  

1,822

Aegean

Airlines

SA

24,850

3,742

Alpha

Bank

SA

13,880

39,568

Eurobank

SA

158,432

3,427

HELLENiQ

ENERGY

Holdings

SA

39,096

1,196

Motor

Oil

(Hellas)

Corinth

Refineries

SA

52,670

15,012

National

Bank

of

Greece

SA

231,905

7,571

Piraeus

Bank

SA

62,204

Total

583,037

Hong

Kong  0.9%  

89,000

China

Nonferrous

Mining

Corporation,

Ltd.

133,572

58,000

China

Overseas

Grand

Oceans

Group,

Ltd.

17,717

84,200

China

Taiping

Insurance

Holdings

Company,

Ltd.

222,352

28,000

CSPC

Pharmaceutical

Group,

Ltd.

33,045

158,500

Genertec

Universal

Medical

Group

Company,

Ltd.

b

117,570

130,000

Guangdong

Investment,

Ltd.

130,207

22,000

Weichai

Power

Company,

Ltd.,

Class

H

78,017

Total

732,480

Hungary  0.7%  

17,801

MOL

Hungarian

Oil

&

Gas

plc

213,262

2,987

OTP

Bank

Nyrt

320,290

Total

533,552

India  11.9%  

4,913

Aditya

Birla

Sun

Life

Asset

Management

Company,

Ltd.

46,055

365

AIA

Engineering,

Ltd.

14,088

553

Anand

Rathi

Wealth,

Ltd.

17,846

1,632

Asian

Paints,

Ltd.

37,635

2,177

Avanti

Feeds,

Ltd.

27,889

9,958

Axis

Bank,

Ltd.

123,332

4,553

Bajaj

Finserv,

Ltd.

79,086

117,428

Bharat

Petroleum

Corporation,

Ltd.

352,079

31,841

Bharti

Airtel,

Ltd.

605,087

3,105

Britannia

Industries,

Ltd.

177,529

59,868

Canara

Bank

78,873

2,574

Ceat,

Ltd.

88,818

28,522

Chambal

Fertilisers

and

Chemicals,

Ltd.

129,190

4,796

Cipla,

Ltd.

62,494

700

Coromandel

International,

Ltd.

14,255

3,389

Cummins

India,

Ltd.

162,268

2,642

Eicher

Motors,

Ltd.

184,989

9,400

Federal

Bank,

Ltd.

25,967

40,435

GAIL

India,

Ltd.

59,265

Shares

Common

Stock  96.7%

Value

India  11.9%  -

continued

6,226

Great

Eastern

Shipping

Company,

Ltd.

$

93,636

2,669

HCL

Technologies,

Ltd.

38,414

9,229

HDFC

Asset

Management

Company,

Ltd.

b

215,661

78,468

HDFC

Bank,

Ltd.

614,643

9,059

HDFC

Life

Insurance

Company,

Ltd.

b

56,930

4,089

Hero

MotoCorp,

Ltd.

221,028

51,419

Hindalco

Industries,

Ltd.

486,242

73,767

Hindustan

Petroleum

Corporation,

Ltd.

262,879

13,002

ICICI

Bank,

Ltd.

ADR

336,752

107,360

Indian

Oil

Corporation,

Ltd.

153,260

17,722

Infosys,

Ltd.

ADR

239,424

3,746

JB

Chemicals

&

Pharmaceuticals,

Ltd.

81,816

20,128

JSW

Steel,

Ltd.

241,316

2,885

Kajaria

Ceramics,

Ltd.

28,278

5,225

Larsen

&

Toubro,

Ltd.

194,254

1,430

LTIMindtree,

Ltd.

b

61,551

5,869

Lupin,

Ltd.

145,246

4,367

Mahindra

&

Mahindra,

Ltd.

136,978

2,576

Maruti

Suzuki

India,

Ltd.

337,868

129

MRF,

Ltd.

175,975

51,838

National

Aluminium

Company,

Ltd.

213,998

2,743

Nava,

Ltd.

15,501

6,365

NLC

India,

Ltd.

18,120

66,511

NMDC,

Ltd.

54,127

22,563

NTPC,

Ltd.

88,866

73,986

Oil

&

Natural

Gas

Corporation,

Ltd.

222,898

1,362

Persistent

Systems,

Ltd.

71,503

2,346

Pidilite

Industries,

Ltd.

31,783

2,014

Polycab

India,

Ltd.

147,370

49,571

Reliance

Industries,

Ltd.

712,909

61,254

Samvardhana

Motherson

International,

Ltd.

68,749

10,521

SBI

Life

Insurance

Company,

Ltd.

b

199,016

7,374

Shipping

Corporation

of

India,

Ltd.

17,237

20,190

State

Bank

of

India

210,565

5,649

Tata

Consultancy

Services,

Ltd.

142,246

200,140

Tata

Steel,

Ltd.

410,640

4,959

Tech

Mahindra,

Ltd.

73,663

1,020

TVS

Motor

Company,

Ltd.

36,656

22,935

Vedanta,

Ltd.

160,916

8,387

Wipro,

Ltd.

ADR

17,780

Total

9,323,439

Indonesia  0.2%  

154,300

Astra

International

Tbk

PT

56,962

337,800

Perusahaan

Gas

Negara

(Persero)

Tbk

PT

36,957

217,800

PT

Telkom

Indonesia

(Persero)

Tbk

39,216

Total

133,135

Kuwait  0.4%  

84,363

Agility

Public

Warehousing

Company

KSCC

34,345

74,936

Kuwait

Finance

House

KSCP

194,906

25,049

Mobile

Telecommunications

Company

KSCP

46,132

14,516

National

Bank

of

Kuwait

KSCP

43,040

Total

318,423

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Shares

Common

Stock  96.7%

Value

Malaysia  0.7%  

37,400

Malayan

Banking

Bhd

$

105,269

8,500

Malayan

Cement

Bhd

12,701

78,000

SD

Guthrie

Bhd

116,547

48,000

Sime

Darby

Bhd

26,998

72,200

Sunway

Construction

Group

Bhd

114,119

59,000

Telekom

Malaysia

Bhd

103,583

5,500

United

Plantations

Bhd

a

46,273

Total

525,490

Mexico  1.3%  

7,228

America

Movil

SAB

de

CV

ADR

184,169

6,759

Cemex

SAB

de

CV

ADR

77,323

27,300

Fibra

Uno

Administracion

SA

de

CV

44,599

17,210

Grupo

Financiero

Banorte

SAB

de

CV

ADR

190,565

25,700

Grupo

Mexico

SAB

de

CV

274,895

3,900

Industrias

Penoles

SAB

de

CV

a

173,854

19,100

Megacable

Holdings

SAB

de

CV

66,136

Total

1,011,541

Netherlands  <0.1%  

1,458

NEPI

Rockcastle

NV

11,699

Total

11,699

Philippines  0.2%  

16,610

International

Container

Terminal

Services,

Inc.

188,313

Total

188,313

Poland  0.9%  

4,270

Bank

Millennium

SA

a

18,925

3,035

Bank

Polska

Kasa

Opieki

SA

179,836

7,780

Orlen

SA

281,903

5,424

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

128,299

507

Santander

Bank

Polska

SA

80,386

15,387

Tauron

Polska

Energia

SA

42,684

Total

732,033

Qatar  0.5%  

130,057

Baladna

a

43,226

40,930

Commercial

Bank

PSQC

47,956

63,502

Doha

Bank

QPSC

a

56,508

7,547

Qatar

Islamic

Bank

QPSC

47,161

43,200

Qatar

National

Bank

QPSC

202,178

Total

397,029

Russian

Federation  <–%  

22,154

LUKOIL

PJSC

a,c,d

0

78,093

NovaTek

PJSC

a,c,d

0

136,926

Sberbank

of

Russia

PJSC

a,c,d

0

Total

0

Saudi

Arabia  2.4%  

3,587

Al

Babtain

Power

&

Telecommunication

Company

63,523

14,966

Al

Rajhi

Bank

426,631

2,009

Alinma

Bank

15,557

18,488

Arab

National

Bank

106,154

15,436

Arabian

Centres

Company

b

70,231

21,948

Banque

Saudi

Fransi

117,082

12,411

Riyad

Bank

98,312

801

SABIC

Agri-Nutrients

Company

30,761

2,397

Saudi

Arabian

Mining

Company

a

41,428

Shares

Common

Stock  96.7%

Value

Saudi

Arabia  2.4%  -

continued

48,974

Saudi

Arabian

Oil

Company

b

$

354,533

11,773

Saudi

Awwal

Bank

117,668

8,333

Saudi

Energy

Company

37,903

34,282

Saudi

National

Bank

387,004

33

Saudi

Telecom

Company

374

2,809

Theeb

Rent

A

Car

Company

22,153

Total

1,889,314

South

Africa  2.8%  

13,026

Absa

Group,

Ltd.

187,638

23,060

AECI,

Ltd.

156,461

4,412

Coronation

Fund

Managers,

Ltd.

11,597

24,729

DataTec,

Ltd.

102,711

17,042

FirstRand,

Ltd.

87,243

7,325

Gold

Fields,

Ltd.

ADR

332,555

73,025

Growthpoint

Properties,

Ltd.

69,783

5,341

Harmony

Gold

Mining

Company,

Ltd.

ADR

82,091

2,833

Impala

Platinum

Holdings,

Ltd.

40,291

10,223

Momentum

Group,

Ltd.

21,975

5,094

MTN

Group,

Ltd.

59,481

2,925

Naspers,

Ltd.

151,301

2,423

Nedbank

Group,

Ltd.

38,198

93,931

Old

Mutual,

Ltd.

76,605

66,246

Redefine

Properties,

Ltd.

23,294

2,469

Sanlam,

Ltd.

12,983

48,550

Sibanye

Stillwater,

Ltd.

149,023

18,353

Standard

Bank

Group,

Ltd.

332,368

1,640

Valterra

Platinum,

Ltd.

137,855

66,162

Vukile

Property

Fund,

Ltd.

87,248

Total

2,160,701

South

Korea  14.8%  

5,818

BNK

Financial

Group,

Inc.

70,559

424

CJ

Corporation

54,567

3,295

Green

Cross

Holdings

Corporation

29,205

4,395

GS

Holdings

Corporation

189,954

4,468

Hana

Financial

Group,

Inc.

325,703

2,264

Hanwha

Corporation

168,637

1,321

HD

Hyundai

Company,

Ltd.

221,545

770

HD

Korea

Shipbuilding

&

Offshore

Engineering

Company,

Ltd.

178,461

266

Hyosung

Corporation

23,337

738

Hyundai

Department

Store

Company,

Ltd.

39,499

682

Hyundai

Glovis

Company,

Ltd.

96,865

774

Hyundai

Motor

Company

238,439

10,251

iM

Financial

Group

Company,

Ltd.

115,404

1,256

Kakao

Corporation

38,776

2,637

KB

Financial

Group,

Inc.

258,876

2,162

Kia

Corporation

213,456

575

Korea

Electric

Power

Corporation

16,347

1,804

Korean

Reinsurance

Company

14,664

2,504

LG

Corporation

141,585

7,612

LG

Uplus

Corporation

79,162

1,723

LX

International

Corporation

50,141

2,445

Mirae

Asset

Securities

Company,

Ltd.

103,620

509

Misto

Holdings

Corporation

14,074

1,364

NAVER

Corporation

185,706

442

POSCO

Holdings,

Inc.

99,522

165

Samsung

Biologics

Company,

Ltd.

a,b

169,103

1,412

Samsung

C&T

Corporation

247,464

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Shares

Common

Stock  96.7%

Value

South

Korea  14.8%  -

continued

176

Samsung

Electro-Mechanics

Company,

Ltd.

$

50,426

37,386

Samsung

Electronics

Company,

Ltd.

4,372,719

2,966

SD

Biosensor,

Inc.

15,265

5,434

Shinhan

Financial

Group

Company,

Ltd.

323,874

717

Shinsegae,

Inc.

147,447

4,386

SK

Hynix,

Inc.

2,488,463

1,028

SK

Square

Company,

Ltd.

a

338,472

1,103

SK,

Inc.

226,770

6,857

Woori

Financial

Group,

Inc.

150,318

16

Youngone

Corporation

853

238

Youngone

Holdings

Company,

Ltd.

35,594

Total

11,534,872

Switzerland  <0.1%  

1,200

BeOne

Medicines,

Ltd.

a

26,919

Total

26,919

Taiwan  22.7%  

6,000

Accton

Technology

Corporation

296,023

12,000

Arcadyan

Technology

Corporation

58,187

8,497

ASE

Technology

Holding

Company,

Ltd.

ADR

184,215

17,000

Asia

Cement

Corporation

18,588

2,000

Asia

Vital

Components

Company,

Ltd.

132,099

186,000

Cathay

Financial

Holding

Company,

Ltd.

415,865

2,000

Chroma

ATE,

Inc.

95,969

5,058

Chunghwa

Telecom

Company,

Ltd.

ADR

213,650

18,000

Compeq

Manufacturing

Company,

Ltd.

144,605

479,000

CTBC

Financial

Holding

Company,

Ltd.

778,432

16,000

Delta

Electronics,

Inc.

721,446

17,000

E.Sun

Financial

Holding

Company,

Ltd.

16,883

1,000

Elite

Material

Company,

Ltd.

85,346

51,000

Far

Eastern

New

Century

Corporation

42,441

28,000

Far

EasTone

Telecommunications

Company,

Ltd.

80,875

44,000

Feng

Hsin

Steel

Company,

Ltd.

84,504

53,000

First

Financial

Holding

Company,

Ltd.

47,222

97,000

Fubon

Financial

Holding

Company,

Ltd.

265,559

14,000

Hannstar

Board

Corporation

36,212

125,000

Hon

Hai

Precision

Industry

Company,

Ltd.

764,096

75,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

78,625

49,000

KGI

Financial

Holding

Company,

Ltd.

30,100

4,000

L&K

Engineering

Company,

Ltd.

68,490

8,000

Lite-On

Technology

Corporation

36,610

2,000

Marketech

International

Corporation

17,726

8,000

MediaTek,

Inc.

383,721

25,000

Quanta

Computer,

Inc.

224,974

10,000

Simplo

Technology

Company,

Ltd.

105,242

Shares

Common

Stock  96.7%

Value

Taiwan  22.7%  -

continued

180,000

SinoPac

Financial

Holdings

Company,

Ltd.

$

174,763

5,185

Sunonwealth

Electric

Machine

Industry

Company,

Ltd.

20,571

60,000

Synnex

Technology

International

Corporation

144,513

182,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

10,554,743

21,704

Topco

Scientific

Company,

Ltd.

211,844

7,000

Tripod

Technology

Corporation

76,461

43,000

Tung

Ho

Steel

Enterprise

Corporation

91,845

2,000

United

Integrated

Services

Company,

Ltd.

53,126

85,000

United

Microelectronics

Corporation

152,371

43,000

Wah

Lee

Industrial

Corporation

160,555

1,000

WinWay

Technology

Company,

Ltd.

236,551

1,000

Wiwynn

Corporation

107,606

17,000

WPG

Holdings,

Ltd.

47,605

12,000

WT

Microelectronics

Company,

Ltd.

83,169

14,000

Yageo

Corporation

110,634

5,000

Yankey

Engineering

Company,

Ltd.

88,908

27,000

Yuanta

Financial

Holding

Company,

Ltd.

38,382

Total

17,781,352

Thailand  3.0%  

42,200

Advanced

Info

Service

PCL

NVDR

481,679

60,000

Central

Pattana

PCL

NVDR

115,232

4,400

Delta

Electronics

Thailand

PCL

NVDR

35,737

51,600

Kasikornbank

PCL

NVDR

301,051

123,100

Kiatnakin

Phatra

Bank

PCL

NVDR

285,038

385,600

Krung

Thai

Bank

PCL

NVDR

412,364

30,200

PTT

Exploration

and

Production

PCL

NVDR

145,504

55,300

PTT

PCL

NVDR

58,687

57,400

SCB

X

PCL

NVDR

252,329

64,100

Thanachart

Capital

PCL

NVDR

110,810

34,300

TISCO

Financial

Group

PCL

NVDR

c

117,849

721,800

TMBThanachart

Bank

PCL

NVDR

50,739

Total

2,367,019

Turkey  0.4%  

153,210

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

AS

58,068

224,269

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

96,900

31,931

Enerjisa

Enerji

AS

b

82,270

6,199

Migros

Ticaret

AS

84,280

19,443

Sok

Marketler

Ticaret

AS

a

21,496

Total

343,014

United

Arab

Emirates  1.9%  

14,103

Abu

Dhabi

Commercial

Bank

PJSC

48,150

4,044

Abu

Dhabi

Islamic

Bank

PJSC

23,266

21,234

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

22,035

23,751

ADNOC

Gas

plc

20,946

9,490

Aldar

Properties

PJSC

a

20,512

136,178

Deyaar

Development

PJSC

29,857

56,539

Dubai

Islamic

Bank

PJSC

a

114,686

43,710

Emaar

Development

PJSC

165,460

106,859

Emaar

Properties

PJSC

349,689

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Shares

Common

Stock  96.7%

Value

United

Arab

Emirates  1.9%  -

continued

34,067

Emirates

NBD

Bank

PJSC

$

256,658

20,536

Emirates

Telecommunications

Group

Company

PJSC

106,056

63,355

First

Abu

Dhabi

Bank

PJSC

300,608

30,698

Sharjah

Islamic

Bank

27,163

Total

1,485,086

United

Kingdom  0.4%  

3,321

AngloGold

Ashanti

plc

331,476

Total

331,476

United

States  0.2%  

324

Southern

Copper

Corporation

55,748

1,408

Yum

China

Holding,

Inc.

68,682

Total

124,430

Total

Common

Stock

(cost

$56,917,387)

75,644,513

Shares

Preferred

Stock

2.4%

Brazil  1.4%  

1,109

Axia

Energia,

Class

C

ADR

a

12,110

15,200

Bradespar

SA

67,903

61,600

Companhia

de

Saneamento

do

Parana

100,846

24,300

Companhia

de

Saneamento

do

Parana,

Units

208,292

56,628

Itausa

SA

152,179

56,600

Petroleo

Brasileiro

SA

530,832

Total

1,072,162

South

Korea  1.0%  

9,648

Samsung

Electronics

Company,

Ltd.

778,821

Total

778,821

Total

Preferred

Stock

(cost

$1,219,400)

1,850,983

Shares

or

Principal

Amount

Short-Term

Investments

0.4%

Federal

Home

Loan

Bank

Discount

Notes

100,000

3.610%,

 6/10/2026

e,f

99,289

Federal

National

Mortgage

Association

Discount

Notes

100,000

3.595%,

 6/1/2026

e,f

99,379

State

Street

Institutional

U.S.

Government

Money

Market

Fund

149,140

3.602%

e

149,140

Total

Short-Term

Investments

(cost

$347,829)

347,808

Total

Investments

(cost

$58,484,616)

99.5%

$77,843,304

Other

Assets

and

Liabilities,

Net

0.5%

365,184

Total

Net

Assets

100.0%

$78,208,488

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$2,862,202

or

3.7%

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

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

March

31,

2026,

in

valuing

Emerging

Markets

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

6,039,915

955,294

5,084,621

–

Consumer

Discretionary

5,455,104

466,500

4,988,604

–

Consumer

Staples

827,201

–

827,201

–

Energy

@

4,411,025

414,357

3,996,668

0

Financials

@

19,334,369

1,773,478

17,443,042

117,849

Health

Care

2,056,914

–

2,056,914

–

Industrials

4,584,254

51,685

4,532,569

–

Information

Technology

23,711,241

441,419

23,269,822

–

Materials

6,493,997

953,517

5,540,480

–

Real

Estate

1,365,920

–

1,365,920

–

Utilities

1,364,573

232,200

1,132,373

–

Preferred

Stock

Energy

530,832

–

530,832

–

Financials

152,179

–

152,179

–

Information

Technology

778,821

–

778,821

–

Materials

67,903

–

67,903

–

Utilities

321,248

12,110

309,138

–

Short-Term

Investments

347,808

149,140

198,668

–

Subtotal

Investments

in

Securities

$77,843,304

$5,449,700

$72,275,755

$117,849

Total

Investments

at

Value

$77,843,304

@

Level

3

security

in

this

section

is

fair

valued

at

<$1.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

Liability

Derivatives

Futures

Contracts

61,148

61,148

–

–

Total

Liability

Derivatives

$61,148

$61,148

$–

$–

The

following

table

presents

Emerging

Markets

Equity

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$198,668

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

31

June

2026

$

2,315,778

(

$

61,148)

Total

Futures

Long

Contracts

$

2,315,778

(

$

61,148)

Total

Futures

Contracts

$

2,315,778

($61,148)

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Shares

Common

Stock

93.3%

Value

Communications

Services  11.3%

10,801

Alphabet,

Inc.,

Class

A

$

3,105,936

9,031

Alphabet,

Inc.,

Class

C

2,590,633

443

Electronic

Arts,

Inc.

90,314

81

John

Wiley

and

Sons,

Inc.

3,086

1,784

Lumen

Technologies,

Inc.

a

12,399

287

New

York

Times

Company

24,030

584

Omnicom

Group,

Inc.

43,981

54

Scholastic

Corporation

2,109

7,824

Verizon

Communications,

Inc.

392,765

3,313

Walt

Disney

Company

319,307

4,364

Warner

Brothers

Discovery,

Inc.

a

119,835

519

ZoomInfo

Technologies,

Inc.

a

3,104

Total

6,707,499

Consumer

Discretionary  8.1%

404

Aptiv

plc

a

28,054

490

Aramark

19,865

136

Autoliv,

Inc.

14,302

50

AutoNation,

Inc.

a

9,763

370

Best

Buy

Company,

Inc.

23,754

60

Booking

Holdings,

Inc.

252,619

405

BorgWarner,

Inc.

21,975

57

Buckle,

Inc.

2,871

257

Callaway

Golf

Company

a

3,567

217

Capri

Holdings,

Ltd.

a

3,824

263

CarMax,

Inc.

a

10,936

53

Choice

Hotels

International,

Inc.

5,485

53

Columbia

Sportswear

Company

2,905

214

Darden

Restaurants,

Inc.

41,953

270

Deckers

Outdoor

Corporation

a

27,024

60

Domino's

Pizza,

Inc.

21,527

40

Ethan

Allen

Interiors,

Inc.

890

783

GameStop

Corporation

a

18,040

454

Gap,

Inc.

10,987

303

Garmin,

Ltd.

70,299

257

Genuine

Parts

Company

27,178

217

Harley-Davidson,

Inc.

4,388

242

Hasbro,

Inc.

22,651

431

Hilton

Worldwide

Holdings,

Inc.

131,058

1,847

Home

Depot,

Inc.

607,460

215

Kohl's

Corporation

2,773

81

La-Z-Boy,

Inc.

2,603

478

LKQ

Corporation

14,039

1,039

Lowe's

Companies,

Inc.

245,495

222

Lucid

Group,

Inc.

a,b

2,116

423

Marriott

International,

Inc./MD

138,351

597

Mattel,

Inc.

a

8,674

1,322

McDonald's

Corporation

410,864

134

Meritage

Homes

Corporation

8,287

100

Mohawk

Industries,

Inc.

a

9,846

725

Newell

Brands,

Inc.

2,487

2,207

NIKE,

Inc.

116,574

62

Pool

Corporation

12,544

89

PVH

Corporation

6,209

1,454

Rivian

Automotive,

Inc.

a

21,883

481

Royal

Caribbean

Cruises,

Ltd.

132,362

69

Signet

Jewelers,

Ltd.

5,840

2,107

Starbucks

Corporation

188,766

5,245

Tesla,

Inc.

a

1,949,829

988

Tractor

Supply

Company

44,756

82

Ulta

Beauty,

Inc.

a

42,862

344

Under

Armour,

Inc.,

Class

A

a

2,033

251

Under

Armour,

Inc.,

Class

C

a

1,453

70

Vail

Resorts,

Inc.

8,982

613

VF

Corporation

10,415

Shares

Common

Stock  93.3%

Value

Consumer

Discretionary  8.1%

-

continued

117

Whirlpool

Corporation

b

$

6,309

222

Williams-Sonoma,

Inc.

40,477

149

Wolverine

World

Wide,

Inc.

2,432

Total

4,822,636

Consumer

Staples  4.4%

883

Archer-Daniels-Midland

Company

64,185

251

Bunge

Global

SA

31,927

359

Campbell's

Company

b

7,995

446

Church

&

Dwight

Company,

Inc.

41,621

229

Clorox

Company

23,731

7,582

Coca-Cola

Company

576,611

1,425

Colgate-Palmolive

Company

121,453

886

Conagra

Brands,

Inc.

13,928

300

Darling

Ingredients,

Inc.

a

18,555

456

Estee

Lauder

Companies,

Inc.

32,727

990

General

Mills,

Inc.

36,848

550

Hormel

Foods

Corporation

12,458

120

Ingredion,

Inc.

13,519

196

J.M.

Smucker

Company

18,902

2,384

Keurig

Dr

Pepper,

Inc.

62,771

617

Kimberly-Clark

Corporation

59,522

1,658

Kraft

Heinz

Company

37,289

1,116

Kroger

Company

80,754

251

Lamb

Weston

Holdings,

Inc.

10,607

464

McCormick

&

Company,

Inc.

23,404

2,397

Mondelez

International,

Inc.

138,163

2,539

PepsiCo,

Inc.

394,281

4,337

Procter

&

Gamble

Company

626,436

888

Sysco

Corporation

63,341

840

Target

Corporation

101,808

103

United

Natural

Foods,

Inc.

a

4,641

Total

2,617,477

Energy  1.6%

1,835

Baker

Hughes

Company

112,027

399

Cheniere

Energy,

Inc.

113,220

87

Core

Laboratories,

Inc.

1,461

1,562

Halliburton

Company

60,902

295

HF

Sinclair

Corporation

18,405

558

Marathon

Petroleum

Corporation

136,253

677

NOV,

Inc.

12,734

1,169

ONEOK,

Inc.

105,666

748

Phillips

66

136,271

399

Targa

Resources

Corporation

100,041

751

TechnipFMC

plc

51,917

566

Valero

Energy

Corporation

139,847

Total

988,744

Financials  10.5%

486

Allstate

Corporation

100,767

499

Ally

Financial,

Inc.

19,576

1,023

American

Express

Company

309,437

172

Ameriprise

Financial,

Inc.

76,437

475

Arthur

J.

Gallagher

&

Company

102,875

73

Bank

of

Hawaii

Corporation

5,420

1,277

Bank

of

New

York

Mellon

Corporation

151,491

274

BlackRock,

Inc.

263,509

130

Cathay

General

Bancorp

6,482

194

Cboe

Global

Markets,

Inc.

54,528

3,133

Charles

Schwab

Corporation

294,439

694

Chubb,

Ltd.

226,195

800

Citizens

Financial

Group,

Inc.

47,976

669

CME

Group,

Inc.

197,589

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Shares

Common

Stock  93.3%

Value

Financials  10.5%

-

continued

532

Equitable

Holdings,

Inc.

$

19,743

70

FactSet

Research

Systems,

Inc.

15,189

969

Fidelity

National

Information

Services,

Inc.

45,456

535

Franklin

Resources,

Inc.

12,637

517

Hartford

Insurance

Group,

Inc.

69,914

3,756

Huntington

Bancshares,

Inc./OH

58,781

1,058

Intercontinental

Exchange,

Inc.

166,402

100

International

Bancshares

Corporation

6,729

637

Invesco,

Ltd.

15,473

1,718

KeyCorp

34,446

302

Lincoln

National

Corporation

10,721

331

Loews

Corporation

35,331

285

M&T

Bank

Corporation

58,915

70

MarketAxess

Holdings,

Inc.

11,549

912

Marsh

&

McLennan

Companies,

Inc.

158,186

1,571

Mastercard,

Inc.

784,966

298

Moody's

Corporation

130,002

2,203

Morgan

Stanley

362,548

852

Nasdaq,

Inc.

72,326

355

Northern

Trust

Corporation

49,547

654

Old

National

Bancorp

14,453

1,650

PayPal

Holdings,

Inc.

74,630

724

PNC

Financial

Services

Group,

Inc.

150,657

413

Principal

Financial

Group,

Inc.

37,215

1,087

Progressive

Corporation

215,487

656

Prudential

Financial,

Inc.

64,085

351

Raymond

James

Financial,

Inc.

50,821

1,627

Regions

Financial

Corporation

42,497

575

S&P

Global,

Inc.

244,571

518

State

Street

Corporation

65,558

668

Synchrony

Financial

45,437

409

T.

Rowe

Price

Group,

Inc.

36,867

414

Travelers

Companies,

Inc.

120,756

2,374

Truist

Financial

Corporation

109,133

3,129

Visa,

Inc.

945,709

178

Voya

Financial,

Inc.

12,161

632

Western

Union

Company

5,517

178

Willis

Towers

Watson

plc

51,745

280

Zions

Bancorp

NA

16,134

Total

6,279,015

Health

Care  7.6%

3,278

AbbVie,

Inc.

712,932

526

Agilent

Technologies,

Inc.

59,953

127

Align

Technology,

Inc.

a

21,772

999

Amgen,

Inc.

351,498

531

Becton,

Dickinson

and

Company

83,489

272

Biogen,

Inc.

a

49,866

346

BioMarin

Pharmaceutical,

Inc.

a

19,545

288

Bio-Techne

Corporation

15,051

3,778

Bristol-Myers

Squibb

Company

229,136

443

Cardinal

Health,

Inc.

93,610

341

Cencora,

Inc.

107,122

918

Centene

Corporation

a

30,055

495

Cigna

Group

132,041

364

Cooper

Companies,

Inc.

a

26,026

1,180

Danaher

Corporation

223,728

72

DaVita,

Inc.

a

11,066

392

Dentsply

Sirona,

Inc.

4,547

723

Dexcom,

Inc.

a

45,404

1,077

Edwards

Lifesciences

Corporation

a

86,246

Shares

Common

Stock  93.3%

Value

Health

Care  7.6%

-

continued

412

Elevance

Health,

Inc.

$

120,613

2,304

Gilead

Sciences,

Inc.

321,108

296

HCA

Healthcare,

Inc.

140,079

204

Henry

Schein,

Inc.

a

15,035

420

Hologic,

Inc.

a

31,748

223

Humana,

Inc.

38,666

148

IDEXX

Laboratories,

Inc.

a

83,160

285

Illumina,

Inc.

a

35,129

310

Incyte

Corporation

a

29,177

131

Insulet

Corporation

a

27,489

315

IQVIA

Holding,

Inc.

a

53,720

101

Jazz

Pharmaceuticals,

Inc.

a

19,094

154

Labcorp

Holdings,

Inc.

41,089

4,606

Merck

&

Company,

Inc.

554,056

38

Mettler-Toledo

International,

Inc.

a

47,926

143

Pediatrix

Medical

Group,

Inc.

a

3,059

206

Quest

Diagnostics,

Inc.

40,372

270

ResMed,

Inc.

60,610

210

Revvity,

Inc.

18,398

199

Select

Medical

Holdings

Corporation

3,242

183

STERIS

plc

40,467

296

Teladoc

Health,

Inc.

a

1,613

289

Veeva

Systems,

Inc.

a

50,766

471

Vertex

Pharmaceuticals,

Inc.

a

210,320

183

Waters

Corporation

a

54,497

134

West

Pharmaceutical

Services,

Inc.

33,586

368

Zimmer

Biomet

Holdings,

Inc.

33,275

818

Zoetis,

Inc.

96,696

Total

4,508,077

Industrials  8.4%

988

3M

Company

143,487

218

A.O.

Smith

Corporation

14,375

57

Acuity,

Inc.

15,973

117

AGCO

Corporation

13,557

198

Air

Lease

Corporation

12,858

161

Allegion

plc

23,392

72

Applied

Industrial

Technologies,

Inc.

19,103

47

ArcBest

Corporation

4,623

753

Automatic

Data

Processing,

Inc.

152,995

33

Avis

Budget

Group,

Inc.

a

4,813

139

Axon

Enterprise,

Inc.

a

59,032

217

Broadridge

Financial

Solutions,

Inc.

35,258

205

Builders

FirstSource,

Inc.

a

16,878

217

C.H.

Robinson

Worldwide,

Inc.

36,037

1,407

Carrier

Global

Corporation

79,228

869

Caterpillar,

Inc.

615,652

1,610

CNH

Industrial

NV

17,710

1,698

Copart,

Inc.

a

56,374

3,459

CSX

Corporation

141,992

255

Cummins,

Inc.

137,195

477

Deere

&

Company

268,694

303

Delta

Air

Lines,

Inc.

20,143

76

Deluxe

Corporation

2,093

254

Dover

Corporation

52,946

722

Eaton

Corporation

plc

258,238

83

EMCOR

Group,

Inc.

61,280

249

Expeditors

International

of

Washington,

Inc.

35,664

97

Exponent,

Inc.

6,329

2,120

Fastenal

Company

98,368

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Shares

Common

Stock  93.3%

Value

Industrials  8.4%

-

continued

364

Ferguson

Enterprises,

Inc.

$

84,907

240

Flowserve

Corporation

17,642

630

Fortive

Corporation

34,826

223

Fortune

Brands

Innovations,

Inc.

8,690

312

Graco,

Inc.

26,411

85

Granite

Construction,

Inc.

10,190

126

HNI

Corporation

4,207

99

Hubbell,

Inc.

48,583

36

ICF

International,

Inc.

2,350

140

IDEX

Corporation

26,537

511

Illinois

Tool

Works,

Inc.

133,008

738

Ingersoll

Rand,

Inc.

59,129

107

Interface,

Inc.

2,666

222

Jacobs

Solutions,

Inc.

28,256

141

JB

Hunt

Transport

Services,

Inc.

29,878

1,136

Johnson

Controls

International

plc

148,759

297

Knight-Swift

Transportation

Holdings,

Inc.

17,101

59

Lennox

International,

Inc.

27,384

102

Lincoln

Electric

Holdings,

Inc.

25,406

95

ManpowerGroup,

Inc.

2,799

392

Masco

Corporation

23,665

89

Middleby

Corporation

a

11,800

416

Norfolk

Southern

Corporation

119,392

155

Owens

Corning,

Inc.

16,774

971

PACCAR,

Inc.

112,150

234

Parker-Hannifin

Corporation

209,486

600

Paychex,

Inc.

55,272

95

Paycom

Software,

Inc.

11,546

307

Pentair

plc

26,743

276

Quanta

Services,

Inc.

151,529

192

Robert

Half,

Inc.

4,877

210

Rockwell

Automation,

Inc.

75,365

77

Ryder

System,

Inc.

15,763

271

Sensata

Technologies

Holding

plc

9,545

98

Snap-On,

Inc.

35,596

282

Stanley

Black

&

Decker,

Inc.

20,039

33

Tennant

Company

2,191

471

Tetra

Tech,

Inc.

14,187

121

Timken

Company

12,169

413

Trane

Technologies

plc

172,114

359

TransUnion

24,839

196

U-Haul

Holding

Company

8,755

1,101

Union

Pacific

Corporation

267,125

1,371

United

Parcel

Service,

Inc.

134,879

118

United

Rentals,

Inc.

85,970

455

Veralto

Corporation

40,231

84

W.W.

Grainger,

Inc.

91,628

318

Wabtec

Corporation

79,471

452

Xylem,

Inc.

54,014

Total

5,030,131

Information

Technology  35.2%

1,142

Accenture

plc

226,447

777

Adobe,

Inc.

a

188,873

3,021

Advanced

Micro

Devices,

Inc.

a

614,562

270

Akamai

Technologies,

Inc.

a

31,009

909

Analog

Devices,

Inc.

289,189

1,472

Applied

Materials,

Inc.

503,115

89

ASGN,

Inc.

a

3,445

309

Atlassian

Corporation

a

21,089

393

Autodesk,

Inc.

a

94,084

506

Cadence

Design

Systems,

Inc.

a

140,602

7,336

Cisco

Systems,

Inc.

569,200

311

Cognex

Corporation

15,236

Shares

Common

Stock  93.3%

Value

Information

Technology  35.2%

-

continued

896

Cognizant

Technology

Solutions

Corporation

$

54,970

1,509

Corning,

Inc.

205,179

589

Dell

Technologies,

Inc.

96,673

373

DocuSign,

Inc.

a

17,684

554

Dynatrace

Holdings,

LLC

a

20,487

107

F5,

Inc.

a

30,958

44

Fair

Isaac

Corporation

a

46,972

187

First

Solar,

Inc.

a

36,888

691

Flex,

Ltd.

a

45,233

1,173

Fortinet,

Inc.

a

95,858

134

Gartner,

Inc.

a

21,218

969

Gen

Digital,

Inc.

18,246

157

Guidewire

Software,

Inc.

a

23,481

2,477

Hewlett

Packard

Enterprise

Company

58,977

1,735

HP,

Inc.

33,329

92

HubSpot,

Inc.

a

22,457

8,386

Intel

Corporation

a

370,074

1,735

International

Business

Machines

Corporation

420,547

517

Intuit,

Inc.

223,540

82

Itron,

Inc.

a

7,350

319

Keysight

Technologies,

Inc.

a

90,076

2,331

Lam

Research

Corporation

498,041

1,574

Marvell

Technology,

Inc.

155,905

998

Microchip

Technology,

Inc.

64,481

13,103

Microsoft

Corporation

4,850,338

151

MongoDB,

Inc.

a

36,960

309

Motorola

Solutions,

Inc.

134,097

372

NetApp,

Inc.

38,089

474

Nutanix,

Inc.

a

18,017

45,098

NVIDIA

Corporation

7,865,091

467

NXP

Semiconductors

NV

91,934

310

Okta,

Inc.

a

24,400

747

ON

Semiconductor

Corporation

a

46,254

3,199

Oracle

Corporation

470,605

1,500

Palo

Alto

Networks,

Inc.

a

240,480

222

PTC,

Inc.

a

31,633

143

RingCentral,

Inc.

5,318

199

Roper

Industries,

Inc.

70,418

1,739

Salesforce,

Inc.

324,619

404

Seagate

Technology

Holdings

plc

158,271

1,930

ServiceNow,

Inc.

a

201,782

284

Skyworks

Solutions,

Inc.

15,208

355

Synopsys,

Inc.

a

140,750

546

TE

Connectivity

plc

114,125

160

Teradata

Corporation

a

4,101

1,686

Texas

Instruments,

Inc.

327,320

442

Trimble,

Inc.

a

28,832

283

Twilio,

Inc.

a

35,607

80

Tyler

Technologies,

Inc.

a

27,390

155

VeriSign,

Inc.

38,496

635

Western

Digital

Corporation

171,761

395

Workday,

Inc.

a

51,318

95

Zebra

Technologies

Corporation

a

19,863

191

Zscaler,

Inc.

a

26,795

Total

20,965,347

Materials  2.6%

413

Air

Products

and

Chemicals,

Inc.

119,972

216

Albemarle

Corporation

38,778

145

Avery

Dennison

Corporation

25,039

396

Axalta

Coating

Systems,

Ltd.

a

10,969

480

Ball

Corporation

28,373

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Shares

Common

Stock  93.3%

Value

Materials  2.6%

-

continued

63

Compass

Minerals

International,

Inc.

a

$

1,471

1,248

CRH

plc

131,190

474

Ecolab,

Inc.

126,093

98

H.B.

Fuller

Company

6,045

470

International

Flavors

&

Fragrances,

Inc.

34,098

921

International

Paper

Company

32,880

867

Linde

plc

429,824

480

LyondellBasell

Industries

NV

38,669

112

Martin

Marietta

Materials,

Inc.

65,932

63

Minerals

Technologies,

Inc.

4,468

594

Mosaic

Company

15,147

2,025

Newmont

Corporation

219,206

420

PPG

Industries,

Inc.

44,890

267

Sealed

Air

Corporation

11,227

437

Sherwin-Williams

Company

140,080

184

Sonoco

Products

Company

9,953

Total

1,534,304

Real

Estate  2.6%

866

American

Tower

Corporation

149,454

262

AvalonBay

Communities,

Inc.

42,798

273

BXP,

Inc.

14,169

555

CBRE

Group,

Inc.

a

75,180

206

COPT

Defense

Properties

6,304

806

Crown

Castle,

Inc.

65,536

637

Digital

Realty

Trust,

Inc.

114,794

182

Equinix,

Inc.

178,404

669

Equity

Residential

39,571

151

Federal

Realty

Investment

Trust

16,038

1,308

Healthpeak

Properties,

Inc.

21,490

1,306

Host

Hotels

&

Resorts,

Inc.

25,023

549

Iron

Mountain,

Inc.

56,075

88

Jones

Lang

LaSalle,

Inc.

a

26,780

460

Macerich

Company

8,694

1,721

Prologis,

Inc.

227,482

199

SBA

Communications

Corporation

34,250

604

Simon

Property

Group,

Inc.

112,664

872

Ventas,

Inc.

71,312

1,274

Welltower,

Inc.

251,882

Total

1,537,900

Utilities  1.0%

359

American

Water

Works

Company,

Inc.

48,856

298

Atmos

Energy

Corporation

55,047

149

Avista

Corporation

5,981

565

CMS

Energy

Corporation

43,833

666

Consolidated

Edison,

Inc.

75,378

520

Essential

Utilities,

Inc.

20,940

689

Eversource

Energy

47,734

1,868

Exelon

Corporation

91,569

176

New

Jersey

Resources

Corporation

9,666

886

NiSource,

Inc.

41,341

205

Oklo,

Inc.

a

10,166

107

Ormat

Technologies,

Inc.

11,975

1,206

Sempra

117,187

388

UGI

Corporation

14,131

Total

593,804

Total

Common

Stock

(cost

$35,418,692)

55,584,934

Shares

Registered

Investment

Companies  

5.5%

Value

U.S.

Unaffiliated  

5.5%  

27,183

iShares

ESG

MSCI

KLD

400

ETF

$

3,294,308

Total

3,294,308

Total

Registered

Investment

Companies

(cost

$2,359,264)

3,294,308

Shares

Collateral

Held

for

Securities

Loaned

<

.01%

Value

14,115

Thrivent

Cash

Management

Trust

14,115

Total

Collateral

Held

for

Securities

Loaned

(cost

$14,115)

14,115

Shares

or

Principal

Amount

Short-Term

Investments

1.0%

Value

Federal

National

Mortgage

Association

Discount

Notes

100,000

3.595%,

6/1/2026

c,d

99,379

State

Street

Institutional

U.S.

Government

Money

Market

Fund

459,332

3.602%

c

459,332

Total

Short-Term

Investments

(cost

$558,723)

558,711

Total

Investments

(cost

$38,350,794)

99.8%

$59,452,068

Other

Assets

and

Liabilities,

Net

0.2%

110,128

Total

Net

Assets

100.0%

$59,562,196

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

14,170

Total

lending

$14,170

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$14,115

Net

amounts

due

from

counterparty

$(55)

Definitions:

ETF

-

Exchange-Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

6,707,499

6,707,499

–

–

Consumer

Discretionary

4,822,636

4,822,636

–

–

Consumer

Staples

2,617,477

2,617,477

–

–

Energy

988,744

988,744

–

–

Financials

6,279,015

6,279,015

–

–

Health

Care

4,508,077

4,508,077

–

–

Industrials

5,030,131

5,030,131

–

–

Information

Technology

20,965,347

20,965,347

–

–

Materials

1,534,304

1,534,304

–

–

Real

Estate

1,537,900

1,537,900

–

–

Utilities

593,804

593,804

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

3,294,308

3,294,308

–

–

Short-Term

Investments

558,711

459,332

99,379

–

Subtotal

Investments

in

Securities

$59,437,953

$59,338,574

$99,379

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

14,115

Subtotal

Other

Investments

$14,115

Total

Investments

at

Value

$59,452,068

*

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

March

31,

2026,

in

valuing

ESG

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

10,458

10,458

–

–

Total

Liability

Derivatives

$10,458

$10,458

$–

$–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

The

following

table

presents

ESG

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$99,379

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

June

2026

$

601,826

(

$

10,458)

Total

Futures

Long

Contracts

$

601,826

(

$

10,458)

Total

Futures

Contracts

$

601,826

($10,458)

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

ESG

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$4

$188

$178

$14

14

<0.1

Total

Collateral

Held

for

Securities

Loaned

4

14

<0.1

Total

Value

$4

$14

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Shares

Common

Stock

79.0%

Value

Communications

Services  6.0%

59,656

Alphabet,

Inc.,

Class

A

$

17,154,679

82,242

Alphabet,

Inc.,

Class

C

23,591,940

281,564

Bezeq

Israel

Telecommunication

Corporation,

Ltd.

673,620

149

Cable

One,

Inc.

a

13,590

556

CarGurus,

Inc.

a

18,932

121,545

Comcast

Corporation

3,489,557

193,992

Deutsche

Telekom

AG

7,240,450

309

Fox

Corporation,

Class

B

16,408

5,591

Imax

Corporation

a

212,514

7,698

Ipsos

SA

304,074

735

Iridium

Communications,

Inc.

20,389

212,500

KDDI

Corporation

3,618,180

108,264

Koninklijke

(Royal)

KPN

NV

603,426

5,801

Liberty

Global,

Ltd.,

Class

A

a

70,134

583

Liberty

Media

Corporation-Liberty

Formula

One

a

49,567

7,300

LY

Corporation

17,601

66

Madison

Square

Garden

Sports

Corporation

a

21,212

37,401

Meta

Platforms,

Inc.

21,398,234

44,820

MONY

Group

plc

89,680

109,607

Netflix,

Inc.

a

10,538,713

3,721

New

York

Times

Company

311,559

7,769

News

Corporation,

Class

A

193,681

2,550,100

NTT,

Inc.

2,551,290

446

Omnicom

Group,

Inc.

33,588

1,618

Reddit,

Inc.

a

217,864

361

Roku,

Inc.

a

34,158

832,600

SoftBank

Corporation

1,114,122

84,700

SoftBank

Group

Corporation

2,062,424

574

Spotify

Technology

SA

a

278,338

495

Take-Two

Interactive

Software,

Inc.

a

97,763

78,307

Telia

Company

AB

401,188

840,569

Telstra

Corporation,

Ltd.

3,103,053

925

Trade

Desk,

Inc.

a

20,988

43,700

TV

Asahi

Holdings

Corporation

965,201

124,473

Universal

Music

Group

NV

2,416,135

1,275,560

Vodafone

Group

plc

1,923,982

152,763

Warner

Brothers

Discovery,

Inc.

a

4,194,872

165,239

Warner

Music

Group

Corporation

4,220,204

Total

113,283,310

Consumer

Discretionary  6.6%

1,248

Adient

plc

a

25,222

19,859

ADT,

Inc.

130,474

6,300

Aisin

Corporation

88,755

158,867

Amazon.com,

Inc.

a

33,087,230

2,210

American

Eagle

Outfitters,

Inc.

36,907

37,236

Aptiv

plc

a

2,585,668

1,305

Aramark

52,905

5,000

Asics

Corporation

134,426

40

AutoNation,

Inc.

a

7,810

4,811

Avolta

AG

288,450

12,200

Bandai

Namco

Holdings,

Inc.

300,979

2,225

Berkeley

Group

Holdings

plc

a

101,924

464

Booking

Holdings,

Inc.

1,953,588

824

Boot

Barn

Holdings,

Inc.

a

120,601

7,154

BorgWarner,

Inc.

388,176

66,100

Bridgestone

Corporation

1,377,410

54

Bright

Horizons

Family

Solutions,

Inc.

a

4,435

237

Brunswick

Corporation

17,244

1,286

Buckle,

Inc.

64,763

Shares

Common

Stock  79.0%

Value

Consumer

Discretionary  6.6%

-

continued

1,191

CarMax,

Inc.

a

$

49,522

3,446

Carnival

Corporation

89,182

23

Cavco

Industries,

Inc.

a

11,139

2,137

Chewy,

Inc.

a

57,699

1,338

Chipotle

Mexican

Grill,

Inc.

a

42,829

1,578

Churchill

Downs,

Inc.

141,752

92

Citi

Trends,

Inc.

a

3,985

22,013

Compass

Group

plc

614,179

25,508

D.R.

Horton,

Inc.

3,500,208

2,840

Dana,

Inc.

95,566

597

Deckers

Outdoor

Corporation

a

59,754

17,100

Denso

Corporation

214,401

173

Domino's

Pizza,

Inc.

62,071

2,460

DoorDash,

Inc.

a

369,369

1,015

eBay,

Inc.

92,385

493

Etsy,

Inc.

a

24,640

4,000

Fast

Retailing

Company,

Ltd.

1,580,426

732

Five

Below,

Inc.

a

167,247

16,566

Ford

Motor

Company

191,172

1,219

Fox

Factory

Holding

Corporation

a

20,065

516

Frontdoor,

Inc.

a

27,276

1,920

Games

Workshop

Group

plc

453,879

999

Gap,

Inc.

24,176

1,473

Garmin,

Ltd.

341,751

876

General

Motors

Company

65,262

2,378

Gentex

Corporation

51,959

124

GigaCloud

Technology,

Inc.

a

5,627

4,468

Gildan

Activewear,

Inc.

b

248,644

3,728

Goodyear

Tire

&

Rubber

Company

a

24,717

78

Graham

Holdings

Company

82,466

455

Grand

Canyon

Education,

Inc.

a

77,364

10,200

Haseko

Corporation

188,434

16,000

Heiwa

Corporation

189,145

2,788

Helen

of

Troy,

Ltd.

a

40,203

16,715

Hilton

Worldwide

Holdings,

Inc.

5,082,697

19,898

Home

Depot,

Inc.

6,544,253

262,200

Honda

Motor

Company,

Ltd.

2,122,135

555

Installed

Building

Products,

Inc.

147,158

28,500

Isuzu

Motors,

Ltd.

410,422

2,237

JB

Hi-Fi,

Ltd.

113,190

20,600

JTEKT

Corporation

221,001

206,739

Kingfisher

plc

786,087

2,141

Laureate

Education,

Inc.

a

74,592

496

Lear

Corporation

60,056

17,487

Levi

Strauss

&

Company

323,335

5,297

Life

Time

Group

Holdings,

Inc.

a

142,701

127

Lithia

Motors,

Inc.

31,714

32,447

Lottomatica

Group

SPA

936,907

28,778

Lowe's

Companies,

Inc.

6,799,666

333

Lululemon

Athletica,

Inc.

a

50,982

3,742

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,045,573

98

M/I

Homes,

Inc.

a

12,000

1,677

Macy's,

Inc.

30,337

6,409

Mattel,

Inc.

a

93,123

28,761

Mercedes-Benz

Group

AG

1,767,743

2,279

Mohawk

Industries,

Inc.

a

224,390

146

Murphy

USA,

Inc.

72,120

20,352

Next

plc

3,438,426

20

NVR,

Inc.

a

131,797

1,486

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

136,771

4,354

O'Reilly

Automotive,

Inc.

a

401,918

34,564

Pirelli

&

C.

SPA

c

239,165

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Shares

Common

Stock  79.0%

Value

Consumer

Discretionary  6.6%

-

continued

71,312

Prosus

NV

$

3,301,446

79,300

Rakuten

Group,

Inc.

a

370,692

644

Ralph

Lauren

Corporation

221,530

201

Red

Rock

Resorts,

Inc.

10,725

3,764

Ross

Stores,

Inc.

815,395

58,000

Sekisui

House,

Ltd.

1,299,610

584

Service

Corporation

International/

US

48,186

5,423

SharkNinja,

Inc.

a

574,296

12,478

Six

Flags

Entertainment

Corporation

a

221,484

3,674

Sonos,

Inc.

a

49,232

210,100

Sony

Group

Corporation

4,379,059

155,344

Sony

Group

Corporation

ADR

b

3,215,621

348

Strategic

Education,

Inc.

28,870

25,400

Subaru

Corporation

409,229

25,800

Sumitomo

Electric

Industries,

Ltd.

1,465,958

1,175

Tapestry,

Inc.

165,804

647

Taylor

Morrison

Home

Corporation

a

37,681

34,306

Tesla,

Inc.

a

12,753,255

3,821

Texas

Roadhouse,

Inc.

631,000

717

Toll

Brothers,

Inc.

97,849

1,011

TopBuild

Corporation

a

355,164

168,600

Toyota

Motor

Corporation

3,504,747

260

Ulta

Beauty,

Inc.

a

135,905

3,549

Universal

Technical

Institute,

Inc.

a

128,119

135

Urban

Outfitters,

Inc.

a

8,552

6,044

Viking

Holdings,

Ltd.

a

444,113

222

Visteon

Corporation

20,226

277

Wayfair,

Inc.

a

20,833

1,608

Wingstop,

Inc.

249,192

141

Winmark

Corporation

60,285

60,513

Wyndham

Hotels

&

Resorts,

Inc.

4,915,471

4,369

Wynn

Resorts,

Ltd.

443,672

6,746

Yum

China

Holding,

Inc.

329,070

48

Yum!

Brands,

Inc.

7,463

Total

123,135,454

Consumer

Staples  3.4%

33,000

Aeon

Company,

Ltd.

394,546

3,100

Ain

Holdings,

Inc.

111,123

60,945

Anheuser-Busch

InBev

SA/NV

4,216,567

10,300

Arcs

Company,

Ltd.

245,323

883

BellRing

Brands,

Inc.

a

14,207

442

BJ's

Wholesale

Club

Holdings,

Inc.

a

43,502

6,600

British

American

Tobacco

plc

383,186

325

Campbell's

Company

b

7,238

878

Casey's

General

Stores,

Inc.

639,061

3,274

Central

Garden

&

Pet

Company,

Class

A

a

106,143

2,558

Chefs'

Warehouse,

Inc.

a

152,073

1,139

Church

&

Dwight

Company,

Inc.

106,291

8,439

Conagra

Brands,

Inc.

132,661

1,607

Cranswick

plc

111,243

3,427

Darling

Ingredients,

Inc.

a

211,960

346

Dollar

General

Corporation

41,081

254

Dollar

Tree,

Inc.

a

27,816

1,341

Edgewell

Personal

Care

Company

28,617

2,384

Estee

Lauder

Companies,

Inc.

171,100

5,724

Heineken

Holding

NV

407,358

105

Hershey

Company

21,828

159,035

Imperial

Brands

plc

6,448,482

64

Ingles

Markets,

Inc.

5,753

381

Ingredion,

Inc.

42,923

Shares

Common

Stock  79.0%

Value

Consumer

Staples  3.4%

-

continued

2,679

J

&

J

Snack

Foods

Corporation

$

212,364

1,086

J.M.

Smucker

Company

104,734

10,800

Japan

Tobacco,

Inc.

414,330

189,191

Keurig

Dr

Pepper,

Inc.

4,981,399

157,393

Koninklijke

Ahold

Delhaize

NV

7,329,701

830

Maplebear,

Inc.

a

31,092

116

Marzetti

Company

16,046

1,532

McCormick

&

Company,

Inc.

77,274

528

Molson

Coors

Beverage

Company

22,736

4,041

Mondelez

International,

Inc.

232,923

30,836

Nestle

SA

3,024,736

23,730

PepsiCo,

Inc.

3,685,032

347

Primo

Brands

Corporation

6,534

6,097

Reckitt

Benckiser

Group

plc

409,962

7

Seaboard

Corporation

39,578

1,047

Simply

Good

Foods

Company

a

15,024

696

Smithfield

Foods,

Inc.

19,467

388

Sprouts

Farmers

Markets,

Inc.

a

29,926

82,353

Sysco

Corporation

5,874,240

721,903

Tesco

plc

4,537,154

6,527

Turning

Point

Brands,

Inc.

566,478

2,546

Tyson

Foods,

Inc.

163,122

120,708

Unilever

plc

ADR

6,876,735

384

Universal

Corporation

20,237

345

US

Foods

Holding

Corporation

a

31,812

1,712

Vita

Coco

Company,

Inc.

a

82,022

60,482

Walmart,

Inc.

7,516,703

2,327,500

WH

Group,

Ltd.

c

3,059,352

Total

63,450,795

Energy  4.2%

3,122

Amplify

Energy

Corporation

a

19,481

10,373

Antero

Midstream

Corporation

236,504

3,459

Antero

Resources

Corporation

a

146,800

1,181

Archrock,

Inc.

41,099

283

Baker

Hughes

Company

17,277

423,761

BP

plc

3,316,673

98

California

Resources

Corporation

6,784

1,808

Cheniere

Energy,

Inc.

513,038

1,140

Chord

Energy

Corporation

162,085

735

CNX

Resources

Corporation

a

28,334

73,527

ConocoPhillips

9,705,564

24,300

Cosmo

Energy

Holdings

Company,

Ltd.

687,440

8,856

Coterra

Energy,

Inc.

311,200

98,104

Devon

Energy

Corporation

4,936,593

7,541

DHT

Holdings,

Inc.

137,774

2,307

Diamondback

Energy,

Inc.

456,301

5,179

Dorian

LPG,

Ltd.

177,122

1,003

DT

Midstream,

Inc.

135,074

40,400

Eneos

Holdings,

Inc.

364,009

106,672

Eni

SPA

3,033,104

207,979

Enterprise

Products

Partners,

LP

7,869,925

1,392

EQT

Corporation

88,587

3,095

Expand

Energy

Corporation

339,769

94,762

Exxon

Mobil

Corporation

16,077,321

25,131

Galp

Energia

SGPS

SA

602,584

392

Gulfport

Energy

Corporation

a

82,935

142,935

Halliburton

Company

5,573,036

323

Hess

Midstream,

LP

12,555

877

HF

Sinclair

Corporation

54,716

28,400

Inpex

Corporation

840,058

8,843

Kinder

Morgan,

Inc.

296,506

816

Kodiak

Gas

Services,

Inc.

47,589

12,733

Koninklijke

Vopak

NV

689,179

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Shares

Common

Stock  79.0%

Value

Energy  4.2%

-

continued

19,154

Marathon

Petroleum

Corporation

$

4,677,024

2,006

Matador

Resources

Company

126,739

4,155

Noble

Corporation

plc

203,886

732

NOV,

Inc.

13,769

727

Occidental

Petroleum

Corporation

47,255

174

Oceaneering

International,

Inc.

a

6,172

1,984

ONEOK,

Inc.

179,334

2,062

Ovintiv,

Inc.

122,400

11,991

Patterson-UTI

Energy,

Inc.

129,862

11,828

Permian

Resources

Corporation

252,173

1,382

Phillips

66

251,773

1,777

Range

Resources

Corporation

80,285

13,083

Repsol

SA

368,268

46,533

SBM

Offshore

NV

1,855,643

401

Scorpio

Tankers,

Inc.

29,939

216,022

Shell

plc

10,005,005

2,061

SM

Energy

Company

64,262

1,134

Talos

Energy,

Inc.

a

17,872

129

Targa

Resources

Corporation

32,344

9,581

TechnipFMC

plc

662,335

158

Teekay

Tankers,

Ltd.

11,585

26,375

TotalEnergies

SE

2,420,554

23,514

Transocean,

Ltd.

a

155,898

277

Valero

Energy

Corporation

68,441

609

Viper

Energy,

Inc.

28,617

923

Williams

Companies,

Inc.

67,176

Total

78,885,627

Financials  14.8%

30,609

AB

Industrivarden,

Class

A

1,524,517

290

ACNB

Corporation

13,882

745

Affiliated

Managers

Group,

Inc.

206,142

829

Affirm

Holdings,

Inc.

a

37,985

10,722

Ageas

SA

NV

789,282

16,166

AGNC

Investment

Corporation

162,145

23,964

Allianz

SE

10,120,492

14,971

Allstate

Corporation

3,104,087

5,051

Ally

Financial,

Inc.

198,151

15,811

American

Express

Company

4,782,511

479

American

Financial

Group,

Inc.

61,173

52,029

American

International

Group,

Inc.

3,915,182

1,304

Ameriprise

Financial,

Inc.

579,498

208

Ameris

Bancorp

16,222

59,340

ANZ

Group

Holdings,

Ltd.

1,492,120

5,646

Arch

Capital

Group,

Ltd.

a

541,960

704

Arrow

Financial

Corporation

23,633

1,301

Artisan

Partners

Asset

Management,

Inc.

47,343

3,391

Associated

Banc-Corp

87,691

527

Assurant,

Inc.

114,786

728

Assured

Guaranty,

Ltd.

59,317

401

Atlantic

Union

Bankshares

Corporation

14,332

161,706

AXA

SA

7,430,679

701

Axis

Capital

Holdings,

Ltd.

71,088

4,267

Banc

of

California,

Inc.

75,014

172,717

Banco

Bilbao

Vizcaya

Argentaria

SA

3,730,631

85,629

Banco

Comercial

Portugues

SA

83,400

1,190,091

Banco

de

Sabadell

SA

4,263,279

598,641

Banco

Santander

SA

6,711,228

52,777

Bank

Hapoalim

BM

1,239,468

20,679

Bank

Leumi

Le-Israel

BM

462,441

229,054

Bank

of

America

Corporation

11,166,383

27,459

Bank

of

Ireland

Group

plc

498,198

Shares

Common

Stock  79.0%

Value

Financials  14.8%

-

continued

849

Bank

of

Marin

Bancorp

$

21,760

52,623

Bank

of

New

York

Mellon

Corporation

6,242,667

333

Bank

OZK

15,281

46

BankUnited,

Inc.

2,077

489

Bankwell

Financial

Group,

Inc.

23,726

379

Banner

Corporation

22,998

656

Bar

Harbor

Bankshares

21,287

992,647

Barclays

plc

5,194,970

1,179

Beacon

Financial

Corporation

35,370

1,276

BGC

Group,

Inc.

12,479

371

Block,

Inc.

a

22,327

2,609

Blue

Owl

Capital,

Inc.

23,820

79,584

BNP

Paribas

SA

7,581,497

169

Bread

Financial

Holdings,

Inc.

12,656

263

Bridgewater

Bancshares,

Inc.

a

4,655

210

Burke

&

Herbert

Financial

Services

Corporation

13,081

2,069

Byline

Bancorp,

Inc.

65,318

170

C&F

Financial

Corporation

12,400

85

Camden

National

Corporation

4,033

46,241

Capital

One

Financial

Corporation

8,435,746

4,311

Capitol

Federal

Financial,

Inc.

30,737

5,205

Carlyle

Group,

Inc.

251,870

67

Cathay

General

Bancorp

3,341

1,856

Central

Pacific

Financial

Corporation

59,318

84,717

Charles

Schwab

Corporation

7,961,704

734

ChoiceOne

Financial

Services,

Inc.

20,640

13,593

Chubb,

Ltd.

4,430,367

33

Cincinnati

Financial

Corporation

5,193

778

Citizens

Financial

Group,

Inc.

46,657

122

Citizens

Financial

Services,

Inc.

7,460

1,034

Civista

Bancshares,

Inc.

23,565

48

CNA

Financial

Corporation

2,204

690

CNB

Financial

Corporation

19,982

2,939

CNO

Financial

Group,

Inc.

120,675

120

Coinbase

Global,

Inc.

a

20,953

4,473

Columbia

Banking

System,

Inc.

122,694

529

Commerce

Bancshares,

Inc.

26,027

38,575

Commonwealth

Bank

of

Australia

4,517,397

21

Community

Financial

System,

Inc.

1,232

366

Community

Trust

Bancorp,

Inc.

22,224

964

Community

West

Bancshares

22,461

2,530

ConnectOne

Bancorp,

Inc.

67,728

47

Corpay,

Inc.

a

13,677

156,577

Credit

Agricole

SA

2,922,422

297

Cullen/Frost

Bankers,

Inc.

40,713

958

Customers

Bancorp,

Inc.

a

66,495

303,300

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

2,797,031

216,200

Daiwa

Securities

Group,

Inc.

2,048,579

8,670

Deutsche

Bank

AG

258,021

36,696

DNB

Bank

ASA

1,148,169

978

East

West

Bancorp,

Inc.

104,411

500

Eastern

Bankshares,

Inc.

9,780

852

Enova

International,

Inc.

a

115,727

1,800

Essent

Group,

Ltd.

105,192

273

Euronet

Worldwide,

Inc.

a

18,119

447

Evercore,

Inc.

133,434

62

Everest

Group,

Ltd.

20,265

402

F&G

Annuities

&

Life,

Inc.

10,179

3,086

F.N.B.

Corporation

51,598

392

FactSet

Research

Systems,

Inc.

85,060

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Shares

Common

Stock  79.0%

Value

Financials  14.8%

-

continued

193

Farmers

National

Banc

Corporation

$

2,540

1,536

Federated

Hermes,

Inc.

87,107

1,917

Fidelity

National

Information

Services,

Inc.

89,926

2,390

Fifth

Third

Bancorp

111,039

1,775

Financial

Institutions,

Inc.

56,285

1,577

First

American

Financial

Corporation

95,077

3,715

First

Bancorp/Puerto

Rico

79,352

1,497

First

Bank/Hamilton,

NJ

23,952

14

First

Citizens

BancShares,

Inc./NC

26,385

248

First

Financial

Bankshares,

Inc.

7,304

1,036

First

Financial

Corporation

65,475

100

First

Hawaiian,

Inc.

2,464

2,936

First

Horizon

Corporation

66,823

961

First

Merchants

Corporation

37,220

539

First

Mid-Illinois

Bancshares,

Inc.

22,201

982

FirstCash

Holdings,

Inc.

184,616

681

Flagstar

Bank

NA

8,969

1,023

Flushing

Financial

Corporation

15,713

416

Flywire

Corporation

a

4,842

1,790

Franklin

Resources,

Inc.

42,280

2,431

Fulton

Financial

Corporation

49,447

94,565

Generali

3,804,511

32,389

Genworth

Financial,

Inc.

a

262,999

376

Glacier

Bancorp,

Inc.

16,796

264

Global

Life,

Inc.

36,741

442

Global

Payments,

Inc.

29,747

1,080

Hamilton

Lane,

Inc.

107,352

265

Hancock

Whitney

Corporation

16,851

2,464

Hanmi

Financial

Corporation

64,951

144

Hanover

Insurance

Group,

Inc.

24,962

9,352

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

521,521

1,431

Hartford

Insurance

Group,

Inc.

193,514

426

HBT

Financial,

Inc.

11,383

733

Hilltop

Holdings,

Inc.

26,256

20,526

Hiscox,

Ltd.

414,316

567

Home

BancShares,

Inc.

15,269

1,741

Horizon

Bancorp,

Inc.

28,848

802

Houlihan

Lokey,

Inc.

115,183

199,616

HSBC

Holdings

plc

3,278,192

4,788

Huntington

Bancshares,

Inc./OH

74,932

24,964

IG

Group

Holdings

plc

475,373

27

Independent

Bank

Corporation/MA

2,031

762

Independent

Bank

Corporation/MI

25,375

369

Interactive

Brokers

Group,

Inc.

24,749

24,792

Intercontinental

Exchange,

Inc.

3,899,286

11,740

Invesco,

Ltd.

285,165

141,144

Investor

AB,

Class

B

5,345,792

10

Jack

Henry

&

Associates,

Inc.

1,580

1,242

Jackson

Financial,

Inc.

131,304

42,200

Japan

Exchange

Group,

Inc.

492,811

72,700

Japan

Post

Holdings

Company,

Ltd.

839,428

945

Jefferies

Financial

Group,

Inc.

39,000

54,504

JPMorgan

Chase

&

Company

16,032,897

3,577

Kearny

Financial

Corporation/MD

27,006

2,777

Kemper

Corporation

84,865

1,204

KeyCorp

24,140

712

Lazard,

Inc.

30,246

1,060

LendingClub

Corporation

a

15,179

976

Lincoln

National

Corporation

34,648

2,711,743

Lloyds

TSB

Group

plc

3,361,008

Shares

Common

Stock  79.0%

Value

Financials  14.8%

-

continued

203

Loews

Corporation

$

21,668

3,096

M&T

Bank

Corporation

640,005

177,217

Mapfre

SA

789,771

40

Markel

Group,

Inc.

a

76,563

359

MarketAxess

Holdings,

Inc.

59,228

8,287

Marsh

&

McLennan

Companies,

Inc.

1,437,380

583

Mercantile

Bank

Corporation

29,442

281

Mercury

General

Corporation

24,770

118

Meridian

Corporation

2,237

54,691

MetLife,

Inc.

3,867,748

10,643

MGIC

Investment

Corporation

279,379

271,000

Mitsubishi

UFJ

Financial

Group,

Inc.

4,589,096

42,500

Mizuho

Financial

Group,

Inc.

1,720,560

68,102

Morgan

Stanley

11,207,546

1,522

Morningstar,

Inc.

257,294

51,500

MS

and

AD

Insurance

Group

Holdings,

Inc.

1,343,922

5,520

Muenchener

Rueckversicherungs-

Gesellschaft

AG

3,486,125

6,699

Nasdaq,

Inc.

568,678

60,035

National

Australia

Bank,

Ltd.

1,736,553

350,062

NatWest

Group

plc

2,593,224

1,230

NBT

Bancorp,

Inc.

52,373

3,318

NMI

Holdings,

Inc.

a

124,458

27,079

NN

Group

NV

2,114,769

108,100

Nomura

Holdings,

Inc.

851,184

74,352

Nordea

Bank

Abp

1,280,285

981

Northeast

Community

Bancorp,

Inc.

23,348

1,274

Northern

Trust

Corporation

177,812

1,974

Northfield

Bancorp,

Inc.

26,728

1,304

Northpointe

Bancshares,

Inc.

22,507

860

Northrim

BanCorp,

Inc.

19,677

2,806

Northwest

Bancshares,

Inc.

35,608

796

OFG

Bancorp

32,206

7,385

Old

National

Bancorp

163,209

4,767

Old

Republic

International

Corporation

190,203

976

Old

Second

Bancorp,

Inc.

19,676

1,230

OneMain

Holdings,

Inc.

65,793

814

Orange

County

Bancorp,

Inc.

26,032

44,600

ORIX

Corporation

1,323,343

1,689

Orrstown

Financial

Services,

Inc.

60,939

540

Palomar

Holdings,

Inc.

a

64,530

15,256

Paragon

Banking

Group

plc

145,186

725

Parke

Bancorp,

Inc.

20,590

380

Paymentus

Holdings,

Inc.

a

9,652

1,063

PCB

Bancorp

23,907

152

PennyMac

Financial

Services,

Inc.

13,285

315

Peoples

Financial

Services

Corporation

16,799

437

Pinnacle

Financial

Partners,

Inc.

37,643

452

Piper

Sandler

Companies

34,601

9,875

Plus500,

Ltd.

534,825

1,113

Popular,

Inc.

149,331

909

Principal

Financial

Group,

Inc.

81,910

408

Prosperity

Bancshares,

Inc.

27,409

798

Provident

Financial

Services,

Inc.

16,886

1,439

Prudential

Financial,

Inc.

140,576

226,877

QBE

Insurance

Group,

Ltd.

3,347,970

2,638

Radian

Group,

Inc.

87,265

632

Raymond

James

Financial,

Inc.

91,507

1,660

Regions

Financial

Corporation

43,359

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Shares

Common

Stock  79.0%

Value

Financials  14.8%

-

continued

1,016

Reinsurance

Group

of

America,

Inc.

$

207,427

508

RenaissanceRe

Holdings,

Ltd.

150,993

148

Renasant

Corporation

5,347

583

RLI

Corporation

33,254

46,533

Robinhood

Markets,

Inc.

a

3,224,737

1,109

Rocket

Companies,

Inc.

a

15,803

32,199

Sampo

Oyj

342,474

4,622

SEI

Investments

Company

362,688

3,138

Selective

Insurance

Group,

Inc.

236,574

99

ServisFirst

Bancshares,

Inc.

7,210

1,809

Shore

Bancshares,

Inc.

33,792

22,508

Simmons

First

National

Corporation

437,781

206,800

Singapore

Exchange,

Ltd.

3,154,762

91,700

Sompo

Holdings,

Inc.

3,569,720

1,076,200

Sony

Financial

Group,

Inc.

b

985,858

622

South

Plains

Financial,

Inc.

26,062

193

Southern

Missouri

Bancorp,

Inc.

12,340

1,718

SouthState

Bank

Corporation

158,949

97,632

Standard

Chartered

plc

2,034,624

526

Starwood

Property

Trust,

Inc.

9,058

1,489

State

Street

Corporation

188,448

774

StepStone

Group,

Inc.

36,935

3,067

Stifel

Financial

Corporation

226,713

2,162

Stock

Yards

Bancorp,

Inc.

143,319

120

StoneX

Group,

Inc.

a

9,678

26,092

Storebrand

ASA

470,955

55,700

Sumitomo

Mitsui

Financial

Group,

Inc.

1,831,434

825

Talanx

AG

102,372

1,989

Texas

Capital

Bancshares,

Inc.

a

188,716

1,044

Third

Coast

Bancshares,

Inc.

a

39,495

7,185

Toast,

Inc.

a

190,474

101,100

Tokio

Marine

Holdings,

Inc.

4,745,732

384

Tompkins

Financial

Corporation

30,275

1,161

Towne

Bank/Portsmouth,

VA

39,091

51,791

TP

ICAP

Group

plc

187,684

569

TPG

RE

Finance

Trust,

Inc.

4,444

520

TPG,

Inc.

21,065

1,228

Tradeweb

Markets,

Inc.

144,487

3,591

Triumph

Financial,

Inc.

a

214,239

8,873

U.S.

Bancorp

461,485

132,960

UBS

Group

AG

5,184,562

770

UMB

Financial

Corporation

86,848

113,513

UniCredit

SPA

8,143,894

116,317

Unipol

Assicurazioni

SPA

2,702,077

507

United

Bankshares,

Inc.

21,000

1,524

United

Community

Banks,

Inc.

47,991

788

Unity

Bancorp,

Inc.

40,842

370

Univest

Financial

Corporation

12,676

2,359

Unum

Group

172,278

1,840

Valley

National

Bancorp

22,595

842

Virtu

Financial,

Inc.

37,031

34,368

Visa,

Inc.

10,387,384

1,468

Voya

Financial,

Inc.

100,294

16

Webster

Financial

Corporation

1,111

158,787

Wells

Fargo

&

Company

12,641,033

953

Wendel

SA

85,857

2,426

WesBanco,

Inc.

83,673

1,086

Western

Alliance

Bancorp

76,943

4,564

Western

Union

Company

39,844

67,614

Westpac

Banking

Corporation

1,868,532

146

Willis

Towers

Watson

plc

42,442

1,927

Wintrust

Financial

Corporation

267,737

Shares

Common

Stock  79.0%

Value

Financials  14.8%

-

continued

2,226

WisdomTree,

Inc.

$

32,411

90

WSFS

Financial

Corporation

5,891

2,373

Zions

Bancorp

NA

136,732

5,597

Zurich

Insurance

Group

AG

3,956,063

Total

277,133,738

Health

Care  8.1%

774

4D

Molecular

Therapeutics,

Inc.

a

7,206

1,411

Adaptive

Biotechnologies

Corporation

a

19,585

2,607

Agilent

Technologies,

Inc.

297,146

353

Agios

Pharmaceuticals,

Inc.

a

11,942

718

Align

Technology,

Inc.

a

123,087

898

Alnylam

Pharmaceuticals,

Inc.

a

297,121

13,697

Amgen,

Inc.

4,819,289

480

Anika

Therapeutics,

Inc.

a

6,960

1,108

Arcus

Biosciences,

Inc.

a

23,933

437

Argenx

SE

ADR

a

319,119

228

Artivion,

Inc.

a

8,349

12,800

Astellas

Pharma,

Inc.

208,663

36,320

AstraZeneca

plc

7,101,968

164

Avanos

Medical,

Inc.

a

2,298

15,236

Avantor,

Inc.

a

119,450

615

Azenta,

Inc.

a

12,995

359

Biogen,

Inc.

a

65,815

1,032

BioMarin

Pharmaceutical,

Inc.

a

58,298

1,463

Bio-Techne

Corporation

76,456

1,123

BridgeBio

Pharma,

Inc.

a

83,394

3,860

BrightSpring

Health

Services,

Inc.

a

164,475

42,663

Bristol-Myers

Squibb

Company

2,587,511

145

Bruker

Corporation

5,237

468

Cardinal

Health,

Inc.

98,893

11,059

Cencora,

Inc.

3,474,074

5,515

Centene

Corporation

a

180,561

886

Charles

River

Laboratories

International,

Inc.

a

152,835

27,300

Chugai

Pharmaceutical

Company,

Ltd.

1,505,554

25,289

Cigna

Group

6,745,841

163,085

Convatec

Group

plc

c

470,406

3,061

Cooper

Companies,

Inc.

a

218,861

23,344

Danaher

Corporation

4,426,022

1,661

Denali

Therapeutics,

Inc.

a

31,891

2,572

Dentsply

Sirona,

Inc.

29,835

1,422

Dexcom,

Inc.

a

89,302

1,464

Edwards

Lifesciences

Corporation

a

117,237

4,665

Elanco

Animal

Health,

Inc.

a

111,633

10,327

Eli

Lilly

&

Company

9,498,465

1,428

Enanta

Pharmaceuticals,

Inc.

a

18,036

2,274

Encompass

Health

Corporation

219,964

1,878

Enovis

Corporation

a

42,724

414

Envista

Holdings

Corporation

a

10,503

557

EssilorLuxottica

SA

129,796

1,440

Fate

Therapeutics,

Inc.

a

1,728

2,977

Fortrea

Holdings,

Inc.

a

28,043

26,647

Fresenius

SE

&

Company

KGaA

1,382,873

6,369

Galderma

Group

AG

1,251,724

6,029

Galenica

AG

c

686,389

961

GE

HealthCare

Technologies,

Inc.

68,404

947

GeneDx

Holdings

Corporation

a

60,816

1,757

Genmab

AS

a

473,198

35,079

Gilead

Sciences,

Inc.

4,888,960

724

Globus

Medical,

Inc.

a

62,380

362,172

GSK

plc

9,976,138

1,205

Guardant

Health,

Inc.

a

111,306

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Shares

Common

Stock  79.0%

Value

Health

Care  8.1%

-

continued

79,788

Haleon

plc

$

394,868

862

Henry

Schein,

Inc.

a

63,529

18,400

Hoya

Corporation

3,189,832

518

Humana,

Inc.

89,816

24,368

ICON

plc

a

2,696,563

947

ICU

Medical,

Inc.

a

122,305

1,459

IDEXX

Laboratories,

Inc.

a

819,797

1,180

Illumina,

Inc.

a

145,447

1,023

Insmed,

Inc.

a

167,281

344

Insulet

Corporation

a

72,185

12,721

Intuitive

Surgical,

Inc.

a

5,864,254

510

Ionis

Pharmaceuticals,

Inc.

a

38,296

1,880

Ipsen

SA

351,343

761

IQVIA

Holding,

Inc.

a

129,781

2,593

iRhythm

Holdings,

Inc.

a

306,026

338

Jazz

Pharmaceuticals,

Inc.

a

63,899

43,863

Johnson

&

Johnson

10,721,872

29,642

Labcorp

Holdings,

Inc.

7,908,782

1,463

LivaNova

plc

a

92,988

499

Masimo

Corporation

a

88,757

356

Medpace

Holdings,

Inc.

a

170,948

94,919

Merck

&

Company,

Inc.

11,417,807

168

Merit

Medical

Systems,

Inc.

a

11,580

114

Mettler-Toledo

International,

Inc.

a

143,777

1,089

Mirum

Pharmaceuticals,

Inc.

a

100,602

882

Moderna,

Inc.

a

44,806

926

Myriad

Genetics,

Inc.

a

4,167

2,330

Natera,

Inc.

a

465,977

3,610

Neogen

Corporation

a

33,537

1,341

Neurocrine

Biosciences,

Inc.

a

176,663

92,456

Novartis

AG

14,191,482

59,633

Novo

Nordisk

AS

2,182,240

81,100

Ono

Pharmaceutical

Company,

Ltd.

1,301,656

202

Option

Care

Health,

Inc.

a

5,438

264

Penumbra,

Inc.

a,b

86,690

336

Prestige

Consumer

Healthcare,

Inc.

a

19,915

635

QIAGEN

NV

25,425

121

Quest

Diagnostics,

Inc.

23,714

1,814

RadNet,

Inc.

a

101,384

88

REGENXBIO,

Inc.

a

737

3,163

Repligen

Corporation

a

372,665

118

ResMed,

Inc.

26,489

504

Revolution

Medicines,

Inc.

a

49,014

524

Revvity,

Inc.

45,908

21,129

Roche

Holding

AG

8,432,390

7,444

Royalty

Pharma

plc

357,089

16,972

Smith

&

Nephew

plc

268,903

598

Sotera

Health

Company

a

8,575

4,030

STERIS

plc

891,154

57,000

Takeda

Pharmaceutical

Company,

Ltd.

2,099,190

678

Tenet

Healthcare

Corporation

a

127,945

620

Thermo

Fisher

Scientific,

Inc.

304,749

3,098

Twist

Bioscience

Corporation

a

147,217

873

UFP

Technologies,

Inc.

a

169,013

1,342

Ultragenyx

Pharmaceutical,

Inc.

a

28,115

174

United

Therapeutics

Corporation

a

103,179

14,346

UnitedHealth

Group,

Inc.

3,881,884

70

Universal

Health

Services,

Inc.

12,528

2,308

Varex

Imaging

Corporation

a

24,488

597

Vaxcyte,

Inc.

a

34,692

2,071

Veeva

Systems,

Inc.

a

363,792

2,798

Vericel

Corporation

a

90,012

Shares

Common

Stock  79.0%

Value

Health

Care  8.1%

-

continued

14,950

Viatris,

Inc.

$

201,974

1,949

Vir

Biotechnology,

Inc.

a

17,463

48

Waters

Corporation

a

14,294

7,868

Waystar

Holding

Corporation

a

189,697

2,207

West

Pharmaceutical

Services,

Inc.

553,162

1,134

Xencor,

Inc.

a

13,676

466

Xenon

Pharmaceuticals,

Inc.

a

27,098

56,482

Zimmer

Biomet

Holdings,

Inc.

5,107,102

376

Zoetis,

Inc.

44,447

Total

150,828,759

Industrials  12.7%

4,461

AAON,

Inc.

369,148

112,038

ABB,

Ltd.

9,109,582

1,800

Accelleron

Industries

AG

162,695

5,611

Ackermans

&

van

Haaren

NV

1,725,447

8,415

ACS

Actividades

de

Construccion

y

Servicios

SA

1,026,259

1,652

Acuity,

Inc.

462,923

3,958

Advanced

Drainage

Systems,

Inc.

542,761

854

AECOM

72,436

80,787

Aena

SME

SA

c

2,383,009

23,746

AerCap

Holdings

NV

3,257,476

1,608

AGCO

Corporation

186,319

435

Airbus

SE

82,247

30,578

Alight,

Inc.

17,818

1,227

Allegheny

Technologies,

Inc.

a

178,479

281

Allegion

plc

40,826

342

Allison

Transmission

Holdings,

Inc.

40,035

106,400

Amada

Company,

Ltd.

1,500,607

90,594

Amentum

Holdings,

Inc.

a

2,362,692

603

American

Superconductor

Corporation

a

20,412

1,632

AMETEK,

Inc.

349,836

1,495

API

Group

Corporation

a

60,577

1,038

Applied

Industrial

Technologies,

Inc.

275,402

404

Arcosa,

Inc.

42,881

1,232

Armstrong

World

Industries,

Inc.

203,034

96,473

Assa

Abloy

AB

3,487,296

1,638

Atmus

Filtration

Technologies,

Inc.

92,989

225,201

Aurizon

Holdings,

Ltd.

621,671

837

Axon

Enterprise,

Inc.

a

355,466

132

AZZ,

Inc.

16,517

43,025

BAE

Systems

plc

1,261,421

113,336

Balfour

Beatty

plc

1,147,480

1,400

BayCurrent,

Inc.

40,525

126

Bloom

Energy

Corporation

a

17,072

12,434

Bouygues

SA

720,638

615

Brady

Corporation

49,963

137,573

Brambles,

Ltd.

2,159,109

651

BrightView

Holdings,

Inc.

a

7,675

44

Brink's

Company

4,560

133

Broadridge

Financial

Solutions,

Inc.

21,610

4,449

BWX

Technologies,

Inc.

909,776

98

CACI

International,

Inc.

a

53,299

1,297

Casella

Waste

Systems,

Inc.

a

102,904

16,839

Caterpillar,

Inc.

11,929,758

1,868

CECO

Environmental

Corporation

a

111,295

21,600

Chiyoda

Corporation

a

126,636

681,500

CK

Hutchison

Holdings,

Ltd.

5,231,212

2,166

Clean

Harbors,

Inc.

a

621,057

437,394

CNH

Industrial

NV

4,811,334

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Common

Stock  79.0%

Value

Industrials  12.7%

-

continued

974

Concentrix

Corporation

$

26,649

1,133

Construction

Partners,

Inc.

a

125,899

4,676

Copart,

Inc.

a

155,243

692

CRA

International,

Inc.

112,021

337

Crane

Company

57,627

446

CSW

Industrials,

Inc.

116,219

179,760

CSX

Corporation

7,379,148

491

Cummins,

Inc.

264,168

448

Curtiss-Wright

Corporation

305,142

54,400

Dai

Nippon

Printing

Company,

Ltd.

991,168

121,603

Delta

Air

Lines,

Inc.

8,084,167

83,322

DHL

Group

4,391,668

18,192

Diploma

plc

1,452,476

1,906

DNOW,

Inc.

a

22,700

1,180

Donaldson

Company,

Inc.

100,147

55

Dycom

Industries,

Inc.

a

18,635

12,933

Eaton

Corporation

plc

4,625,746

5,482

EMCOR

Group,

Inc.

4,047,415

2,405

Enerpac

Tool

Group

Corporation

87,710

615

EnerSys

106,838

746

EnPro,

Inc.

186,985

166

Equifax,

Inc.

29,892

59

ESCO

Technologies,

Inc.

16,601

1,235

ExlService

Holdings,

Inc.

a

37,606

9,500

FANUC

Corporation

331,141

149,129

Fastenal

Company

6,919,586

1,017

Federal

Signal

Corporation

109,978

1,102

Ferguson

Enterprises,

Inc.

257,053

60,400

Ferrovial

SE

3,929,428

86,206

Flowserve

Corporation

6,337,003

1,565

Flughafen

Zurich

AG

490,058

9,444

Fluor

Corporation

a

440,563

4,712

Fortive

Corporation

260,479

1,195

Fortune

Brands

Innovations,

Inc.

46,569

1,994

Fraport

AG

Frankfurt

Airport

Services

Worldwide

a

173,710

413

FTAI

Aviation,

Ltd.

101,185

650

Gates

Industrial

Corporation

plc

a

14,696

32

GATX

Corporation

5,464

12,755

GEA

Group

AG

914,764

15,961

General

Dynamics

Corporation

5,478,134

23,051

General

Electric

Company

6,541,182

1,445

Genpact,

Ltd.

53,826

3,104

Graco,

Inc.

262,754

5,051

Griffon

Corporation

367,107

52

HEICO

Corporation

10,977

68,798

Hexcel

Corporation

5,567,822

95,600

Hitachi,

Ltd.

2,804,473

440

HNI

Corporation

14,692

2,040

HOCHTIEF

AG

927,942

33,063

Honeywell

International,

Inc.

7,473,230

23,097

Howden

Joinery

Group

plc

244,637

2,987

Howmet

Aerospace,

Inc.

688,384

53

Hubbell,

Inc.

26,009

928

Hudson

Technologies,

Inc.

a

5,457

94

Huntington

Ingalls

Industries,

Inc.

35,711

243

IDEX

Corporation

46,061

3,910

IMI

plc

133,013

73,800

Inaba

Denki

Sangyo

Company,

Ltd.

1,231,792

980

Ingersoll

Rand,

Inc.

78,518

136

Insteel

Industries,

Inc.

4,571

54,550

International

Consolidated

Airlines

Group

SA

258,913

25,457

ISS

AS

927,240

Shares

Common

Stock  79.0%

Value

Industrials  12.7%

-

continued

175,300

ITOCHU

Corporation

$

2,229,902

987

ITT

Corporation

188,053

26,600

Jacobs

Solutions,

Inc.

3,385,648

25,100

Jardine

Matheson

Holdings,

Ltd.

1,804,269

20,582

JB

Hunt

Transport

Services,

Inc.

4,361,326

10,300

Kajima

Corporation

392,931

339

Kennametal,

Inc.

12,248

7,116

KION

Group

AG

380,225

604

Kirby

Corporation

a

80,260

107

Knight-Swift

Transportation

Holdings,

Inc.

6,161

41,900

Komatsu,

Ltd.

1,668,482

15,423

Konecranes

Oyj

506,196

141

Korn

Ferry

8,876

19,527

L3Harris

Technologies,

Inc.

6,739,744

3,528

Legence

Corporation

a

199,191

29,515

Legrand

SA

4,585,314

278

Leidos

Holdings,

Inc.

43,235

1,508

Limbach

Holdings,

Inc.

a

117,699

1,766

Lincoln

Electric

Holdings,

Inc.

439,875

53,961

Logista

Integral

SA

2,019,417

899

Lyft,

Inc.

a

11,957

3,400

Marubeni

Corporation

124,379

1,789

Masco

Corporation

108,002

113

MasTec,

Inc.

a

36,357

238

Maximus,

Inc.

15,256

725

McGrath

RentCorp

79,953

11,000

MEITEC

Group

Holdings,

Inc.

227,745

1,995

Mercury

Systems,

Inc.

a

145,455

1,132

Middleby

Corporation

a

150,081

4,493

MillerKnoll,

Inc.

64,969

34,800

Mitsubishi

Corporation

1,193,848

24,900

Mitsubishi

Electric

Corporation

814,407

135,900

Mitsubishi

Heavy

Industries,

Ltd.

3,734,078

29,600

Mitsui

&

Company,

Ltd.

1,144,119

818

Modine

Manufacturing

Company

a

177,269

980

Moog,

Inc.

286,787

5,800

Morgan

Sindall

Group

plc

317,437

3,597

MSC

Industrial

Direct

Company,

Inc.

331,895

1,585

Mueller

Industries,

Inc.

175,618

4,757

Mueller

Water

Products,

Inc.

130,770

154

MYR

Group,

Inc.

a

43,477

1,043

Nextpower,

Inc.

a

125,734

26,500

Nippon

Express

Holdings,

Inc.

598,924

48,700

Nippon

Yusen

Kabushiki

Kaisha

b

1,788,984

2,800

Nishimatsu

Construction

Company,

Ltd.

102,194

15,100

Nitto

Kogyo

Corporation

409,324

58

Nordson

Corporation

15,431

9,246

NPK

International,

Inc.

a

133,975

17,000

NSK,

Ltd.

120,471

4,026

nVent

Electric

plc

476,195

5,700

Obayashi

Corporation

138,057

1,756

Old

Dominion

Freight

Line,

Inc.

343,122

2,473

Otis

Worldwide

Corporation

190,619

344

Owens

Corning,

Inc.

37,228

7,622

Parker-Hannifin

Corporation

6,823,519

856

Paychex,

Inc.

78,855

298

Paylocity

Holding

Corporation

a

32,196

2,870

Pentair

plc

250,006

298,700

Persol

Holdings

Company,

Ltd.

440,792

1,848

Proficient

Auto

Logistics,

Inc.

a

12,529

925

Quanta

Services,

Inc.

507,843

539

RBC

Bearings,

Inc.

a

292,742

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Common

Stock  79.0%

Value

Industrials  12.7%

-

continued

70,600

Recruit

Holdings

Company,

Ltd.

$

3,076,040

120

Regal

Rexnord

Corporation

22,471

495

Republic

Services,

Inc.

108,415

1,637

Rockwell

Automation,

Inc.

587,487

20,426

Rotork

plc

84,933

62,489

Ryanair

Holdings

plc

1,759,189

39

Ryder

System,

Inc.

7,984

18,531

Safran

SA

6,063,916

104,149

Sandvik

AB

4,003,680

5,200

Sanwa

Holdings

Corporation

118,260

4,701

Schindler

Holding

AG,

Participation

Certificates

1,548,476

402

Science

Applications

International

Corporation

38,158

1,304

Sensata

Technologies

Holding

plc

45,927

3,902

Siemens

AG

950,665

14,936

Siemens

Energy

AG

2,575,719

83,000

Singapore

Airport

Terminal

Services,

Ltd.

228,732

248,300

Singapore

Technologies

Engineering,

Ltd.

2,107,380

130

SkyWest,

Inc.

a

11,938

9,578

Smiths

Group

plc

292,282

44,400

Sojitz

Corporation

1,758,102

189

SPX

Technologies,

Inc.

a

37,789

2,311

SS&C

Technologies

Holdings,

Inc.

156,154

604

Standex

International

Corporation

153,935

984

Stanley

Black

&

Decker,

Inc.

69,923

384

Sterling

Construction

Company,

Inc.

a

156,392

30,000

Sumitomo

Corporation

1,122,572

4,600

Taisei

Corporation

476,568

241

Tetra

Tech,

Inc.

7,259

89

Textron,

Inc.

7,793

64

Timken

Company

6,436

22,500

TOPPAN

Holdings,

Inc.

593,430

1,839

Toro

Company

171,836

7,600

Toyota

Tsusho

Corporation

294,551

100

Trane

Technologies

plc

41,674

1,767

Transcat,

Inc.

a

129,786

386

Trex

Company,

Inc.

a

14,058

39,300

Tsubakimoto

Chain

Company

584,065

64,780

Uber

Technologies,

Inc.

a

4,659,625

69

UL

Solutions,

Inc.

5,914

1,038

United

Airlines

Holdings,

Inc.

a

95,569

275

United

Rentals,

Inc.

200,354

28,436

Ventia

Services

Group,

Pty.

Ltd.

103,536

1,724

Veralto

Corporation

152,436

1,827

Verisk

Analytics,

Inc.

346,673

1,297

Verra

Mobility

Corporation

a

18,534

2,488

Vertiv

Holdings

Company

623,443

10,069

Vinci

SA

1,511,357

662

Wabtec

Corporation

165,440

12,337

Wartsila

Corporation

459,531

47

Watts

Water

Technologies,

Inc.

13,644

9,435

Werner

Enterprises,

Inc.

277,483

552

WESCO

International,

Inc.

151,038

1,154

Willdan

Group,

Inc.

a

88,350

246

Woodward,

Inc.

88,048

4,697

Xylem,

Inc.

561,291

714,000

Yangzijiang

Shipbuilding

Holdings,

Ltd.

2,120,859

6,800

YUASA

Company,

Ltd.

257,898

20,931

Zigup

plc

105,968

Shares

Common

Stock  79.0%

Value

Industrials  12.7%

-

continued

1,244

Zurn

Elkay

Water

Solutions

Corporation

$

55,781

Total

237,508,554

Information

Technology  14.9%

21,988

Advanced

Micro

Devices,

Inc.

a

4,473,019

35,700

Advantest

Corporation

4,926,838

537

Ambarella,

Inc.

a

27,642

1,449

Amkor

Technology,

Inc.

65,248

4,626

Amphenol

Corporation

584,495

105,512

Apple,

Inc.

26,777,890

44,672

Arista

Networks,

Inc.

a

5,484,828

475

Arrow

Electronics,

Inc.

a

68,120

1,290

ASGN,

Inc.

a

49,936

11,626

ASML

Holding

NV

15,459,825

69

Astera

Labs,

Inc.

a

7,562

675

Autodesk,

Inc.

a

161,595

1,053

Avnet,

Inc.

64,886

511

Bel

Fuse,

Inc.

101,168

6,100

BIPROGY,

Inc.

179,552

386

Blackbaud,

Inc.

a

14,903

54,053

Broadcom,

Inc.

16,729,944

27,600

Brother

Industries,

Ltd.

510,960

85

Calix,

Inc.

a

4,164

33,600

Canon,

Inc.

932,311

1,139

Celestica,

Inc.

a

320,834

11,659

Check

Point

Software

Technologies,

Ltd.

a

1,665,488

248

Ciena

Corporation

a

96,281

692

Cirrus

Logic,

Inc.

a

100,077

122,047

Cisco

Systems,

Inc.

9,469,627

2,249

Cloudflare,

Inc.

a

464,059

7,633

Cognex

Corporation

373,941

1,451

Cognizant

Technology

Solutions

Corporation

89,019

2,903

Coherent

Corporation

a

691,524

2,177

CommVault

Systems,

Inc.

a

169,567

2,755

Corning,

Inc.

374,597

118

Credo

Technology

Group

Holding,

Ltd.

a

11,077

51

CTS

Corporation

2,436

2,048

DigitalOcean

Holdings,

Inc.

a

175,677

579

Dolby

Laboratories,

Inc.

34,775

385

EPAM

Systems,

Inc.

a

52,129

286

F5,

Inc.

a

82,748

515

Fabrinet

a

268,583

3,821

Flex,

Ltd.

a

250,123

31,500

FUJIFILM

Holdings

NPV

600,253

26,900

Fujitsu,

Ltd.

550,123

1,846

Gen

Digital,

Inc.

34,760

1,012

GoDaddy,

Inc.

a

83,662

6,039

GPGI,

Inc.

103,267

3,834

Guidewire

Software,

Inc.

a

573,413

40,961

Halma

plc

2,090,258

6,500

Hewlett

Packard

Enterprise

Company

154,765

239

Ichor

Holdings,

Ltd.

a

11,140

447

InterDigital,

Inc.

134,994

28,681

International

Business

Machines

Corporation

6,951,988

7,700

Intuit,

Inc.

3,329,326

764

Jabil,

Inc.

202,941

17,109

JFrog,

Ltd.

a

802,925

4,500

Keyence

Corporation

1,601,583

1,448

Keysight

Technologies,

Inc.

a

408,872

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Shares

Common

Stock  79.0%

Value

Information

Technology  14.9%

-

continued

9,400

Kioxia

Holdings

Corporation

a

$

1,227,641

8,948

Knowles

Corporation

a

229,785

715

Kulicke

and

Soffa

Industries,

Inc.

46,990

30,400

Kyocera

Corporation

466,140

38,371

Lam

Research

Corporation

8,198,348

1,700

Lasertec

Corporation

378,375

6,940

Lattice

Semiconductor

Corporation

a

643,754

243

Littelfuse,

Inc.

82,462

314

Lumentum

Holdings,

Inc.

a

220,667

7,200

Macnica

Holdings,

Inc.

108,204

368

MACOM

Technology

Solutions

Holdings,

Inc.

a

81,722

116

Manhattan

Associates,

Inc.

a

15,442

2,693

Microchip

Technology,

Inc.

173,995

95,704

Microsoft

Corporation

35,426,750

4,424

MKS,

Inc.

1,016,679

161

MongoDB,

Inc.

a

39,408

878

Monolithic

Power

Systems,

Inc.

959,961

238

Motorola

Solutions,

Inc.

103,285

1,009

Napco

Security

Technologies,

Inc.

39,745

44,300

NEC

Corporation

1,102,321

1,237

NetApp,

Inc.

126,656

5,800

Nomura

Research

Institute,

Ltd.

158,732

758

Novanta,

Inc.

a

89,527

5,900

NSD

Company,

Ltd.

102,056

246,782

NVIDIA

Corporation

43,038,781

374

NXP

Semiconductors

NV

73,626

1,763

ON

Semiconductor

Corporation

a

109,165

616

Onto

Innovation,

Inc.

a

126,323

43,369

Palantir

Technologies,

Inc.

a

6,344,017

592

PTC,

Inc.

a

84,354

134

Q2

Holdings,

Inc.

a

6,338

772

Qnity

Electronics,

Inc.

89,073

58,775

Qualcomm,

Inc.

7,569,044

5,638

Ralliant

Corporation

234,484

4,366

Rambus,

Inc.

a

375,607

1,090

Reply

SPA

102,580

231

Roper

Industries,

Inc.

81,742

105,010

Samsung

Electronics

Company,

Ltd.

12,282,116

394

SanDisk

Corporation/DE

a

250,324

57

Sanmina

Corporation

a

7,389

28,935

SAP

SE

4,932,939

21,800

SCREEN

Holdings

Company,

Ltd.

1,298,769

80,300

Seiko

Epson

Corporation

992,766

40,113

ServiceNow,

Inc.

a

4,193,814

187

ServiceTitan,

Inc.

a

11,867

40,494

Shopify,

Inc.

a

4,803,398

1,083

Silicon

Laboratories,

Inc.

a

225,426

396

SiTime

Corporation

a

136,759

1,842

Skyworks

Solutions,

Inc.

98,639

2,230

Snowflake,

Inc.

a

336,329

1,519

Sprout

Social,

Inc.

a

8,658

1,507

Synopsys,

Inc.

a

597,495

40,997

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

13,854,936

45,934

TD

SYNNEX

Corporation

7,749,525

631

TE

Connectivity

plc

131,892

291

Teledyne

Technologies,

Inc.

a

176,058

143,455

Telefonaktiebolaget

LM

Ericsson

1,635,421

578

Tenable

Holdings,

Inc.

a

9,777

1,332

Teradyne,

Inc.

394,885

10,600

TIS,

Inc.

226,643

Shares

Common

Stock  79.0%

Value

Information

Technology  14.9%

-

continued

16,400

Tokyo

Electron,

Ltd.

$

4,074,596

1,526

Trimble,

Inc.

a

99,541

782

TTM

Technologies,

Inc.

a

76,182

896

Tyler

Technologies,

Inc.

a

306,772

1,623

Unity

Software,

Inc.

a

35,609

444

Varonis

Systems,

Inc.

a

9,533

556

VeriSign,

Inc.

138,088

3,067

Viavi

Solutions,

Inc.

a

102,070

4,348

Vontier

Corporation

154,224

1,874

Western

Digital

Corporation

506,898

123

Workday,

Inc.

a

15,980

898

Zebra

Technologies

Corporation

a

187,754

1,004

Zoom

Communications,

Inc.

a

80,712

546

Zscaler,

Inc.

a

76,598

Total

278,445,879

Materials  3.4%

15,083

Air

Liquide

SA

3,117,649

112

Air

Products

and

Chemicals,

Inc.

32,535

191

Albemarle

Corporation

34,290

3,609

Alcoa

Corporation

239,385

489

Amcor

plc

19,438

1,395

American

Vanguard

Corporation

a

3,474

742

AngloGold

Ashanti

plc

72,241

1,628

AptarGroup,

Inc.

205,161

921

Avery

Dennison

Corporation

159,038

1,582

Avient

Corporation

57,427

1,316

Balchem

Corporation

223,036

1,994

Ball

Corporation

117,865

255,927

BHP

Group,

Ltd.

9,260,087

13,268

Buzzi

SPA

670,794

8,469

Celanese

Corporation

557,006

56,035

CF

Industries

Holdings,

Inc.

7,275,584

4,170

Coeur

Mining,

Inc.

a

78,271

730

Commercial

Metals

Company

44,844

5,226

Constellium

SE

a

128,455

2,623

Corteva,

Inc.

219,571

45,209

Crown

Holdings,

Inc.

4,532,202

5,810

DuPont

de

Nemours,

Inc.

266,098

24,262

Eastman

Chemical

Company

1,851,676

7,970

Element

Solutions,

Inc.

272,096

18,130

Endeavour

Mining

plc

1,092,322

31,363

Evraz

plc

a,d

4

2,869

Freeport-McMoRan,

Inc.

168,640

292

Greif,

Inc.

19,584

3,601

Hecla

Mining

Company

67,087

15,626

Heidelberg

Materials

AG

3,297,672

35,621

Hexpol

AB

271,723

5,097

Huntsman

Corporation

67,841

555

Ingevity

Corporation

a

39,533

471

International

Flavors

&

Fragrances,

Inc.

34,171

54,841

International

Paper

Company

1,957,824

721

Intrepid

Potash,

Inc.

a

30,837

7,191

Ivanhoe

Mines,

Ltd.

a

61,463

81,300

JX

Advanced

Metals

Corporation

1,801,917

376

Kaiser

Aluminum

Corporation

45,312

30,600

Kyoei

Steel,

Ltd.

454,741

1,066

Louisiana-Pacific

Corporation

77,551

645

Martin

Marietta

Materials,

Inc.

379,699

506

Minerals

Technologies,

Inc.

35,886

149,700

Mitsubishi

Chemical

Group

Corporation

875,165

5,349

Mosaic

Company

136,399

70

NewMarket

Corporation

44,867

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Shares

Common

Stock  79.0%

Value

Materials  3.4%

-

continued

18,400

Nippon

Shokubai

Company,

Ltd.

$

266,299

18,700

Nitto

Denko

Corporation

374,079

39,287

Nucor

Corporation

6,643,432

838

O-I

Glass,

Inc.

a

8,807

148,962

Orica,

Ltd.

2,093,597

4,199

Orion

SA

27,294

723

Packaging

Corporation

of

America

153,435

1,338

PPG

Industries,

Inc.

143,005

67,118

Regis

Resources,

Ltd.

318,124

95

Reliance,

Inc.

28,872

13,369

Rio

Tinto

plc

1,240,284

36,406

Rio

Tinto,

Ltd.

4,136,218

643

Royal

Gold,

Inc.

163,637

181

Scotts

Miracle-Gro

Company

11,007

555

Sensient

Technologies

Corporation

47,974

10,100

Shin-Etsu

Chemical

Company,

Ltd.

411,260

1,920

Smurfit

WestRock

plc

76,512

45,868

Solstice

Advanced

Materials,

Inc.

3,493,307

771

Sonoco

Products

Company

41,703

43,248

SSAB

AB,

Class

A

341,247

300

Stepan

Company

14,994

24,400

Taiyo

Holdings

Company,

Ltd.

b

779,375

27,500

Toagosei

Company,

Ltd.

b

300,104

14,400

Tosoh

Corporation

214,054

739

Vidrala

SA

66,283

9,445

Voestalpine

AG

419,095

4,927

West

Fraser

Timber

Company,

Ltd.

321,684

14,132

Yara

International

ASA

826,078

Total

63,360,221

Real

Estate  1.7%

252

Agree

Realty

Corporation

18,996

1,160

Alpine

Income

Property

Trust,

Inc.

20,880

1,708

Americold

Realty

Trust,

Inc.

19,574

9,830

AvalonBay

Communities,

Inc.

1,605,731

723

Big

Shopping

Centers,

Ltd.

166,047

18,912

British

Land

Company

plc

89,460

5,869

Brixmor

Property

Group,

Inc.

169,027

446

Broadstone

Net

Lease,

Inc.

8,148

414,800

CapitaLand

Integrated

Commercial

Trust

743,843

813

CareTrust

REIT,

Inc.

29,796

35,871

CBRE

Group,

Inc.

a

4,859,086

4,417

Compass,

Inc.

a

32,288

1,112

CoStar

Group,

Inc.

a

44,858

6,627

Cousins

Properties,

Inc.

149,571

76,721

Crown

Castle,

Inc.

6,238,185

1,726

Curbline

Properties

Corporation

44,514

636

Cushman

&

Wakefield,

Ltd.

a

7,797

205,647

DEXUS

Property

Group

847,824

1,575

Digital

Realty

Trust,

Inc.

283,831

5,771

Easterly

Government

Properties,

Inc.

123,673

4,712

EPR

Properties

235,412

6,604

Essential

Properties

Realty

Trust,

Inc.

200,497

158

Essex

Property

Trust,

Inc.

38,236

42

Extra

Space

Storage,

Inc.

5,508

12,555

Fabege

AB

100,462

297

Federal

Realty

Investment

Trust

31,544

2,741

Fermi,

Inc.

a,b

16,007

662

First

Industrial

Realty

Trust,

Inc.

38,297

309

FrontView

REIT,

Inc.

4,780

2,624

Getty

Realty

Corporation

83,443

466,176

GPT

Group

1,474,530

Shares

Common

Stock  79.0%

Value

Real

Estate  1.7%

-

continued

235,473

Healthcare

Realty

Trust,

Inc.

$

4,000,686

32,017

Host

Hotels

&

Resorts,

Inc.

613,446

204

Howard

Hughes

Holdings,

Inc.

a

12,905

2,251

Independence

Realty

Trust,

Inc.

33,517

16,150

Industrial

Logistics

Properties

Trust

91,732

4,218

Innovative

Industrial

Properties,

Inc.

211,575

4,782

InvenTrust

Properties

Corporation

145,660

2,257

Iron

Mountain,

Inc.

230,530

334

Jones

Lang

LaSalle,

Inc.

a

101,643

1,430

Kimco

Realty

Corporation

32,132

54

Lamar

Advertising

Company

6,840

1,675

Macerich

Company

31,658

19,471

Medical

Properties

Trust,

Inc.

90,151

57,325

Merlin

Properties

Socimi

SA

933,963

13,164

Millrose

Properties,

Inc.

368,592

35,261

Mivne

Real

Estate

(KD),

Ltd.

a

147,058

221

Mobimo

Holding

AG

104,889

103

National

Health

Investors,

Inc.

8,329

1,646

NET

Lease

Office

Properties

18,962

3,846

NetSTREIT

Corporation

72,420

426

NNN

REIT,

Inc.

17,905

184

Omega

Healthcare

Investors,

Inc.

8,063

7,570

Outfront

Media,

Inc.

200,605

5,564

Park

Hotels

&

Resorts,

Inc.

58,589

1,727

Piedmont

Realty

Trust,

Inc.

a

11,346

822

Postal

Realty

Trust,

Inc.

15,256

153,748

Primary

Health

Properties

plc

184,879

361

Realty

Income

Corporation

22,086

488

Regency

Centers

Corporation

36,922

5,678

RLJ

Lodging

Trust

42,131

343

Ryman

Hospitality

Properties

31,649

3,567

Sabra

Health

Care

REIT,

Inc.

68,593

9,826

Safehold,

Inc.

132,946

11,462

Sila

Realty

Trust,

Inc.

271,420

1,564

Simon

Property

Group,

Inc.

291,733

3,008

STAG

Industrial,

Inc.

108,469

78,500

Sun

Hung

Kai

Properties,

Ltd.

1,307,091

10,185

Tanger,

Inc.

346,086

3,645

Terreno

Realty

Corporation

223,876

1,645

Unibail-Rodamco-Westfield

181,486

323,200

United

Overseas

Land,

Ltd.

2,454,048

1,185

Ventas,

Inc.

96,909

2,354

Xenia

Hotels

&

Resorts,

Inc.

34,910

2,851

Zillow

Group,

Inc.,

Class

C

a

117,974

Total

31,253,505

Utilities  3.2%

8,732

ACEA

SPA

226,976

4,483

Alliant

Energy

Corporation

321,700

1,480

American

States

Water

Company

111,918

739

American

Water

Works

Company,

Inc.

100,571

688

Artesian

Resources

Corporation

21,913

4,408

Avista

Corporation

176,937

1,424

Black

Hills

Corporation

98,840

1,049

California

Water

Service

Group

47,562

4,078

Clearway

Energy,

Inc.,

Class

A

159,735

4,754

Clearway

Energy,

Inc.,

Class

C

186,785

477

Consolidated

Edison,

Inc.

53,987

35,337

Constellation

Energy

Corporation

9,867,857

2,568

DTE

Energy

Company

375,493

58,304

Duke

Energy

Corporation

7,634,326

32,619

E.ON

SE

714,407

6,074

Edison

International

444,495

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Shares

Common

Stock  79.0%

Value

Utilities  3.2%

-

continued

806,717

EDP

SA

$

4,268,925

601,666

Enel

SPA

6,577,944

61,518

Engie

SA

1,982,578

81,479

Entergy

Corporation

9,154,980

48,547

Evergy,

Inc.

3,976,970

3,661

Eversource

Energy

253,634

4,158

Exelon

Corporation

203,825

2,067

FirstEnergy

Corporation

104,714

69,992

Fortum

Oyj

b

1,789,896

1,636

H2O

America

b

95,984

228,561

Italgas

SPA

2,662,517

400

Middlesex

Water

Company

20,820

318

National

Fuel

Gas

Company

29,879

47,706

Naturgy

Energy

Group

SA

1,428,158

4,482

New

Jersey

Resources

Corporation

246,151

5,594

NiSource,

Inc.

261,016

342

OGE

Energy

Corporation

16,402

911

Otter

Tail

Corporation

79,959

14,139

PG&E

Corporation

248,422

268

Pinnacle

West

Capital

Corporation

27,001

7,640

Portland

General

Electric

Company

403,163

8,275

UGI

Corporation

301,376

1,316

Unitil

Corporation

68,748

33,495

Vistra

Energy

Corporation

5,035,303

2,463

XPLR

Infrastructure,

LP

a

26,157

91

York

Water

Company

2,771

Total

59,810,795

Total

Common

Stock

(cost

$1,062,226,061)

1,477,096,637

Shares

Registered

Investment

Companies  

4.6%

Value

U.S.

Affiliated  

3.7%  

4,832,560

Thrivent

Core

Emerging

Markets

Equity

Fund

60,068,725

357,649

Thrivent

Small

Cap

Value

ETF

10,001,547

Total

70,070,272

U.S.

Unaffiliated  

0.9%  

6,551

Invesco

QQQ

Trust

Series

1

3,781,106

18,763

iShares

Biotechnology

ETF

3,168,132

915

iShares

Expanded

Tech-Software

Sector

ETF

a

73,246

12,643

State

Street

SPDR

S&P

500

ETF

Trust

8,222,249

2,684

State

Street

SPDR

S&P

Biotech

ETF

b

342,827

1,733

State

Street

SPDR

S&P

Software

&

Services

ETF

b

246,589

611

VanEck

Semiconductor

ETF

234,257

Total

16,068,406

Total

Registered

Investment

Companies

(cost

$67,145,352)

86,138,678

Shares

Collateral

Held

for

Securities

Loaned

0.5%

Value

9,146,086

Thrivent

Cash

Management

Trust

9,146,086

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,146,086)

9,146,086

Shares

or

Principal

Amount

Short-Term

Investments

15.9%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

3.562%,

4/6/2026

e,f

$

299,820

500,000

3.545%,

4/8/2026

e,f

499,601

400,000

3.605%,

4/17/2026

e,f

399,322

100,000

3.606%,

4/24/2026

e,f

99,761

2,000,000

3.600%,

4/29/2026

e,f

1,994,216

2,800,000

3.635%,

5/1/2026

e,f

2,791,296

700,000

3.605%,

5/8/2026

e,f

697,333

12,000,000

3.595%,

5/27/2026

e,f

11,931,410

2,900,000

3.600%,

5/29/2026

e,f

2,882,842

100,000

3.610%,

6/3/2026

e,f

99,359

200,000

3.610%,

6/5/2026

e,f

198,678

400,000

3.610%,

6/10/2026

e,f

397,156

1,300,000

3.624%,

6/17/2026

e,f

1,289,846

400,000

3.590%,

6/18/2026

e,f

396,836

300,000

3.640%,

6/22/2026

e,f

297,507

Federal

National

Mortgage

Association

Discount

Notes

9,200,000

3.595%,

6/1/2026

e,f

9,142,881

State

Street

Institutional

U.S.

Government

Money

Market

Fund

261,458,096

3.602%

e

261,458,096

U.S.

Treasury

Bills

500,000

3.631%,

5/19/2026

e,g

497,580

700,000

3.608%,

5/28/2026

e,g

695,969

400,000

3.600%,

6/11/2026

e,g

397,162

Total

Short-Term

Investments

(cost

$296,470,406)

296,466,671

Total

Investments

(cost

$1,434,987,905)

100.0%

$1,868,848,072

Other

Assets

and

Liabilities,

Net

<0.1%

549,681

Total

Net

Assets

100.0%

$1,869,397,753

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$6,838,321

or

0.4%

of

total

net

assets.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

g

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Global

Stock

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

9,042,013

Total

lending

$9,042,013

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,146,086

Net

amounts

due

to

counterparty

$104,073

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

March

31,

2026

(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

March

31,

2026,

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

113,283,310

86,198,884

27,084,426

–

Consumer

Discretionary

123,135,454

90,791,656

32,343,798

–

Consumer

Staples

63,450,795

32,357,732

31,093,063

–

Energy

78,885,627

54,703,110

24,182,517

–

Financials

277,133,738

128,563,552

148,570,186

–

Health

Care

150,828,759

95,230,146

55,598,613

–

Industrials

237,508,554

130,581,093

106,927,461

–

Information

Technology

278,445,879

222,504,877

55,941,002

–

Materials

63,360,221

30,670,587

32,689,630

4

Real

Estate

31,253,505

22,517,925

8,735,580

–

Utilities

59,810,795

40,159,394

19,651,401

–

Registered

Investment

Companies

U.S.

Affiliated

10,001,547

10,001,547

–

–

U.S.

Unaffiliated

16,068,406

16,068,406

–

–

Short-Term

Investments

296,466,671

261,458,096

35,008,575

–

Subtotal

Investments

in

Securities

$1,799,633,261

$1,221,807,005

$577,826,252

$4

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

60,068,725

Collateral

Held

for

Securities

Loaned

9,146,086

Subtotal

Other

Investments

$69,214,811

Total

Investments

at

Value

$1,868,848,072

*

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

March

31,

2026,

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

2,126,497

1,263,332

863,165

–

Total

Asset

Derivatives

$2,126,497

$1,263,332

$863,165

$–

Liability

Derivatives

Futures

Contracts

9,590,672

9,590,672

–

–

Total

Return

Swaps

908,764

–

908,764

–

Total

Liability

Derivatives

$10,499,436

$9,590,672

$908,764

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Nasdaq

-

National

association

of

securities

dealers

automated

quotations

S&P

-

Standard

&

Poor's

Reference

Description:

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$33,672,864

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

8

June

2026

$

998,689

$

6,191

CME

E-mini

S&P

500

Index

1,118

June

2026

375,907,903

(

8,602,978)

CME

E-mini

S&P

Mid-Cap

400

Index

4

June

2026

1,345,933

12,667

ICE

mini

MSCI

EAFE

Index

175

June

2026

25,598,856

(

214,231)

ICE

US

mini

MSCI

Emerging

Markets

Index

826

June

2026

60,663,521

(

588,541)

Total

Futures

Long

Contracts

$

464,514,902

(

$

9,386,892)

CME

E-mini

Nasdaq

100

Index

(39)

June

2026

(

$

19,320,668)

$

666,968

CME

E-mini

Russell

2000

Index

(503)

June

2026

(

63,045,276)

(

136,554)

CME

E-mini

S&P

Mid-Cap

400

Index

(2)

June

2026

(

673,611)

(

5,689)

CME

Euro

Foreign

Exchange

Currency

(408)

June

2026

(

59,663,556)

577,506

Eurex

Euro

STOXX

50

Index

(919)

June

2026

(

60,199,403)

863,165

ICE

mini

MSCI

EAFE

Index

(236)

June

2026

(

34,190,301)

(

42,679)

Total

Futures

Short

Contracts

(

$

237,092,815)

$1,922,717

Total

Futures

Contracts

$

227,422,087

($7,464,175)

The

following

table

presents

Global

Stock

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$1,316,319

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

100

Equal

Weight

USD

Total

Return

Index

Swap

SOFR

1

day

+58bps

Total

Return

Goldman

Sachs

&

Co.

LLC

5/1/2026

$

20,000,085

(

$

908,764)

$

–

(

$

908,764)

Total

Return

Swaps

(

$

908,764)

$

–

($908,764)

#

Payment

made

on

Termination

Date

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

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

investing

collateral

received

from

securities

lending

.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$57,942

$–

$–

$60,069

4,833

3.2%

Small

Cap

Value

ETF

9,504

–

–

10,002

358

0.5

Total

U.S.

Affiliated

Registered

Investment

Companies

67,446

70,071

3.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,486

28,001

20,341

9,146

9,146

0.5

Total

Collateral

Held

for

Securities

Loaned

1,486

9,146

0.5

Total

Value

$68,932

$79,217

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$2,127

$

–

$–

Small

Cap

Value

ETF

–

498

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

$–

$2,625

$

–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Principal

Amount

Long-Term

Fixed

Income

94.7%

Value

Asset-Backed

Securities  3.2%

Granite

Edvance

Corporation

$

311,959

4.993%, 

(TSFR1M

+

1.314%),

9/25/2060,

Ser.

2020-1,

Class

A1B

a

$

313,986

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

789,589

1.650%, 

3/25/2051,

Ser.

2021-1

753,992

Missouri

Higher

Education

Loan

Auth.

603,893

1.530%, 

1/25/2061,

Ser.

2021-1

559,592

Navient

Student

Loan

Trust

749,674

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

b

646,271

Sunnova

Hestia

I

Issuer,

LLC

1,116,259

5.750%, 

12/20/2050,

Ser.

2023-GRID1,

Class

1A

b,c

1,091,897

Sunnova

Hestia

II

Issuer,

LLC

1,515,930

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

b,c

1,468,686

Total

4,834,424

Collateralized

Mortgage

Obligations  11.8%

Federal

Agricultural

Mortgage

Corporation

Mortgage

Trust

1,444,242

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

1,174,657

525,906

5.165%, 

8/1/2054,

Ser.

2024-2,

Class

A

a,b,c

514,842

376,250

5.290%, 

9/25/2054,

Ser.

2025-2,

Class

A

a,b,c

373,160

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

125,183

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

123,719

585,518

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

572,926

1,250,000

5.000%, 

2/25/2054,

Ser.

5460,

Class

LN

1,250,543

964,473

5.000%, 

2/25/2054,

Ser.

5383,

Class

AZ

907,456

1,238,674

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

983,724

4,015,256

1.500%, 

3/25/2051,

Ser.

5092,

Class

IC

d

334,285

1,019,021

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

990,340

1,552,059

4.000%, 

8/25/2052,

Ser.

5256,

Class

AY

1,485,954

550,000

5.000%, 

8/25/2054,

Ser.

5446,

Class

EC

536,927

900,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

881,146

1,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,246,910

1,439,706

5.000%, 

9/25/2055,

Ser.

5579,

Class

NY

1,382,828

30,592

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

30,262

Principal

Amount

Long-Term

Fixed

Income  94.7%

Value

Collateralized

Mortgage

Obligations  11.8%

-

continued

Federal

Home

Loan

Mortgage

Corporation

-

SCRT

$

1,029,145

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

$

826,758

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,600,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

c

1,378,639

1,200,000

3.000%, 

10/25/2035,

Ser.

2025-2,

Class

A2

c

1,018,767

Federal

Home

Loan

Mortgage

Corporation

Whole

Loan

Securities

Trust

753,211

3.000%, 

9/25/2045,

Ser.

2015-SC02,

Class

1A

c

660,525

Federal

National

Mortgage

Association

-

REMIC

900,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

885,350

404,638

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

400,108

284,482

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

272,332

GMAC

Mortgage

Corporation

Loan

Trust

19,997

4.288%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,c

9,138

Total

18,241,296

Commercial

Mortgage-Backed

Securities  3.3%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

850,000

4.320%, 

9/25/2030,

Ser.

K548,

Class

A2

a,c

851,858

800,000

4.165%, 

11/25/2030,

Ser.

K551,

Class

A2

a,c

795,919

1,600,000

4.070%, 

12/25/2030,

Ser.

K553,

Class

A2

a,c

1,584,924

1,600,000

4.220%, 

12/25/2030,

Ser.

K554,

Class

A2

a,c

1,598,129

310,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

c

308,546

Total

5,139,376

Financials  <0.1%

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

21,878

4.136%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

20,819

Total

20,819

Mortgage-Backed

Securities  27.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

1,235,023

5.500%, 

2/1/2040

1,264,972

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Principal

Amount

Long-Term

Fixed

Income  94.7%

Value

Mortgage-Backed

Securities  27.7%

-

continued

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

985,648

6.000%, 

1/1/2055

$

1,029,062

956,343

4.500%, 

2/1/2056

e

929,591

868,513

2.000%, 

5/1/2051

710,447

733,415

4.000%, 

5/1/2052

698,913

51,806

5.000%, 

7/1/2053

51,634

250,764

3.500%, 

9/1/2047

234,740

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

166,345

2.500%, 

7/1/2030

161,312

Federal

National

Mortgage

Association

Conventional

10-Yr.

Pass

Through

965,680

2.000%, 

3/1/2033

925,840

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

695,526

2.500%, 

8/1/2032

685,301

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

794,008

3.500%, 

5/1/2040

756,931

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,661,295

3.000%, 

1/1/2052

1,472,617

65,381

2.000%, 

2/1/2051

53,481

34,813

2.000%, 

2/1/2051

28,477

1,170,404

2.500%, 

2/1/2051

987,938

681,176

2.500%, 

2/1/2051

584,739

1,455,568

2.000%, 

3/1/2052

1,193,869

1,842,587

3.000%, 

3/1/2052

1,634,000

938,510

2.000%, 

4/1/2051

762,795

1,617,923

5.500%, 

4/1/2054

1,655,711

67,945

2.000%, 

5/1/2051

55,292

910,489

3.000%, 

5/1/2051

818,918

1,539,218

2.000%, 

6/1/2050

1,254,875

190,169

4.000%, 

6/1/2052

180,204

1,657,270

2.500%, 

7/1/2051

1,424,986

362,764

3.500%, 

7/1/2051

336,292

538,162

4.000%, 

7/1/2052

509,962

1,231,295

3.500%, 

8/1/2052

1,130,221

1,029,176

4.500%, 

8/1/2052

997,728

2,023,295

6.000%, 

8/1/2054

2,117,309

671,763

3.500%, 

9/1/2052

622,688

360,594

3.500%, 

9/1/2052

333,359

1,064,346

4.500%, 

9/1/2053

1,035,041

377,878

4.500%, 

9/1/2053

367,880

1,118,952

4.000%, 

10/1/2052

1,065,508

78,189

2.000%, 

11/1/2051

63,957

443,732

3.500%, 

11/1/2052

412,166

291,487

2.000%, 

12/1/2050

238,544

1,827,778

2.500%, 

12/1/2051

1,565,155

297,113

3.500%, 

12/1/2047

278,589

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

1,358,789

2.500%, 

3/1/2062

1,117,307

409,117

3.500%, 

7/1/2061

368,610

575,298

4.000%, 

12/1/2061

536,134

Principal

Amount

Long-Term

Fixed

Income  94.7%

Value

Mortgage-Backed

Securities  27.7%

-

continued

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

$

4,000,000

2.500%, 

4/1/2056

e

$

3,440,625

6,800,000

4.500%, 

4/1/2056

e

6,568,128

Total

42,661,848

U.S.

Government

&

Agencies  48.7%

U.S.

Treasury

Bonds

1,950,000

1.125%, 

5/15/2040

1,228,348

3,700,000

4.375%, 

5/15/2040

3,593,769

9,675,000

4.625%, 

2/15/2046

9,327,305

U.S.

Treasury

Notes

5,450,000

3.375%, 

2/29/2028

5,406,996

4,775,000

3.500%, 

2/15/2029

4,733,592

34,190,000

3.750%, 

1/31/2031

33,898,851

15,125,000

4.000%, 

1/31/2033

15,009,199

1,975,000

4.125%, 

2/15/2036

1,944,141

Total

75,142,201

Total

Long-Term

Fixed

Income

(cost

$148,404,057)

146,039,964

Shares

or

Principal

Amount

Short-Term

Investments

12.0%

Value

Federal

National

Mortgage

Association

Discount

Notes

100,000

3.595%,

6/1/2026

f,g

99,379

State

Street

Institutional

U.S.

Government

Money

Market

Fund

4,428,216

3.602%

f

4,428,216

Thrivent

Core

Short-Term

Reserve

Fund

1,400,000

3.930%

14,000,000

Total

Short-Term

Investments

(cost

$18,527,607)

18,527,595

Total

Investments

(cost

$166,931,664)

106.7%

$164,567,559

Other

Assets

and

Liabilities,

Net

(6.7%)

(10,327,922)

Total

Net

Assets

100.0%

$154,239,637

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$5,290,332

or

3.4%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

d

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.

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:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

4,834,424

–

4,834,424

–

Collateralized

Mortgage

Obligations

18,241,296

–

18,241,296

–

Commercial

Mortgage-Backed

Securities

5,139,376

–

5,139,376

–

Financials

20,819

–

20,819

–

Mortgage-Backed

Securities

42,661,848

–

42,661,848

–

U.S.

Government

&

Agencies

75,142,201

–

75,142,201

–

Short-Term

Investments

4,527,595

4,428,216

99,379

–

Subtotal

Investments

in

Securities

$150,567,559

$4,428,216

$146,139,343

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

14,000,000

Subtotal

Other

Investments

$14,000,000

Total

Investments

at

Value

$164,567,559

*

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

March

31,

2026,

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

41,163

41,163

–

–

Total

Liability

Derivatives

$41,163

$41,163

$–

$–

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$99,379

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

68

June

2026

$

14,147,444

(

$

41,163)

Total

Futures

Long

Contracts

$

14,147,444

(

$

41,163)

Total

Futures

Contracts

$

14,147,444

($41,163)

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

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.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

$10,000

$14,000

$10,000

$14,000

1,400

9.1%

Total

Affiliated

Short-Term

Investments

10,000

14,000

9.1

Total

Value

$10,000

$14,000

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

$–

$–

$

–

$12

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$12

Total

Value

$–

$–

$

–

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

a

Shares

Common

Stock

98.9%

Value

Biotechnology  18.5%

70,514

AbbVie,

Inc.

$

15,336,090

20,363

Amgen,

Inc.

7,164,722

2,048

Argenx

SE

ADR

a

1,495,552

52,478

BioMarin

Pharmaceutical,

Inc.

a

2,964,482

43,773

Gilead

Sciences,

Inc.

6,100,643

2,911

Regeneron

Pharmaceuticals,

Inc.

2,249,155

3,269

United

Therapeutics

Corporation

a

1,938,452

8,669

Vertex

Pharmaceuticals,

Inc.

a

3,871,055

Total

41,120,151

Health

Care

Distributors  3.3%

15,871

Cencora,

Inc.

4,985,716

2,821

McKesson

Corporation

2,441,180

Total

7,426,896

Health

Care

Equipment  18.8%

63,097

Abbott

Laboratories

6,478,169

7,266

ABIOMED,

Inc.,

CVR

a,b

6,670

69,603

Boston

Scientific

Corporation

a

4,367,588

30,393

Dexcom,

Inc.

a

1,908,681

16,337

Edwards

Lifesciences

Corporation

a

1,308,267

29,402

GE

HealthCare

Technologies,

Inc.

2,092,835

6,406

IDEXX

Laboratories,

Inc.

a

3,599,467

11,772

Intuitive

Surgical,

Inc.

a

5,426,774

60,889

Medtronic

plc

5,276,032

13,995

STERIS

plc

3,094,714

25,408

Stryker

Corporation

8,348,815

Total

41,908,012

Health

Care

Facilities  3.3%

136,939

Concentra

Group

Holdings

Parent,

Inc.

2,937,342

16,795

Encompass

Health

Corporation

1,624,580

15,001

Tenet

Healthcare

Corporation

a

2,830,839

Total

7,392,761

Health

Care

Services  3.7%

25,970

BrightSpring

Health

Services,

Inc.

a

1,106,582

5,912

Cigna

Group

1,577,026

25,743

CVS

Health

Corporation

1,848,862

13,646

Labcorp

Holdings,

Inc.

3,640,889

Total

8,173,359

Life

Sciences

Tools

&

Services  10.0%

35,221

Bio-Techne

Corporation

1,840,649

40,038

Danaher

Corporation

7,591,205

15,893

Illumina,

Inc.

a

1,958,971

11,990

IQVIA

Holding,

Inc.

a

2,044,775

3,258

Mettler-Toledo

International,

Inc.

a

4,108,990

9,474

Thermo

Fisher

Scientific,

Inc.

4,656,755

Total

22,201,345

Managed

Health

Care  6.1%

5,578

Elevance

Health,

Inc.

1,632,959

4,087

Humana,

Inc.

708,645

41,064

UnitedHealth

Group,

Inc.

11,111,508

Total

13,453,112

Pharmaceuticals  35.2%

85,661

Bristol-Myers

Squibb

Company

5,195,340

74,901

Elanco

Animal

Health,

Inc.

a

1,792,381

31,745

Eli

Lilly

&

Company

29,198,099

86,360

Johnson

&

Johnson

21,109,838

102,496

Merck

&

Company,

Inc.

12,329,244

Shares

Common

Stock  98.9%

Value

Pharmaceuticals  35.2%

-

continued

197,744

Pfizer,

Inc.

$

5,552,651

46,836

Royalty

Pharma

plc

2,246,723

7,493

Zoetis,

Inc.

885,747

Total

78,310,023

Total

Common

Stock

(cost

$141,762,593)

219,985,659

Shares

Registered

Investment

Companies  

0.7%

Value

U.S.

Unaffiliated  

0.7%  

12,699

State

Street

SPDR

S&P

Biotech

ETF

1,622,043

Total

1,622,043

Total

Registered

Investment

Companies

(cost

$1,171,921)

1,622,043

Total

Investments

(cost

$142,934,514)

99.6%

$221,607,702

Other

Assets

and

Liabilities,

Net

0.4%

898,244

Total

Net

Assets

100.0%

$222,505,946

a

Non-income

producing

security.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CVR

-

Contingent

Value

Right

ETF

-

Exchange-Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

in

valuing

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

41,120,151

41,120,151

–

–

Health

Care

Distributors

7,426,896

7,426,896

–

–

Health

Care

Equipment

41,908,012

41,901,342

–

6,670

Health

Care

Facilities

7,392,761

7,392,761

–

–

Health

Care

Services

8,173,359

8,173,359

–

–

Life

Sciences

Tools

&

Services

22,201,345

22,201,345

–

–

Managed

Health

Care

13,453,112

13,453,112

–

–

Pharmaceuticals

78,310,023

78,310,023

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,622,043

1,622,043

–

–

Subtotal

Investments

in

Securities

$221,607,702

$221,601,032

$–

$6,670

Total

Investments

at

Value

$221,607,702

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Principal

Amount

Bank

Loans

2.5%

a

Value

Basic

Materials  0.5%

Chemours

Company,

Term

Loan

$

1,127,175

7.168%, 

(TSFR1M

+

3.500%),

10/15/2032

b

$

1,117,312

Grinding

Media,

Inc.,

Term

Loan

1,576,846

7.173%, 

(TSFR3M

+

3.500%),

10/12/2028

b,c

1,576,847

Natgasoline,

LLC,

Term

Loan

1,890,728

9.173%, 

(TSFR3M

+

5.500%),

3/29/2030

b

1,897,818

Total

4,591,977

Capital

Goods  0.5%

Azorra

SOAR

TLB

Finance,

Ltd.,

Term

Loan

1,037,375

6.174%, 

(TSFR3M

+

2.500%),

10/18/2029

b

1,036,939

Columbus

McKinnon

Corporation/

NY,

Term

Loan

1,147,931

7.200%, 

(TSFR3M

+

3.500%),

2/3/2033

b

1,142,192

TransDigm,

Inc.,

Term

Loan

1,691,500

6.168%, 

(TSFR1M

+

2.500%),

8/19/2032

b

1,691,094

Total

3,870,225

Communications

Services  0.5%

Cengage

Learning,

Inc.,

Term

Loan

1,531,636

6.672%, 

(TSFR1M

+

3.000%),

3/24/2031

b

1,497,327

DIRECTV

Financing,

LLC,

Term

Loan

1,489,835

9.179%, 

(TSFR3M

+

5.250%),

8/2/2029

b

1,491,936

E.W.

Scripps

Company,

Term

Loan

977,038

7.140%, 

(TSFR1M

+

3.350%),

11/30/2029

b

958,719

Gray

Media,

Inc.,

Term

Loan

602,247

6.782%, 

(TSFR1M

+

3.000%),

12/1/2028

b

601,831

Total

4,549,813

Consumer

Cyclical  0.3%

Evergreen

AcqCo

1,

LP,

Term

Loan

1,106,750

6.686%, 

(TSFR3M

+

3.000%),

9/17/2032

b

1,107,215

Marriott

Ownership

Resorts,

Inc.,

Term

Loan

1,056,188

5.918%, 

(TSFR1M

+

2.250%),

4/1/2031

b

1,052,670

Six

Flags

Entertainment

Corporation,

Term

Loan

531,532

5.668%, 

(TSFR1M

+

2.000%),

5/1/2031

b

522,895

Total

2,682,780

Consumer

Non-Cyclical  0.3%

B&G

Foods,

Inc.,

Term

Loan

1,659,725

7.168%, 

(TSFR1M

+

3.500%),

10/10/2029

b

1,545,619

Principal

Amount

Bank

Loans  2.5%

a

Value

Consumer

Non-Cyclical  0.3%

-

continued

HLF

Financing

SARL,

LLC,

Term

Loan

$

1,058,500

10.418%, 

(TSFR1M

+

6.750%),

4/12/2029

b

$

1,058,172

Modivcare

Buyer,

LLC,

Term

Loan

128,470

8.701%, 

(TSFR3M

+

5.000%),

12/29/2030

b

118,352

Total

2,722,143

Financials  0.1%

Acrisure,

LLC,

Term

Loan

266,943

6.668%, 

(TSFR1M

+

3.000%),

11/6/2030

b

258,201

Jupiter

Borrower,

Inc.,

Term

Loan

640,000

0.000%, 

(TSFR1M

+

2.750%),

3/25/2033

b,c,d,e

638,400

Total

896,601

Technology  0.1%

McAfee

Corporation,

Term

Loan

841,479

6.668%, 

(TSFR1M

+

3.000%),

3/1/2029

b

748,916

Total

748,916

Transportation  0.2%

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,660,710

5.450%, 

(TSFR3M

+

1.750%),

4/10/2031

b

1,651,543

Total

1,651,543

Total

Bank

Loans

(cost

$21,865,032)

21,713,998

Principal

Amount

Long-Term

Fixed

Income

92.4%

Value

Basic

Materials  5.2%

ACN

113

874

712,

Pty.

Ltd.

3,195,300

11.500%, 

2/15/2018

*,c,f,g

3

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

640,000

8.625%, 

6/15/2029

h

664,806

Alumina,

Pty.

Ltd.

284,000

6.125%, 

3/15/2030

h

289,792

851,000

6.375%, 

9/15/2032

h

874,179

Avient

Corporation

1,685,000

6.250%, 

11/1/2031

h

1,696,768

Axalta

Coating

Systems

Dutch

Holding

B

BV

1,386,000

7.250%, 

2/15/2031

h

1,449,364

Carpenter

Technology

Corporation

560,000

5.625%, 

3/1/2034

h

554,842

Cascades,

Inc./Cascades

USA,

Inc.

1,697,000

6.750%, 

7/15/2030

h

1,711,849

Celanese

US

Holdings,

LLC

1,136,000

6.500%, 

4/15/2030

i

1,159,280

Cerdia

Finanz

GmbH

1,667,000

9.375%, 

10/3/2031

h

1,651,213

Chemours

Company

1,130,000

4.625%, 

11/15/2029

h

1,059,663

1,030,000

7.875%, 

3/15/2034

h

1,029,701

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Basic

Materials  5.2%

-

continued

Cleveland-Cliffs,

Inc.

$

1,262,000

6.875%, 

11/1/2029

h

$

1,261,887

1,515,000

4.875%, 

3/1/2031

h,i

1,360,716

1,685,000

7.000%, 

3/15/2032

h

1,630,326

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

567,000

6.125%, 

6/15/2028

h

564,924

First

Quantum

Minerals,

Ltd.

990,000

8.000%, 

3/1/2033

h

1,031,929

1,700,000

7.250%, 

2/15/2034

h

1,730,663

FMC

Corporation

1,560,000

8.450%, 

11/1/2055

b

1,004,421

Hecla

Mining

Company

496,000

7.250%, 

2/15/2028

495,637

Hudbay

Minerals,

Inc.

1,095,000

4.500%, 

4/1/2026

h

1,095,000

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

444,000

9.000%, 

7/1/2028

h,i

444,359

INEOS

Finance

plc

1,870,000

7.500%, 

4/15/2029

h,i

1,814,103

Magnera

Corporation

1,702,000

7.250%, 

11/15/2031

h,i

1,575,371

Methanex

Corporation

259,000

5.650%, 

12/1/2044

231,149

Methanex

US

Operations,

Inc.

1,127,000

6.250%, 

3/15/2032

h,i

1,152,995

Mineral

Resources,

Ltd.

1,623,000

9.250%, 

10/1/2028

h

1,681,627

340,000

7.000%, 

4/1/2031

h

347,453

Novelis

Corporation

2,495,000

4.750%, 

1/30/2030

h

2,360,464

Qnity

Electronics,

Inc.

2,270,000

5.750%, 

8/15/2032

h

2,272,704

SNF

Group

SACA

1,133,000

3.375%, 

3/15/2030

h

1,047,858

Solstice

Advanced

Materials,

Inc.

1,130,000

5.625%, 

9/30/2033

h

1,114,228

SunCoke

Energy,

Inc.

1,297,000

4.875%, 

6/30/2029

h

1,170,365

Taseko

Mines,

Ltd.

1,585,000

8.250%, 

5/1/2030

h

1,652,458

United

States

Steel

Corporation

1,666,000

6.875%, 

3/1/2029

1,666,363

Veritiv

Operating

Company

849,000

10.500%, 

11/30/2030

h

882,322

WR

Grace

Holdings,

LLC

1,130,000

6.625%, 

8/15/2032

h

1,101,021

1,040,000

7.000%, 

8/1/2033

h

1,010,022

Total

43,841,825

Capital

Goods  9.8%

AAR

Escrow

Issuer,

LLC

791,000

6.750%, 

3/15/2029

h

805,081

Abengoa

Abenewco

2

Bis

SA

3,963,662

0.000%,PIK

1.500%,

4/26/2024

*,f,g,j

19,818

Advanced

Drainage

Systems,

Inc.

260,000

5.375%, 

3/1/2034

h

253,011

AECOM

2,270,000

6.000%, 

8/1/2033

h

2,267,506

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Capital

Goods  9.8%

-

continued

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

$

2,265,000

7.000%, 

5/21/2030

h

$

2,314,914

AmeriTex

HoldCo

Intermediate,

LLC

280,000

7.625%, 

8/15/2033

h

289,029

Amsted

Industries,

Inc.

1,360,000

4.625%, 

5/15/2030

h

1,304,677

Ardagh

Metal

Packaging

Finance

USA,

LLC/Ardagh

Metal

Packaging

Finance

plc

1,266,000

6.250%, 

1/30/2031

h

1,255,129

ATI,

Inc.

953,000

7.250%, 

8/15/2030

988,231

Axon

Enterprise,

Inc.

680,000

6.125%, 

3/15/2030

h

691,251

680,000

6.250%, 

3/15/2033

h

694,107

Boeing

Company

541,000

6.298%, 

5/1/2029

567,961

421,000

6.388%, 

5/1/2031

448,930

Bombardier,

Inc.

2,242,000

7.000%, 

6/1/2032

h

2,326,842

849,000

6.750%, 

6/15/2033

h

876,769

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

1,699,000

7.500%, 

2/1/2032

h

1,716,766

Builders

FirstSource,

Inc.

795,000

5.000%, 

3/1/2030

h

774,291

1,134,000

6.750%, 

5/15/2035

h

1,132,913

Canpack

SA/Canpack

US,

LLC

1,608,000

3.875%, 

11/15/2029

h

1,504,744

Chart

Industries,

Inc.

2,631,000

7.500%, 

1/1/2030

h

2,733,364

Clean

Harbors,

Inc.

1,480,000

5.125%, 

7/15/2029

h

1,461,828

Clydesdale

Acquisition

Holdings,

Inc.

297,000

6.625%, 

4/15/2029

h

291,673

1,100,000

6.875%, 

1/15/2030

h

1,069,170

594,000

8.750%, 

4/15/2030

h

554,246

1,705,000

6.750%, 

4/15/2032

h

1,613,175

Columbus

McKinnon

Corporation/

NY

1,300,000

7.125%, 

2/1/2033

h,i

1,299,402

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

2,400,000

6.625%, 

12/15/2030

h

2,440,942

EquipmentShare.com,

Inc.

420,000

8.625%, 

5/15/2032

h

438,379

ESAB

Corporation

520,000

5.625%, 

4/1/2031

h

523,645

GFL

Environmental

Holdings

US,

Inc.

1,100,000

5.500%, 

2/1/2034

h

1,078,875

GFL

Environmental,

Inc.

2,615,000

4.000%, 

8/1/2028

h

2,542,097

Herc

Holdings,

Inc.

1,280,000

6.625%, 

6/15/2029

h

1,301,027

1,431,000

7.000%, 

6/15/2030

h

1,467,303

588,000

7.250%, 

6/15/2033

h,i

602,548

Installed

Building

Products,

Inc.

364,000

5.625%, 

2/1/2034

h

355,190

Madison

IAQ,

LLC

1,040,000

5.875%, 

6/30/2029

h

1,019,886

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Capital

Goods  9.8%

-

continued

Mauser

Packaging

Solutions

Holding

Company

$

1,515,000

9.250%, 

4/15/2030

h

$

1,407,689

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

475,000

6.750%, 

4/1/2032

h

454,933

MIWD

Holdco

II,

LLC

1,369,000

5.500%, 

2/1/2030

h,i

1,182,443

Mueller

Water

Products,

Inc.

1,300,000

4.000%, 

6/15/2029

h

1,252,416

Nesco

Holdings

II,

Inc.

1,080,000

5.500%, 

4/15/2029

h

1,056,216

New

Enterprise

Stone

and

Lime

Company,

Inc.

1,753,000

5.250%, 

7/15/2028

h

1,727,047

OI

European

Group

BV

1,700,000

4.750%, 

2/15/2030

h

1,586,410

Owens-Brockway

Glass

Container,

Inc.

1,632,000

6.625%, 

5/13/2027

h

1,635,377

640,000

7.375%, 

6/1/2032

h,i

605,745

Quikrete

Holdings,

Inc.

2,840,000

6.750%, 

3/1/2033

h

2,884,418

QXO

Building

Products,

Inc.

1,980,000

6.750%, 

4/30/2032

h

2,019,582

Resideo

Funding,

Inc.

1,636,000

6.500%, 

7/15/2032

h

1,611,913

Reworld

Holding

Corporation

965,000

4.875%, 

12/1/2029

h

904,650

Roller

Bearing

Company

of

America,

Inc.

1,672,000

4.375%, 

10/15/2029

h

1,624,491

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

732,000

6.125%, 

2/1/2028

h

741,172

Smyrna

Ready

Mix

Concrete,

LLC

1,825,000

8.875%, 

11/15/2031

h

1,881,940

Spirit

AeroSystems,

Inc.

2,270,000

4.600%, 

6/15/2028

2,270,620

SRM

Escrow

Issuer,

LLC

744,000

6.000%, 

11/1/2028

h

738,389

Standard

Building

Solutions,

Inc.

565,000

6.500%, 

8/15/2032

h

565,292

2,260,000

6.250%, 

8/1/2033

h

2,234,587

560,000

5.875%, 

3/15/2034

h

539,946

Synergy

Infrastructure

Holdings,

LLC

700,000

7.875%, 

12/1/2030

h

713,526

TransDigm,

Inc.

787,000

6.750%, 

8/15/2028

h

796,554

2,691,000

7.125%, 

12/1/2031

h

2,777,532

1,465,000

6.625%, 

3/1/2032

h

1,494,110

570,000

6.750%, 

1/31/2034

h

577,470

520,000

6.125%, 

7/31/2034

h,i

511,442

Trivium

Packaging

Finance

BV

902,000

8.250%, 

7/15/2030

h,i

943,747

570,000

12.250%, 

1/15/2031

h,i

617,144

United

Rentals

North

America,

Inc.

2,100,000

3.875%, 

2/15/2031

1,974,146

Waste

Pro

USA,

Inc.

920,000

7.000%, 

2/1/2033

h

930,351

WESCO

Distribution,

Inc.

767,000

7.250%, 

6/15/2028

h

771,183

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Capital

Goods  9.8%

-

continued

$

789,000

6.375%, 

3/15/2029

h

$

803,130

130,000

5.250%, 

4/15/2031

h

129,224

552,000

6.625%, 

3/15/2032

h

564,989

260,000

5.500%, 

4/15/2034

h

256,061

Total

83,810,605

Communications

Services  12.2%

Altice

Financing

SA

1,392,000

5.750%, 

8/15/2029

h

974,492

Altice

France

SA

919,970

6.500%, 

4/15/2032

h

871,657

2,131,099

6.875%, 

7/15/2032

h

2,019,277

AMC

Networks,

Inc.

1,637,000

10.500%, 

7/15/2032

h

1,615,595

Cable

One,

Inc.

1,130,000

4.000%, 

11/15/2030

h,i

786,669

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

1,563,000

5.000%, 

2/1/2028

h

1,550,168

3,380,000

5.375%, 

6/1/2029

h

3,333,534

4,550,000

4.750%, 

3/1/2030

h

4,317,377

1,916,000

4.250%, 

2/1/2031

h

1,746,347

974,000

7.000%, 

2/1/2033

h

976,683

1,298,000

7.375%, 

2/1/2036

h,i

1,292,609

Clear

Channel

Outdoor

Holdings,

Inc.

952,000

7.500%, 

6/1/2029

h

956,017

CSC

Holdings,

LLC

1,031,000

5.375%, 

2/1/2028

h,i

762,477

855,000

11.750%, 

1/31/2029

h

618,289

1,462,000

6.500%, 

2/1/2029

h

931,901

1,240,000

4.125%, 

12/1/2030

h,i

744,110

Deluxe

Corporation

2,123,000

8.125%, 

9/15/2029

h

2,203,852

DIRECTV

Financing,

LLC

1,130,000

8.875%, 

2/1/2030

h

1,127,486

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

5,300,000

5.875%, 

8/15/2027

h

5,294,415

Discovery

Global

Holdings,

Inc.

570,000

4.054%, 

3/15/2029

551,475

1,690,000

4.279%, 

3/15/2032

1,495,650

1,420,000

5.050%, 

3/15/2042

935,504

DISH

DBS

Corporation

1,308,000

5.250%, 

12/1/2026

h

1,296,782

1,271,000

5.750%, 

12/1/2028

h

1,229,302

1,144,000

5.125%, 

6/1/2029

1,022,303

DISH

Network

Corporation

1,978,000

11.750%, 

11/15/2027

h

2,037,825

EchoStar

Corporation

2,687,000

10.750%, 

11/30/2029

2,902,634

FiberCop

SPA

1,504,000

6.000%, 

9/30/2034

h

1,430,734

Frontier

Communications

Holdings,

LLC

1,590,000

5.000%, 

5/1/2028

h

1,589,751

561,000

8.750%, 

5/15/2030

h

575,634

Getty

Images,

Inc.

1,130,000

10.500%, 

11/15/2030

h

1,013,406

Gray

Media,

Inc.

1,435,000

5.375%, 

11/15/2031

h,i

1,064,325

1,270,000

7.250%, 

8/15/2033

h

1,279,742

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Communications

Services  12.2%

-

continued

iHeartCommunications,

Inc.

$

453,150

9.125%, 

5/1/2029

h,i

$

411,505

Iliad

Holding

SAS

1,571,000

8.500%, 

4/15/2031

h

1,643,758

1,231,000

7.000%, 

4/15/2032

h

1,232,475

Level

3

Financing,

Inc.

1,533,000

4.250%, 

7/1/2028

h

1,479,167

1,980,000

6.875%, 

6/30/2033

h

2,016,276

1,280,000

7.000%, 

3/31/2034

h

1,310,190

2,730,000

8.500%, 

1/15/2036

h

2,848,514

McGraw-Hill

Education,

Inc.

1,081,000

5.750%, 

8/1/2028

h

1,068,902

1,763,000

8.000%, 

8/1/2029

h,i

1,760,384

Nexstar

Media,

Inc.

843,000

4.750%, 

11/1/2028

h,i

828,889

2,578,000

6.500%, 

9/15/2033

h

2,597,642

1,546,000

7.250%, 

4/15/2034

e,h

1,550,602

Oak-Eagle

Acquireco,

Inc.

515,393

7.250%, 

7/1/2033

e,h

533,996

902,000

8.750%, 

7/1/2034

e,h

944,296

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

1,468,000

4.625%, 

3/15/2030

h,i

1,416,365

Playtika

Holding

Corporation

1,163,000

4.250%, 

3/15/2029

h,i

907,489

Rogers

Communications,

Inc.

710,000

7.000%, 

4/15/2055

b

712,797

Sable

International

Finance,

Ltd.

1,122,000

7.125%, 

10/15/2032

h

1,108,282

Scripps

Escrow

II,

Inc.

1,130,000

3.875%, 

1/15/2029

h,i

1,045,188

Sinclair

Television

Group,

Inc.

990,000

8.125%, 

2/15/2033

h

1,006,399

Sirius

XM

Radio,

LLC

1,649,000

4.000%, 

7/15/2028

h

1,591,715

890,000

3.875%, 

9/1/2031

h

808,048

520,000

5.875%, 

4/15/2032

h

516,553

Snap,

Inc.

850,000

6.875%, 

3/15/2034

h

799,483

Telenet

Finance

Luxembourg

Notes

SARL

2,200,000

5.500%, 

3/1/2028

h

2,158,904

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

1,381,000

4.750%, 

4/15/2028

h

1,373,818

1,707,000

6.500%, 

2/15/2029

h

1,657,904

850,000

8.625%, 

6/15/2032

h,i

865,713

390,000

8.625%, 

6/15/2032

h

397,209

Uniti

Services,

LLC

1,270,000

7.500%, 

10/15/2033

h

1,320,358

Univision

Communications,

Inc.

320,000

8.000%, 

8/15/2028

h

324,797

1,387,000

4.500%, 

5/1/2029

h

1,303,075

1,400,000

8.500%, 

7/31/2031

h

1,406,832

1,130,000

9.375%, 

8/1/2032

h

1,164,595

Viasat,

Inc.

1,263,000

6.500%, 

7/15/2028

h,i

1,247,963

Virgin

Media

Finance

plc

979,000

5.000%, 

7/15/2030

h

802,193

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Communications

Services  12.2%

-

continued

Virgin

Media

O2

Vendor

Financing

Notes

VI

DAC

$

1,040,000

8.500%, 

3/15/2033

h

$

908,775

Virgin

Media

Secured

Finance

plc

2,335,000

5.500%, 

5/15/2029

h

2,239,452

VZ

Secured

Financing

BV

2,661,000

5.000%, 

1/15/2032

h

2,280,999

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

1,521,000

8.250%, 

10/1/2031

h

1,589,684

Zegona

Finance

plc

1,334,000

8.625%, 

7/15/2029

h

1,397,429

Ziggo

Bond

Company

BV

987,000

5.125%, 

2/28/2030

h,i

846,930

Total

103,973,567

Consumer

Cyclical  17.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

3,006,000

5.625%, 

9/15/2029

h

3,012,547

1,985,000

4.000%, 

10/15/2030

h

1,865,751

Adient

Global

Holdings,

Ltd.

1,420,000

7.500%, 

2/15/2033

h,i

1,435,627

Advance

Auto

Parts,

Inc.

848,000

7.000%, 

8/1/2030

h

859,064

848,000

7.375%, 

8/1/2033

h,i

858,854

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

820,000

6.000%, 

6/1/2029

h,i

792,347

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

1,160,000

4.625%, 

6/1/2028

h

1,132,650

1,560,000

4.625%, 

6/1/2028

h

1,524,144

Allison

Transmission,

Inc.

1,299,000

3.750%, 

1/30/2031

h

1,209,149

American

Axle

&

Manufacturing,

Inc.

1,506,000

5.000%, 

10/1/2029

i

1,436,640

1,710,000

7.750%, 

10/15/2033

h

1,664,682

Arches

Buyer,

Inc.

1,732,000

6.125%, 

12/1/2028

h,i

1,658,749

Asbury

Automotive

Group,

Inc.

540,000

5.000%, 

2/15/2032

h

511,387

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

800,000

4.625%, 

8/1/2029

h

755,774

1,410,000

4.625%, 

4/1/2030

h

1,308,663

Aston

Martin

Capital

Holdings,

Ltd.

780,000

10.000%, 

3/31/2029

h

586,950

Bath

&

Body

Works,

Inc.

850,000

6.950%, 

3/1/2033

820,198

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

990,000

9.500%, 

7/1/2032

h

897,749

Beach

Acquisition

Bidco,

LLC

832,698

0.000%,PIK

10.750%,

7/15/2033

h,j

886,838

Bloomin'

Brands,

Inc./OSI

Restaurant

Partners,

LLC

1,380,000

5.125%, 

4/15/2029

h,i

1,222,420

Boyd

Gaming

Corporation

1,325,000

4.750%, 

6/15/2031

h

1,259,829

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Consumer

Cyclical  17.1%

-

continued

Brightstar

Lottery

plc/Brightstar

Global

Solutions

Corporation

$

1,120,000

5.750%, 

1/15/2033

h

$

1,088,726

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

135,000

6.250%, 

9/15/2027

h

134,822

1,607,000

5.000%, 

6/15/2029

h

1,524,715

350,000

4.875%, 

2/15/2030

h

321,346

Caesars

Entertainment,

Inc.

1,814,000

4.625%, 

10/15/2029

h,i

1,744,878

1,680,000

7.000%, 

2/15/2030

h

1,700,748

944,000

6.500%, 

2/15/2032

h

933,010

Carnival

Corporation

1,130,000

5.125%, 

5/1/2029

h

1,121,843

3,350,000

5.750%, 

8/1/2032

h

3,348,911

Carriage

Services,

Inc.

1,040,000

4.250%, 

5/15/2029

h

987,983

Carvana

Company

1,278,418

9.000%,PIK

0.000%,

6/1/2030

h,j

1,329,878

1,734,900

9.000%,PIK

0.000%,

6/1/2031

h,j

1,875,954

Churchill

Downs,

Inc.

899,000

6.750%, 

5/1/2031

h

915,902

Cyprium

Corporation/Cyprium

Holdings

Luxembourg

SARL

1,040,000

6.125%, 

4/15/2031

h

1,025,250

Dream

Finders

Homes,

Inc.

1,420,000

6.875%, 

9/15/2030

h

1,358,635

Flutter

Treasury

DAC

354,000

5.875%, 

6/4/2031

h

350,704

Ford

Motor

Company

1,490,000

3.250%, 

2/12/2032

1,294,141

Forestar

Group,

Inc.

1,710,000

6.500%, 

3/15/2033

h

1,690,498

FORVIA

SE

1,135,000

8.000%, 

6/15/2030

h

1,172,635

1,420,000

6.750%, 

9/15/2033

h,i

1,386,473

Gap,

Inc.

1,165,000

3.625%, 

10/1/2029

h

1,088,232

Garda

World

Security

Corporation

1,040,000

6.000%, 

6/1/2029

h,i

989,897

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

1,120,000

7.750%, 

5/31/2032

h

1,159,676

General

Motors

Financial

Company,

Inc.

1,606,000

5.750%, 

9/30/2027

b,i,k

1,563,634

Genting

New

York,

LLC/GENNY

Capital,

Inc.

1,469,000

7.250%, 

10/1/2029

h

1,474,912

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

2,120,000

8.750%, 

1/15/2032

h

1,814,961

Goodyear

Tire

&

Rubber

Company

1,790,000

5.000%, 

7/15/2029

i

1,693,898

Group

1

Automotive,

Inc.

904,000

6.375%, 

1/15/2030

h

910,064

Hilton

Domestic

Operating

Company,

Inc.

1,231,000

4.875%, 

1/15/2030

i

1,212,411

1,195,000

3.625%, 

2/15/2032

h

1,085,861

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Consumer

Cyclical  17.1%

-

continued

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

$

1,094,000

5.000%, 

6/1/2029

h

$

1,038,797

Jacobs

Entertainment,

Inc.

1,612,000

6.750%, 

2/15/2029

h

1,507,220

K

Hovnanian

Enterprises,

Inc.

710,000

8.000%, 

4/1/2031

h

701,966

KB

Home

1,208,000

6.875%, 

6/15/2027

1,219,066

1,123,000

4.000%, 

6/15/2031

1,035,382

Kingpin

Intermediate

Holdings,

LLC

1,130,000

7.250%, 

10/15/2032

h,i

998,440

L

Brands,

Inc.

1,559,000

5.250%, 

2/1/2028

1,557,445

811,000

6.875%, 

11/1/2035

797,758

Life

Time,

Inc.

1,178,000

6.000%, 

11/15/2031

h

1,187,333

Light

&

Wonder

International,

Inc.

776,000

7.250%, 

11/15/2029

h

791,054

1,700,000

6.250%, 

10/1/2033

h

1,665,473

Lindblad

Expeditions,

LLC

1,660,000

7.000%, 

9/15/2030

h

1,694,845

Lithia

Motors,

Inc.

1,130,000

4.625%, 

12/15/2027

h

1,115,048

Live

Nation

Entertainment,

Inc.

858,000

4.750%, 

10/15/2027

h

852,667

Macy's

Retail

Holdings,

LLC

850,000

7.375%, 

8/1/2033

h,i

870,784

780,000

6.375%, 

3/15/2037

689,051

1,130,000

4.300%, 

2/15/2043

i

757,076

Marriott

Ownership

Resorts,

Inc.

3,400,000

6.500%, 

10/1/2033

h,i

3,232,851

Match

Group

Holdings

II,

LLC

1,710,000

6.125%, 

9/15/2033

h

1,661,801

Mattamy

Group

Corporation

1,800,000

4.625%, 

3/1/2030

h

1,711,351

700,000

6.000%, 

12/15/2033

h

657,338

Melco

Resorts

Finance,

Ltd.

900,000

5.375%, 

12/4/2029

h

864,385

775,000

7.625%, 

4/17/2032

h

786,412

430,000

6.500%, 

9/24/2033

h

412,706

MGM

China

Holdings,

Ltd.

281,000

7.125%, 

6/26/2031

h

286,577

MGM

Resorts

International

1,124,000

6.125%, 

9/15/2029

1,130,660

Michaels

Companies,

Inc.

2,069,000

8.500%, 

3/15/2033

h

2,014,159

1,552,000

11.000%, 

3/15/2034

h

1,445,226

Millrose

Properties,

Inc.

1,700,000

6.375%, 

8/1/2030

h

1,699,471

560,000

6.250%, 

9/15/2032

h

549,700

Muvico,

LLC

1,166,790

9.000%,PIK

6.000%,

2/19/2029

h,i,j

1,106,211

NCL

Corporation,

Ltd.

1,990,000

5.875%, 

1/15/2031

h

1,933,416

2,417,000

6.750%, 

2/1/2032

h

2,398,661

1,420,000

6.250%, 

9/15/2033

h

1,377,881

Nissan

Motor

Acceptance

Company,

LLC

1,700,000

5.625%, 

9/29/2028

h

1,668,292

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Consumer

Cyclical  17.1%

-

continued

$

570,000

6.125%, 

9/30/2030

h

$

547,793

Penn

Entertainment,

Inc.

1,030,000

6.750%, 

4/1/2031

h

1,000,356

PENN

Entertainment,

Inc.

1,040,000

4.125%, 

7/1/2029

h,i

972,612

Petco

Health

and

Wellness

Company,

Inc.

780,000

8.250%, 

2/1/2031

h,i

778,931

PetSmart,

LLC/PetSmart

Finance

Corporation

2,840,000

7.500%, 

9/15/2032

h

2,853,831

850,000

10.000%, 

9/15/2033

h

848,048

Phinia,

Inc.

843,000

6.625%, 

10/15/2032

h

856,818

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

2,220,000

3.375%, 

8/31/2027

h

2,160,638

Rakuten

Group,

Inc.

281,000

11.250%, 

2/15/2027

h

290,840

1,131,000

9.750%, 

4/15/2029

h

1,205,191

850,000

8.125%, 

12/15/2029

b,h,k

842,961

Raven

Acquisition

Holdings,

LLC

1,100,000

6.875%, 

11/15/2031

h

1,060,463

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

1,100,000

4.625%, 

4/16/2029

h

945,370

Risewell

Homes,

Inc.

570,000

8.500%, 

11/1/2030

h

557,358

S&S

Holdings,

LLC

1,302,000

8.375%, 

10/1/2031

h

1,148,420

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

2,136,000

5.250%, 

7/15/2029

2,043,135

Staples,

Inc.

1,120,000

10.750%, 

9/1/2029

h

1,035,798

Station

Casinos,

LLC

800,000

4.500%, 

2/15/2028

h

784,110

700,000

4.625%, 

12/1/2031

h,i

653,583

Taylor

Morrison

Communities,

Inc.

705,000

5.750%, 

11/15/2032

h

705,617

Tenneco,

Inc.

1,485,000

8.000%, 

11/17/2028

h

1,479,718

Vail

Resorts,

Inc.

740,000

5.625%, 

7/15/2030

h

733,878

VF

Corporation

850,000

6.000%, 

10/15/2033

i

850,754

Victoria's

Secret

&

Company

1,414,000

4.625%, 

7/15/2029

h

1,347,518

Viking

Cruises,

Ltd.

2,257,000

5.875%, 

10/15/2033

h

2,228,363

Wayfair,

LLC

1,575,000

7.750%, 

9/15/2030

h

1,639,791

Wyndham

Hotels

&

Resorts,

Inc.

520,000

5.625%, 

3/1/2033

h

511,668

Wynn

Macau,

Ltd.

1,700,000

6.750%, 

2/15/2034

h

1,659,070

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

2,977,000

7.125%, 

2/15/2031

h

3,120,625

ZF

North

America

Capital,

Inc.

1,053,000

6.875%, 

4/14/2028

h

1,068,061

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Consumer

Cyclical  17.1%

-

continued

$

1,265,000

6.750%, 

4/23/2030

h

$

1,223,739

1,040,000

6.875%, 

4/23/2032

h

988,107

Total

145,560,278

Consumer

Non-Cyclical  11.0%

1261229

B.C.,

Ltd.

3,682,000

10.000%, 

4/15/2032

h

3,769,794

Acadia

Healthcare

Company,

Inc.

850,000

5.000%, 

4/15/2029

h

827,569

1,310,000

7.375%, 

3/15/2033

h,i

1,341,210

AdaptHealth,

LLC

3,039,000

4.625%, 

8/1/2029

h

2,895,417

Albertsons

Companies,

Inc.

780,000

5.625%, 

3/31/2032

h

767,923

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

560,000

5.500%, 

3/31/2031

h

553,656

400,000

6.250%, 

3/15/2033

h

402,682

2,600,000

5.750%, 

3/31/2034

h

2,543,700

Bausch

+

Lomb

Corporation

472,000

8.375%, 

10/1/2028

h

487,340

Bausch

Health

Companies,

Inc.

680,000

4.875%, 

6/1/2028

h,i

622,683

BellRing

Brands,

Inc.

1,257,000

7.000%, 

3/15/2030

h

1,257,327

BioMarin

Pharmaceutical,

Inc.

1,560,000

5.500%, 

2/15/2034

h

1,535,908

Chobani

Holdco

II,

LLC

612,303

0.000%,PIK

9.500%,

10/1/2029

h,j

651,427

CHS/Community

Health

Systems,

Inc.

1,220,000

6.125%, 

4/1/2030

h,i

1,060,747

1,299,000

4.750%, 

2/15/2031

h

1,197,579

897,000

10.875%, 

1/15/2032

h

962,356

2,270,000

9.750%, 

1/15/2034

h

2,355,961

Concentra

Health

Services,

Inc.

1,095,000

6.875%, 

7/15/2032

h,i

1,132,081

CVS

Health

Corporation

1,129,000

7.000%, 

3/10/2055

b

1,163,534

DaVita,

Inc.

2,070,000

6.875%, 

9/1/2032

h

2,120,563

Embecta

Corporation

1,691,000

5.000%, 

2/15/2030

h,i

1,564,186

Encompass

Health

Corporation

1,238,000

4.500%, 

2/1/2028

1,227,011

Endo

Finance

Holdings,

LP

1,885,000

8.500%, 

4/15/2031

h,i

1,973,735

Energizer

Holdings,

Inc.

1,300,000

4.375%, 

3/31/2029

h

1,236,968

1,110,000

6.000%, 

9/15/2033

h,i

1,039,552

Fiesta

Purchaser,

Inc.

1,123,000

9.625%, 

9/15/2032

h

1,143,743

Genmab

AS/Genmab

Finance,

LLC

1,690,000

6.250%, 

12/15/2032

h

1,732,642

420,000

7.250%, 

12/15/2033

h

439,627

Grifols

SA

1,840,000

4.750%, 

10/15/2028

h

1,802,224

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

2,233,000

4.875%, 

6/1/2029

h

2,089,517

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Consumer

Non-Cyclical  11.0%

-

continued

Industrial

F&B

Investments

III,

Inc.

$

971,000

7.750%, 

2/11/2033

h

$

981,053

Insulet

Corporation

794,000

6.500%, 

4/1/2033

h

810,437

IQVIA,

Inc.

2,264,000

6.250%, 

6/1/2032

h

2,299,072

Jazz

Securities

DAC

1,130,000

4.375%, 

1/15/2029

h

1,102,066

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

733,000

9.000%, 

2/15/2029

h

763,090

Lamb

Weston

Holdings,

Inc.

839,000

4.375%, 

1/31/2032

h

779,391

LifePoint

Health,

Inc.

811,000

5.375%, 

1/15/2029

h,i

782,090

895,000

9.875%, 

8/15/2030

h

946,473

1,082,000

10.000%, 

6/1/2032

h

1,104,971

Medline

Borrower,

LP

2,331,000

5.250%, 

10/1/2029

h

2,310,472

Newell

Brands,

Inc.

306,000

6.375%, 

9/15/2027

307,496

796,000

6.625%, 

9/15/2029

i

776,963

2,205,000

6.375%, 

5/15/2030

i

2,116,612

850,000

6.625%, 

5/15/2032

i

813,436

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

1,280,000

5.125%, 

4/30/2031

h

1,043,187

Performance

Food

Group,

Inc.

1,404,000

4.250%, 

8/1/2029

h

1,348,632

1,685,000

6.125%, 

9/15/2032

h

1,688,112

Perrigo

Finance

Unlimited

Company

1,092,000

4.900%, 

6/15/2030

985,794

1,732,000

6.125%, 

9/30/2032

i

1,580,330

Post

Holdings,

Inc.

1,560,000

4.500%, 

9/15/2031

h

1,450,506

1,620,000

6.250%, 

10/15/2034

h

1,586,314

1,690,000

6.500%, 

3/15/2036

h

1,655,052

Prime

Healthcare

Services,

Inc.

2,580,000

9.375%, 

9/1/2029

h

2,675,460

Radiology

Partners,

Inc.

1,700,000

8.500%, 

7/15/2032

h

1,723,579

Select

Medical

Corporation

850,000

6.250%, 

12/1/2032

h,i

810,133

Simmons

Foods,

Inc.

2,570,000

4.625%, 

3/1/2029

h

2,473,332

Sotera

Health

Holdings,

LLC

1,122,000

7.375%, 

6/1/2031

h

1,158,996

Spectrum

Brands,

Inc.

196,000

3.875%, 

3/15/2031

h

169,171

Star

Parent,

Inc.

1,856,000

9.000%, 

10/1/2030

h

1,922,818

Surgery

Center

Holdings,

Inc.

1,930,000

7.250%, 

4/15/2032

h,i

1,895,594

TEAM

Services

Holding,

Inc.

1,550,000

9.000%, 

2/15/2033

h,i

1,519,844

Tenet

Healthcare

Corporation

4,497,000

5.125%, 

11/1/2027

4,492,598

1,100,000

6.750%, 

5/15/2031

1,124,346

1,834,000

5.500%, 

11/15/2032

h

1,817,085

282,000

6.000%, 

11/15/2033

h

285,341

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Consumer

Non-Cyclical  11.0%

-

continued

US

Acute

Care

Solutions,

LLC

$

1,693,000

9.750%, 

5/15/2029

h

$

1,635,520

Whirlpool

Corporation

570,000

6.125%, 

6/15/2030

556,535

Total

93,390,563

Energy  11.6%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

734,000

7.500%, 

10/1/2029

h

765,536

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

2,126,000

5.375%, 

6/15/2029

h

2,119,183

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

1,330,000

6.250%, 

4/1/2028

h

1,330,000

Archrock

Services,

LP/Archrock

Partners

Finance

Corporation

1,040,000

6.000%, 

2/1/2034

h

1,029,666

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

1,130,000

6.625%, 

7/15/2033

h

1,149,404

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

1,281,000

7.000%, 

7/15/2029

h

1,323,363

Borr

IHC,

Ltd./Borr

Finance,

LLC

904,879

10.000%, 

11/15/2028

h

927,158

Buckeye

Partners,

LP

1,050,000

4.500%, 

3/1/2028

h

1,032,646

1,132,000

6.750%, 

2/1/2030

h,i

1,168,236

California

Resources

Corporation

276,000

8.250%, 

6/15/2029

h

288,759

630,000

7.000%, 

1/15/2034

h,i

635,142

CNX

Resources

Corporation

818,000

7.375%, 

1/15/2031

h

840,503

390,000

5.875%, 

3/1/2034

h

379,812

Comstock

Resources,

Inc.

2,630,000

5.875%, 

1/15/2030

h

2,544,707

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

3,075,000

5.500%, 

6/15/2031

h

2,998,871

Crescent

Energy

Finance,

LLC

819,000

7.750%, 

7/31/2029

h

825,142

1,089,000

7.625%, 

4/1/2032

h

1,105,149

1,130,000

7.875%, 

4/15/2032

h

1,154,472

562,000

7.375%, 

1/15/2033

h

561,859

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

946,000

8.625%, 

3/15/2029

h

978,891

1,410,000

7.375%, 

6/30/2033

h

1,421,656

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

566,000

8.500%, 

10/1/2030

h

597,946

Energy

Transfer,

LP

1,980,000

6.500%, 

2/15/2056

b

1,956,198

Excelerate

Energy,

LP

791,000

8.000%, 

5/15/2030

h

827,865

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

1,280,000

8.875%, 

4/15/2030

1,336,584

2,320,000

7.875%, 

5/15/2032

2,385,911

650,000

6.750%, 

3/15/2034

646,929

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Energy  11.6%

-

continued

Global

Partners,

LP/GLP

Finance

Corporation

$

420,000

7.125%, 

7/1/2033

h

$

423,428

Harvest

Midstream

I,

LP

2,707,000

7.500%, 

9/1/2028

h

2,733,261

Hess

Midstream

Operations,

LP

1,605,000

4.250%, 

2/15/2030

h

1,542,304

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

851,000

5.750%, 

2/1/2029

h

839,096

1,505,000

6.000%, 

2/1/2031

h

1,462,757

1,750,000

6.250%, 

4/15/2032

h

1,693,700

Howard

Midstream

Energy

Partners,

LLC

1,225,000

7.375%, 

7/15/2032

h

1,266,708

1,420,000

6.625%, 

1/15/2034

h

1,425,399

ITT

Holdings,

LLC

1,995,000

6.500%, 

8/1/2029

h

1,939,815

Kodiak

Gas

Services,

LLC

850,000

6.500%, 

10/1/2033

h

859,182

Kraken

Oil

&

Gas

Partners,

LLC

515,000

7.625%, 

8/15/2029

h,i

525,902

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

378,765

Nabors

Industries,

Inc.

768,000

9.125%, 

1/31/2030

h

806,393

562,000

8.875%, 

8/15/2031

h,i

585,479

560,000

7.625%, 

11/15/2032

h

573,243

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

628,000

8.125%, 

2/15/2029

h

646,933

1,347,000

8.375%, 

2/15/2032

h

1,388,143

Noble

Finance

II,

LLC

1,629,000

8.000%, 

4/15/2030

h

1,677,197

Northern

Oil

and

Gas,

Inc.

1,302,000

8.750%, 

6/15/2031

h,i

1,353,878

NuStar

Logistics,

LP

1,226,000

6.375%, 

10/1/2030

1,267,680

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

1,185,000

6.000%, 

2/15/2028

1,179,611

1,700,000

7.875%, 

9/15/2030

h,i

1,745,750

Permian

Resources

Operating,

LLC

1,189,000

7.000%, 

1/15/2032

h

1,231,204

Prairie

Acquiror,

LP

1,261,000

9.000%, 

8/1/2029

h

1,302,595

Rockies

Express

Pipeline,

LLC

1,610,000

4.950%, 

7/15/2029

h

1,569,853

Saturn

Oil

&

Gas,

Inc.

411,000

9.625%, 

6/15/2029

h,i

430,238

SESI,

LLC

1,130,000

7.875%, 

9/30/2030

h

1,152,275

SM

Energy

Company

1,164,000

8.750%, 

7/1/2031

h

1,216,720

450,000

7.000%, 

8/1/2032

h,i

459,492

1,698,000

9.625%, 

6/15/2033

h

1,875,816

1,040,000

6.625%, 

4/15/2034

h

1,037,062

Sunoco,

LP

1,134,000

5.875%, 

7/15/2027

h

1,133,325

809,000

6.625%, 

8/15/2032

h

821,675

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Energy  11.6%

-

continued

$

1,040,000

5.625%, 

7/15/2034

h

$

1,024,094

Sunoco,

LP/Sunoco

Finance

Corporation

1,200,000

4.500%, 

5/15/2029

1,170,147

850,000

4.500%, 

4/30/2030

819,433

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

2,978,000

6.750%, 

3/15/2034

h

2,992,911

Talos

Production,

Inc.

472,000

9.000%, 

2/1/2029

h

491,311

TGNR

Intermediate

Holdings,

LLC

2,143,000

5.500%, 

10/15/2029

h

2,095,323

Transocean

International,

Ltd.

1,430,000

8.250%, 

5/15/2029

h

1,477,553

1,845,000

8.500%, 

5/15/2031

h,i

1,935,032

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

1,140,000

6.250%, 

10/1/2033

h

1,136,415

Valaris,

Ltd.

1,097,000

8.375%, 

4/30/2030

h

1,136,702

Venture

Global

LNG,

Inc.

1,076,000

8.125%, 

6/1/2028

h

1,100,448

1,800,000

9.000%, 

9/30/2029

b,h,k

1,792,883

2,247,000

7.000%, 

1/15/2030

h,i

2,294,306

3,872,000

8.375%, 

6/1/2031

h,i

4,026,785

Venture

Global

Plaquemines

LNG,

LLC

840,000

6.125%, 

12/15/2030

h

863,878

850,000

7.500%, 

5/1/2033

h

934,323

1,690,000

6.500%, 

1/15/2034

h

1,761,731

840,000

6.500%, 

6/15/2034

h

874,400

Total

98,804,516

Financials  12.3%

Acrisure,

LLC/Acrisure

Finance,

Inc.

1,590,000

6.000%, 

8/1/2029

h

1,493,018

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

842,000

6.950%, 

3/10/2055

b

861,768

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

2,083,000

6.750%, 

10/15/2027

h

2,081,413

855,000

6.750%, 

4/15/2028

h

859,660

843,000

5.875%, 

11/1/2029

h,i

815,627

390,000

7.000%, 

1/15/2031

h

393,320

Ally

Financial,

Inc.

541,000

2.200%, 

11/2/2028

509,197

AmWINS

Group,

Inc.

1,052,000

4.875%, 

6/30/2029

h

1,007,777

Avolon

Holdings

Funding,

Ltd.

460,000

2.528%, 

11/18/2027

h

444,411

Azorra

Finance,

Ltd.

900,000

7.250%, 

1/15/2031

h

908,721

Baldwin

Insurance

Group

Holdings,

LLC/Baldwin

Insurance

Group

Holdings

Finance

842,000

7.125%, 

5/15/2031

h

846,268

Bank

of

America

Corporation

570,000

6.250%, 

7/26/2030

b,k

573,433

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Financials  12.3%

-

continued

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

$

380,000

7.625%, 

2/11/2035

b,h

$

392,350

BNP

Paribas

SA

421,000

4.625%, 

1/12/2027

b,h,k

414,544

570,000

7.450%, 

6/27/2035

b,h,i,k

572,157

Burford

Capital

Global

Finance,

LLC

2,222,000

9.250%, 

7/1/2031

h

2,005,355

990,000

7.500%, 

7/15/2033

h

824,175

210,000

8.500%, 

1/15/2034

h

180,331

Citigroup,

Inc.

405,000

6.250%, 

8/15/2026

b,k

405,228

570,000

6.875%, 

8/15/2030

b,k

574,023

Constellation

Insurance,

Inc.

384,000

6.800%, 

1/24/2030

h

384,462

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

1,990,000

5.950%, 

9/17/2030

h

1,868,619

Encore

Capital

Group,

Inc.

2,270,000

6.625%, 

4/15/2031

h

2,258,650

FirstCash,

Inc.

1,610,000

4.625%, 

9/1/2028

h

1,581,685

842,000

5.625%, 

1/1/2030

h

837,326

Freedom

Mortgage

Holdings,

LLC

1,925,000

9.250%, 

2/1/2029

h

1,951,161

840,000

6.875%, 

5/1/2031

h

785,323

570,000

8.375%, 

4/1/2032

h

560,706

1,140,000

7.875%, 

4/1/2033

h

1,068,833

FTAI

Aviation

Investors,

LLC

1,839,000

7.000%, 

5/1/2031

h

1,885,214

1,121,000

7.000%, 

6/15/2032

h

1,149,155

GGAM

Finance,

Ltd.

911,000

8.000%, 

2/15/2027

h

919,381

791,000

8.000%, 

6/15/2028

h

820,945

634,000

6.875%, 

4/15/2029

h

648,103

Global

Aircraft

Leasing

Company,

Ltd.

2,050,000

8.750%, 

9/1/2027

h

2,079,807

Global

Net

Lease,

Inc.

501,000

4.500%, 

9/30/2028

h

485,460

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

2,770,000

3.750%, 

12/15/2027

h

2,684,066

goeasy,

Ltd.

780,000

9.250%, 

12/1/2028

h

725,486

1,980,000

6.875%, 

2/15/2031

h,i

1,592,920

Howard

Hughes

Corporation

512,000

4.125%, 

2/1/2029

h

484,295

650,000

5.875%, 

3/1/2032

h

625,486

HSBC

Holdings

plc

871,000

6.875%, 

9/11/2029

b,k

876,943

HUB

International,

Ltd.

1,173,000

5.625%, 

12/1/2029

h

1,137,863

380,000

7.250%, 

6/15/2030

h

389,273

624,000

7.375%, 

1/31/2032

h

636,457

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

2,074,000

5.250%, 

5/15/2027

2,032,328

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Financials  12.3%

-

continued

Intesa

Sanpaolo

SPA

$

541,000

4.198%, 

6/1/2032

b,h

$

506,036

Jane

Street

Group/JSG

Finance,

Inc.

477,000

4.500%, 

11/15/2029

h

462,312

505,000

7.125%, 

4/30/2031

h

519,118

1,280,000

6.125%, 

11/1/2032

h

1,265,778

1,700,000

6.750%, 

5/1/2033

h

1,724,766

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

601,000

5.000%, 

8/15/2028

h

560,049

1,121,000

6.625%, 

10/15/2031

h

1,068,760

Jefferson

Capital

Holdings,

LLC

1,961,000

9.500%, 

2/15/2029

h

2,057,499

710,000

8.250%, 

5/15/2030

h

738,914

JPMorgan

Chase

&

Company

406,000

3.650%, 

6/1/2026

b,k

404,138

1,966,000

6.437%, 

(TSFR3M

+

2.745%),

7/1/2026

b,k

1,968,481

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

1,267,000

4.750%, 

6/15/2029

h

1,228,068

Liberty

Mutual

Group,

Inc.

252,000

4.125%, 

12/15/2051

b,h

246,180

Macquarie

AirFinance

Holdings,

Ltd.

1,070,000

6.400%, 

3/26/2029

h

1,108,650

Midcap

Financial

Issuer

Trust

812,000

6.500%, 

5/1/2028

h

787,952

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

1,444,000

4.625%, 

8/1/2029

i

1,122,753

790,000

8.500%, 

2/15/2032

h

800,911

NatWest

Group

plc

541,000

8.125%, 

11/10/2033

b,k

585,647

Navient

Corporation

512,000

5.500%, 

3/15/2029

i

469,275

Nippon

Life

Insurance

Company

570,000

6.500%, 

4/30/2055

b,h

587,713

OneMain

Finance

Corporation

1,678,000

3.500%, 

1/15/2027

1,646,310

1,135,000

6.750%, 

3/15/2032

1,101,219

2,400,000

7.125%, 

9/15/2032

2,363,655

1,690,000

6.750%, 

9/15/2033

1,620,461

Osaic

Holdings,

Inc.

1,190,000

6.750%, 

8/1/2032

h

1,190,149

1,090,000

8.000%, 

8/1/2033

h

1,076,050

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

1,353,000

4.875%, 

5/15/2029

h

1,298,740

PennyMac

Financial

Services,

Inc.

1,700,000

6.875%, 

5/15/2032

h

1,640,487

730,000

6.875%, 

2/15/2033

h

698,418

Phoenix

Aviation

Capital,

Ltd.

1,360,000

9.250%, 

7/15/2030

h

1,368,554

PNC

Financial

Services

Group,

Inc.

842,000

3.400%, 

9/15/2026

b,k

828,690

PRA

Group,

Inc.

1,598,000

8.375%, 

2/1/2028

h

1,608,926

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Financials  12.3%

-

continued

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

$

842,000

4.500%, 

2/15/2029

h

$

816,231

Rithm

Capital

Corporation

2,100,000

8.000%, 

7/15/2030

h

2,026,880

RLJ

Lodging

Trust,

LP

891,000

4.000%, 

9/15/2029

h,i

834,498

Rocket

Companies,

Inc.

818,000

6.500%, 

8/1/2029

h

827,207

850,000

6.125%, 

8/1/2030

h

857,843

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

3,282,000

3.875%, 

3/1/2031

h

3,028,558

945,000

4.000%, 

10/15/2033

h

847,067

Ryan

Specialty,

LLC

1,685,000

5.875%, 

8/1/2032

h

1,665,394

SLM

Corporation

570,000

6.500%, 

1/31/2030

559,576

Societe

Generale

SA

845,000

8.125%, 

11/21/2029

b,h,k

869,732

520,000

7.125%, 

7/15/2035

b,h,k

499,874

Starwood

Property

Trust,

Inc.

850,000

5.250%, 

10/15/2028

h

840,310

1,140,000

6.500%, 

10/15/2030

h

1,156,204

424,000

5.750%, 

1/15/2031

h

418,700

Stonebriar

ABF

Issuer,

LLC

680,000

8.125%, 

12/15/2030

h

702,877

Stonex

Escrow

Issuer,

LLC

1,690,000

6.875%, 

7/15/2032

h

1,707,960

Synchrony

Financial

403,000

7.250%, 

2/2/2033

411,617

UBS

Group

AG

1,420,000

7.000%, 

2/10/2030

b,h,k

1,406,330

United

Wholesale

Mortgage,

LLC

1,975,000

5.500%, 

4/15/2029

h

1,848,573

UWM

Holdings,

LLC

707,000

6.625%, 

2/1/2030

h

666,822

Vornado

Realty,

LP

519,000

5.750%, 

2/1/2033

i

508,946

XHR,

LP

840,000

4.875%, 

6/1/2029

h

813,747

423,000

6.625%, 

5/15/2030

h

427,063

Total

105,029,391

Technology  7.8%

Amentum

Holdings,

Inc.

1,228,000

7.250%, 

8/1/2032

h

1,270,747

APLD

ComputeCo

2,

LLC

1,030,000

6.750%, 

3/15/2031

h

1,022,501

APLD

ComputeCo,

LLC

650,000

9.250%, 

12/15/2030

h

669,709

AthenaHealth

Group,

Inc.

2,292,000

6.500%, 

2/15/2030

h

2,151,325

Black

Pearl

Compute,

LLC

908,000

6.125%, 

2/15/2031

h

924,160

Block,

Inc.

1,140,000

5.625%, 

8/15/2030

h

1,133,700

3,086,000

6.500%, 

5/15/2032

3,114,178

1,130,000

6.000%, 

8/15/2033

h

1,111,336

CACI

International,

Inc.

528,000

6.375%, 

6/15/2033

h

537,465

Cipher

Compute,

LLC

980,000

7.125%, 

11/15/2030

h

1,015,308

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Technology  7.8%

-

continued

Clarivate

Science

Holdings

Corporation

$

1,040,000

3.875%, 

7/1/2028

h

$

981,466

Cloud

Software

Group,

Inc.

3,424,000

6.500%, 

3/31/2029

h

3,340,353

3,182,000

9.000%, 

9/30/2029

h

3,069,591

Coherent

Corporation

902,000

5.000%, 

12/15/2029

h

884,702

CoreWeave,

Inc.

1,370,000

9.250%, 

6/1/2030

h

1,331,173

850,000

9.000%, 

2/1/2031

h

808,791

Diebold

Nixdorf,

Inc.

1,130,000

7.750%, 

3/31/2030

h

1,175,017

Fair

Isaac

Corporation

1,130,000

6.000%, 

5/15/2033

h

1,108,780

1,030,000

6.250%, 

9/15/2034

h

1,013,039

Flash

Compute,

LLC

650,000

7.250%, 

12/31/2030

h

654,414

Gen

Digital,

Inc.

1,724,000

7.125%, 

9/30/2030

h

1,740,685

570,000

6.250%, 

4/1/2033

h

554,106

ION

Platform

Finance

US,

Inc.

990,000

7.875%, 

9/30/2032

h

766,285

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

851,000

8.750%, 

5/1/2029

h

791,392

850,000

9.000%, 

8/1/2029

h

788,012

Iron

Mountain,

Inc.

3,225,000

5.250%, 

3/15/2028

h

3,206,777

890,000

5.000%, 

7/15/2028

h

880,518

1,560,000

5.250%, 

7/15/2030

h

1,515,629

940,000

4.500%, 

2/15/2031

h

882,700

Kioxia

Holdings

Corporation

1,280,000

6.250%, 

7/24/2030

h

1,300,645

990,000

6.625%, 

7/24/2033

h

1,017,547

McAfee

Corporation

1,245,000

7.375%, 

2/15/2030

h,i

1,028,608

NCR

Atleos

Corporation

633,000

9.500%, 

4/1/2029

h

677,590

NCR

Voyix

Corporation

474,000

5.000%, 

10/1/2028

h

456,712

660,000

5.125%, 

4/15/2029

h

631,262

Neptune

Bidco

US,

Inc.

2,199,000

9.290%, 

4/15/2029

h

2,205,109

705,000

10.375%, 

5/15/2031

h

711,351

310,000

9.500%, 

2/15/2033

h

300,774

Open

Text

Corporation

2,284,000

3.875%, 

12/1/2029

h

2,041,107

Open

Text

Holdings,

Inc.

1,578,000

4.125%, 

2/15/2030

h

1,409,987

Pitney

Bowes,

Inc.

396,000

6.875%, 

3/15/2027

h

395,477

RingCentral,

Inc.

1,960,000

8.500%, 

8/15/2030

h

2,050,511

Rocket

Software,

Inc.

953,000

9.000%, 

11/28/2028

h

951,569

Sabre

GLBL,

Inc.

570,000

11.125%, 

7/15/2030

h

483,793

Seagate

Data

Storage

Technology,

Private

Ltd.

2,483,000

4.091%, 

6/1/2029

h

2,403,156

Sensata

Technologies

BV

1,469,000

4.000%, 

4/15/2029

h

1,417,526

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Technology  7.8%

-

continued

Sensata

Technologies,

Inc.

$

450,000

3.750%, 

2/15/2031

h

$

417,384

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

1,628,000

6.750%, 

8/15/2032

h

1,600,886

SS&C

Technologies,

Inc.

1,683,000

6.500%, 

6/1/2032

h

1,683,057

SV

RNO

Property

Owner

1,

LLC

910,000

5.875%, 

3/1/2031

h

899,528

UKG,

Inc.

1,571,000

6.875%, 

2/1/2031

h

1,535,363

Viavi

Solutions,

Inc.

978,000

3.750%, 

10/1/2029

h

917,589

WULF

Compute,

LLC

1,270,000

7.750%, 

10/15/2030

h

1,341,984

Total

66,322,374

Transportation  1.8%

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

133,667

5.500%, 

4/20/2026

h

133,718

1,241,000

5.750%, 

4/20/2029

h

1,234,212

Avianca

Midco

2

plc

528,712

9.000%, 

12/1/2028

h

511,529

1,040,000

9.500%, 

1/28/2031

h

954,200

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

1,004,000

5.375%, 

3/1/2029

h,i

960,615

DCLI

Bidco,

LLC

757,000

7.750%, 

11/15/2029

h

765,463

OneSky

Flight,

LLC

1,694,000

8.875%, 

12/15/2029

h

1,748,572

Rand

Parent,

LLC

1,974,000

8.500%, 

2/15/2030

h,i

2,026,360

RXO,

Inc.

1,160,000

6.375%, 

5/15/2031

h

1,113,029

Star

Leasing

Company,

LLC

1,280,000

7.625%, 

2/15/2030

h

1,184,536

Stena

International

SA

1,255,000

7.250%, 

1/15/2031

h

1,268,214

United

Airlines

Holdings,

Inc.

520,000

4.875%, 

3/1/2029

508,602

1,167,000

5.375%, 

3/1/2031

1,142,863

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

461,000

7.875%, 

5/1/2027

h

454,998

1,441,000

6.375%, 

2/1/2030

h,i

1,244,460

Total

15,251,371

Utilities  3.6%

AES

Corporation

541,000

7.600%, 

1/15/2055

b

536,628

Algonquin

Power

&

Utilities

Corporation

2,145,000

4.750%, 

1/18/2082

b

2,086,187

Alpha

Generation,

LLC

719,000

6.750%, 

10/15/2032

h

729,521

Dominion

Energy,

Inc.

541,000

7.000%, 

6/1/2054

b

572,210

Duke

Energy

Corporation

550,000

6.450%, 

9/1/2054

b,i

567,953

Edison

International

711,000

5.000%, 

12/15/2026

b,k

704,495

Principal

Amount

Long-Term

Fixed

Income  92.4%

Value

Utilities  3.6%

-

continued

Hawaiian

Electric

Company,

Inc.

$

570,000

6.000%, 

10/1/2033

h

$

569,277

Leeward

Renewable

Energy

Operations,

LLC

1,065,000

4.250%, 

7/1/2029

h

995,272

Lightning

Power,

LLC

1,230,000

7.250%, 

8/15/2032

h

1,278,558

Long

Ridge

Energy,

LLC

1,700,000

8.750%, 

2/15/2032

h

1,783,492

NiSource,

Inc.

365,000

6.375%, 

3/31/2055

b

372,977

NRG

Energy,

Inc.

1,340,000

5.250%, 

6/15/2029

h

1,326,677

671,000

6.000%, 

2/1/2033

h

671,171

2,830,000

5.750%, 

1/15/2034

h

2,791,581

671,000

6.250%, 

11/1/2034

h

676,349

PG&E

Corporation

634,000

7.375%, 

3/15/2055

b

638,067

Talen

Energy

Supply,

LLC

1,868,000

8.625%, 

6/1/2030

h

1,959,676

560,000

6.250%, 

2/1/2034

h

553,761

280,000

6.500%, 

2/1/2036

h

281,941

TerraForm

Power

Operating,

LLC

3,745,000

5.000%, 

1/31/2028

h

3,703,712

TransAlta

Corporation

1,690,000

5.875%, 

2/1/2034

1,678,625

Vistra

Corporation

4,065,000

7.000%, 

12/15/2026

b,h,k

4,070,211

Vistra

Operations

Company,

LLC

1,307,000

5.000%, 

7/31/2027

h

1,302,388

VoltaGrid,

LLC

710,000

7.375%, 

11/1/2030

h

733,294

Total

30,584,023

Total

Long-Term

Fixed

Income

(cost

$793,537,814)

786,568,513

Shares

Collateral

Held

for

Securities

Loaned

9.1%

Value

77,263,410

Thrivent

Cash

Management

Trust

77,263,410

Total

Collateral

Held

for

Securities

Loaned

(cost

$77,263,410)

77,263,410

Shares

Preferred

Stock

0.2%

Value

Capital

Goods  0.2%

21,904

Boeing

Company,

Convertible,

6.000%

1,421,131

Total

1,421,131

Total

Preferred

Stock

(cost

$1,205,057)

1,421,131

Shares

Common

Stock

0.1%

Value

Communications

Services  0.1%

18,123

Altice

Luxco

3

c,l

301,645

Total

301,645

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Shares

Common

Stock  0.1%

Value

Consumer

Non-Cyclical  <0.1%

24,974

Modivcare

Buyer,

LLC

c,l

$

137,357

Total

137,357

Total

Common

Stock

(cost

$453,236)

439,002

Shares

or

Principal

Amount

Short-Term

Investments

3.3%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

28,288,559

3.602%

m

28,288,559

Total

Short-Term

Investments

(cost

$28,288,559)

28,288,559

Total

Investments

(cost

$922,613,108)

107.6%

$915,694,613

Other

Assets

and

Liabilities,

Net

(7.6%)

(64,387,126)

Total

Net

Assets

100.0%

$851,307,487

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

March

31,

2026,

the

value

of

these

investments

was

$692,766,347

or

81.4%

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

March

31,

2026.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

High

Yield

Portfolio

as

of

March

31,

2026

was

$19,821

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

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

March

31,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

74,605,538

Total

lending

$74,605,538

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$77,263,410

Net

amounts

due

to

counterparty

$2,657,872

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

in

valuing

High

Yield

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

4,591,977

–

3,015,130

1,576,847

Capital

Goods

3,870,225

–

3,870,225

–

Communications

Services

4,549,813

–

4,549,813

–

Consumer

Cyclical

2,682,780

–

2,682,780

–

Consumer

Non-Cyclical

2,722,143

–

2,722,143

–

Financials

896,601

–

258,201

638,400

Technology

748,916

–

748,916

–

Transportation

1,651,543

–

1,651,543

–

Long-Term

Fixed

Income

Basic

Materials

43,841,825

–

43,841,822

3

Capital

Goods

83,810,605

–

83,810,605

–

Communications

Services

103,973,567

–

103,973,567

–

Consumer

Cyclical

145,560,278

–

145,560,278

–

Consumer

Non-Cyclical

93,390,563

–

93,390,563

–

Energy

98,804,516

–

98,804,516

–

Financials

105,029,391

–

105,029,391

–

Technology

66,322,374

–

66,322,374

–

Transportation

15,251,371

–

15,251,371

–

Utilities

30,584,023

–

30,584,023

–

Preferred

Stock

Capital

Goods

1,421,131

1,421,131

–

–

Common

Stock

Communications

Services

301,645

–

–

301,645

Consumer

Non-Cyclical

137,357

–

–

137,357

Short-Term

Investments

28,288,559

28,288,559

–

–

Subtotal

Investments

in

Securities

$838,431,203

$29,709,690

$806,067,261

$2,654,252

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

77,263,410

Subtotal

Other

Investments

$77,263,410

Total

Investments

at

Value

$915,694,613

*

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$36,054

$91,346

$50,137

$77,263

77,263

9.1%

Total

Collateral

Held

for

Securities

Loaned

36,054

77,263

9.1

Total

Value

$36,054

$77,263

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$

–

$–

$

–

$70

Total

Affiliated

Income

from

Securities

Loaned,

Net

$70

Total

Value

$–

$–

$

–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Principal

Amount

Long-Term

Fixed

Income

96.7%

Value

Basic

Materials  1.4%

Anglo

American

Capital

plc

$

3,050,000

5.750%, 

4/5/2034

a

$

3,139,293

Eastman

Chemical

Company

3,050,000

5.000%, 

8/1/2029

3,077,980

First

Quantum

Minerals,

Ltd.

3,150,000

8.625%, 

6/1/2031

a

3,266,059

FMC

Corporation

2,650,000

8.450%, 

11/1/2055

b,c

1,706,228

International

Flavors

&

Fragrances,

Inc.

1,443,000

2.300%, 

11/1/2030

a

1,285,549

Smurfit

Kappa

Treasury,

ULC

1,300,000

5.777%, 

4/3/2054

c

1,255,364

1,800,000

5.438%, 

4/3/2034

1,823,776

Smurfit

Westrock

Financing

DAC

1,200,000

5.418%, 

1/15/2035

1,209,633

Total

16,763,882

Capital

Goods  5.1%

Amphenol

Corporation

2,050,000

4.400%, 

2/15/2033

2,000,755

Amrize

Finance

US,

LLC

2,250,000

4.950%, 

4/7/2030

2,274,604

BAE

Systems

plc

625,000

5.500%, 

3/26/2054

a

616,754

1,550,000

3.400%, 

4/15/2030

a

1,486,273

1,600,000

1.900%, 

2/15/2031

a

1,410,043

Boeing

Company

1,250,000

5.805%, 

5/1/2050

1,208,408

1,825,000

6.858%, 

5/1/2054

2,008,549

1,950,000

5.930%, 

5/1/2060

1,871,782

900,000

6.528%, 

5/1/2034

980,408

3,000,000

5.705%, 

5/1/2040

3,004,717

Carrier

Global

Corporation

1,550,000

2.700%, 

2/15/2031

1,421,079

CNH

Industrial

Capital,

LLC

2,150,000

4.550%, 

4/10/2028

2,151,764

Eaton

Corporation

750,000

4.800%, 

3/6/2036

740,470

GE

Vernova,

Inc.

1,100,000

4.875%, 

2/4/2036

1,090,223

General

Dynamics

Corporation

2,100,000

4.950%, 

8/15/2035

2,114,277

General

Electric

Company

800,000

4.900%, 

1/29/2036

800,646

GFL

Environmental

Holdings

US,

Inc.

2,350,000

5.500%, 

2/1/2034

a

2,304,870

GFL

Environmental,

Inc.

3,700,000

6.750%, 

1/15/2031

a

3,828,861

Honeywell

Aerospace,

Inc.

800,000

5.732%, 

3/16/2056

a

790,761

1,450,000

4.950%, 

3/16/2036

a

1,438,694

Howmet

Aerospace,

Inc.

900,000

4.550%, 

11/15/2032

888,344

1,900,000

5.950%, 

2/1/2037

2,025,885

Lockheed

Martin

Corporation

2,300,000

5.000%, 

8/15/2035

2,320,712

Northrop

Grumman

Corporation

1,550,000

4.700%, 

3/15/2033

1,548,306

2,200,000

4.750%, 

6/1/2043

1,986,383

Regal

Rexnord

Corporation

2,100,000

6.050%, 

4/15/2028

2,153,866

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Capital

Goods  5.1%

-

continued

$

1,800,000

6.300%, 

2/15/2030

$

1,885,990

RTX

Corporation

1,000,000

3.030%, 

3/15/2052

634,896

1,150,000

6.400%, 

3/15/2054

1,240,061

1,850,000

6.000%, 

3/15/2031

1,966,367

1,150,000

6.100%, 

3/15/2034

1,238,376

925,000

4.450%, 

11/16/2038

854,458

Spirit

AeroSystems,

Inc.

5,150,000

4.600%, 

6/15/2028

5,151,406

Waste

Connections,

Inc.

3,400,000

5.000%, 

3/1/2034

3,422,059

Wrangler

Holdco

Corporation

1,500,000

6.625%, 

4/1/2032

a

1,544,522

Total

62,405,569

Collateralized

Mortgage

Obligations  2.3%

Aspire

Mortgage

Trust

2,680,388

5.057%, 

1/25/2066,

Ser.

2026-1,

Class

A2

a,d

2,661,803

BRAVO

Residential

Funding

Trust

2,671,069

5.138%, 

11/25/2065,

Ser.

2026-NQM3,

Class

A2

a,d

2,651,089

Cross

Mortgage

Trust

2,681,644

5.087%, 

3/25/2061,

Ser.

2026-NQM2,

Class

A2

a,d

2,655,982

GCAT

Trust

3,903,552

6.000%, 

12/25/2054,

Ser.

2024-INV4,

Class

A1

a,b

3,945,027

GMAC

Mortgage

Corporation

Loan

Trust

79,988

4.288%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,e

36,551

J.P.

Morgan

Mortgage

Trust

2,700,000

5.500%, 

3/25/2056,

Ser.

2025-9,

Class

A8

a,b

2,681,593

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2,678,245

4.988%, 

1/26/2071,

Ser.

2026-NQM2,

Class

A2

a,d

2,654,704

2,025,000

5.432%, 

3/25/2071,

Ser.

2026-NQM3,

Class

A2

a,d

2,019,174

1,332,119

5.032%, 

12/25/2070,

Ser.

2026-NQM1,

Class

A2

a,d

1,320,026

PMT

Loan

Trust

4,413,074

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

4,459,963

2,600,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

a,b

2,620,943

Total

27,706,855

Communications

Services  5.7%

American

Tower

Corporation

3,300,000

5.650%, 

3/15/2033

3,408,237

1,500,000

5.350%, 

3/15/2035

1,509,730

AppLovin

Corporation

3,550,000

5.375%, 

12/1/2031

3,584,832

AT&T,

Inc.

1,850,000

6.000%, 

4/30/2056

1,810,057

2,250,000

3.650%, 

6/1/2051

1,544,701

3,087,000

2.550%, 

12/1/2033

2,612,335

3,550,000

5.400%, 

2/15/2034

3,629,851

1,700,000

4.500%, 

3/9/2048

1,371,738

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Communications

Services  5.7%

-

continued

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

$

5,650,000

4.750%, 

2/1/2032

a

$

5,108,543

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,200,000

6.550%, 

6/1/2034

1,245,785

1,700,000

6.384%, 

10/23/2035

1,726,322

1,150,000

5.850%, 

12/1/2035

c

1,131,125

1,350,000

6.484%, 

10/23/2045

1,244,653

Comcast

Corporation

2,100,000

5.650%, 

6/1/2054

c

1,935,073

1,700,000

5.300%, 

6/1/2034

1,725,681

2,650,000

4.600%, 

10/15/2038

2,423,296

Meta

Platforms,

Inc.

2,250,000

4.950%, 

5/15/2033

2,269,075

Netflix,

Inc.

3,800,000

4.875%, 

6/15/2030

a

3,854,292

Orange

SA

1,000,000

4.750%, 

1/13/2033

a

988,822

Sprint

Capital

Corporation

6,200,000

8.750%, 

3/15/2032

7,372,234

T-Mobile

USA,

Inc.

3,500,000

5.700%, 

1/15/2056

c

3,330,045

3,400,000

3.400%, 

10/15/2052

2,226,583

1,550,000

3.000%, 

2/15/2041

1,133,245

Verizon

Communications,

Inc.

1,600,000

4.000%, 

3/22/2050

1,208,145

2,200,000

4.750%, 

1/15/2033

2,172,804

2,350,000

5.250%, 

4/2/2035

2,352,898

1,379,000

5.401%, 

7/2/2037

1,373,971

2,700,000

3.400%, 

3/22/2041

2,073,114

Videotron,

Ltd.

3,100,000

3.625%, 

6/15/2029

a

3,000,397

Total

69,367,584

Consumer

Cyclical  5.4%

Amazon.com,

Inc.

1,050,000

5.800%, 

3/13/2056

1,049,156

1,300,000

3.100%, 

5/12/2051

849,515

1,250,000

5.450%, 

11/20/2055

1,194,086

1,450,000

4.875%, 

3/13/2036

1,436,785

American

Honda

Finance

Corporation

1,450,000

5.050%, 

7/10/2031

1,453,621

1,900,000

5.150%, 

7/9/2032

1,903,649

D.R.

Horton,

Inc.

2,700,000

5.000%, 

10/15/2034

2,664,390

Daimler

Truck

Finance

North

America,

LLC

1,950,000

5.400%, 

9/20/2028

a

1,988,265

2,500,000

2.375%, 

12/14/2028

a

2,362,115

Ford

Motor

Credit

Company,

LLC

1,350,000

5.850%, 

5/17/2027

1,359,945

1,750,000

6.800%, 

5/12/2028

1,802,676

1,500,000

5.303%, 

9/6/2029

1,492,173

General

Motors

Financial

Company,

Inc.

2,800,000

5.750%, 

2/8/2031

2,889,100

2,200,000

6.400%, 

1/9/2033

2,331,208

GLP

Capital,

LP

2,500,000

3.250%, 

1/15/2032

2,228,681

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Consumer

Cyclical  5.4%

-

continued

Home

Depot,

Inc.

$

1,680,000

4.250%, 

4/1/2046

$

1,388,850

Hyundai

Capital

America

1,000,000

4.250%, 

9/18/2028

a

990,928

1,750,000

4.750%, 

4/6/2029

a,f

1,750,273

4,350,000

6.200%, 

9/21/2030

a

4,558,565

1,250,000

5.000%, 

4/7/2031

a,f

1,250,793

Las

Vegas

Sands

Corporation

1,350,000

6.000%, 

8/15/2029

1,387,448

Lowe's

Companies,

Inc.

1,450,000

5.625%, 

4/15/2053

1,370,791

3,000,000

2.625%, 

4/1/2031

2,725,825

Marriott

International,

Inc./MD

1,900,000

4.625%, 

6/15/2030

1,900,209

1,450,000

5.100%, 

4/15/2032

1,472,902

McDonald's

Corporation

2,175,000

4.450%, 

3/1/2047

1,813,915

Ralph

Lauren

Corporation

2,300,000

5.000%, 

6/15/2032

2,335,731

Royal

Caribbean

Cruises,

Ltd.

2,900,000

6.250%, 

3/15/2032

a

2,964,913

Target

Corporation

1,250,000

4.500%, 

9/15/2034

c

1,216,886

Toll

Brothers

Finance

Corporation

1,800,000

3.800%, 

11/1/2029

1,750,928

Toyota

Motor

Credit

Corporation

3,200,000

4.600%, 

3/11/2033

3,150,579

2,600,000

5.350%, 

1/9/2035

2,658,526

VICI

Properties,

LP/VICI

Note

Company,

Inc.

3,000,000

5.750%, 

2/1/2027

a

3,017,266

180,000

4.625%, 

12/1/2029

a

176,964

Walmart,

Inc.

1,700,000

4.500%, 

9/9/2052

1,465,750

Total

66,353,407

Consumer

Non-Cyclical  9.7%

Abbott

Laboratories

2,800,000

5.600%, 

3/15/2066

2,729,292

2,000,000

6.000%, 

4/1/2039

2,157,643

AbbVie,

Inc.

1,625,000

5.400%, 

3/15/2054

1,551,643

1,400,000

5.600%, 

3/15/2055

1,379,107

1,050,000

5.050%, 

3/15/2034

1,065,702

2,100,000

4.550%, 

3/15/2035

2,038,965

2,600,000

4.300%, 

5/14/2036

2,456,267

Amgen,

Inc.

3,250,000

5.650%, 

3/2/2053

3,147,762

1,900,000

5.250%, 

3/2/2033

1,949,833

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,710,000

4.700%, 

2/1/2036

1,665,494

Anheuser-Busch

InBev

Worldwide,

Inc.

2,200,000

4.439%, 

10/6/2048

1,844,568

BAT

Capital

Corporation

2,150,000

6.250%, 

8/15/2055

2,174,537

2,500,000

6.343%, 

8/2/2030

2,668,699

1,150,000

5.834%, 

2/20/2031

1,203,450

1,900,000

7.750%, 

10/19/2032

2,181,732

Bristol-Myers

Squibb

Company

1,450,000

5.550%, 

2/22/2054

1,396,214

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Consumer

Non-Cyclical  9.7%

-

continued

Bunge,

Ltd.

Finance

Corporation

$

2,000,000

5.250%, 

4/21/2032

$

2,029,981

775,000

4.650%, 

9/17/2034

750,314

Cargill,

Inc.

1,250,000

3.125%, 

5/25/2051

a

829,857

1,150,000

5.375%, 

10/23/2055

a

1,085,540

Cigna

Group

2,400,000

4.875%, 

9/15/2032

2,396,520

Constellation

Brands,

Inc.

1,350,000

4.800%, 

1/15/2029

1,357,953

2,250,000

4.950%, 

11/1/2035

2,171,986

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

2,150,000

4.750%, 

1/15/2029

a

2,092,598

1,000,000

5.600%, 

1/15/2031

a

968,036

CVS

Health

Corporation

2,500,000

5.625%, 

2/21/2053

2,290,725

2,150,000

5.550%, 

6/1/2031

2,218,200

1,300,000

2.125%, 

9/15/2031

1,127,215

2,250,000

5.050%, 

3/25/2048

1,930,506

Eli

Lilly

&

Company

1,600,000

5.100%, 

2/9/2064

1,439,243

1,900,000

5.500%, 

2/12/2055

1,862,362

1,750,000

4.700%, 

2/27/2033

1,762,516

HCA,

Inc.

2,900,000

5.450%, 

4/1/2031

2,972,493

2,350,000

5.500%, 

3/1/2032

2,409,115

2,100,000

4.900%, 

11/15/2035

2,030,301

Imperial

Brands

Finance

plc

2,350,000

5.625%, 

7/1/2035

a

2,369,854

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

Holdings

3,600,000

6.375%, 

2/25/2055

3,587,560

JBS

NV/JBS

USA

Foods

Group

Holdings.

Inc./JBS

USA

Food

Company

Holdings

1,600,000

3.625%, 

1/15/2032

1,482,064

1,100,000

3.000%, 

5/15/2032

977,501

3,150,000

5.625%, 

3/10/2037

a,f

3,159,859

Kenvue,

Inc.

1,100,000

5.000%, 

3/22/2030

1,119,824

Mars,

Inc.

3,800,000

4.800%, 

3/1/2030

a

3,839,991

700,000

5.650%, 

5/1/2045

a

691,261

Mattel,

Inc.

1,250,000

5.000%, 

11/17/2030

c

1,242,299

Medtronic,

Inc.

2,700,000

4.375%, 

3/15/2035

2,609,614

Nestle

Holdings,

Inc.

1,900,000

4.850%, 

3/14/2033

a

1,928,523

Novartis

Capital

Corporation

2,000,000

5.700%, 

3/18/2056

2,014,268

Pfizer,

Inc.

1,100,000

4.500%, 

11/15/2032

1,090,973

1,250,000

4.875%, 

11/15/2035

1,237,519

Philip

Morris

International,

Inc.

1,750,000

5.500%, 

9/7/2030

1,817,246

1,850,000

5.125%, 

2/13/2031

1,892,135

2,435,000

5.750%, 

11/17/2032

2,563,371

3,000,000

5.250%, 

2/13/2034

3,054,903

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Consumer

Non-Cyclical  9.7%

-

continued

Roche

Holdings,

Inc.

$

2,800,000

2.607%, 

12/13/2051

a

$

1,695,808

1,900,000

4.374%, 

12/2/2032

a

1,873,612

1,550,000

4.985%, 

3/8/2034

a

1,572,271

Smithfield

Foods,

Inc.

1,200,000

3.000%, 

10/15/2030

a

1,096,949

Takeda

Pharmaceutical

Company,

Ltd.

2,300,000

3.175%, 

7/9/2050

1,511,484

2,100,000

5.300%, 

7/5/2034

2,123,849

Tenet

Healthcare

Corporation

1,350,000

5.500%, 

11/15/2032

a

1,337,549

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4,400,000

4.100%, 

10/1/2046

3,261,637

Tyson

Foods,

Inc.

1,350,000

4.950%, 

2/20/2036

1,318,688

Unilever

Capital

Corporation

900,000

2.625%, 

8/12/2051

544,936

Total

118,351,917

Energy  5.4%

BP

Capital

Markets

America,

Inc.

3,500,000

3.001%, 

3/17/2052

2,214,776

Canadian

Natural

Resources,

Ltd.

700,000

2.950%, 

7/15/2030

658,453

Cheniere

Energy

Partners,

LP

2,000,000

4.000%, 

3/1/2031

1,919,849

1,150,000

5.950%, 

6/30/2033

1,205,558

2,650,000

5.550%, 

10/30/2035

2,698,623

Cheniere

Energy,

Inc.

1,100,000

5.650%, 

4/15/2034

1,132,479

Columbia

Pipelines

Holding

Company,

LLC

3,750,000

5.097%, 

10/1/2031

a

3,770,271

Diamondback

Energy,

Inc.

550,000

5.150%, 

1/30/2030

561,197

550,000

5.400%, 

4/18/2034

558,358

DT

Midstream,

Inc.

2,500,000

4.300%, 

4/15/2032

a

2,385,020

Eastern

Energy

Gas

Holdings,

LLC

1,500,000

6.200%, 

1/15/2055

1,520,255

Energy

Transfer,

LP

1,100,000

8.000%, 

5/15/2054

b

1,152,133

1,500,000

6.500%, 

11/15/2026

b,g

1,496,990

2,150,000

3.750%, 

5/15/2030

2,078,314

1,100,000

5.550%, 

5/15/2034

1,120,094

1,400,000

5.700%, 

4/1/2035

1,437,843

Enterprise

Products

Operating,

LLC

1,350,000

6.900%, 

(TSFR3M

+

3.248%),

8/16/2077

b

1,346,706

EOG

Resources,

Inc.

1,050,000

5.000%, 

7/15/2032

1,063,065

EQT

Corporation

1,500,000

7.500%, 

6/1/2030

1,633,468

Expand

Energy

Corporation

3,300,000

5.375%, 

3/15/2030

3,327,425

1,500,000

4.750%, 

2/1/2032

1,461,552

Kinder

Morgan,

Inc.

1,350,000

5.850%, 

6/1/2035

1,414,741

MPLX,

LP

2,300,000

5.000%, 

1/15/2033

2,283,126

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Energy  5.4%

-

continued

$

1,050,000

5.500%, 

6/1/2034

$

1,060,806

ONEOK,

Inc.

2,700,000

6.350%, 

1/15/2031

2,868,771

Ovintiv,

Inc.

1,600,000

5.650%, 

5/15/2028

1,643,045

2,700,000

6.250%, 

7/15/2033

2,848,834

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,950,000

3.800%, 

9/15/2030

1,878,962

Repsol

E&P

Capital

Markets

US,

LLC

2,400,000

5.204%, 

9/16/2030

a

2,420,300

South

Bow

USA

Infrastructure

Holdings,

LLC

1,925,000

5.026%, 

10/1/2029

1,937,403

Targa

Resources

Corporation

1,100,000

6.125%, 

3/15/2033

1,163,338

725,000

5.500%, 

2/15/2035

731,448

TotalEnergies

Capital

SA

675,000

5.150%, 

4/5/2034

690,325

TransCanada

PipeLines,

Ltd.

1,250,000

4.625%, 

3/1/2034

1,209,700

Venture

Global

LNG,

Inc.

3,150,000

9.000%, 

9/30/2029

a,b,g

3,137,546

Venture

Global

Plaquemines

LNG,

LLC

800,000

6.500%, 

1/15/2034

a

833,955

Williams

Companies,

Inc.

1,700,000

7.500%, 

1/15/2031

1,900,063

1,600,000

5.600%, 

3/15/2035

1,635,123

2,000,000

4.850%, 

3/1/2048

1,706,300

Total

66,106,215

Financials  35.0%

200

Park

Funding

Trust

1,200,000

5.740%, 

2/15/2055

a

1,152,910

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,300,000

6.950%, 

3/10/2055

b

1,330,520

3,350,000

5.375%, 

12/15/2031

3,402,746

1,400,000

3.400%, 

10/29/2033

1,238,650

Air

Lease

Corporation

3,100,000

4.650%, 

6/15/2026

b,g

3,080,304

1,500,000

3.000%, 

2/1/2030

1,394,170

Aircastle,

Ltd.

800,000

2.850%, 

1/26/2028

a

775,002

1,350,000

6.500%, 

7/18/2028

a

1,399,623

Allianz

SE

150,000

6.550%, 

10/30/2033

a,b,g

150,280

Ally

Financial,

Inc.

800,000

5.737%, 

5/15/2029

b

812,477

1,250,000

8.000%, 

11/1/2031

1,386,034

American

Express

Company

850,000

4.918%, 

7/20/2033

b

851,553

2,000,000

5.284%, 

7/26/2035

b

2,018,574

1,100,000

5.667%, 

4/25/2036

b

1,136,872

3,200,000

5.412%, 

2/8/2041

b

3,175,253

American

Homes

4

Rent,

LP

1,550,000

2.375%, 

7/15/2031

1,363,947

American

International

Group,

Inc.

850,000

5.450%, 

5/7/2035

866,980

Ameriprise

Financial,

Inc.

3,850,000

5.200%, 

4/15/2035

3,839,616

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  35.0%

-

continued

ANZ

Bank

New

Zealand,

Ltd.

$

1,200,000

5.548%, 

8/11/2032

a,b

$

1,211,689

1,500,000

5.898%, 

7/10/2034

a,b

1,550,026

Aon

North

America,

Inc.

1,600,000

5.450%, 

3/1/2034

1,633,975

Apollo

Debt

Solutions

BDC

3,800,000

5.200%, 

12/8/2028

a

3,752,833

Ares

Capital

Corporation

1,800,000

2.875%, 

6/15/2027

1,752,479

2,250,000

5.500%, 

9/1/2030

2,209,876

Arthur

J.

Gallagher

&

Company

2,000,000

5.150%, 

2/15/2035

1,983,797

Atlas

Warehouse

Lending

Company,

LP

1,250,000

4.625%, 

11/15/2028

a

1,231,084

Aviation

Capital

Group,

LLC

1,550,000

5.125%, 

4/10/2030

a

1,558,075

Avolon

Holdings

Funding,

Ltd.

2,600,000

5.750%, 

11/15/2029

a

2,664,062

2,300,000

4.900%, 

10/10/2030

a

2,283,976

750,000

4.700%, 

1/30/2031

a

734,922

Banco

Santander

Mexico

SA

900,000

5.621%, 

12/10/2029

a

919,980

Banco

Santander

SA

2,400,000

5.294%, 

8/18/2027

2,423,093

1,600,000

5.127%, 

11/6/2035

1,559,808

Bank

of

America

Corporation

1,970,000

3.194%, 

7/23/2030

b

1,889,348

1,650,000

6.250%, 

7/26/2030

b,g

1,659,938

2,750,000

2.572%, 

10/20/2032

b

2,446,727

2,800,000

4.571%, 

4/27/2033

b

2,751,043

1,600,000

5.468%, 

1/23/2035

b

1,633,278

4,750,000

5.511%, 

1/24/2036

b

4,843,958

6,000,000

2.482%, 

9/21/2036

b

5,190,614

Bank

of

Montreal

3,150,000

5.511%, 

6/4/2031

c

3,266,812

Bank

of

New

York

Mellon

Corporation

2,900,000

4.942%, 

2/11/2031

b

2,938,260

Bank

of

Nova

Scotia

3,900,000

6.875%, 

10/27/2085

b

3,831,194

2,350,000

4.813%, 

2/2/2034

b

2,316,632

Barclays

plc

1,150,000

9.625%, 

12/15/2029

b,g

1,254,368

1,100,000

5.367%, 

2/25/2031

b,c

1,119,104

1,600,000

2.645%, 

6/24/2031

b

1,465,546

1,200,000

4.521%, 

2/24/2032

b

1,173,712

BBVA

Mexico

SA,

Institucion

de

Banca

Multiple,

Grupo

Financiero

BBVA

Mexico/TX

750,000

5.250%, 

9/10/2029

a

753,712

950,000

7.625%, 

2/11/2035

a,b

980,875

Berkshire

Hathaway

Finance

Corporation

4,000,000

2.850%, 

10/15/2050

2,510,864

950,000

4.250%, 

1/15/2049

779,654

Blackstone

Private

Credit

Fund

1,700,000

4.950%, 

9/26/2027

1,678,756

Blackstone

Reg

Finance

Company,

LLC

3,100,000

5.000%, 

12/6/2034

3,034,658

Blackstone

Secured

Lending

Fund

1,175,000

5.875%, 

11/15/2027

1,178,869

2,300,000

5.350%, 

4/13/2028

2,282,633

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  35.0%

-

continued

Blue

Owl

Credit

Income

Corporation

$

3,000,000

4.700%, 

2/8/2027

$

2,966,087

850,000

6.600%, 

9/15/2029

846,771

Blue

Owl

Technology

Finance

Corporation

3,000,000

3.750%, 

6/17/2026

a

2,985,004

2,620,000

6.100%, 

3/15/2028

c

2,589,397

BNP

Paribas

SA

1,550,000

4.792%, 

5/9/2029

a,b

1,555,510

1,900,000

5.497%, 

5/20/2030

a,b

1,945,632

1,450,000

6.875%, 

12/15/2033

a,b,g

1,401,122

BPCE

SA

1,000,000

6.612%, 

10/19/2027

a,b

1,011,050

2,250,000

5.876%, 

1/14/2031

a,b

2,317,846

1,650,000

6.508%, 

1/18/2035

a,b

1,706,692

Brixmor

Operating

Partnership,

LP

1,500,000

2.250%, 

4/1/2028

1,439,668

Brookfield

Asset

Management,

Ltd.

600,000

6.077%, 

9/15/2055

592,744

Capital

One

Financial

Corporation

3,900,000

6.312%, 

6/8/2029

b

4,032,655

2,150,000

4.722%, 

1/30/2032

b

2,117,393

1,875,000

5.197%, 

9/11/2036

b

1,817,680

Capital

One

NA

2,490,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

2,550,568

Centene

Corporation

3,105,000

3.375%, 

2/15/2030

2,804,864

Charles

Schwab

Corporation

1,550,000

4.000%, 

12/1/2030

b,g

1,433,808

3,600,000

4.914%, 

11/14/2036

b

3,499,251

Citadel

Finance,

LLC

1,000,000

5.150%, 

2/14/2031

a

976,466

Citadel

Securities

Global

Holdings,

LLC

500,000

5.125%, 

1/27/2032

a

496,031

250,000

6.200%, 

6/18/2035

a

255,768

Citigroup,

Inc.

2,000,000

4.075%, 

4/23/2029

b

1,985,287

1,450,000

5.174%, 

2/13/2030

b

1,472,353

2,150,000

6.950%, 

2/15/2030

b,g

2,165,966

3,900,000

3.057%, 

1/25/2033

b

3,526,915

2,350,000

5.449%, 

6/11/2035

b

2,382,680

3,350,000

6.020%, 

1/24/2036

b

3,420,111

Citizens

Financial

Group,

Inc.

1,600,000

5.841%, 

1/23/2030

b

1,647,731

1,425,000

5.718%, 

7/23/2032

b

1,464,768

COPT

Defense

Properties,

LP

1,000,000

4.500%, 

10/15/2030

987,079

Corebridge

Global

Funding

2,050,000

5.200%, 

6/24/2029

a

2,076,875

Cousins

Properties,

LP

1,000,000

5.375%, 

2/15/2032

1,006,221

Credit

Agricole

SA

2,300,000

7.125%, 

9/23/2035

a,b,g

2,321,767

Credit

Suisse

Group

AG

2,450,000

5.250%, 

N/A

*,h

588,000

2,500,000

7.250%, 

N/A

*,h

600,000

1,950,000

7.500%, 

N/A

*,h

468,000

Deutsche

Bank

AG/New

York,

NY

2,650,000

5.373%, 

1/10/2029

b

2,680,518

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  35.0%

-

continued

$

2,550,000

4.999%, 

9/11/2030

b

$

2,562,011

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

4,250,000

5.950%, 

9/17/2030

a

3,990,769

Elevance

Health,

Inc.

1,250,000

5.125%, 

2/15/2053

1,095,933

1,250,000

6.100%, 

10/15/2052

1,253,620

1,500,000

4.750%, 

2/15/2033

1,477,119

EPR

Properties

1,726,000

4.950%, 

4/15/2028

1,723,692

1,800,000

4.750%, 

11/15/2030

1,756,781

Fifth

Third

Bancorp

1,550,000

4.895%, 

9/6/2030

b

1,555,168

3,750,000

4.566%, 

4/29/2032

b

3,675,940

First

Citizens

BancShares,

Inc./NC

3,900,000

5.600%, 

9/5/2035

b

3,811,761

First-Citizens

Bank

&

Trust

Company

3,600,000

6.125%, 

3/9/2028

3,690,731

Goldman

Sachs

BDC,

Inc.

950,000

6.375%, 

3/11/2027

954,751

Goldman

Sachs

Group,

Inc.

5,050,000

5.207%, 

1/28/2031

b

5,130,985

2,250,000

4.369%, 

10/21/2031

b

2,206,184

3,450,000

3.102%, 

2/24/2033

b

3,115,864

2,450,000

5.536%, 

1/28/2036

b

2,490,390

850,000

5.065%, 

1/21/2037

b

831,021

Goldman

Sachs

Private

Credit

Corporation

2,900,000

5.050%, 

2/23/2028

a

2,855,751

Healthcare

Realty

Holdings,

LP

3,250,000

2.000%, 

3/15/2031

2,822,027

High

Street

Funding

Trust

III

1,250,000

5.807%, 

2/15/2055

a

1,187,829

Highwoods

Realty,

LP

1,050,000

4.125%, 

3/15/2028

1,034,937

2,100,000

4.200%, 

4/15/2029

2,041,971

900,000

5.350%, 

1/15/2033

878,757

HSBC

Holdings

plc

1,350,000

5.133%, 

11/6/2036

b

1,320,508

1,200,000

5.279%, 

3/10/2037

b

1,178,446

Huntington

Bancshares,

Inc./OH

2,500,000

5.709%, 

2/2/2035

b

2,551,038

Invitation

Homes

Operating

Partnership,

LP

1,250,000

5.450%, 

8/15/2030

1,269,660

1,500,000

2.000%, 

8/15/2031

1,283,906

Jane

Street

Group/JSG

Finance,

Inc.

3,400,000

6.750%, 

5/1/2033

a

3,449,531

JPMorgan

Chase

&

Company

2,700,000

6.875%, 

6/1/2029

b,g

2,801,250

2,100,000

4.995%, 

7/22/2030

b

2,129,813

1,200,000

2.956%, 

5/13/2031

b

1,118,128

2,550,000

4.586%, 

4/26/2033

b

2,516,027

2,550,000

4.912%, 

7/25/2033

b

2,551,759

2,000,000

5.717%, 

9/14/2033

b

2,070,739

900,000

5.336%, 

1/23/2035

b

913,813

3,100,000

4.946%, 

10/22/2035

b

3,065,997

3,800,000

4.810%, 

10/22/2036

b

3,689,668

4,000,000

5.193%, 

2/5/2037

b

3,930,664

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  35.0%

-

continued

KeyCorp

$

1,850,000

6.401%, 

3/6/2035

b

$

1,961,447

Kilroy

Realty,

LP

1,550,000

4.250%, 

8/15/2029

1,498,387

900,000

6.250%, 

1/15/2036

891,663

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

2,250,000

4.750%, 

6/15/2029

a

2,180,862

Lloyds

Banking

Group

plc

3,300,000

4.241%, 

2/10/2030

b

3,264,455

750,000

6.068%, 

6/13/2036

b

762,255

LPL

Holdings,

Inc.

1,100,000

5.150%, 

6/15/2030

1,104,786

2,900,000

4.375%, 

5/15/2031

a

2,774,013

1,350,000

5.650%, 

3/15/2035

1,338,436

Macquarie

AirFinance

Holdings,

Ltd.

1,350,000

5.200%, 

3/27/2028

a

1,354,866

925,000

6.400%, 

3/26/2029

a

958,413

375,000

6.500%, 

3/26/2031

a

392,679

MetLife,

Inc.

1,600,000

6.350%, 

3/15/2055

b,c

1,623,602

Mitsubishi

UFJ

Financial

Group,

Inc.

1,800,000

5.159%, 

4/24/2031

b

1,825,615

2,750,000

5.133%, 

7/20/2033

b

2,774,797

Mizuho

Financial

Group,

Inc.

1,200,000

5.098%, 

5/13/2031

b

1,215,744

1,100,000

1.979%, 

9/8/2031

b,c

976,268

Morgan

Stanley

2,150,000

5.656%, 

4/18/2030

b

2,211,751

2,500,000

5.230%, 

1/15/2031

b

2,538,451

2,600,000

3.622%, 

4/1/2031

b

2,493,155

2,800,000

5.192%, 

4/17/2031

b

2,841,701

2,350,000

1.794%, 

2/13/2032

b

2,034,955

1,750,000

2.943%, 

1/21/2033

b

1,573,492

1,050,000

4.889%, 

7/20/2033

b

1,043,297

3,600,000

6.342%, 

10/18/2033

b

3,851,906

1,400,000

6.627%, 

11/1/2034

b

1,523,382

1,600,000

5.466%, 

1/18/2035

b

1,626,440

1,650,000

5.587%, 

1/18/2036

b

1,682,216

800,000

5.664%, 

4/17/2036

b

819,410

1,250,000

5.314%, 

1/18/2041

b

1,206,653

Nationwide

Building

Society

2,300,000

6.557%, 

10/18/2027

a,b

2,325,893

Nationwide

Mutual

Insurance

Company

1,725,000

4.350%, 

4/30/2050

a

1,305,838

NatWest

Group

plc

3,650,000

5.115%, 

5/23/2031

b

3,686,374

2,850,000

3.032%, 

11/28/2035

b

2,594,755

New

York

Life

Insurance

Company

1,800,000

3.750%, 

5/15/2050

a

1,305,399

Nippon

Life

Insurance

Company

1,750,000

6.500%, 

4/30/2055

a,b

1,804,383

Omega

Healthcare

Investors,

Inc.

1,625,000

3.625%, 

10/1/2029

1,560,742

Pacific

Life

Insurance

Company

1,800,000

5.950%, 

9/15/2055

*

1,766,078

Phillips

Edison

Grocery

Center

Operating

Partnership

I,

LP

2,550,000

5.250%, 

8/15/2032

2,560,522

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  35.0%

-

continued

PNC

Financial

Services

Group,

Inc.

$

2,300,000

5.222%, 

1/29/2031

b

$

2,346,219

3,000,000

5.068%, 

1/24/2034

b

2,999,368

2,100,000

6.875%, 

10/20/2034

b

2,320,017

1,050,000

5.373%, 

7/21/2036

b

1,054,583

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

102,097

4.136%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

a,b

97,155

Prudential

Financial,

Inc.

2,250,000

3.700%, 

10/1/2050

b

2,043,979

Regency

Centers,

LP

2,250,000

3.700%, 

6/15/2030

2,183,032

750,000

5.250%, 

1/15/2034

758,104

1,700,000

5.100%, 

1/15/2035

1,694,331

Regions

Financial

Corporation

1,400,000

5.722%, 

6/6/2030

b

1,435,761

1,400,000

5.502%, 

9/6/2035

b

1,401,907

RGA

Global

Funding

4,000,000

6.000%, 

11/21/2028

a

4,133,817

1,100,000

5.500%, 

1/11/2031

a

1,130,557

Royal

Bank

of

Canada

1,600,000

6.750%, 

8/24/2085

b

1,605,856

Santander

Holdings

USA,

Inc.

1,025,000

6.124%, 

5/31/2027

b

1,027,098

Societe

Generale

SA

3,150,000

4.450%, 

4/12/2030

a,b

3,118,429

2,900,000

5.512%, 

5/22/2031

a,b

2,960,510

1,050,000

6.100%, 

4/13/2033

a,b

1,090,870

Standard

Chartered

plc

1,050,000

5.688%, 

5/14/2028

a,b

1,062,419

State

Street

Corporation

2,850,000

4.729%, 

2/28/2030

2,884,729

Sumitomo

Mitsui

Financial

Group,

Inc.

2,850,000

5.808%, 

9/14/2033

2,977,690

Toronto-Dominion

Bank

2,300,000

4.808%, 

6/3/2030

2,319,020

1,750,000

5.146%, 

9/10/2034

b

1,751,923

Truist

Financial

Corporation

1,350,000

5.435%, 

1/24/2030

b

1,381,805

4,300,000

5.071%, 

5/20/2031

b

4,346,876

2,200,000

4.597%, 

1/27/2032

b

2,176,555

U.S.

Bancorp

1,100,000

5.384%, 

1/23/2030

b

1,126,512

2,350,000

5.046%, 

2/12/2031

b

2,384,234

1,000,000

5.678%, 

1/23/2035

b

1,032,859

UBS

Group

AG

250,000

3.091%, 

5/14/2032

a,b

229,269

1,250,000

7.000%, 

1/8/2036

a,b,g

1,208,401

UnitedHealth

Group,

Inc.

1,450,000

5.875%, 

2/15/2053

1,428,057

2,100,000

4.950%, 

5/15/2062

1,763,090

740,000

4.750%, 

7/15/2045

645,387

1,975,000

4.450%, 

12/15/2048

1,611,807

Unum

Group

2,350,000

4.046%, 

8/15/2041

a

1,881,043

Ventas

Realty,

LP

1,150,000

5.100%, 

7/15/2032

1,156,329

3,800,000

5.000%, 

1/15/2035

3,728,681

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Financials  35.0%

-

continued

Wells

Fargo

&

Company

$

1,850,000

5.198%, 

1/23/2030

b

$

1,878,999

2,450,000

5.244%, 

1/24/2031

b

2,497,484

2,400,000

5.150%, 

4/23/2031

b

2,441,006

2,800,000

4.897%, 

7/25/2033

b

2,785,681

2,100,000

6.491%, 

10/23/2034

b

2,273,783

1,800,000

4.892%, 

9/15/2036

b

1,751,232

1,400,000

4.960%, 

1/23/2037

b

1,363,799

Welltower

OP,

LLC

1,550,000

5.125%, 

7/1/2035

1,555,777

Western

Alliance

Bank

1,500,000

6.537%, 

11/15/2035

b

1,469,145

Zions

Bancorp

NA

2,050,000

4.483%, 

2/9/2029

b

2,034,693

Total

427,751,917

Foreign

Government  0.8%

Dominican

Republic

Government

International

Bond

2,450,000

6.000%, 

7/19/2028

a

2,466,660

2,125,000

6.000%, 

2/22/2033

a

2,070,175

Equinor

ASA

2,500,000

4.750%, 

11/14/2035

2,461,543

Petroleos

Mexicanos

3,000,000

5.950%, 

1/28/2031

2,868,219

Total

9,866,597

Mortgage-Backed

Securities  0.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

8,331,364

5.500%, 

5/1/2055

8,464,827

Total

8,464,827

Technology  8.4%

Accenture

Capital,

Inc.

775,000

4.500%, 

10/4/2034

749,308

Alphabet,

Inc.

750,000

5.650%, 

2/15/2056

747,588

4,250,000

5.300%, 

5/15/2065

3,933,925

850,000

4.800%, 

2/15/2036

846,359

2,700,000

5.500%, 

2/15/2046

2,678,309

Apple,

Inc.

1,900,000

2.700%, 

8/5/2051

1,163,640

1,750,000

3.950%, 

8/8/2052

1,358,139

1,420,000

3.750%, 

9/12/2047

1,098,014

Block,

Inc.

650,000

5.625%, 

8/15/2030

a

646,408

1,900,000

6.000%, 

8/15/2033

a

1,868,619

Broadcom,

Inc.

1,000,000

5.150%, 

11/15/2031

1,025,828

2,350,000

3.137%, 

11/15/2035

a

1,996,527

4,050,000

3.187%, 

11/15/2036

a

3,384,418

2,200,000

4.926%, 

5/15/2037

a

2,133,831

2,250,000

4.900%, 

2/15/2038

2,171,648

Cisco

Systems,

Inc.

1,500,000

5.300%, 

2/26/2054

1,406,825

Dell

International,

LLC/EMC

Corporation

2,575,000

4.850%, 

2/1/2035

2,491,442

Equinix

Europe

2

Financing

Corporation,

LLC

2,800,000

5.500%, 

6/15/2034

2,842,267

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Technology  8.4%

-

continued

Fidelity

National

Information

Services,

Inc.

$

1,550,000

4.800%, 

3/10/2031

$

1,537,834

Fiserv,

Inc.

1,750,000

2.650%, 

6/1/2030

1,593,473

3,000,000

5.600%, 

3/2/2033

3,031,461

2,200,000

5.150%, 

8/12/2034

2,136,854

Foundry

JV

Holdco,

LLC

2,900,000

6.150%, 

1/25/2032

a

3,027,561

3,300,000

5.900%, 

1/25/2033

a

3,392,769

2,250,000

5.875%, 

1/25/2034

a

2,278,120

Global

Payments,

Inc.

1,200,000

5.400%, 

8/15/2032

c

1,190,065

Hewlett

Packard

Enterprise

Company

2,025,000

5.000%, 

10/15/2034

1,960,173

Marvell

Technology,

Inc.

1,400,000

4.875%, 

6/22/2028

1,414,085

Mastercard,

Inc.

1,000,000

4.850%, 

3/9/2033

1,013,488

1,800,000

4.550%, 

1/15/2035

1,768,135

Microchip

Technology,

Inc.

1,100,000

5.050%, 

3/15/2029

1,115,971

Micron

Technology,

Inc.

2,850,000

6.050%, 

11/1/2035

3,075,271

Microsoft

Corporation

2,000,000

2.500%, 

9/15/2050

1,188,206

Oracle

Corporation

1,500,000

6.700%, 

2/4/2056

1,392,155

1,800,000

6.850%, 

2/4/2066

1,654,780

1,700,000

5.550%, 

2/6/2053

1,356,364

3,760,000

3.950%, 

3/25/2051

2,382,545

2,100,000

4.800%, 

9/26/2032

1,999,931

2,150,000

5.350%, 

5/4/2033

2,092,980

2,150,000

6.550%, 

2/4/2046

2,005,855

4,250,000

4.000%, 

7/15/2046

2,862,074

Paychex,

Inc.

2,350,000

5.350%, 

4/15/2032

2,361,851

PayPal

Holdings,

Inc.

2,200,000

5.150%, 

6/1/2034

c

2,194,133

Roper

Technologies,

Inc.

2,700,000

4.900%, 

10/15/2034

2,606,974

2,300,000

5.100%, 

9/15/2035

2,236,469

Salesforce,

Inc.

2,650,000

4.900%, 

9/15/2031

2,646,247

2,700,000

5.550%, 

3/15/2036

2,691,601

Synopsys,

Inc.

1,800,000

5.000%, 

4/1/2032

1,815,619

2,500,000

5.150%, 

4/1/2035

2,504,780

Texas

Instruments,

Inc.

2,400,000

5.000%, 

3/14/2053

2,164,834

VeriSign,

Inc.

1,750,000

5.250%, 

6/1/2032

1,762,611

VMware,

LLC

1,850,000

2.200%, 

8/15/2031

1,623,776

Total

102,622,140

Transportation  2.0%

Air

Canada

1,600,000

3.875%, 

8/15/2026

a

1,592,025

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

101,667

5.500%, 

4/20/2026

a

101,705

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Transportation  2.0%

-

continued

$

1,950,000

5.750%, 

4/20/2029

a

$

1,939,334

Burlington

Northern

Santa

Fe,

LLC

1,250,000

4.700%, 

9/1/2045

1,104,660

Canadian

Pacific

Railway

Company

2,957,000

4.700%, 

5/1/2048

2,565,666

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

2,841,667

4.750%, 

10/20/2028

a

2,837,562

ERAC

USA

Finance,

LLC

2,530,000

4.200%, 

11/1/2046

a

2,042,866

FedEx

Corporation

1,750,000

3.250%, 

5/15/2041

1,317,490

FedEx

Freight

Holding

Company,

Inc.

2,200,000

5.250%, 

3/15/2036

a

2,128,476

United

Airlines

Holdings,

Inc.

2,400,000

5.375%, 

3/1/2031

2,350,360

United

Airlines

Pass

Through

Trust

665,563

3.750%, 

9/3/2026

663,949

United

Airlines,

Inc.

3,000,000

4.625%, 

4/15/2029

a

2,943,372

United

Parcel

Service,

Inc.

2,400,000

5.950%, 

5/14/2055

2,423,979

Total

24,011,444

U.S.

Government

&

Agencies  5.3%

Tennessee

Valley

Authority

2,250,000

5.250%, 

2/1/2055

2,215,151

U.S.

Treasury

Bonds

13,500,000

4.625%, 

11/15/2055

12,898,828

10,500,000

4.375%, 

8/15/2043

9,910,605

2,250,000

5.000%, 

5/15/2045

2,279,268

5,000,000

4.625%, 

2/15/2046

4,820,313

U.S.

Treasury

Notes

15,000,000

3.500%, 

2/28/2031

14,709,375

15,500,000

4.125%, 

3/31/2032

15,554,492

2,000,000

4.125%, 

2/15/2036

1,968,750

Total

64,356,782

Utilities  9.5%

AES

Corporation

2,950,000

7.600%, 

1/15/2055

b

2,926,158

Algonquin

Power

&

Utilities

Corporation

2,800,000

4.750%, 

1/18/2082

b

2,723,228

American

Electric

Power

Company,

Inc.

1,850,000

6.050%, 

3/15/2056

b

1,833,488

2,075,000

7.050%, 

12/15/2054

b

2,141,854

1,250,000

5.625%, 

3/1/2033

1,291,654

American

Water

Capital

Corporation

1,700,000

3.450%, 

5/1/2050

1,183,205

3,650,000

5.200%, 

4/1/2036

3,657,481

Arizona

Public

Service

Company

2,050,000

5.550%, 

8/1/2033

2,102,299

Berkshire

Hathaway

Energy

Company

1,325,000

4.450%, 

1/15/2049

1,074,855

CenterPoint

Energy,

Inc.

1,275,000

7.000%, 

2/15/2055

b

1,312,137

2,000,000

6.700%, 

5/15/2055

b

2,022,382

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Utilities  9.5%

-

continued

Commonwealth

Edison

Company

$

1,050,000

5.650%, 

6/1/2054

$

1,023,263

Consolidated

Edison

Company

of

New

York,

Inc.

1,876,000

3.850%, 

6/15/2046

1,436,525

2,250,000

4.125%, 

5/15/2049

1,751,269

Constellation

Energy

Generation,

LLC

800,000

5.875%, 

1/15/2066

768,043

2,100,000

5.800%, 

3/1/2033

2,199,408

Dominion

Energy,

Inc.

1,550,000

6.875%, 

2/1/2055

b

1,595,214

1,000,000

4.350%, 

1/15/2027

b,g

984,195

DTE

Energy

Company

2,150,000

5.100%, 

3/1/2029

2,186,222

2,350,000

5.200%, 

4/1/2030

2,396,683

1,550,000

5.850%, 

6/1/2034

1,622,931

Duke

Energy

Corporation

2,450,000

3.250%, 

1/15/2082

b

2,353,305

1,750,000

3.500%, 

6/15/2051

1,172,311

1,850,000

5.800%, 

6/15/2054

1,771,294

3,000,000

5.000%, 

8/15/2052

2,567,044

1,500,000

6.450%, 

9/1/2054

b,c

1,548,963

1,700,000

3.750%, 

9/1/2046

1,254,446

Exelon

Corporation

1,800,000

4.100%, 

3/15/2052

1,358,668

2,850,000

5.875%, 

3/15/2055

2,778,179

FirstEnergy

Corporation

2,050,000

4.850%, 

7/15/2047

1,745,645

FirstEnergy

Transmission,

LLC

4,800,000

4.750%, 

1/15/2033

4,727,629

1,650,000

5.450%, 

7/15/2044

a

1,561,565

Florida

Power

&

Light

Company

650,000

5.300%, 

6/15/2034

668,314

Georgia

Power

Company

800,000

5.250%, 

3/15/2034

816,950

Indiana

Michigan

Power

Company

1,000,000

5.625%, 

4/1/2053

962,551

Kentucky

Utilities

Company

500,000

5.850%, 

8/15/2055

497,134

MidAmerican

Energy

Company

3,800,000

5.500%, 

11/15/2056

3,644,737

National

Rural

Utilities

Cooperative

Finance

Corporation

1,600,000

4.400%, 

11/1/2048

1,321,158

Nevada

Power

Company

825,000

6.000%, 

3/15/2054

826,153

NextEra

Energy

Capital

Holdings,

Inc.

2,050,000

6.750%, 

6/15/2054

b

2,120,795

1,650,000

5.300%, 

3/15/2032

1,689,830

Niagara

Mohawk

Power

Corporation

2,050,000

5.996%, 

7/3/2055

a

2,013,121

NiSource,

Inc.

2,350,000

5.850%, 

4/1/2055

2,284,513

1,250,000

5.750%, 

7/15/2056

b,c

1,230,982

1,050,000

5.200%, 

7/1/2029

1,070,769

750,000

5.350%, 

7/15/2035

755,103

1,170,000

4.375%, 

5/15/2047

939,590

Oncor

Electric

Delivery

Company,

LLC

1,740,000

3.750%, 

4/1/2045

1,338,725

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Long-Term

Fixed

Income  96.7%

Value

Utilities  9.5%

-

continued

Pacific

Gas

and

Electric

Company

$

3,300,000

4.550%, 

7/1/2030

$

3,255,272

PPL

Electric

Utilities

Corporation

1,350,000

4.850%, 

2/15/2034

1,345,278

Public

Service

Company

of

Colorado

1,300,000

4.500%, 

6/1/2052

1,057,413

Public

Service

Enterprise

Group,

Inc.

1,750,000

5.200%, 

4/1/2029

1,783,221

1,350,000

5.400%, 

3/15/2035

1,363,736

Sempra

2,750,000

6.400%, 

10/1/2054

b

2,741,404

3,700,000

5.250%, 

3/15/2036

3,647,849

Southern

California

Edison

Company

1,600,000

5.450%, 

3/1/2035

1,605,962

Southern

Company

2,000,000

5.700%, 

10/15/2032

2,090,847

1,150,000

3.750%, 

9/15/2051

b

1,138,556

Southern

Company

Gas

Capital

Corporation

2,550,000

4.950%, 

9/15/2034

2,513,130

Virginia

Electric

and

Power

Company

1,000,000

5.550%, 

8/15/2054

945,077

1,700,000

5.000%, 

1/15/2034

1,694,411

Vistra

Operations

Company,

LLC

1,450,000

5.050%, 

12/30/2026

a

1,454,383

3,000,000

4.375%, 

5/1/2029

a

2,929,119

750,000

4.700%, 

1/31/2031

a

737,925

Xcel

Energy,

Inc.

900,000

5.750%, 

12/3/2056

b

878,560

1,600,000

5.600%, 

4/15/2035

1,626,005

Total

116,060,116

Total

Long-Term

Fixed

Income

(cost

$1,209,848,708)

1,180,189,252

Shares

Collateral

Held

for

Securities

Loaned

0.9%

Value

11,582,914

Thrivent

Cash

Management

Trust

11,582,914

Total

Collateral

Held

for

Securities

Loaned

(cost

$11,582,914)

11,582,914

Shares

Preferred

Stock

0.3%

Value

Capital

Goods  0.3%

60,000

Boeing

Company,

Convertible,

6.000%

3,892,800

Total

3,892,800

Total

Preferred

Stock

(cost

$3,154,394)

3,892,800

Shares

Common

Stock

<

–%

Value

Financials  <0.1%

2,602

Glitnir

HoldCo

ehf.

i,j

0

Total

0

Total

Common

Stock

(cost

$–)

0

Shares

or

Principal

Amount

Short-Term

Investments

2.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

3.590%,

4/17/2026

k,l

$

199,661

300,000

3.635%,

5/1/2026

k,l

299,067

200,000

3.620%,

5/27/2026

k,l

198,857

400,000

3.625%,

6/17/2026

k,l

396,875

100,000

3.590%,

6/18/2026

k,l

99,209

200,000

3.640%,

6/22/2026

k,l

198,338

State

Street

Institutional

U.S.

Government

Money

Market

Fund

30,271,087

3.602%

k

30,271,087

Total

Short-Term

Investments

(cost

$31,663,195)

31,663,094

Total

Investments

(cost

$1,256,249,211)

100.5%

$1,227,328,060

Other

Assets

and

Liabilities,

Net

(0.5%)

(6,452,002)

Total

Net

Assets

100.0%

$1,220,876,058

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$246,396,968

or

20.2%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

on

loan.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2026.

e

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

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

March

31,

2026

was

$3,422,078

or

0.28%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

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

Pacific

Life

Insurance

Company,

9/15/2055

9/3/2025

1,799,730

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

11,223,498

Total

lending

$11,223,498

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$11,582,914

Net

amounts

due

to

counterparty

$359,416

Definitions:

DAC

-

Designated

Activity

Company

plc

-

Public

Limited

Company

Ser.

-

Series

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

in

valuing

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Basic

Materials

16,763,882

–

16,763,882

–

Capital

Goods

62,405,569

–

62,405,569

–

Collateralized

Mortgage

Obligations

27,706,855

–

27,706,855

–

Communications

Services

69,367,584

–

69,367,584

–

Consumer

Cyclical

66,353,407

–

66,353,407

–

Consumer

Non-Cyclical

118,351,917

–

118,351,917

–

Energy

66,106,215

–

66,106,215

–

Financials

427,751,917

–

427,751,917

–

Foreign

Government

9,866,597

–

9,866,597

–

Mortgage-Backed

Securities

8,464,827

–

8,464,827

–

Technology

102,622,140

–

102,622,140

–

Transportation

24,011,444

–

24,011,444

–

U.S.

Government

&

Agencies

64,356,782

–

64,356,782

–

Utilities

116,060,116

–

116,060,116

–

Preferred

Stock

Capital

Goods

3,892,800

3,892,800

–

–

Common

Stock

Financials

@

0

–

–

0

Short-Term

Investments

31,663,094

30,271,087

1,392,007

–

Subtotal

Investments

in

Securities

$1,215,745,146

$34,163,887

$1,181,581,259

$0

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

11,582,914

Subtotal

Other

Investments

$11,582,914

Total

Investments

at

Value

$1,227,328,060

*

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

March

31,

2026,

in

valuing

Income

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

391,578

391,578

–

–

Total

Liability

Derivatives

$391,578

$391,578

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$1,392,007

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

200

June

2026

$

21,739,737

(

$

103,799)

CBOT

U.S.

Long

Bond

150

June

2026

17,117,507

(

36,257)

Ultra

10-Yr.

U.S.

Treasury

Note

200

June

2026

22,954,648

(

251,522)

Total

Futures

Long

Contracts

$

61,811,892

(

$

391,578)

Total

Futures

Contracts

$

61,811,892

($391,578)

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$6,740

$62,655

$57,812

$11,583

11,583

0.9%

Total

Collateral

Held

for

Securities

Loaned

6,740

11,583

0.9

Total

Value

$6,740

$11,583

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

Value

$–

$–

$

–

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Shares

Common

Stock

93.8%

Value

Australia  4.4%  

36,279

4DMedical,

Ltd.

a

$

141,888

21,403

AGL

Energy,

Ltd.

146,522

13,611

Ampol,

Ltd.

315,687

14,986

Ansell,

Ltd.

294,095

89,965

ANZ

Group

Holdings,

Ltd.

2,262,193

778,286

Aurizon

Holdings,

Ltd.

2,148,471

7,574

Bank

of

Queensland,

Ltd.

35,255

11,263

Bendigo

and

Adelaide

Bank,

Ltd.

77,486

400,596

BHP

Group,

Ltd.

14,494,578

14,865

BlueScope

Steel,

Ltd.

269,066

219,554

Brambles,

Ltd.

3,445,742

41,726

Challenger,

Ltd.

241,238

46,598

Champion

Iron,

Ltd.

175,098

90,643

Charter

Hall

Retail

REIT

239,912

28,666

Charter

Hall

Social

Infrastructure

REIT

51,225

14,059

Codan,

Ltd.

309,437

58,452

Commonwealth

Bank

of

Australia

6,845,129

28,370

Credit

Corp

Group,

Ltd.

212,097

102,806

Dexus

Industria

REIT

164,609

391,571

DEXUS

Property

Group

1,614,336

25,412

Dicker

Data,

Ltd.

151,184

112,256

Downer

EDI,

Ltd.

600,857

372,982

Dyno

Nobel,

Ltd.

812,206

27,516

Evolution

Mining,

Ltd.

247,774

14,600

Genesis

Minerals,

Ltd.

a

61,437

748,900

GPT

Group

2,368,795

16,323

Greatland

Resources,

Ltd.

a

132,926

33,484

Harvey

Norman

Holdings,

Ltd.

115,031

66,231

Helia

Group,

Ltd.

242,911

246,225

HomeCo

Daily

Needs

REIT

202,070

4,765

JB

Hi-Fi,

Ltd.

241,104

112,044

Liontown,

Ltd.

a

136,757

20,959

Magellan

Financial

Group,

Ltd.

144,016

16,216

Mineral

Resources,

Ltd.

a

622,903

91,004

National

Australia

Bank,

Ltd.

2,632,353

45,271

New

Hope

Corporation,

Ltd.

184,937

259,977

Nickel

Industries,

Ltd.

a

163,105

193,966

NRW

Holdings,

Ltd.

718,626

275,310

Orica,

Ltd.

3,869,364

475,943

Perenti,

Ltd.

651,797

105,893

Perseus

Mining,

Ltd.

387,964

138,156

PLS

Group,

Ltd.

a

505,863

378,384

QBE

Insurance

Group,

Ltd.

5,583,724

6,932

Ramsay

Health

Care,

Ltd.

188,543

181,404

Region

Group

285,646

255,187

Regis

Resources,

Ltd.

1,209,530

186,088

Resolute

Mining,

Ltd.

a

184,010

55,137

Rio

Tinto,

Ltd.

6,264,315

10,472

Sandfire

Resources,

Ltd.

a

120,168

28,696

SmartGroup

Corporation,

Ltd.

164,387

26,676

South32,

Ltd.

80,775

53,932

SRG

Global,

Ltd.

92,643

183,343

Stanmore

Resources,

Ltd.

352,052

98,218

Steadfast

Group,

Ltd.

289,153

293,906

Tabcorp

Holdings,

Ltd.

194,326

4,895

Technology

One,

Ltd.

92,919

1,321,846

Telstra

Corporation,

Ltd.

4,879,740

66,340

Vault

Minerals,

Ltd.

197,949

195,182

Ventia

Services

Group,

Pty.

Ltd.

710,665

77,736

Virgin

Australia

Holdings,

Ltd.

a

129,925

293,867

Waypoint

REIT,

Ltd.

479,426

71,304

Westgold

Resources,

Ltd.

299,977

102,492

Westpac

Banking

Corporation

2,832,395

24,897

Whitehaven

Coal,

Ltd.

160,646

Shares

Common

Stock  93.8%

Value

Australia  4.4%  -

continued

21,584

Worley,

Ltd.

$

169,548

Total

73,640,506

Austria  0.1%  

1,562

BAWAG

Group

AG

b

237,468

2,377

Erste

Group

Bank

AG

256,778

6,731

Porr

AG

281,086

26,746

Voestalpine

AG

1,186,779

2,283

Wienerberger

AG

60,714

Total

2,022,825

Belgium  0.8%  

11,628

Ackermans

&

van

Haaren

NV

3,575,743

2,378

Aedifica

SA

192,542

16,861

Ageas

SA

NV

1,241,194

96,877

Anheuser-Busch

InBev

SA/NV

6,702,574

6,772

Barco

NV

75,513

5,572

Bekaert

SA

262,376

513

Deme

Group

NV

111,514

4,474

Fagron

NV

112,394

765

Montea

NV

58,301

30,859

Umicore

SA

588,722

Total

12,920,873

Bermuda  0.4%  

28,976

Aegon,

Ltd.

211,909

4,384

Credicorp,

Ltd.

1,486,965

39,654

Hiscox,

Ltd.

800,414

39,100

Jardine

Matheson

Holdings,

Ltd.

2,810,635

21,500

Johnson

Electric

Holdings,

Ltd.

65,236

132,000

Nine

Dragons

Paper

Holdings,

Ltd.

a

111,888

26,544

Odfjell

Drilling,

Ltd.

278,065

60,500

Orient

Overseas

International,

Ltd.

1,078,981

124,000

PAX

Global

Technology,

Ltd.

68,000

113,000

Yue

Yuen

Industrial

Holdings,

Ltd.

220,439

Total

7,132,532

Brazil  1.3%  

110,300

Allos

SA

644,571

87,100

Alupar

Investimento

SA

592,062

184,700

Ambev

SA

543,775

27,601

Axia

Energia

ADR

311,339

67,200

Banco

ABC

Brasil

SA

331,209

301,911

Banco

Bradesco

SA

ADR

1,101,975

176,800

Banco

do

Brasil

SA

787,090

430,100

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

1,433,155

1,623,760

Cogna

Educacao

SA

996,855

26,181

Companhia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

ADR

798,782

34,500

Companhia

de

Saneamento

de

Minas

Gerais

COPASA

MG

383,441

117,717

Companhia

Energetica

de

Minas

Gerais

ADR

281,344

1,612

Companhia

Paranaense

de

Energia

-

COPEL

ADR

19,247

72,600

CPFL

Energia

SA

682,432

110,044

Cury

Construtora

e

Incorporadora

SA

752,697

123,400

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

652,752

230,500

Direcional

Engenharia

SA

588,282

85,400

EcoRodovias

Infraestrutura

e

Logistica

SA

138,820

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Shares

Common

Stock  93.8%

Value

Brazil  1.3%  -

continued

5,865

Embraer

SA

ADR

$

348,029

384,161

Itau

Unibanco

Holding

SA

ADR

3,219,269

20,400

M.

Dias

Branco

SA

89,991

318,797

Metalurgica

Gerdau

SA

524,369

123,969

Petroleo

Brasileiro

SA

-

Petrobras

ADR

2,572,357

25,000

Suzano

SA

250,538

89,500

TIM

SA/Brazil

474,122

24,000

Transmissora

Alianca

de

Energia

Eletrica

SA

198,909

158,463

Vale

SA

ADR

2,521,146

Total

21,238,558

Canada  8.1%  

4,560

Aecon

Group,

Inc.

137,052

23,466

Agnico

Eagle

Mines,

Ltd.

4,763,205

57,482

Air

Canada

a

748,741

11,029

Alamos

Gold,

Inc.

490,019

97,271

Algonquin

Power

&

Utilities

Corporation

595,751

31,801

Alimentation

Couche-Tard,

Inc.

1,802,537

11,177

AltaGas,

Ltd.

387,672

2,807

ARC

Resources,

Ltd.

58,416

11,918

Aris

Mining

Corporation

a

221,294

4,648

ATCO,

Ltd.

227,505

27,816

Athabasca

Oil

Corporation

a

224,951

14,304

AtkinsRealis

Group,

Inc.

920,285

133,290

B2Gold

Corporation

605,559

30,013

Bank

of

Montreal

4,065,164

52,607

Bank

of

Nova

Scotia

3,648,190

83,548

Barrick

Mining

Corporation

3,414,351

67,002

Bausch

Health

Companies,

Inc.

a

361,811

154,408

Baytex

Energy

Corporation

690,402

30,752

BCE,

Inc.

775,929

3,038

Bombardier,

Inc.

a

537,279

1,389

Brookfield

Asset

Management,

Ltd.

61,756

86,204

Brookfield

Corporation

3,493,149

13,186

Brookfield

Renewable

Corporation

525,506

22,703

Cameco

Corporation

2,465,773

36,655

Canadian

Imperial

Bank

of

Commerce

3,473,938

17,109

Canadian

National

Railway

Company

1,760,956

69,725

Canadian

Natural

Resources,

Ltd.

3,401,293

28,674

Canadian

Pacific

Kansas

City,

Ltd.

2,256,447

7,180

Canadian

Tire

Corporation,

Ltd.

965,591

15,066

Canadian

Utilities,

Ltd.

529,167

72,616

Capstone

Copper

Corporation

a

547,582

85,008

Cascades,

Inc.

721,691

15,270

CCL

Industries,

Inc.

956,749

6,623

Celestica,

Inc.

a

1,865,567

52,098

Cenovus

Energy,

Inc.

1,382,689

43,446

Centerra

Gold,

Inc.

772,665

67,378

CES

Energy

Solutions

Corporation

891,689

15,459

CGI,

Inc.

1,130,171

44,600

China

Gold

International

Resources

Corporation,

Ltd.

883,090

10,274

Cogeco

Communications,

Inc.

521,418

448

Constellation

Software,

Inc./Canada

786,436

8,538

Dollarama,

Inc.

1,047,871

2,573

Eldorado

Gold

Corporation

88,331

9,204

Emera,

Inc.

477,105

25,314

Empire

Company,

Ltd.

906,762

100,340

Enbridge,

Inc.

5,439,321

1,196

Fairfax

Financial

Holdings,

Ltd.

2,037,886

Shares

Common

Stock  93.8%

Value

Canada  8.1%  -

continued

13,276

Finning

International,

Inc.

$

821,507

6,835

First

Majestic

Silver

Corporation

146,816

53,779

First

Quantum

Minerals,

Ltd.

a

1,285,809

13,723

Fortis,

Inc.

765,611

65,937

Fortuna

Mining

Corporation

a

654,754

5,272

Franco-Nevada

Corporation

1,302,448

3,128

G

Mining

Ventures

Corporation

a

109,776

16,837

George

Weston,

Ltd.

1,189,519

2,748

GFL

Environmental,

Inc.

114,633

32,283

Gibson

Energy,

Inc.

688,778

13,258

Great-West

Lifeco,

Inc.

620,918

1,645

Groupe

Dynamite,

Inc.

90,569

35,355

Hudbay

Minerals,

Inc.

740,343

344

Hydro

One,

Ltd.

14,207

1,129

iA

Financial

Corporation,

Inc.

125,293

54,142

IAMGOLD

Corporation

a

1,018,952

9,326

Imperial

Oil,

Ltd.

1,221,544

6,930

Intact

Financial

Corporation

1,255,779

69,022

Kinross

Gold

Corporation

2,106,551

12,072

Linamar

Corporation

747,785

29,457

Loblaw

Companies,

Ltd.

1,342,939

2,321

Lundin

Gold,

Inc.

177,374

51,051

Lundin

Mining

Corporation

1,273,064

22,411

Magna

International,

Inc.

1,250,758

73,132

Manulife

Financial

Corporation

2,519,219

14,208

Maple

Leaf

Foods,

Inc.

306,405

7,965

Metro,

Inc./CN

544,971

14,950

National

Bank

of

Canada

1,934,548

29,320

Nutrien,

Ltd.

2,212,487

26,431

OceanaGold

Corporation

833,343

33,764

Open

Text

Corporation

752,415

21,174

Pan

American

Silver

Corporation

1,156,736

10,714

Parex

Resources,

Inc.

210,568

7,697

Pembina

Pipeline

Corporation

344,542

37,165

Power

Corporation

of

Canada

1,789,188

7,811

Precision

Drilling

Corporation

a

768,691

19,820

Quebecor,

Inc.

841,613

364

RB

Global,

Inc.

34,908

3,405

Restaurant

Brands

International,

Inc.

251,967

9,688

Rogers

Communications,

Inc.

372,588

58,164

Royal

Bank

of

Canada

9,402,574

33,051

Saputo,

Inc.

1,032,562

4,855

Savaria

Corporation

93,359

44,983

Shopify,

Inc.

a

5,335,883

1,610

South

Bow

Corporation

53,562

13,948

SSR

Mining,

Inc.

a

410,071

5,317

Stella-Jones,

Inc.

356,760

3,486

Strathcona

Resources,

Ltd.

105,600

31,620

Sun

Life

Financial,

Inc.

1,980,938

61,818

Suncor

Energy,

Inc.

4,088,760

115,315

Tamarack

Valley

Energy,

Ltd.

953,291

10,197

Taseko

Mines,

Ltd.

a

66,045

53,825

TC

Energy

Corporation

3,370,495

18,922

Teck

Resources,

Ltd.

979,214

2,475

Toromont

Industries,

Ltd.

346,511

70,758

Toronto-Dominion

Bank

6,608,353

14,201

Wheaton

Precious

Metals

Corporation

1,860,473

66,189

Whitecap

Resources,

Inc.

747,011

5,835

WSP

Global,

Inc.

908,114

Total

136,706,204

Cayman

Islands  3.3%  

341,500

3SBio,

Inc.

b

1,006,728

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Shares

Common

Stock  93.8%

Value

Cayman

Islands  3.3%  -

continued

695,000

Alibaba

Group

Holding,

Ltd.

$

10,893,770

646,500

China

Hongqiao

Group,

Ltd.

2,920,376

134,500

China

Resources

Land,

Ltd.

498,501

903,000

Consun

Pharmaceutical

Group,

Ltd.

1,926,628

475

Futu

Holdings,

Ltd.

ADR

a

64,961

133,000

Geely

Automobile

Holdings,

Ltd.

354,838

19,274

Hello

Group,

Inc.

ADR

111,018

51,500

Hengan

International

Group

Company,

Ltd.

182,240

11,476

JOYY,

Inc.

ADR

670,084

465,000

Kingboard

Holdings,

Ltd.

1,968,084

64,000

Kingboard

Laminates

Holdings,

Ltd.

159,370

246,500

Li

Ning

Company,

Ltd.

681,037

34,952

Meituan

a,b

381,405

146,500

NetDragon

Websoft

Holdings,

Ltd.

168,447

24,950

NetEase,

Inc.

ADR

2,792,903

122,000

Newborn

Town,

Inc.

a

124,803

381,000

Nexteer

Automotive

Group,

Ltd.

249,031

64,601

NU

Holdings,

Ltd./Cayman

Islands

a

928,316

17,129

PDD

Holdings,

Inc.

ADR

a

1,750,241

217,000

Q

Technology

Group

Company,

Ltd.

206,696

2,133,500

Shui

On

Land,

Ltd.

140,143

306,624

Tencent

Holdings,

Ltd.

19,339,506

308,000

VSTECS

Holdings,

Ltd.

339,667

3,729,000

WH

Group,

Ltd.

b

4,901,536

199,000

WuXi

Biologics

(Cayman),

Inc.

a,b

855,798

346,200

Xiaomi

Corporation

a,b

1,430,035

36,750

ZTO

Express

Cayman,

Inc.

904,524

Total

55,950,686

Chile  0.1%  

238,857

Aguas

Andinas

SA

91,287

12,667

Banco

de

Chile

ADR

469,186

8,622

Banco

de

Credito

e

Inversiones

SA

558,504

17,948

Banco

Santander

Chile

SA

ADR

599,463

1,862,643

Colbun

SA

261,421

5,496,556

Latam

Airlines

Group

SA

135,631

Total

2,115,492

China  3.9%  

901,000

Agricultural

Bank

of

China,

Ltd.,

Class

H

644,490

275,500

Air

China,

Ltd.

a

270,869

154,700

Aluminum

Corporation

of

China,

Ltd.,

Class

A

260,163

736,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

1,076,743

51,500

Angel

Yeast

Company,

Ltd.

302,618

54,400

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

183,345

70,000

Anhui

Expressway

Company,

Ltd.

132,569

2,585,000

BAIC

Motor

Corporation,

Ltd.

a,b

508,804

1,855,000

Bank

of

China,

Ltd.,

Class

H

1,184,484

383,600

Baoshan

Iron

&

Steel

Company,

Ltd.

358,538

459,200

BOE

Technology

Group

Company,

Ltd.

262,058

23,400

BYD

Company,

Ltd.,

Class

H

319,909

18,200

Chaozhou

Three-Circle

Group

Company,

Ltd.

142,785

324,200

China

CITIC

Bank

Corporation,

Ltd.

389,517

1,658,000

China

CITIC

Bank

Corporation,

Ltd.

1,679,415

Shares

Common

Stock  93.8%

Value

China  3.9%  -

continued

730,000

China

Coal

Energy

Company,

Ltd.

$

1,230,316

4,315,000

China

Construction

Bank

Corporation,

Class

H

4,656,810

73,000

China

International

Capital

Corporation,

Ltd.,

Class

A

345,906

813,200

China

International

Capital

Corporation,

Ltd.,

Class

H

b

1,805,434

141,800

China

Life

Insurance

Company,

Ltd.,

Class

A

752,753

807,000

China

Life

Insurance

Company,

Ltd.,

Class

H

2,574,518

210,000

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

257,434

1,594,500

China

Minsheng

Banking

Corporation,

Ltd.

749,886

490,000

China

National

Building

Material

Company,

Ltd.

300,602

221,400

China

National

Chemical

Engineering

Company,

Ltd.

283,643

137,100

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

A

742,834

776,400

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

H

3,179,824

384,600

China

Petroleum

&

Chemical

Corporation,

Class

A

326,368

594,000

China

Railway

Group,

Ltd.

308,471

102,600

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Company,

Ltd.

416,693

111,500

China

Shenhua

Energy

Company,

Ltd.,

Class

H

659,987

351,000

China

Southern

Airlines

Company,

Ltd.

a

289,115

79,000

CITIC

Pacific

Special

Steel

Group

Company,

Ltd.

188,232

110,900

CITIC

Securities

Company,

Ltd.,

Class

A

389,188

304,000

CITIC

Securities

Company,

Ltd.,

Class

H

930,897

135,900

CMOC

Group,

Ltd.,

Class

A

346,538

651,000

CMOC

Group,

Ltd.,

Class

H

1,369,158

11,900

Contemporary

Amperex

Technology

Company,

Ltd.

704,076

169,600

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

A

370,269

813,500

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

1,549,125

49,600

CSC

Financial

Company,

Ltd.

155,376

351,500

Datang

International

Power

Generation

Company,

Ltd.

202,125

354,600

Focus

Media

Information

Technology

Company,

Ltd.

338,549

12,800

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

A

106,770

263,900

GD

Power

Development

Company,

Ltd.

185,428

22,900

Gree

Electric

Appliances,

Inc.

of

Zhuhai

126,052

125,000

Guotai

Haitong

Securities

Company,

Ltd.

302,556

96,700

Haier

Smart

Home

Company,

Ltd.,

Class

A

302,370

138,000

Harbin

Electric

Company,

Ltd.

372,709

162,500

Huaneng

Power

International,

Inc.,

Class

A

165,860

1,042,000

Huaneng

Power

International,

Inc.,

Class

H

788,995

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Shares

Common

Stock  93.8%

Value

China  3.9%  -

continued

255,400

HUAYU

Automotive

Systems

Company,

Ltd.

$

715,312

4,251,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

3,747,036

1,600

Kweichow

Moutai

Company,

Ltd.

336,935

196,000

Lenovo

Group,

Ltd.

235,731

32,900

Midea

Group

Company,

Ltd.

366,469

75,300

New

China

Life

Insurance

Company,

Ltd.,

Class

A

679,399

274,800

New

China

Life

Insurance

Company,

Ltd.,

Class

H

1,636,000

225,700

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

A

240,114

2,755,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

1,918,661

278,600

PetroChina

Company,

Ltd.,

Class

A

487,175

1,864,000

PetroChina

Company,

Ltd.,

Class

H

2,557,150

190,000

PICC

Property

and

Casualty

Company,

Ltd.

349,748

55,900

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

463,178

451,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

3,471,680

175,700

SAIC

Motor

Corporation,

Ltd.

375,317

83,700

Sany

Heavy

Industry

Company,

Ltd.

235,098

320,600

SDIC

Capital

Company,

Ltd.

324,160

22,700

Shandong

Gold

Mining

Company,

Ltd.

134,989

440,600

Shandong

Nanshan

Aluminum

Company,

Ltd.

395,202

21,800

Shanghai

Fosun

Pharmaceutical

Group

Company,

Ltd.

84,664

96,000

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

A

238,019

194,800

Sichuan

Road

and

Bridge

Group

Company,

Ltd.

283,958

77,200

Sinopharm

Group

Company,

Ltd.

200,285

30,100

Spring

Airlines

Company,

Ltd.

202,481

75,900

Tianshan

Aluminum

Group

Company,

Ltd.

199,210

305,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

154,070

38,200

TongFu

Microelectronics

Company,

Ltd.

232,491

50,604

Vipshop

Holdings,

Ltd.

ADR

795,495

85,200

Weichai

Power

Company,

Ltd.,

Class

A

302,778

29,300

WuXi

AppTec

Company,

Ltd.,

Class

A

425,047

205,700

WuXi

AppTec

Company,

Ltd.,

Class

H

b

3,150,387

180,400

XCMG

Construction

Machinery

Company,

Ltd.

265,594

104,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

138,766

49,100

Zhejiang

Chint

Electrics

Company,

Ltd.

234,443

301,700

Zhejiang

Dahua

Technology

Company,

Ltd.

745,562

126,400

Zhejiang

Longsheng

Group

Company,

Ltd.

239,723

68,100

Zhejiang

NHU

Company,

Ltd.

342,552

350,100

Zhejiang

Zheneng

Electric

Power

Company,

Ltd.

276,888

Shares

Common

Stock  93.8%

Value

China  3.9%  -

continued

22,107

Zhuzhou

CRRC

Times

Electric

Company,

Ltd.

$

168,035

556,000

Zijin

Mining

Group

Company,

Ltd.

2,501,165

168,000

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

A

211,100

Total

65,553,241

Colombia  0.1%  

28,155

Grupo

Cibest

SA

650,677

15,395

Grupo

Cibest

SA

ADR

1,120,910

Total

1,771,587

Cyprus  <–%  

18,642

Ros

Agro

plc

GDR

a,c

0

Total

0

Czech

Republic  0.1%  

4,574

CEZ

AS

258,499

17,545

Komercni

Banka

AS

895,152

63,190

Moneta

Money

Bank

AS

b

550,816

189

Philip

Morris

CR

167,697

Total

1,872,164

Denmark  0.5%  

8,626

ALK-Abello

AS

272,718

5,874

Bavarian

Nordic

AS

a

177,573

387

Carlsberg

AS

48,079

4,192

ChemoMetec

AS

199,974

1,173

Dampskibsselskabet

Norden

AS

53,794

3,957

FLSmidth

&

Company

AS

299,768

3,008

Genmab

AS

a

810,119

32,913

H

Lundbeck

AS,

Class

B

206,102

57,117

ISS

AS

2,080,418

3,631

NKT

AS

a

472,687

94,010

Novo

Nordisk

AS

3,440,249

3,886

Per

Aarsleff

Holding

AS

449,972

2,105

Royal

Unibrew

AS

170,772

21,598

Scandinavian

Tobacco

Group

AS

b

227,498

2,199

Zealand

Pharma

AS

a

102,408

Total

9,012,131

Egypt  <0.1%  

122,375

Commercial

International

Bank

Egypt

SAE

GDR

270,449

Total

270,449

Finland  0.5%  

110,067

Fortum

Oyj

d

2,814,728

7,702

Huhtamaki

Oyj

250,274

5,159

Kalmar

Oyj

a

261,564

8,583

Kemira

Oyj

187,127

32,961

Konecranes

Oyj

1,081,809

7,307

Lumo

Kodit

Oyj

66,849

112,538

Nordea

Bank

Abp

1,937,819

1,714

Orion

Oyj

138,537

48,817

Sampo

Oyj

519,227

18,695

Wartsila

Corporation

696,354

Total

7,954,288

France  4.0%  

12,500

Air

France-KLM

a

126,692

22,964

Air

Liquide

SA

4,746,647

3,161

Alten

SA

195,984

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Shares

Common

Stock  93.8%

Value

France  4.0%  -

continued

1,612

ARGAN

SA

$

105,745

245,043

AXA

SA

11,260,163

120,417

BNP

Paribas

SA

11,471,415

20,518

Bouygues

SA

1,189,162

73,056

Canal+

SA

194,380

7,463

Compagnie

des

Alpes

204,871

237,270

Credit

Agricole

SA

4,428,511

373

Eiffage

SA

57,206

96,742

Engie

SA

3,117,763

843

EssilorLuxottica

SA

196,441

42,552

FORVIA

SE

a

487,054

876

Gaztransport

Et

Technigaz

SA

206,031

5,348

Ipsen

SA

999,459

12,176

Ipsos

SA

480,957

44,732

Legrand

SA

6,949,357

5,669

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,098,971

23,414

Mercialys

SA

316,242

2,249

Mersen

SA

58,762

2,586

Nexans

SA

351,798

1,102

Rubis

SCA

44,656

28,074

Safran

SA

9,186,680

12,202

SCOR

SE

436,106

6,190

SPIE

SA

309,970

7,435

Technip

Energies

NV

314,187

41,476

TotalEnergies

SE

3,806,442

31,657

Valeo

SE

387,669

988

Vicat

SA

72,116

15,254

Vinci

SA

2,289,625

604

Viridien

a

95,229

3,720

Wendel

SA

335,141

Total

67,521,432

Germany  4.3%  

37,635

Allianz

SE

15,894,038

4,125

Aumovio

SE

a

161,540

9,126

Deutsche

Bank

AG

271,592

2,950

Deutsche

Lufthansa

AG

25,122

293,923

Deutsche

Telekom

AG

10,970,219

9,690

Deutz

AG

97,427

132,446

DHL

Group

6,980,856

5,880

Duerr

AG

130,769

51,851

E.ON

SE

1,135,618

4,812

Eckert

&

Ziegler

SE

83,011

1,155

Elmos

Semiconductor

SE

199,024

3,020

Fraport

AG

Frankfurt

Airport

Services

Worldwide

a

263,092

11,237

Fresenius

Medical

Care

AG

509,236

40,369

Fresenius

SE

&

Company

KGaA

2,094,990

685

FUCHS

SE

29,139

20,058

GEA

Group

AG

1,438,521

23,683

Heidelberg

Materials

AG

4,998,001

12,276

HelloFresh

SE

a

56,419

3,093

HOCHTIEF

AG

1,406,924

2,728

Hornbach

Holding

AG

&

Company

KGaA

257,440

5,246

Hugo

Boss

AG

227,079

2,745

Indus

Holding

AG

85,440

11,541

Jenoptik

AG

388,204

3,211

Jungheinrich

AG

98,749

18,015

KION

Group

AG

962,584

3,948

Krones

AG

536,261

3,639

LEG

Immobilien

SE

237,707

821

MBB

SE

161,892

43,581

Mercedes-Benz

Group

AG

2,678,627

Shares

Common

Stock  93.8%

Value

Germany  4.3%  -

continued

8,362

Muenchener

Rueckversicherungs-

Gesellschaft

AG

$

5,280,974

2,847

Nagarro

SE

159,411

12,623

SAF-Holland

SE

242,768

43,818

SAP

SE

7,470,244

6,137

Siemens

AG

1,495,190

23,487

Siemens

Energy

AG

4,050,343

6,721

Stabilus

SE

126,226

1,256

Talanx

AG

155,854

44,787

TUI

AG

352,701

10,047

United

Internet

AG

325,081

Total

72,038,313

Greece  0.2%  

11,863

Aegean

Airlines

SA

161,800

23,557

Alpha

Bank

SA

87,381

262,357

Eurobank

SA

1,050,492

30,647

HELLENiQ

ENERGY

Holdings

SA

349,630

7,933

Motor

Oil

(Hellas)

Corinth

Refineries

SA

349,354

97,242

National

Bank

of

Greece

SA

1,502,190

50,201

Piraeus

Bank

SA

412,454

Total

3,913,301

Guernsey  <0.1%  

24,459

Foresight

Group

Holdings,

Ltd.

113,956

Total

113,956

Hong

Kong  1.0%  

561,000

China

Nonferrous

Mining

Corporation,

Ltd.

841,953

332,000

China

Overseas

Grand

Oceans

Group,

Ltd.

101,413

531,600

China

Taiping

Insurance

Holdings

Company,

Ltd.

1,403,827

91,000

Chow

Sang

Sang

Holdings

International,

Ltd.

159,232

1,041,000

CK

Hutchison

Holdings,

Ltd.

7,990,743

172,000

CSPC

Pharmaceutical

Group,

Ltd.

202,988

918,000

Genertec

Universal

Medical

Group

Company,

Ltd.

b

680,944

834,000

Guangdong

Investment,

Ltd.

835,330

133,000

Hang

Lung

Properties,

Ltd.

148,826

289,000

Hysan

Development

Company,

Ltd.

693,729

304,000

New

World

Development

Company,

Ltd.

a

315,657

119,000

Sun

Hung

Kai

Properties,

Ltd.

1,981,449

34,500

VTech

Holdings,

Ltd.

261,229

148,000

Weichai

Power

Company,

Ltd.,

Class

H

524,841

Total

16,142,161

Hungary  0.2%  

110,514

MOL

Hungarian

Oil

&

Gas

plc

1,323,999

18,575

OTP

Bank

Nyrt

1,991,758

Total

3,315,757

India  3.5%  

31,316

Aditya

Birla

Sun

Life

Asset

Management

Company,

Ltd.

293,558

2,368

AIA

Engineering,

Ltd.

91,396

3,491

Anand

Rathi

Wealth,

Ltd.

112,661

10,594

Asian

Paints,

Ltd.

244,305

14,132

Avanti

Feeds,

Ltd.

181,040

65,300

Axis

Bank,

Ltd.

808,755

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Shares

Common

Stock  93.8%

Value

India  3.5%  -

continued

29,325

Bajaj

Finserv,

Ltd.

$

509,376

752,445

Bharat

Petroleum

Corporation,

Ltd.

2,256,020

205,102

Bharti

Airtel,

Ltd.

3,897,634

20,361

Britannia

Industries,

Ltd.

1,164,145

377,611

Canara

Bank

497,486

16,337

Ceat,

Ltd.

563,720

183,722

Chambal

Fertilisers

and

Chemicals,

Ltd.

832,167

30,890

Cipla,

Ltd.

402,509

4,508

Coromandel

International,

Ltd.

91,802

21,378

Cummins

India,

Ltd.

1,023,594

16,840

Eicher

Motors,

Ltd.

1,179,112

59,254

Federal

Bank,

Ltd.

163,687

260,459

GAIL

India,

Ltd.

381,748

39,247

Great

Eastern

Shipping

Company,

Ltd.

590,258

17,195

HCL

Technologies,

Ltd.

247,483

59,445

HDFC

Asset

Management

Company,

Ltd.

b

1,389,095

494,272

HDFC

Bank,

Ltd.

3,871,655

58,350

HDFC

Life

Insurance

Company,

Ltd.

b

366,693

25,792

Hero

MotoCorp,

Ltd.

1,394,167

325,007

Hindalco

Industries,

Ltd.

3,073,418

475,165

Hindustan

Petroleum

Corporation,

Ltd.

1,693,315

83,754

ICICI

Bank,

Ltd.

ADR

2,169,229

704,032

Indian

Oil

Corporation,

Ltd.

1,005,031

111,782

Infosys,

Ltd.

ADR

1,510,175

23,614

JB

Chemicals

&

Pharmaceuticals,

Ltd.

515,749

126,958

JSW

Steel,

Ltd.

1,522,111

18,888

Kajaria

Ceramics,

Ltd.

185,138

32,935

Larsen

&

Toubro,

Ltd.

1,224,449

9,032

LTIMindtree,

Ltd.

b

388,759

37,326

Lupin,

Ltd.

923,747

27,058

Mahindra

&

Mahindra,

Ltd.

848,717

16,593

Maruti

Suzuki

India,

Ltd.

2,176,337

825

MRF,

Ltd.

1,125,424

326,966

National

Aluminium

Company,

Ltd.

1,349,785

17,597

Nava,

Ltd.

99,444

41,737

NLC

India,

Ltd.

118,817

419,272

NMDC,

Ltd.

341,204

142,615

NTPC,

Ltd.

561,702

476,576

Oil

&

Natural

Gas

Corporation,

Ltd.

1,435,784

8,726

Persistent

Systems,

Ltd.

458,104

14,606

Pidilite

Industries,

Ltd.

197,880

12,702

Polycab

India,

Ltd.

929,441

313,322

Reliance

Industries,

Ltd.

4,506,061

394,561

Samvardhana

Motherson

International,

Ltd.

442,836

68,062

SBI

Life

Insurance

Company,

Ltd.

b

1,287,466

48,276

Shipping

Corporation

of

India,

Ltd.

112,848

127,277

State

Bank

of

India

1,327,393

35,633

Tata

Consultancy

Services,

Ltd.

897,262

1,275,714

Tata

Steel,

Ltd.

2,617,464

32,519

Tech

Mahindra,

Ltd.

483,049

6,432

TVS

Motor

Company,

Ltd.

231,152

144,962

Vedanta,

Ltd.

1,017,076

52,904

Wipro,

Ltd.

ADR

112,156

Total

59,442,589

Indonesia  <0.1%  

973,200

Astra

International

Tbk

PT

359,270

Shares

Common

Stock  93.8%

Value

Indonesia  <0.1%  -

continued

2,130,800

Perusahaan

Gas

Negara

(Persero)

Tbk

PT

$

233,119

1,376,700

PT

Telkom

Indonesia

(Persero)

Tbk

247,886

Total

840,275

Ireland  0.2%  

49,552

Bank

of

Ireland

Group

plc

899,038

94,693

Ryanair

Holdings

plc

2,665,796

Total

3,564,834

Isle

of

Man  <0.1%  

26,893

Entain

plc

202,030

Total

202,030

Israel  0.9%  

11,049

Airport

City,

Ltd.

a

188,060

84,669

Bank

Hapoalim

BM

1,988,452

36,747

Bank

Leumi

Le-Israel

BM

821,768

678,119

Bezeq

Israel

Telecommunication

Corporation,

Ltd.

1,622,347

1,150

Big

Shopping

Centers,

Ltd.

264,114

1,003

Blue

Square

Real

Estate,

Ltd.

124,239

1,233

Camtek,

Ltd./Israel

a

188,059

17,007

Check

Point

Software

Technologies,

Ltd.

a

2,429,450

3,620

Clal

Insurance

Enterprises

Holdings,

Ltd.

258,440

2,664

Delek

Group,

Ltd.

896,659

1,629

Equital,

Ltd.

a

69,539

1,293

FIBI

Holdings,

Ltd.

124,873

2,435

First

International

Bank

of

Israel,

Ltd.

189,074

4,931

Fiverr

International,

Ltd.

a

49,409

2,104

Formula

Systems

1985,

Ltd.

254,570

19,541

G

City,

Ltd.

72,899

14,866

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

829,013

1,246

Hilan,

Ltd.

77,180

1,511

Israel

Corporation,

Ltd.

423,067

387

Isras

Holdings,

Ltd.

a

37,830

14,016

Ituran

Location

and

Control,

Ltd.

686,924

4,681

Matrix

IT,

Ltd.

130,585

3,661

Meitav

Investment

House,

Ltd.

129,476

34,157

Meshek

Energy

Renewable

Energies,

Ltd.

a

119,083

38,428

Mivne

Real

Estate

(KD),

Ltd.

a

160,266

1,428

Mizrahi

Tefahot

Bank,

Ltd.

104,353

652

NICE,

Ltd.

a

71,986

5,687

Oddity

Tech,

Ltd.

a

76,092

572,274

Oil

Refineries,

Ltd.

a

246,615

19,515

One

Software

Technologies,

Ltd.

368,276

254

Paz

Retail

And

Energy,

Ltd.

62,541

20,373

Plus500,

Ltd.

1,103,392

40,912

Riskified,

Ltd.

a

160,375

15,352

Shufersal,

Ltd.

225,270

916

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

27,590

1,932

Tower

Semiconductor,

Ltd.

a

341,724

Total

14,923,590

Italy  2.9%  

14,970

ACEA

SPA

389,125

9,816

Azimut

Holding

SPA

372,979

27,259

Banca

Farmafactoring

SPA

a,b

45,885

11,623

Banca

IFIS

SPA

283,797

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Shares

Common

Stock  93.8%

Value

Italy  2.9%  -

continued

23,387

Buzzi

SPA

$

1,182,383

63,727

CIR

SPA-Compagnie

Industriali

a

49,867

11,021

Credito

Emiliano

SPA

186,773

911,496

Enel

SPA

9,965,279

167,749

Eni

SPA

4,769,763

150,318

Generali

6,047,549

446,647

Italgas

SPA

5,203,010

58,115

Lottomatica

Group

SPA

1,678,071

28,291

MAIRE

SPA

440,402

161,382

OVS

SPA

b

838,010

148,693

Pirelli

&

C.

SPA

b

1,028,880

2,253

Reply

SPA

212,029

9,687

Technogym

SPA

b

195,674

171,826

UniCredit

SPA

12,327,511

194,037

Unipol

Assicurazioni

SPA

4,507,535

Total

49,724,522

Japan  14.4%  

4,200

ADEKA

Corporation

98,147

58,800

Advantest

Corporation

8,114,792

49,400

Aeon

Company,

Ltd.

590,624

313

AEON

REIT

Investment

Corporation

247,384

4,900

AGC,

Inc.

173,595

5,300

Ain

Holdings,

Inc.

189,984

2,900

Air

Water,

Inc.

39,282

9,700

Aisin

Corporation

136,655

21,900

Alfresa

Holdings

Corporation

353,678

3,300

Alps

Alpine

Company,

Ltd.

44,758

21,600

ALSOK

Company,

Ltd.

171,910

162,300

Amada

Company,

Ltd.

2,288,990

2,900

Amano

Corporation

69,723

3,500

and

ST

HD

Company,

Ltd.

65,721

9,900

Anycolor,

Inc.

184,215

18,200

Arcs

Company,

Ltd.

433,483

27,800

Argo

Graphics,

Inc.

255,870

8,100

Artience

Company,

Ltd.

195,148

22,600

Asahi

Group

Holdings,

Ltd.

225,653

7,800

Asics

Corporation

209,704

19,700

Astellas

Pharma,

Inc.

321,146

18,900

Bandai

Namco

Holdings,

Inc.

466,271

11,100

BayCurrent,

Inc.

321,304

20,300

BIPROGY,

Inc.

597,526

101,600

Bridgestone

Corporation

2,117,168

48,200

Brother

Industries,

Ltd.

892,328

51,300

Canon,

Inc.

1,423,439

2,100

Central

Glass

Company,

Ltd.

53,422

62,600

Chiyoda

Corporation

a

367,010

10,000

Chudenko

Corporation

293,463

41,900

Chugai

Pharmaceutical

Company,

Ltd.

2,310,721

13,700

COMSYS

Holdings

Corporation

437,902

60,100

Cosmo

Energy

Holdings

Company,

Ltd.

1,700,212

23,500

Cover

Corporation

a

200,305

94,900

Dai

Nippon

Printing

Company,

Ltd.

1,729,078

453,900

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

4,185,864

3,700

Daito

Trust

Construction

Company,

Ltd.

86,706

179

Daiwa

House

REIT

Investment

Corporation

141,286

366,500

Daiwa

Securities

Group,

Inc.

3,472,731

8,400

Daiwabo

Holdings

Company,

Ltd.

165,386

26,400

Denso

Corporation

331,005

200

DISCO

Corporation

81,517

Shares

Common

Stock  93.8%

Value

Japan  14.4%  -

continued

19,000

Doshisha

Company,

Ltd.

$

403,133

10,500

Doutor

Nichires

Holdings

Company,

Ltd.

195,012

83,000

DTS

Corporation

545,464

2,700

Eagle

Industry

Company,

Ltd.

49,781

3,600

EIZO

Corporation

47,175

8,400

Electric

Power

Development

Company,

Ltd.

231,345

106,500

Eneos

Holdings,

Inc.

959,579

10,300

Exedy

Corporation

367,793

27,400

F.C.C.

Company,

Ltd.

572,176

14,600

FANUC

Corporation

508,911

6,200

Fast

Retailing

Company,

Ltd.

2,449,660

5,800

Ferrotec

Corporation

238,807

15,500

Financial

Partners

Group

Company,

Ltd.

157,939

48,300

FUJIFILM

Holdings

NPV

920,388

2,400

Fujikura,

Ltd.

66,005

41,500

Fujitsu,

Ltd.

848,703

600

Furukawa

Electric

Company,

Ltd.

115,188

1,700

Furuno

Electric

Company,

Ltd.

67,993

10,200

Fuyo

General

Lease

Company,

Ltd.

276,084

80

Global

One

Real

Estate

Investment

Corporation

60,725

10,700

Glory,

Ltd.

273,975

4,600

GMO

Payment

Gateway,

Inc.

240,413

46,800

Hachijuni

Nagano

Bank,

Ltd.

588,416

29,500

Hanwa

Company,

Ltd.

295,852

15,500

Haseko

Corporation

286,347

3,700

Hazama

Ando

Corporation

46,301

53,100

Heiwa

Corporation

627,723

400

Hirose

Electric

Company,

Ltd.

52,366

145,500

Hitachi,

Ltd.

4,268,314

8,400

Hokkaido

Electric

Power

Company,

Inc.

57,179

399,900

Honda

Motor

Company,

Ltd.

d

3,236,620

10,100

Hosiden

Corporation

166,750

28,300

Hoya

Corporation

4,906,100

7,000

Hulic

Company,

Ltd.

81,596

22,000

Hyakugo

Bank,

Ltd.

216,255

31,600

Hyakujushi

Bank,

Ltd.

427,729

3,900

IBIDEN

Company,

Ltd.

195,158

119,700

Inaba

Denki

Sangyo

Company,

Ltd.

1,997,906

8,400

Inabata

&

Company,

Ltd.

211,848

10,100

INFRONEER

Holdings,

Inc.

140,121

43,700

Inpex

Corporation

1,292,624

3,100

Internet

Initiative

Japan,

Inc.

48,154

43,800

Isuzu

Motors,

Ltd.

630,754

267,300

ITOCHU

Corporation

3,400,187

2,600

Japan

Airlines

Company,

Ltd.

42,449

68,900

Japan

Exchange

Group,

Inc.

804,613

131

Japan

Metropolitan

Fund

Investment

Corporation

92,250

3,100

Japan

Petroleum

Exploration

Company,

Ltd.

51,060

108,800

Japan

Post

Holdings

Company,

Ltd.

1,256,255

45,900

Japan

Post

Insurance

Company,

Ltd.

462,929

16,500

Japan

Tobacco,

Inc.

633,004

6,000

JGC

Corporation

88,248

5,800

JMDC,

Inc.

121,455

4,100

Joyful

Honda

Company,

Ltd.

54,992

66,700

JTEKT

Corporation

715,570

60,000

Juroku

Financial

Group,

Inc.

686,527

138,400

JX

Advanced

Metals

Corporation

3,067,471

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Shares

Common

Stock  93.8%

Value

Japan  14.4%  -

continued

16,600

Kaga

Electronics

Company,

Ltd.

$

397,512

15,800

Kajima

Corporation

602,749

17,800

Kaken

Pharmaceutical

Company,

Ltd.

467,955

9,300

Kamigumi

Company,

Ltd.

321,509

1,900

Kanamoto

Company,

Ltd.

52,968

29,000

Kanematsu

Corporation

413,482

324,000

KDDI

Corporation

5,516,661

412

KDX

Realty

Investment

Corporation

419,308

32,000

Keiyo

Bank,

Ltd.

416,505

6,900

Keyence

Corporation

2,455,761

14,300

Kioxia

Holdings

Corporation

a

1,867,582

1,700

Kobe

Bussan

Company,

Ltd.

36,786

26,300

Kobe

Steel,

Ltd.

319,181

9,500

Kokusai

Electric

Corporation

321,240

64,400

Komatsu,

Ltd.

2,564,445

11,800

KOSE

Holdings

Corporation

441,363

11,200

Kumagai

Gumi

Company,

Ltd.

111,021

1,500

Kurabo

Industries,

Ltd.

80,609

50,700

Kuraray

Company,

Ltd.

534,529

16,500

Kureha

Corporation

420,600

46,800

Kyocera

Corporation

717,610

52,600

Kyoei

Steel,

Ltd.

781,679

5,200

Kyushu

Electric

Power

Company,

Inc.

60,276

3,000

Lasertec

Corporation

667,721

7,000

Life

Corporation

112,813

15,200

Lintec

Corporation

442,493

11,100

LY

Corporation

26,763

21,500

Macnica

Holdings,

Inc.

323,110

5,200

Marubeni

Corporation

190,226

2,600

Marui

Group

Company,

Ltd.

50,393

46,800

Maruichi

Steel

Tube,

Ltd.

427,213

200

Maruwa

Company,

Ltd./Aichi

70,635

34,800

Matsui

Securities

Company,

Ltd.

208,529

23,900

Mazda

Motor

Corporation

163,471

26,500

Medipal

Holdings

Corporation

497,600

400

Meiko

Electronics

Company,

Ltd.

64,411

57,700

MEITEC

Group

Holdings,

Inc.

1,194,628

33,200

MIRAIT

ONE

Corporation

767,626

257,300

Mitsubishi

Chemical

Group

Corporation

1,504,209

53,800

Mitsubishi

Corporation

1,845,661

38,600

Mitsubishi

Electric

Corporation

1,262,494

60,500

Mitsubishi

HC

Capital,

Inc.

542,871

208,800

Mitsubishi

Heavy

Industries,

Ltd.

5,737,127

31,400

Mitsubishi

Logistics

Corporation

265,127

5,400

Mitsubishi

Materials

Corporation

170,168

38,700

Mitsubishi

Motors

Corporation

77,709

416,300

Mitsubishi

UFJ

Financial

Group,

Inc.

7,049,597

45,500

Mitsui

&

Company,

Ltd.

1,758,697

22,200

Mitsui

Chemicals,

Inc.

268,175

9,900

Mitsui

DM

Sugar

Company,

Ltd.

213,311

1,400

Mitsui

Kinzoku

Company,

Ltd.

265,559

11,900

Mixi,

Inc.

191,542

65,400

Mizuho

Financial

Group,

Inc.

2,647,638

6,800

Mizuho

Leasing

Company,

Ltd.

60,215

2,700

Modec,

Inc.

255,593

11,400

Monex

Group,

Inc.

49,427

78,900

MS

and

AD

Insurance

Group

Holdings,

Inc.

2,058,941

57,000

Nanto

Bank,

Ltd.

517,785

68,800

NEC

Corporation

1,711,957

8,300

Nichicon

Corporation

93,501

Shares

Common

Stock  93.8%

Value

Japan  14.4%  -

continued

5,500

Nichirei

Corporation

$

68,254

7,600

Nikon

Corporation

92,813

53,500

Nippon

Express

Holdings,

Inc.

1,209,148

5,800

Nippon

Shinyaku

Company,

Ltd.

190,801

61,100

Nippon

Shokubai

Company,

Ltd.

884,285

93,400

Nippon

Yusen

Kabushiki

Kaisha

d

3,431,028

4,800

Nishimatsu

Construction

Company,

Ltd.

175,190

28,800

Nisshin

Oillio

Group,

Ltd.

347,032

1,400

Niterra

Company,

Ltd.

66,012

10,800

Nitori

Holdings

Company,

Ltd.

171,585

1,600

Nitta

Corporation

45,267

28,500

Nitto

Denko

Corporation

570,120

26,800

Nitto

Kogyo

Corporation

726,483

23,200

Nojima

Corporation

160,839

9,500

NOK

Corporation

172,151

167,800

Nomura

Holdings,

Inc.

1,321,264

102,900

Nomura

Real

Estate

Holdings,

Inc.

667,181

446

Nomura

Real

Estate

Master

Fund,

Inc.

440,415

8,900

Nomura

Research

Institute,

Ltd.

243,572

13,500

Noritsu

Koki

Company,

Ltd.

175,319

1,000

NS

Solutions

Corporation

23,297

20,200

NSD

Company,

Ltd.

349,412

78,300

NSK,

Ltd.

554,873

3,888,500

NTT,

Inc.

3,890,314

8,900

Obayashi

Corporation

215,562

3,800

OBIC

Business

Consultants

Company,

Ltd.

151,793

8,400

Ogaki

Kyoritsu

Bank,

Ltd.

332,020

7,900

Ohsho

Food

Service

Corporation

154,909

32,800

Oji

Holdings

Corporation

177,450

5,800

Okamura

Corporation

91,358

3,200

Oki

Electric

Industry

Company,

Ltd.

54,258

3,800

Okumura

Corporation

153,767

1,900

OMRON

Corporation

54,661

167,800

Ono

Pharmaceutical

Company,

Ltd.

2,693,192

4,500

Oracle

Corporation

Japan

244,047

68,000

ORIX

Corporation

2,017,652

5,900

OSG

Corporation

96,108

18,200

PAL

GROUP

Holdings

Company,

Ltd.

166,975

3,900

Penta-Ocean

Construction

Company,

Ltd.

41,480

721,000

Persol

Holdings

Company,

Ltd.

1,063,981

5,800

Plus

Alpha

Consulting

Company,

Ltd.

74,868

5,600

Rakuten

Bank,

Ltd.

a

204,734

123,800

Rakuten

Group,

Inc.

a

578,709

108,384

Recruit

Holdings

Company,

Ltd.

4,722,288

600

Resonac

Holdings

Corporation

39,050

36,900

Ricoh

Company,

Ltd.

311,934

3,300

Riken

Vitamin

Company,

Ltd.

60,310

31,200

Rohto

Pharmaceutical

Company,

Ltd.

479,272

11,600

Rorze

Corporation

199,416

26,400

San-in

Godo

Bank,

Ltd.

297,050

11,100

Sanki

Engineering

Company,

Ltd.

482,235

27,500

Sanrio

Company,

Ltd.

170,975

10,800

Sanwa

Holdings

Corporation

245,616

19,200

Sanyo

Chemical

Industries,

Ltd.

615,302

7,600

SBI

Holdings,

Inc.

140,724

39,200

SCREEN

Holdings

Company,

Ltd.

2,335,402

10,500

Sega

Sammy

Holdings,

Inc.

161,656

227,900

Seiko

Epson

Corporation

2,817,575

102,400

Sekisui

House,

Ltd.

2,294,484

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Shares

Common

Stock  93.8%

Value

Japan  14.4%  -

continued

2,000

Senshu

Electric

Company,

Ltd.

$

75,907

13,400

SG

Holdings

Company,

Ltd.

124,835

15,500

Shin-Etsu

Chemical

Company,

Ltd.

631,142

11,600

ShinMaywa

Industries,

Ltd.

173,609

9,000

Shinnihon

Corporation

111,923

39,900

Ship

Healthcare

Holdings,

Inc.

615,805

20,200

Shizuoka

Financial

Group,

Inc.

335,412

8,900

SHO-BOND

Holdings

Company,

Ltd.

79,656

41,000

SKY

Perfect

JSAT

Holdings,

Inc.

777,431

11,300

Socionext,

Inc.

140,303

1,277,600

SoftBank

Corporation

1,709,586

129,900

SoftBank

Group

Corporation

3,163,033

108,600

Sojitz

Corporation

4,300,223

141,500

Sompo

Holdings,

Inc.

5,508,346

1,945,400

Sony

Financial

Group,

Inc.

d

1,782,092

324,900

Sony

Group

Corporation

6,771,805

124

SOSiLA

Logistics

REIT,

Inc.

94,746

9,300

Stanley

Electric

Company,

Ltd.

170,764

347

Star

Asia

Investment

Corporation

121,077

4,300

Starts

Corporation,

Inc.

130,863

39,400

Subaru

Corporation

634,789

6,300

Sumco

Corporation

69,607

46,000

Sumitomo

Corporation

1,721,277

39,400

Sumitomo

Electric

Industries,

Ltd.

2,238,712

59,700

Sumitomo

Forestry

Company,

Ltd.

543,190

85,500

Sumitomo

Mitsui

Financial

Group,

Inc.

2,811,268

14,300

Sumitomo

Rubber

Industries,

Ltd.

188,606

11,200

Suzuken

Company,

Ltd./Aichi

Japan

423,783

137,700

Systena

Corporation

365,820

6,800

Taisei

Corporation

704,492

40,000

Taiyo

Holdings

Company,

Ltd.

d

1,277,664

4,000

Taiyo

Yuden

Company,

Ltd.

98,643

20,700

Takamatsu

Construction

Group

Company,

Ltd.

475,928

82,700

Takeda

Pharmaceutical

Company,

Ltd.

3,045,667

29,300

TDK

Corporation

380,615

20,300

TechMatrix

Corporation

232,350

2,900

THK

Company,

Ltd.

85,736

9,000

Timee,

Inc.

a

74,809

15,800

TIS,

Inc.

337,827

12,100

Toa

Corporation/Tokyo

241,781

58,000

Toagosei

Company,

Ltd.

632,946

4,300

Toenec

Corporation

55,489

3,500

Toho

Company,

Ltd.

36,763

3,600

Toho

Holdings

Company,

Ltd.

108,019

6,800

TOKAI

Holdings

Corporation

50,063

161,000

Tokai

Tokyo

Financial

Holdings,

Inc.

738,118

151,300

Tokio

Marine

Holdings,

Inc.

7,102,169

64,400

Tokyo

Electric

Power

Company

Holdings,

Inc.

a

265,366

25,100

Tokyo

Electron,

Ltd.

6,236,119

5,100

Tokyo

Steel

Manufacturing

Company,

Ltd.

52,654

4,500

Tokyo

Tatemono

Company,

Ltd.

103,817

49,200

Tokyu

Construction

Company,

Ltd.

442,759

5,300

Tokyu

Fudosan

Holdings

Corporation

45,236

46,900

TOPPAN

Holdings,

Inc.

1,236,973

22,300

Tosoh

Corporation

331,487

7,300

Totetsu

Kogyo

Company,

Ltd.

251,879

4,200

Towa

Corporation

62,555

2,900

Toyo

Engineering

Corporation

a

49,513

Shares

Common

Stock  93.8%

Value

Japan  14.4%  -

continued

4,100

Toyo

Seikan

Group

Holdings,

Ltd.

$

93,285

259,000

Toyota

Motor

Corporation

5,383,923

11,500

Toyota

Tsusho

Corporation

445,703

3,300

Trial

Holdings,

Inc.

89,114

45,900

TS

Tech

Company,

Ltd.

523,453

120,400

Tsubakimoto

Chain

Company

1,789,349

73,500

TV

Asahi

Holdings

Corporation

1,623,392

5,700

Umios

Corporation

53,081

31,700

Unicharm

Corporation

185,860

17,300

USS

Company,

Ltd.

181,975

9,900

Yamazen

Corporation

90,512

5,000

Yellow

Hat,

Ltd.

49,387

44,100

Yokogawa

Bridge

Holdings

Corporation

832,388

8,800

Yonex

Company,

Ltd.

168,240

24,900

YUASA

Company,

Ltd.

944,362

3,100

Yurtec

Corporation

51,314

Total

242,704,598

Jersey  0.1%  

213,208

Man

Group

plc

717,764

326,284

TP

ICAP

Group

plc

1,182,414

Total

1,900,178

Kuwait  0.1%  

549,297

Agility

Public

Warehousing

Company

KSCC

223,623

474,728

Kuwait

Finance

House

KSCP

1,234,753

162,444

Mobile

Telecommunications

Company

KSCP

299,170

91,658

National

Bank

of

Kuwait

KSCP

271,766

Total

2,029,312

Luxembourg  0.1%  

130,031

Aroundtown

SA

a

346,174

9,013

Befesa

SA

b

308,454

25,780

d'Amico

International

Shipping

SA

224,668

57,818

Grand

City

Properties

SA

a

605,795

4,561

Millicom

International

Cellular

SA

341,801

6,495

RTL

Group

SA

278,099

Total

2,104,991

Malaysia  0.2%  

241,000

Malayan

Banking

Bhd

678,338

53,500

Malayan

Cement

Bhd

79,940

492,000

SD

Guthrie

Bhd

735,144

308,900

Sime

Darby

Bhd

173,741

460,000

Sunway

Construction

Group

Bhd

727,075

372,200

Telekom

Malaysia

Bhd

653,450

34,400

United

Plantations

Bhd

a

289,416

Total

3,337,104

Mexico  0.4%  

42,090

America

Movil

SAB

de

CV

ADR

1,072,453

43,090

Cemex

SAB

de

CV

ADR

492,949

171,500

Fibra

Uno

Administracion

SA

de

CV

280,172

109,733

Grupo

Financiero

Banorte

SAB

de

CV

ADR

1,215,065

163,300

Grupo

Mexico

SAB

de

CV

1,746,708

24,630

Industrias

Penoles

SAB

de

CV

a

1,097,954

123,500

Megacable

Holdings

SAB

de

CV

427,630

Total

6,332,931

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Shares

Common

Stock  93.8%

Value

Netherlands  3.9%  

3,961

Aalberts

NV

$

137,949

39,207

AerCap

Holdings

NV

5,378,416

683

Airbus

SE

129,137

21,412

Ariston

Holding

NV

92,550

18,027

ASML

Holding

NV

23,971,639

8,098

Cementir

Holding

NV

144,762

11,809

Corbion

NV

258,805

5,409

Eurocommercial

Properties

NV

163,817

91,528

Ferrovial

SE

5,954,514

8,711

Havas

NV

152,562

9,001

Heineken

Holding

NV

640,571

164,059

Koninklijke

(Royal)

KPN

NV

914,408

245,272

Koninklijke

Ahold

Delhaize

NV

11,422,175

79,021

Koninklijke

BAM

Groep

NV

800,288

3,250

Koninklijke

Heijmans

NV

291,316

22,854

Koninklijke

Vopak

NV

1,236,982

66,635

MFE-MediaForEurope

NV

200,640

9,207

NEPI

Rockcastle

NV

73,879

41,522

NN

Group

NV

3,242,714

108,034

Prosus

NV

5,001,520

97,350

SBM

Offshore

NV

3,882,123

6,596

Van

Lanschot

Kempen

NV

438,047

36,095

Wereldhave

NV

893,748

Total

65,422,562

New

Zealand  <0.1%  

39,248

Mercury

NZ,

Ltd.

141,110

Total

141,110

Norway  0.3%  

72,330

Aker

Solutions

ASA

346,116

55,608

DNB

Bank

ASA

1,739,900

80,450

DNO

International

ASA

180,288

6,811

DOF

Group

ASA

98,094

48,731

Elkem

ASA

b

142,609

4,739

Nordic

Semiconductor

ASA

a

75,958

162,373

Norwegian

Air

Shuttle

ASA

239,977

12,545

SpareBank

1

SMN

267,732

63,395

Storebrand

ASA

1,144,266

1,642

Wilh

Wilhelmsen

Holding

ASA

122,944

23,471

Yara

International

ASA

1,371,983

Total

5,729,867

Philippines  0.1%  

104,710

International

Container

Terminal

Services,

Inc.

1,187,134

Total

1,187,134

Poland  0.3%  

27,290

Bank

Millennium

SA

a

120,950

19,591

Bank

Polska

Kasa

Opieki

SA

1,160,846

48,971

Orlen

SA

1,774,429

35,174

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

832,005

3,417

Santander

Bank

Polska

SA

541,774

96,037

Tauron

Polska

Energia

SA

266,412

Total

4,696,416

Portugal  0.5%  

129,724

Banco

Comercial

Portugues

SA

126,347

106,847

CTT-Correios

de

Portugal

SA

744,864

1,318,469

EDP

SA

6,976,976

38,060

Galp

Energia

SGPS

SA

912,592

Shares

Common

Stock  93.8%

Value

Portugal  0.5%  -

continued

266,728

Sonae

SGPS

SA

$

592,421

Total

9,353,200

Qatar  0.1%  

850,435

Baladna

a

282,655

258,001

Commercial

Bank

PSQC

302,288

411,824

Doha

Bank

QPSC

a

366,468

42,209

Qatar

Islamic

Bank

QPSC

263,763

268,191

Qatar

National

Bank

QPSC

1,255,143

Total

2,470,317

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

PJSC

a,c,e

0

67,366

Surgutneftegas

PAO

ADR

a,c

7

Total

26

Saudi

Arabia  0.7%  

22,577

Al

Babtain

Power

&

Telecommunication

Company

399,823

95,173

Al

Rajhi

Bank

2,713,069

13,032

Alinma

Bank

100,918

119,901

Arab

National

Bank

688,446

97,167

Arabian

Centres

Company

b

442,090

142,902

Banque

Saudi

Fransi

762,311

80,490

Riyad

Bank

637,593

5,392

SABIC

Agri-Nutrients

Company

207,072

15,789

Saudi

Arabian

Mining

Company

a

272,882

317,605

Saudi

Arabian

Oil

Company

b

2,299,207

74,336

Saudi

Awwal

Bank

742,965

55,252

Saudi

Energy

Company

251,320

9,127

Saudi

Investment

Bank

32,353

218,001

Saudi

National

Bank

2,460,977

83

Saudi

Telecom

Company

941

16,154

Theeb

Rent

A

Car

Company

127,395

Total

12,139,362

Singapore  1.3%  

172,400

AIMS

APAC

REIT

191,968

281,500

CapitaLand

China

Trust

140,473

629,000

CapitaLand

Integrated

Commercial

Trust

1,127,959

519,800

ComfortDelGro

Corporation,

Ltd.

584,487

155,000

Fortune

Real

Estate

Investment

Trust

92,736

118,200

Hong

Leong

Asia,

Ltd.

259,954

12,248

Kenon

Holdings,

Ltd.

1,011,336

350,100

Lendlease

Global

Commercial

REIT

146,321

97,900

Sasseur

Real

Estate

Investment

Trust

48,475

130,500

Singapore

Airport

Terminal

Services,

Ltd.

359,633

339,100

Singapore

Exchange,

Ltd.

5,173,017

375,800

Singapore

Technologies

Engineering,

Ltd.

3,189,503

606,000

United

Overseas

Land,

Ltd.

4,601,339

23,000

Venture

Corporation,

Ltd.

276,938

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Shares

Common

Stock  93.8%

Value

Singapore  1.3%  -

continued

1,316,700

Yangzijiang

Shipbuilding

Holdings,

Ltd.

$

3,911,114

191,200

Yanlord

Land

Group,

Ltd.

a

90,729

Total

21,205,982

South

Africa  0.8%  

84,815

Absa

Group,

Ltd.

1,221,752

131,817

AECI,

Ltd.

894,374

7,314

Coronation

Fund

Managers,

Ltd.

19,224

127,002

DataTec,

Ltd.

527,498

103,711

FirstRand,

Ltd.

530,929

46,985

Gold

Fields,

Ltd.

ADR

2,133,119

473,036

Growthpoint

Properties,

Ltd.

452,035

35,411

Harmony

Gold

Mining

Company,

Ltd.

ADR

544,267

17,889

Impala

Platinum

Holdings,

Ltd.

254,417

68,861

Investec

plc

530,750

64,552

Momentum

Group,

Ltd.

138,757

33,035

MTN

Group,

Ltd.

385,739

19,392

Naspers,

Ltd.

1,003,090

15,714

Nedbank

Group,

Ltd.

247,728

609,156

Old

Mutual,

Ltd.

496,793

429,616

Redefine

Properties,

Ltd.

151,065

15,643

Sanlam,

Ltd.

82,258

316,868

Sibanye

Stillwater,

Ltd.

972,617

117,338

Standard

Bank

Group,

Ltd.

2,124,960

9,201

Valterra

Platinum,

Ltd.

773,417

492,275

Vukile

Property

Fund,

Ltd.

649,162

Total

14,133,951

South

Korea  4.4%  

37,586

BNK

Financial

Group,

Inc.

455,834

2,741

CJ

Corporation

352,755

15,382

Green

Cross

Holdings

Corporation

136,339

28,310

GS

Holdings

Corporation

1,223,573

28,905

Hana

Financial

Group,

Inc.

2,107,084

14,648

Hanwha

Corporation

1,091,077

8,542

HD

Hyundai

Company,

Ltd.

1,432,579

4,982

HD

Korea

Shipbuilding

&

Offshore

Engineering

Company,

Ltd.

1,154,665

1,743

Hyosung

Corporation

152,921

4,769

Hyundai

Department

Store

Company,

Ltd.

255,242

4,425

Hyundai

Glovis

Company,

Ltd.

628,486

4,895

Hyundai

Motor

Company

1,507,956

64,795

iM

Financial

Group

Company,

Ltd.

729,450

7,921

Kakao

Corporation

244,539

16,670

KB

Financial

Group,

Inc.

1,636,502

13,781

Kia

Corporation

1,360,612

3,703

Korea

Electric

Power

Corporation

105,278

11,448

Korean

Reinsurance

Company

93,055

16,179

LG

Corporation

914,816

48,110

LG

Uplus

Corporation

500,328

11,287

LX

International

Corporation

328,466

15,747

Mirae

Asset

Securities

Company,

Ltd.

667,362

3,217

Misto

Holdings

Corporation

88,950

8,783

NAVER

Corporation

1,195,792

2,847

POSCO

Holdings,

Inc.

641,039

1,067

Samsung

Biologics

Company,

Ltd.

a,b

1,093,532

9,098

Samsung

C&T

Corporation

1,594,497

1,109

Samsung

Electro-Mechanics

Company,

Ltd.

317,739

Shares

Common

Stock  93.8%

Value

South

Korea  4.4%  -

continued

240,816

Samsung

Electronics

Company,

Ltd.

$

28,166,174

25,915

SD

Biosensor,

Inc.

133,373

34,347

Shinhan

Financial

Group

Company,

Ltd.

2,047,128

4,621

Shinsegae,

Inc.

950,285

27,884

SK

Hynix,

Inc.

15,820,409

6,496

SK

Square

Company,

Ltd.

a

2,138,824

7,135

SK,

Inc.

1,466,911

44,472

Woori

Financial

Group,

Inc.

974,909

106

Youngone

Corporation

5,649

1,498

Youngone

Holdings

Company,

Ltd.

224,032

Total

73,938,162

Spain  2.4%  

13,234

ACS

Actividades

de

Construccion

y

Servicios

SA

1,613,965

122,718

Aena

SME

SA

b

3,619,866

274,547

Banco

Bilbao

Vizcaya

Argentaria

SA

5,930,125

1,938,210

Banco

de

Sabadell

SA

6,943,275

907,298

Banco

Santander

SA

10,171,512

10,781

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

732,096

5,110

Enagas

SA

101,236

116,767

International

Consolidated

Airlines

Group

SA

554,215

8,997

Let's

GOWEX

SA

a,c,f

1

91,895

Logista

Integral

SA

3,439,046

268,234

Mapfre

SA

1,195,389

12,084

Melia

Hotels

International

SA

134,881

90,147

Merlin

Properties

Socimi

SA

1,468,713

75,021

Naturgy

Energy

Group

SA

2,245,878

4,134

Neinor

Homes

SA

b

79,817

30,296

Repsol

SA

852,790

136,946

Sacyr

SA

673,175

2,106

Vidrala

SA

188,893

Total

39,944,873

Supranational  <0.1%  

7,422

Unibail-Rodamco-Westfield

818,840

Total

818,840

Sweden  1.9%  

45,989

AB

Industrivarden,

Class

A

2,290,536

62,143

AcadeMedia

AB

b

660,317

21,894

Ambea

AB

b

309,895

83,991

Arjo

AB

223,472

146,191

Assa

Abloy

AB

5,284,496

46,811

Attendo

AB

b

504,143

2,036

Avanza

Bank

Holding

AB

78,617

22,098

Betsson

AB

235,905

37,685

Cloetta

AB

211,182

52,735

Dios

Fastigheter

AB

351,578

28,862

Fabege

AB

230,947

2,665

Getinge

AB

53,798

15,656

Granges

AB

244,598

72,409

Hexpol

AB

552,349

8,332

Hoist

Finance

AB

b

130,755

26,993

Intrum

AB

a

103,417

213,826

Investor

AB,

Class

B

8,098,603

8,490

Loomis

AB

387,826

24,348

NCC

AB

536,105

31,637

Peab

AB

323,384

165,552

Sandvik

AB

6,364,125

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Shares

Common

Stock  93.8%

Value

Sweden  1.9%  -

continued

138,485

Sinch

AB

a,b

$

370,254

65,533

SSAB

AB,

Class

A

517,086

16,830

SSAB

AB,

Class

B

132,672

18,562

Synsam

AB

135,124

217,495

Telefonaktiebolaget

LM

Ericsson

2,479,494

124,475

Telia

Company

AB

637,720

Total

31,448,398

Switzerland  4.6%  

174,592

ABB,

Ltd.

14,195,721

8,009

Accelleron

Industries

AG

723,903

16,029

Adecco

SA

385,533

7,566

Avolta

AG

453,630

7,800

BeOne

Medicines,

Ltd.

a

174,973

289

Burckhardt

Compression

Holding

AG

172,973

3,183

DKSH

Holding

AG

234,227

8,586

EFG

International

AG

182,259

2,488

Flughafen

Zurich

AG

779,082

10,015

Galderma

Group

AG

1,968,286

12,287

Galenica

AG

b

1,398,850

1,217

Huber+Suhner

AG

271,838

335

Mobimo

Holding

AG

158,995

46,700

Nestle

SA

4,580,852

143,356

Novartis

AG

22,004,349

33,586

Roche

Holding

AG

13,403,865

7,141

Schindler

Holding

AG,

Participation

Certificates

2,352,195

1,119

Sunrise

Communications

AG

66,693

5,640

Temenos

AG

494,325

200,811

UBS

Group

AG

7,830,303

8,472

Zurich

Insurance

Group

AG

5,988,167

Total

77,821,019

Taiwan  6.7%  

38,000

Accton

Technology

Corporation

1,874,813

79,000

Arcadyan

Technology

Corporation

383,064

53,562

ASE

Technology

Holding

Company,

Ltd.

ADR

1,161,224

112,000

Asia

Cement

Corporation

122,461

10,000

Asia

Vital

Components

Company,

Ltd.

660,495

1,000

ASPEED

Technology,

Inc.

344,695

1,175,000

Cathay

Financial

Holding

Company,

Ltd.

2,627,106

14,000

Chroma

ATE,

Inc.

671,782

31,904

Chunghwa

Telecom

Company,

Ltd.

ADR

1,347,625

113,000

Compeq

Manufacturing

Company,

Ltd.

907,797

3,012,000

CTBC

Financial

Holding

Company,

Ltd.

4,894,857

104,000

Delta

Electronics,

Inc.

4,689,399

111,000

E.Sun

Financial

Holding

Company,

Ltd.

110,236

5,000

Elite

Material

Company,

Ltd.

426,732

264,000

Far

Eastern

New

Century

Corporation

219,695

174,000

Far

EasTone

Telecommunications

Company,

Ltd.

502,579

247,000

Feng

Hsin

Steel

Company,

Ltd.

474,376

340,000

First

Financial

Holding

Company,

Ltd.

302,933

613,000

Fubon

Financial

Holding

Company,

Ltd.

1,678,222

Shares

Common

Stock  93.8%

Value

Taiwan  6.7%  -

continued

89,000

Hannstar

Board

Corporation

$

230,208

785,000

Hon

Hai

Precision

Industry

Company,

Ltd.

4,798,523

1,000

Hon

Precision,

Inc.

110,646

486,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

509,488

311,000

KGI

Financial

Holding

Company,

Ltd.

191,040

26,000

L&K

Engineering

Company,

Ltd.

445,184

50,000

Lite-On

Technology

Corporation

228,812

14,000

Marketech

International

Corporation

124,084

48,000

MediaTek,

Inc.

2,302,328

163,000

Quanta

Computer,

Inc.

1,466,830

65,000

Simplo

Technology

Company,

Ltd.

684,073

1,168,000

SinoPac

Financial

Holdings

Company,

Ltd.

1,134,021

33,445

Sunonwealth

Electric

Machine

Industry

Company,

Ltd.

132,693

388,000

Synnex

Technology

International

Corporation

934,519

1,174,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

67,927,517

141,947

Topco

Scientific

Company,

Ltd.

1,385,485

43,000

Tripod

Technology

Corporation

469,687

280,000

Tung

Ho

Steel

Enterprise

Corporation

598,062

10,000

United

Integrated

Services

Company,

Ltd.

265,629

535,000

United

Microelectronics

Corporation

959,041

276,000

Wah

Lee

Industrial

Corporation

1,030,539

5,000

WinWay

Technology

Company,

Ltd.

1,182,753

3,000

Wiwynn

Corporation

322,818

107,000

WPG

Holdings,

Ltd.

299,629

80,000

WT

Microelectronics

Company,

Ltd.

554,460

91,000

Yageo

Corporation

719,121

31,000

Yankey

Engineering

Company,

Ltd.

551,230

174,000

Yuanta

Financial

Holding

Company,

Ltd.

247,352

Total

113,205,863

Thailand  0.9%  

265,400

Advanced

Info

Service

PCL

NVDR

3,029,329

386,400

Central

Pattana

PCL

NVDR

742,095

28,300

Delta

Electronics

Thailand

PCL

NVDR

229,853

332,100

Kasikornbank

PCL

NVDR

1,937,581

792,700

Kiatnakin

Phatra

Bank

PCL

NVDR

1,835,497

2,422,100

Krung

Thai

Bank

PCL

NVDR

2,590,212

194,400

PTT

Exploration

and

Production

PCL

NVDR

936,622

356,400

PTT

PCL

NVDR

378,229

361,800

SCB

X

PCL

NVDR

1,590,462

403,800

Thanachart

Capital

PCL

NVDR

698,051

221,200

TISCO

Financial

Group

PCL

NVDR

c

760,006

4,649,600

TMBThanachart

Bank

PCL

NVDR

326,844

Total

15,054,781

Turkey  0.1%  

993,597

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

AS

376,582

1,416,084

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

611,848

211,716

Enerjisa

Enerji

AS

b

545,482

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock  93.8%

Value

Turkey  0.1%  -

continued

40,204

Migros

Ticaret

AS

$

546,605

126,088

Sok

Marketler

Ticaret

AS

a

139,401

Total

2,219,918

United

Arab

Emirates  0.6%  

88,806

Abu

Dhabi

Commercial

Bank

PJSC

303,202

26,817

Abu

Dhabi

Islamic

Bank

PJSC

154,286

137,707

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

142,900

154,028

ADNOC

Gas

plc

135,836

59,922

Aldar

Properties

PJSC

a

129,517

1,148,272

Deyaar

Development

PJSC

251,762

366,668

Dubai

Islamic

Bank

PJSC

a

743,763

275,997

Emaar

Development

PJSC

1,044,757

665,004

Emaar

Properties

PJSC

2,176,184

234,571

Emirates

NBD

Bank

PJSC

1,767,236

133,181

Emirates

Telecommunications

Group

Company

PJSC

687,798

410,866

First

Abu

Dhabi

Bank

PJSC

1,949,488

206,722

Sharjah

Islamic

Bank

182,914

Total

9,669,643

United

Kingdom  8.1%  

30,881

Aderdeen

Group

plc

78,231

21,762

AngloGold

Ashanti

plc

2,172,109

54,978

AstraZeneca

plc

10,750,330

65,209

BAE

Systems

plc

1,911,819

300,703

Balfour

Beatty

plc

3,044,495

1,504,132

Barclays

plc

7,871,801

8,930

Bellway

plc

219,605

12,844

Berkeley

Group

Holdings

plc

a

588,367

26,939

Big

Yellow

Group

plc

303,680

641,785

BP

plc

5,023,093

22,281

Breedon

Group

plc

87,883

10,006

British

American

Tobacco

plc

580,933

112,914

British

Land

Company

plc

534,121

34,617

Compass

Group

plc

965,840

3,668

Computacenter

plc

147,021

298,687

Convatec

Group

plc

b

861,539

2,435

Cranswick

plc

168,560

117,334

Currys

plc

194,306

31,681

Diploma

plc

2,529,458

14,801

Dunelm

Group

plc

153,589

30,208

Endeavour

Mining

plc

1,820,014

99,833

Evraz

plc

a,c

13

117,820

FirstGroup

plc

259,182

38,648

Future

plc

151,826

4,975

Games

Workshop

Group

plc

1,176,067

42,903

GB

Group

plc

114,140

556,013

GSK

plc

15,315,548

120,726

Haleon

plc

597,468

66,823

Halma

plc

3,410,007

118,055

Harbour

Energy

plc

469,435

6,708

Hikma

Pharmaceuticals

plc

112,666

66,608

Howden

Joinery

Group

plc

705,493

317,305

HSBC

Holdings

plc

5,210,938

13,092

ICG

plc

268,506

98,526

IG

Group

Holdings

plc

1,876,167

30,151

IMI

plc

1,025,701

240,995

Imperial

Brands

plc

9,771,760

137,146

ITV

plc

138,703

17,283

Johnson

Matthey

plc

436,633

120,087

Johnson

Service

Group

plc

202,815

36,205

Jupiter

Fund

Management

plc

80,886

17,742

Keller

Group

plc

451,346

Shares

Common

Stock  93.8%

Value

United

Kingdom  8.1%  -

continued

149,205

Kier

Group

plc

$

383,180

365,100

Kingfisher

plc

1,388,225

3,032

Lion

Finance

Group

plc

376,328

4,264,382

Lloyds

TSB

Group

plc

5,285,391

29,193

Molten

Ventures

plc

a

177,940

76,837

MONY

Group

plc

153,743

21,710

Moonpig

Group

plc

60,200

18,976

Morgan

Sindall

Group

plc

1,038,566

8,440

MP

Evans

Group

plc

167,795

531,003

NatWest

Group

plc

3,933,617

30,920

Next

plc

5,223,866

46,816

OSB

Group

plc

325,690

7,894

Oxford

Instruments

plc

250,762

50,735

Paragon

Banking

Group

plc

482,826

24,479

Persimmon

plc

349,446

29,646

Polar

Capital

Holdings

plc

241,998

232,922

Primary

Health

Properties

plc

280,085

5,097

Rathbones

Group

plc

135,645

9,240

Reckitt

Benckiser

Group

plc

621,297

13,752

Renew

Holdings

plc

154,717

2,966

Renishaw

plc

138,580

20,354

Rio

Tinto

plc

1,888,305

100,895

Rotork

plc

419,532

54,685

Serica

Energy

plc

212,799

327,263

Shell

plc

15,157,105

25,719

Smith

&

Nephew

plc

407,490

14,499

Smiths

Group

plc

442,452

8,329

St.

James's

Place

plc

131,419

147,774

Standard

Chartered

plc

3,079,569

20,360

Standard

Life

plc

184,390

2,619

TBC

Bank

Group

plc

142,987

1,147,518

Tesco

plc

7,212,141

4,102

TORM

plc

116,521

61,872

Tritax

Big

Box

REIT

plc

116,528

29,845

Vistry

Group

plc

a

133,049

2,005,896

Vodafone

Group

plc

3,025,579

29,451

Volex

plc

176,584

81,667

Zigup

plc

413,459

Total

136,211,900

United

States  <0.1%  

2,185

Southern

Copper

Corporation

375,951

8,901

Yum

China

Holding,

Inc.

434,191

Total

810,142

Virgin

Islands,

British  <–%  

4,449

VK

IPJSC

GDR

a,c

0

Total

0

Total

Common

Stock

(cost

$1,331,600,641)

1,585,936,876

Shares

Preferred

Stock

0.7%

Brazil  0.4%  

2,667

Axia

Energia,

Class

C

ADR

a

29,124

93,900

Bradespar

SA

419,480

344,249

Companhia

de

Saneamento

do

Parana

563,574

153,700

Companhia

de

Saneamento

do

Parana,

Units

1,317,467

367,298

Itausa

SA

987,053

357,578

Petroleo

Brasileiro

SA

3,353,599

Total

6,670,297

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Preferred

Stock  0.7%

Value

Germany  <0.1%  

914

Draegerwerk

AG

&

Company

KGaA

$

97,281

Total

97,281

Russian

Federation  <0.1%  

765,300

Surgutneftegas

PAO

a,c,e

1

17,100

Transneft

PJSC

a,c,e

0

Total

1

South

Korea  0.3%  

60,819

Samsung

Electronics

Company,

Ltd.

4,909,528

Total

4,909,528

Total

Preferred

Stock

(cost

$11,472,720)

11,677,107

Shares

Collateral

Held

for

Securities

Loaned

0.5%

8,046,120

Thrivent

Cash

Management

Trust

8,046,120

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,046,120)

8,046,120

Shares

or

Principal

Amount

Short-Term

Investments

4.5%

Federal

Home

Loan

Bank

Discount

Notes

1,000,000

3.606%,

 4/24/2026

g,h

997,607

1,500,000

3.601%,

 4/29/2026

g,h

1,495,662

400,000

3.600%,

 5/8/2026

g,h

398,476

1,000,000

3.610%,

 5/20/2026

g,h

994,986

900,000

3.600%,

 5/29/2026

g,h

894,675

300,000

3.610%,

 6/10/2026

g,h

297,867

200,000

3.640%,

 6/22/2026

g,h

198,338

Federal

National

Mortgage

Association

Discount

Notes

400,000

3.595%,

 6/1/2026

g,h

397,516

State

Street

Institutional

U.S.

Government

Money

Market

Fund

9,513,553

3.602%

g

9,513,553

Thrivent

Core

Short-Term

Reserve

Fund

6,035,477

3.930%

60,354,771

Total

Short-Term

Investments

(cost

$75,544,004)

75,543,451

Total

Investments

(cost

$1,426,663,485)

99.5%

$1,681,203,554

Other

Assets

and

Liabilities,

Net

0.5%

8,768,137

Total

Net

Assets

100.0%

$1,689,971,691

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$34,044,125

or

2.0%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

7,821,991

Total

lending

$7,821,991

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,046,120

Net

amounts

due

to

counterparty

$224,129

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

March

31,

2026

(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

March

31,

2026,

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

@

83,065,297

6,335,884

76,729,412

1

Consumer

Discretionary

103,905,838

4,230,685

99,675,153

–

Consumer

Staples

@

65,001,810

76,092

64,925,718

0

Energy

@

99,785,122

5,038,130

94,746,968

24

Financials

@

415,260,066

11,430,723

403,069,337

760,006

Health

Care

107,047,232

389,401

106,657,831

–

Industrials

248,096,620

5,775,854

242,320,766

–

Information

Technology

245,750,188

13,261,754

232,488,434

–

Materials

@

137,215,713

18,494,284

118,721,414

15

Real

Estate

34,462,713

–

34,462,713

–

Utilities

46,346,277

1,410,712

44,935,565

–

Preferred

Stock

Energy

@

3,353,600

–

3,353,599

1

Financials

987,053

–

987,053

–

Health

Care

97,281

–

97,281

–

Information

Technology

4,909,528

–

4,909,528

–

Materials

419,480

–

419,480

–

Utilities

1,910,165

29,124

1,881,041

–

Short-Term

Investments

15,188,680

9,513,553

5,675,127

–

Subtotal

Investments

in

Securities

$1,612,802,663

$75,986,196

$1,536,056,420

$760,047

Other

Investments  *

Total

Affiliated

Short-Term

Investments

60,354,771

Collateral

Held

for

Securities

Loaned

8,046,120

Subtotal

Other

Investments

$68,400,891

Total

Investments

at

Value

$1,681,203,554

*

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

March

31,

2026,

in

valuing

International

Equity

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

1,635,749

1,635,749

–

–

Total

Liability

Derivatives

$1,635,749

$1,635,749

$–

$–

International

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

International

Equity

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$5,675,127

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

667

June

2026

$

97,535,305

(

$

783,620)

ICE

US

mini

MSCI

Emerging

Markets

Index

432

June

2026

32,271,489

(

852,129)

Total

Futures

Long

Contracts

$

129,806,794

(

$

1,635,749)

Total

Futures

Contracts

$

129,806,794

($1,635,749)

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

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

$105,355

$–

$45,000

$60,355

6,035

3.6%

Total

Affiliated

Short-Term

Investments

105,355

60,355

3.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,852

31,113

25,919

8,046

8,046

0.5

Total

Collateral

Held

for

Securities

Loaned

2,852

8,046

0.5

Total

Value

$108,207

$68,401

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

$–

$–

$

–

$872

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$872

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

$–

$–

$

–

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Shares

Common

Stock

98.0%

Value

Australia  6.5%  

44,626

ANZ

Group

Holdings,

Ltd.

$

1,122,132

19,472

APA

Group

134,137

8,192

Aristocrat

Leisure,

Ltd.

260,385

2,877

ASX,

Ltd.

104,385

75,194

BHP

Group,

Ltd.

2,720,709

20,106

Brambles,

Ltd.

315,549

5,603

CAR

Group,

Ltd.

89,443

968

Cochlear,

Ltd.

113,905

19,871

Coles

Group,

Ltd.

301,339

24,776

Commonwealth

Bank

of

Australia

2,901,439

7,707

Computershare,

Ltd.

152,001

7,183

CSL,

Ltd.

705,507

30,064

Evolution

Mining,

Ltd.

270,718

25,072

Fortescue,

Ltd.

358,269

30,274

Goodman

Group

543,524

35,019

Insurance

Australia

Group,

Ltd.

177,345

32,953

Lottery

Corporation,

Ltd.

123,065

13,411

Lynas

Rare

Earths,

Ltd.

a

182,088

5,361

Macquarie

Group,

Ltd.

761,567

40,774

Medibank,

Private

Ltd.

123,373

45,415

National

Australia

Bank,

Ltd.

1,313,660

20,123

Northern

Star

Resources,

Ltd.

292,524

25,506

Origin

Energy,

Ltd.

219,483

851

Pro

Medicus,

Ltd.

70,137

10,978

Qantas

Airways,

Ltd.

64,487

22,290

QBE

Insurance

Group,

Ltd.

328,928

782

REA

Group,

Ltd.

85,675

5,498

Rio

Tinto,

Ltd.

624,648

48,084

Santos,

Ltd.

263,190

77,230

Scentre

Group

178,195

3,013

SGH,

Ltd.

85,723

76,908

Sigma

Healthcare,

Ltd.

142,123

6,951

Sonic

Healthcare,

Ltd.

98,765

66,423

South32,

Ltd.

201,129

35,864

Stockland

107,658

16,032

Suncorp

Group,

Ltd.

179,922

58,321

Telstra

Corporation,

Ltd.

215,298

46,115

Transurban

Group

449,845

57,885

Vicinity

Centres

94,433

5,062

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

142,257

16,808

Wesfarmers,

Ltd.

858,149

50,638

Westpac

Banking

Corporation

1,399,395

2,985

Wisetech

Global,

Ltd.

80,537

28,146

Woodside

Energy

Group,

Ltd.

668,117

18,086

Woolworths,

Ltd.

456,712

Total

20,081,870

Austria  0.3%  

1,140

BAWAG

Group

AG

b

173,312

4,558

Erste

Group

Bank

AG

492,382

2,180

OMV

AG

159,490

1,948

Raiffeisen

Bank

International

AG

83,427

1,008

Verbund

AG

77,031

Total

985,642

Belgium  0.9%  

2,209

Ageas

SA

NV

162,612

14,634

Anheuser-Busch

InBev

SA/NV

1,012,474

318

D'ieteren

Group

58,879

646

Elia

System

Operator

SA

99,226

297

Financiere

de

Tubize

SA

73,676

1,183

Groupe

Bruxelles

Lambert

SA

107,611

3,401

KBC

Groep

NV

416,257

6

Lotus

Bakeries

NV

67,745

Shares

Common

Stock  98.0%

Value

Belgium  0.9%  -

continued

244

Sofina

SA

$

59,250

1,077

Syensqo

SA

62,781

1,872

UCB

SA

564,030

Total

2,684,541

Bermuda  0.2%  

18,632

Aegon,

Ltd.

136,261

9,500

CK

Infrastructure

Holdings,

Ltd.

76,182

16,000

Hongkong

Land

Holdings,

Ltd.

124,688

2,400

Jardine

Matheson

Holdings,

Ltd.

172,520

Total

509,651

Cayman

Islands  0.4%  

806

Futu

Holdings,

Ltd.

ADR

a

110,229

35,199

Grab

Holdings,

Ltd.

a

128,828

36,000

Sands

China,

Ltd.

76,728

5,861

Sea,

Ltd.

ADR

a

485,350

20,000

SITC

International

Holdings

Company,

Ltd.

87,571

123,533

WH

Group,

Ltd.

b

162,376

25,000

Wharf

Real

Estate

Investment

Company,

Ltd.

72,753

Total

1,123,835

Denmark  1.6%  

43

A.P.

Moller

-

Maersk

AS,

Class

A

105,287

58

A.P.

Moller

-

Maersk

AS,

Class

B

144,877

1,392

Carlsberg

AS

172,934

1,867

Coloplast

AS

127,178

9,890

Danske

Bank

AS

487,405

1,379

Demant

AS

a

41,788

3,026

DSV

AS

730,804

904

Genmab

AS

a

243,467

47,682

Novo

Nordisk

AS

1,744,899

5,217

Novonesis

(Novozymes)

B

309,948

7,824

Orsted

AS

a,b

194,028

1,170

Pandora

AS

83,624

1,434

ROCKWOOL

AS

39,829

4,978

Tryg

AS

118,652

14,951

Vestas

Wind

Systems

AS

451,086

Total

4,995,806

Finland  1.2%  

2,106

Elisa

Oyj

102,585

6,642

Fortum

Oyj

169,855

4,044

Kesko

Oyj

89,811

5,032

KONE

Oyj

321,248

9,819

Metso

Oyj

170,167

6,264

Neste

Oil

Oyj

203,565

78,424

Nokia

Oyj

629,122

45,755

Nordea

Bank

Abp

787,867

1,619

Orion

Oyj

130,859

35,574

Sampo

Oyj

378,371

8,623

Stora

Enso

Oyj

101,260

7,813

UPM-Kymmene

Oyj

244,546

7,447

Wartsila

Corporation

277,387

Total

3,606,643

France  9.1%  

2,780

Accor

SA

133,338

513

Aeroports

de

Paris

SA

62,672

8,578

Air

Liquide

SA

1,773,068

5,130

Alstom

SA

a

146,710

917

Amundi

SA

b

78,805

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Shares

Common

Stock  98.0%

Value

France  9.1%  -

continued

24,759

AXA

SA

$

1,137,720

5,222

Ayvens

SA

b

61,568

613

BioMerieux

65,489

14,881

BNP

Paribas

SA

1,417,625

10,397

Bollore

SA

59,451

2,852

Bouygues

SA

165,294

5,040

Bureau

Veritas

SA

150,855

2,264

Capgemini

SE

267,150

8,721

Carrefour

SA

161,478

6,593

Compagnie

de

Saint-Gobain

SA

545,867

9,671

Compagnie

Generale

des

Etablissements

Michelin

SCA

331,320

826

Covivio

SA/France

49,365

15,680

Credit

Agricole

SA

292,659

9,584

Danone

SA

765,834

290

Dassault

Aviation

SA

107,939

9,930

Dassault

Systemes

SE

201,026

1,016

Eiffage

SA

155,822

27,041

Engie

SA

871,467

4,458

EssilorLuxottica

SA

1,038,831

682

Gecina

SA

53,811

4,479

Groupe

Eurotunnel

SA

96,652

469

Hermes

International

SCA

888,455

558

Ipsen

SA

104,282

1,102

Kering

SA

334,639

3,185

Klepierre

SA

119,572

3,883

Legrand

SA

603,245

3,556

L'Oreal

SA

1,451,888

3,684

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,013,867

27,568

Orange

SA

565,231

2,988

Pernod-Ricard

SA

222,194

3,389

Publicis

Groupe

SA

280,507

2,846

Renault

SA

97,573

3,288

Rexel

SA

130,291

5,265

Safran

SA

1,722,871

16,250

Sanofi

SA

1,569,267

432

Sartorius

Stedim

Biotech

84,138

8,117

Schneider

Electric

SE

2,210,932

10,219

Societe

Generale

SA

746,163

1,310

Sodexo

SA

67,245

1,372

Thales

SA

402,334

29,402

TotalEnergies

SE

2,698,356

9,334

Veolia

Environnement

SA

355,496

7,322

Vinci

SA

1,099,032

Total

27,959,394

Germany  8.6%  

2,532

Adidas

AG

409,823

5,632

Allianz

SE

2,378,510

13,214

BASF

SE

813,860

14,545

Bayer

AG

673,120

4,154

Bayerische

Motoren

Werke

AG

384,275

1,437

Beiersdorf

AG

129,169

1,817

Brenntag

AG

123,081

10,850

Commerzbank

AG

395,802

1,629

Continental

AG

113,716

924

CTS

Eventim

AG

&

Company

KGaA

54,120

6,813

Daimler

Truck

Holding

AG

335,513

2,888

Delivery

Hero

AG

a,b

53,663

26,872

Deutsche

Bank

AG

799,717

2,788

Deutsche

Boerse

AG

816,736

8,878

Deutsche

Lufthansa

AG

75,603

54,467

Deutsche

Telekom

AG

2,032,896

13,621

DHL

Group

717,925

Shares

Common

Stock  98.0%

Value

Germany  8.6%  -

continued

33,240

E.ON

SE

$

728,009

3,795

Evonik

Industries

AG

74,469

3,258

Fresenius

Medical

Care

AG

147,645

6,254

Fresenius

SE

&

Company

KGaA

324,558

2,169

GEA

Group

AG

155,556

893

Hannover

Rueckversicherung

SE

280,761

1,981

Heidelberg

Materials

AG

418,065

1,539

Henkel

AG

&

Company

KGaA

110,547

941

HENSOLDT

AG

83,515

230

HOCHTIEF

AG

104,621

19,334

Infineon

Technologies

AG

877,113

1,074

Knorr-Bremse

AG

122,707

1,119

LEG

Immobilien

SE

73,095

10,692

Mercedes-Benz

Group

AG

657,164

1,913

Merck

KGaA

243,055

797

MTU

Aero

Engines

AG

290,762

1,934

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,221,407

855

Nemetschek

SE

64,006

76

Rational

AG

55,758

681

Rheinmetall

AG

1,148,707

9,361

RWE

AG

629,800

15,460

SAP

SE

2,635,674

1,110

Scout24

SE

b

85,646

11,252

Siemens

AG

2,741,384

11,474

Siemens

Energy

AG

1,978,696

5,010

Siemens

Healthineers

AG

b

213,758

1,966

Symrise

AG

167,881

956

Talanx

AG

118,628

11,302

Vonovia

SE

282,692

3,325

Zalando

SE

a,b

81,233

Total

26,424,441

Hong

Kong  1.7%  

155,600

AIA

Group,

Ltd.

1,728,923

55,000

BOC

Hong

Kong

(Holdings),

Ltd.

303,435

28,500

CK

Asset

Holdings,

Ltd.

163,071

39,500

CK

Hutchison

Holdings,

Ltd.

303,203

24,500

CLP

Holdings,

Ltd.

230,665

29,000

Galaxy

Entertainment

Group,

Ltd.

131,077

22,000

Henderson

Land

Development

Company,

Ltd.

81,735

56,000

HKT

Trust

and

HKT,

Ltd.

87,511

166,162

Hong

Kong

and

China

Gas

Company,

Ltd.

151,149

17,800

Hong

Kong

Exchanges

&

Clearing,

Ltd.

897,974

38,760

Link

REIT

179,645

23,000

MTR

Corporation,

Ltd.

94,253

20,500

Power

Assets

Holdings,

Ltd.

159,941

54,571

Sino

Land

Company,

Ltd.

79,965

21,500

Sun

Hung

Kai

Properties,

Ltd.

357,993

5,000

Swire

Pacific,

Ltd.

54,649

21,500

Techtronic

Industries

Company,

Ltd.

285,525

16,000

Wharf

Holdings,

Ltd.

44,156

Total

5,334,870

Ireland  0.4%  

31,635

AIB

Group

plc

337,709

14,104

Bank

of

Ireland

Group

plc

255,893

2,382

Kerry

Group

plc

189,655

2,266

Kingspan

Group

plc

193,767

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Shares

Common

Stock  98.0%

Value

Ireland  0.4%  -

continued

12,431

Ryanair

Holdings

plc

$

349,957

Total

1,326,981

Isle

of

Man  <0.1%  

8,996

Entain

plc

67,581

Total

67,581

Israel  1.1%  

628

Azrieli

Group,

Ltd.

84,241

18,515

Bank

Hapoalim

BM

434,825

21,944

Bank

Leumi

Le-Israel

BM

490,730

1,308

Check

Point

Software

Technologies,

Ltd.

a

186,848

413

Elbit

Systems,

Ltd.

348,205

11,465

ICL

Group,

Ltd.

59,173

18,111

Israel

Discount

Bank,

Ltd.

182,880

2,309

Mizrahi

Tefahot

Bank,

Ltd.

168,734

671

Monday.com,

Ltd.

a

46,373

914

NICE,

Ltd.

a

100,913

439

Nova,

Ltd.

a

193,866

3,376

Phoenix

Financial,

Ltd.

180,259

16,979

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

511,408

1,666

Tower

Semiconductor,

Ltd.

a

294,675

Total

3,283,130

Italy  2.9%  

3,311

Banca

Mediolanum

SPA

67,085

29,240

Banca

Monte

dei

Paschi

di

Siena

SPA

255,136

16,824

Banco

BPM

SPA

234,031

21,812

BPER

Banca

SPA

285,852

1,141

Buzzi

SPA

57,686

9,115

Davide

Campari-Milano

NV

65,124

120,416

Enel

SPA

1,316,494

30,283

Eni

SPA

861,065

9,055

Finecobank

Banca

Fineco

SPA

201,463

12,620

Generali

507,724

206,247

Intesa

Sanpaolo

SPA

1,247,364

9,022

Italgas

SPA

105,097

5,992

Leonardo

SPA

407,575

3,458

Moncler

SPA

208,202

6,768

Poste

Italiane

SPA

b

159,311

4,169

Prysmian

SPA

492,324

1,703

Recordati

SPA

97,512

29,855

Snam

SPA

226,166

170,217

Telecom

Italia

SPA/Milano

a

119,510

259,460

Telecom

Italia

SPA/Milano,

Rights

a,c,d

30

89,243

Telecom

Italia

SPA/Milano,

Savings

Shares

a

73,705

20,831

Terna

Rete

Elettrica

Nazionale

SPA

238,254

20,756

UniCredit

SPA

1,489,122

5,311

Unipol

Assicurazioni

SPA

123,376

Total

8,839,208

Japan  22.5%  

11,300

Advantest

Corporation

1,559,475

33,000

Aeon

Company,

Ltd.

394,546

2,900

AGC,

Inc.

102,740

7,300

Aisin

Corporation

102,843

13,400

Ajinomoto

Company,

Inc.

378,834

2,400

All

Nippon

Airways

Company,

Ltd.

42,982

22,521

Asahi

Group

Holdings,

Ltd.

224,864

19,200

Asahi

Kasei

Corporation

187,862

Shares

Common

Stock  98.0%

Value

Japan  22.5%  -

continued

10,300

Asics

Corporation

$

276,917

26,800

Astellas

Pharma,

Inc.

436,889

8,700

Bandai

Namco

Holdings,

Inc.

214,633

16,900

Bridgestone

Corporation

352,167

12,800

Canon,

Inc.

355,166

5,100

Capcom

Company,

Ltd.

107,773

11,400

Central

Japan

Railway

Company

296,414

8,300

Chiba

Bank,

Ltd.

107,440

10,100

Chubu

Electric

Power

Company,

Inc.

166,518

9,900

Chugai

Pharmaceutical

Company,

Ltd.

545,970

5,800

Dai

Nippon

Printing

Company,

Ltd.

105,676

4,800

Daifuku

Company,

Ltd.

169,484

52,100

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

480,466

26,600

Daiichi

Sankyo

Company,

Ltd.

475,892

3,900

Daikin

Industries,

Ltd.

467,793

4,300

Daito

Trust

Construction

Company,

Ltd.

100,767

8,300

Daiwa

House

Industry

Company,

Ltd.

260,396

19,700

Daiwa

Securities

Group,

Inc.

186,665

25,900

Denso

Corporation

324,736

1,359

DISCO

Corporation

553,906

14,300

East

Japan

Railway

Company

327,062

6,800

Ebara

Corporation

192,495

3,900

Eisai

Company,

Ltd.

122,097

40,100

Eneos

Holdings,

Inc.

361,306

13,800

FANUC

Corporation

481,026

2,800

Fast

Retailing

Company,

Ltd.

1,106,298

2,100

Fuji

Electric

Company,

Ltd.

147,109

16,600

FUJIFILM

Holdings

NPV

316,324

22,200

Fujikura,

Ltd.

610,545

26,100

Fujitsu,

Ltd.

533,762

3,500

Hankyu

Hanshin

Holdings,

Inc.

101,203

300

Hikari

Tsushin,

Inc.

76,323

67,800

Hitachi,

Ltd.

1,988,946

54,700

Honda

Motor

Company,

Ltd.

442,719

5,000

Hoya

Corporation

866,802

6,800

Hulic

Company,

Ltd.

79,265

3,500

IBIDEN

Company,

Ltd.

175,142

11,400

Idemitsu

Kosan

Company,

Ltd.

111,920

15,200

IHI

Corporation

313,622

13,000

Inpex

Corporation

384,534

7,900

Isuzu

Motors,

Ltd.

113,766

88,000

ITOCHU

Corporation

1,119,403

2,100

Japan

Airlines

Company,

Ltd.

34,286

14,500

Japan

Exchange

Group,

Inc.

169,331

26,500

Japan

Post

Bank

Company,

Ltd.

432,221

26,400

Japan

Post

Holdings

Company,

Ltd.

304,826

8,400

Japan

Post

Insurance

Company,

Ltd.

84,719

17,800

Japan

Tobacco,

Inc.

682,877

8,500

JFE

Holdings,

Inc.

99,512

8,200

JX

Advanced

Metals

Corporation

181,743

6,300

Kajima

Corporation

240,337

14,000

Kansai

Electric

Power

Company,

Inc.

232,765

6,700

Kao

Corporation

260,815

11,000

Kawasaki

Heavy

Industries,

Ltd.

206,879

5,200

Kawasaki

Kisen

Kaisha,

Ltd.

87,831

43,400

KDDI

Corporation

738,960

2,900

Keyence

Corporation

1,032,131

10,000

Kikkoman

Corporation

90,788

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Shares

Common

Stock  98.0%

Value

Japan  22.5%  -

continued

2,800

Kioxia

Holdings

Corporation

a

$

365,680

11,500

Kirin

Holdings

Company,

Ltd.

182,921

14,100

Komatsu,

Ltd.

561,470

1,500

Konami

Group

Corporation

184,842

14,300

Kubota

Corporation

229,160

19,000

Kyocera

Corporation

291,337

3,500

Kyowa

Hakko

Kirin

Company,

Ltd.

57,281

1,200

Lasertec

Corporation

267,088

40,800

LY

Corporation

98,374

6,500

M3,

Inc.

66,718

3,300

Makita

Corporation

108,459

20,900

Marubeni

Corporation

764,563

4,900

MatsukiyoCocokara

&

Company

77,990

5,400

Minebea

Mitsumu,

Inc.

89,668

18,100

Mitsubishi

Chemical

Group

Corporation

105,815

47,700

Mitsubishi

Corporation

1,636,395

28,200

Mitsubishi

Electric

Corporation

922,340

15,700

Mitsubishi

Estate

Company,

Ltd.

435,776

13,000

Mitsubishi

HC

Capital,

Inc.

116,650

47,500

Mitsubishi

Heavy

Industries,

Ltd.

1,305,141

166,900

Mitsubishi

UFJ

Financial

Group,

Inc.

2,826,274

36,600

Mitsui

&

Company,

Ltd.

1,414,688

39,100

Mitsui

Fudosan

Company,

Ltd.

416,823

5,100

Mitsui

O.S.K.

Lines,

Ltd.

211,960

36,830

Mizuho

Financial

Group,

Inc.

1,491,017

3,600

MonotaRO

Company,

Ltd.

39,022

19,100

MS

and

AD

Insurance

Group

Holdings,

Inc.

498,425

24,700

Murata

Manufacturing

Company,

Ltd.

554,200

19,200

NEC

Corporation

477,756

5,500

NEXON

Company,

Ltd.

103,602

12,400

Nidec

Corporation

a

157,458

16,300

Nintendo

Company,

Ltd.

930,496

115

Nippon

Building

Fund,

Inc.

96,563

14,000

Nippon

Paint

Holdings

Company,

Ltd.

87,788

2,600

Nippon

Sanso

Holdings

Corporation

92,192

71,600

Nippon

Steel

Corporation

264,028

6,100

Nippon

Yusen

Kabushiki

Kaisha

e

224,082

33,000

Nissan

Motor

Company,

Ltd.

a

71,523

5,900

Nitori

Holdings

Company,

Ltd.

93,736

10,000

Nitto

Denko

Corporation

200,042

44,500

Nomura

Holdings,

Inc.

350,395

5,600

Nomura

Research

Institute,

Ltd.

153,259

442,400

NTT,

Inc.

442,607

9,400

Obayashi

Corporation

227,672

4,800

OBIC

Company,

Ltd.

116,503

16,500

Olympus

Corporation

157,201

600

Oracle

Corporation

Japan

32,540

16,000

Oriental

Land

Company,

Ltd.

272,317

17,200

ORIX

Corporation

510,347

5,300

Osaka

Gas

Company,

Ltd.

214,674

3,400

Otsuka

Corporation

65,092

6,400

Otsuka

Holdings

Company,

Ltd.

454,214

28,200

Pan

Pacific

International

Holdings

Company

172,027

34,500

Panasonic

Holdings

Corporation

578,612

22,500

Rakuten

Group,

Inc.

a

105,177

20,800

Recruit

Holdings

Company,

Ltd.

906,255

26,300

Renesas

Electronics

Corporation

376,017

30,700

Resona

Holdings,

Inc.

350,218

7,500

Ryohin

Keikaku

Company,

Ltd.

160,047

Shares

Common

Stock  98.0%

Value

Japan  22.5%  -

continued

13,000

Sanrio

Company,

Ltd.

$

80,824

8,300

SBI

Holdings,

Inc.

153,686

2,400

SCREEN

Holdings

Company,

Ltd.

142,984

5,900

Secom

Company,

Ltd.

224,736

3,100

Seibu

Holdings,

Inc.

86,610

5,400

Sekisui

Chemical

Company,

Ltd.

90,659

8,800

Sekisui

House,

Ltd.

197,182

30,800

Seven

&

I

Holdings

Company,

Ltd.

414,249

3,500

Shimadzu

Corporation

83,170

1,100

Shimano,

Inc.

114,843

7,400

Shimizu

Corporation

132,764

25,000

Shin-Etsu

Chemical

Company,

Ltd.

1,017,970

11,200

Shionogi

&

Company,

Ltd.

247,754

5,900

Shiseido

Company,

Ltd.

120,538

900

SMC

Corporation

353,969

425,700

SoftBank

Corporation

569,639

55,000

SoftBank

Group

Corporation

1,339,236

13,100

Sompo

Holdings,

Inc.

509,960

90,000

Sony

Financial

Group,

Inc.

e

82,445

91,000

Sony

Group

Corporation

1,896,689

8,700

Subaru

Corporation

140,169

16,100

Sumitomo

Corporation

602,447

10,600

Sumitomo

Electric

Industries,

Ltd.

602,293

3,700

Sumitomo

Metal

Mining

Company,

Ltd.

215,352

54,300

Sumitomo

Mitsui

Financial

Group,

Inc.

1,785,402

9,400

Sumitomo

Mitsui

Trust

Group,

Inc.

299,452

9,000

Sumitomo

Realty

&

Development

Company,

Ltd.

255,382

2,100

Suntory

Beverage

and

Food,

Ltd.

59,304

23,300

Suzuki

Motor

Corporation

283,997

7,500

Sysmex

Corporation

65,407

6,800

T&D

Holdings,

Inc.

174,179

2,200

Taisei

Corporation

227,924

23,600

Takeda

Pharmaceutical

Company,

Ltd.

869,138

28,800

TDK

Corporation

374,120

19,700

Terumo

Corporation

264,665

3,100

TIS,

Inc.

66,282

7,800

Toho

Company,

Ltd.

81,929

27,200

Tokio

Marine

Holdings,

Inc.

1,276,794

6,600

Tokyo

Electron,

Ltd.

1,639,776

4,700

Tokyo

Gas

Company,

Ltd.

221,351

7,400

Tokyu

Corporation

87,350

3,500

TOPPAN

Holdings,

Inc.

92,311

20,500

Toray

Industries,

Inc.

146,014

500

Toyota

Industries

Corporation

a

64,660

140,300

Toyota

Motor

Corporation

2,916,465

10,200

Toyota

Tsusho

Corporation

395,319

3,400

Tsuruha

Holdings,

Inc.

53,141

16,500

Unicharm

Corporation

96,741

6,100

West

Japan

Railway

Company

120,228

13,600

Yamaha

Motor

Company,

Ltd.

98,252

3,400

Yokogawa

Electric

Corporation

105,073

15,300

Yokohama

Financial

Group,

Inc.

136,571

1,400

Zensho

Holdings

Company,

Ltd.

81,736

6,400

ZOZO,

Inc.

44,819

Total

69,399,971

Jersey  0.5%  

3,148

CVC

Capital

Partners

plc

b

41,098

13,585

Experian

plc

469,963

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Shares

Common

Stock  98.0%

Value

Jersey  0.5%  -

continued

147,683

Glencore

plc

$

1,118,526

Total

1,629,587

Luxembourg  0.6%  

6,311

ArcelorMittal

SA

327,299

1,753

Eurofins

Scientific

SE

127,915

3,701

InPost

SA

a

65,523

2,327

Spotify

Technology

SA

a

1,128,386

5,555

Tenaris

SA

162,386

Total

1,811,509

Netherlands  6.3%  

8,633

ABN

AMRO

Bank

NV

b

273,674

374

Adyen

NV

a,b

374,320

2,479

AerCap

Holdings

NV

340,069

8,797

Airbus

SE

1,663,283

2,532

Akzo

Nobel

NV

145,554

916

Argenx

SE

a

664,780

694

ASM

International

NV

526,022

5,747

ASML

Holding

NV

7,642,148

2,322

ASR

Nederland

NV

159,863

1,081

BE

Semiconductor

Industries

NV

231,545

2,961

CSG

NV

a

79,881

1,151

Euronext

NV

b

184,831

1,384

EXOR

NV

105,943

1,866

Ferrari

NV

633,144

7,604

Ferrovial

SE

494,691

1,919

Heineken

Holding

NV

136,569

4,264

Heineken

NV

327,981

43,236

ING

Groep

NV

1,122,268

2,530

JDE

Peet's

BV

d

93,493

56,666

Koninklijke

(Royal)

KPN

NV

315,837

13,194

Koninklijke

Ahold

Delhaize

NV

614,437

11,405

Koninklijke

Philips

NV

311,954

7,252

Magnum

Ice

Cream

Company

NV

a

106,539

3,200

Nebius

Group

NV

a

332,032

3,894

NN

Group

NV

304,107

19,371

Prosus

NV

896,796

3,062

QIAGEN

NV

124,041

1,556

Randstad

Holding

NV

40,612

29,852

Stellantis

NV

215,759

10,024

STMicroelectronics

NV

341,104

16,293

Universal

Music

Group

NV

316,262

3,442

Wolters

Kluwer

NV

257,078

Total

19,376,617

New

Zealand  0.2%  

25,097

Auckland

International

Airport,

Ltd.

114,943

13,161

Contact

Energy,

Ltd.

69,958

8,695

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

188,538

14,055

Infratil,

Ltd.

94,772

19,534

Meridian

Energy,

Ltd.

62,530

2,516

Xero,

Ltd.

a

132,970

Total

663,711

Norway  0.7%  

4,679

Aker

BP

ASA

172,978

13,126

DNB

Bank

ASA

410,695

11,356

Equinor

ASA

483,815

2,961

Gjensidige

Forsikring

ASA

77,456

6,511

Kongsberg

Gruppen

ASA

277,542

7,026

Mowi

ASA

159,798

20,504

Norsk

Hydro

ASA

218,540

10,378

Orkla

ASA

130,603

Shares

Common

Stock  98.0%

Value

Norway  0.7%  -

continued

1,002

SalMar

ASA

$

58,467

9,116

Telenor

ASA

160,330

2,451

Yara

International

ASA

143,272

Total

2,293,496

Portugal  0.2%  

108,357

Banco

Comercial

Portugues

SA

105,537

46,459

EDP

SA

245,848

6,177

Galp

Energia

SGPS

SA

148,110

4,193

Jeronimo

Martins

SGPS

SA

100,261

Total

599,756

Singapore  1.5%  

58,054

CapitaLand

Ascendas

REIT

112,042

1,625

CapitaLand

Ascendas

REIT,

Rights

a,c

160

90,170

CapitaLand

Integrated

Commercial

Trust

161,698

34,700

CapitaLand

Investment,

Ltd.

73,862

31,530

DBS

Group

Holdings,

Ltd.

1,403,089

21,600

Keppel,

Ltd.

198,984

50,163

Oversea-Chinese

Banking

Corporation,

Ltd.

859,180

13,200

Sembcorp

Industries,

Ltd.

68,550

23,400

Singapore

Airlines,

Ltd.

120,667

12,700

Singapore

Exchange,

Ltd.

193,740

23,100

Singapore

Technologies

Engineering,

Ltd.

196,055

110,000

Singapore

Telecommunications,

Ltd.

422,649

18,500

United

Overseas

Bank,

Ltd.

529,577

28,400

Wilmar

International,

Ltd.

85,324

38,200

Yangzijiang

Shipbuilding

Holdings,

Ltd.

113,469

Total

4,539,046

Spain  3.7%  

365

Acciona

SA

95,982

2,627

ACS

Actividades

de

Construccion

y

Servicios

SA

320,378

11,104

Aena

SME

SA

b

327,539

6,670

Amadeus

IT

Holding

SA

381,398

84,523

Banco

Bilbao

Vizcaya

Argentaria

SA

1,825,669

74,377

Banco

de

Sabadell

SA

266,442

217,479

Banco

Santander

SA

2,438,108

9,981

Bankinter

SA

158,074

57,200

CaixaBank

SA

685,697

7,091

Cellnex

Telecom

SA

b

228,010

4,668

EDP

Renovaveis

SA

74,818

4,703

Endesa

SA

196,130

4,416

Grifols

SA

46,201

95,259

Iberdrola

SA

2,180,886

1,177

Indra

Sistemas

SA

65,783

16,150

Industria

de

Diseno

Textil

SA

940,076

17,497

International

Consolidated

Airlines

Group

SA

83,047

13,678

Mapfre

SA

60,956

5,025

Naturgy

Energy

Group

SA

150,432

6,008

Redeia

Corporacion

SA

101,838

16,706

Repsol

SA

470,251

54,566

Telefonica

SA

238,757

Total

11,336,472

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Shares

Common

Stock  98.0%

Value

Supranational  0.1%  

1,804

Unibail-Rodamco-Westfield

$

199,028

Total

199,028

Sweden  3.2%  

1,604

AB

Industrivarden,

Class

A

79,889

2,311

AB

Industrivarden,

Class

C

114,553

3,848

Addtech

AB

132,044

4,284

Alfa

Laval

AB

234,335

14,839

Assa

Abloy

AB

536,398

39,768

Atlas

Copco

AB,

Class

A

701,779

23,109

Atlas

Copco

AB,

Class

B

361,246

6,055

Beijer

Ref

AB

83,941

4,208

Boliden

AB

a

220,591

9,757

Epiroc

AB,

Class

A

240,186

5,774

Epiroc

AB,

Class

B

123,688

7,311

EQT

AB

226,843

8,929

Essity

AB

230,126

1,968

Evolution

Gaming

Group

AB

b

123,686

10,630

Fastighets

AB

Balder

a

62,256

7,307

Hennes

&

Mauritz

AB

136,705

30,738

Hexagon

AB

299,146

1,032

Holmen

AB

37,008

4,045

Indutrade

AB

92,747

2,192

Investment

AB

Latour

47,254

26,974

Investor

AB,

Class

B

1,021,633

1,125

L

E

Lundbergforetagen

AB

63,961

3,451

Lifco

AB

104,401

22,437

NIBE

Industrier

AB

93,752

4,742

Saab

AB

310,363

3,254

Sagax

AB

60,044

15,786

Sandvik

AB

606,843

7,281

Securitas

AB

121,942

22,414

Skandinaviska

Enskilda

Banken

AB

414,186

5,039

Skanska

AB

136,300

5,051

SKF

AB

121,759

9,008

Svenska

Cellulosa

AB

SCA

104,442

21,595

Svenska

Handelsbanken

AB

284,703

12,570

Swedbank

AB

428,430

2,910

Swedish

Orphan

Biovitrum

AB

a

121,960

8,105

Tele2

AB

167,753

41,434

Telefonaktiebolaget

LM

Ericsson

472,357

34,929

Telia

Company

AB

178,951

3,003

Trelleborg

AB

112,311

23,528

Volvo

AB,

Class

B

773,585

Total

9,784,097

Switzerland  9.3%  

23,204

ABB,

Ltd.

1,886,670

7,398

Alcon

AG

559,216

1,301

Avolta

AG

78,003

446

Banque

Cantonale

Vaudoise

72,540

53

Barry

Callebaut

AG

93,206

146

Belimo

Holding

AG

118,574

313

BKW

FMB

Energie

61,711

2

Chocoladefabriken

Lindt

and

Spruengli

AG

286,263

3,229

Coca-Cola

HBC

AG

181,886

7,959

Compagnie

Financiere

Richemont

SA

1,405,290

2,557

DSM-Firmenich

AG

182,888

104

EMS-CHEMIE

Holding

AG

81,774

2,731

Galderma

Group

AG

536,734

502

Geberit

AG

338,865

137

Givaudan

SA

463,266

1,178

Helvetia

Baloise

Holding

AG

304,878

Shares

Common

Stock  98.0%

Value

Switzerland  9.3%  -

continued

7,553

Holcim

AG

$

624,346

3,050

Julius

Baer

Group,

Ltd.

224,340

715

Kuehne

&

Nagel

International

AG

163,739

14

Lindt

&

Spruengli

AG

196,588

2,261

Logitech

International

SA

209,967

1,040

Lonza

Group

AG

667,179

38,146

Nestle

SA

3,741,781

28,147

Novartis

AG

4,320,408

336

Partners

Group

Holding

AG

362,154

10,402

Roche

Holding

AG

4,151,343

474

Roche

Holding

AG,

Bearer

Shares

196,408

6,189

Sandoz

Group

AG

484,914

348

Schindler

Holding

AG

109,603

603

Schindler

Holding

AG,

Participation

Certificates

198,624

2,451

SGS

SA

258,308

2,257

Sika

AG

373,574

750

Sonova

Holding

AG

171,010

1,653

Straumann

Holding

AG

172,942

428

Swatch

Group

AG,

Bearer

Shares

94,486

422

Swiss

Life

Holding

AG

459,648

1,188

Swiss

Prime

Site

AG

201,150

4,423

Swiss

Re

AG

742,963

383

Swisscom

AG

321,400

46,999

UBS

Group

AG

1,832,651

400

VAT

Group

AG

b

249,537

2,167

Zurich

Insurance

Group

AG

1,531,676

Total

28,712,503

United

Kingdom  14.2%  

14,707

3i

Group

plc

479,313

3,855

Admiral

Group

plc

161,237

13,502

Airtel

Africa

plc

b

62,262

16,569

Anglo

American

plc

711,396

5,838

Antofagasta

plc

261,801

4,769

Associated

British

Foods

plc

119,379

22,962

AstraZeneca

plc

4,489,961

12,405

Autotrader

Group

plc

b

77,644

45,270

Aviva

plc

363,307

44,427

BAE

Systems

plc

1,302,525

204,926

Barclays

plc

1,072,470

20,050

Barratt

Redrow

plc

69,735

233,086

BP

plc

1,824,307

32,250

British

American

Tobacco

plc

1,872,385

88,543

BT

Group

plc

248,146

4,800

Bunzl

plc

144,505

68,038

Centrica

plc

192,644

3,108

Coca-Cola

European

Partners

plc

281,802

25,175

Compass

Group

plc

702,401

32,963

Diageo

plc

613,016

2,860

Endeavour

Mining

plc

172,313

3,273

Fresnillo

plc

145,078

60,338

GSK

plc

1,662,029

131,864

Haleon

plc

652,590

5,621

Halma

plc

286,842

254,283

HSBC

Holdings

plc

4,175,960

11,155

Imperial

Brands

plc

452,308

19,061

Informa

plc

191,442

2,133

InterContinental

Hotels

Group

plc

281,289

2,279

Intertek

Group

plc

110,893

25,449

J

Sainsbury

plc

114,189

36,616

JD

Sports

Fashion

plc

34,729

25,359

Kingfisher

plc

96,423

10,479

Land

Securities

Group

plc

77,295

84,354

Legal

&

General

Group

plc

277,214

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock  98.0%

Value

United

Kingdom  14.2%  -

continued

871,817

Lloyds

TSB

Group

plc

$

1,080,554

6,786

London

Stock

Exchange

Group

plc

801,339

33,884

M&G

plc

123,081

30,456

Marks

&

Spencer

Group

plc

137,225

18,607

Melrose

Industries

plc

126,084

73,562

National

Grid

plc

1,241,725

118,406

NatWest

Group

plc

877,140

1,722

Next

plc

290,928

8,472

Pearson

plc

111,693

37,693

Prudential

plc

524,047

37,693

Prudential

plc,

DRIP

a,c

5

9,551

Reckitt

Benckiser

Group

plc

642,209

26,959

RELX

plc

883,235

37,399

Rentokil

Initial

plc

232,094

16,713

Rio

Tinto

plc

1,550,517

124,337

Rolls-Royce

Holdings

plc

1,888,969

14,133

Sage

Group

plc

158,365

10,731

Schroders

plc

82,623

19,037

SEGRO

plc

163,195

4,012

Severn

Trent

plc

164,546

84,381

Shell

plc

3,908,085

11,952

Smith

&

Nephew

plc

189,367

4,680

Smiths

Group

plc

142,815

1,090

Spirax

Group

plc

97,788

17,871

SSE

plc

617,772

28,417

Standard

Chartered

plc

592,202

10,428

Standard

Life

plc

94,441

94,554

Tesco

plc

594,271

32,286

Unilever

plc

1,772,471

10,096

United

Utilities

Group

plc

176,034

3,827

Verisure

plc

a

39,726

277,638

Vodafone

Group

plc

418,773

2,480

Whitbread

plc

76,248

9,864

Wise

plc

a

118,783

Total

43,699,180

United

States  0.1%  

6,164

Sunbelt

Rentals

Holdings,

Inc.

393,207

Total

393,207

Total

Common

Stock

(cost

$198,879,109)

301,661,773

Shares

Preferred

Stock

0.3%

Germany  0.3%  

809

Bayerische

Motoren

Werke

AG

74,471

1,686

Dr.

Ing.

h.c.

F.

Porsche

AG

b

76,805

2,374

Henkel

AG

&

Company

KGaA

183,390

2,267

Porsche

Automobil

Holding

SE

83,012

388

Sartorius

AG

97,085

3,053

Volkswagen

AG

312,300

Total

827,063

Total

Preferred

Stock

(cost

$1,050,056)

827,063

Shares

Collateral

Held

for

Securities

Loaned

<

0.1%

301,145

Thrivent

Cash

Management

Trust

301,145

Total

Collateral

Held

for

Securities

Loaned

(cost

$301,145)

301,145

Shares

or

Principal

Amount

Short-Term

Investments

1.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

3.610%,

 4/17/2026

f,g

$

99,831

200,000

3.606%,

 4/24/2026

f,g

199,521

100,000

3.600%,

 5/8/2026

f,g

99,619

100,000

3.595%,

 5/27/2026

f,g

99,428

State

Street

Institutional

U.S.

Government

Money

Market

Fund

2,977,523

3.602%

f

2,977,523

Total

Short-Term

Investments

(cost

$3,475,973)

3,475,922

Total

Investments

(cost

$203,706,283)

99.5%

$306,265,903

Other

Assets

and

Liabilities,

Net

0.5%

1,662,281

Total

Net

Assets

100.0%

$307,928,184

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$3,283,106

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

Security

received

as

part

of

a

corporate

restructure

prior

to

period

end

with

a

contractual

restriction

on

its

sale

of

less

than

one

month.

e

All

or

a

portion

of

the

security

is

on

loan.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

International

Index

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

291,201

Total

lending

$291,201

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$301,145

Net

amounts

due

to

counterparty

$9,944

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

DRIP

-

Dividend

Reinvestment

Plan

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

12,866,217

1,128,386

11,737,801

30

Consumer

Discretionary

25,332,927

485,350

24,847,577

–

Consumer

Staples

21,539,465

281,802

21,257,663

–

Energy

12,940,926

–

12,940,926

–

Financials

74,295,901

110,229

74,185,507

165

Health

Care

33,598,915

511,408

33,087,507

–

Industrials

58,996,404

468,897

58,527,507

–

Information

Technology

25,912,367

565,253

25,347,114

–

Materials

18,213,325

–

18,213,325

–

Real

Estate

5,446,134

–

5,446,134

–

Utilities

12,519,192

–

12,519,192

–

Preferred

Stock

Consumer

Discretionary

546,588

–

546,588

–

Consumer

Staples

183,390

–

183,390

–

Health

Care

97,085

–

97,085

–

Short-Term

Investments

3,475,922

2,977,523

498,399

–

Subtotal

Investments

in

Securities

$305,964,758

$6,528,848

$299,435,715

$195

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

301,145

Subtotal

Other

Investments

$301,145

Total

Investments

at

Value

$306,265,903

*

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

March

31,

2026,

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

2,034

2,034

–

–

Total

Asset

Derivatives

$2,034

$2,034

$–

$–

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$498,399

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

35

June

2026

$

5,074,891

$

2,034

Total

Futures

Long

Contracts

$

5,074,891

$

2,034

Total

Futures

Contracts

$

5,074,891

$2,034

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$514

$213

$301

301

<0.1%

Total

Collateral

Held

for

Securities

Loaned

–

301

<0.1

Total

Value

$–

$301

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock

97.8%

Value

Communications

Services  15.4%

446,662

Alphabet,

Inc.,

Class

A

$

128,442,125

388,103

Alphabet,

Inc.,

Class

C

111,331,226

211,914

Meta

Platforms,

Inc.

121,242,357

821,425

Netflix,

Inc.

a

78,980,014

Total

439,995,722

Consumer

Discretionary  13.1%

936,217

Amazon.com,

Inc.

a

194,985,915

110,558

Hilton

Worldwide

Holdings,

Inc.

33,618,477

150,128

Home

Depot,

Inc.

49,375,598

258,458

Tesla,

Inc.

a

96,081,761

Total

374,061,751

Consumer

Staples  2.0%

452,311

Walmart,

Inc.

56,213,211

Total

56,213,211

Energy  0.7%

150,225

ConocoPhillips

19,829,700

Total

19,829,700

Financials  7.5%

120,570

American

Express

Company

36,470,014

175,049

JPMorgan

Chase

&

Company

51,492,414

172,746

Morgan

Stanley

28,428,809

297,565

Robinhood

Markets,

Inc.

a

20,621,254

259,721

Visa,

Inc.

78,498,075

Total

215,510,566

Health

Care  6.5%

102,820

Amgen,

Inc.

36,177,217

175,055

Danaher

Corporation

33,190,428

77,289

Eli

Lilly

&

Company

71,088,103

95,516

Intuitive

Surgical,

Inc.

a

44,031,921

Total

184,487,669

Industrials  10.4%

75,535

Caterpillar,

Inc.

53,513,526

97,862

Eaton

Corporation

plc

35,002,302

34,751

EMCOR

Group,

Inc.

25,657,011

1,044,138

Fastenal

Company

48,448,003

174,933

General

Electric

Company

49,640,737

56,851

Parker-Hannifin

Corporation

50,895,289

488,960

Uber

Technologies,

Inc.

a

35,170,893

Total

298,327,761

Information

Technology  41.1%

163,583

Advanced

Micro

Devices,

Inc.

a

33,277,690

786,708

Apple,

Inc.

199,658,623

306,409

Arista

Networks,

Inc.

a

37,620,897

407,329

Broadcom,

Inc.

126,072,399

129,159

International

Business

Machines

Corporation

31,306,850

57,771

Intuit,

Inc.

24,979,025

288,241

Lam

Research

Corporation

61,585,572

475,471

Microsoft

Corporation

176,005,100

1,848,094

NVIDIA

Corporation

322,307,594

316,003

Palantir

Technologies,

Inc.

a

46,224,919

301,428

ServiceNow,

Inc.

a

31,514,297

306,629

Shopify,

Inc.

a

36,372,332

Shares

Common

Stock  97.8%

Value

Information

Technology  41.1%

-

continued

145,338

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

$

49,116,977

Total

1,176,042,275

Utilities  1.1%

113,480

Constellation

Energy

Corporation

31,689,290

Total

31,689,290

Total

Common

Stock

(cost

$1,515,760,851)

2,796,157,945

Shares

Registered

Investment

Companies  

0.8%

Value

U.S.

Unaffiliated  

0.8%  

134,010

iShares

Biotechnology

ETF

22,627,588

Total

22,627,588

Total

Registered

Investment

Companies

(cost

$22,214,167)

22,627,588

Shares

or

Principal

Amount

Short-Term

Investments

1.4%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

39,798,957

3.602%

b

39,798,957

Total

Short-Term

Investments

(cost

$39,798,957)

39,798,957

Total

Investments

(cost

$1,577,773,975)

100.0%

$2,858,584,490

Other

Assets

and

Liabilities,

Net

(<0.1%)

(536,368)

Total

Net

Assets

100.0%

$2,858,048,122

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.

ETF

-

Exchange-Traded

Fund

plc

-

Public

Limited

Company

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(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

March

31,

2026,

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

439,995,722

439,995,722

–

–

Consumer

Discretionary

374,061,751

374,061,751

–

–

Consumer

Staples

56,213,211

56,213,211

–

–

Energy

19,829,700

19,829,700

–

–

Financials

215,510,566

215,510,566

–

–

Health

Care

184,487,669

184,487,669

–

–

Industrials

298,327,761

298,327,761

–

–

Information

Technology

1,176,042,275

1,176,042,275

–

–

Utilities

31,689,290

31,689,290

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

22,627,588

22,627,588

–

–

Short-Term

Investments

39,798,957

39,798,957

–

–

Subtotal

Investments

in

Securities

$2,858,584,490

$2,858,584,490

$–

$–

Total

Investments

at

Value

$2,858,584,490

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock

99.9%

Value

Communications

Services  10.3%

220,380

Alphabet,

Inc.,

Class

A

$

63,372,473

177,026

Alphabet,

Inc.,

Class

C

50,781,678

264,993

AT&T,

Inc.

7,682,147

3,260

Charter

Communications,

Inc.

a

703,769

135,832

Comcast

Corporation

3,899,737

5,096

EchoStar

Corporation

a

596,589

8,526

Electronic

Arts,

Inc.

1,738,196

7,597

Fox

Corporation,

Class

A

443,665

5,359

Fox

Corporation,

Class

B

284,563

5,977

Live

Nation

Entertainment,

Inc.

a

911,552

82,791

Meta

Platforms,

Inc.

47,367,215

159,822

Netflix,

Inc.

a

15,366,885

14,014

News

Corporation,

Class

A

349,369

4,626

News

Corporation,

Class

B

131,887

11,909

Omnicom

Group,

Inc.

896,867

11,764

Paramount

Skydance

Corporation

b

106,111

6,589

Take-Two

Interactive

Software,

Inc.

a

1,301,327

2,509

TKO

Group

Holdings,

Inc.

505,940

17,935

T-Mobile

US,

Inc.

3,766,888

16,667

Trade

Desk,

Inc.

a

378,174

159,626

Verizon

Communications,

Inc.

8,013,225

67,057

Walt

Disney

Company

6,462,954

93,815

Warner

Brothers

Discovery,

Inc.

a

2,576,160

Total

217,637,371

Consumer

Discretionary  9.9%

16,034

Airbnb,

Inc.

a

2,024,773

369,778

Amazon.com,

Inc.

a

77,013,664

8,053

Aptiv

plc

a

559,200

627

AutoZone,

Inc.

a

2,117,868

7,376

Best

Buy

Company,

Inc.

473,539

1,220

Booking

Holdings,

Inc.

5,136,590

43,536

Carnival

Corporation

1,126,712

5,353

Carvana

Company

a

1,682,876

49,301

Chipotle

Mexican

Grill,

Inc.

a

1,578,125

10,198

D.R.

Horton,

Inc.

1,399,370

4,358

Darden

Restaurants,

Inc.

854,342

5,373

Deckers

Outdoor

Corporation

a

537,784

1,177

Domino's

Pizza,

Inc.

422,296

14,151

DoorDash,

Inc.

a

2,124,773

17,110

eBay,

Inc.

1,557,352

4,429

Expedia

Group,

Inc.

1,022,612

148,332

Ford

Motor

Company

1,711,751

6,188

Garmin,

Ltd.

1,435,678

34,218

General

Motors

Company

2,549,241

5,266

Genuine

Parts

Company

556,879

5,047

Hasbro,

Inc.

472,399

8,679

Hilton

Worldwide

Holdings,

Inc.

2,639,110

37,683

Home

Depot,

Inc.

12,393,562

11,445

Las

Vegas

Sands

Corporation

616,657

8,168

Lennar

Corporation

709,309

21,234

Lowe's

Companies,

Inc.

5,017,170

4,041

Lululemon

Athletica,

Inc.

a

618,677

8,325

Marriott

International,

Inc./MD

2,722,858

26,957

McDonald's

Corporation

8,377,966

7,263

MGM

Resorts

International

a

268,804

45,102

NIKE,

Inc.

2,382,288

17,233

Norwegian

Cruise

Line

Holdings,

Ltd.

a

322,257

106

NVR,

Inc.

a

698,522

31,869

O'Reilly

Automotive,

Inc.

a

2,941,827

1,241

Pool

Corporation

251,092

7,273

PulteGroup,

Inc.

855,378

1,463

Ralph

Lauren

Corporation

503,257

Shares

Common

Stock  99.9%

Value

Consumer

Discretionary  9.9%

-

continued

12,243

Ross

Stores,

Inc.

$

2,652,201

9,523

Royal

Caribbean

Cruises,

Ltd.

2,620,539

43,126

Starbucks

Corporation

3,863,658

7,664

Tapestry,

Inc.

1,081,467

106,459

Tesla,

Inc.

a

39,576,133

42,035

TJX

Companies,

Inc.

6,712,989

20,002

Tractor

Supply

Company

906,091

1,679

Ulta

Beauty,

Inc.

a

877,630

4,519

Williams-Sonoma,

Inc.

823,949

3,196

Wynn

Resorts,

Ltd.

324,554

10,510

Yum!

Brands,

Inc.

1,634,095

Total

208,749,864

Consumer

Staples  5.2%

63,543

Altria

Group,

Inc.

4,193,203

18,191

Archer-Daniels-Midland

Company

1,322,304

6,468

Brown-Forman

Corporation

171,014

5,124

Bunge

Global

SA

651,773

7,448

Campbell's

Company

b

165,867

8,960

Church

&

Dwight

Company,

Inc.

836,147

4,577

Clorox

Company

474,314

146,546

Coca-Cola

Company

11,144,823

30,512

Colgate-Palmolive

Company

2,600,538

18,108

Conagra

Brands,

Inc.

284,658

5,316

Constellation

Brands,

Inc.

797,400

16,802

Costco

Wholesale

Corporation

16,742,017

8,332

Dollar

General

Corporation

989,258

7,000

Dollar

Tree,

Inc.

a

766,570

9,358

Estee

Lauder

Companies,

Inc.

671,624

20,198

General

Mills,

Inc.

751,770

5,609

Hershey

Company

1,166,055

11,036

Hormel

Foods

Corporation

249,965

4,039

J.M.

Smucker

Company

389,521

72,527

Kenvue,

Inc.

1,250,365

51,426

Keurig

Dr

Pepper,

Inc.

1,354,047

12,564

Kimberly-Clark

Corporation

1,212,049

32,262

Kraft

Heinz

Company

725,572

22,039

Kroger

Company

1,594,742

9,599

McCormick

&

Company,

Inc.

484,174

6,409

Molson

Coors

Beverage

Company

275,972

48,522

Mondelez

International,

Inc.

2,796,808

26,998

Monster

Beverage

Corporation

a

1,956,275

51,732

PepsiCo,

Inc.

8,033,462

58,925

Philip

Morris

International,

Inc.

9,742,659

87,970

Procter

&

Gamble

Company

12,706,387

18,129

Sysco

Corporation

1,293,142

17,140

Target

Corporation

2,077,368

10,677

Tyson

Foods,

Inc.

684,075

165,932

Walmart,

Inc.

20,622,029

Total

111,177,947

Energy  4.0%

13,425

APA

Corporation

569,757

37,408

Baker

Hughes

Company

2,283,759

70,956

Chevron

Corporation

14,680,797

46,376

ConocoPhillips

6,121,632

28,717

Coterra

Energy,

Inc.

1,009,115

23,479

Devon

Energy

Corporation

1,181,463

7,347

Diamondback

Energy,

Inc.

1,453,163

20,539

EOG

Resources,

Inc.

2,969,323

23,623

EQT

Corporation

1,503,368

9,015

Expand

Energy

Corporation

989,667

158,188

Exxon

Mobil

Corporation

26,838,176

31,704

Halliburton

Company

1,236,139

74,108

Kinder

Morgan,

Inc.

2,484,841

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Shares

Common

Stock  99.9%

Value

Energy  4.0%

-

continued

11,167

Marathon

Petroleum

Corporation

$

2,726,758

27,224

Occidental

Petroleum

Corporation

1,769,560

23,818

ONEOK,

Inc.

2,152,909

15,252

Phillips

66

2,778,609

56,603

SLB,

Ltd.

2,908,828

8,125

Targa

Resources

Corporation

2,037,181

2,192

Texas

Pacific

Land

Corporation

1,040,236

11,546

Valero

Energy

Corporation

2,852,786

46,227

Williams

Companies,

Inc.

3,364,401

Total

84,952,468

Financials  12.6%

17,671

Aflac,

Inc.

1,938,685

9,842

Allstate

Corporation

2,040,640

20,273

American

Express

Company

6,132,177

20,310

American

International

Group,

Inc.

1,528,327

3,456

Ameriprise

Financial,

Inc.

1,535,846

8,119

Aon

plc

2,620,651

17,577

Apollo

Global

Management,

Inc.

1,958,429

13,531

Arch

Capital

Group,

Ltd.

a

1,298,841

7,798

Ares

Management

Corporation

850,762

9,727

Arthur

J.

Gallagher

&

Company

2,106,674

1,896

Assurant,

Inc.

412,968

251,172

Bank

of

America

Corporation

12,244,635

26,052

Bank

of

New

York

Mellon

Corporation

3,090,549

69,412

Berkshire

Hathaway,

Inc.

a

33,262,230

5,462

BlackRock,

Inc.

5,252,860

28,340

Blackstone,

Inc.

3,258,817

20,731

Block,

Inc.

a

1,247,592

11,082

Brown

&

Brown,

Inc.

722,657

23,662

Capital

One

Financial

Corporation

4,316,659

3,961

Cboe

Global

Markets,

Inc.

1,113,318

63,227

Charles

Schwab

Corporation

5,942,073

13,768

Chubb,

Ltd.

4,487,404

5,906

Cincinnati

Financial

Corporation

929,309

66,148

Citigroup,

Inc.

7,501,845

16,087

Citizens

Financial

Group,

Inc.

964,737

13,650

CME

Group,

Inc.

4,031,527

8,443

Coinbase

Global,

Inc.

a

1,474,232

2,648

Corpay,

Inc.

a

770,542

962

Erie

Indemnity

Company

241,760

1,541

Everest

Group,

Ltd.

503,676

1,404

FactSet

Research

Systems,

Inc.

304,654

19,602

Fidelity

National

Information

Services,

Inc.

919,530

34,070

Fifth

Third

Bancorp

1,582,892

20,359

Fiserv,

Inc.

a

1,136,032

11,630

Franklin

Resources,

Inc.

274,701

3,013

Global

Life,

Inc.

419,319

9,008

Global

Payments,

Inc.

606,238

11,353

Goldman

Sachs

Group,

Inc.

9,604,524

10,557

Hartford

Insurance

Group,

Inc.

1,427,623

76,834

Huntington

Bancshares,

Inc./OH

1,202,452

16,858

Interactive

Brokers

Group,

Inc.

1,130,666

21,497

Intercontinental

Exchange,

Inc.

3,381,048

16,807

Invesco,

Ltd.

408,242

2,732

Jack

Henry

&

Associates,

Inc.

431,765

102,059

JPMorgan

Chase

&

Company

30,021,675

35,470

KeyCorp

711,174

25,983

KKR

&

Company,

Inc.

2,403,428

6,396

Loews

Corporation

682,709

5,748

M&T

Bank

Corporation

1,188,227

18,326

Marsh

&

McLennan

Companies,

Inc.

3,178,645

Shares

Common

Stock  99.9%

Value

Financials  12.6%

-

continued

30,827

Mastercard,

Inc.

$

15,403,019

20,836

MetLife,

Inc.

1,473,522

5,808

Moody's

Corporation

2,533,740

45,540

Morgan

Stanley

7,494,518

2,781

MSCI,

Inc.

1,498,987

16,999

Nasdaq,

Inc.

1,443,045

7,053

Northern

Trust

Corporation

984,387

34,850

PayPal

Holdings,

Inc.

1,576,266

15,289

PNC

Financial

Services

Group,

Inc.

3,181,488

7,489

Principal

Financial

Group,

Inc.

674,834

22,186

Progressive

Corporation

4,398,153

13,173

Prudential

Financial,

Inc.

1,286,870

6,640

Raymond

James

Financial,

Inc.

961,406

32,856

Regions

Financial

Corporation

858,199

29,916

Robinhood

Markets,

Inc.

a

2,073,179

11,583

S&P

Global,

Inc.

4,926,713

10,564

State

Street

Corporation

1,336,980

13,158

Synchrony

Financial

895,007

8,275

T.

Rowe

Price

Group,

Inc.

745,909

8,185

Travelers

Companies,

Inc.

2,387,401

47,788

Truist

Financial

Corporation

2,196,814

58,840

U.S.

Bancorp

3,060,268

63,634

Visa,

Inc.

19,232,740

11,278

W.R.

Berkley

Corporation

747,506

117,064

Wells

Fargo

&

Company

9,319,465

3,599

Willis

Towers

Watson

plc

1,046,229

Total

266,532,611

Health

Care  9.5%

65,822

Abbott

Laboratories

6,757,945

66,901

AbbVie,

Inc.

14,550,298

10,706

Agilent

Technologies,

Inc.

1,220,270

2,526

Align

Technology,

Inc.

a

433,032

20,383

Amgen,

Inc.

7,171,759

19,475

Baxter

International,

Inc.

327,180

10,778

Becton,

Dickinson

and

Company

1,694,625

5,555

Biogen,

Inc.

a

1,018,398

5,922

Bio-Techne

Corporation

309,484

56,137

Boston

Scientific

Corporation

a

3,522,597

77,087

Bristol-Myers

Squibb

Company

4,675,327

8,907

Cardinal

Health,

Inc.

1,882,138

7,364

Cencora,

Inc.

2,313,327

17,684

Centene

Corporation

a

578,974

1,863

Charles

River

Laboratories

International,

Inc.

a

321,367

9,973

Cigna

Group

2,660,298

7,418

Cooper

Companies,

Inc.

a

530,387

48,157

CVS

Health

Corporation

3,458,636

23,815

Danaher

Corporation

4,515,324

1,264

DaVita,

Inc.

a

194,264

14,568

Dexcom,

Inc.

a

914,870

21,966

Edwards

Lifesciences

Corporation

a

1,759,037

8,354

Elevance

Health,

Inc.

2,445,633

29,995

Eli

Lilly

&

Company

27,588,501

17,252

GE

HealthCare

Technologies,

Inc.

1,227,997

46,963

Gilead

Sciences,

Inc.

6,545,233

5,925

HCA

Healthcare,

Inc.

2,803,947

3,788

Henry

Schein,

Inc.

a

279,176

8,425

Hologic,

Inc.

a

636,846

4,565

Humana,

Inc.

791,525

3,023

IDEXX

Laboratories,

Inc.

a

1,698,593

6,328

Incyte

Corporation

a

595,591

2,663

Insulet

Corporation

a

558,804

13,443

Intuitive

Surgical,

Inc.

a

6,197,089

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Shares

Common

Stock  99.9%

Value

Health

Care  9.5%

-

continued

6,420

IQVIA

Holding,

Inc.

a

$

1,094,867

91,222

Johnson

&

Johnson

22,298,306

3,138

Labcorp

Holdings,

Inc.

837,250

4,637

McKesson

Corporation

4,012,674

48,528

Medtronic

plc

4,204,951

93,952

Merck

&

Company,

Inc.

11,301,486

769

Mettler-Toledo

International,

Inc.

a

969,863

13,164

Moderna,

Inc.

a

668,731

215,221

Pfizer,

Inc.

6,043,406

4,164

Quest

Diagnostics,

Inc.

816,061

3,816

Regeneron

Pharmaceuticals,

Inc.

2,948,394

5,514

ResMed,

Inc.

1,237,783

4,292

Revvity,

Inc.

376,022

5,581

Solventum

Corporation

a

364,439

3,712

STERIS

plc

820,835

13,037

Stryker

Corporation

4,283,828

14,222

Thermo

Fisher

Scientific,

Inc.

6,990,540

34,289

UnitedHealth

Group,

Inc.

9,278,261

2,091

Universal

Health

Services,

Inc.

374,226

9,615

Vertex

Pharmaceuticals,

Inc.

a

4,293,482

43,598

Viatris,

Inc.

589,009

3,713

Waters

Corporation

a

1,105,731

2,723

West

Pharmaceutical

Services,

Inc.

682,493

7,502

Zimmer

Biomet

Holdings,

Inc.

678,331

15,979

Zoetis,

Inc.

1,888,878

Total

200,338,319

Industrials  9.0%

19,937

3M

Company

2,895,451

4,256

A.O.

Smith

Corporation

280,641

3,257

Allegion

plc

473,210

8,714

AMETEK,

Inc.

1,867,933

15,241

Automatic

Data

Processing,

Inc.

3,096,666

2,987

Axon

Enterprise,

Inc.

a

1,268,549

29,728

Boeing

Company

a

5,916,764

4,419

Broadridge

Financial

Solutions,

Inc.

717,999

4,186

Builders

FirstSource,

Inc.

a

344,633

4,490

C.H.

Robinson

Worldwide,

Inc.

745,654

29,741

Carrier

Global

Corporation

1,674,716

17,613

Caterpillar,

Inc.

12,478,106

12,866

Cintas

Corporation

2,176,155

1,332

Comfort

Systems

USA,

Inc.

1,836,815

33,711

Copart,

Inc.

a

1,119,205

70,390

CSX

Corporation

2,889,509

5,230

Cummins,

Inc.

2,813,845

9,543

Deere

&

Company

5,375,572

24,588

Delta

Air

Lines,

Inc.

1,634,610

5,105

Dover

Corporation

1,064,137

14,702

Eaton

Corporation

plc

5,258,464

1,695

EMCOR

Group,

Inc.

1,251,435

21,273

Emerson

Electric

Company

2,787,188

4,558

Equifax,

Inc.

820,759

5,073

Expeditors

International

of

Washington,

Inc.

726,606

43,462

Fastenal

Company

2,016,637

8,188

FedEx

Corporation

2,916,402

11,863

Fortive

Corporation

655,787

10,202

GE

Vernova,

Inc.

8,905,326

2,221

Generac

Holdings,

Inc.

a

433,828

9,606

General

Dynamics

Corporation

3,296,971

39,701

General

Electric

Company

11,265,953

24,032

Honeywell

International,

Inc.

5,431,953

15,177

Howmet

Aerospace,

Inc.

3,497,691

Shares

Common

Stock  99.9%

Value

Industrials  9.0%

-

continued

2,012

Hubbell,

Inc.

$

987,369

1,485

Huntington

Ingalls

Industries,

Inc.

564,151

2,833

IDEX

Corporation

536,995

9,927

Illinois

Tool

Works,

Inc.

2,583,899

13,473

Ingersoll

Rand,

Inc.

1,079,457

4,446

Jacobs

Solutions,

Inc.

565,887

2,829

JB

Hunt

Transport

Services,

Inc.

599,465

23,169

Johnson

Controls

International

plc

3,033,981

7,070

L3Harris

Technologies,

Inc.

2,440,210

4,840

Leidos

Holdings,

Inc.

752,717

1,208

Lennox

International,

Inc.

560,669

7,664

Lockheed

Martin

Corporation

4,632,045

7,707

Masco

Corporation

465,272

2,003

Nordson

Corporation

532,918

8,501

Norfolk

Southern

Corporation

2,439,787

5,050

Northrop

Grumman

Corporation

3,445,312

6,965

Old

Dominion

Freight

Line,

Inc.

1,360,961

14,714

Otis

Worldwide

Corporation

1,134,155

19,888

PACCAR,

Inc.

2,297,064

4,778

Parker-Hannifin

Corporation

4,277,457

12,229

Paychex,

Inc.

1,126,535

6,194

Pentair

plc

539,559

5,644

Quanta

Services,

Inc.

3,098,669

7,617

Republic

Services,

Inc.

1,668,275

4,253

Rockwell

Automation,

Inc.

1,526,317

11,109

Rollins,

Inc.

593,332

50,810

RTX

Corporation

9,801,249

1,965

Snap-On,

Inc.

713,727

18,598

Southwest

Airlines

Company

698,727

5,863

Stanley

Black

&

Decker,

Inc.

416,625

6,593

Textron,

Inc.

577,283

8,378

Trane

Technologies

plc

3,491,448

2,138

TransDigm

Group,

Inc.

2,477,856

77,906

Uber

Technologies,

Inc.

a

5,603,779

22,462

Union

Pacific

Corporation

5,449,730

12,243

United

Airlines

Holdings,

Inc.

a

1,127,213

27,973

United

Parcel

Service,

Inc.

2,751,984

2,385

United

Rentals,

Inc.

1,737,616

9,399

Veralto

Corporation

831,060

5,276

Verisk

Analytics,

Inc.

1,001,121

14,481

Vertiv

Holdings

Company

3,628,649

1,656

W.W.

Grainger,

Inc.

1,806,381

6,455

Wabtec

Corporation

1,613,169

14,046

Waste

Management,

Inc.

3,227,630

9,221

Xylem,

Inc.

1,101,910

Total

190,834,785

Information

Technology  32.9%

23,291

Accenture

plc

4,618,372

15,539

Adobe,

Inc.

a

3,777,220

61,716

Advanced

Micro

Devices,

Inc.

a

12,554,886

5,446

Akamai

Technologies,

Inc.

a

625,473

46,529

Amphenol

Corporation

5,878,939

18,496

Analog

Devices,

Inc.

5,884,318

555,725

Apple,

Inc.

141,037,448

30,045

Applied

Materials,

Inc.

10,269,081

10,258

AppLovin

Corporation

a

4,082,684

39,088

Arista

Networks,

Inc.

a

4,799,225

8,025

Autodesk,

Inc.

a

1,921,185

179,471

Broadcom,

Inc.

55,548,069

10,304

Cadence

Design

Systems,

Inc.

a

2,863,173

4,928

CDW

Corporation

596,387

5,332

Ciena

Corporation

a

2,070,042

149,561

Cisco

Systems,

Inc.

11,604,438

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Shares

Common

Stock  99.9%

Value

Information

Technology  32.9%

-

continued

18,103

Cognizant

Technology

Solutions

Corporation

$

1,110,619

7,097

Coherent

Corporation

a

1,690,576

29,553

Corning,

Inc.

4,018,321

9,543

CrowdStrike

Holdings,

Inc.

a

3,725,683

12,426

Datadog,

Inc.

a

1,466,889

11,249

Dell

Technologies,

Inc.

1,846,298

2,091

EPAM

Systems,

Inc.

a

283,121

2,139

F5,

Inc.

a

618,877

898

Fair

Isaac

Corporation

a

958,651

4,062

First

Solar,

Inc.

a

801,270

23,927

Fortinet,

Inc.

a

1,955,315

2,667

Gartner,

Inc.

a

422,293

20,863

Gen

Digital,

Inc.

392,850

5,116

GoDaddy,

Inc.

a

422,940

50,299

Hewlett

Packard

Enterprise

Company

1,197,619

34,748

HP,

Inc.

667,509

177,731

Intel

Corporation

a

7,843,269

35,383

International

Business

Machines

Corporation

8,576,485

10,534

Intuit,

Inc.

4,554,691

3,997

Jabil,

Inc.

1,061,723

6,492

Keysight

Technologies,

Inc.

a

1,833,146

4,962

KLA

Corporation

7,306,098

47,270

Lam

Research

Corporation

10,099,708

2,703

Lumentum

Holdings,

Inc.

a

1,899,560

20,484

Microchip

Technology,

Inc.

1,323,471

42,604

Micron

Technology,

Inc.

14,393,335

281,082

Microsoft

Corporation

104,048,124

1,844

Monolithic

Power

Systems,

Inc.

2,016,137

6,271

Motorola

Solutions,

Inc.

2,721,426

7,497

NetApp,

Inc.

767,618

919,828

NVIDIA

Corporation

160,418,003

9,527

NXP

Semiconductors

NV

1,875,485

14,915

ON

Semiconductor

Corporation

a

923,537

64,188

Oracle

Corporation

9,442,697

86,469

Palantir

Technologies,

Inc.

a

12,648,685

30,588

Palo

Alto

Networks,

Inc.

a

4,903,868

4,504

PTC,

Inc.

a

641,775

7,929

Qnity

Electronics,

Inc.

914,848

40,389

Qualcomm,

Inc.

5,201,295

4,035

Roper

Industries,

Inc.

1,427,825

35,468

Salesforce,

Inc.

6,620,812

5,587

SanDisk

Corporation/DE

a

3,549,645

8,255

Seagate

Technology

Holdings

plc

3,233,979

39,594

ServiceNow,

Inc.

a

4,139,553

5,692

Skyworks

Solutions,

Inc.

304,807

19,046

Super

Micro

Computer,

Inc.

a

433,677

7,242

Synopsys,

Inc.

a

2,871,308

11,107

TE

Connectivity

plc

2,321,585

1,777

Teledyne

Technologies,

Inc.

a

1,075,103

5,928

Teradyne,

Inc.

1,757,415

34,354

Texas

Instruments,

Inc.

6,669,486

9,006

Trimble,

Inc.

a

587,461

1,629

Tyler

Technologies,

Inc.

a

557,737

3,124

VeriSign,

Inc.

775,877

12,834

Western

Digital

Corporation

3,471,469

8,063

Workday,

Inc.

a

1,047,545

1,862

Zebra

Technologies

Corporation

a

389,307

Total

696,359,346

Materials  2.1%

8,428

Air

Products

and

Chemicals,

Inc.

2,448,250

4,461

Albemarle

Corporation

800,883

Shares

Common

Stock  99.9%

Value

Materials  2.1%

-

continued

17,490

Amcor

plc

$

695,227

2,926

Avery

Dennison

Corporation

505,262

10,144

Ball

Corporation

599,612

5,904

CF

Industries

Holdings,

Inc.

766,575

25,457

Corteva,

Inc.

2,131,005

25,372

CRH

plc

2,667,105

27,161

Dow,

Inc.

1,131,256

15,489

DuPont

de

Nemours,

Inc.

709,396

9,649

Ecolab,

Inc.

2,566,827

54,402

Freeport-McMoRan,

Inc.

3,197,750

9,694

International

Flavors

&

Fragrances,

Inc.

703,300

19,988

International

Paper

Company

713,572

17,675

Linde

plc

8,762,558

9,747

LyondellBasell

Industries

NV

785,218

2,283

Martin

Marietta

Materials,

Inc.

1,343,956

12,015

Mosaic

Company

306,382

41,308

Newmont

Corporation

4,471,591

8,663

Nucor

Corporation

1,464,913

3,383

Packaging

Corporation

of

America

717,940

8,494

PPG

Industries,

Inc.

907,839

8,727

Sherwin-Williams

Company

2,797,440

19,774

Smurfit

WestRock

plc

787,994

5,196

Steel

Dynamics,

Inc.

935,280

5,002

Vulcan

Materials

Company

1,362,045

Total

44,279,176

Real

Estate  1.9%

5,904

Alexandria

Real

Estate

Equities,

Inc.

274,064

17,721

American

Tower

Corporation

3,058,290

5,360

AvalonBay

Communities,

Inc.

875,556

5,581

BXP,

Inc.

289,654

3,914

Camden

Property

Trust

382,241

10,999

CBRE

Group,

Inc.

a

1,489,925

16,043

CoStar

Group,

Inc.

a

647,175

16,484

Crown

Castle,

Inc.

1,340,314

12,224

Digital

Realty

Trust,

Inc.

2,202,887

3,719

Equinix,

Inc.

3,645,513

13,014

Equity

Residential

769,778

2,439

Essex

Property

Trust,

Inc.

590,238

8,034

Extra

Space

Storage,

Inc.

1,053,498

2,972

Federal

Realty

Investment

Trust

315,656

26,310

Healthpeak

Properties,

Inc.

432,273

24,209

Host

Hotels

&

Resorts,

Inc.

463,844

21,348

Invitation

Homes,

Inc.

530,498

11,198

Iron

Mountain,

Inc.

1,143,764

25,516

Kimco

Realty

Corporation

573,344

4,425

Mid-America

Apartment

Communities,

Inc.

540,381

35,187

Prologis,

Inc.

4,651,018

5,979

Public

Storage

1,619,591

34,821

Realty

Income

Corporation

2,130,349

6,231

Regency

Centers

Corporation

471,437

4,033

SBA

Communications

Corporation

694,120

12,310

Simon

Property

Group,

Inc.

2,296,184

11,384

UDR,

Inc.

384,551

17,979

Ventas,

Inc.

1,470,323

40,458

VICI

Properties,

Inc.

1,105,313

26,412

Welltower,

Inc.

5,221,917

27,274

Weyerhaeuser

Company

666,304

Total

41,330,000

Utilities  2.5%

26,956

AES

Corporation

379,810

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Shares

Common

Stock  99.9%

Value

Utilities  2.5%

-

continued

9,730

Alliant

Energy

Corporation

$

698,225

10,463

Ameren

Corporation

1,150,093

20,473

American

Electric

Power

Company,

Inc.

2,683,601

7,388

American

Water

Works

Company,

Inc.

1,005,433

6,262

Atmos

Energy

Corporation

1,156,717

24,713

CenterPoint

Energy,

Inc.

1,066,613

11,599

CMS

Energy

Corporation

899,850

13,663

Consolidated

Edison,

Inc.

1,546,378

11,796

Constellation

Energy

Corporation

3,294,033

32,323

Dominion

Energy,

Inc.

1,998,208

7,861

DTE

Energy

Company

1,149,435

29,437

Duke

Energy

Corporation

3,854,481

14,565

Edison

International

1,065,867

17,122

Entergy

Corporation

1,923,828

8,714

Evergy,

Inc.

713,851

14,202

Eversource

Energy

983,915

38,720

Exelon

Corporation

1,898,054

19,680

FirstEnergy

Corporation

996,989

78,833

NextEra

Energy,

Inc.

7,322,009

18,114

NiSource,

Inc.

845,199

8,039

NRG

Energy,

Inc.

1,174,819

83,200

PG&E

Corporation

1,461,824

4,531

Pinnacle

West

Capital

Corporation

456,498

28,001

PPL

Corporation

1,069,638

18,894

Public

Service

Enterprise

Group,

Inc.

1,529,469

24,706

Sempra

2,400,682

41,680

Southern

Company

4,022,954

12,056

Vistra

Energy

Corporation

1,812,379

12,320

WEC

Energy

Group,

Inc.

1,426,286

22,392

Xcel

Energy,

Inc.

1,778,821

Total

53,765,959

Total

Common

Stock

(cost

$552,665,772)

2,115,957,846

Shares

Collateral

Held

for

Securities

Loaned

<

.01%

Value

328,475

Thrivent

Cash

Management

Trust

328,475

Total

Collateral

Held

for

Securities

Loaned

(cost

$328,475)

328,475

Shares

or

Principal

Amount

Short-Term

Investments

0.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

3.600%,

4/29/2026

c,d

398,843

500,000

3.600%,

5/29/2026

c,d

497,042

State

Street

Institutional

U.S.

Government

Money

Market

Fund

917,674

3.602%

c

917,674

Total

Short-Term

Investments

(cost

$1,813,654)

1,813,559

Total

Investments

(cost

$554,807,901)

100.0%

$2,118,099,880

Other

Assets

and

Liabilities,

Net

<0.1%

210,404

Total

Net

Assets

100.0%

$2,118,310,284

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Index

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

267,203

Total

lending

$267,203

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$328,475

Net

amounts

due

to

counterparty

$61,272

Definitions:

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

217,637,371

217,637,371

–

–

Consumer

Discretionary

208,749,864

208,749,864

–

–

Consumer

Staples

111,177,947

111,177,947

–

–

Energy

84,952,468

84,952,468

–

–

Financials

266,532,611

266,532,611

–

–

Health

Care

200,338,319

200,338,319

–

–

Industrials

190,834,785

190,834,785

–

–

Information

Technology

696,359,346

696,359,346

–

–

Materials

44,279,176

44,279,176

–

–

Real

Estate

41,330,000

41,330,000

–

–

Utilities

53,765,959

53,765,959

–

–

Short-Term

Investments

1,813,559

917,674

895,885

–

Subtotal

Investments

in

Securities

$2,117,771,405

$2,116,875,520

$895,885

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

328,475

Subtotal

Other

Investments

$328,475

Total

Investments

at

Value

$2,118,099,880

*

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

March

31,

2026,

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

Liability

Derivatives

Futures

Contracts

57,199

57,199

–

–

Total

Liability

Derivatives

$57,199

$57,199

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$895,885

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

9

June

2026

$

3,014,036

(

$

57,199)

Total

Futures

Long

Contracts

$

3,014,036

(

$

57,199)

Total

Futures

Contracts

$

3,014,036

($57,199)

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$5,566

$5,238

$328

328

<0.1

Total

Collateral

Held

for

Securities

Loaned

–

328

<0.1

Total

Value

$–

$328

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$

–

$–

$

–

$0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Shares

Common

Stock

97.1%

Value

Communications

Services  5.9%

216,780

Alphabet,

Inc.,

Class

C

$

62,185,511

888,363

Comcast

Corporation

25,504,902

65,955

Meta

Platforms,

Inc.

37,734,834

904,808

Universal

Music

Group

NV

17,563,151

1,085,359

Warner

Brothers

Discovery,

Inc.

a

29,803,958

1,153,651

Warner

Music

Group

Corporation

29,464,246

Total

202,256,602

Consumer

Discretionary  6.3%

244,777

Amazon.com,

Inc.

a

50,979,706

267,620

Aptiv

plc

a

18,583,533

3,396

Booking

Holdings,

Inc.

14,298,247

172,917

D.R.

Horton,

Inc.

23,727,671

208,870

Lowe's

Companies,

Inc.

49,351,803

1,135,404

Sony

Group

Corporation

ADR

b

23,502,863

403,950

Wyndham

Hotels

&

Resorts,

Inc.

32,812,858

Total

213,256,681

Consumer

Staples  4.4%

1,362,538

Keurig

Dr

Pepper,

Inc.

35,875,626

171,946

PepsiCo,

Inc.

26,701,494

552,846

Sysco

Corporation

39,434,505

825,556

Unilever

plc

ADR

b

47,031,925

Total

149,043,550

Energy  9.6%

393,873

ConocoPhillips

51,991,236

639,805

Devon

Energy

Corporation

32,194,987

1,448,610

Enterprise

Products

Partners,

LP

54,815,402

692,610

Exxon

Mobil

Corporation

117,508,213

958,987

Halliburton

Company

37,390,903

136,248

Marathon

Petroleum

Corporation

33,269,037

Total

327,169,778

Financials  17.5%

92,700

Allstate

Corporation

19,220,418

380,096

American

International

Group,

Inc.

28,602,224

1,674,158

Bank

of

America

Corporation

81,615,203

362,161

Bank

of

New

York

Mellon

Corporation

42,963,159

326,812

Capital

One

Financial

Corporation

59,620,313

584,453

Charles

Schwab

Corporation

54,926,893

99,544

Chubb,

Ltd.

32,444,376

169,507

Intercontinental

Exchange,

Inc.

26,660,061

228,298

JPMorgan

Chase

&

Company

67,156,140

60,573

Marsh

&

McLennan

Companies,

Inc.

10,506,387

392,177

MetLife,

Inc.

27,734,757

330,085

Morgan

Stanley

54,322,088

1,161,385

Wells

Fargo

&

Company

92,457,860

Total

598,229,879

Health

Care  12.3%

310,190

Bristol-Myers

Squibb

Company

18,813,024

70,057

Cencora,

Inc.

22,007,706

183,691

Cigna

Group

48,999,574

252,860

Gilead

Sciences,

Inc.

35,241,098

168,070

ICON

plc

a

18,598,626

309,602

Johnson

&

Johnson

75,679,113

202,968

Labcorp

Holdings,

Inc.

54,153,892

682,389

Merck

&

Company,

Inc.

82,084,573

101,742

UnitedHealth

Group,

Inc.

27,530,368

Shares

Common

Stock  97.1%

Value

Health

Care  12.3%

-

continued

411,869

Zimmer

Biomet

Holdings,

Inc.

$

37,241,195

Total

420,349,169

Industrials  13.7%

661,340

Amentum

Holdings,

Inc.

a

17,247,747

50,123

Caterpillar,

Inc.

35,510,141

3,193,696

CNH

Industrial

NV

35,130,656

1,251,145

CSX

Corporation

51,359,502

832,424

Delta

Air

Lines,

Inc.

55,339,548

568,412

Flowserve

Corporation

41,783,966

105,370

General

Dynamics

Corporation

36,165,092

449,332

Hexcel

Corporation

36,364,439

241,364

Honeywell

International,

Inc.

54,555,505

191,957

Jacobs

Solutions,

Inc.

24,432,287

140,947

JB

Hunt

Transport

Services,

Inc.

29,866,669

139,296

L3Harris

Technologies,

Inc.

48,078,014

Total

465,833,566

Information

Technology  12.5%

882,604

Cisco

Systems,

Inc.

68,481,244

83,170

International

Business

Machines

Corporation

20,159,576

234,104

Microsoft

Corporation

86,658,278

426,542

Qualcomm,

Inc.

54,930,079

773,269

Samsung

Electronics

Company,

Ltd.

90,442,618

155,799

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

52,652,272

320,746

TD

SYNNEX

Corporation

54,113,058

Total

427,437,125

Materials  5.2%

387,263

CF

Industries

Holdings,

Inc.

50,282,228

289,113

Crown

Holdings,

Inc.

28,983,578

171,179

Eastman

Chemical

Company

13,064,381

398,983

International

Paper

Company

14,243,693

270,848

Nucor

Corporation

45,800,397

332,268

Solstice

Advanced

Materials,

Inc.

25,305,531

Total

177,679,808

Real

Estate  3.3%

61,816

AvalonBay

Communities,

Inc.

10,097,643

220,754

CBRE

Group,

Inc.

a

29,903,337

541,145

Crown

Castle,

Inc.

44,000,500

1,587,213

Healthcare

Realty

Trust,

Inc.

26,966,749

Total

110,968,229

Utilities  6.4%

140,972

Constellation

Energy

Corporation

39,366,431

426,132

Duke

Energy

Corporation

55,797,724

574,436

Entergy

Corporation

64,543,629

320,219

Evergy,

Inc.

26,232,341

211,522

Vistra

Energy

Corporation

31,798,102

Total

217,738,227

Total

Common

Stock

(cost

$2,187,125,982)

3,309,962,614

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

25,037,875

Thrivent

Cash

Management

Trust

$

25,037,875

Total

Collateral

Held

for

Securities

Loaned

(cost

$25,037,875)

25,037,875

Shares

or

Principal

Amount

Short-Term

Investments

2.8%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

94,381,316

3.602%

c

94,381,316

Total

Short-Term

Investments

(cost

$94,381,316)

94,381,316

Total

Investments

(cost

$2,306,545,173)

100.6%

$3,429,381,805

Other

Assets

and

Liabilities,

Net

(0.6%)

(21,773,847)

Total

Net

Assets

100.0%

$3,407,607,958

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

Large

Cap

Value

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

23,626,215

Total

lending

$23,626,215

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$25,037,875

Net

amounts

due

to

counterparty

$1,411,660

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

March

31,

2026,

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

202,256,602

184,693,451

17,563,151

–

Consumer

Discretionary

213,256,681

213,256,681

–

–

Consumer

Staples

149,043,550

149,043,550

–

–

Energy

327,169,778

327,169,778

–

–

Financials

598,229,879

598,229,879

–

–

Health

Care

420,349,169

420,349,169

–

–

Industrials

465,833,566

465,833,566

–

–

Information

Technology

427,437,125

336,994,507

90,442,618

–

Materials

177,679,808

177,679,808

–

–

Real

Estate

110,968,229

110,968,229

–

–

Utilities

217,738,227

217,738,227

–

–

Short-Term

Investments

94,381,316

94,381,316

–

–

Subtotal

Investments

in

Securities

$3,404,343,930

$3,296,338,161

$108,005,769

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

25,037,875

Subtotal

Other

Investments

$25,037,875

Total

Investments

at

Value

$3,429,381,805

*

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$110,485

$85,447

$25,038

25,038

0.7%

Total

Collateral

Held

for

Securities

Loaned

–

25,038

0.7

Total

Value

$–

$25,038

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$

–

$–

$

–

$21

Total

Affiliated

Income

from

Securities

Loaned,

Net

$21

Total

Value

$–

$–

$

–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Shares

Common

Stock

95.0%

Value

Communications

Services  1.8%

4,606

Reddit,

Inc.

a

$

620,198

1,644

Spotify

Technology

SA

a

797,192

Total

1,417,390

Consumer

Discretionary  14.4%

6,478

DoorDash,

Inc.

a

972,672

5,626

Hilton

Worldwide

Holdings,

Inc.

1,710,754

12,389

O'Reilly

Automotive,

Inc.

a

1,143,629

5,414

Ross

Stores,

Inc.

1,172,835

11,640

SharkNinja,

Inc.

a

1,232,676

7,905

Texas

Roadhouse,

Inc.

1,305,432

2,808

TopBuild

Corporation

a

986,450

17,199

Viking

Holdings,

Ltd.

a

1,263,782

4,549

Wingstop,

Inc.

704,959

9,906

Wynn

Resorts,

Ltd.

1,005,954

Total

11,499,143

Consumer

Staples  3.2%

2,010

Casey's

General

Stores,

Inc.

1,462,998

12,406

Turning

Point

Brands,

Inc.

1,076,717

Total

2,539,715

Energy  2.6%

2,895

Cheniere

Energy,

Inc.

821,485

17,522

TechnipFMC

plc

1,211,296

Total

2,032,781

Financials  6.6%

2,414

Ameriprise

Financial,

Inc.

1,072,782

12,944

Arch

Capital

Group,

Ltd.

a

1,242,495

4,565

Intercontinental

Exchange,

Inc.

717,983

8,951

Nasdaq,

Inc.

759,850

13,173

Robinhood

Markets,

Inc.

a

912,889

20,473

Toast,

Inc.

a

542,739

Total

5,248,738

Health

Care  13.5%

2,558

Alnylam

Pharmaceuticals,

Inc.

a

846,365

1,245

Argenx

SE

ADR

a

909,161

3,827

Cencora,

Inc.

1,202,214

3,595

IDEXX

Laboratories,

Inc.

a

2,019,995

5,857

iRhythm

Holdings,

Inc.

a

691,243

6,664

Natera,

Inc.

a

1,332,733

7,115

Repligen

Corporation

a

838,289

4,629

STERIS

plc

1,023,611

3,607

Veeva

Systems,

Inc.

a

633,606

4,842

West

Pharmaceutical

Services,

Inc.

1,213,599

Total

10,710,816

Industrials  25.6%

12,712

AAON,

Inc.

b

1,051,918

9,036

Advanced

Drainage

Systems,

Inc.

1,239,107

2,373

Axon

Enterprise,

Inc.

a

1,007,789

6,753

BWX

Technologies,

Inc.

1,380,921

4,855

Clean

Harbors,

Inc.

a

1,392,074

2,373

EMCOR

Group,

Inc.

1,752,010

34,728

Fastenal

Company

1,611,379

8,534

Howmet

Aerospace,

Inc.

1,966,746

3,501

Lincoln

Electric

Holdings,

Inc.

872,029

8,036

nVent

Electric

plc

950,498

5,023

Old

Dominion

Freight

Line,

Inc.

981,494

2,637

Quanta

Services,

Inc.

1,447,766

2,969

Rockwell

Automation,

Inc.

1,065,515

Shares

Common

Stock  95.0%

Value

Industrials  25.6%

-

continued

4,058

Verisk

Analytics,

Inc.

$

770,005

7,076

Vertiv

Holdings

Company

1,773,104

9,472

Xylem,

Inc.

1,131,904

Total

20,394,259

Information

Technology  22.8%

10,226

Amphenol

Corporation

1,292,055

10,779

Arista

Networks,

Inc.

a

1,323,446

3,260

Celestica,

Inc.

a

918,277

6,411

Cloudflare,

Inc.

a

1,322,846

13,464

Cognex

Corporation

659,601

5,161

Coherent

Corporation

a

1,229,402

5,992

Guidewire

Software,

Inc.

a

896,163

28,185

JFrog,

Ltd.

a

1,322,722

14,348

Lattice

Semiconductor

Corporation

a

1,330,920

4,268

MKS,

Inc.

980,829

2,505

Monolithic

Power

Systems,

Inc.

2,738,842

4,217

Palantir

Technologies,

Inc.

a

616,863

8,597

Rambus,

Inc.

a

739,600

6,347

Snowflake,

Inc.

a

957,255

2,569

Synopsys,

Inc.

a

1,018,557

2,385

Tyler

Technologies,

Inc.

a

816,576

Total

18,163,954

Materials  1.4%

1,851

Martin

Marietta

Materials,

Inc.

1,089,647

Total

1,089,647

Real

Estate  1.5%

8,952

CBRE

Group,

Inc.

a

1,212,638

Total

1,212,638

Utilities  1.6%

8,431

Vistra

Energy

Corporation

1,267,432

Total

1,267,432

Total

Common

Stock

(cost

$65,074,884)

75,576,513

Shares

Registered

Investment

Companies  

2.7%

Value

U.S.

Unaffiliated  

2.7%  

6,140

State

Street

SPDR

S&P

Biotech

ETF

b

784,262

4,923

State

Street

SPDR

S&P

Software

&

Services

ETF

b

700,494

1,743

VanEck

Semiconductor

ETF

668,266

Total

2,153,022

Total

Registered

Investment

Companies

(cost

$1,873,242)

2,153,022

Shares

Collateral

Held

for

Securities

Loaned

2.0%

Value

1,578,445

Thrivent

Cash

Management

Trust

1,578,445

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,578,445)

1,578,445

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Shares

or

Principal

Amount

Short-Term

Investments

2.0%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,586,491

3.602%

c

$

1,586,491

Total

Short-Term

Investments

(cost

$1,586,491)

1,586,491

Total

Investments

(cost

$70,113,062)

101.7%

$80,894,471

Other

Assets

and

Liabilities,

Net

(1.7%)

(1,313,430)

Total

Net

Assets

100.0%

$79,581,041

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

1,625,756

Total

lending

$1,625,756

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,578,445

Net

amounts

due

from

counterparty

$(47,311)

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

March

31,

2026,

in

valuing

Mid

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,417,390

1,417,390

–

–

Consumer

Discretionary

11,499,143

11,499,143

–

–

Consumer

Staples

2,539,715

2,539,715

–

–

Energy

2,032,781

2,032,781

–

–

Financials

5,248,738

5,248,738

–

–

Health

Care

10,710,816

10,710,816

–

–

Industrials

20,394,259

20,394,259

–

–

Information

Technology

18,163,954

18,163,954

–

–

Materials

1,089,647

1,089,647

–

–

Real

Estate

1,212,638

1,212,638

–

–

Utilities

1,267,432

1,267,432

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,153,022

2,153,022

–

–

Short-Term

Investments

1,586,491

1,586,491

–

–

Subtotal

Investments

in

Securities

$79,316,026

$79,316,026

$–

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

1,578,445

Subtotal

Other

Investments

$1,578,445

Total

Investments

at

Value

$80,894,471

*

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$795

$6,864

$6,081

$1,578

1,578

2.0%

Total

Collateral

Held

for

Securities

Loaned

795

1,578

2.0

Total

Value

$795

$1,578

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$–

$–

$

–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Shares

Common

Stock

99.9%

Value

Communications

Services  1.0%

36,402

New

York

Times

Company

$

3,047,939

6,423

Nexstar

Media

Group,

Inc.

1,161,471

131,908

Pinterest,

Inc.

a

2,419,193

33,113

Warner

Music

Group

Corporation

845,706

Total

7,474,309

Consumer

Discretionary  11.1%

10,332

Abercrombie

&

Fitch

Company

a

944,035

59,219

Aramark

2,400,738

15,485

Autoliv,

Inc.

1,628,403

5,865

AutoNation,

Inc.

a

1,145,200

46,125

Bath

&

Body

Works,

Inc.

861,154

46,650

BorgWarner,

Inc.

2,531,229

13,025

Boyd

Gaming

Corporation

1,070,394

14,653

Brunswick

Corporation

1,066,152

14,010

Burlington

Stores,

Inc.

a

4,558,574

26,848

Capri

Holdings,

Ltd.

a

473,062

22,474

Cava

Group,

Inc.

a,b

1,818,147

53,740

Chewy,

Inc.

a

1,450,980

4,657

Choice

Hotels

International,

Inc.

b

481,999

14,925

Churchill

Downs,

Inc.

1,340,713

5,707

Columbia

Sportswear

Company

312,801

11,318

Crocs,

Inc.

a

939,620

14,960

Dick's

Sporting

Goods,

Inc.

2,966,418

9,015

Duolingo,

Inc.

a

888,609

28,621

Dutch

Bros,

Inc.

a

1,449,940

12,427

Five

Below,

Inc.

a

2,839,321

24,278

Floor

&

Decor

Holdings,

Inc.

a

1,233,322

92,865

GameStop

Corporation

a,b

2,139,610

51,116

Gap,

Inc.

1,237,007

49,329

Gentex

Corporation

1,077,839

64,494

Goodyear

Tire

&

Rubber

Company

a

427,595

766

Graham

Holdings

Company

809,861

6,225

Grand

Canyon

Education,

Inc.

a

1,058,437

28,560

H&R

Block,

Inc.

906,494

26,618

Harley-Davidson,

Inc.

538,216

13,491

Hilton

Grand

Vacations,

Inc.

a

527,768

9,313

Hyatt

Hotels

Corporation

1,339,116

14,234

KB

Home

736,609

11,429

Lear

Corporation

1,383,823

5,464

Lithia

Motors,

Inc.

1,364,470

59,905

Macy's,

Inc.

1,083,681

70,026

Mattel,

Inc.

a

1,017,478

3,807

Murphy

USA,

Inc.

1,880,544

13,819

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

1,271,901

4,155

Penske

Automotive

Group,

Inc.

621,256

18,697

Planet

Fitness,

Inc.

a

1,390,683

12,039

Polaris,

Inc.

656,125

10,320

PVH

Corporation

719,923

3,469

RH

a

485,036

31,368

Service

Corporation

International/

US

2,588,174

47,294

Somnigroup

International,

Inc.

3,495,972

22,018

Taylor

Morrison

Home

Corporation

a

1,282,328

14,903

Texas

Roadhouse,

Inc.

2,461,081

11,905

Thor

Industries,

Inc.

951,090

21,348

Toll

Brothers,

Inc.

2,913,362

6,289

TopBuild

Corporation

a

2,209,326

14,493

Travel

+

Leisure

Company

1,002,771

8,061

Vail

Resorts,

Inc.

b

1,034,388

28,685

Valvoline,

Inc.

a

966,111

74,050

VF

Corporation

1,258,110

6,148

Visteon

Corporation

560,144

Shares

Common

Stock  99.9%

Value

Consumer

Discretionary  11.1%

-

continued

14,285

Whirlpool

Corporation

b

$

770,247

6,261

Wingstop,

Inc.

970,267

17,022

Wyndham

Hotels

&

Resorts,

Inc.

1,382,697

17,531

YETI

Holdings,

Inc.

a

641,459

Total

79,561,810

Consumer

Staples  4.6%

83,368

Albertsons

Companies,

Inc.

1,420,591

26,422

BellRing

Brands,

Inc.

a

425,130

29,481

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,901,520

1,733

Boston

Beer

Company,

Inc.

a

399,283

8,351

Casey's

General

Stores,

Inc.

6,078,359

36,010

Celsius

Holdings,

Inc.

a

1,277,635

12,745

Coca-Cola

Consolidated,

Inc.

2,443,726

83,274

Coty,

Inc.

a

167,381

35,640

Darling

Ingredients,

Inc.

a

2,204,334

13,305

e.l.f.

Beauty,

Inc.

a

806,416

47,580

Flowers

Foods,

Inc.

387,777

14,194

Ingredion,

Inc.

1,599,096

41,405

Maplebear,

Inc.

a

1,551,031

4,572

Marzetti

Company

632,445

35,396

Performance

Food

Group

Company

a

3,032,021

9,634

Pilgrim's

Pride

Corporation

363,780

9,508

Post

Holdings,

Inc.

a

939,961

21,938

Sprouts

Farmers

Markets,

Inc.

a

1,692,078

49,690

US

Foods

Holding

Corporation

a

4,581,915

Total

32,904,479

Energy  5.4%

74,612

Antero

Midstream

Corporation

1,701,154

66,037

Antero

Resources

Corporation

a

2,802,610

12,812

Chord

Energy

Corporation

1,821,610

32,077

CNX

Resources

Corporation

a

1,236,568

22,908

DT

Midstream,

Inc.

3,085,021

35,228

HF

Sinclair

Corporation

2,197,875

26,319

Matador

Resources

Company

1,662,835

30,231

Murphy

Oil

Corporation

1,247,029

81,202

NOV,

Inc.

1,527,410

62,561

Ovintiv,

Inc.

3,713,621

18,705

PBF

Energy,

Inc.

890,732

166,807

Permian

Resources

Corporation

3,556,325

53,383

Range

Resources

Corporation

2,411,844

91,141

TechnipFMC

plc

6,300,577

14,506

Valaris,

Ltd.

a

1,422,168

41,867

Viper

Energy,

Inc.

1,967,330

16,159

Weatherford

International

plc

1,528,318

Total

39,073,027

Financials  14.9%

6,338

Affiliated

Managers

Group,

Inc.

1,753,725

63,250

Ally

Financial,

Inc.

2,481,297

15,597

American

Financial

Group,

Inc.

1,991,893

161,858

Annaly

Capital

Management,

Inc.

3,423,297

36,861

Associated

Banc-Corp

953,225

23,378

Bank

OZK

1,072,816

12,884

Brighthouse

Financial,

Inc.

a

771,494

58,466

Carlyle

Group,

Inc.

2,829,170

21,292

CNO

Financial

Group,

Inc.

874,249

66,561

Columbia

Banking

System,

Inc.

1,825,768

30,877

Commerce

Bancshares,

Inc.

1,519,148

57,520

Corebridge

Financial,

Inc.

1,372,427

14,240

Cullen/Frost

Bankers,

Inc.

1,952,019

30,999

East

West

Bancorp,

Inc.

3,309,453

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Shares

Common

Stock  99.9%

Value

Financials  14.9%

-

continued

63,830

Equitable

Holdings,

Inc.

$

2,368,731

21,507

Essent

Group,

Ltd.

1,256,869

8,810

Euronet

Worldwide,

Inc.

a

584,720

8,714

Evercore,

Inc.

2,601,216

80,503

F.N.B.

Corporation

1,346,010

16,650

Federated

Hermes,

Inc.

944,221

57,466

Fidelity

National

Financial,

Inc.

2,665,273

22,959

First

American

Financial

Corporation

1,384,198

29,363

First

Financial

Bankshares,

Inc.

864,740

109,274

First

Horizon

Corporation

2,487,076

8,721

FirstCash

Holdings,

Inc.

1,639,548

67,481

Flagstar

Bank

NA

888,725

28,991

Glacier

Bancorp,

Inc.

1,295,028

9,207

Hamilton

Lane,

Inc.

915,176

18,534

Hancock

Whitney

Corporation

1,178,577

7,976

Hanover

Insurance

Group,

Inc.

1,382,640

41,218

Home

BancShares,

Inc.

1,110,001

12,246

Houlihan

Lokey,

Inc.

1,758,770

12,185

International

Bancshares

Corporation

819,929

27,772

Janus

Henderson

Group

plc

1,426,648

37,255

Jefferies

Financial

Group,

Inc.

1,537,514

4,979

Kinsale

Capital

Group,

Inc.

1,701,125

49,425

MGIC

Investment

Corporation

1,297,406

5,173

Morningstar,

Inc.

874,496

78,136

Old

National

Bancorp

1,726,806

51,292

Old

Republic

International

Corporation

2,046,551

33,918

Pinnacle

Financial

Partners,

Inc.

2,921,697

7,191

Primerica,

Inc.

1,801,202

22,766

Prosperity

Bancshares,

Inc.

1,529,420

14,806

Reinsurance

Group

of

America,

Inc.

3,022,793

9,798

RenaissanceRe

Holdings,

Ltd.

2,912,260

20,692

RLI

Corporation

1,180,272

25,696

Ryan

Specialty

Holdings,

Inc.

866,983

20,930

SEI

Investments

Company

1,642,377

13,537

Selective

Insurance

Group,

Inc.

1,020,554

15,223

Shift4

Payments,

Inc.

a,b

665,702

44,881

SLM

Corporation

960,902

22,337

SouthState

Bank

Corporation

2,066,619

78,432

Starwood

Property

Trust,

Inc.

1,350,599

34,358

Stifel

Financial

Corporation

2,539,743

9,953

Texas

Capital

Bancshares,

Inc.

a

944,341

16,088

UMB

Financial

Corporation

1,814,566

31,442

United

Bankshares,

Inc.

1,302,328

34,347

Unum

Group

2,508,361

107,853

Valley

National

Bancorp

1,324,435

21,179

Voya

Financial,

Inc.

1,446,949

36,328

Webster

Financial

Corporation

2,521,890

23,138

Western

Alliance

Bancorp

1,639,327

7,726

WEX,

Inc.

a

1,182,387

15,090

Wintrust

Financial

Corporation

2,096,605

33,267

Zions

Bancorp

NA

1,916,845

Total

107,411,132

Health

Care  8.9%

31,550

Arrowhead

Research

Corporation

a

1,978,185

153,672

Avantor,

Inc.

a

1,204,788

43,285

BioMarin

Pharmaceutical,

Inc.

a

2,445,170

4,097

Bio-Rad

Laboratories,

Inc.

a

1,142,039

24,990

Bruker

Corporation

902,639

3,191

Chemed

Corporation

1,205,368

27,547

Cytokinetics,

Inc.

a

1,815,623

Shares

Common

Stock  99.9%

Value

Health

Care  8.9%

-

continued

44,961

Dentsply

Sirona,

Inc.

$

521,548

30,149

Doximity,

Inc.

a

702,472

111,947

Elanco

Animal

Health,

Inc.

a

2,678,892

22,670

Encompass

Health

Corporation

2,192,869

12,995

Ensign

Group,

Inc.

2,618,492

36,922

Envista

Holdings

Corporation

a

936,711

58,514

Exelixis,

Inc.

a

2,509,665

25,101

Globus

Medical,

Inc.

a

2,162,702

10,470

Haemonetics

Corporation

a

590,089

26,495

Halozyme

Therapeutics,

Inc.

a

1,712,372

19,249

HealthEquity,

Inc.

a

1,608,639

46,933

Hims

&

Hers

Health,

Inc.

a,b

974,329

34,449

Illumina,

Inc.

a

4,246,184

13,691

Jazz

Pharmaceuticals,

Inc.

a

2,588,283

14,941

Lantheus

Holdings,

Inc.

a

1,133,275

12,303

LivaNova

plc

a

781,979

10,287

Masimo

Corporation

a

1,829,749

5,052

Medpace

Holdings,

Inc.

a

2,425,920

22,613

Neurocrine

Biosciences,

Inc.

a

2,979,037

35,764

Option

Care

Health,

Inc.

a

962,767

8,839

Penumbra,

Inc.

a,b

2,902,462

11,922

Repligen

Corporation

a

1,404,650

101,589

Roivant

Sciences,

Ltd.

a

2,814,015

52,487

Sotera

Health

Company

a

752,663

19,801

Tenet

Healthcare

Corporation

a

3,736,647

9,701

United

Therapeutics

Corporation

a

5,752,499

Total

64,212,722

Industrials  25.6%

15,247

AAON,

Inc.

1,261,689

6,864

Acuity,

Inc.

1,923,430

16,146

Advanced

Drainage

Systems,

Inc.

2,214,101

29,130

AECOM

2,470,807

7,167

AeroVironment,

Inc.

a

1,311,919

13,539

AGCO

Corporation

1,568,764

25,829

Alaska

Air

Group,

Inc.

a

949,991

30,611

Allegheny

Technologies,

Inc.

a

4,452,676

148,771

American

Airlines

Group,

Inc.

a

1,597,801

86,451

API

Group

Corporation

a

3,502,995

8,404

Applied

Industrial

Technologies,

Inc.

2,229,749

3,806

Avis

Budget

Group,

Inc.

a,b

555,105

27,171

Booz

Allen

Hamilton

Holding

Corporation

2,120,153

9,361

Brink's

Company

970,080

20,599

BWX

Technologies,

Inc.

4,212,290

4,976

CACI

International,

Inc.

a

2,706,297

9,191

Carlisle

Companies,

Inc.

3,066,301

11,223

Carpenter

Technology

Corporation

4,423,545

10,128

Chart

Industries,

Inc.

a

2,093,964

11,316

Clean

Harbors,

Inc.

a

3,244,637

199,385

CNH

Industrial

NV

2,193,235

9,854

Concentrix

Corporation

269,605

42,539

Core

&

Main,

Inc.

a

2,101,427

11,030

Crane

Company

1,886,130

8,307

Curtiss-Wright

Corporation

5,658,064

25,986

Donaldson

Company,

Inc.

2,205,432

6,752

Dycom

Industries,

Inc.

a

2,287,713

8,303

EnerSys

1,442,397

12,858

ESAB

Corporation

1,242,854

35,407

ExlService

Holdings,

Inc.

a

1,078,143

11,240

Exponent,

Inc.

733,410

28,621

Flowserve

Corporation

2,103,930

36,316

Fluor

Corporation

a

1,694,141

27,068

Fortune

Brands

Innovations,

Inc.

1,054,840

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Shares

Common

Stock  99.9%

Value

Industrials  25.6%

-

continued

6,819

FTI

Consulting,

Inc.

a

$

1,205,395

8,043

GATX

Corporation

1,373,262

35,693

Genpact,

Ltd.

1,329,564

37,355

Graco,

Inc.

3,162,101

25,800

GXO

Logistics,

Inc.

a

1,337,730

17,094

Hexcel

Corporation

1,383,417

19,376

ITT

Corporation

3,691,709

28,612

KBR,

Inc.

1,054,638

12,212

Kirby

Corporation

a

1,622,731

36,576

Knight-Swift

Transportation

Holdings,

Inc.

2,106,046

41,595

Kratos

Defense

&

Security

Solutions,

Inc.

a

2,932,863

7,674

Landstar

System,

Inc.

1,230,219

12,398

Lincoln

Electric

Holdings,

Inc.

3,088,094

13,820

MasTec,

Inc.

a

4,446,447

12,290

Maximus,

Inc.

787,789

10,441

Middleby

Corporation

a

1,384,268

6,405

Moog,

Inc.

1,874,359

8,212

MSA

Safety,

Inc.

1,346,357

10,310

MSC

Industrial

Direct

Company,

Inc.

951,304

25,012

Mueller

Industries,

Inc.

2,771,330

33,453

Nextpower,

Inc.

a

4,032,759

36,356

nVent

Electric

plc

4,300,188

14,252

Oshkosh

Corporation

2,098,037

18,518

Owens

Corning,

Inc.

2,004,018

11,922

Parsons

Corporation

a

645,815

9,832

Paylocity

Holding

Corporation

a

1,062,249

41,838

RB

Global,

Inc.

4,010,172

7,124

RBC

Bearings,

Inc.

a

3,869,187

14,960

Regal

Rexnord

Corporation

2,801,410

8,883

Ryder

System,

Inc.

1,818,439

6,003

Saia,

Inc.

a

2,108,734

10,167

Science

Applications

International

Corporation

965,052

32,823

Sensata

Technologies

Holding

plc

1,156,026

9,341

Simpson

Manufacturing

Company,

Inc.

1,603,102

11,228

SPX

Technologies,

Inc.

a

2,244,926

42,730

StandardAero,

Inc.

a

1,103,716

6,921

Sterling

Construction

Company,

Inc.

a

2,818,716

25,617

Terex

Corporation

1,513,965

58,762

Tetra

Tech,

Inc.

1,769,911

14,282

Timken

Company

1,436,341

21,963

Toro

Company

2,052,223

43,349

TransUnion

2,999,317

24,165

Trex

Company,

Inc.

a

880,089

13,126

UFP

Industries,

Inc.

1,209,167

17,407

UL

Solutions,

Inc.

1,491,954

4,439

Valmont

Industries,

Inc.

1,773,691

5,119

Vicor

Corporation

a

824,159

7,869

Watsco,

Inc.

2,862,664

6,180

Watts

Water

Technologies,

Inc.

1,793,992

10,960

WESCO

International,

Inc.

2,998,875

13,432

Woodward,

Inc.

4,807,581

26,394

XPO,

Inc.

a

5,134,953

Total

184,098,666

Information

Technology  12.3%

8,504

Advanced

Energy

Industries,

Inc.

2,744,326

27,971

Allegro

MicroSystems,

Inc.

a

881,926

25,631

Amkor

Technology,

Inc.

1,154,164

5,483

Appfolio,

Inc.

a

865,327

Shares

Common

Stock  99.9%

Value

Information

Technology  12.3%

-

continued

11,510

Arrow

Electronics,

Inc.

a

$

1,650,649

18,444

Avnet,

Inc.

1,136,519

8,855

Belden,

Inc.

1,016,820

33,555

Bentley

Systems,

Inc.

b

1,178,452

19,844

BILL

Holdings,

Inc.

a

760,025

8,065

Blackbaud,

Inc.

a

311,390

11,492

Cirrus

Logic,

Inc.

a

1,661,973

37,335

Cognex

Corporation

1,829,042

9,908

CommVault

Systems,

Inc.

a

771,734

11,126

Crane

NXT

Company

451,604

45,123

DocuSign,

Inc.

a

2,139,281

13,718

Dolby

Laboratories,

Inc.

823,903

39,299

Dropbox,

Inc.

a

892,873

67,198

Dynatrace

Holdings,

LLC

a

2,484,982

34,247

Entegris,

Inc.

4,015,118

70,671

Everpure,

Inc.

a

4,172,416

8,072

Fabrinet

a

4,209,709

82,840

Flex,

Ltd.

a

5,422,706

19,155

Guidewire

Software,

Inc.

a

2,864,822

5,787

InterDigital,

Inc.

1,747,674

5,695

IPG

Photonics

Corporation

a

652,590

51,497

Kyndryl

Holdings,

Inc.

a

675,641

30,819

Lattice

Semiconductor

Corporation

a

2,858,770

5,611

Littelfuse,

Inc.

1,904,093

14,535

MACOM

Technology

Solutions

Holdings,

Inc.

a

3,227,787

13,484

Manhattan

Associates,

Inc.

a

1,794,990

15,134

MKS,

Inc.

3,477,945

8,060

Novanta,

Inc.

a

951,967

60,923

Nutanix,

Inc.

a

2,315,683

38,180

Okta,

Inc.

a

3,005,148

11,187

Onto

Innovation,

Inc.

a

2,294,118

20,567

Pegasystems,

Inc.

875,331

8,079

Qualys,

Inc.

a

709,740

24,254

Rambus,

Inc.

a

2,086,572

7,425

Silicon

Laboratories,

Inc.

a

1,545,514

4,977

SiTime

Corporation

a

1,718,807

8,726

Synaptics,

Inc.

a

611,169

16,894

TD

SYNNEX

Corporation

2,850,187

23,281

TTM

Technologies,

Inc.

a

2,268,035

34,160

Twilio,

Inc.

a

4,298,011

96,480

UiPath,

Inc.

a

1,070,928

9,962

Universal

Display

Corporation

913,117

31,904

Vontier

Corporation

1,131,635

Total

88,425,213

Materials  5.9%

58,346

Alcoa

Corporation

3,870,090

14,505

AptarGroup,

Inc.

1,827,920

10,311

Ashland,

Inc.

573,395

20,630

Avient

Corporation

748,869

48,081

Axalta

Coating

Systems,

Ltd.

a

1,331,844

11,766

Cabot

Corporation

886,097

128,513

Cleveland-Cliffs,

Inc.

a

1,085,935

24,988

Commercial

Metals

Company

1,535,013

25,255

Crown

Holdings,

Inc.

2,531,814

7,082

Eagle

Materials,

Inc.

1,341,685

66,495

Graphic

Packaging

Holding

Company

660,960

5,577

Greif,

Inc.

374,049

150,978

Hecla

Mining

Company

2,812,720

12,767

Knife

River

Corporation

a

1,042,426

14,279

Louisiana-Pacific

Corporation

1,038,797

30,348

MP

Materials

Corporation

a,b

1,464,595

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Shares

Common

Stock  99.9%

Value

Materials  5.9%

-

continued

1,757

NewMarket

Corporation

$

1,126,149

25,595

Olin

Corporation

760,939

11,781

Reliance,

Inc.

3,580,482

18,255

Royal

Gold,

Inc.

4,645,715

28,856

RPM

International,

Inc.

2,868,286

10,069

Scotts

Miracle-Gro

Company

612,296

19,760

Silgan

Holdings,

Inc.

766,688

35,767

Solstice

Advanced

Materials,

Inc.

2,724,015

22,223

Sonoco

Products

Company

1,202,042

7,514

Westlake

Corporation

877,785

Total

42,290,606

Real

Estate  6.8%

27,000

Agree

Realty

Corporation

2,035,260

39,972

American

Healthcare

REIT,

Inc.

1,885,079

73,453

American

Homes

4

Rent

2,050,808

69,077

Brixmor

Property

Group,

Inc.

1,989,418

50,335

CareTrust

REIT,

Inc.

1,844,778

25,453

COPT

Defense

Properties

778,862

37,848

Cousins

Properties,

Inc.

854,229

51,378

CubeSmart

1,883,004

11,996

EastGroup

Properties,

Inc.

2,220,340

17,155

EPR

Properties

857,064

43,673

Equity

Lifestyle

Properties,

Inc.

2,726,069

29,859

First

Industrial

Realty

Trust,

Inc.

1,727,343

63,764

Gaming

and

Leisure

Properties,

Inc.

2,829,209

78,598

Healthcare

Realty

Trust,

Inc.

1,335,380

53,364

Independence

Realty

Trust,

Inc.

794,590

10,633

Jones

Lang

LaSalle,

Inc.

a

3,235,835

24,564

Kilroy

Realty

Corporation

692,950

48,780

Kite

Realty

Group

Trust

1,197,549

19,571

Lamar

Advertising

Company

2,478,863

15,948

National

Storage

Affiliates

Trust

601,877

42,795

NNN

REIT,

Inc.

1,798,674

66,594

Omega

Healthcare

Investors,

Inc.

2,918,149

45,038

Park

Hotels

&

Resorts,

Inc.

474,250

62,667

Rayonier,

Inc.

REIT

1,292,194

51,870

Rexford

Industrial

Realty,

Inc.

1,697,705

56,810

Sabra

Health

Care

REIT,

Inc.

1,092,456

43,042

STAG

Industrial,

Inc.

1,552,094

36,085

Vornado

Realty

Trust

937,849

49,375

WP

Carey,

Inc.

3,355,525

Total

49,137,403

Utilities  3.4%

17,005

Black

Hills

Corporation

1,180,317

63,757

Essential

Utilities,

Inc.

2,567,494

12,177

IDACORP,

Inc.

1,740,946

21,409

National

Fuel

Gas

Company

2,011,590

22,721

New

Jersey

Resources

Corporation

1,247,837

13,844

Northwestern

Energy

Group,

Inc.

912,873

46,294

OGE

Energy

Corporation

2,220,260

13,518

ONE

Gas,

Inc.

1,164,305

13,695

Ormat

Technologies,

Inc.

1,532,744

25,345

Portland

General

Electric

Company

1,337,456

14,475

Southwest

Gas

Holdings,

Inc.

1,257,878

13,315

Spire,

Inc.

1,205,540

10,294

Talen

Energy

Corporation

a

3,286,154

22,087

TXNM

Energy,

Inc.

1,291,206

Shares

Common

Stock  99.9%

Value

Utilities  3.4%

-

continued

48,359

UGI

Corporation

$

1,761,235

Total

24,717,835

Total

Common

Stock

(cost

$502,210,206)

719,307,202

Shares

Collateral

Held

for

Securities

Loaned

1.3%

Value

9,256,275

Thrivent

Cash

Management

Trust

9,256,275

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,256,275)

9,256,275

Shares

or

Principal

Amount

Short-Term

Investments

0.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

600,000

3.595%,

5/27/2026

c,d

596,570

Total

Short-Term

Investments

(cost

$596,645)

596,570

Total

Investments

(cost

$512,063,126)

101.3%

$729,160,047

Other

Assets

and

Liabilities,

Net

(1.3%)

(9,539,097)

Total

Net

Assets

100.0%

$719,620,950

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Index

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

9,374,972

Total

lending

$9,374,972

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,256,275

Net

amounts

due

from

counterparty

$(118,697)

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

I

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

7,474,309

7,474,309

–

–

Consumer

Discretionary

79,561,810

79,561,810

–

–

Consumer

Staples

32,904,479

32,904,479

–

–

Energy

39,073,027

39,073,027

–

–

Financials

107,411,132

107,411,132

–

–

Health

Care

64,212,722

64,212,722

–

–

Industrials

184,098,666

184,098,666

–

–

Information

Technology

88,425,213

88,425,213

–

–

Materials

42,290,606

42,290,606

–

–

Real

Estate

49,137,403

49,137,403

–

–

Utilities

24,717,835

24,717,835

–

–

Short-Term

Investments

596,570

–

596,570

–

Subtotal

Investments

in

Securities

$719,903,772

$719,307,202

$596,570

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

9,256,275

Subtotal

Other

Investments

$9,256,275

Total

Investments

at

Value

$729,160,047

*

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

March

31,

2026,

in

valuing

Mid

Cap

Index

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

3,167

3,167

–

–

Total

Asset

Derivatives

$3,167

$3,167

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$596,570

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

1

June

2026

$

336,483

$

3,167

Total

Futures

Long

Contracts

$

336,483

$

3,167

Total

Futures

Contracts

$

336,483

$3,167

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$7,307

$30,740

$28,791

$9,256

9,256

1.3%

Total

Collateral

Held

for

Securities

Loaned

7,307

9,256

1.3

Total

Value

$7,307

$9,256

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$10

Total

Affiliated

Income

from

Securities

Loaned,

Net

$10

Total

Value

$–

$–

$

–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Shares

Common

Stock

95.7%

Value

Communications

Services  1.3%

162,042

Reddit,

Inc.

a

$

21,818,955

Total

21,818,955

Consumer

Discretionary  10.4%

5,307

AutoZone,

Inc.

a

17,925,879

132,501

Garmin,

Ltd.

30,741,557

3,595

NVR,

Inc.

a

23,690,439

195,718

SharkNinja,

Inc.

a

20,726,536

52,982

Ulta

Beauty,

Inc.

a

27,694,221

303,111

Viking

Holdings,

Ltd.

a

22,272,596

88,380

Williams-Sonoma,

Inc.

16,114,325

225,339

Wynn

Resorts,

Ltd.

22,883,176

Total

182,048,729

Consumer

Staples  2.5%

33,407

Casey's

General

Stores,

Inc.

24,315,619

95,378

WD-40

Company

19,451,389

Total

43,767,008

Energy  4.9%

697,375

Devon

Energy

Corporation

35,091,910

247,856

Expand

Energy

Corporation

27,209,632

587,744

Halliburton

Company

22,916,138

Total

85,217,680

Financials  14.1%

555,394

Ally

Financial,

Inc.

21,788,107

36,437

Ameriprise

Financial,

Inc.

16,192,603

419,849

Arch

Capital

Group,

Ltd.

a

40,301,305

697,860

Fifth

Third

Bancorp

32,422,576

185,110

M&T

Bank

Corporation

38,265,939

253,819

Nasdaq,

Inc.

21,546,695

242,807

Northern

Trust

Corporation

33,888,573

639,009

Old

Republic

International

Corporation

25,496,459

232,128

Robinhood

Markets,

Inc.

a

16,086,470

Total

245,988,727

Health

Care  10.6%

329,446

Dexcom,

Inc.

a

20,689,209

543,702

Exelixis,

Inc.

a

23,319,379

219,874

Illumina,

Inc.

a

27,101,669

38,133

Medpace

Holdings,

Inc.

a

18,311,085

26,241

Mettler-Toledo

International,

Inc.

a

33,095,149

114,287

Tenet

Healthcare

Corporation

a

21,567,100

32,724

United

Therapeutics

Corporation

a

19,404,678

117,183

Veeva

Systems,

Inc.

a

20,584,366

Total

184,072,635

Industrials  24.4%

146,532

Allegion

plc

21,289,634

119,879

AMETEK,

Inc.

25,697,263

148,521

C.H.

Robinson

Worldwide,

Inc.

24,664,883

32,457

EMCOR

Group,

Inc.

23,963,328

688,963

Fastenal

Company

31,967,883

175,243

Howmet

Aerospace,

Inc.

40,386,502

103,181

IDEX

Corporation

19,557,959

124,629

Lincoln

Electric

Holdings,

Inc.

31,042,591

142,794

Old

Dominion

Freight

Line,

Inc.

27,901,948

131,540

Oshkosh

Corporation

19,364,003

55,235

Quanta

Services,

Inc.

30,325,120

85,674

Rockwell

Automation,

Inc.

30,746,685

314,916

Timken

Company

31,671,102

307,871

UL

Solutions,

Inc.

26,387,623

Shares

Common

Stock  95.7%

Value

Industrials  24.4%

-

continued

28,984

United

Rentals,

Inc.

$

21,116,583

106,747

Verisk

Analytics,

Inc.

20,255,243

Total

426,338,350

Information

Technology  13.3%

228,448

Datadog,

Inc.

a

26,968,286

33,158

Fabrinet

a

17,292,560

430,050

JFrog,

Ltd.

a

20,182,247

26,528

Monolithic

Power

Systems,

Inc.

29,004,389

5,019,388

Nokia

Oyj

ADR

40,355,880

159,528

Onto

Innovation,

Inc.

a

32,714,407

369,258

Trimble,

Inc.

a

24,086,699

73,016

Western

Digital

Corporation

19,750,098

101,401

Zebra

Technologies

Corporation

a

21,200,921

Total

231,555,487

Materials  5.2%

107,183

Albemarle

Corporation

19,242,564

469,211

Amcor

plc

18,651,137

296,303

Steel

Dynamics,

Inc.

53,334,540

Total

91,228,241

Real

Estate  4.7%

162,681

Extra

Space

Storage,

Inc.

21,332,360

710,410

First

Industrial

Realty

Trust,

Inc.

41,097,218

108,766

SBA

Communications

Corporation

18,719,716

Total

81,149,294

Utilities  4.3%

346,221

Alliant

Energy

Corporation

24,844,819

594,461

CenterPoint

Energy,

Inc.

25,656,937

540,919

NiSource,

Inc.

25,239,280

Total

75,741,036

Total

Common

Stock

(cost

$1,291,803,190)

1,668,926,142

Shares

or

Principal

Amount

Short-Term

Investments

4.3%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

75,577,884

3.602%

b

75,577,884

Total

Short-Term

Investments

(cost

$75,577,884)

75,577,884

Total

Investments

(cost

$1,367,381,074)

100.0%

$1,744,504,026

Other

Assets

and

Liabilities,

Net

<0.1%

450,897

Total

Net

Assets

100.0%

$1,744,954,923

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

in

valuing

Mid

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

21,818,955

21,818,955

–

–

Consumer

Discretionary

182,048,729

182,048,729

–

–

Consumer

Staples

43,767,008

43,767,008

–

–

Energy

85,217,680

85,217,680

–

–

Financials

245,988,727

245,988,727

–

–

Health

Care

184,072,635

184,072,635

–

–

Industrials

426,338,350

426,338,350

–

–

Information

Technology

231,555,487

231,555,487

–

–

Materials

91,228,241

91,228,241

–

–

Real

Estate

81,149,294

81,149,294

–

–

Utilities

75,741,036

75,741,036

–

–

Short-Term

Investments

75,577,884

75,577,884

–

–

Subtotal

Investments

in

Securities

$1,744,504,026

$1,744,504,026

$–

$–

Total

Investments

at

Value

$1,744,504,026

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$10,862

$10,862

$–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$–

$10,862

$10,862

$–   

–

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$–

$–

$

–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Shares

Common

Stock

98.1%

Value

Communications

Services  2.1%

12,097

Imax

Corporation

a

$

459,807

8,021

Warner

Brothers

Discovery,

Inc.

a

220,257

13,634

Warner

Music

Group

Corporation

348,212

Total

1,028,276

Consumer

Discretionary  8.1%

3,023

D.R.

Horton,

Inc.

414,816

9,640

Gildan

Activewear,

Inc.

b

536,466

37,686

Levi

Strauss

&

Company

696,814

27,625

Six

Flags

Entertainment

Corporation

a

490,344

2,182

Tapestry,

Inc.

307,902

10,795

Wyndham

Hotels

&

Resorts,

Inc.

876,878

14,630

Yum

China

Holding,

Inc.

713,651

Total

4,036,871

Consumer

Staples  5.7%

5,162

Estee

Lauder

Companies,

Inc.

370,477

5,772

J

&

J

Snack

Foods

Corporation

457,546

8,672

Mondelez

International,

Inc.

499,854

10,613

Sysco

Corporation

757,025

13,303

Unilever

plc

ADR

757,872

Total

2,842,774

Energy  9.3%

19,136

Coterra

Energy,

Inc.

672,439

14,077

Devon

Energy

Corporation

708,354

3,909

Diamondback

Energy,

Inc.

773,161

21,037

Enterprise

Products

Partners,

LP

796,040

6,274

Expand

Energy

Corporation

688,760

14,531

Halliburton

Company

566,564

8,738

Noble

Corporation

plc

428,774

Total

4,634,092

Financials  14.7%

35,051

AGNC

Investment

Corporation

351,562

2,926

Allstate

Corporation

606,677

2,226

Capital

One

Financial

Corporation

406,089

10,314

Carlyle

Group,

Inc.

499,094

8,807

Charles

Schwab

Corporation

827,682

5,863

M&T

Bank

Corporation

1,211,999

6,309

Selective

Insurance

Group,

Inc.

475,635

43,898

Simmons

First

National

Corporation

853,816

4,144

Texas

Capital

Bancshares,

Inc.

a

393,183

19,221

U.S.

Bancorp

999,684

3,177

Voya

Financial,

Inc.

217,053

3,451

Wintrust

Financial

Corporation

479,482

Total

7,321,956

Health

Care  7.6%

901

Humana,

Inc.

156,224

2,623

ICON

plc

a

290,261

3,384

Johnson

&

Johnson

827,185

3,432

Labcorp

Holdings,

Inc.

915,692

3,219

STERIS

plc

711,818

1,343

Thermo

Fisher

Scientific,

Inc.

660,125

822

UnitedHealth

Group,

Inc.

222,425

Total

3,783,730

Industrials  18.2%

2,391

Acuity,

Inc.

670,006

3,212

AGCO

Corporation

372,174

16,753

CSX

Corporation

687,711

Shares

Common

Stock  98.1%

Value

Industrials  18.2%

-

continued

10,351

Delta

Air

Lines,

Inc.

$

688,134

10,230

Flowserve

Corporation

752,007

11,350

Fluor

Corporation

a

529,478

8,944

Fortive

Corporation

494,424

2,877

General

Dynamics

Corporation

987,444

10,942

Griffon

Corporation

795,265

12,736

Hexcel

Corporation

1,030,724

1,530

JB

Hunt

Transport

Services,

Inc.

324,207

7,425

Legence

Corporation

a

419,216

7,787

MSC

Industrial

Direct

Company,

Inc.

718,507

20,967

Werner

Enterprises,

Inc.

616,639

Total

9,085,936

Information

Technology  9.5%

1,700

Coherent

Corporation

a

404,957

4,011

CommVault

Systems,

Inc.

a

312,417

1,650

Jabil,

Inc.

438,290

16,458

Knowles

Corporation

a

422,641

5,015

MKS,

Inc.

1,152,497

12,150

Ralliant

Corporation

505,319

1,321

Synopsys,

Inc.

a

523,750

2,934

TD

SYNNEX

Corporation

494,995

1,853

Western

Digital

Corporation

501,218

Total

4,756,084

Materials  7.1%

12,449

Celanese

Corporation

818,771

2,514

CF

Industries

Holdings,

Inc.

326,418

9,850

Crown

Holdings,

Inc.

987,462

4,078

Nucor

Corporation

689,590

10,665

West

Fraser

Timber

Company,

Ltd.

696,318

Total

3,518,559

Real

Estate  7.1%

2,972

AvalonBay

Communities,

Inc.

485,476

5,380

CBRE

Group,

Inc.

a

728,775

3,741

Crown

Castle,

Inc.

304,181

33,092

Healthcare

Realty

Trust,

Inc.

562,233

46,942

Host

Hotels

&

Resorts,

Inc.

899,409

3,117

Simon

Property

Group,

Inc.

581,414

Total

3,561,488

Utilities  8.7%

9,617

Alliant

Energy

Corporation

690,116

1,832

Constellation

Energy

Corporation

511,586

5,103

DTE

Energy

Company

746,161

5,165

Entergy

Corporation

580,339

9,144

Evergy,

Inc.

749,076

12,220

NiSource,

Inc.

570,185

3,075

Vistra

Energy

Corporation

462,265

Total

4,309,728

Total

Common

Stock

(cost

$39,631,273)

48,879,494

Shares

Collateral

Held

for

Securities

Loaned

0.9%

Value

462,000

Thrivent

Cash

Management

Trust

462,000

Total

Collateral

Held

for

Securities

Loaned

(cost

$462,000)

462,000

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Value

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

467,460

Total

lending

$467,460

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$462,000

Net

amounts

due

from

counterparty

$(5,460)

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

Shares

or

Principal

Amount

Short-Term

Investments

1.9%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

918,807

3.602%

c

$

918,807

Total

Short-Term

Investments

(cost

$918,807)

918,807

Total

Investments

(cost

$41,012,080)

100.9%

$50,260,301

Other

Assets

and

Liabilities,

Net

(0.9%)

(439,314)

Total

Net

Assets

100.0%

$49,820,987

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

1,028,276

1,028,276

–

–

Consumer

Discretionary

4,036,871

4,036,871

–

–

Consumer

Staples

2,842,774

2,842,774

–

–

Energy

4,634,092

4,634,092

–

–

Financials

7,321,956

7,321,956

–

–

Health

Care

3,783,730

3,783,730

–

–

Industrials

9,085,936

9,085,936

–

–

Information

Technology

4,756,084

4,756,084

–

–

Materials

3,518,559

3,518,559

–

–

Real

Estate

3,561,488

3,561,488

–

–

Utilities

4,309,728

4,309,728

–

–

Short-Term

Investments

918,807

918,807

–

–

Subtotal

Investments

in

Securities

$49,798,301

$49,798,301

$–

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

462,000

Subtotal

Other

Investments

$462,000

Total

Investments

at

Value

$50,260,301

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$898

$2,388

$2,824

$462

462

0.9%

Total

Collateral

Held

for

Securities

Loaned

898

462

0.9

Total

Value

$898

$462

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$

–

$–

$

–

$0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Shares

Registered

Investment

Companies  

41.7%

Value

U.S.

Affiliated  

41.2%  

14,464,577

Thrivent

Core

Emerging

Markets

Debt

Fund

$

124,829,298

6,469,325

Thrivent

Core

Emerging

Markets

Equity

Fund

80,413,706

40,896,563

Thrivent

Global

Stock

Portfolio

652,561,912

23,704,014

Thrivent

High

Yield

Portfolio

99,267,669

28,990,453

Thrivent

Income

Portfolio

257,397,532

26,547,956

Thrivent

International

Equity

Portfolio

329,797,296

5,288,922

Thrivent

International

Index

Portfolio

91,575,034

49,991,484

Thrivent

Large

Cap

Value

Portfolio

1,254,536,280

10,721,898

Thrivent

Mid

Cap

Stock

Portfolio

212,820,032

2,958,674

Thrivent

Mid

Cap

Value

ETF

46,402,660

14,405,207

Thrivent

Short-Term

Bond

Portfolio

141,954,671

6,058,415

Thrivent

Small

Cap

Stock

Portfolio

113,568,020

708,730

Thrivent

Small

Cap

Value

ETF

19,819,422

Total

3,424,943,532

U.S.

Unaffiliated  

0.5%  

16,162

Invesco

QQQ

Trust

Series

1

a

9,328,383

48,218

iShares

Biotechnology

ETF

8,141,609

5,070

iShares

Expanded

Tech-Software

Sector

ETF

b

405,854

32,097

State

Street

SPDR

S&P

500

ETF

Trust

20,873,963

8,908

State

Street

SPDR

S&P

Biotech

ETF

1,137,819

4,821

State

Street

SPDR

S&P

Software

&

Services

ETF

685,980

1,703

VanEck

Semiconductor

ETF

652,930

Total

41,226,538

Total

Registered

Investment

Companies

(cost

$2,480,787,531)

3,466,170,070

Shares

Common

Stock

24.2%

Value

Communications

Services  2.8%

219,053

Alphabet,

Inc.,

Class

A

62,990,881

189,039

Alphabet,

Inc.,

Class

C

54,227,728

290,886

AT&T,

Inc.

8,432,785

499

Cable

One,

Inc.

b

45,514

1,858

CarGurus,

Inc.

b

63,265

12,589

Comcast

Corporation

361,430

484

Fox

Corporation,

Class

B

25,700

2,462

Iridium

Communications,

Inc.

68,296

57,577

Liberty

Global,

Ltd.,

Class

A

b

696,106

915

Liberty

Media

Corporation-Liberty

Formula

One

b

77,793

220

Madison

Square

Garden

Sports

Corporation

b

70,708

104,150

Meta

Platforms,

Inc.

59,587,340

361,845

Netflix,

Inc.

b

34,791,397

10,140

New

York

Times

Company

849,022

51,526

News

Corporation,

Class

A

1,284,543

700

Omnicom

Group,

Inc.

52,717

6,216

Reddit,

Inc.

b

836,984

1,210

Roku,

Inc.

b

114,490

1,595

Spotify

Technology

SA

b

773,431

777

Take-Two

Interactive

Software,

Inc.

b

153,458

8,378

T-Mobile

US,

Inc.

1,759,631

1,450

Trade

Desk,

Inc.

b

32,901

12,863

Universal

Music

Group

NV

249,683

Shares

Common

Stock  24.2%

Value

Communications

Services  2.8%

-

continued

37,474

Walt

Disney

Company

$

3,611,744

15,420

Warner

Brothers

Discovery,

Inc.

b

423,433

16,471

Warner

Music

Group

Corporation

420,669

Total

232,001,649

Consumer

Discretionary  2.7%

4,166

Adient

plc

b

84,195

326,792

ADT,

Inc.

2,147,023

1,985

Advance

Auto

Parts,

Inc.

104,709

449,282

Amazon.com,

Inc.

b

93,571,962

7,394

American

Eagle

Outfitters,

Inc.

123,480

4,766

Aptiv

plc

b

330,951

4,368

Aramark

177,079

133

AutoNation,

Inc.

b

25,970

57

AutoZone,

Inc.

b

192,533

491

Booking

Holdings,

Inc.

2,067,267

5,266

Boot

Barn

Holdings,

Inc.

b

770,732

17,393

BorgWarner,

Inc.

943,744

182

Bright

Horizons

Family

Solutions,

Inc.

b

14,948

795

Brunswick

Corporation

57,844

3,230

Buckle,

Inc.

162,663

1,865

Build-A-Bear

Workshop,

Inc.

69,844

3,975

CarMax,

Inc.

b

165,280

5,787

Carnival

Corporation

149,768

79

Cavco

Industries,

Inc.

b

38,259

5,705

Chewy,

Inc.

b

154,035

2,097

Chipotle

Mexican

Grill,

Inc.

b

67,125

9,626

Churchill

Downs,

Inc.

864,704

307

Citi

Trends,

Inc.

b

13,299

3,029

D.R.

Horton,

Inc.

415,639

8,361

Dana,

Inc.

281,348

1,998

Deckers

Outdoor

Corporation

b

199,980

271

Domino's

Pizza,

Inc.

97,232

6,598

DoorDash,

Inc.

b

990,690

1,590

eBay,

Inc.

144,722

1,652

Etsy,

Inc.

b

82,567

1,711

Five

Below,

Inc.

b

390,929

25,941

Ford

Motor

Company

299,359

4,079

Fox

Factory

Holding

Corporation

b

67,140

9,868

Frontdoor,

Inc.

b

521,622

3,349

Gap,

Inc.

81,046

7,110

Garmin,

Ltd.

1,649,591

40,612

General

Motors

Company

3,025,594

7,968

Gentex

Corporation

174,101

415

GigaCloud

Technology,

Inc.

b

18,833

12,484

Goodyear

Tire

&

Rubber

Company

b

82,769

197

Graham

Holdings

Company

208,280

1,196

Grand

Canyon

Education,

Inc.

b

203,356

9,332

Helen

of

Troy,

Ltd.

b

134,567

41,306

Hilton

Worldwide

Holdings,

Inc.

12,560,328

49,331

Home

Depot,

Inc.

16,224,473

3,078

Installed

Building

Products,

Inc.

816,132

22,927

Laureate

Education,

Inc.

b

798,777

1,663

Lear

Corporation

201,356

32,922

Life

Time

Group

Holdings,

Inc.

b

886,919

425

Lithia

Motors,

Inc.

106,131

2,972

Lowe's

Companies,

Inc.

702,224

523

Lululemon

Athletica,

Inc.

b

80,071

328

M/I

Homes,

Inc.

b

40,164

5,615

Macy's,

Inc.

101,575

16,930

Mattel,

Inc.

b

245,993

5,615

Mohawk

Industries,

Inc.

b

552,853

976

Murphy

USA,

Inc.

482,115

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Shares

Common

Stock  24.2%

Value

Consumer

Discretionary  2.7%

-

continued

70

NVR,

Inc.

b

$

461,288

8,231

Ollie's

Bargain

Outlet

Holdings,

Inc.

b

757,581

59,018

O'Reilly

Automotive,

Inc.

b

5,447,952

3,721

Ralph

Lauren

Corporation

1,279,987

671

Red

Rock

Resorts,

Inc.

35,805

39,299

Ross

Stores,

Inc.

8,513,342

1,595

Service

Corporation

International/

US

131,603

22,474

SharkNinja,

Inc.

b

2,379,997

12,314

Sonos,

Inc.

b

165,008

16,090

Sony

Group

Corporation

ADR

a

333,063

1,168

Strategic

Education,

Inc.

96,897

15,002

Tapestry,

Inc.

2,116,932

2,160

Taylor

Morrison

Home

Corporation

b

125,798

118,721

Tesla,

Inc.

b

44,134,532

13,759

Texas

Roadhouse,

Inc.

2,272,161

13,231

TJX

Companies,

Inc.

2,112,991

2,403

Toll

Brothers,

Inc.

327,937

2,826

TopBuild

Corporation

b

992,774

959

Ulta

Beauty,

Inc.

b

501,279

22,242

Universal

Technical

Institute,

Inc.

b

802,936

452

Urban

Outfitters,

Inc.

b

28,634

20,026

Viking

Holdings,

Ltd.

b

1,471,510

745

Visteon

Corporation

67,877

927

Wayfair,

Inc.

b

69,720

934

Williams-Sonoma,

Inc.

170,296

4,847

Wingstop,

Inc.

751,140

473

Winmark

Corporation

202,231

5,752

Wyndham

Hotels

&

Resorts,

Inc.

467,235

17,821

Wynn

Resorts,

Ltd.

1,809,722

75

Yum!

Brands,

Inc.

11,661

Total

223,205,779

Consumer

Staples  0.6%

2,947

BellRing

Brands,

Inc.

b

47,417

1,044

BJ's

Wholesale

Club

Holdings,

Inc.

b

102,751

1,088

Campbell's

Company

a

24,230

2,583

Casey's

General

Stores,

Inc.

1,880,062

7,059

Central

Garden

&

Pet

Company,

Class

A

b

228,853

14,175

Chefs'

Warehouse,

Inc.

b

842,704

1,785

Church

&

Dwight

Company,

Inc.

166,576

8,114

Coca-Cola

Company

617,070

11,321

Colgate-Palmolive

Company

964,889

22,895

Conagra

Brands,

Inc.

359,909

8,468

Costco

Wholesale

Corporation

8,437,769

7,326

Darling

Ingredients,

Inc.

b

453,113

543

Dollar

General

Corporation

64,470

398

Dollar

Tree,

Inc.

b

43,585

4,490

Edgewell

Personal

Care

Company

95,817

165

Hershey

Company

34,302

215

Ingles

Markets,

Inc.

19,326

1,278

Ingredion,

Inc.

143,979

3,076

J.M.

Smucker

Company

296,649

1,839

John

B.

Sanfilippo

&

Son,

Inc.

145,888

21,675

Keurig

Dr

Pepper,

Inc.

570,703

1,300

Maplebear,

Inc.

b

48,698

813

Marzetti

Company

112,462

2,404

McCormick

&

Company,

Inc.

121,258

1,767

Molson

Coors

Beverage

Company

76,087

14,049

Monster

Beverage

Corporation

b

1,017,991

2,460

PepsiCo,

Inc.

382,013

15,778

Philip

Morris

International,

Inc.

2,608,735

Shares

Common

Stock  24.2%

Value

Consumer

Staples  0.6%

-

continued

1,163

Primo

Brands

Corporation

$

21,899

32,717

Procter

&

Gamble

Company

4,725,643

23

Seaboard

Corporation

130,042

3,493

Simply

Good

Foods

Company

b

50,125

2,329

Smithfield

Foods,

Inc.

65,142

852

Sprouts

Farmers

Markets,

Inc.

b

65,715

10,648

Sysco

Corporation

759,522

25,856

Turning

Point

Brands,

Inc.

2,244,042

3,995

Tyson

Foods,

Inc.

255,960

11,866

Unilever

plc

ADR

676,006

1,285

Universal

Corporation

67,720

1,068

US

Foods

Holding

Corporation

b

98,480

9,492

Vita

Coco

Company,

Inc.

b

454,762

170,733

Walmart,

Inc.

21,218,697

1,004

WD-40

Company

204,756

Total

50,945,817

Energy  0.7%

10,422

Amplify

Energy

Corporation

b

65,033

119,436

Antero

Midstream

Corporation

2,723,141

8,342

Antero

Resources

Corporation

b

354,035

3,960

Archrock,

Inc.

137,808

443

Baker

Hughes

Company

27,045

329

California

Resources

Corporation

22,773

10,249

Cheniere

Energy,

Inc.

2,908,256

26,306

Chevron

Corporation

5,442,711

3,120

Chord

Energy

Corporation

443,602

2,453

CNX

Resources

Corporation

b

94,563

87,340

ConocoPhillips

11,528,880

47,930

Devon

Energy

Corporation

2,411,838

41,775

DHT

Holdings,

Inc.

763,229

789

Diamondback

Energy,

Inc.

156,056

12,687

Dorian

LPG,

Ltd.

433,895

2,902

DT

Midstream,

Inc.

390,812

20,536

Enterprise

Products

Partners,

LP

777,082

9,972

EOG

Resources,

Inc.

1,441,652

2,182

EQT

Corporation

138,863

3,651

Expand

Energy

Corporation

400,807

57,594

Exxon

Mobil

Corporation

9,771,398

2,099

Gulfport

Energy

Corporation

b

444,085

26,235

Halliburton

Company

1,022,903

1,079

Hess

Midstream,

LP

41,941

2,943

HF

Sinclair

Corporation

183,614

96,587

Kinder

Morgan,

Inc.

3,238,562

2,738

Kodiak

Gas

Services,

Inc.

159,680

2,732

Marathon

Petroleum

Corporation

667,100

13,295

Matador

Resources

Company

839,978

2,449

NOV,

Inc.

46,066

1,139

Occidental

Petroleum

Corporation

74,035

581

Oceaneering

International,

Inc.

b

20,608

3,113

ONEOK,

Inc.

281,384

6,912

Ovintiv,

Inc.

410,296

75,076

Patterson-UTI

Energy,

Inc.

813,073

31,365

Permian

Resources

Corporation

668,702

2,171

Phillips

66

395,513

5,946

Range

Resources

Corporation

268,640

1,343

Scorpio

Tankers,

Inc.

100,268

6,879

SM

Energy

Company

214,487

3,808

Talos

Energy,

Inc.

b

60,014

201

Targa

Resources

Corporation

50,397

26,595

TechnipFMC

plc

1,838,512

530

Teekay

Tankers,

Ltd.

38,860

227,460

Transocean,

Ltd.

b

1,508,060

435

Valero

Energy

Corporation

107,480

2,042

Viper

Energy,

Inc.

95,954

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Shares

Common

Stock  24.2%

Value

Energy  0.7%

-

continued

44,474

Williams

Companies,

Inc.

$

3,236,818

Total

57,260,509

Financials  2.9%

971

ACNB

Corporation

46,482

6,111

Affiliated

Managers

Group,

Inc.

1,690,914

1,766

Affirm

Holdings,

Inc.

b

80,918

8,335

Allstate

Corporation

1,728,179

24,217

Ally

Financial,

Inc.

950,033

13,086

Amalgamated

Financial

Corporation

508,653

41,087

American

Express

Company

12,427,996

1,606

American

Financial

Group,

Inc.

205,102

5,389

American

International

Group,

Inc.

405,522

10,123

Ameriprise

Financial,

Inc.

4,498,661

696

Ameris

Bancorp

54,281

3,116

Aon

plc

1,005,782

18,817

Arch

Capital

Group,

Ltd.

b

1,806,244

2,359

Arrow

Financial

Corporation

79,192

4,368

Artisan

Partners

Asset

Management,

Inc.

158,952

39,933

Associated

Banc-Corp

1,032,667

1,657

Assurant,

Inc.

360,911

8,166

Assured

Guaranty,

Ltd.

665,366

4,121

Atlantic

Union

Bankshares

Corporation

147,285

2,346

Axis

Capital

Holdings,

Ltd.

237,908

56,592

Banc

of

California,

Inc.

994,887

91,337

Bank

of

America

Corporation

4,452,679

2,845

Bank

of

Marin

Bancorp

72,917

15,504

Bank

of

New

York

Mellon

Corporation

1,839,240

1,272

Bank

OZK

58,372

153

BankUnited,

Inc.

6,910

1,639

Bankwell

Financial

Group,

Inc.

79,524

594

Banner

Corporation

36,044

2,189

Bar

Harbor

Bankshares

71,033

3,949

Beacon

Financial

Corporation

118,470

31,119

Berkshire

Hathaway,

Inc.

b

14,912,225

4,276

BGC

Group,

Inc.

41,819

4,980

BlackRock,

Inc.

4,789,316

582

Block,

Inc.

b

35,025

8,710

Blue

Owl

Capital,

Inc.

79,522

564

Bread

Financial

Holdings,

Inc.

42,238

5,702

Bridgewater

Bancshares,

Inc.

b

100,925

704

Burke

&

Herbert

Financial

Services

Corporation

43,852

16,414

Byline

Bancorp,

Inc.

518,190

567

C&F

Financial

Corporation

41,357

285

Camden

National

Corporation

13,523

4,857

Capital

One

Financial

Corporation

886,063

14,472

Capitol

Federal

Financial,

Inc.

103,185

1,474

Carlyle

Group,

Inc.

71,327

223

Cathay

General

Bancorp

11,119

7,484

Central

Pacific

Financial

Corporation

239,189

59,423

Charles

Schwab

Corporation

5,584,574

2,454

ChoiceOne

Financial

Services,

Inc.

69,006

5,880

Chubb,

Ltd.

1,916,468

52

Cincinnati

Financial

Corporation

8,182

15,165

Citigroup,

Inc.

1,719,863

1,222

Citizens

Financial

Group,

Inc.

73,283

408

Citizens

Financial

Services,

Inc.

24,949

3,460

Civista

Bancshares,

Inc.

78,853

161

CNA

Financial

Corporation

7,393

Shares

Common

Stock  24.2%

Value

Financials  2.9%

-

continued

2,304

CNB

Financial

Corporation

$

66,724

8,212

CNO

Financial

Group,

Inc.

337,185

188

Coinbase

Global,

Inc.

b

32,827

12,359

Columbia

Banking

System,

Inc.

339,007

1,766

Commerce

Bancshares,

Inc.

86,887

72

Community

Financial

System,

Inc.

4,223

10,752

Community

Trust

Bancorp,

Inc.

652,861

3,231

Community

West

Bancshares

75,282

11,291

ConnectOne

Bancorp,

Inc.

302,260

73

Corpay,

Inc.

b

21,242

990

Cullen/Frost

Bankers,

Inc.

135,709

14,229

Customers

Bancorp,

Inc.

b

987,635

2,792

Donnelley

Financial

Solutions,

Inc.

b

131,615

3,020

East

West

Bancorp,

Inc.

322,415

1,678

Eastern

Bankshares,

Inc.

32,822

4,121

Enova

International,

Inc.

b

559,755

1,019

Enterprise

Financial

Services

Corporation

55,138

5,131

Essent

Group,

Ltd.

299,856

910

Euronet

Worldwide,

Inc.

b

60,397

1,158

Evercore,

Inc.

345,675

208

Everest

Group,

Ltd.

67,985

1,344

F&G

Annuities

&

Life,

Inc.

34,030

10,301

F.N.B.

Corporation

172,233

1,313

FactSet

Research

Systems,

Inc.

284,908

646

Farmers

National

Banc

Corporation

8,501

843

Federal

Agricultural

Mortgage

Corporation

125,059

5,149

Federated

Hermes,

Inc.

292,000

3,007

Fidelity

National

Information

Services,

Inc.

141,058

11,123

Fifth

Third

Bancorp

516,775

7,674

Financial

Institutions,

Inc.

243,343

4,531

First

American

Financial

Corporation

273,174

49,315

First

Bancorp/Puerto

Rico

1,053,368

5,017

First

Bank/Hamilton,

NJ

80,272

21

First

Citizens

BancShares,

Inc./NC

39,578

829

First

Financial

Bankshares,

Inc.

24,414

3,657

First

Financial

Corporation

231,122

336

First

Hawaiian,

Inc.

8,279

9,522

First

Horizon

Corporation

216,721

3,227

First

Merchants

Corporation

124,982

4,053

First

Mid-Illinois

Bancshares,

Inc.

166,943

2,317

FirstCash

Holdings,

Inc.

435,596

1,691

Flagstar

Bank

NA

22,270

3,421

Flushing

Financial

Corporation

52,547

1,395

Flywire

Corporation

b

16,238

5,993

Franklin

Resources,

Inc.

141,555

8,160

Fulton

Financial

Corporation

165,974

147,739

Genworth

Financial,

Inc.

b

1,199,641

1,262

Glacier

Bancorp,

Inc.

56,374

885

Global

Life,

Inc.

123,165

694

Global

Payments,

Inc.

46,706

8,559

Great

Southern

Bancorp,

Inc.

540,330

2,406

Hamilton

Lane,

Inc.

239,156

885

Hancock

Whitney

Corporation

56,277

15,705

Hanmi

Financial

Corporation

413,984

524

Hanover

Insurance

Group,

Inc.

90,835

6,520

Hartford

Insurance

Group,

Inc.

881,700

1,426

HBT

Financial,

Inc.

38,103

2,456

Hilltop

Holdings,

Inc.

87,974

1,900

Home

BancShares,

Inc.

51,167

8,280

Hometrust

Bancshares,

Inc.

353,142

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Shares

Common

Stock  24.2%

Value

Financials  2.9%

-

continued

5,834

Horizon

Bancorp,

Inc.

$

96,669

4,947

Houlihan

Lokey,

Inc.

710,488

7,524

Huntington

Bancshares,

Inc./OH

117,751

141

Independent

Bank

Corporation/MA

10,605

6,494

Independent

Bank

Corporation/MI

216,250

579

Interactive

Brokers

Group,

Inc.

38,834

61,570

Intercontinental

Exchange,

Inc.

9,683,730

29,653

Invesco,

Ltd.

720,271

16

Jack

Henry

&

Associates,

Inc.

2,529

3,589

Jackson

Financial,

Inc.

379,429

3,167

Jefferies

Financial

Group,

Inc.

130,702

91,924

JPMorgan

Chase

&

Company

27,040,364

12,008

Kearny

Financial

Corporation/MD

90,660

9,296

Kemper

Corporation

284,086

1,887

KeyCorp

37,834

2,377

Lazard,

Inc.

100,975

3,548

LendingClub

Corporation

b

50,807

3,270

Lincoln

National

Corporation

116,085

318

Loews

Corporation

33,943

2,527

M&T

Bank

Corporation

522,381

62

Markel

Group,

Inc.

b

118,672

1,045

MarketAxess

Holdings,

Inc.

172,404

35,380

Marsh

&

McLennan

Companies,

Inc.

6,136,661

18,123

Mastercard,

Inc.

9,055,338

1,951

Mercantile

Bank

Corporation

98,526

441

Mercury

General

Corporation

38,874

395

Meridian

Corporation

7,489

7,177

MetLife,

Inc.

507,557

72,295

MGIC

Investment

Corporation

1,897,744

7,761

Moody's

Corporation

3,385,736

109,742

Morgan

Stanley

18,060,241

7,128

Morningstar,

Inc.

1,204,988

51,057

Nasdaq,

Inc.

4,334,229

6,318

NBT

Bancorp,

Inc.

269,020

16,091

NMI

Holdings,

Inc.

b

603,573

3,283

Northeast

Community

Bancorp,

Inc.

78,135

4,561

Northern

Trust

Corporation

636,579

6,590

Northfield

Bancorp,

Inc.

89,229

4,371

Northpointe

Bancshares,

Inc.

75,443

2,879

Northrim

BanCorp,

Inc.

65,872

20,083

Northwest

Bancshares,

Inc.

254,853

9,325

OFG

Bancorp

377,290

42,389

Old

National

Bancorp

936,797

31,887

Old

Republic

International

Corporation

1,272,291

26,085

Old

Second

Bancorp,

Inc.

525,874

4,122

OneMain

Holdings,

Inc.

220,486

2,724

Orange

County

Bancorp,

Inc.

87,114

12,451

Orrstown

Financial

Services,

Inc.

449,232

1,266

Palomar

Holdings,

Inc.

b

151,287

2,429

Parke

Bancorp,

Inc.

68,984

1,276

Paymentus

Holdings,

Inc.

b

32,410

3,557

PCB

Bancorp

79,997

510

PennyMac

Financial

Services,

Inc.

44,574

1,057

Peoples

Financial

Services

Corporation

56,370

3,352

Pinnacle

Financial

Partners,

Inc.

288,741

1,516

Piper

Sandler

Companies

116,050

930

PNC

Financial

Services

Group,

Inc.

193,524

9,620

Popular,

Inc.

1,290,715

1,426

Principal

Financial

Group,

Inc.

128,497

11,521

Progressive

Corporation

2,283,923

Shares

Common

Stock  24.2%

Value

Financials  2.9%

-

continued

1,364

Prosperity

Bancshares,

Inc.

$

91,634

2,671

Provident

Financial

Services,

Inc.

56,518

2,258

Prudential

Financial,

Inc.

220,584

8,856

Radian

Group,

Inc.

292,956

992

Raymond

James

Financial,

Inc.

143,632

2,804

Regions

Financial

Corporation

73,240

9,515

Reinsurance

Group

of

America,

Inc.

1,942,582

1,307

RenaissanceRe

Holdings,

Ltd.

388,480

496

Renasant

Corporation

17,920

1,951

RLI

Corporation

111,285

114,979

Robinhood

Markets,

Inc.

b

7,968,045

1,739

Rocket

Companies,

Inc.

b

24,781

813

S&P

Global,

Inc.

345,801

57,340

SEI

Investments

Company

4,499,470

691

Selective

Insurance

Group,

Inc.

52,095

331

ServisFirst

Bancshares,

Inc.

24,107

5,417

Shore

Bancshares,

Inc.

101,190

7,520

Simmons

First

National

Corporation

146,264

2,082

South

Plains

Financial,

Inc.

87,236

646

Southern

Missouri

Bancorp,

Inc.

41,305

15,122

SouthState

Bank

Corporation

1,399,087

1,767

Starwood

Property

Trust,

Inc.

30,428

2,336

State

Street

Corporation

295,644

2,590

StepStone

Group,

Inc.

123,595

15,902

Stifel

Financial

Corporation

1,175,476

11,980

Stock

Yards

Bancorp,

Inc.

794,154

400

StoneX

Group,

Inc.

b

32,260

333

Texas

Capital

Bancshares,

Inc.

b

31,595

2,659

Third

Coast

Bancshares,

Inc.

b

100,590

19,993

Toast,

Inc.

b

530,014

1,288

Tompkins

Financial

Corporation

101,546

3,886

Towne

Bank/Portsmouth,

VA

130,842

1,908

TPG

RE

Finance

Trust,

Inc.

14,901

1,744

TPG,

Inc.

70,649

5,183

Tradeweb

Markets,

Inc.

609,832

22,440

Triumph

Financial,

Inc.

b

1,338,770

4,001

U.S.

Bancorp

208,092

2,580

UMB

Financial

Corporation

290,998

1,701

United

Bankshares,

Inc.

70,455

5,087

United

Community

Banks,

Inc.

160,190

1,996

Unity

Bancorp,

Inc.

103,453

1,239

Univest

Financial

Corporation

42,448

6,940

Unum

Group

506,828

13,389

Valley

National

Bancorp

164,417

2,822

Virtu

Financial,

Inc.

124,112

92,116

Visa,

Inc.

27,841,140

25

Webster

Financial

Corporation

1,736

48,259

Wells

Fargo

&

Company

3,841,899

23,074

WesBanco,

Inc.

795,822

3,639

Western

Alliance

Bancorp

257,823

15,297

Western

Union

Company

a

133,543

230

Willis

Towers

Watson

plc

66,861

2,073

Wintrust

Financial

Corporation

288,023

7,472

WisdomTree,

Inc.

108,792

302

WSFS

Financial

Corporation

19,769

22,576

Zions

Bancorp

NA

1,300,829

Total

237,015,014

Health

Care  2.1%

2,584

4D

Molecular

Therapeutics,

Inc.

b

24,057

3,588

AbbVie,

Inc.

780,354

4,725

Adaptive

Biotechnologies

Corporation

b

65,583

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Shares

Common

Stock  24.2%

Value

Health

Care  2.1%

-

continued

48,868

Agilent

Technologies,

Inc.

$

5,569,975

1,183

Agios

Pharmaceuticals,

Inc.

b

40,021

2,281

Align

Technology,

Inc.

b

391,032

2,503

Alnylam

Pharmaceuticals,

Inc.

b

828,168

33,287

Amgen,

Inc.

11,712,031

1,610

Anika

Therapeutics,

Inc.

b

23,345

3,710

Arcus

Biosciences,

Inc.

b

80,136

1,212

Argenx

SE

ADR

b

885,063

764

Artivion,

Inc.

b

27,978

547

Avanos

Medical,

Inc.

b

7,663

44,036

Avantor,

Inc.

b

345,242

2,063

Azenta,

Inc.

b

43,591

563

Biogen,

Inc.

b

103,215

4,619

BioMarin

Pharmaceutical,

Inc.

b

260,927

8,109

Bio-Techne

Corporation

423,776

83,223

Boston

Scientific

Corporation

b

5,222,243

6,227

BridgeBio

Pharma,

Inc.

b

462,417

23,383

BrightSpring

Health

Services,

Inc.

b

996,350

4,411

Bristol-Myers

Squibb

Company

267,527

486

Bruker

Corporation

17,554

733

Cardinal

Health,

Inc.

154,890

4,741

Cencora,

Inc.

1,489,338

83,239

Centene

Corporation

b

2,725,245

2,311

Charles

River

Laboratories

International,

Inc.

b

398,647

2,615

Cigna

Group

697,551

6,179

Concentra

Group

Holdings

Parent,

Inc.

132,540

6,684

Cooper

Companies,

Inc.

b

477,906

79,902

Danaher

Corporation

15,149,419

5,558

Denali

Therapeutics,

Inc.

b

106,714

8,603

Dentsply

Sirona,

Inc.

99,795

20,314

Dexcom,

Inc.

b

1,275,719

3,693

Edwards

Lifesciences

Corporation

b

295,735

15,635

Elanco

Animal

Health,

Inc.

b

374,146

1,831

Elevance

Health,

Inc.

536,025

39,318

Eli

Lilly

&

Company

36,163,517

4,777

Enanta

Pharmaceuticals,

Inc.

b

60,334

11,444

Encompass

Health

Corporation

1,106,978

6,291

Enovis

Corporation

b

143,120

1,389

Envista

Holdings

Corporation

b

35,239

5,724

Exelixis,

Inc.

b

245,502

7,568

Fate

Therapeutics,

Inc.

b

9,082

9,960

Fortrea

Holdings,

Inc.

b

93,823

1,507

GE

HealthCare

Technologies,

Inc.

107,268

5,243

GeneDx

Holdings

Corporation

b

336,705

21,178

Gilead

Sciences,

Inc.

2,951,578

2,422

Globus

Medical,

Inc.

b

208,680

6,679

Guardant

Health,

Inc.

b

616,939

2,885

Henry

Schein,

Inc.

b

212,624

174

Humana,

Inc.

30,170

2,391

ICON

plc

b

264,588

6,083

ICU

Medical,

Inc.

b

785,619

6,836

IDEXX

Laboratories,

Inc.

b

3,841,080

4,996

Illumina,

Inc.

b

615,807

1,923

Insmed,

Inc.

b

314,449

5,132

Insulet

Corporation

b

1,076,899

43,544

Intuitive

Surgical,

Inc.

b

20,073,349

1,703

Ionis

Pharmaceuticals,

Inc.

b

127,878

1,220

IQVIA

Holding,

Inc.

b

208,059

8,713

iRhythm

Holdings,

Inc.

b

1,028,308

1,130

Jazz

Pharmaceuticals,

Inc.

b

213,627

18,663

Johnson

&

Johnson

4,561,984

3,082

Labcorp

Holdings,

Inc.

822,308

Shares

Common

Stock  24.2%

Value

Health

Care  2.1%

-

continued

13,783

LivaNova

plc

b

$

876,047

2,763

Masimo

Corporation

b

491,455

5,662

Medpace

Holdings,

Inc.

b

2,718,836

96,555

Medtronic

plc

8,366,491

9,832

Merck

&

Company,

Inc.

1,182,691

564

Merit

Medical

Systems,

Inc.

b

38,877

455

Mettler-Toledo

International,

Inc.

b

573,846

6,032

Mirum

Pharmaceuticals,

Inc.

b

557,236

2,957

Moderna,

Inc.

b

150,216

3,107

Myriad

Genetics,

Inc.

b

13,981

6,478

Natera,

Inc.

b

1,295,535

12,098

Neogen

Corporation

b

112,390

10,496

Neurocrine

Biosciences,

Inc.

b

1,382,743

679

Option

Care

Health,

Inc.

b

18,279

1,835

Penumbra,

Inc.

b

602,559

19,776

Pfizer,

Inc.

555,310

1,129

Prestige

Consumer

Healthcare,

Inc.

b

66,916

2,131

QIAGEN

NV

85,325

189

Quest

Diagnostics,

Inc.

37,040

10,049

RadNet,

Inc.

b

561,639

294

REGENXBIO,

Inc.

b

2,464

11,393

Repligen

Corporation

b

1,342,323

185

ResMed,

Inc.

41,529

1,276

Revolution

Medicines,

Inc.

b

124,091

1,758

Revvity,

Inc.

154,018

35,544

Royalty

Pharma

plc

1,705,046

2,003

Sotera

Health

Company

b

28,723

23,373

STERIS

plc

5,168,471

13,179

Stryker

Corporation

4,330,488

3,971

Tenet

Healthcare

Corporation

b

749,367

19,787

Twist

Bioscience

Corporation

b

940,278

5,256

UFP

Technologies,

Inc.

b

1,017,562

4,480

Ultragenyx

Pharmaceutical,

Inc.

b

93,856

618

United

Therapeutics

Corporation

b

366,462

1,446

UnitedHealth

Group,

Inc.

391,273

234

Universal

Health

Services,

Inc.

41,879

7,726

Varex

Imaging

Corporation

b

81,973

2,003

Vaxcyte,

Inc.

b

116,394

7,560

Veeva

Systems,

Inc.

b

1,327,990

15,526

Vericel

Corporation

b

499,471

10,638

Vertex

Pharmaceuticals,

Inc.

b

4,750,293

43,901

Viatris,

Inc.

593,103

6,532

Vir

Biotechnology,

Inc.

b

58,527

76

Waters

Corporation

b

22,633

46,139

Waystar

Holding

Corporation

b

1,112,411

6,820

West

Pharmaceutical

Services,

Inc.

1,709,365

3,799

Xencor,

Inc.

b

45,816

1,557

Xenon

Pharmaceuticals,

Inc.

b

90,540

5,851

Zimmer

Biomet

Holdings,

Inc.

529,047

19,888

Zoetis,

Inc.

2,350,960

Total

178,221,197

Industrials  2.8%

9,287

3M

Company

1,348,751

12,407

AAON,

Inc.

1,026,679

2,887

Acuity,

Inc.

808,995

13,173

Advanced

Drainage

Systems,

Inc.

1,806,414

1,551

AECOM

131,556

393

AGCO

Corporation

45,537

102,351

Alight,

Inc.

59,640

3,238

Allegheny

Technologies,

Inc.

b

471,000

1,983

Allegion

plc

288,110

1,146

Allison

Transmission

Holdings,

Inc.

134,151

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Shares

Common

Stock  24.2%

Value

Industrials  2.8%

-

continued

9,385

Amentum

Holdings,

Inc.

b

$

244,761

2,019

American

Superconductor

Corporation

b

68,343

29,087

AMETEK,

Inc.

6,235,089

4,205

API

Group

Corporation

b

170,387

5,165

Applied

Industrial

Technologies,

Inc.

1,370,378

1,356

Arcosa,

Inc.

143,926

3,932

Armstrong

World

Industries,

Inc.

647,994

8,406

Atmus

Filtration

Technologies,

Inc.

477,209

32,201

Automatic

Data

Processing,

Inc.

6,542,599

2,331

Axon

Enterprise,

Inc.

b

989,952

443

AZZ,

Inc.

55,433

2,256

Badger

Infrastructure

Solutions,

Ltd.

100,613

3,902

Barrett

Business

Services,

Inc.

113,860

197

Bloom

Energy

Corporation

b

26,692

2,061

Brady

Corporation

167,436

2,175

BrightView

Holdings,

Inc.

b

25,643

148

Brink's

Company

15,337

208

Broadridge

Financial

Solutions,

Inc.

33,796

15,429

BWX

Technologies,

Inc.

3,155,076

1,564

C.H.

Robinson

Worldwide,

Inc.

259,734

221

CACI

International,

Inc.

b

120,195

7,185

Casella

Waste

Systems,

Inc.

b

570,058

30,072

Caterpillar,

Inc.

21,304,809

10,768

CECO

Environmental

Corporation

b

641,557

10,937

Cintas

Corporation

1,849,884

8,818

Clean

Harbors,

Inc.

b

2,528,385

45,277

CNH

Industrial

NV

498,047

3,266

Concentrix

Corporation

89,358

6,276

Construction

Partners,

Inc.

b

697,389

32,800

Copart,

Inc.

b

1,088,960

4,159

CRA

International,

Inc.

673,259

637

Crane

Company

108,927

2,807

CSW

Industrials,

Inc.

731,448

17,823

CSX

Corporation

731,634

770

Cummins,

Inc.

414,275

3,161

Curtiss-Wright

Corporation

2,153,020

14,120

Delta

Air

Lines,

Inc.

938,698

6,397

DNOW,

Inc.

b

76,188

3,951

Donaldson

Company,

Inc.

335,321

184

Dycom

Industries,

Inc.

b

62,343

31,429

Eaton

Corporation

plc

11,241,210

13,934

EMCOR

Group,

Inc.

10,287,612

14,155

Enerpac

Tool

Group

Corporation

516,233

2,016

EnerSys

350,220

3,928

EnPro,

Inc.

984,553

260

Equifax,

Inc.

46,818

198

ESCO

Technologies,

Inc.

55,711

4,134

ExlService

Holdings,

Inc.

b

125,880

372,689

Fastenal

Company

17,292,770

5,634

Federal

Signal

Corporation

609,261

8,318

Ferguson

Enterprises,

Inc.

1,940,257

16,280

Flowserve

Corporation

1,196,743

24,653

Fluor

Corporation

b

1,150,062

910

Fortive

Corporation

50,305

3,988

Fortune

Brands

Innovations,

Inc.

155,412

2,288

FTAI

Aviation,

Ltd.

560,560

2,177

Gates

Industrial

Corporation

plc

b

49,222

107

GATX

Corporation

18,269

9,303

GE

Vernova,

Inc.

8,120,589

4,077

General

Dynamics

Corporation

1,399,308

82,358

General

Electric

Company

23,370,730

Shares

Common

Stock  24.2%

Value

Industrials  2.8%

-

continued

2,993

Genpact,

Ltd.

$

111,489

18,663

Graco,

Inc.

1,579,823

3,741

HEICO

Corporation

789,688

2,057

Helios

Technologies,

Inc.

133,108

8,749

Hexcel

Corporation

708,057

1,473

HNI

Corporation

49,184

3,425

Honeywell

International,

Inc.

774,153

10,130

Howmet

Aerospace,

Inc.

2,334,560

84

Hubbell,

Inc.

41,222

3,110

Hudson

Technologies,

Inc.

b

18,287

314

Huntington

Ingalls

Industries,

Inc.

119,289

1,502

ICF

International,

Inc.

98,066

1,899

IDEX

Corporation

359,955

287

IES

Holdings,

Inc.

b

136,747

1,537

Ingersoll

Rand,

Inc.

123,144

455

Insteel

Industries,

Inc.

15,293

2,663

ITT

Corporation

507,381

3,246

Jacobs

Solutions,

Inc.

413,151

3,107

JB

Hunt

Transport

Services,

Inc.

658,373

532

Kennametal,

Inc.

19,221

2,022

Kirby

Corporation

b

268,683

359

Knight-Swift

Transportation

Holdings,

Inc.

20,671

2,202

Korn

Ferry

138,616

2,707

L3Harris

Technologies,

Inc.

934,321

436

Leidos

Holdings,

Inc.

67,807

9,517

Limbach

Holdings,

Inc.

b

742,802

5,792

Lincoln

Electric

Holdings,

Inc.

1,442,671

3,008

Lyft,

Inc.

b

40,006

3,719

Masco

Corporation

224,516

379

MasTec,

Inc.

b

121,939

798

Maximus,

Inc.

51,152

2,432

McGrath

RentCorp

268,201

11,058

Mercury

Systems,

Inc.

b

806,239

2,998

Middleby

Corporation

b

397,475

12,584

MillerKnoll,

Inc.

181,965

4,965

Modine

Manufacturing

Company

b

1,075,965

4,671

Moog,

Inc.

1,366,921

3,842

Mueller

Industries,

Inc.

425,694

26,162

Mueller

Water

Products,

Inc.

719,193

242

MYR

Group,

Inc.

b

68,321

3,494

Nextpower,

Inc.

b

421,202

131

Nordson

Corporation

34,854

51,240

NPK

International,

Inc.

b

742,468

11,416

nVent

Electric

plc

1,350,285

6,401

Old

Dominion

Freight

Line,

Inc.

1,250,755

1,392

Oshkosh

Corporation

204,916

12,618

Otis

Worldwide

Corporation

972,595

1,150

Owens

Corning,

Inc.

124,453

23,406

Parker-Hannifin

Corporation

20,953,987

1,344

Paychex,

Inc.

123,809

726

Paylocity

Holding

Corporation

b

78,437

5,648

Pentair

plc

491,997

6,187

Proficient

Auto

Logistics,

Inc.

b

41,948

3,154

Quanta

Services,

Inc.

1,731,609

3,643

RBC

Bearings,

Inc.

b

1,978,586

403

Regal

Rexnord

Corporation

75,466

8,408

Republic

Services,

Inc.

1,841,520

6,775

Rockwell

Automation,

Inc.

2,431,412

44,602

RTX

Corporation

8,603,726

131

Ryder

System,

Inc.

26,817

1,347

Science

Applications

International

Corporation

127,857

4,365

Sensata

Technologies

Holding

plc

153,735

434

SkyWest,

Inc.

b

39,854

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Shares

Common

Stock  24.2%

Value

Industrials  2.8%

-

continued

634

SPX

Technologies,

Inc.

b

$

126,762

3,619

SS&C

Technologies

Holdings,

Inc.

244,536

3,347

Standex

International

Corporation

853,016

3,297

Stanley

Black

&

Decker,

Inc.

234,285

2,126

Sterling

Construction

Company,

Inc.

b

865,856

807

Tetra

Tech,

Inc.

24,307

140

Textron,

Inc.

12,258

3,527

Timken

Company

354,710

4,669

Toro

Company

436,271

2,095

Trane

Technologies

plc

873,070

9,792

Transcat,

Inc.

b

719,222

1,289

Trex

Company,

Inc.

b

46,945

177,605

Uber

Technologies,

Inc.

b

12,775,128

3,480

UL

Solutions,

Inc.

298,271

1,627

United

Airlines

Holdings,

Inc.

b

149,798

732

United

Rentals,

Inc.

533,306

22,347

Veralto

Corporation

1,975,922

15,883

Verisk

Analytics,

Inc.

3,013,799

4,355

Verra

Mobility

Corporation

b

62,233

6,918

Vertiv

Holdings

Company

1,733,512

1,037

Wabtec

Corporation

259,157

5,585

Waste

Management,

Inc.

1,283,377

158

Watts

Water

Technologies,

Inc.

45,866

3,254

WESCO

International,

Inc.

890,360

6,394

Willdan

Group,

Inc.

b

489,525

386

Woodward,

Inc.

138,157

11,403

Xylem,

Inc.

1,362,659

4,166

Zurn

Elkay

Water

Solutions

Corporation

186,803

Total

234,245,319

Information

Technology  8.3%

8,747

Adobe,

Inc.

b

2,126,221

54,276

Advanced

Micro

Devices,

Inc.

b

11,041,367

1,804

Ambarella,

Inc.

b

92,861

4,856

Amkor

Technology,

Inc.

218,666

84,144

Amphenol

Corporation

10,631,594

13,325

Analog

Devices,

Inc.

4,239,216

427,140

Apple,

Inc.

108,403,861

9,742

Applied

Materials,

Inc.

3,329,718

145,802

Arista

Networks,

Inc.

b

17,901,570

1,593

Arrow

Electronics,

Inc.

b

228,452

4,324

ASGN,

Inc.

b

167,382

230

Astera

Labs,

Inc.

b

25,208

28,633

Autodesk,

Inc.

b

6,854,740

3,523

Avnet,

Inc.

217,087

2,830

Bel

Fuse,

Inc.

560,283

1,292

Blackbaud,

Inc.

b

49,884

178,353

Broadcom,

Inc.

55,202,037

7,333

Cadence

Design

Systems,

Inc.

b

2,037,621

284

Calix,

Inc.

b

13,913

3,168

Celestica,

Inc.

b

892,362

389

Ciena

Corporation

b

151,021

2,315

Cirrus

Logic,

Inc.

b

334,795

12,653

Cisco

Systems,

Inc.

981,746

6,259

Cloudflare,

Inc.

b

1,291,482

27,685

Cognex

Corporation

1,356,288

2,281

Cognizant

Technology

Solutions

Corporation

139,939

5,501

Coherent

Corporation

b

1,310,393

106

Cohu,

Inc.

b

3,246

719

CommVault

Systems,

Inc.

b

56,003

4,324

Corning,

Inc.

587,934

1,981

Crane

NXT

Company

80,409

Shares

Common

Stock  24.2%

Value

Information

Technology  8.3%

-

continued

185

Credo

Technology

Group

Holding,

Ltd.

b

$

17,366

170

CTS

Corporation

8,119

2,383

Datadog,

Inc.

b

281,313

11,350

DigitalOcean

Holdings,

Inc.

b

973,603

1,939

Dolby

Laboratories,

Inc.

116,456

1,221

EPAM

Systems,

Inc.

b

165,323

501

F5,

Inc.

b

144,954

3,470

Fabrinet

b

1,809,674

15,810

Flex,

Ltd.

b

1,034,923

86,142

Fortinet,

Inc.

b

7,039,524

2,890

Gen

Digital,

Inc.

54,419

6,391

GoDaddy,

Inc.

b

528,344

37,185

GPGI,

Inc.

635,864

15,447

Guidewire

Software,

Inc.

b

2,310,253

10,186

Hewlett

Packard

Enterprise

Company

242,529

375

Ichor

Holdings,

Ltd.

b

17,479

2,475

InterDigital,

Inc.

747,450

42,811

International

Business

Machines

Corporation

10,376,958

18,708

Intuit,

Inc.

8,088,965

73,462

JFrog,

Ltd.

b

3,447,572

17,699

Keysight

Technologies,

Inc.

b

4,997,667

4,386

Knowles

Corporation

b

112,633

2,031

Kulicke

and

Soffa

Industries,

Inc.

133,477

131,496

Lam

Research

Corporation

28,095,435

24,517

Lattice

Semiconductor

Corporation

b

2,274,197

954

Littelfuse,

Inc.

323,740

1,239

Lumentum

Holdings,

Inc.

b

870,720

899

MACOM

Technology

Solutions

Holdings,

Inc.

b

199,641

387

Manhattan

Associates,

Inc.

b

51,517

4,225

Microchip

Technology,

Inc.

272,977

23,886

Micron

Technology,

Inc.

8,069,646

256,770

Microsoft

Corporation

95,048,551

6,201

MKS,

Inc.

1,425,052

253

MongoDB,

Inc.

b

61,927

2,724

Monolithic

Power

Systems,

Inc.

2,978,285

9,934

Motorola

Solutions,

Inc.

4,311,058

9,502

Napco

Security

Technologies,

Inc.

374,284

9,225

NetApp,

Inc.

944,548

52,840

Nokia

Oyj

ADR

424,834

4,204

Novanta,

Inc.

b

496,534

890,542

NVIDIA

Corporation

155,310,525

5,301

NXP

Semiconductors

NV

1,043,555

2,765

ON

Semiconductor

Corporation

b

171,209

5,664

Onto

Innovation,

Inc.

b

1,161,517

54,528

Oracle

Corporation

8,021,614

159,486

Palantir

Technologies,

Inc.

b

23,329,612

3,376

Pegasystems,

Inc.

143,683

598

Plexus

Corporation

b

121,119

3,512

PTC,

Inc.

b

500,425

450

Q2

Holdings,

Inc.

b

21,285

1,209

Qnity

Electronics,

Inc.

139,494

13,060

Qualcomm,

Inc.

1,681,867

15,765

Rambus,

Inc.

b

1,356,263

362

Roper

Industries,

Inc.

128,097

9,102

Salesforce,

Inc.

1,699,070

10,913

Samsung

Electronics

Company,

Ltd.

1,276,400

618

SanDisk

Corporation/DE

b

392,640

192

Sanmina

Corporation

b

24,891

125,925

ServiceNow,

Inc.

b

13,165,459

627

ServiceTitan,

Inc.

b

39,789

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Shares

Common

Stock  24.2%

Value

Information

Technology  8.3%

-

continued

98,450

Shopify,

Inc.

b

$

11,678,139

6,686

Silicon

Laboratories,

Inc.

b

1,391,691

2,191

SiTime

Corporation

b

756,662

5,711

Skyworks

Solutions,

Inc.

305,824

6,205

Snowflake,

Inc.

b

935,838

5,069

Sprout

Social,

Inc.

b

28,893

2,498

Synopsys,

Inc.

b

990,407

49,767

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

16,818,758

6,508

TD

SYNNEX

Corporation

1,097,965

20,026

TE

Connectivity

plc

4,185,835

457

Teledyne

Technologies,

Inc.

b

276,490

1,939

Tenable

Holdings,

Inc.

b

32,798

11,287

Teradyne,

Inc.

3,346,144

39,585

Texas

Instruments,

Inc.

7,685,032

7,189

Trimble,

Inc.

b

468,938

6,224

TTM

Technologies,

Inc.

b

606,342

2,419

Tyler

Technologies,

Inc.

b

828,217

4,773

Unity

Software,

Inc.

b

104,720

1,488

Varonis

Systems,

Inc.

b

31,947

8,720

VeriSign,

Inc.

2,165,699

7,893

Viavi

Solutions,

Inc.

b

262,679

46,155

Vontier

Corporation

1,637,118

2,366

Western

Digital

Corporation

639,979

193

Workday,

Inc.

b

25,075

3,087

Zebra

Technologies

Corporation

b

645,430

1,575

Zoom

Communications,

Inc.

b

126,614

856

Zscaler,

Inc.

b

120,088

Total

686,956,946

Materials  0.4%

176

Air

Products

and

Chemicals,

Inc.

51,126

1,769

Albemarle

Corporation

317,589

9,297

Alcoa

Corporation

616,670

5,655

Amcor

plc

224,786

4,655

American

Vanguard

Corporation

b

11,591

1,162

AngloGold

Ashanti

plc

113,132

3,306

AptarGroup,

Inc.

416,622

2,184

Ashland,

Inc.

121,452

1,942

Avery

Dennison

Corporation

335,345

5,295

Avient

Corporation

192,209

5,927

Balchem

Corporation

1,004,508

4,212

Ball

Corporation

248,971

6,743

Celanese

Corporation

443,487

11,939

CF

Industries

Holdings,

Inc.

1,550,160

9,461

Coeur

Mining,

Inc.

b

177,583

2,443

Commercial

Metals

Company

150,074

22,677

Constellium

SE

b

557,401

4,115

Corteva,

Inc.

344,467

6,665

Crown

Holdings,

Inc.

668,166

26,271

DuPont

de

Nemours,

Inc.

1,203,212

4,206

Eastman

Chemical

Company

321,002

21,456

Ecolab,

Inc.

5,707,725

40,144

Element

Solutions,

Inc.

1,370,516

36,992

Freeport-McMoRan,

Inc.

2,174,390

2,857

Greif,

Inc.

191,619

5,646

Hecla

Mining

Company

105,185

17,082

Huntsman

Corporation

227,361

1,855

Ingevity

Corporation

b

132,132

739

International

Flavors

&

Fragrances,

Inc.

53,614

5,681

International

Paper

Company

202,812

2,412

Intrepid

Potash,

Inc.

b

103,161

49,946

Ivanhoe

Mines,

Ltd.

b

426,898

Shares

Common

Stock  24.2%

Value

Materials  0.4%

-

continued

1,259

Kaiser

Aluminum

Corporation

$

151,722

10,974

Linde

plc

5,440,470

6,957

Louisiana-Pacific

Corporation

506,122

1,791

Martin

Marietta

Materials,

Inc.

1,054,326

1,698

Minerals

Technologies,

Inc.

120,422

13,738

Mosaic

Company

350,319

145

NewMarket

Corporation

92,938

29,219

Newmont

Corporation

3,162,957

4,280

Nucor

Corporation

723,748

2,803

O-I

Glass,

Inc.

b

29,460

14,015

Orion

SA

91,098

1,134

Packaging

Corporation

of

America

240,657

2,098

PPG

Industries,

Inc.

224,234

149

Reliance,

Inc.

45,284

1,390

Royal

Gold,

Inc.

353,741

604

Scotts

Miracle-Gro

Company

36,729

1,859

Sensient

Technologies

Corporation

160,692

3,017

Smurfit

WestRock

plc

120,227

4,757

Solstice

Advanced

Materials,

Inc.

362,293

2,582

Sonoco

Products

Company

139,660

3,124

Steel

Dynamics,

Inc.

562,320

1,007

Stepan

Company

50,330

Total

33,784,715

Real

Estate  0.4%

2,186

Agree

Realty

Corporation

164,781

3,886

Alpine

Income

Property

Trust,

Inc.

69,948

5,713

Americold

Realty

Trust,

Inc.

65,471

876

AvalonBay

Communities,

Inc.

143,095

14,039

Brixmor

Property

Group,

Inc.

404,323

1,495

Broadstone

Net

Lease,

Inc.

27,314

2,581

CareTrust

REIT,

Inc.

94,594

11,837

CBRE

Group,

Inc.

b

1,603,440

6,932

Compass,

Inc.

b

50,673

1,745

CoStar

Group,

Inc.

b

70,393

17,671

Cousins

Properties,

Inc.

398,834

7,765

Crown

Castle,

Inc.

631,372

5,795

Curbline

Properties

Corporation

149,453

2,128

Cushman

&

Wakefield,

Ltd.

b

26,089

2,470

Digital

Realty

Trust,

Inc.

445,119

14,522

Easterly

Government

Properties,

Inc.

311,206

24,748

EPR

Properties

1,236,410

1,771

Equity

Lifestyle

Properties,

Inc.

110,546

160,176

Essential

Properties

Realty

Trust,

Inc.

4,862,943

248

Essex

Property

Trust,

Inc.

60,016

1,770

Extra

Space

Storage,

Inc.

232,100

997

Federal

Realty

Investment

Trust

105,891

9,178

Fermi,

Inc.

a,b

53,599

9,616

First

Industrial

Realty

Trust,

Inc.

556,286

1,031

FrontView

REIT,

Inc.

15,950

6,841

Getty

Realty

Corporation

217,544

22,779

Healthcare

Realty

Trust,

Inc.

387,015

115,972

Host

Hotels

&

Resorts,

Inc.

2,222,023

684

Howard

Hughes

Holdings,

Inc.

b

43,270

7,234

Independence

Realty

Trust,

Inc.

107,714

53,907

Industrial

Logistics

Properties

Trust

306,192

22,160

Innovative

Industrial

Properties,

Inc.

1,111,546

12,056

InvenTrust

Properties

Corporation

367,226

3,535

Iron

Mountain,

Inc.

361,065

1,057

Jones

Lang

LaSalle,

Inc.

b

321,666

2,857

Kimco

Realty

Corporation

64,197

183

Lamar

Advertising

Company

23,179

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Shares

Common

Stock  24.2%

Value

Real

Estate  0.4%

-

continued

5,612

Macerich

Company

$

106,067

51,909

Medical

Properties

Trust,

Inc.

240,339

110,216

Millrose

Properties,

Inc.

3,086,048

345

National

Health

Investors,

Inc.

27,897

5,517

NET

Lease

Office

Properties

63,556

8,983

NetSTREIT

Corporation

169,150

1,428

NNN

REIT,

Inc.

60,019

615

Omega

Healthcare

Investors,

Inc.

26,949

27,407

Outfront

Media,

Inc.

726,285

18,646

Park

Hotels

&

Resorts,

Inc.

196,342

5,788

Piedmont

Realty

Trust,

Inc.

b

38,027

2,748

Postal

Realty

Trust,

Inc.

51,003

566

Realty

Income

Corporation

34,628

1,101

Regency

Centers

Corporation

83,302

19,025

RLJ

Lodging

Trust

141,165

539

Ryman

Hospitality

Properties

49,733

69,716

Sabra

Health

Care

REIT,

Inc.

1,340,639

26,713

Safehold,

Inc.

361,427

1,148

SBA

Communications

Corporation

197,582

66,518

Sila

Realty

Trust,

Inc.

1,575,146

169

Simon

Property

Group,

Inc.

31,524

7,795

STAG

Industrial,

Inc.

281,088

138,865

Tanger,

Inc.

4,718,633

15,886

Terreno

Realty

Corporation

975,718

1,859

Ventas,

Inc.

152,029

7,888

Xenia

Hotels

&

Resorts,

Inc.

116,979

5,200

Zillow

Group,

Inc.,

Class

C

b

215,176

Total

32,488,934

Utilities  0.5%

3,647

Alliant

Energy

Corporation

261,709

3,802

American

States

Water

Company

287,507

1,158

American

Water

Works

Company,

Inc.

157,592

2,307

Artesian

Resources

Corporation

73,478

10,881

Avista

Corporation

436,763

3,895

Black

Hills

Corporation

270,352

3,514

California

Water

Service

Group

159,325

6,262

CenterPoint

Energy,

Inc.

270,268

8,964

Clearway

Energy,

Inc.,

Class

A

351,120

11,034

Clearway

Energy,

Inc.,

Class

C

433,526

749

Consolidated

Edison,

Inc.

84,772

38,689

Constellation

Energy

Corporation

10,803,903

308

DTE

Energy

Company

45,036

6,039

Duke

Energy

Corporation

790,747

107,143

Edison

International

7,840,725

8,177

Entergy

Corporation

918,768

4,595

Evergy,

Inc.

376,422

11,901

Eversource

Energy

824,501

6,524

Exelon

Corporation

319,806

3,237

FirstEnergy

Corporation

163,986

4,577

H2O

America

a

268,533

1,343

Middlesex

Water

Company

69,903

1,067

National

Fuel

Gas

Company

100,255

9,964

New

Jersey

Resources

Corporation

547,223

5,698

NiSource,

Inc.

265,869

251

Northwestern

Energy

Group,

Inc.

16,551

1,147

OGE

Energy

Corporation

55,010

2,322

Otter

Tail

Corporation

203,802

127,293

PG&E

Corporation

2,236,538

1,489

Pinnacle

West

Capital

Corporation

150,017

94,417

Portland

General

Electric

Company

4,982,385

1,466

Spire,

Inc.

132,732

Shares

Common

Stock  24.2%

Value

Utilities  0.5%

-

continued

179,821

UGI

Corporation

$

6,549,081

3,781

Unitil

Corporation

197,519

11,236

Vistra

Energy

Corporation

1,689,108

8,253

XPLR

Infrastructure,

LP

b

87,647

305

York

Water

Company

9,287

Total

42,431,766

Total

Common

Stock

(cost

$1,320,164,744)

2,008,557,645

Principal

Amount

Long-Term

Fixed

Income

19.6%

Value

Asset-Backed

Securities  0.4%

522

Funding

CLO,

Ltd.

$

1,925,000

5.410%, 

(TSFR3M

+

1.750%),

4/15/2035,

Ser.

2019-5A,

Class

CR2

c,d

1,909,019

Access

Group,

Inc.

50,454

4.276%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

50,304

ALLO

Issuer,

LLC

2,600,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

c

2,609,165

Balboa

Bay

Loan

Funding,

Ltd.

2,000,000

5.618%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

c,d

1,987,148

1,750,000

5.918%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

c,d

1,745,021

Barings

CLO,

Ltd.

2,150,000

5.568%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

c,d

2,135,640

Battalion

CLO

XIV,

Ltd.

1,300,000

5.668%, 

(TSFR3M

+

2.000%),

1/20/2035,

Ser.

2019-14A,

Class

CR2

c,d

1,291,438

CarVal

CLO

I,

Ltd.

1,700,000

5.521%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

1,701,102

CMFT

Net

Lease

Master

Issuer,

LLC

1,699,926

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

1,583,563

Commonbond

Student

Loan

Trust

60,344

4.293%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

59,810

Foundation

Finance

Trust

522,852

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

498,779

Hertz

Vehicle

Financing

III,

LLC

1,350,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

c

1,357,367

Hotwire

Funding,

LLC

2,200,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

2,225,810

Laurel

Road

Prime

Student

Loan

Trust

681,946

6.000%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

652,607

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Asset-Backed

Securities  0.4%

-

continued

LCM

41,

Ltd.

$

1,000,000

5.672%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

c,d

$

990,980

Lightpath

Fiber

Issuer,

LLC

2,250,000

5.597%, 

3/25/2056,

Ser.

2026-1A,

Class

A2

c

2,243,763

National

Collegiate

Trust

357,265

4.083%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

350,277

Oak

Street

Investment

1,770,386

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

c

1,611,561

Palmer

Square

Loan

Funding,

Ltd.

1,300,000

5.253%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

c,d

1,289,198

RR

28,

Ltd.

2,825,000

5.331%, 

(TSFR3M

+

1.650%),

4/15/2041,

Ser.

2024-28RA,

Class

A2R2

c,d

2,824,929

Sunnova

Hestia

II

Issuer,

LLC

1,961,791

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,e

1,900,652

Trinitas

CLO,

Ltd.

2,875,000

5.374%, 

(TSFR3M

+

1.700%),

4/25/2039,

Ser.

2024-28A,

Class

BR

c,d,f

2,875,000

Total

33,893,133

Basic

Materials  0.2%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

278,000

8.625%, 

6/15/2029

c

288,775

Alumina,

Pty.

Ltd.

300,000

6.125%, 

3/15/2030

c

306,119

Anglo

American

Capital

plc

600,000

5.250%, 

3/19/2036

c

586,669

Avient

Corporation

166,000

6.250%, 

11/1/2031

c

167,159

Axalta

Coating

Systems

Dutch

Holding

B

BV

230,000

7.250%, 

2/15/2031

c

240,515

Carpenter

Technology

Corporation

133,000

5.625%, 

3/1/2034

c

131,775

Cascades,

Inc./Cascades

USA,

Inc.

308,000

6.750%, 

7/15/2030

c

310,695

Celanese

US

Holdings,

LLC

145,000

6.850%, 

11/15/2028

150,793

131,000

6.500%, 

4/15/2030

133,685

159,000

6.629%, 

7/15/2032

165,957

218,000

6.750%, 

4/15/2033

a

223,660

Cerdia

Finanz

GmbH

323,000

9.375%, 

10/3/2031

c

319,941

Chemours

Company

560,000

4.625%, 

11/15/2029

c

525,143

184,000

7.875%, 

3/15/2034

c

183,947

Cleveland-Cliffs,

Inc.

290,000

4.625%, 

3/1/2029

c

276,723

219,000

6.875%, 

11/1/2029

c

218,980

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Basic

Materials  0.2%

-

continued

$

350,000

4.875%, 

3/1/2031

c

$

314,357

129,000

7.375%, 

5/1/2033

c

126,197

162,000

6.250%, 

10/1/2040

127,880

Commercial

Metals

Company

182,000

6.000%, 

12/15/2035

c

179,424

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

329,000

6.125%, 

6/15/2028

c

327,795

Eastman

Chemical

Company

551,000

4.500%, 

2/20/2031

538,751

First

Quantum

Minerals,

Ltd.

262,000

8.625%, 

6/1/2031

c

271,653

182,000

7.250%, 

2/15/2034

c

185,283

FMC

Corporation

192,000

4.500%, 

10/1/2049

118,813

Fortescue

Treasury,

Pty.

Ltd.

101,000

4.500%, 

9/15/2027

c

100,013

81,000

5.875%, 

4/15/2030

c

81,972

168,000

6.125%, 

4/15/2032

c

171,667

Hecla

Mining

Company

122,000

7.250%, 

2/15/2028

121,911

INEOS

Finance

plc

488,000

7.500%, 

4/15/2029

a,c

473,413

Magnera

Corporation

244,000

7.250%, 

11/15/2031

c

225,846

Methanex

Corporation

160,000

5.250%, 

12/15/2029

a

158,404

96,000

5.650%, 

12/1/2044

85,677

Methanex

US

Operations,

Inc.

173,000

6.250%, 

3/15/2032

c

176,990

Mineral

Resources,

Ltd.

264,000

9.250%, 

10/1/2028

c

273,536

114,000

8.500%, 

5/1/2030

c

117,169

162,000

7.000%, 

4/1/2031

c

165,551

Mosaic

Company

752,000

4.600%, 

11/15/2030

746,359

Novelis

Corporation

171,000

4.750%, 

1/30/2030

c

161,779

200,000

3.875%, 

8/15/2031

c

178,130

Olin

Corporation

183,000

6.625%, 

4/1/2033

c

179,015

Olympus

Water

US

Holding

Corporation

170,000

7.250%, 

2/15/2033

c

162,197

Qnity

Electronics,

Inc.

442,000

5.750%, 

8/15/2032

c

442,526

Smurfit

Kappa

Treasury,

ULC

627,000

5.777%, 

4/3/2054

605,472

SNF

Group

SACA

508,000

3.375%, 

3/15/2030

c

469,825

350,000

5.626%, 

3/31/2031

c

354,130

Solstice

Advanced

Materials,

Inc.

177,000

5.625%, 

9/30/2033

c

174,530

SunCoke

Energy,

Inc.

261,000

4.875%, 

6/30/2029

c

235,517

Taseko

Mines,

Ltd.

332,000

8.250%, 

5/1/2030

c

346,130

WR

Grace

Holdings,

LLC

262,000

6.625%, 

8/15/2032

c

255,281

Total

12,883,729

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Capital

Goods  0.3%

Advanced

Drainage

Systems,

Inc.

$

333,000

6.375%, 

6/15/2030

c

$

335,893

AECOM

352,000

6.000%, 

8/1/2033

c

351,613

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

175,000

7.000%, 

5/21/2030

c

178,857

Amphenol

Corporation

679,000

5.300%, 

11/15/2055

637,655

Amrize

Finance

US,

LLC

384,000

5.400%, 

4/7/2035

390,485

Amsted

Industries,

Inc.

373,000

6.375%, 

3/15/2033

c

374,846

Ardagh

Metal

Packaging

Finance

USA,

LLC/Ardagh

Metal

Packaging

Finance

plc

111,000

6.250%, 

1/30/2031

c

110,047

ATI,

Inc.

265,000

7.250%, 

8/15/2030

274,797

Axon

Enterprise,

Inc.

161,000

6.125%, 

3/15/2030

c

163,664

161,000

6.250%, 

3/15/2033

c

164,340

BAE

Systems

plc

250,000

5.500%, 

3/26/2054

c

246,702

300,000

5.250%, 

3/26/2031

c

307,864

Ball

Corporation

201,000

3.125%, 

9/15/2031

181,017

Boeing

Company

438,000

5.040%, 

5/1/2027

440,466

444,000

6.388%, 

5/1/2031

473,456

387,000

3.300%, 

3/1/2035

331,292

733,000

5.705%, 

5/1/2040

734,152

Bombardier,

Inc.

159,000

7.250%, 

7/1/2031

c

166,619

465,000

7.000%, 

6/1/2032

c

482,597

89,000

6.750%, 

6/15/2033

c

91,911

180,000

7.450%, 

5/1/2034

c

194,430

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

372,000

7.500%, 

2/1/2032

c

375,890

Builders

FirstSource,

Inc.

330,000

5.000%, 

3/1/2030

c

321,404

92,000

4.250%, 

2/1/2032

c

84,708

81,000

6.375%, 

3/1/2034

c

79,965

175,000

6.750%, 

5/15/2035

c

174,832

Canpack

SA/Canpack

US,

LLC

408,000

3.875%, 

11/15/2029

c

381,801

Chart

Industries,

Inc.

192,000

7.500%, 

1/1/2030

c

199,470

Clean

Harbors,

Inc.

159,000

6.375%, 

2/1/2031

c

161,477

Clydesdale

Acquisition

Holdings,

Inc.

68,000

6.625%, 

4/15/2029

c

66,780

125,000

6.875%, 

1/15/2030

c

121,497

79,000

8.750%, 

4/15/2030

c

73,713

174,000

6.750%, 

4/15/2032

c

164,629

Columbus

McKinnon

Corporation/

NY

367,000

7.125%, 

2/1/2033

c

366,831

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

510,000

6.625%, 

12/15/2030

c

518,700

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Capital

Goods  0.3%

-

continued

EquipmentShare.com,

Inc.

$

254,000

9.000%, 

5/15/2028

c

$

262,365

180,000

8.625%, 

5/15/2032

c

187,877

ESAB

Corporation

132,000

6.250%, 

4/15/2029

c

133,967

106,000

5.625%, 

4/1/2031

c

106,743

GE

Vernova,

Inc.

105,000

5.500%, 

2/4/2056

101,010

GFL

Environmental

Holdings

US,

Inc.

365,000

5.500%, 

2/1/2034

c

357,991

GFL

Environmental,

Inc.

415,000

4.000%, 

8/1/2028

c

403,430

Herc

Holdings,

Inc.

265,000

6.625%, 

6/15/2029

c

269,353

222,000

7.000%, 

6/15/2030

c

227,632

45,000

5.750%, 

3/15/2031

c

44,319

237,000

7.250%, 

6/15/2033

a,c

242,864

45,000

6.000%, 

3/15/2034

c

43,504

Honeywell

Aerospace,

Inc.

545,000

4.600%, 

3/16/2033

c

538,748

428,000

5.622%, 

3/16/2046

c

421,781

Howmet

Aerospace,

Inc.

151,000

4.550%, 

11/15/2032

149,044

398,000

4.750%, 

4/15/2036

386,919

Installed

Building

Products,

Inc.

72,000

5.625%, 

2/1/2034

c

70,257

John

Deere

Capital

Corporation

1,059,000

4.200%, 

3/10/2031

1,048,952

Lockheed

Martin

Corporation

374,000

6.150%, 

9/1/2036

409,434

Martin

Marietta

Materials,

Inc.

326,000

5.150%, 

12/1/2034

326,117

Mauser

Packaging

Solutions

Holding

Company

110,000

7.875%, 

4/15/2030

c

110,000

Mueller

Water

Products,

Inc.

286,000

4.000%, 

6/15/2029

c

275,531

Nesco

Holdings

II,

Inc.

136,000

5.500%, 

4/15/2029

c

133,005

New

Enterprise

Stone

and

Lime

Company,

Inc.

387,000

5.250%, 

7/15/2028

c

381,270

Northrop

Grumman

Corporation

1,225,000

3.850%, 

4/15/2045

962,253

OI

European

Group

BV

352,000

4.750%, 

2/15/2030

c

328,480

Owens-Brockway

Glass

Container,

Inc.

272,000

6.625%, 

5/13/2027

c

272,563

133,000

7.375%, 

6/1/2032

a,c

125,881

Quikrete

Holdings,

Inc.

652,000

6.375%, 

3/1/2032

c

661,130

QXO

Building

Products,

Inc.

263,000

6.750%, 

4/30/2032

c

268,258

Resideo

Funding,

Inc.

340,000

6.500%, 

7/15/2032

c

334,994

Reworld

Holding

Corporation

276,000

4.875%, 

12/1/2029

c

258,739

Roller

Bearing

Company

of

America,

Inc.

161,000

4.375%, 

10/15/2029

c

156,425

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Capital

Goods  0.3%

-

continued

RTX

Corporation

$

201,000

6.400%, 

3/15/2054

$

216,741

859,000

4.500%, 

6/1/2042

762,277

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

260,000

6.125%, 

2/1/2028

c

263,258

Smyrna

Ready

Mix

Concrete,

LLC

556,000

8.875%, 

11/15/2031

c

573,347

Spirit

AeroSystems,

Inc.

980,000

4.600%, 

6/15/2028

980,268

SRM

Escrow

Issuer,

LLC

130,000

6.000%, 

11/1/2028

c

129,020

Standard

Building

Solutions,

Inc.

185,000

6.500%, 

8/15/2032

c

185,096

396,000

6.250%, 

8/1/2033

c

391,547

176,000

5.875%, 

3/15/2034

c

169,697

Standard

Industries,

Inc./NY

162,000

4.750%, 

1/15/2028

c

160,134

162,000

3.375%, 

1/15/2031

c

145,211

Synergy

Infrastructure

Holdings,

LLC

133,000

7.875%, 

12/1/2030

c

135,570

TopBuild

Corporation

114,000

4.125%, 

2/15/2032

c

105,060

Trane

Technologies

Financing,

Ltd.

401,000

5.100%, 

6/13/2034

406,358

TransDigm,

Inc.

395,000

6.750%, 

8/15/2028

c

399,795

569,000

7.125%, 

12/1/2031

c

587,297

463,000

6.625%, 

3/1/2032

c

472,200

424,000

6.000%, 

1/15/2033

c

423,762

44,000

6.250%, 

1/31/2034

a,c

44,485

270,000

6.750%, 

1/31/2034

c

273,538

93,000

6.125%, 

7/31/2034

c

91,469

United

Rentals

North

America,

Inc.

386,000

4.875%, 

1/15/2028

384,324

430,000

4.000%, 

7/15/2030

408,444

267,000

5.375%, 

11/15/2033

c

259,625

Waste

Connections,

Inc.

331,000

4.800%, 

7/15/2036

324,298

Waste

Pro

USA,

Inc.

156,000

7.000%, 

2/1/2033

c

157,755

WESCO

Distribution,

Inc.

166,000

6.375%, 

3/15/2029

c

168,973

45,000

5.250%, 

4/15/2031

c

44,731

116,000

6.625%, 

3/15/2032

c

118,730

215,000

6.375%, 

3/15/2033

c

219,034

93,000

5.500%, 

4/15/2034

c

91,591

Total

28,818,871

Collateralized

Mortgage

Obligations  1.6%

A&D

Mortgage

Trust

1,167,714

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,g

1,176,438

Alternative

Loan

Trust

487,130

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

242,975

Arroyo

Mortgage

Trust

3,000,000

4.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

c

2,849,212

BINOM

Securitization

Trust

816,466

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

756,102

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Collateralized

Mortgage

Obligations  1.6%

-

continued

CFST

Mortgage

Trust

$

850,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

c,g

$

856,501

Chase

Home

Lending

Mortgage

Trust

1,775,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

c,d

1,775,537

CHNGE

Mortgage

Trust

680,328

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,g

680,344

Citicorp

Mortgage

Securities,

Inc.

1,238,459

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,133,891

COLT

Mortgage

Loan

Trust

1,636,631

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

1,485,572

Countrywide

Alternative

Loan

Trust

649,176

4.130%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

564,995

1,610,948

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

503,353

Cross

Mortgage

Trust

2,135,384

5.087%, 

3/25/2061,

Ser.

2026-NQM2,

Class

A2

c,g

2,114,948

CSMC

Trust

1,061,934

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

920,869

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

2,399,373

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

2,371,315

2,000,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

1,956,989

3,250,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

3,233,827

1,650,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

1,636,619

2,342,052

7.662%, 

(SOFR30A

+

4.000%),

4/25/2026,

Ser.

5567,

Class

MB

d

2,408,352

3,300,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

3,230,867

4,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

4,239,495

4,897,751

2.000%, 

12/25/2050,

Ser.

5051,

Class

WI

h

642,838

552,121

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

31,631

1,179,873

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

85,934

2,186,618

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

2,190,725

3,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,508,103

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,975,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

e

1,701,757

Federal

National

Mortgage

Association

-

REMIC

2,750,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

2,705,237

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Collateralized

Mortgage

Obligations  1.6%

-

continued

$

1,950,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

$

1,901,203

2,131,871

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

1,811,183

3,458,690

2.000%, 

12/25/2050,

Ser.

2020-89,

Class

IM

h

459,736

455,593

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

6,221

Flagstar

Mortgage

Trust

1,110,013

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

1,005,674

GCAT

Trust

1,373,255

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

1,258,263

2,234,594

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

2,258,337

GS

Mortgage-Backed

Securities

Trust

2,297,462

4.978%, 

5/25/2066,

Ser.

2026-DSC1,

Class

A2

c,g

2,276,264

2,388,340

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

2,072,606

3,325,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

c,d

3,305,483

HOMES

Trust

1,825,000

6.949%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

1,816,753

HTAP

Issuer

Trust

1,560,068

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

1,547,681

2,740,703

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

2,729,866

J.P.

Morgan

Mortgage

Trust

2,447,310

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

2,036,012

1,600,000

5.500%, 

3/25/2056,

Ser.

2025-9,

Class

A8

c,d

1,589,092

1,550,397

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

1,333,951

1,198,668

5.055%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1D

c,g

1,186,940

1,365,000

5.000%, 

7/25/2056,

Ser.

2026-1,

Class

A5A

c,d

1,316,700

Mello

Mortgage

Capital

Acceptance

2,399,823

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

1,996,447

Merrill

Lynch

Alternative

Note

Asset

Trust

337,679

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

101,510

MFA

Trust

1,365,902

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c,g

1,367,586

Morgan

Stanley

Residential

Mortgage

Loan

Trust

1,100,000

7.335%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

1,105,214

New

Residential

Mortgage

Loan

Trust

5,206,774

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

4,331,588

1,101,177

5.078%, 

11/25/2065,

Ser.

2026-NQM1,

Class

A2

c,g

1,089,442

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Collateralized

Mortgage

Obligations  1.6%

-

continued

OBX

Trust

$

1,550,000

4.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

$

1,469,465

Palisades

Mortgage

Loan

Trust

380,977

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

380,719

PMT

Loan

Trust

3,050,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

c,d

3,074,568

3,225,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

c,d

3,199,938

Point

Securitization

Trust

2,324,520

5.750%, 

9/25/2055,

Ser.

2025-2,

Class

A1

c

2,290,500

PRET

Trust

1,405,860

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

c,g

1,363,768

PRET,

LLC

1,876,155

5.151%, 

2/25/2056,

Ser.

2026-NPL2,

Class

A1

c,g

1,861,390

1,143,753

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

c,g

1,144,827

Provident

Funding

Mortgage

Trust

1,750,000

5.000%, 

12/25/2055,

Ser.

2025-6,

Class

A10

c,d

1,672,517

PRPM,

LLC

1,600,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,g

1,545,981

1,317,169

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

c,g

1,313,457

1,801,081

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

c,g

1,797,328

RCO

IX

Mortgage,

LLC

1,724,448

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

c,g

1,726,763

Renaissance

Home

Equity

Loan

Trust

3,418,209

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

g

1,023,147

Residential

Accredit

Loans,

Inc.

Trust

524,162

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

465,806

Saluda

Grade

Alternative

Mortgage

Trust

2,500,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,g

2,497,062

2,000,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,g

2,013,228

Santander

Mortgage

Asset

Receivable

Trust

1,912,357

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

c,d

1,905,861

Saxon

Asset

Securities

Trust

1,204,048

2.687%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

1,107,247

Sequoia

Mortgage

Trust

1,650,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

c,d

1,627,154

2,500,000

5.000%, 

12/25/2055,

Ser.

2025-12,

Class

A8

c,d

2,381,154

482,898

3.538%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

315,040

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Collateralized

Mortgage

Obligations  1.6%

-

continued

SG

Residential

Mortgage

Trust

$

2,510,661

4.985%, 

1/25/2066,

Ser.

2026-1,

Class

A2

c,g

$

2,487,110

Toorak

Mortgage

Trust

1,500,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

c,g

1,505,285

TRK

Trust

1,347,680

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

1,223,857

Unlock

HEA

Trust

1,405,849

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

1,401,054

1,769,066

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

1,764,302

Verus

Securitization

Trust

806,375

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

719,282

VOLT

CVI,

LLC

1,085,763

9.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c

1,086,786

Vontive

Mortgage

Trust

1,200,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

c,g

1,213,895

Total

131,486,669

Commercial

Mortgage-Backed

Securities  0.4%

AMSR

Trust

1,400,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

1,317,866

BANK

39,497,801

0.412%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,h

822,249

12,553,528

0.624%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

d,h

576,738

BANK5

1,950,000

5.844%, 

4/15/2059,

Ser.

2026-5YR21,

Class

AS

f

2,009,653

BBCMS

Mortgage

Trust

17,840,054

1.149%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,h

1,063,435

9,319,871

0.921%, 

12/15/2058,

Ser.

2025-C39,

Class

XA

d,h

638,742

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

16,537,245

5.000%, 

5/25/2034,

Ser.

K-164,

Class

A2

e

17,028,666

6,400,000

4.600%, 

9/25/2035,

Ser.

K-173,

Class

A2

d,e

6,389,209

Home

Partners

of

America

Trust

2,472,195

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

2,244,611

Total

32,091,169

Communications

Services  0.5%

AMC

Networks,

Inc.

423,000

10.500%, 

7/15/2032

c

417,469

American

Tower

Corporation

506,000

5.800%, 

11/15/2028

521,817

440,000

5.000%, 

1/31/2030

445,129

412,000

5.650%, 

3/15/2033

425,513

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Communications

Services  0.5%

-

continued

AppLovin

Corporation

$

989,000

5.375%, 

12/1/2031

$

998,704

AT&T,

Inc.

630,000

5.700%, 

3/1/2057

594,365

1,282,000

3.500%, 

9/15/2053

840,654

600,000

4.750%, 

4/30/2033

594,316

1,265,000

4.900%, 

8/15/2037

1,214,988

Cable

One,

Inc.

107,000

4.000%, 

11/15/2030

a,c

74,490

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

230,000

5.125%, 

5/1/2027

c

229,740

74,000

5.000%, 

2/1/2028

c

73,392

329,000

6.375%, 

9/1/2029

c

330,010

750,000

4.750%, 

3/1/2030

c

711,656

271,000

4.250%, 

2/1/2031

c

247,004

519,000

4.750%, 

2/1/2032

c

469,263

205,000

7.000%, 

2/1/2033

c

205,565

168,000

4.500%, 

6/1/2033

a,c

146,265

390,000

4.250%, 

1/15/2034

a,c

333,643

273,000

7.375%, 

2/1/2036

c

271,866

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

514,000

5.850%, 

12/1/2035

505,564

1,400,000

3.500%, 

6/1/2041

981,734

Clear

Channel

Outdoor

Holdings,

Inc.

243,000

7.875%, 

4/1/2030

c

254,300

Comcast

Corporation

923,000

5.350%, 

5/15/2053

816,080

1,090,000

4.750%, 

3/1/2044

928,703

Crown

Castle,

Inc.

642,000

4.900%, 

9/1/2029

645,566

Deluxe

Corporation

387,000

8.125%, 

9/15/2029

c

401,739

Deutsche

Telekom

International

Finance

BV

1,535,000

8.750%, 

6/15/2030

1,762,900

DIRECTV

Financing,

LLC

87,000

8.875%, 

2/1/2030

c

86,595

266,000

8.875%, 

2/1/2030

c

265,408

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

457,000

5.875%, 

8/15/2027

c

456,518

288,000

10.000%, 

2/15/2031

c

293,999

Discovery

Global

Holdings,

Inc.

177,000

5.141%, 

3/15/2052

107,528

756,000

4.054%, 

3/15/2029

731,430

314,000

4.279%, 

3/15/2032

277,890

665,000

5.050%, 

3/15/2042

438,106

FiberCop

SPA

563,000

6.000%, 

9/30/2034

c

535,574

Getty

Images,

Inc.

376,000

10.500%, 

11/15/2030

c

337,204

Gray

Media,

Inc.

167,000

7.250%, 

8/15/2033

c

168,281

Iliad

Holding

SAS

233,000

8.500%, 

4/15/2031

c

243,791

86,000

7.000%, 

4/15/2032

c

86,103

Level

3

Financing,

Inc.

87,000

3.625%, 

1/15/2029

c

81,563

396,000

6.875%, 

6/30/2033

c

403,255

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Communications

Services  0.5%

-

continued

$

397,000

7.000%, 

3/31/2034

c

$

406,364

273,000

8.500%, 

1/15/2036

c

284,851

McGraw-Hill

Education,

Inc.

488,000

5.750%, 

8/1/2028

c

482,538

93,000

8.000%, 

8/1/2029

c

92,862

Meta

Platforms,

Inc.

462,000

5.600%, 

5/15/2053

431,052

905,000

5.400%, 

8/15/2054

819,710

573,000

5.500%, 

11/15/2045

542,239

Nexstar

Media,

Inc.

258,000

4.750%, 

11/1/2028

c

253,681

532,000

6.500%, 

9/15/2033

c

536,053

412,000

7.250%, 

4/15/2034

c,f

413,226

Oak-Eagle

Acquireco,

Inc.

87,000

7.250%, 

7/1/2033

c,f

90,140

217,000

8.750%, 

7/1/2034

c,f

227,175

Orange

SA

1,075,000

4.250%, 

1/13/2031

c

1,054,501

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

294,000

4.625%, 

3/15/2030

c

283,659

Playtika

Holding

Corporation

184,000

4.250%, 

3/15/2029

c

143,575

Rogers

Communications,

Inc.

131,000

7.000%, 

4/15/2055

d

131,516

760,000

5.000%, 

2/15/2029

767,840

Scripps

Escrow

II,

Inc.

280,000

3.875%, 

1/15/2029

c

258,985

Sinclair

Television

Group,

Inc.

192,000

8.125%, 

2/15/2033

c

195,180

Sirius

XM

Radio,

LLC

276,000

5.000%, 

8/1/2027

c

275,615

192,000

4.000%, 

7/15/2028

c

185,330

279,000

3.875%, 

9/1/2031

a,c

253,309

183,000

5.875%, 

4/15/2032

c

181,787

Snap,

Inc.

176,000

6.875%, 

3/15/2034

c

165,540

SoftBank

Corporation

637,000

5.332%, 

7/9/2035

c

626,921

Sprint

Capital

Corporation

1,127,000

8.750%, 

3/15/2032

1,340,082

Take-Two

Interactive

Software,

Inc.

422,000

5.600%, 

6/12/2034

429,428

Telecom

Italia

Capital

SA

170,000

6.000%, 

9/30/2034

172,736

Telenet

Finance

Luxembourg

Notes

SARL

600,000

5.500%, 

3/1/2028

c

588,792

TELUS

Corporation

365,000

6.625%, 

10/15/2055

d

365,134

T-Mobile

USA,

Inc.

1,223,000

3.600%, 

11/15/2060

793,772

566,000

4.950%, 

11/15/2035

555,673

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

504,000

4.750%, 

4/15/2028

c

501,379

Uniti

Services,

LLC

221,000

7.500%, 

10/15/2033

c

229,763

Univision

Communications,

Inc.

66,000

8.000%, 

8/15/2028

c

66,989

270,000

4.500%, 

5/1/2029

c

253,663

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Communications

Services  0.5%

-

continued

$

244,000

7.375%, 

6/30/2030

c

$

239,100

243,000

8.500%, 

7/31/2031

c

244,186

Verizon

Communications,

Inc.

215,000

5.875%, 

11/30/2055

209,125

277,000

6.000%, 

11/30/2065

268,341

553,000

5.000%, 

1/15/2036

541,546

Viasat,

Inc.

173,000

5.625%, 

4/15/2027

c

171,831

Virgin

Media

Finance

plc

206,000

5.000%, 

7/15/2030

c

168,797

Virgin

Media

O2

Vendor

Financing

Notes

VI

DAC

200,000

8.500%, 

3/15/2033

c

174,764

Virgin

Media

Secured

Finance

plc

417,000

5.500%, 

5/15/2029

c

399,936

VMED

O2

UK

Financing

I

plc

171,000

7.750%, 

4/15/2032

c

163,911

Vodafone

Group

plc

182,000

4.125%, 

6/4/2081

d

166,587

244,000

5.125%, 

6/4/2081

d

189,650

VZ

Secured

Financing

BV

462,000

5.000%, 

1/15/2032

c

396,025

Walt

Disney

Company

1,002,000

4.625%, 

3/14/2036

974,377

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

226,000

8.250%, 

10/1/2031

c

236,205

Zegona

Finance

plc

206,000

8.625%, 

7/15/2029

c

215,795

Ziggo

BV

367,000

4.875%, 

1/15/2030

c

342,735

Total

39,459,651

Consumer

Cyclical  0.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

117,000

3.875%, 

1/15/2028

c

114,365

259,000

4.375%, 

1/15/2028

c

255,372

175,000

6.125%, 

6/15/2029

c

177,829

301,000

5.625%, 

9/15/2029

c

301,656

Adient

Global

Holdings,

Ltd.

112,000

8.250%, 

4/15/2031

c

116,178

173,000

7.500%, 

2/15/2033

c

174,904

ADT

Security

Corporation

266,000

4.125%, 

8/1/2029

c

254,123

266,000

4.875%, 

7/15/2032

c

248,465

Advance

Auto

Parts,

Inc.

264,000

7.000%, 

8/1/2030

c

267,444

166,000

7.375%, 

8/1/2033

c

168,125

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

405,000

4.625%, 

6/1/2028

c

395,691

355,000

4.625%, 

6/1/2028

c

346,630

Allison

Transmission,

Inc.

131,000

3.750%, 

1/30/2031

c

121,939

American

Axle

&

Manufacturing,

Inc.

462,000

5.000%, 

10/1/2029

440,722

177,000

6.375%, 

10/15/2032

c

175,185

177,000

7.750%, 

10/15/2033

c

172,309

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Cyclical  0.6%

-

continued

American

Honda

Finance

Corporation

$

605,000

5.100%, 

1/8/2036

$

583,716

Asbury

Automotive

Group,

Inc.

282,000

5.000%, 

2/15/2032

c

267,057

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

320,000

4.625%, 

8/1/2029

c

302,310

Aston

Martin

Capital

Holdings,

Ltd.

294,000

10.000%, 

3/31/2029

c

221,235

Bath

&

Body

Works,

Inc.

137,000

6.950%, 

3/1/2033

132,197

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

402,000

9.500%, 

7/1/2032

c

364,540

Beach

Acquisition

Bidco,

LLC

257,187

0.000%,PIK

10.750%,

7/15/2033

c,i

273,909

Belron

UK

Finance

plc

342,000

5.750%, 

10/15/2029

c

344,160

Block

Financial,

LLC

744,000

5.375%, 

9/15/2032

722,050

Bloomin'

Brands,

Inc./OSI

Restaurant

Partners,

LLC

411,000

5.125%, 

4/15/2029

a,c

364,069

Boyd

Gaming

Corporation

279,000

4.750%, 

6/15/2031

c

265,277

Brightstar

Lottery

plc

459,000

5.250%, 

1/15/2029

c

455,284

Brightstar

Lottery

plc/Brightstar

Global

Solutions

Corporation

177,000

5.750%, 

1/15/2033

c

172,058

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

270,000

4.875%, 

2/15/2030

c

247,896

Caesars

Entertainment,

Inc.

168,000

4.625%, 

10/15/2029

c

161,598

483,000

7.000%, 

2/15/2030

c

488,965

184,000

6.000%, 

10/15/2032

a,c

169,282

Carnival

Corporation

178,000

5.125%, 

5/1/2029

c

176,715

487,000

5.750%, 

8/1/2032

c

486,842

246,000

6.125%, 

2/15/2033

c

248,466

Carvana

Company

200,000

9.000%,PIK

0.000%,

6/1/2030

c,i

208,051

579,260

9.000%,PIK

0.000%,

6/1/2031

c,i

626,356

CBRE

Services,

Inc.

431,000

4.900%, 

1/15/2033

425,018

Churchill

Downs,

Inc.

149,000

4.750%, 

1/15/2028

c

146,991

202,000

6.750%, 

5/1/2031

c

205,798

Cushman

&

Wakefield

US

Borrower,

LLC

80,000

6.750%, 

5/15/2028

c

80,116

Cyprium

Corporation/Cyprium

Holdings

Luxembourg

SARL

74,000

6.125%, 

4/15/2031

c

72,950

74,000

6.375%, 

4/15/2034

c

71,828

Dana,

Inc.

128,000

4.500%, 

2/15/2032

119,450

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Cyclical  0.6%

-

continued

Dream

Finders

Homes,

Inc.

$

266,000

6.875%, 

9/15/2030

c

$

254,505

eG

Global

Finance

plc

80,000

12.000%, 

11/30/2028

c

85,596

Expedia

Group,

Inc.

445,000

5.400%, 

2/15/2035

441,469

Flutter

Treasury

DAC

216,000

5.875%, 

6/4/2031

c

213,989

Ford

Motor

Credit

Company,

LLC

929,000

2.900%, 

2/10/2029

868,867

Forestar

Group,

Inc.

309,000

6.500%, 

3/15/2033

c

305,476

FORVIA

SE

411,000

8.000%, 

6/15/2030

c

424,628

250,000

6.750%, 

9/15/2033

c

244,097

Gap,

Inc.

116,000

3.625%, 

10/1/2029

c

108,356

112,000

3.875%, 

10/1/2031

c

101,457

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

318,000

7.750%, 

5/31/2032

c

329,265

General

Motors

Company

438,000

5.350%, 

4/15/2028

444,239

General

Motors

Financial

Company,

Inc.

298,000

5.400%, 

5/8/2027

300,624

840,000

4.900%, 

10/6/2029

844,185

890,000

5.450%, 

7/15/2030

910,996

216,000

5.625%, 

4/4/2032

221,018

241,000

5.450%, 

1/8/2036

237,393

Genting

New

York,

LLC/GENNY

Capital,

Inc.

276,000

7.250%, 

10/1/2029

c

277,111

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

87,000

8.375%, 

1/15/2029

c

79,477

176,000

11.500%, 

8/15/2029

c

175,105

304,000

8.750%, 

1/15/2032

c

260,259

GLP

Capital,

LP

1,153,000

5.750%, 

6/1/2028

1,170,558

Goodyear

Tire

&

Rubber

Company

161,000

4.875%, 

3/15/2027

159,395

170,000

5.000%, 

7/15/2029

160,873

264,000

5.250%, 

4/30/2031

238,152

Group

1

Automotive,

Inc.

242,000

6.375%, 

1/15/2030

c

243,623

Hilton

Domestic

Operating

Company,

Inc.

487,000

4.875%, 

1/15/2030

479,646

80,000

4.000%, 

5/1/2031

c

75,012

470,000

3.625%, 

2/15/2032

c

427,075

176,000

5.750%, 

9/15/2033

c

175,205

Home

Depot,

Inc.

699,000

4.250%, 

4/1/2046

577,861

Hyundai

Capital

America

1,150,000

1.800%, 

1/10/2028

c

1,095,210

Jacobs

Entertainment,

Inc.

371,000

6.750%, 

2/15/2029

c

346,885

K

Hovnanian

Enterprises,

Inc.

133,000

8.000%, 

4/1/2031

c

131,495

KB

Home

450,000

4.800%, 

11/15/2029

438,193

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Cyclical  0.6%

-

continued

Kingpin

Intermediate

Holdings,

LLC

$

352,000

7.250%, 

10/15/2032

c

$

311,018

L

Brands,

Inc.

352,000

6.625%, 

10/1/2030

c

355,317

270,000

6.875%, 

11/1/2035

265,591

Las

Vegas

Sands

Corporation

200,000

5.900%, 

6/1/2027

202,600

881,000

5.625%, 

6/15/2028

892,472

Lennar

Corporation

550,000

5.200%, 

7/30/2030

556,569

Life

Time,

Inc.

242,000

6.000%, 

11/15/2031

c

243,917

Light

&

Wonder

International,

Inc.

160,000

7.250%, 

11/15/2029

c

163,104

Lindblad

Expeditions,

LLC

364,000

7.000%, 

9/15/2030

c

371,641

Lithia

Motors,

Inc.

173,000

4.625%, 

12/15/2027

c

170,711

Live

Nation

Entertainment,

Inc.

179,000

4.750%, 

10/15/2027

c

177,887

Lowe's

Companies,

Inc.

616,000

5.625%, 

4/15/2053

582,350

1,290,000

2.625%, 

4/1/2031

1,172,105

Macy's

Retail

Holdings,

LLC

87,000

7.375%, 

8/1/2033

c

89,127

188,000

4.500%, 

12/15/2034

160,283

366,000

6.375%, 

3/15/2037

323,324

Marriott

International,

Inc./MD

286,000

5.100%, 

4/15/2032

290,517

Marriott

Ownership

Resorts,

Inc.

707,000

6.500%, 

10/1/2033

c

672,243

Match

Group

Holdings

II,

LLC

361,000

4.125%, 

8/1/2030

c

334,550

182,000

6.125%, 

9/15/2033

c

176,870

Mattamy

Group

Corporation

222,000

6.000%, 

12/15/2033

c

208,470

McDonald's

Corporation

784,000

4.450%, 

3/1/2047

653,843

Melco

Resorts

Finance,

Ltd.

446,000

5.375%, 

12/4/2029

c

428,351

415,000

7.625%, 

4/17/2032

c

421,111

250,000

6.500%, 

9/24/2033

c

239,945

Meritage

Homes

Corporation

593,000

5.650%, 

3/15/2035

592,353

MGM

Resorts

International

168,000

4.625%, 

9/1/2026

167,785

175,000

6.125%, 

9/15/2029

176,037

Michaels

Companies,

Inc.

428,000

8.500%, 

3/15/2033

c

416,655

Millrose

Properties,

Inc.

220,000

6.375%, 

8/1/2030

c

219,932

177,000

6.250%, 

9/15/2032

c

173,745

Muvico,

LLC

173,995

9.000%,PIK

6.000%,

2/19/2029

a,c,i

164,961

NCL

Corporation,

Ltd.

265,000

5.875%, 

1/15/2031

c

257,465

518,000

6.750%, 

2/1/2032

c

514,070

221,000

6.250%, 

9/15/2033

c

214,445

Nissan

Motor

Acceptance

Company,

LLC

350,000

5.625%, 

9/29/2028

c

343,472

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Cyclical  0.6%

-

continued

$

350,000

6.125%, 

9/30/2030

c

$

336,364

Nissan

Motor

Company,

Ltd.

425,000

4.810%, 

9/17/2030

c

385,842

Penn

Entertainment,

Inc.

219,000

6.750%, 

4/1/2031

c

212,697

Petco

Health

and

Wellness

Company,

Inc.

92,000

8.250%, 

2/1/2031

c

91,874

PetSmart,

LLC/PetSmart

Finance

Corporation

504,000

7.500%, 

9/15/2032

c

506,454

Phinia,

Inc.

249,000

6.625%, 

10/15/2032

c

253,081

Rakuten

Group,

Inc.

241,000

11.250%, 

2/15/2027

c

249,439

280,000

9.750%, 

4/15/2029

c

298,367

405,000

8.125%, 

12/15/2029

c,d,j

401,646

Raven

Acquisition

Holdings,

LLC

341,000

6.875%, 

11/15/2031

c

328,743

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

200,000

4.625%, 

4/16/2029

c

171,885

Risewell

Homes,

Inc.

176,000

8.500%, 

11/1/2030

c

172,097

S&S

Holdings,

LLC

326,000

8.375%, 

10/1/2031

c

287,546

Service

Corporation

International/

US

161,000

3.375%, 

8/15/2030

148,542

117,000

4.000%, 

5/15/2031

109,060

262,000

5.750%, 

10/15/2032

261,496

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

80,000

6.625%, 

5/1/2032

a,c

79,808

Staples,

Inc.

315,000

10.750%, 

9/1/2029

c

291,318

Station

Casinos,

LLC

177,000

4.625%, 

12/1/2031

c

165,263

Stellantis

Finance

US,

Inc.

200,000

6.450%, 

3/18/2035

c

197,013

Stellantis

Financial

Services

US

Corporation

272,000

5.400%, 

9/15/2030

c

267,088

Taylor

Morrison

Communities,

Inc.

133,000

5.750%, 

11/15/2032

c

133,116

Tenneco,

Inc.

354,000

8.000%, 

11/17/2028

c

352,741

TKC

Holdings,

Inc.

184,000

8.500%, 

8/15/2030

c

185,534

Toyota

Motor

Credit

Corporation

665,000

4.800%, 

1/11/2036

648,955

Uber

Technologies,

Inc.

663,000

4.800%, 

9/15/2034

649,083

564,000

4.800%, 

9/15/2035

547,280

VICI

Properties,

LP/VICI

Note

Company,

Inc.

276,000

5.750%, 

2/1/2027

c

277,588

452,000

4.125%, 

8/15/2030

c

432,857

Victoria's

Secret

&

Company

89,000

4.625%, 

7/15/2029

c

84,815

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Cyclical  0.6%

-

continued

Victra

Holdings,

LLC/Victra

Finance

Corporation

$

225,000

8.750%, 

9/15/2029

c

$

233,518

Viking

Cruises,

Ltd.

666,000

5.875%, 

10/15/2033

c

657,550

Wayfair,

LLC

115,000

7.250%, 

10/31/2029

c

117,390

107,000

7.750%, 

9/15/2030

c

111,402

178,000

6.750%, 

11/15/2032

c

179,351

Wyndham

Hotels

&

Resorts,

Inc.

93,000

5.625%, 

3/1/2033

c

91,510

Wynn

Macau,

Ltd.

336,000

6.750%, 

2/15/2034

c

327,910

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

151,000

5.125%, 

10/1/2029

c

149,048

388,000

7.125%, 

2/15/2031

c

406,719

Yum!

Brands,

Inc.

497,000

4.750%, 

1/15/2030

c

488,709

ZF

North

America

Capital,

Inc.

280,000

7.125%, 

4/14/2030

c

276,069

172,000

6.750%, 

4/23/2030

c

166,390

260,000

6.875%, 

4/23/2032

c

247,027

Total

49,667,437

Consumer

Non-Cyclical  0.7%

1261229

B.C.,

Ltd.

377,000

10.000%, 

4/15/2032

c

385,989

Abbott

Laboratories

525,000

5.500%, 

3/15/2056

514,777

864,000

4.300%, 

3/15/2033

845,559

635,000

4.750%, 

11/30/2036

623,835

175,000

6.000%, 

4/1/2039

188,794

AbbVie,

Inc.

300,000

5.400%, 

3/15/2054

286,457

315,000

4.125%, 

3/15/2031

310,429

1,175,000

4.400%, 

3/15/2033

1,153,471

1,322,000

4.500%, 

5/14/2035

1,278,491

683,000

5.350%, 

3/15/2044

664,792

Acadia

Healthcare

Company,

Inc.

251,000

5.000%, 

4/15/2029

c

244,376

209,000

7.375%, 

3/15/2033

c

213,979

AdaptHealth,

LLC

532,000

4.625%, 

8/1/2029

c

506,865

Albertsons

Companies,

Inc.

136,000

5.625%, 

3/31/2032

c

133,894

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

540,000

3.500%, 

3/15/2029

c

515,128

89,000

5.500%, 

3/31/2031

c

87,992

71,000

6.250%, 

3/15/2033

c

71,476

438,000

5.750%, 

3/31/2034

c

428,516

Altria

Group,

Inc.

619,000

6.875%, 

11/1/2033

685,564

Amgen,

Inc.

919,000

5.600%, 

3/2/2043

905,800

Amneal

Pharmaceuticals,

LLC

88,000

6.875%, 

8/1/2032

c

90,591

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,231,000

4.700%, 

2/1/2036

1,198,961

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Anheuser-Busch

InBev

Worldwide,

Inc.

$

280,000

5.450%, 

1/23/2039

$

284,458

765,000

5.550%, 

1/23/2049

742,946

AstraZeneca

Finance,

LLC

792,000

4.300%, 

3/2/2033

776,091

315,000

4.600%, 

3/2/2036

308,698

BAT

Capital

Corporation

620,000

7.079%, 

8/2/2043

681,490

Bausch

+

Lomb

Corporation

103,000

8.375%, 

10/1/2028

c

106,347

Becton,

Dickinson

and

Company

77,000

3.794%, 

5/20/2050

55,672

BellRing

Brands,

Inc.

156,000

7.000%, 

3/15/2030

c

156,041

BioMarin

Pharmaceutical,

Inc.

250,000

5.500%, 

2/15/2034

c

246,139

Bristol-Myers

Squibb

Company

1,143,000

3.550%, 

3/15/2042

902,919

Bunge,

Ltd.

Finance

Corporation

774,000

3.200%, 

4/21/2031

721,907

221,000

4.650%, 

9/17/2034

213,961

Cargill,

Inc.

175,000

5.375%, 

10/23/2055

c

165,191

705,000

5.125%, 

2/11/2035

c

714,386

Cencora,

Inc.

608,000

4.250%, 

11/15/2030

596,890

820,000

4.600%, 

2/13/2033

806,260

21,000

5.150%, 

2/15/2035

21,150

Central

Garden

&

Pet

Company

225,000

4.125%, 

10/15/2030

211,684

Champ

Acquisition

Corporation

140,000

8.375%, 

12/1/2031

c

146,738

CHS/Community

Health

Systems,

Inc.

237,000

6.000%, 

1/15/2029

c

234,334

132,000

4.750%, 

2/15/2031

c

121,694

186,000

10.875%, 

1/15/2032

c

199,552

352,000

9.750%, 

1/15/2034

c

365,330

Cigna

Group

805,000

4.875%, 

9/15/2032

803,833

1,365,000

5.250%, 

1/15/2036

1,366,759

Conagra

Brands,

Inc.

683,000

5.750%, 

8/1/2035

a

684,738

Concentra

Health

Services,

Inc.

146,000

6.875%, 

7/15/2032

c

150,944

Constellation

Brands,

Inc.

120,000

2.875%, 

5/1/2030

112,289

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

201,000

5.600%, 

1/15/2031

c

194,575

CVS

Health

Corporation

355,000

7.000%, 

3/10/2055

d

365,859

370,000

6.750%, 

12/10/2054

d

374,641

602,000

5.450%, 

9/15/2035

604,341

601,000

4.780%, 

3/25/2038

553,844

1,286,000

6.000%, 

6/1/2044

1,266,092

403,000

5.125%, 

7/20/2045

353,735

DaVita,

Inc.

189,000

3.750%, 

2/15/2031

c

173,303

332,000

6.875%, 

9/1/2032

c

340,110

176,000

6.750%, 

7/15/2033

c

179,019

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Edgewell

Personal

Care

Company

$

380,000

5.500%, 

6/1/2028

c

$

377,937

Eli

Lilly

&

Company

323,000

5.500%, 

2/12/2055

316,602

459,000

4.950%, 

2/27/2063

402,926

Embecta

Corporation

353,000

6.750%, 

2/15/2030

c

330,051

Encompass

Health

Corporation

256,000

4.500%, 

2/1/2028

253,728

Endo

Finance

Holdings,

LP

326,000

8.500%, 

4/15/2031

c

341,346

Energizer

Holdings,

Inc.

425,000

6.000%, 

9/15/2033

c

398,027

General

Mills,

Inc.

246,000

4.950%, 

3/29/2033

243,168

Genmab

AS/Genmab

Finance,

LLC

443,000

6.250%, 

12/15/2032

c

454,178

Grifols

SA

176,000

4.750%, 

10/15/2028

c

172,387

Hasbro,

Inc.

198,000

4.650%, 

3/12/2031

195,529

HCA,

Inc.

557,000

5.250%, 

3/1/2030

568,404

1,059,000

3.500%, 

9/1/2030

1,005,670

532,000

4.600%, 

11/15/2032

517,467

444,000

5.450%, 

9/15/2034

448,155

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

345,000

12.250%, 

4/15/2029

c

367,913

274,000

4.875%, 

6/1/2029

c

256,394

Illumina,

Inc.

108,000

4.650%, 

9/9/2026

108,013

Imperial

Brands

Finance

plc

950,000

3.875%, 

7/26/2029

c

926,790

Industrial

F&B

Investments

III,

Inc.

207,000

7.750%, 

2/11/2033

c

209,143

Insulet

Corporation

105,000

6.500%, 

4/1/2033

c

107,174

IQVIA,

Inc.

352,000

6.250%, 

6/1/2032

c

357,453

Jazz

Securities

DAC

212,000

4.375%, 

1/15/2029

c

206,759

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

Holdings

494,000

6.375%, 

4/15/2066

484,743

600,000

5.950%, 

4/20/2035

622,838

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

312,000

9.000%, 

2/15/2029

c

324,808

Kimberly-Clark

Corporation

900,000

3.900%, 

5/4/2047

694,280

Kraft

Heinz

Foods

Company

411,000

5.000%, 

6/4/2042

361,418

638,000

4.375%, 

6/1/2046

498,815

Lamb

Weston

Holdings,

Inc.

176,000

4.125%, 

1/31/2030

c

167,560

177,000

4.375%, 

1/31/2032

c

164,425

LifePoint

Health,

Inc.

181,000

9.875%, 

8/15/2030

c

191,410

129,000

10.000%, 

6/1/2032

c

131,739

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Medline

Borrower,

LP

$

159,000

3.875%, 

4/1/2029

c

$

153,811

344,000

5.250%, 

10/1/2029

c

340,970

Merck

&

Company,

Inc.

735,000

5.550%, 

12/4/2055

713,760

Newell

Brands,

Inc.

166,000

6.375%, 

9/15/2027

166,812

254,000

6.625%, 

9/15/2029

247,925

203,000

6.375%, 

5/15/2030

194,863

87,000

6.625%, 

5/15/2032

a

83,258

178,000

7.500%, 

4/1/2046

142,828

Novartis

Capital

Corporation

516,000

4.700%, 

9/18/2054

450,775

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

177,000

4.125%, 

4/30/2028

c

171,753

454,000

5.125%, 

4/30/2031

c

370,005

Performance

Food

Group,

Inc.

367,000

4.250%, 

8/1/2029

c

352,527

184,000

5.625%, 

3/1/2034

c

177,467

Perrigo

Finance

Unlimited

Company

284,000

4.900%, 

6/15/2030

256,379

331,000

6.125%, 

9/30/2032

302,015

Pfizer

Investment

Enterprises,

Private

Ltd.

182,000

5.300%, 

5/19/2053

169,145

611,000

5.110%, 

5/19/2043

576,537

Pfizer,

Inc.

334,000

4.500%, 

11/15/2032

331,259

Philip

Morris

International,

Inc.

484,000

5.500%, 

9/7/2030

502,598

923,000

5.375%, 

2/15/2033

948,606

Post

Holdings,

Inc.

241,000

4.625%, 

4/15/2030

c

231,361

397,000

4.500%, 

9/15/2031

c

369,135

357,000

6.250%, 

10/15/2034

c

349,577

267,000

6.500%, 

3/15/2036

c

261,479

Prime

Healthcare

Services,

Inc.

727,000

9.375%, 

9/1/2029

c

753,899

Radiology

Partners,

Inc.

164,000

8.500%, 

7/15/2032

c

166,275

Roche

Holdings,

Inc.

550,000

4.666%, 

12/2/2035

c

540,445

Royalty

Pharma

plc

546,000

5.150%, 

9/2/2029

555,832

346,000

5.200%, 

9/25/2035

341,478

Select

Medical

Corporation

168,000

6.250%, 

12/1/2032

c

160,120

Simmons

Foods,

Inc.

300,000

4.625%, 

3/1/2029

c

288,716

Sotera

Health

Holdings,

LLC

171,000

7.375%, 

6/1/2031

c

176,638

Spectrum

Brands,

Inc.

42,000

3.875%, 

3/15/2031

c

36,251

Star

Parent,

Inc.

179,000

9.000%, 

10/1/2030

c

185,444

Stryker

Corporation

466,000

5.200%, 

2/10/2035

471,858

Surgery

Center

Holdings,

Inc.

183,000

7.250%, 

4/15/2032

a,c

179,738

Sysco

Corporation

935,000

6.600%, 

4/1/2040

998,342

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Consumer

Non-Cyclical  0.7%

-

continued

Takeda

Pharmaceutical

Company,

Ltd.

$

290,000

5.650%, 

7/5/2054

$

277,912

600,000

5.650%, 

7/5/2044

589,105

TEAM

Services

Holding,

Inc.

280,000

9.000%, 

2/15/2033

c

274,553

Tenet

Healthcare

Corporation

742,000

5.125%, 

11/1/2027

741,274

439,000

4.375%, 

1/15/2030

425,205

407,000

6.750%, 

5/15/2031

416,008

266,000

5.500%, 

11/15/2032

c

263,547

Teva

Pharmaceutical

Finance

Company,

LLC

168,000

6.150%, 

2/1/2036

173,093

Thermo

Fisher

Scientific,

Inc.

334,000

4.902%, 

2/12/2036

331,628

Tyson

Foods,

Inc.

304,000

4.950%, 

2/20/2036

296,949

US

Acute

Care

Solutions,

LLC

426,000

9.750%, 

5/15/2029

c

411,537

Whirlpool

Corporation

152,000

6.500%, 

6/15/2033

144,009

Wyeth,

LLC

619,000

6.500%, 

2/1/2034

683,744

Total

57,595,391

Energy  0.5%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

78,000

7.500%, 

10/1/2029

c

81,351

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

352,000

5.375%, 

6/15/2029

c

350,871

Archrock

Services,

LP/Archrock

Partners

Finance

Corporation

274,000

6.000%, 

2/1/2034

c

271,277

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

166,000

5.875%, 

6/30/2029

c

165,846

176,000

6.625%, 

7/15/2033

c

179,022

Baker

Hughes

Holdings,

LLC/

Baker

Hughes

Co-Obligor,

Inc.

794,000

5.000%, 

6/15/2036

779,551

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

266,000

7.000%, 

7/15/2029

c

274,797

Boardwalk

Pipelines,

LP

798,000

5.375%, 

2/15/2036

785,159

BP

Capital

Markets

America,

Inc.

1,637,000

2.939%, 

6/4/2051

1,032,087

Buckeye

Partners,

LP

228,000

4.500%, 

3/1/2028

c

224,232

153,000

6.875%, 

7/1/2029

c

157,472

79,000

6.750%, 

2/1/2030

c

81,529

California

Resources

Corporation

122,000

8.250%, 

6/15/2029

c

127,640

109,000

7.000%, 

1/15/2034

c

109,890

Cheniere

Energy,

Inc.

170,000

5.650%, 

4/15/2034

175,020

CNX

Resources

Corporation

184,000

5.875%, 

3/1/2034

c

179,193

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Energy  0.5%

-

continued

Columbia

Pipelines

Holding

Company,

LLC

$

155,000

6.042%, 

8/15/2028

c

$

160,037

Columbia

Pipelines

Operating

Company,

LLC

153,000

5.927%, 

8/15/2030

c

160,146

Comstock

Resources,

Inc.

236,000

6.750%, 

3/1/2029

c

233,204

410,000

5.875%, 

1/15/2030

c

396,703

Continental

Resources,

Inc.

1,076,000

2.268%, 

11/15/2026

c

1,058,663

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

377,000

5.500%, 

6/15/2031

c

367,666

Crescent

Energy

Finance,

LLC

251,000

7.750%, 

7/31/2029

c

252,883

231,000

7.625%, 

4/1/2032

c

234,425

370,000

7.875%, 

4/15/2032

c

378,013

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

360,000

8.625%, 

3/15/2029

c

372,517

176,000

7.375%, 

6/30/2033

c

177,455

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

123,000

8.500%, 

10/1/2030

c

129,942

Diamondback

Energy,

Inc.

860,000

5.750%, 

4/18/2054

813,339

Eastern

Energy

Gas

Holdings,

LLC

750,000

5.800%, 

1/15/2035

777,791

Energy

Transfer,

LP

441,000

6.500%, 

2/15/2056

d

435,699

639,000

4.000%, 

10/1/2027

634,737

800,000

5.150%, 

2/1/2043

708,082

1,100,000

6.000%, 

6/15/2048

1,055,891

Excelerate

Energy,

LP

151,000

8.000%, 

5/15/2030

c

158,038

Exxon

Mobil

Corporation

600,000

3.452%, 

4/15/2051

427,367

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

266,000

8.875%, 

4/15/2030

277,759

400,000

7.875%, 

5/15/2032

411,364

137,000

6.750%, 

3/15/2034

136,353

Halliburton

Company

615,000

5.000%, 

11/15/2045

545,490

Harvest

Midstream

I,

LP

417,000

7.500%, 

9/1/2028

c

421,045

Hess

Midstream

Operations,

LP

362,000

4.250%, 

2/15/2030

c

347,859

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

456,000

5.750%, 

2/1/2029

c

449,621

161,000

6.000%, 

4/15/2030

c

156,712

279,000

6.250%, 

4/15/2032

c

270,024

Howard

Midstream

Energy

Partners,

LLC

199,000

7.375%, 

7/15/2032

c

205,775

262,000

6.625%, 

1/15/2034

c

262,996

ITT

Holdings,

LLC

470,000

6.500%, 

8/1/2029

c

456,999

Kodiak

Gas

Services,

LLC

177,000

6.500%, 

10/1/2033

c

178,912

88,000

6.750%, 

10/1/2035

c

89,400

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Energy  0.5%

-

continued

Moss

Creek

Resources

Holdings,

Inc.

$

85,000

8.250%, 

9/1/2031

c

$

84,947

MPLX,

LP

350,000

4.800%, 

2/15/2031

350,801

1,231,000

4.950%, 

9/1/2032

1,225,420

230,000

5.000%, 

3/1/2033

228,708

453,000

5.300%, 

4/1/2036

446,519

Nabors

Industries,

Inc.

411,000

9.125%, 

1/31/2030

c

431,546

267,000

7.625%, 

11/15/2032

c

273,314

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

133,000

8.125%, 

2/15/2029

c

137,010

369,000

8.375%, 

2/15/2032

c

380,271

Noble

Finance

II,

LLC

338,000

8.000%, 

4/15/2030

c

348,000

Northern

Oil

and

Gas,

Inc.

254,000

8.750%, 

6/15/2031

c

264,121

ONEOK,

Inc.

465,000

5.700%, 

11/1/2054

424,232

540,000

4.750%, 

10/15/2031

534,264

331,000

5.600%, 

4/1/2044

304,354

Ovintiv,

Inc.

616,000

7.200%, 

11/1/2031

676,931

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

273,000

6.000%, 

2/15/2028

271,759

270,000

7.875%, 

9/15/2030

c

277,266

Prairie

Acquiror,

LP

265,000

9.000%, 

8/1/2029

c

273,741

Precision

Drilling

Corporation

221,000

6.875%, 

1/15/2029

c

222,627

Rockies

Express

Pipeline,

LLC

416,000

4.950%, 

7/15/2029

c

405,627

Santos

Finance,

Ltd.

243,000

5.750%, 

11/13/2035

c

243,563

Saturn

Oil

&

Gas,

Inc.

101,000

9.625%, 

6/15/2029

c

105,728

SESI,

LLC

177,000

7.875%, 

9/30/2030

c

180,489

SM

Energy

Company

245,000

6.500%, 

7/15/2028

245,639

509,000

8.750%, 

7/1/2031

c

532,054

114,000

7.000%, 

8/1/2032

c

116,405

282,000

6.625%, 

4/15/2034

c

281,203

South

Bow

USA

Infrastructure

Holdings,

LLC

485,000

5.026%, 

10/1/2029

488,125

193,000

5.584%, 

10/1/2034

191,680

Sunoco,

LP

482,000

7.000%, 

5/1/2029

c

494,415

354,000

5.875%, 

3/15/2034

c

350,090

Sunoco,

LP/Sunoco

Finance

Corporation

229,000

5.875%, 

3/15/2028

228,906

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

169,000

5.500%, 

1/15/2028

c

167,570

241,000

7.375%, 

2/15/2029

c

247,926

442,000

6.750%, 

3/15/2034

c

444,213

Talos

Production,

Inc.

96,000

9.000%, 

2/1/2029

c

99,928

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Energy  0.5%

-

continued

Targa

Resources

Corporation

$

1,077,000

4.200%, 

2/1/2033

$

1,019,637

TGNR

Intermediate

Holdings,

LLC

361,000

5.500%, 

10/15/2029

c

352,969

TotalEnergies

Capital

SA

7,000

5.275%, 

9/10/2054

6,529

TotalEnergies

Capital

USA,

LLC

937,000

4.569%, 

1/13/2033

927,513

Transocean

International,

Ltd.

195,000

8.250%, 

5/15/2029

c

201,485

142,800

8.750%, 

2/15/2030

c

148,540

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

281,000

7.125%, 

3/15/2029

c

287,513

266,000

6.250%, 

10/1/2033

c

265,163

Valaris,

Ltd.

175,000

8.375%, 

4/30/2030

c

181,333

Var

Energi

ASA

200,000

5.875%, 

5/22/2030

c

206,329

Venture

Global

LNG,

Inc.

597,000

8.125%, 

6/1/2028

c

610,564

381,000

9.000%, 

9/30/2029

c,d,j

379,494

145,000

7.000%, 

1/15/2030

a,c

148,053

692,000

8.375%, 

6/1/2031

c

719,663

330,000

9.875%, 

2/1/2032

c

354,416

Venture

Global

Plaquemines

LNG,

LLC

137,000

6.125%, 

12/15/2030

c

140,894

247,000

6.500%, 

1/15/2034

c

257,484

137,000

6.500%, 

6/15/2034

c

142,610

176,000

7.750%, 

5/1/2035

c

197,257

464,000

6.750%, 

1/15/2036

c

491,447

Western

Midstream

Operating,

LP

488,000

4.800%, 

3/1/2031

482,734

308,000

6.150%, 

4/1/2033

321,453

Williams

Companies,

Inc.

1,015,000

7.500%, 

1/15/2031

1,134,450

220,000

5.600%, 

3/15/2035

224,829

Total

39,299,595

Financials  1.7%

200

Park

Funding

Trust

200,000

5.740%, 

2/15/2055

c

192,152

Acrisure,

LLC/Acrisure

Finance,

Inc.

69,000

4.250%, 

2/15/2029

c

65,125

80,000

7.500%, 

11/6/2030

c

80,245

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

805,000

5.375%, 

12/15/2031

817,675

450,000

4.750%, 

1/15/2033

437,382

Agree,

LP

444,000

5.625%, 

6/15/2034

453,425

Air

Lease

Corporation

169,000

4.650%, 

6/15/2026

d,j

167,926

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

159,000

4.250%, 

10/15/2027

c

155,829

220,000

6.750%, 

4/15/2028

c

221,199

231,000

7.000%, 

1/15/2031

c

232,966

Ally

Financial,

Inc.

1,194,000

8.000%, 

11/1/2031

1,323,939

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

$

251,000

6.700%, 

2/14/2033

a

$

252,744

American

Express

Company

132,000

5.043%, 

7/26/2028

d

133,136

222,000

5.085%, 

1/30/2031

d

225,755

545,000

5.412%, 

2/8/2041

d

540,785

American

Homes

4

Rent,

LP

212,000

4.950%, 

6/15/2030

212,775

American

International

Group,

Inc.

1,248,000

5.125%, 

3/27/2033

1,260,029

Americold

Realty

Operating

Partnership,

LP

580,000

5.600%, 

5/15/2032

573,750

Ameriprise

Financial,

Inc.

796,000

5.200%, 

4/15/2035

793,853

AmWINS

Group,

Inc.

133,000

6.375%, 

2/15/2029

c

133,770

89,000

4.875%, 

6/30/2029

c

85,259

ANZ

Bank

New

Zealand,

Ltd.

600,000

5.548%, 

8/11/2032

c,d

605,844

Aon

Global,

Ltd.

441,000

4.600%, 

6/14/2044

373,676

Aon

North

America,

Inc.

455,000

5.750%, 

3/1/2054

438,405

Apollo

Debt

Solutions

BDC

546,000

5.700%, 

1/23/2031

c

532,638

652,000

6.700%, 

7/29/2031

659,614

Ares

Capital

Corporation

533,000

5.875%, 

3/1/2029

536,780

Ares

Strategic

Income

Fund

896,000

5.450%, 

9/9/2028

c

886,676

Arthur

J.

Gallagher

&

Company

154,000

6.750%, 

2/15/2054

166,295

226,000

5.750%, 

7/15/2054

216,779

Asurion,

LLC/Asurion

Co-Issuer,

Inc.

368,000

8.000%, 

12/31/2032

c

381,781

184,000

8.375%, 

2/1/2034

c

178,639

Atlas

Warehouse

Lending

Company,

LP

650,000

4.950%, 

11/15/2030

c

637,598

Aviation

Capital

Group,

LLC

396,000

5.125%, 

4/10/2030

c

398,063

757,000

4.875%, 

1/28/2033

c

730,511

Avolon

Holdings

Funding,

Ltd.

368,000

4.950%, 

1/15/2028

c

369,211

758,000

5.750%, 

3/1/2029

c

775,147

787,000

5.375%, 

5/30/2030

c

795,581

335,000

4.700%, 

1/30/2031

c

328,265

Azorra

Finance,

Ltd.

460,000

6.250%, 

2/15/2034

c

426,922

Banco

Santander

SA

1,200,000

4.175%, 

3/24/2028

d

1,194,714

Bank

of

America

Corporation

800,000

3.824%, 

1/20/2028

d

796,011

537,000

5.202%, 

4/25/2029

d

544,646

450,000

2.087%, 

6/14/2029

d

428,148

1,500,000

2.496%, 

2/13/2031

d

1,386,482

1,475,000

1.922%, 

10/24/2031

d

1,307,211

923,000

2.972%, 

2/4/2033

d

835,512

953,000

4.571%, 

4/27/2033

d

936,337

928,000

5.872%, 

9/15/2034

d

971,765

902,000

5.425%, 

8/15/2035

d

899,892

1,230,000

3.846%, 

3/8/2037

d

1,139,343

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

Bank

of

New

York

Mellon

Corporation

$

35,000

6.317%, 

10/25/2029

d

$

36,644

Bank

of

Nova

Scotia

308,000

4.850%, 

2/1/2030

311,529

424,000

4.813%, 

2/2/2034

d

417,980

Barclays

plc

954,000

4.972%, 

5/16/2029

d

959,804

864,000

4.942%, 

9/10/2030

d

868,452

900,000

5.746%, 

8/9/2033

d

924,066

490,000

5.860%, 

8/11/2046

d

481,170

Berkshire

Hathaway

Finance

Corporation

1,231,000

2.850%, 

10/15/2050

772,718

BlackRock

Funding,

Inc.

305,000

5.250%, 

3/14/2054

283,709

Blackstone

Private

Credit

Fund

590,000

5.600%, 

11/22/2029

573,908

570,000

5.050%, 

9/10/2030

537,398

Blackstone

Reg

Finance

Company,

LLC

180,000

4.950%, 

2/15/2036

173,720

Blue

Owl

Credit

Income

Corporation

769,000

4.700%, 

2/8/2027

760,307

Blue

Owl

Technology

Finance

Corporation

83,000

6.100%, 

3/15/2028

82,030

620,000

6.750%, 

4/4/2029

a

610,139

575,000

6.125%, 

1/23/2031

a

542,328

BNP

Paribas

SA

890,000

5.283%, 

11/19/2030

c,d

903,550

Brookfield

Asset

Management,

Ltd.

104,000

6.077%, 

9/15/2055

102,742

Brookfield

Finance,

Inc.

330,000

5.813%, 

3/3/2055

312,607

Brown

&

Brown,

Inc.

161,000

5.550%, 

6/23/2035

160,786

Burford

Capital

Global

Finance,

LLC

383,000

9.250%, 

7/1/2031

c

345,658

177,000

7.500%, 

7/15/2033

c

147,353

217,000

8.500%, 

1/15/2034

c

186,342

Camden

Property

Trust

1,012,000

3.150%, 

7/1/2029

970,577

Capital

One

Financial

Corporation

303,000

4.722%, 

1/30/2032

d

298,405

Charles

Schwab

Corporation

619,000

6.136%, 

8/24/2034

d

658,856

798,000

4.914%, 

11/14/2036

d

775,667

Chubb

INA

Holdings,

LLC

542,000

4.350%, 

11/3/2045

456,325

Citadel

Finance,

LLC

1,000,000

5.900%, 

2/10/2030

c

1,004,844

Citadel,

LP

465,000

6.375%, 

1/23/2032

c

481,945

Citigroup,

Inc.

1,094,000

3.668%, 

7/24/2028

d

1,082,349

915,000

3.520%, 

10/27/2028

d

901,385

201,000

6.875%, 

8/15/2030

d,j

202,419

873,000

4.952%, 

5/7/2031

d

878,658

1,308,000

4.910%, 

5/24/2033

d

1,302,078

778,000

6.174%, 

5/25/2034

d

805,322

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

$

670,000

6.020%, 

1/24/2036

d

$

684,022

CNA

Financial

Corporation

453,000

5.125%, 

2/15/2034

445,961

Constellation

Insurance,

Inc.

328,000

6.800%, 

1/24/2030

c

328,395

COPT

Defense

Properties,

LP

532,000

4.500%, 

10/15/2030

525,126

Corebridge

Financial,

Inc.

332,000

6.375%, 

9/15/2054

d

326,300

462,000

4.350%, 

4/5/2042

379,685

Countrywide

Home

Loans,

Inc.

338,640

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

142,991

Cousins

Properties,

LP

193,000

5.375%, 

2/15/2032

194,201

580,000

4.875%, 

3/1/2033

558,406

Credit

Agricole

SA

563,000

5.230%, 

1/9/2029

c,d

569,161

666,000

4.818%, 

9/25/2033

c,d

652,412

663,000

5.261%, 

1/12/2037

c,d

648,585

Credit

Suisse

Group

AG

900,000

7.250%, 

N/A

*,k

216,000

Deutsche

Bank

AG/New

York,

NY

465,000

5.297%, 

5/9/2031

d

469,799

280,000

4.950%, 

8/4/2031

d

278,945

1,175,000

3.729%, 

1/14/2032

d

1,091,969

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

1,312,000

5.950%, 

9/17/2030

c

1,231,974

Elevance

Health,

Inc.

820,000

4.625%, 

5/15/2042

718,008

Encore

Capital

Group,

Inc.

233,000

8.500%, 

5/15/2030

c

246,354

200,000

6.625%, 

4/15/2031

c

199,000

EPR

Properties

100,000

4.950%, 

4/15/2028

99,866

711,000

4.750%, 

11/15/2030

693,928

ERP

Operating,

LP

515,000

4.950%, 

6/15/2032

518,432

Essential

Properties,

LP

221,000

5.400%, 

12/1/2035

217,244

F&G

Global

Funding

595,000

4.650%, 

9/8/2028

c

587,524

Fifth

Third

Financial

Corporation

219,000

5.982%, 

1/30/2030

d

225,977

First

Citizens

BancShares,

Inc./NC

805,000

5.600%, 

9/5/2035

d

786,787

FirstCash,

Inc.

407,000

5.625%, 

1/1/2030

c

404,741

Five

Corners

Funding

Trust

IV

616,000

5.997%, 

2/15/2053

c

607,612

Franklin

BSP

Capital

Corporation

597,000

6.000%, 

10/2/2030

c

568,701

Freedom

Mortgage

Holdings,

LLC

378,000

9.250%, 

2/1/2029

c

383,137

176,000

6.875%, 

5/1/2031

c

164,544

163,000

9.125%, 

5/15/2031

c

165,690

212,000

8.375%, 

4/1/2032

c

208,543

176,000

7.875%, 

4/1/2033

c

165,013

FTAI

Aviation

Investors,

LLC

171,000

5.500%, 

5/1/2028

c

170,940

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

$

224,000

7.000%, 

5/1/2031

c

$

229,629

232,000

7.000%, 

6/15/2032

c

237,827

GGAM

Finance,

Ltd.

166,000

8.000%, 

6/15/2028

c

172,284

452,000

5.875%, 

3/15/2030

c

450,348

Global

Aircraft

Leasing

Company,

Ltd.

490,000

8.750%, 

9/1/2027

c

497,125

Global

Net

Lease,

Inc.

105,000

4.500%, 

9/30/2028

c

101,743

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

125,000

3.750%, 

12/15/2027

c

121,122

goeasy,

Ltd.

261,000

9.250%, 

12/1/2028

c

242,759

82,000

7.625%, 

7/1/2029

c

71,961

355,000

6.875%, 

2/15/2031

c

285,599

Goldman

Sachs

BDC,

Inc.

394,000

6.375%, 

3/11/2027

395,970

755,000

5.650%, 

9/9/2030

725,702

Goldman

Sachs

Group,

Inc.

931,000

6.484%, 

10/24/2029

d

973,961

640,000

5.218%, 

4/23/2031

d

650,794

275,000

1.992%, 

1/27/2032

d

241,349

2,326,000

3.102%, 

2/24/2033

d

2,100,724

400,000

4.939%, 

10/21/2036

d

387,366

576,000

5.387%, 

2/2/2041

d

556,503

367,000

5.541%, 

1/21/2047

d

349,735

Goldman

Sachs

Private

Credit

Corporation

272,000

5.050%, 

2/23/2028

c

267,850

310,000

5.875%, 

5/6/2028

a,c

309,187

313,000

5.375%, 

1/31/2029

c

307,653

Golub

Capital

Private

Credit

Fund

145,000

5.600%, 

4/15/2031

c

138,369

Healthcare

Realty

Holdings,

LP

1,000,000

2.000%, 

3/15/2031

868,316

Highwoods

Realty,

LP

215,000

5.350%, 

1/15/2033

209,925

Howard

Hughes

Corporation

106,000

4.125%, 

2/1/2029

c

100,264

143,000

5.875%, 

3/1/2032

c

137,607

HPS

Corporate

Lending

Fund

325,000

5.150%, 

4/2/2029

c

315,786

HSBC

Holdings

plc

200,000

6.875%, 

9/11/2029

d,j

201,365

661,000

5.130%, 

3/3/2031

d

668,470

850,000

5.741%, 

9/10/2036

d

850,943

HUB

International,

Ltd.

466,000

7.250%, 

6/15/2030

c

477,372

Huntington

Bancshares,

Inc./OH

652,000

6.141%, 

11/18/2039

d

664,067

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

565,000

5.250%, 

5/15/2027

553,648

Jane

Street

Group/JSG

Finance,

Inc.

263,000

4.500%, 

11/15/2029

c

254,902

104,000

7.125%, 

4/30/2031

c

106,907

173,000

6.125%, 

11/1/2032

c

171,078

551,000

6.750%, 

5/1/2033

c

559,027

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

$

137,000

5.000%, 

8/15/2028

c

$

127,665

342,000

6.625%, 

10/15/2031

c

326,062

Jefferson

Capital

Holdings,

LLC

133,000

6.000%, 

8/15/2026

c

133,084

165,000

9.500%, 

2/15/2029

c

173,119

123,000

8.250%, 

5/15/2030

c

128,009

JPMorgan

Chase

&

Company

1,475,000

4.203%, 

7/23/2029

d

1,466,520

900,000

2.522%, 

4/22/2031

d

831,696

303,000

4.347%, 

1/22/2032

d

298,724

1,100,000

1.953%, 

2/4/2032

d

968,547

1,229,000

4.586%, 

4/26/2033

d

1,212,626

923,000

4.912%, 

7/25/2033

d

923,637

651,000

5.766%, 

4/22/2035

d

678,072

375,000

5.502%, 

1/24/2036

d

383,827

762,000

4.810%, 

10/22/2036

d

739,876

757,000

5.193%, 

2/5/2037

d

743,878

605,000

5.534%, 

11/29/2045

d

594,231

Kilroy

Realty,

LP

310,000

4.250%, 

8/15/2029

299,677

572,000

5.875%, 

10/15/2035

551,455

Liberty

Mutual

Group,

Inc.

90,000

4.125%, 

12/15/2051

c,d

87,922

Lincoln

National

Corporation

1,220,000

2.330%, 

8/15/2030

1,089,991

Lloyds

Banking

Group

plc

920,000

5.871%, 

3/6/2029

d

942,730

625,000

4.425%, 

11/4/2031

d

616,213

LPL

Holdings,

Inc.

809,000

4.900%, 

4/3/2028

811,402

Macquarie

AirFinance

Holdings,

Ltd.

159,000

6.400%, 

3/26/2029

c

164,743

418,000

5.150%, 

3/17/2030

c

415,862

Macquarie

Bank,

Ltd.

901,000

5.642%, 

8/13/2036

c,d

896,078

Marsh

&

McLennan

Companies,

Inc.

231,000

5.450%, 

3/15/2053

218,095

Massachusetts

Mutual

Life

Insurance

Company

1,150,000

3.200%, 

12/1/2061

c

680,378

Mitsubishi

UFJ

Financial

Group,

Inc.

800,000

5.057%, 

1/14/2037

d

785,942

Mizuho

Financial

Group,

Inc.

398,000

5.098%, 

5/13/2031

d

403,222

Molina

Healthcare,

Inc.

104,000

4.375%, 

6/15/2028

c

100,564

200,000

6.250%, 

1/15/2033

c

193,918

Morgan

Stanley

514,000

5.516%, 

11/19/2055

d

488,042

615,000

5.164%, 

4/20/2029

d

622,084

612,000

3.622%, 

4/1/2031

d

586,850

615,000

5.250%, 

4/21/2034

d

616,920

476,000

5.831%, 

4/19/2035

d

494,177

280,000

5.587%, 

1/18/2036

d

285,467

1,076,000

5.297%, 

4/20/2037

d

1,073,382

728,000

5.314%, 

1/18/2041

d

702,755

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

320,000

8.500%, 

2/15/2032

c

324,420

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

Nasdaq,

Inc.

$

750,000

3.250%, 

4/28/2050

$

499,199

NatWest

Group

plc

650,000

4.445%, 

5/8/2030

d

646,087

925,000

6.475%, 

6/1/2034

d

959,991

Navient

Corporation

96,000

5.000%, 

3/15/2027

93,837

106,000

5.500%, 

3/15/2029

97,155

Nippon

Life

Insurance

Company

876,000

5.046%, 

4/2/2033

c,f

877,074

Nomura

Holdings,

Inc.

598,000

5.783%, 

7/3/2034

614,239

Omega

Healthcare

Investors,

Inc.

780,000

3.625%, 

10/1/2029

749,156

419,000

5.200%, 

7/1/2030

420,702

Omnis

Funding

Trust

492,000

6.722%, 

5/15/2055

c

497,374

OneMain

Finance

Corporation

168,000

3.500%, 

1/15/2027

164,827

236,000

3.875%, 

9/15/2028

224,283

175,000

6.750%, 

3/15/2032

169,792

747,000

7.125%, 

9/15/2032

735,688

Osaic

Holdings,

Inc.

138,000

6.750%, 

8/1/2032

c

138,017

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

457,000

4.875%, 

5/15/2029

c

438,673

PennyMac

Financial

Services,

Inc.

88,000

7.125%, 

11/15/2030

c

87,452

263,000

6.875%, 

5/15/2032

c

253,793

184,000

6.875%, 

2/15/2033

c

176,040

88,000

6.750%, 

2/15/2034

c

82,354

Phoenix

Aviation

Capital,

Ltd.

281,000

9.250%, 

7/15/2030

c

282,767

Pinnacle

Bank/Nashville,

TN

1,201,000

5.625%, 

2/15/2028

1,214,463

PNC

Financial

Services

Group,

Inc.

307,000

6.615%, 

10/20/2027

d

310,534

633,000

5.423%, 

1/25/2041

d

620,118

PRA

Group,

Inc.

254,000

8.375%, 

2/1/2028

c

255,737

Prologis

Targeted

US

Logistics

Fund,

LP

618,000

5.250%, 

4/1/2029

c

629,714

294,000

5.250%, 

1/15/2035

c

294,343

Prologis,

LP

416,000

5.250%, 

3/15/2054

387,944

Protective

Life

Corporation

730,000

4.700%, 

1/15/2031

c

722,967

Prudential

Financial,

Inc.

1,170,000

5.125%, 

3/1/2052

d

1,119,544

Regency

Centers,

LP

461,000

5.250%, 

1/15/2034

465,981

RGA

Global

Funding

298,000

5.500%, 

1/11/2031

c

306,278

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

163,000

4.500%, 

2/15/2029

c

158,012

45,000

5.750%, 

3/15/2034

c

44,408

Rithm

Capital

Corporation

89,000

8.000%, 

4/1/2029

c

87,436

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

$

299,000

8.000%, 

7/15/2030

c

$

288,589

RLJ

Lodging

Trust,

LP

149,000

4.000%, 

9/15/2029

c

139,551

Rocket

Companies,

Inc.

170,000

6.500%, 

8/1/2029

c

171,913

162,000

6.125%, 

8/1/2030

c

163,495

87,000

7.125%, 

2/1/2032

c

89,674

264,000

6.375%, 

8/1/2033

c

266,836

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

140,000

3.625%, 

3/1/2029

c

132,579

301,000

3.875%, 

3/1/2031

c

277,756

115,000

4.000%, 

10/15/2033

c

103,082

Ryan

Specialty,

LLC

85,000

4.375%, 

2/1/2030

c

82,346

398,000

5.875%, 

8/1/2032

c

393,369

Santander

Holdings

USA,

Inc.

308,000

6.499%, 

3/9/2029

d

317,606

699,000

5.473%, 

3/20/2029

d

708,728

268,000

6.174%, 

1/9/2030

d

276,909

Sixth

Street

Lending

Partners

400,000

6.125%, 

7/15/2030

397,656

SLM

Corporation

138,000

6.500%, 

1/31/2030

135,476

Societe

Generale

SA

172,000

10.000%, 

11/14/2028

c,d,j

185,777

723,000

5.249%, 

5/22/2029

c,d

730,016

575,000

5.439%, 

10/3/2036

c,d

562,575

Standard

Chartered

plc

400,000

5.545%, 

1/21/2029

c,d

405,903

Starwood

Property

Trust,

Inc.

132,000

4.375%, 

1/15/2027

c

131,333

266,000

5.250%, 

10/15/2028

c

262,968

201,000

6.500%, 

10/15/2030

c

203,857

89,000

5.750%, 

1/15/2031

c

87,888

State

Street

Corporation

73,000

4.530%, 

2/20/2029

d

73,410

Stonebriar

ABF

Issuer,

LLC

142,000

8.125%, 

12/15/2030

c

146,777

Stonex

Escrow

Issuer,

LLC

482,000

6.875%, 

7/15/2032

c

487,122

Sumitomo

Mitsui

Financial

Group,

Inc.

850,000

1.710%, 

1/12/2031

742,453

839,000

5.334%, 

3/3/2041

d

813,550

Synchrony

Financial

831,000

4.947%, 

2/25/2032

d

806,488

169,000

7.250%, 

2/2/2033

172,613

Takeoff

Merger

Sub,

Inc.

914,000

4.850%, 

3/24/2031

c

902,570

Toronto-Dominion

Bank

309,000

5.146%, 

9/10/2034

d

309,340

324,000

4.928%, 

10/15/2035

318,768

TPG

Operating

Group

II,

LP

629,000

4.875%, 

5/15/2031

616,909

Travelers

Companies,

Inc.

128,000

5.050%, 

7/24/2035

128,205

Truist

Financial

Corporation

623,000

6.047%, 

6/8/2027

d

624,569

440,000

5.125%, 

12/15/2027

d,j

432,955

730,000

4.597%, 

1/27/2032

d

722,221

770,000

5.122%, 

1/26/2034

d

767,929

390,000

5.711%, 

1/24/2035

d

402,302

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Financials  1.7%

-

continued

U.S.

Bancorp

$

954,000

5.775%, 

6/12/2029

d

$

981,265

244,000

5.836%, 

6/12/2034

d

254,670

416,000

5.678%, 

1/23/2035

d

429,669

UBS

Group

AG

200,000

6.600%, 

8/5/2030

c,d,j

195,207

767,000

3.091%, 

5/14/2032

c,d

703,397

589,000

5.699%, 

2/8/2035

c,d

603,794

300,000

5.379%, 

9/6/2045

c,d

283,239

United

Wholesale

Mortgage,

LLC

440,000

5.500%, 

4/15/2029

c

411,834

Unum

Group

460,000

5.250%, 

12/15/2035

449,902

Vornado

Realty,

LP

92,000

5.750%, 

2/1/2033

90,218

Wells

Fargo

&

Company

1,103,000

4.900%, 

1/24/2028

d

1,107,000

858,000

3.526%, 

3/24/2028

d

850,922

607,000

5.707%, 

4/22/2028

d

614,830

644,000

5.574%, 

7/25/2029

d

658,794

507,000

5.389%, 

4/24/2034

d

514,593

703,000

4.960%, 

1/23/2037

d

684,822

1,180,000

4.900%, 

11/17/2045

1,012,907

Western

Alliance

Bank

325,000

6.537%, 

11/15/2035

d

318,315

Wynnton

Funding

Trust

II

221,000

5.991%, 

8/15/2055

c

218,400

XHR,

LP

189,000

4.875%, 

6/1/2029

c

183,093

87,000

6.625%, 

5/15/2030

c

87,836

Zions

Bancorp

NA

564,000

4.704%, 

8/18/2028

d

558,978

465,000

4.483%, 

2/9/2029

d

461,528

Total

145,050,302

Foreign

Government  <0.1%

Corporacion

Nacional

del

Cobre

de

Chile

675,000

5.529%, 

1/30/2037

c

662,560

Eagle

Funding

Luxco

SARL

300,000

5.500%, 

8/17/2030

c

301,575

Mexico

Government

International

Bond

637,000

5.625%, 

9/22/2035

616,297

NBN

Company,

Ltd.

316,000

4.150%, 

9/16/2030

c

312,122

Saudi

Arabian

Oil

Company

200,000

4.375%, 

2/2/2031

c

194,307

Total

2,086,861

Mortgage-Backed

Securities  5.4%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

1,213,272

5.500%, 

12/1/2038

1,247,890

4,554,148

5.500%, 

2/1/2040

4,664,586

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

8,064,356

2.000%, 

1/1/2052

6,596,617

4,025,008

4.500%, 

2/1/2056

f

3,912,417

4,661,608

2.000%, 

5/1/2051

3,813,216

9,383,774

2.500%, 

5/1/2051

8,002,970

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Mortgage-Backed

Securities  5.4%

-

continued

$

7,748,893

4.000%, 

5/1/2052

$

7,384,364

4,488,186

5.000%, 

7/1/2053

4,473,248

2,255,322

5.500%, 

7/1/2053

2,295,420

6,149,472

3.500%, 

8/1/2052

5,678,518

4,808,233

5.000%, 

8/1/2053

4,801,942

6,618,556

5.500%, 

9/1/2053

6,783,498

1,234,655

5.500%, 

9/1/2055

1,253,213

973,729

5.500%, 

9/1/2055

989,105

3,050,965

3.500%, 

9/1/2047

2,855,998

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

2,663,573

2.500%, 

7/1/2030

2,582,985

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

849,973

5.500%, 

9/1/2039

874,771

11,150,000

5.000%, 

4/1/2041

f

11,231,417

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

3,964,048

3.000%, 

12/1/2036

3,762,914

4,094,179

3.000%, 

8/1/2038

3,896,178

6,481,308

3.500%, 

5/1/2040

6,178,661

4,231,445

2.500%, 

4/1/2042

3,804,695

1,939,096

2.000%, 

5/1/2042

1,712,844

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

16,792,620

3.000%, 

1/1/2052

14,885,432

1,166,245

2.000%, 

2/1/2051

953,989

1,781,626

2.000%, 

2/1/2051

1,457,368

4,990,357

2.500%, 

2/1/2051

4,283,852

8,520,502

5.500%, 

2/1/2055

8,681,598

17,553,757

2.000%, 

3/1/2051

14,270,854

10,314,801

4.000%, 

3/1/2051

9,858,453

6,469,191

2.000%, 

3/1/2052

5,306,085

18,057,359

3.000%, 

3/1/2052

16,013,203

7,941,237

2.000%, 

4/1/2051

6,454,423

5,370,899

3.000%, 

4/1/2051

4,727,999

6,498,214

5.500%, 

4/1/2054

6,649,986

775,000

2.500%, 

4/1/2056

f

651,484

7,268,883

3.000%, 

5/1/2050

6,403,194

2,158,667

2.000%, 

5/1/2051

1,756,660

8,124,365

3.000%, 

5/1/2051

7,307,269

2,952,254

3.500%, 

5/1/2052

2,732,428

17,752,316

2.000%, 

6/1/2050

14,472,886

6,590,454

3.000%, 

6/1/2050

5,950,042

2,605,322

4.000%, 

6/1/2052

2,468,794

3,350,089

5.000%, 

6/1/2053

3,342,290

13,615,610

2.500%, 

7/1/2051

11,707,235

4,111,321

3.500%, 

7/1/2051

3,811,308

2,624,441

3.000%, 

7/1/2052

2,345,095

3,305,851

4.000%, 

7/1/2052

3,132,622

1,799,592

2.500%, 

8/1/2050

1,547,217

8,783,170

3.500%, 

8/1/2050

8,171,157

4,627,971

3.500%, 

8/1/2052

4,248,073

16,129,991

4.500%, 

8/1/2052

15,637,110

6,458,161

5.000%, 

8/1/2053

6,441,139

12,755,557

6.000%, 

8/1/2054

13,348,253

6,585,505

2.500%, 

9/1/2051

5,655,922

3,245,345

3.500%, 

9/1/2052

3,000,229

6,624,330

3.500%, 

9/1/2052

6,140,397

4,965,302

5.000%, 

9/1/2052

4,940,868

5,330,072

4.500%, 

9/1/2053

5,189,048

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Mortgage-Backed

Securities  5.4%

-

continued

$

9,015,638

4.500%, 

9/1/2053

$

8,767,408

13,669,870

4.000%, 

10/1/2052

13,016,958

2,134,409

2.000%, 

11/1/2051

1,745,900

4,134,779

3.500%, 

11/1/2052

3,840,633

8,690,302

2.000%, 

12/1/2050

7,111,887

23,029,998

2.500%, 

12/1/2051

19,720,948

13,160,559

4.500%, 

12/1/2052

12,807,962

3,565,353

3.500%, 

12/1/2047

3,343,067

16,000,000

4.000%, 

4/1/2049

f

15,096,378

2,650,000

4.500%, 

4/1/2049

f

2,557,265

6,325,000

5.000%, 

4/1/2049

f

6,237,251

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

16,305,462

2.500%, 

3/1/2062

13,407,689

4,040,032

3.500%, 

7/1/2061

3,640,021

6,811,683

4.000%, 

12/1/2061

6,347,974

Total

450,382,770

Technology  0.5%

Accenture

Capital,

Inc.

638,000

4.500%, 

10/4/2034

616,850

Advanced

Micro

Devices,

Inc.

615,000

4.393%, 

6/1/2052

510,005

Alphabet,

Inc.

1,214,000

4.400%, 

2/15/2033

1,198,880

425,000

4.700%, 

11/15/2035

419,875

182,000

4.800%, 

2/15/2036

181,220

Amentum

Holdings,

Inc.

328,000

7.250%, 

8/1/2032

c

339,418

APLD

ComputeCo

2,

LLC

194,000

6.750%, 

3/15/2031

c

192,588

APLD

ComputeCo,

LLC

314,000

9.250%, 

12/15/2030

c

323,521

Apple,

Inc.

918,000

2.650%, 

2/8/2051

555,573

32,000

3.750%, 

9/12/2047

24,744

Black

Pearl

Compute,

LLC

286,000

6.125%, 

2/15/2031

c

291,090

Block,

Inc.

176,000

5.625%, 

8/15/2030

c

175,027

175,000

3.500%, 

6/1/2031

159,135

593,000

6.500%, 

5/15/2032

598,415

176,000

6.000%, 

8/15/2033

c

173,093

Broadcom,

Inc.

513,000

4.900%, 

7/15/2032

517,483

354,000

3.469%, 

4/15/2034

318,755

1,231,000

3.137%, 

11/15/2035

c

1,045,840

1,350,000

3.187%, 

11/15/2036

c

1,128,140

600,000

4.926%, 

5/15/2037

c

581,954

378,000

4.900%, 

2/15/2038

364,837

CACI

International,

Inc.

116,000

6.375%, 

6/15/2033

c

118,079

Cipher

Compute,

LLC

275,000

7.125%, 

11/15/2030

c

284,908

Cisco

Systems,

Inc.

301,000

5.300%, 

2/26/2054

282,303

Clarivate

Science

Holdings

Corporation

346,000

3.875%, 

7/1/2028

c

326,526

Cloud

Software

Group,

Inc.

1,063,000

6.500%, 

3/31/2029

c

1,037,031

695,000

9.000%, 

9/30/2029

c

670,448

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Technology  0.5%

-

continued

Coherent

Corporation

$

164,000

5.000%, 

12/15/2029

c

$

160,855

CoreWeave,

Inc.

266,000

9.250%, 

6/1/2030

c

258,461

264,000

9.000%, 

2/1/2031

c

251,201

Dell,

Inc.

563,000

6.500%, 

4/15/2038

598,209

Diebold

Nixdorf,

Inc.

160,000

7.750%, 

3/31/2030

c

166,374

Equinix

Europe

2

Financing

Corporation,

LLC

840,000

4.700%, 

3/15/2033

816,995

Fair

Isaac

Corporation

308,000

6.000%, 

5/15/2033

c

302,216

218,000

6.250%, 

9/15/2034

c

214,410

Fidelity

National

Information

Services,

Inc.

534,000

4.550%, 

3/10/2029

531,482

Fiserv,

Inc.

639,000

2.650%, 

6/1/2030

581,845

613,000

5.350%, 

3/15/2031

619,021

537,000

5.600%, 

3/2/2033

542,632

645,000

5.150%, 

8/12/2034

626,487

Flash

Compute,

LLC

174,000

7.250%, 

12/31/2030

c

175,182

Foundry

JV

Holdco,

LLC

698,000

5.900%, 

1/25/2030

c

722,358

300,000

5.900%, 

1/25/2033

c

308,434

350,000

6.400%, 

1/25/2038

c

364,836

Gen

Digital,

Inc.

419,000

7.125%, 

9/30/2030

c

423,055

87,000

6.250%, 

4/1/2033

c

84,574

Global

Payments,

Inc.

82,000

5.300%, 

8/15/2029

82,562

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

161,000

3.500%, 

3/1/2029

c

149,800

Hewlett

Packard

Enterprise

Company

85,000

4.400%, 

9/25/2027

84,874

528,000

4.850%, 

10/15/2031

524,440

630,000

6.350%, 

10/15/2045

628,984

Intel

Corporation

484,000

4.900%, 

7/29/2045

408,075

International

Business

Machines

Corporation

636,000

5.800%, 

2/3/2056

607,775

576,000

4.600%, 

2/3/2033

564,900

ION

Platform

Finance

US,

Inc.

343,000

7.875%, 

9/30/2032

c

265,491

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

248,000

9.500%, 

5/30/2029

c

233,457

Iron

Mountain,

Inc.

570,000

4.875%, 

9/15/2029

c

554,575

580,000

5.250%, 

7/15/2030

c

563,503

353,000

4.500%, 

2/15/2031

c

331,482

Kioxia

Holdings

Corporation

288,000

6.625%, 

7/24/2033

c

296,014

KLA

Corporation

923,000

3.300%, 

3/1/2050

628,661

Marvell

Technology,

Inc.

155,000

5.950%, 

9/15/2033

164,034

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Technology  0.5%

-

continued

Mastercard,

Inc.

$

210,000

3.950%, 

2/26/2048

$

163,782

Micron

Technology,

Inc.

197,000

5.650%, 

11/1/2032

207,959

583,000

5.875%, 

2/9/2033

623,185

NCR

Atleos

Corporation

133,000

9.500%, 

4/1/2029

c

142,369

NCR

Voyix

Corporation

244,000

5.000%, 

10/1/2028

c

235,101

151,000

5.125%, 

4/15/2029

c

144,425

Neptune

Bidco

US,

Inc.

517,000

9.290%, 

4/15/2029

c

518,436

133,000

10.375%, 

5/15/2031

c

134,198

256,000

9.500%, 

2/15/2033

c

248,381

NXP

BV/NXP

Funding,

LLC

480,000

5.550%, 

12/1/2028

491,039

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

480,000

4.300%, 

6/18/2029

475,784

480,000

3.250%, 

5/11/2041

353,195

Open

Text

Corporation

476,000

3.875%, 

12/1/2029

c

425,380

Open

Text

Holdings,

Inc.

268,000

4.125%, 

2/15/2030

c

239,466

Oracle

Corporation

425,000

6.700%, 

2/4/2056

394,444

615,000

6.900%, 

11/9/2052

580,639

558,000

5.250%, 

2/3/2032

548,044

449,000

4.800%, 

9/26/2032

427,604

290,000

4.700%, 

9/27/2034

264,660

1,150,000

5.700%, 

2/4/2036

1,105,712

1,134,000

5.875%, 

9/26/2045

978,348

Paychex,

Inc.

166,000

5.600%, 

4/15/2035

166,717

PayPal

Holdings,

Inc.

542,000

5.500%, 

6/1/2054

494,307

Pitney

Bowes,

Inc.

83,000

6.875%, 

3/15/2027

c

82,890

RingCentral,

Inc.

459,000

8.500%, 

8/15/2030

c

480,196

Rocket

Software,

Inc.

199,000

9.000%, 

11/28/2028

c

198,701

Roper

Technologies,

Inc.

771,000

1.750%, 

2/15/2031

665,590

S&P

Global,

Inc.

200,000

4.800%, 

12/4/2035

c

195,978

Sabre

GLBL,

Inc.

341,000

11.125%, 

7/15/2030

c

289,427

Salesforce,

Inc.

974,000

5.550%, 

3/15/2036

970,970

Seagate

Data

Storage

Technology,

Private

Ltd.

327,350

9.625%, 

12/1/2032

c

363,819

119,000

5.750%, 

12/1/2034

c

118,554

Sensata

Technologies

BV

243,000

4.000%, 

4/15/2029

c

234,485

Sensata

Technologies,

Inc.

95,000

3.750%, 

2/15/2031

c

88,114

84,000

6.625%, 

7/15/2032

c

85,679

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

400,000

6.750%, 

8/15/2032

c

393,338

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Technology  0.5%

-

continued

SS&C

Technologies,

Inc.

$

301,000

5.500%, 

9/30/2027

c

$

301,203

273,000

6.500%, 

6/1/2032

c

273,009

SV

RNO

Property

Owner

1,

LLC

230,000

5.875%, 

3/1/2031

c

227,353

Synopsys,

Inc.

502,000

5.700%, 

4/1/2055

479,954

UKG,

Inc.

423,000

6.875%, 

2/1/2031

c

413,404

Verisk

Analytics,

Inc.

214,000

4.450%, 

3/15/2031

210,441

260,000

5.250%, 

3/15/2035

257,776

Viavi

Solutions,

Inc.

178,000

3.750%, 

10/1/2029

c

167,005

WULF

Compute,

LLC

177,000

7.750%, 

10/15/2030

c

187,032

Xerox

Corporation

202,000

10.250%, 

10/15/2030

a,c

151,500

Total

42,472,585

Transportation  0.1%

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

81,917

5.500%, 

4/20/2026

c

81,948

416,767

5.750%, 

4/20/2029

c

414,487

Avianca

Midco

2

plc

126,592

9.000%, 

12/1/2028

c

122,478

200,000

9.625%, 

2/14/2030

c

187,000

200,000

9.500%, 

1/28/2031

c

183,500

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

216,000

5.375%, 

3/1/2029

c

206,666

Burlington

Northern

Santa

Fe,

LLC

724,000

2.875%, 

6/15/2052

445,966

15,000

5.750%, 

5/1/2040

15,576

625,000

4.450%, 

3/15/2043

544,484

Canadian

Pacific

Railway

Company

615,000

4.700%, 

5/1/2048

533,610

DCLI

Bidco,

LLC

329,000

7.750%, 

11/15/2029

c

332,678

Delta

Air

Lines,

Inc.

407,000

5.250%, 

7/10/2030

409,678

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,228,333

4.750%, 

10/20/2028

c

1,226,559

ERAC

USA

Finance,

LLC

616,000

5.400%, 

5/1/2053

c

586,838

FedEx

Freight

Holding

Company,

Inc.

546,000

4.950%, 

3/15/2033

c

532,514

Norfolk

Southern

Corporation

577,000

5.100%, 

5/1/2035

578,683

OneSky

Flight,

LLC

424,000

8.875%, 

12/15/2029

c

437,659

Rand

Parent,

LLC

436,000

8.500%, 

2/15/2030

c

447,565

RXO,

Inc.

230,000

6.375%, 

5/15/2031

c

220,687

Ryder

System,

Inc.

464,000

4.850%, 

6/15/2030

467,193

Star

Leasing

Company,

LLC

171,000

7.625%, 

2/15/2030

c

158,247

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Transportation  0.1%

-

continued

Stena

International

SA

$

265,000

7.250%, 

1/15/2031

c

$

267,790

Stonepeak

Nile

Parent,

LLC

131,000

7.250%, 

3/15/2032

c

136,253

Union

Pacific

Corporation

1,231,000

2.973%, 

9/16/2062

706,342

United

Airlines

Holdings,

Inc.

138,000

4.875%, 

3/1/2029

134,975

274,000

5.375%, 

3/1/2031

268,333

United

Airlines,

Inc.

805,000

4.625%, 

4/15/2029

c

789,805

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

102,000

7.875%, 

5/1/2027

c

100,672

223,000

9.500%, 

6/1/2028

c

217,859

194,000

6.375%, 

2/1/2030

c

167,540

Watco

Companies,

LLC/Watco

Finance

Corporation

177,000

7.125%, 

8/1/2032

c

181,782

Total

11,105,367

U.S.

Government

&

Agencies  6.3%

U.S.

Treasury

Bonds

13,000,000

4.750%, 

8/15/2055

12,668,906

14,500,000

4.750%, 

11/15/2053

14,098,418

19,150,000

5.250%, 

11/15/2028

19,823,990

2,975,000

4.375%, 

5/15/2040

2,889,585

44,475,000

1.375%, 

11/15/2040

28,648,154

1,340,000

3.000%, 

5/15/2042

1,067,917

5,750,000

3.250%, 

5/15/2042

4,737,910

973,000

3.375%, 

5/15/2044

795,237

68,726,000

2.500%, 

5/15/2046

47,216,910

39,200,000

2.875%, 

5/15/2049

27,868,750

U.S.

Treasury

Notes

9,500,000

3.500%, 

9/30/2026

9,487,012

20,000,000

3.500%, 

9/30/2027

19,902,344

7,285,000

2.250%, 

11/15/2027

7,103,729

13,950,000

3.875%, 

12/31/2027

13,959,808

1,500,000

0.750%, 

1/31/2028

1,418,848

40,100,000

3.500%, 

1/31/2028

39,871,305

15,300,000

3.625%, 

3/31/2028

15,244,418

72,550,000

2.875%, 

5/15/2028

71,169,849

21,000,000

4.375%, 

8/31/2028

21,262,500

9,500,000

3.500%, 

9/30/2029

9,385,703

12,000,000

3.625%, 

8/31/2030

11,852,813

61,100,000

3.625%, 

9/30/2030

60,338,637

7,000,000

3.625%, 

12/31/2030

6,904,844

30,000,000

3.750%, 

1/31/2031

29,744,531

270,000

1.375%, 

11/15/2031

234,141

32,000,000

4.500%, 

11/15/2033

32,662,500

12,500,000

4.000%, 

11/15/2035

12,193,359

Total

522,552,118

Utilities  0.4%

AEP

Texas,

Inc.

190,000

5.850%, 

10/15/2055

183,230

AES

Corporation

262,000

7.600%, 

1/15/2055

d

259,883

1,227,000

3.950%, 

7/15/2030

c

1,173,073

Algonquin

Power

&

Utilities

Corporation

743,000

4.750%, 

1/18/2082

d

722,628

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Utilities  0.4%

-

continued

Alpha

Generation,

LLC

$

149,000

6.750%, 

10/15/2032

c

$

151,180

American

Electric

Power

Company,

Inc.

225,000

6.050%, 

3/15/2056

d

222,992

American

Water

Capital

Corporation

254,000

5.700%, 

9/1/2055

248,510

Atmos

Energy

Corporation

150,000

5.000%, 

12/15/2054

132,932

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

983,276

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

781,404

Consolidated

Edison

Company

of

New

York,

Inc.

579,000

4.500%, 

12/1/2045

487,585

1,250,000

4.125%, 

5/15/2049

972,927

Constellation

Energy

Generation,

LLC

151,000

5.875%, 

1/15/2066

144,968

310,000

6.125%, 

1/15/2034

330,808

Consumers

Energy

Company

1,012,000

4.350%, 

4/15/2049

826,939

Dominion

Energy,

Inc.

81,000

6.875%, 

2/1/2055

d

83,363

81,000

7.000%, 

6/1/2054

d

85,673

DTE

Electric

Company

965,000

3.700%, 

3/15/2045

740,153

475,000

3.700%, 

6/1/2046

358,274

Duke

Energy

Carolinas,

LLC

1,050,000

3.700%, 

12/1/2047

778,751

Duke

Energy

Corporation

117,000

6.450%, 

9/1/2054

d

120,819

918,000

5.450%, 

6/15/2034

938,325

Duke

Energy

Indiana,

LLC

847,000

3.750%, 

5/15/2046

648,273

Enel

Finance

International

NV

629,000

5.125%, 

6/26/2029

c

637,920

Entergy

Louisiana,

LLC

175,000

5.800%, 

3/15/2055

171,611

Exelon

Corporation

410,000

4.700%, 

4/15/2050

338,791

983,000

4.450%, 

4/15/2046

806,520

FirstEnergy

Corporation

769,000

4.850%, 

7/15/2047

654,830

Georgia

Power

Company

523,000

4.950%, 

5/17/2033

527,125

303,000

5.250%, 

3/15/2034

309,420

Hawaiian

Electric

Company,

Inc.

89,000

6.000%, 

10/1/2033

c

88,887

Indiana

Michigan

Power

Company

220,000

5.600%, 

3/15/2056

212,205

ITC

Holdings

Corporation

760,000

5.300%, 

7/1/2043

698,373

Jersey

Central

Power

&

Light

Company

450,000

2.750%, 

3/1/2032

c

404,249

Lightning

Power,

LLC

326,000

7.250%, 

8/15/2032

c

338,870

Long

Ridge

Energy,

LLC

395,000

8.750%, 

2/15/2032

c

414,400

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Utilities  0.4%

-

continued

MidAmerican

Energy

Company

$

706,000

5.850%, 

9/15/2054

$

708,821

NextEra

Energy

Capital

Holdings,

Inc.

572,000

5.900%, 

3/15/2055

561,451

213,000

5.300%, 

3/15/2032

218,142

NiSource,

Inc.

82,000

6.375%, 

3/31/2055

d

83,792

211,000

5.750%, 

7/15/2056

d

207,790

900,000

5.650%, 

2/1/2045

870,797

NRG

Energy,

Inc.

141,000

3.375%, 

2/15/2029

c

133,670

240,000

5.250%, 

6/15/2029

c

237,614

89,000

5.750%, 

7/15/2029

c

88,867

138,000

6.000%, 

2/1/2033

c

138,035

701,000

5.750%, 

1/15/2034

c

691,483

271,000

6.250%, 

11/1/2034

c

273,160

Pacific

Gas

and

Electric

Company

618,000

5.550%, 

5/15/2029

632,679

538,000

4.550%, 

7/1/2030

530,708

300,000

5.800%, 

5/15/2034

307,407

PacifiCorp

184,000

7.125%, 

8/15/2056

d

173,821

PG&E

Corporation

137,000

5.000%, 

7/1/2028

135,928

PPL

Capital

Funding,

Inc.

640,000

5.250%, 

9/1/2034

644,533

PPL

Electric

Utilities

Corporation

547,000

3.950%, 

6/1/2047

426,058

Public

Service

Company

of

Colorado

779,000

4.500%, 

6/1/2052

633,634

Public

Service

Enterprise

Group,

Inc.

834,000

4.900%, 

3/15/2030

842,276

San

Diego

Gas

&

Electric

Company

210,000

4.150%, 

5/15/2048

164,201

Sempra

374,000

5.250%, 

3/15/2036

368,728

Southern

California

Edison

Company

224,000

5.450%, 

3/1/2035

224,835

Southern

Company

983,000

5.113%, 

8/1/2027

991,517

885,000

4.850%, 

3/15/2035

860,929

Southern

Company

Gas

Capital

Corporation

620,000

4.400%, 

5/30/2047

505,610

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

463,828

Talen

Energy

Supply,

LLC

329,000

8.625%, 

6/1/2030

c

345,146

89,000

6.250%, 

2/1/2034

c

88,008

89,000

6.500%, 

2/1/2036

c

89,617

TerraForm

Power

Operating,

LLC

662,000

5.000%, 

1/31/2028

c

654,702

Topaz

Solar

Farms,

LLC

177,668

4.875%, 

9/30/2039

c

159,901

TransAlta

Corporation

275,000

5.875%, 

2/1/2034

273,149

Union

Electric

Company

501,000

3.900%, 

9/15/2042

405,066

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Principal

Amount

Long-Term

Fixed

Income  19.6%

Value

Utilities  0.4%

-

continued

Virginia

Electric

and

Power

Company

$

222,000

5.350%, 

1/15/2054

$

204,489

850,000

4.600%, 

12/1/2048

703,153

Vistra

Corporation

163,000

8.000%, 

10/15/2026

c,d,j

164,728

407,000

7.000%, 

12/15/2026

c,d,j

407,522

Vistra

Operations

Company,

LLC

132,000

5.000%, 

7/31/2027

c

131,534

742,000

5.250%, 

10/15/2035

c

720,572

VoltaGrid,

LLC

133,000

7.375%, 

11/1/2030

c

137,364

Xcel

Energy,

Inc.

462,000

4.600%, 

6/1/2032

453,832

257,000

5.600%, 

4/15/2035

261,177

Total

34,299,441

Total

Long-Term

Fixed

Income

(cost

$1,714,832,953)

1,633,145,089

Shares

l

Private

Equity

Funds

1.8%

Value

Secondary  1.8%

__

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,m

22,902,548

__

ASF

IX

LP

*,b,m

22,669,533

__

ASF

VIII

Sidecar

(Cayman),

LP

*,b,m

4,827,289

__

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF

*,b,m

23,821,891

__

LCP

X

(Offshore),

LP

*,b,m

42,630,982

__

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,m

36,959,449

Total

153,811,692

Total

Private

Equity

Funds

(cost

$115,073,224)

153,811,692

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

15,252,993

Thrivent

Cash

Management

Trust

15,252,993

Total

Collateral

Held

for

Securities

Loaned

(cost

$15,252,993)

15,252,993

Shares

or

Principal

Amount

Short-Term

Investments

12.8%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

3.545%,

4/8/2026

n,o

299,761

400,000

3.590%,

4/17/2026

n,o

399,322

15,000,000

3.606%,

4/24/2026

n,o

14,964,100

700,000

3.600%,

4/29/2026

n,o

697,976

10,500,000

3.632%,

5/1/2026

n,o

10,467,360

1,700,000

3.603%,

5/8/2026

n,o

1,693,522

3,300,000

3.596%,

5/27/2026

n,o

3,281,138

11,500,000

3.600%,

5/29/2026

n,o

11,431,961

1,000,000

3.610%,

6/3/2026

n,o

993,591

1,000,000

3.610%,

6/10/2026

n,o

992,890

14,100,000

3.628%,

6/17/2026

n,o

13,989,867

2,200,000

3.590%,

6/18/2026

n,o

2,182,596

1,900,000

3.635%,

6/22/2026

n,o

1,884,208

Shares

or

Principal

Amount

Short-Term

Investments  12.8%

Value

Federal

National

Mortgage

Association

Discount

Notes

8,200,000

3.595%,

6/1/2026

n,o

$

8,149,089

State

Street

Institutional

U.S.

Government

Money

Market

Fund

238,323,160

3.602%

n

238,323,160

Thrivent

Core

Short-Term

Reserve

Fund

74,518,710

3.930%

745,187,096

U.S.

Treasury

Bills

2,000,000

3.498%,

4/7/2026

n,p

1,998,795

800,000

3.596%,

5/5/2026

n,p

797,262

1,400,000

3.631%,

5/19/2026

n,p,q

1,393,224

1,900,000

3.615%,

5/28/2026

n,p

1,889,058

3,600,000

3.606%,

6/11/2026

n,p

3,574,459

Total

Short-Term

Investments

(cost

$1,064,637,738)

1,064,590,435

Total

Investments

(cost

$6,710,749,183)

100.3%

$8,341,527,924

Other

Assets

and

Liabilities,

Net

(0.3%)

(25,236,132)

Total

Net

Assets

100.0%

$8,316,291,792

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$323,404,716

or

3.9%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2026.

h

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

i

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2026.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Defaulted

security.  Interest

is

not

being

accrued.

l

Private

equity

fund

partnerships

do

not

issue

shares.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

m

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

n

The

interest

rate

shown

reflects

the

yield.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

p

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.

q

At

March

31,

2026,

$339,350

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderate

Allocation

Portfolio

as

of

March

31,

2026

was

$154,027,692

or

1.85%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

17,249,824

ASF

IX

LP 

3/18/2024

18,091,768

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

3,769,348

Credit

Suisse

Group

AG 

9/5/2018

900,000

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF 

2/15/2024

17,808,000

LCP

X

(Offshore),

LP 

10/25/2023

29,400,434

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

28,753,850

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderate

Allocation

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

5,146,282

Common

Stock

10,026,741

Total

lending

$15,173,023

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$15,252,993

Net

amounts

due

to

counterparty

$79,970

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

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

3,219,700,528

3,219,700,528

–

–

U.S.

Unaffiliated

41,226,538

41,226,538

–

–

Common

Stock

Communications

Services

232,001,649

231,751,966

249,683

–

Consumer

Discretionary

223,205,779

223,205,779

–

–

Consumer

Staples

50,945,817

50,945,817

–

–

Energy

57,260,509

57,260,509

–

–

Financials

237,015,014

237,015,014

–

–

Health

Care

178,221,197

178,221,197

–

–

Industrials

234,245,319

234,144,706

100,613

–

Information

Technology

686,956,946

685,680,546

1,276,400

–

Materials

33,784,715

33,357,817

426,898

–

Real

Estate

32,488,934

32,488,934

–

–

Utilities

42,431,766

42,431,766

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

33,893,133

–

33,893,133

–

Basic

Materials

12,883,729

–

12,883,729

–

Capital

Goods

28,818,871

–

28,818,871

–

Collateralized

Mortgage

Obligations

131,486,669

–

131,486,669

–

Commercial

Mortgage-Backed

Securities

32,091,169

–

32,091,169

–

Communications

Services

39,459,651

–

39,459,651

–

Consumer

Cyclical

49,667,437

–

49,667,437

–

Consumer

Non-Cyclical

57,595,391

–

57,595,391

–

Energy

39,299,595

–

39,299,595

–

Financials

145,050,302

–

145,050,302

–

Foreign

Government

2,086,861

–

2,086,861

–

Mortgage-Backed

Securities

450,382,770

–

450,382,770

–

Technology

42,472,585

–

42,472,585

–

Transportation

11,105,367

–

11,105,367

–

U.S.

Government

&

Agencies

522,552,118

–

522,552,118

–

Utilities

34,299,441

–

34,299,441

–

Private

Equity

Funds

Secondary

153,811,692

–

–

153,811,692

Short-Term

Investments

319,403,339

238,323,160

81,080,179

–

Subtotal

Investments

in

Securities

$7,375,844,831

$5,505,754,277

$1,716,278,862

$153,811,692

Other

Investments  *

Total

Affiliated

Short-Term

Investments

745,187,096

U.S.

Affiliated

Registered

Investment

Cos.

205,243,004

Collateral

Held

for

Securities

Loaned

15,252,993

Subtotal

Other

Investments

$965,683,093

Total

Investments

at

Value

$8,341,527,924

*

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

March

31,

2026,

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

4,260,164

3,331,252

928,912

–

Credit

Default

Swaps

259,331

–

259,331

–

Total

Asset

Derivatives

$4,519,495

$3,331,252

$1,188,243

$–

Liability

Derivatives

Futures

Contracts

29,831,766

29,831,766

–

–

Total

Return

Swaps

3,634,619

–

3,634,619

–

Total

Liability

Derivatives

$33,466,385

$29,831,766

$3,634,619

$–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

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

12/31/2025

Realized

Gain/

(Loss)

%

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

03/31/2026

Private

Equity

Funds

 Secondary

$141,035,231

$- 

$6,574,908

$8,736,094

$(2,534,541)

$-

$- 

$153,811,692

Total 

$141,035,231

$-  

$6,574,908

$8,736,094

$(2,534,541) 

$-

$-

$153,811,692

 Investments

in

Securities

Ending

 Value

03/31/2026

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$153,811,692  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$153,811,692 

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

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

Nasdaq

-

National

association

of

securities

dealers

automated

quotations

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$72,087,381

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

773

June

2026

$

87,266,521

(

$

1,427,283)

CBOT

2-Yr.

U.S.

Treasury

Note

961

June

2026

200,305,052

(

950,109)

CBOT

5-Yr.

U.S.

Treasury

Note

1,316

June

2026

144,187,400

(

1,822,928)

CBOT

U.S.

Long

Bond

309

June

2026

36,148,303

(

960,928)

CME

E-mini

Russell

2000

Index

26

June

2026

3,243,035

22,825

CME

E-mini

S&P

500

Index

2,654

June

2026

892,163,572

(

20,225,047)

CME

E-mini

S&P

Mid-Cap

400

Index

6

June

2026

2,018,900

19,000

CME

Ultra

Long

Term

U.S.

Treasury

Bond

328

June

2026

39,309,527

(

1,077,027)

ICE

mini

MSCI

EAFE

Index

563

June

2026

81,560,414

105,551

Ultra

10-Yr.

U.S.

Treasury

Note

338

June

2026

39,058,154

(

689,872)

Total

Futures

Long

Contracts

$

1,525,260,878

(

$

27,005,818)

CME

E-mini

Nasdaq

100

Index

(155)

June

2026

(

$

76,787,272)

$

2,650,772

CME

E-mini

Russell

2000

Index

(1,276)

June

2026

(

159,931,953)

(

346,407)

CME

E-mini

S&P

Mid-Cap

400

Index

(806)

June

2026

(

271,425,735)

(

2,332,165)

Eurex

Euro

STOXX

50

Index

(989)

June

2026

(

64,784,776)

928,912

ICE

US

mini

MSCI

Emerging

Markets

Index

(988)

June

2026

(

72,390,344)

533,104

Total

Futures

Short

Contracts

(

$

645,320,080)

$1,434,216

Total

Futures

Contracts

$

879,940,798

($25,571,602)

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Reference

Description:

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderate

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$3,587,844

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

46,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2031

(

$

37,952,000)

$

–

$

259,331

$

259,331

Total

Credit

Default

Swaps

$–

$259,331

$259,331

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.

The

following

table

presents

Moderate

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$5,242,237

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

100

Equal

Weight

USD

Total

Return

Index

Swap

SOFR

1

day

+58bps

Total

Return

Goldman

Sachs

&

Co.

LLC

5/1/2026

$

79,990,745

(

$

3,634,619)

$

–

(

$

3,634,619)

Total

Return

Swaps

(

$

3,634,619)

$

–

($3,634,619)

#

Payment

made

on

Termination

Date

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

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

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$135,474

$1,799

$9,300

$124,829

14,465

1.5%

Core

Emerging

Markets

Equity

77,567

–

–

80,414

6,469

1.0

Global

Stock

663,109

–

–

652,562

40,897

7.8

High

Yield

99,623

1,562

–

99,268

23,704

1.2

Income

266,491

3,019

8,000

257,398

28,990

3.1

International

Equity

401,061

–

84,000

329,797

26,548

4.0

International

Index

90,709

–

–

91,575

5,289

1.1

Large

Cap

Value

1,223,817

–

–

1,254,536

49,991

15.1

Mid

Cap

Stock

212,005

–

–

212,820

10,722

2.6

Mid

Cap

Value

ETF

44,728

–

–

46,403

2,959

0.5

Short-Term

Bond

153,582

1,551

12,000

141,955

14,405

1.7

Small

Cap

Stock

114,065

–

–

113,568

6,058

1.4

Small

Cap

Value

ETF

18,833

–

–

19,819

709

0.2

Total

U.S.

Affiliated

Registered

Investment

Companies

3,501,064

3,424,944

41.2

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

679,855

453,410

387,910

745,187

74,519

8.9

Total

Affiliated

Short-Term

Investments

679,855

745,187

8.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

11,646

123,431

119,824

15,253

15,253

0.2

Total

Collateral

Held

for

Securities

Loaned

11,646

15,253

0.2

Total

Value

$4,192,565

$4,185,384

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($1,099)

($2,045)

$

–

$1,799

Core

Emerging

Markets

Equity

–

2,847

–

–

Core

High

Yield

Bond

–

–

–

–

Core

Investment

Grade

Corporate

Bond

–

–

–

–

Core

Mid

Cap

Value

–

–

–

–

Global

Stock

–

(10,547)

–

–

High

Yield

–

(1,917)

–

1,563

Income

(770)

(3,342)

–

3,035

International

Equity

28,882

(16,146)

–

–

International

Index

–

866

–

–

Large

Cap

Value

–

30,719

–

–

Mid

Cap

Stock

–

815

–

–

Mid

Cap

Value

ETF

–

1,675

–

–

Short-Term

Bond

132

(1,310)

–

1,552

Small

Cap

Stock

–

(497)

–

–

Small

Cap

Value

ETF

–

986

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

(71)

(97)

–

7,029

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$14,978

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

Value

$27,074

$2,007

$

–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Shares

Registered

Investment

Companies  

48.1%

Value

U.S.

Affiliated  

47.6%  

5,982,523

Thrivent

Core

Emerging

Markets

Debt

Fund

$

51,629,172

14,333,932

Thrivent

Core

Emerging

Markets

Equity

Fund

178,170,773

3,690,760

Thrivent

Core

High

Yield

Bond

Fund

72,474,715

5,596,749

Thrivent

Core

International

Equity

Fund

70,575,007

6,370,037

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

124,871,192

45,420,108

Thrivent

Global

Stock

Portfolio

724,741,413

9,826,563

Thrivent

High

Yield

Portfolio

41,151,680

12,193,090

Thrivent

Income

Portfolio

108,258,788

54,775,892

Thrivent

International

Equity

Portfolio

680,464,476

3,761,011

Thrivent

International

Index

Portfolio

65,120,024

40,188,815

Thrivent

Large

Cap

Value

Portfolio

1,008,538,312

14,551,575

Thrivent

Mid

Cap

Stock

Portfolio

288,835,676

4,022,841

Thrivent

Mid

Cap

Value

ETF

63,092,629

5,989,147

Thrivent

Short-Term

Bond

Portfolio

59,019,448

9,093,734

Thrivent

Small

Cap

Stock

Portfolio

170,466,586

1,223,283

Thrivent

Small

Cap

Value

ETF

34,208,742

Total

3,741,618,633

U.S.

Unaffiliated  

0.5%  

16,543

Invesco

QQQ

Trust

Series

1

a

9,548,289

52,867

iShares

Biotechnology

ETF

8,926,593

7,356

iShares

Expanded

Tech-Software

Sector

ETF

b

588,848

31,393

State

Street

SPDR

S&P

500

ETF

Trust

20,416,124

11,478

State

Street

SPDR

S&P

Biotech

ETF

1,466,085

5,835

State

Street

SPDR

S&P

Software

&

Services

ETF

830,262

2,059

VanEck

Semiconductor

ETF

789,420

Total

42,565,621

Total

Registered

Investment

Companies

(cost

$2,781,612,785)

3,784,184,254

Shares

Common

Stock

30.5%

Value

Communications

Services  3.3%

226,238

Alphabet,

Inc.,

Class

A

65,056,999

214,869

Alphabet,

Inc.,

Class

C

61,637,321

286,069

AT&T,

Inc.

8,293,140

603

Cable

One,

Inc.

b

55,000

2,239

CarGurus,

Inc.

b

76,238

91,069

Comcast

Corporation

2,614,591

531

Fox

Corporation,

Class

B

28,196

2,971

Iridium

Communications,

Inc.

82,416

60,970

Liberty

Global,

Ltd.,

Class

A

b

737,127

1,003

Liberty

Media

Corporation-Liberty

Formula

One

b

85,275

266

Madison

Square

Garden

Sports

Corporation

b

85,492

113,444

Meta

Platforms,

Inc.

64,904,716

375,742

Netflix,

Inc.

b

36,127,593

11,164

New

York

Times

Company

934,762

53,406

News

Corporation,

Class

A

1,331,412

768

Omnicom

Group,

Inc.

57,838

6,240

Reddit,

Inc.

b

840,216

1,459

Roku,

Inc.

b

138,051

Shares

Common

Stock  30.5%

Value

Communications

Services  3.3%

-

continued

1,932

Spotify

Technology

SA

b

$

936,846

852

Take-Two

Interactive

Software,

Inc.

b

168,270

8,237

T-Mobile

US,

Inc.

1,730,017

1,592

Trade

Desk,

Inc.

b

36,123

93,280

Universal

Music

Group

NV

1,810,650

36,843

Walt

Disney

Company

3,550,928

111,562

Warner

Brothers

Discovery,

Inc.

b

3,063,493

119,185

Warner

Music

Group

Corporation

3,043,985

Total

257,426,695

Consumer

Discretionary  3.2%

5,032

Adient

plc

b

101,697

329,802

ADT,

Inc.

2,166,799

2,130

Advance

Auto

Parts,

Inc.

112,357

486,469

Amazon.com,

Inc.

b

101,316,899

8,922

American

Eagle

Outfitters,

Inc.

148,997

28,504

Aptiv

plc

b

1,979,318

5,279

Aramark

214,011

160

AutoNation,

Inc.

b

31,242

26

AutoZone,

Inc.

b

87,822

782

Booking

Holdings,

Inc.

3,292,470

7,376

Boot

Barn

Holdings,

Inc.

b

1,079,551

20,310

BorgWarner,

Inc.

1,102,021

220

Bright

Horizons

Family

Solutions,

Inc.

b

18,069

959

Brunswick

Corporation

69,777

3,791

Buckle,

Inc.

190,915

1,998

Build-A-Bear

Workshop,

Inc.

74,825

4,803

CarMax,

Inc.

b

199,709

6,306

Carnival

Corporation

163,199

95

Cavco

Industries,

Inc.

b

46,008

6,751

Chewy,

Inc.

b

182,277

2,303

Chipotle

Mexican

Grill,

Inc.

b

73,719

13,630

Churchill

Downs,

Inc.

1,224,383

370

Citi

Trends,

Inc.

b

16,028

18,443

D.R.

Horton,

Inc.

2,530,748

9,975

Dana,

Inc.

335,659

2,411

Deckers

Outdoor

Corporation

b

241,317

297

Domino's

Pizza,

Inc.

106,561

7,949

DoorDash,

Inc.

b

1,193,542

1,746

eBay,

Inc.

158,921

1,993

Etsy,

Inc.

b

99,610

1,992

Five

Below,

Inc.

b

455,132

28,348

Ford

Motor

Company

327,136

4,922

Fox

Factory

Holding

Corporation

b

81,016

10,092

Frontdoor,

Inc.

b

533,463

4,041

Gap,

Inc.

97,792

6,524

Garmin,

Ltd.

1,513,633

40,050

General

Motors

Company

2,983,725

9,614

Gentex

Corporation

210,066

502

GigaCloud

Technology,

Inc.

b

22,781

15,087

Goodyear

Tire

&

Rubber

Company

b

100,027

231

Graham

Holdings

Company

244,227

1,413

Grand

Canyon

Education,

Inc.

b

240,252

11,234

Helen

of

Troy,

Ltd.

b

161,994

44,548

Hilton

Worldwide

Holdings,

Inc.

13,546,156

52,139

Home

Depot,

Inc.

17,147,996

4,465

Installed

Building

Products,

Inc.

1,183,895

23,618

Laureate

Education,

Inc.

b

822,851

2,007

Lear

Corporation

243,008

45,941

Life

Time

Group

Holdings,

Inc.

b

1,237,651

513

Lithia

Motors,

Inc.

128,106

21,572

Lowe's

Companies,

Inc.

5,097,032

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Shares

Common

Stock  30.5%

Value

Consumer

Discretionary  3.2%

-

continued

573

Lululemon

Athletica,

Inc.

b

$

87,726

395

M/I

Homes,

Inc.

b

48,368

6,773

Macy's,

Inc.

122,524

19,906

Mattel,

Inc.

b

289,234

6,588

Mohawk

Industries,

Inc.

b

648,654

1,353

Murphy

USA,

Inc.

668,341

53

NVR,

Inc.

b

349,261

11,942

Ollie's

Bargain

Outlet

Holdings,

Inc.

b

1,099,142

60,766

O'Reilly

Automotive,

Inc.

b

5,609,309

3,856

Ralph

Lauren

Corporation

1,326,425

809

Red

Rock

Resorts,

Inc.

43,168

40,159

Ross

Stores,

Inc.

8,699,644

1,892

Service

Corporation

International/

US

156,109

27,193

SharkNinja,

Inc.

b

2,879,739

14,883

Sonos,

Inc.

b

199,432

116,394

Sony

Group

Corporation

ADR

a

2,409,356

1,409

Strategic

Education,

Inc.

116,891

14,859

Tapestry,

Inc.

2,096,753

2,609

Taylor

Morrison

Home

Corporation

b

151,948

122,978

Tesla,

Inc.

b

45,717,072

17,690

Texas

Roadhouse,

Inc.

2,921,327

13,002

TJX

Companies,

Inc.

2,076,419

2,900

Toll

Brothers,

Inc.

395,763

3,420

TopBuild

Corporation

b

1,201,446

708

Ulta

Beauty,

Inc.

b

370,079

31,292

Universal

Technical

Institute,

Inc.

b

1,129,641

546

Urban

Outfitters,

Inc.

b

34,589

21,834

Viking

Holdings,

Ltd.

b

1,604,362

898

Visteon

Corporation

81,817

1,118

Wayfair,

Inc.

b

84,085

430

Williams-Sonoma,

Inc.

78,402

5,813

Wingstop,

Inc.

900,841

570

Winmark

Corporation

243,704

41,623

Wyndham

Hotels

&

Resorts,

Inc.

3,381,036

20,841

Wynn

Resorts,

Ltd.

2,116,404

82

Yum!

Brands,

Inc.

12,749

Total

254,288,150

Consumer

Staples  0.8%

3,561

BellRing

Brands,

Inc.

b

57,296

1,217

BJ's

Wholesale

Club

Holdings,

Inc.

b

119,777

1,315

Campbell's

Company

a

29,285

2,832

Casey's

General

Stores,

Inc.

2,061,299

8,117

Central

Garden

&

Pet

Company,

Class

A

b

263,153

20,564

Chefs'

Warehouse,

Inc.

b

1,222,530

1,961

Church

&

Dwight

Company,

Inc.

183,001

7,975

Coca-Cola

Company

606,499

11,142

Colgate-Palmolive

Company

949,633

27,140

Conagra

Brands,

Inc.

426,641

8,317

Costco

Wholesale

Corporation

8,287,308

8,436

Darling

Ingredients,

Inc.

b

521,767

596

Dollar

General

Corporation

70,763

436

Dollar

Tree,

Inc.

b

47,746

5,406

Edgewell

Personal

Care

Company

115,364

181

Hershey

Company

37,628

259

Ingles

Markets,

Inc.

23,281

1,533

Ingredion,

Inc.

172,708

3,657

J.M.

Smucker

Company

352,681

1,970

John

B.

Sanfilippo

&

Son,

Inc.

156,280

143,261

Keurig

Dr

Pepper,

Inc.

3,772,062

1,424

Maplebear,

Inc.

b

53,343

Shares

Common

Stock  30.5%

Value

Consumer

Staples  0.8%

-

continued

926

Marzetti

Company

$

128,094

2,639

McCormick

&

Company,

Inc.

133,111

2,134

Molson

Coors

Beverage

Company

91,890

13,806

Monster

Beverage

Corporation

b

1,000,383

17,793

PepsiCo,

Inc.

2,763,075

15,510

Philip

Morris

International,

Inc.

2,564,423

1,406

Primo

Brands

Corporation

26,475

32,157

Procter

&

Gamble

Company

4,644,757

27

Seaboard

Corporation

152,659

4,221

Simply

Good

Foods

Company

b

60,571

2,809

Smithfield

Foods,

Inc.

78,568

985

Sprouts

Farmers

Markets,

Inc.

b

75,973

59,763

Sysco

Corporation

4,262,895

33,957

Turning

Point

Brands,

Inc.

2,947,128

4,381

Tyson

Foods,

Inc.

280,691

85,835

Unilever

plc

ADR

4,890,020

1,548

Universal

Corporation

81,580

1,283

US

Foods

Holding

Corporation

b

118,305

13,769

Vita

Coco

Company,

Inc.

b

659,673

178,886

Walmart,

Inc.

22,231,952

463

WD-40

Company

94,424

Total

66,816,692

Energy  1.1%

12,587

Amplify

Energy

Corporation

b

78,543

123,723

Antero

Midstream

Corporation

2,820,884

9,761

Antero

Resources

Corporation

b

414,257

4,751

Archrock,

Inc.

165,335

484

Baker

Hughes

Company

29,548

398

California

Resources

Corporation

27,550

10,898

Cheniere

Energy,

Inc.

3,092,417

25,871

Chevron

Corporation

5,352,710

3,696

Chord

Energy

Corporation

525,497

2,963

CNX

Resources

Corporation

b

114,224

124,341

ConocoPhillips

16,413,012

100,593

Devon

Energy

Corporation

5,061,840

43,574

DHT

Holdings,

Inc.

796,097

865

Diamondback

Energy,

Inc.

171,088

14,862

Dorian

LPG,

Ltd.

508,280

3,462

DT

Midstream,

Inc.

466,228

148,560

Enterprise

Products

Partners,

LP

5,621,510

9,802

EOG

Resources,

Inc.

1,417,075

2,393

EQT

Corporation

152,291

2,327

Expand

Energy

Corporation

255,458

117,962

Exxon

Mobil

Corporation

20,013,433

3,020

Gulfport

Energy

Corporation

b

638,941

108,911

Halliburton

Company

4,246,440

1,303

Hess

Midstream,

LP

50,648

3,556

HF

Sinclair

Corporation

221,859

96,546

Kinder

Morgan,

Inc.

3,237,187

3,309

Kodiak

Gas

Services,

Inc.

192,981

14,847

Marathon

Petroleum

Corporation

3,625,340

18,461

Matador

Resources

Company

1,166,366

2,955

NOV,

Inc.

55,584

1,249

Occidental

Petroleum

Corporation

81,185

701

Oceaneering

International,

Inc.

b

24,864

3,414

ONEOK,

Inc.

308,591

8,336

Ovintiv,

Inc.

494,825

105,647

Patterson-UTI

Energy,

Inc.

1,144,157

37,045

Permian

Resources

Corporation

789,799

2,385

Phillips

66

434,499

7,170

Range

Resources

Corporation

323,941

1,620

Scorpio

Tankers,

Inc.

120,949

8,311

SM

Energy

Company

259,137

4,602

Talos

Energy,

Inc.

b

72,528

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Shares

Common

Stock  30.5%

Value

Energy  1.1%

-

continued

221

Targa

Resources

Corporation

$

55,411

31,651

TechnipFMC

plc

2,188,034

639

Teekay

Tankers,

Ltd.

46,851

234,976

Transocean,

Ltd.

b

1,557,891

478

Valero

Energy

Corporation

118,104

2,468

Viper

Energy,

Inc.

115,971

43,875

Williams

Companies,

Inc.

3,193,223

Total

88,262,583

Financials  3.8%

1,172

ACNB

Corporation

56,104

6,371

Affiliated

Managers

Group,

Inc.

1,762,856

2,032

Affirm

Holdings,

Inc.

b

93,106

16,568

Allstate

Corporation

3,435,209

24,389

Ally

Financial,

Inc.

956,780

12,862

Amalgamated

Financial

Corporation

499,946

42,902

American

Express

Company

12,976,997

1,938

American

Financial

Group,

Inc.

247,502

38,983

American

International

Group,

Inc.

2,933,471

10,367

Ameriprise

Financial,

Inc.

4,607,095

839

Ameris

Bancorp

65,434

3,064

Aon

plc

988,998

19,258

Arch

Capital

Group,

Ltd.

b

1,848,575

2,851

Arrow

Financial

Corporation

95,708

5,279

Artisan

Partners

Asset

Management,

Inc.

192,103

41,088

Associated

Banc-Corp

1,062,536

1,992

Assurant,

Inc.

433,877

8,564

Assured

Guaranty,

Ltd.

697,795

4,603

Atlantic

Union

Bankshares

Corporation

164,511

2,835

Axis

Capital

Holdings,

Ltd.

287,497

57,684

Banc

of

California,

Inc.

1,014,085

238,101

Bank

of

America

Corporation

11,607,424

3,432

Bank

of

Marin

Bancorp

87,962

47,870

Bank

of

New

York

Mellon

Corporation

5,678,818

1,347

Bank

OZK

61,814

184

BankUnited,

Inc.

8,309

1,981

Bankwell

Financial

Group,

Inc.

96,118

651

Banner

Corporation

39,503

2,644

Bar

Harbor

Bankshares

85,798

4,764

Beacon

Financial

Corporation

142,920

30,605

Berkshire

Hathaway,

Inc.

b

14,665,916

5,159

BGC

Group,

Inc.

50,455

4,894

BlackRock,

Inc.

4,706,609

639

Block,

Inc.

b

38,455

10,520

Blue

Owl

Capital,

Inc.

96,048

682

Bread

Financial

Holdings,

Inc.

51,075

6,248

Bridgewater

Bancshares,

Inc.

b

110,590

851

Burke

&

Herbert

Financial

Services

Corporation

53,009

17,054

Byline

Bancorp,

Inc.

538,395

684

C&F

Financial

Corporation

49,891

345

Camden

National

Corporation

16,370

33,988

Capital

One

Financial

Corporation

6,200,431

17,489

Capitol

Federal

Financial,

Inc.

124,697

1,775

Carlyle

Group,

Inc.

85,892

270

Cathay

General

Bancorp

13,462

7,992

Central

Pacific

Financial

Corporation

255,424

110,648

Charles

Schwab

Corporation

10,398,699

2,965

ChoiceOne

Financial

Services,

Inc.

83,376

14,582

Chubb,

Ltd.

4,752,711

Shares

Common

Stock  30.5%

Value

Financials  3.8%

-

continued

57

Cincinnati

Financial

Corporation

$

8,969

14,909

Citigroup,

Inc.

1,690,830

1,339

Citizens

Financial

Group,

Inc.

80,300

493

Citizens

Financial

Services,

Inc.

30,147

4,172

Civista

Bancshares,

Inc.

95,080

195

CNA

Financial

Corporation

8,954

2,782

CNB

Financial

Corporation

80,567

9,744

CNO

Financial

Group,

Inc.

400,089

207

Coinbase

Global,

Inc.

b

36,144

14,673

Columbia

Banking

System,

Inc.

402,480

2,133

Commerce

Bancshares,

Inc.

104,944

86

Community

Financial

System,

Inc.

5,044

10,846

Community

Trust

Bancorp,

Inc.

658,569

3,906

Community

West

Bancshares

91,010

12,247

ConnectOne

Bancorp,

Inc.

327,852

80

Corpay,

Inc.

b

23,279

1,194

Cullen/Frost

Bankers,

Inc.

163,674

14,490

Customers

Bancorp,

Inc.

b

1,005,751

2,993

Donnelley

Financial

Solutions,

Inc.

b

141,090

3,624

East

West

Bancorp,

Inc.

386,898

2,028

Eastern

Bankshares,

Inc.

39,668

5,756

Enova

International,

Inc.

b

781,837

1,090

Enterprise

Financial

Services

Corporation

58,980

6,111

Essent

Group,

Ltd.

357,127

1,097

Euronet

Worldwide,

Inc.

b

72,808

1,362

Evercore,

Inc.

406,571

251

Everest

Group,

Ltd.

82,039

1,618

F&G

Annuities

&

Life,

Inc.

40,968

12,442

F.N.B.

Corporation

208,030

1,584

FactSet

Research

Systems,

Inc.

343,712

780

Farmers

National

Banc

Corporation

10,265

903

Federal

Agricultural

Mortgage

Corporation

133,960

6,224

Federated

Hermes,

Inc.

352,963

3,301

Fidelity

National

Information

Services,

Inc.

154,850

7,524

Fifth

Third

Bancorp

349,565

10,886

Financial

Institutions,

Inc.

345,195

5,395

First

American

Financial

Corporation

325,265

50,333

First

Bancorp/Puerto

Rico

1,075,113

6,062

First

Bank/Hamilton,

NJ

96,992

23

First

Citizens

BancShares,

Inc./NC

43,347

1,000

First

Financial

Bankshares,

Inc.

29,450

3,964

First

Financial

Corporation

250,525

406

First

Hawaiian,

Inc.

10,004

11,479

First

Horizon

Corporation

261,262

3,899

First

Merchants

Corporation

151,008

4,053

First

Mid-Illinois

Bancshares,

Inc.

166,943

2,698

FirstCash

Holdings,

Inc.

507,224

2,040

Flagstar

Bank

NA

26,867

4,128

Flushing

Financial

Corporation

63,406

2,053

Flywire

Corporation

b

23,897

7,230

Franklin

Resources,

Inc.

170,773

9,861

Fulton

Financial

Corporation

200,573

157,795

Genworth

Financial,

Inc.

b

1,281,295

1,525

Glacier

Bancorp,

Inc.

68,122

1,070

Global

Life,

Inc.

148,912

761

Global

Payments,

Inc.

51,215

8,415

Great

Southern

Bancorp,

Inc.

531,239

2,785

Hamilton

Lane,

Inc.

276,829

1,069

Hancock

Whitney

Corporation

67,978

16,523

Hanmi

Financial

Corporation

435,546

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Shares

Common

Stock  30.5%

Value

Financials  3.8%

-

continued

579

Hanover

Insurance

Group,

Inc.

$

100,370

6,662

Hartford

Insurance

Group,

Inc.

900,902

1,723

HBT

Financial,

Inc.

46,039

2,967

Hilltop

Holdings,

Inc.

106,278

2,292

Home

BancShares,

Inc.

61,724

8,059

Hometrust

Bancshares,

Inc.

343,716

7,039

Horizon

Bancorp,

Inc.

116,636

6,865

Houlihan

Lokey,

Inc.

985,951

8,266

Huntington

Bancshares,

Inc./OH

129,363

134

Independent

Bank

Corporation/MA

10,078

5,417

Independent

Bank

Corporation/MI

180,386

634

Interactive

Brokers

Group,

Inc.

42,522

76,567

Intercontinental

Exchange,

Inc.

12,042,458

34,805

Invesco,

Ltd.

845,413

18

Jack

Henry

&

Associates,

Inc.

2,845

4,268

Jackson

Financial,

Inc.

451,213

3,820

Jefferies

Financial

Group,

Inc.

157,651

114,870

JPMorgan

Chase

&

Company

33,790,159

14,512

Kearny

Financial

Corporation/MD

109,566

11,192

Kemper

Corporation

342,028

2,066

KeyCorp

41,423

2,871

Lazard,

Inc.

121,960

4,278

LendingClub

Corporation

b

61,261

3,943

Lincoln

National

Corporation

139,976

349

Loews

Corporation

37,252

1,530

M&T

Bank

Corporation

316,282

68

Markel

Group,

Inc.

b

130,157

1,247

MarketAxess

Holdings,

Inc.

205,730

40,140

Marsh

&

McLennan

Companies,

Inc.

6,962,283

17,823

Mastercard,

Inc.

8,905,440

2,353

Mercantile

Bank

Corporation

118,826

482

Mercury

General

Corporation

42,488

477

Meridian

Corporation

9,044

41,981

MetLife,

Inc.

2,968,896

75,847

MGIC

Investment

Corporation

1,990,984

7,625

Moody's

Corporation

3,326,406

141,461

Morgan

Stanley

23,280,237

7,614

Morningstar,

Inc.

1,287,147

51,407

Nasdaq,

Inc.

4,363,940

6,742

NBT

Bancorp,

Inc.

287,074

17,893

NMI

Holdings,

Inc.

b

671,166

3,956

Northeast

Community

Bancorp,

Inc.

94,153

3,372

Northern

Trust

Corporation

470,630

7,962

Northfield

Bancorp,

Inc.

107,805

5,274

Northpointe

Bancshares,

Inc.

91,029

3,474

Northrim

BanCorp,

Inc.

79,485

21,865

Northwest

Bancshares,

Inc.

277,467

9,768

OFG

Bancorp

395,213

58,558

Old

National

Bancorp

1,294,132

36,637

Old

Republic

International

Corporation

1,461,816

28,161

Old

Second

Bancorp,

Inc.

567,726

4,980

OneMain

Holdings,

Inc.

266,380

3,287

Orange

County

Bancorp,

Inc.

105,118

12,990

Orrstown

Financial

Services,

Inc.

468,679

1,476

Palomar

Holdings,

Inc.

b

176,382

2,929

Parke

Bancorp,

Inc.

83,184

1,542

Paymentus

Holdings,

Inc.

b

39,167

4,282

PCB

Bancorp

96,302

615

PennyMac

Financial

Services,

Inc.

53,751

1,275

Peoples

Financial

Services

Corporation

67,996

3,478

Pinnacle

Financial

Partners,

Inc.

299,595

Shares

Common

Stock  30.5%

Value

Financials  3.8%

-

continued

1,832

Piper

Sandler

Companies

$

140,240

838

PNC

Financial

Services

Group,

Inc.

174,379

10,044

Popular,

Inc.

1,347,603

1,566

Principal

Financial

Group,

Inc.

141,112

11,324

Progressive

Corporation

2,244,870

1,644

Prosperity

Bancshares,

Inc.

110,444

3,227

Provident

Financial

Services,

Inc.

68,283

2,478

Prudential

Financial,

Inc.

242,076

10,703

Radian

Group,

Inc.

354,055

1,089

Raymond

James

Financial,

Inc.

157,676

3,075

Regions

Financial

Corporation

80,319

9,900

Reinsurance

Group

of

America,

Inc.

2,021,184

1,530

RenaissanceRe

Holdings,

Ltd.

454,762

599

Renasant

Corporation

21,642

2,358

RLI

Corporation

134,500

122,309

Robinhood

Markets,

Inc.

b

8,476,014

1,907

Rocket

Companies,

Inc.

b

27,175

799

S&P

Global,

Inc.

339,847

58,183

SEI

Investments

Company

4,565,620

834

Selective

Insurance

Group,

Inc.

62,875

399

ServisFirst

Bancshares,

Inc.

29,059

6,483

Shore

Bancshares,

Inc.

121,102

9,073

Simmons

First

National

Corporation

176,470

2,516

South

Plains

Financial,

Inc.

105,420

780

Southern

Missouri

Bancorp,

Inc.

49,873

15,787

SouthState

Bank

Corporation

1,460,613

2,136

Starwood

Property

Trust,

Inc.

36,782

2,559

State

Street

Corporation

323,867

3,125

StepStone

Group,

Inc.

149,125

17,280

Stifel

Financial

Corporation

1,277,338

17,380

Stock

Yards

Bancorp,

Inc.

1,152,120

483

StoneX

Group,

Inc.

b

38,954

402

Texas

Capital

Bancshares,

Inc.

b

38,142

3,126

Third

Coast

Bancshares,

Inc.

b

118,257

24,198

Toast,

Inc.

b

641,489

1,556

Tompkins

Financial

Corporation

122,675

4,686

Towne

Bank/Portsmouth,

VA

157,778

2,301

TPG

RE

Finance

Trust,

Inc.

17,971

2,103

TPG,

Inc.

85,193

5,318

Tradeweb

Markets,

Inc.

625,716

31,594

Triumph

Financial,

Inc.

b

1,884,898

3,933

U.S.

Bancorp

204,555

3,113

UMB

Financial

Corporation

351,115

2,051

United

Bankshares,

Inc.

84,952

6,146

United

Community

Banks,

Inc.

193,538

2,343

Unity

Bancorp,

Inc.

121,438

1,495

Univest

Financial

Corporation

51,219

8,280

Unum

Group

604,688

15,175

Valley

National

Bancorp

186,349

3,386

Virtu

Financial,

Inc.

148,916

96,843

Visa,

Inc.

29,269,828

28

Webster

Financial

Corporation

1,944

150,242

Wells

Fargo

&

Company

11,960,766

23,923

WesBanco,

Inc.

825,104

4,391

Western

Alliance

Bancorp

311,102

18,449

Western

Union

Company

a

161,060

253

Willis

Towers

Watson

plc

73,547

2,375

Wintrust

Financial

Corporation

329,982

9,030

WisdomTree,

Inc.

131,477

218

WSFS

Financial

Corporation

14,270

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Shares

Common

Stock  30.5%

Value

Financials  3.8%

-

continued

23,527

Zions

Bancorp

NA

$

1,355,626

Total

298,952,624

Health

Care  2.9%

3,121

4D

Molecular

Therapeutics,

Inc.

b

29,057

3,528

AbbVie,

Inc.

767,305

5,700

Adaptive

Biotechnologies

Corporation

b

79,116

48,477

Agilent

Technologies,

Inc.

5,525,408

1,430

Agios

Pharmaceuticals,

Inc.

b

48,377

2,744

Align

Technology,

Inc.

b

470,404

3,028

Alnylam

Pharmaceuticals,

Inc.

b

1,001,874

35,228

Amgen,

Inc.

12,394,972

1,946

Anika

Therapeutics,

Inc.

b

28,217

4,476

Arcus

Biosciences,

Inc.

b

96,682

1,470

Argenx

SE

ADR

b

1,073,467

924

Artivion,

Inc.

b

33,837

661

Avanos

Medical,

Inc.

b

9,261

52,447

Avantor,

Inc.

b

411,184

2,493

Azenta,

Inc.

b

52,677

617

Biogen,

Inc.

b

113,115

5,419

BioMarin

Pharmaceutical,

Inc.

b

306,119

11,763

Bio-Techne

Corporation

614,734

81,817

Boston

Scientific

Corporation

b

5,134,017

9,032

BridgeBio

Pharma,

Inc.

b

670,716

33,168

BrightSpring

Health

Services,

Inc.

b

1,413,288

31,968

Bristol-Myers

Squibb

Company

1,938,859

587

Bruker

Corporation

21,202

804

Cardinal

Health,

Inc.

169,893

11,803

Cencora,

Inc.

3,707,794

82,808

Centene

Corporation

b

2,711,134

2,726

Charles

River

Laboratories

International,

Inc.

b

470,235

18,950

Cigna

Group

5,054,912

6,604

Concentra

Group

Holdings

Parent,

Inc.

141,656

7,721

Cooper

Companies,

Inc.

b

552,051

82,815

Danaher

Corporation

15,701,724

6,706

Denali

Therapeutics,

Inc.

b

128,755

10,393

Dentsply

Sirona,

Inc.

120,559

18,405

Dexcom,

Inc.

b

1,155,834

3,889

Edwards

Lifesciences

Corporation

b

311,431

18,856

Elanco

Animal

Health,

Inc.

b

451,224

1,800

Elevance

Health,

Inc.

526,950

40,540

Eli

Lilly

&

Company

37,287,476

5,771

Enanta

Pharmaceuticals,

Inc.

b

72,888

15,815

Encompass

Health

Corporation

1,529,785

7,601

Enovis

Corporation

b

172,923

1,675

Envista

Holdings

Corporation

b

42,495

2,640

Exelixis,

Inc.

b

113,230

7,223

Fate

Therapeutics,

Inc.

b

8,668

12,032

Fortrea

Holdings,

Inc.

b

113,341

1,651

GE

HealthCare

Technologies,

Inc.

117,518

7,606

GeneDx

Holdings

Corporation

b

488,457

43,533

Gilead

Sciences,

Inc.

6,067,194

2,926

Globus

Medical,

Inc.

b

252,104

9,688

Guardant

Health,

Inc.

b

894,881

3,486

Henry

Schein,

Inc.

b

256,918

191

Humana,

Inc.

33,117

17,359

ICON

plc

b

1,920,947

8,509

ICU

Medical,

Inc.

b

1,098,937

7,555

IDEXX

Laboratories,

Inc.

b

4,245,079

4,176

Illumina,

Inc.

b

514,734

2,170

Insmed,

Inc.

b

354,838

Shares

Common

Stock  30.5%

Value

Health

Care  2.9%

-

continued

5,107

Insulet

Corporation

b

$

1,071,653

45,148

Intuitive

Surgical,

Inc.

b

20,812,777

2,052

Ionis

Pharmaceuticals,

Inc.

b

154,085

1,309

IQVIA

Holding,

Inc.

b

223,237

11,269

iRhythm

Holdings,

Inc.

b

1,329,967

1,362

Jazz

Pharmaceuticals,

Inc.

b

257,486

45,726

Johnson

&

Johnson

11,177,263

21,144

Labcorp

Holdings,

Inc.

5,641,431

14,449

LivaNova

plc

b

918,378

4,008

Masimo

Corporation

b

712,903

6,118

Medpace

Holdings,

Inc.

b

2,937,802

94,888

Medtronic

plc

8,222,045

71,119

Merck

&

Company,

Inc.

8,554,905

681

Merit

Medical

Systems,

Inc.

b

46,941

324

Mettler-Toledo

International,

Inc.

b

408,629

8,752

Mirum

Pharmaceuticals,

Inc.

b

808,510

3,567

Moderna,

Inc.

b

181,204

3,755

Myriad

Genetics,

Inc.

b

16,898

7,841

Natera,

Inc.

b

1,568,122

14,591

Neogen

Corporation

b

135,550

12,670

Neurocrine

Biosciences,

Inc.

b

1,669,146

820

Option

Care

Health,

Inc.

b

22,074

2,520

Penumbra,

Inc.

b

827,492

19,445

Pfizer,

Inc.

546,016

1,365

Prestige

Consumer

Healthcare,

Inc.

b

80,904

2,576

QIAGEN

NV

103,143

208

Quest

Diagnostics,

Inc.

40,764

14,579

RadNet,

Inc.

b

814,820

355

REGENXBIO,

Inc.

b

2,975

14,597

Repligen

Corporation

b

1,719,819

203

ResMed,

Inc.

45,569

1,500

Revolution

Medicines,

Inc.

b

145,875

2,120

Revvity,

Inc.

185,733

37,546

Royalty

Pharma

plc

1,801,082

2,415

Sotera

Health

Company

b

34,631

24,168

STERIS

plc

5,344,270

12,951

Stryker

Corporation

4,255,569

3,578

Tenet

Healthcare

Corporation

b

675,204

27,715

Twist

Bioscience

Corporation

b

1,317,017

7,469

UFP

Technologies,

Inc.

b

1,445,998

5,410

Ultragenyx

Pharmaceutical,

Inc.

b

113,340

458

United

Therapeutics

Corporation

b

271,585

10,464

UnitedHealth

Group,

Inc.

2,831,454

282

Universal

Health

Services,

Inc.

50,470

9,301

Varex

Imaging

Corporation

b

98,684

2,421

Vaxcyte,

Inc.

b

140,684

7,735

Veeva

Systems,

Inc.

b

1,358,730

22,523

Vericel

Corporation

b

724,565

10,457

Vertex

Pharmaceuticals,

Inc.

b

4,669,469

52,364

Viatris,

Inc.

707,438

7,881

Vir

Biotechnology,

Inc.

b

70,614

83

Waters

Corporation

b

24,717

65,975

Waystar

Holding

Corporation

b

1,590,657

7,869

West

Pharmaceutical

Services,

Inc.

1,972,286

4,584

Xencor,

Inc.

b

55,283

1,879

Xenon

Pharmaceuticals,

Inc.

b

109,264

42,328

Zimmer

Biomet

Holdings,

Inc.

3,827,298

19,636

Zoetis,

Inc.

2,321,172

Total

226,219,167

Industrials  3.7%

9,130

3M

Company

1,325,950

15,017

AAON,

Inc.

1,242,657

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Shares

Common

Stock  30.5%

Value

Industrials  3.7%

-

continued

3,923

Acuity,

Inc.

$

1,099,303

16,988

Advanced

Drainage

Systems,

Inc.

2,329,564

1,748

AECOM

148,265

474

AGCO

Corporation

54,922

123,219

Alight,

Inc.

71,800

3,827

Allegheny

Technologies,

Inc.

b

556,675

1,196

Allegion

plc

173,767

1,386

Allison

Transmission

Holdings,

Inc.

162,245

67,892

Amentum

Holdings,

Inc.

b

1,770,623

2,441

American

Superconductor

Corporation

b

82,628

28,265

AMETEK,

Inc.

6,058,885

5,002

API

Group

Corporation

b

202,681

7,180

Applied

Industrial

Technologies,

Inc.

1,904,998

1,639

Arcosa,

Inc.

173,963

4,346

Armstrong

World

Industries,

Inc.

716,221

11,946

Atmus

Filtration

Technologies,

Inc.

678,174

31,662

Automatic

Data

Processing,

Inc.

6,433,085

2,820

Axon

Enterprise,

Inc.

b

1,197,626

531

AZZ,

Inc.

66,444

2,418

Badger

Infrastructure

Solutions,

Ltd.

107,837

4,186

Barrett

Business

Services,

Inc.

122,147

216

Bloom

Energy

Corporation

b

29,266

2,486

Brady

Corporation

201,963

2,626

BrightView

Holdings,

Inc.

b

30,961

178

Brink's

Company

18,446

228

Broadridge

Financial

Solutions,

Inc.

37,045

19,994

BWX

Technologies,

Inc.

4,088,573

721

C.H.

Robinson

Worldwide,

Inc.

119,736

257

CACI

International,

Inc.

b

139,775

10,425

Casella

Waste

Systems,

Inc.

b

827,120

35,832

Caterpillar,

Inc.

25,385,539

15,464

CECO

Environmental

Corporation

b

921,345

10,748

Cintas

Corporation

1,817,917

9,933

Clean

Harbors,

Inc.

b

2,848,089

327,760

CNH

Industrial

NV

3,605,360

3,940

Concentrix

Corporation

107,798

9,105

Construction

Partners,

Inc.

b

1,011,748

33,069

Copart,

Inc.

b

1,097,891

5,917

CRA

International,

Inc.

957,844

721

Crane

Company

123,291

3,944

CSW

Industrials,

Inc.

1,027,728

128,927

CSX

Corporation

5,292,453

845

Cummins,

Inc.

454,627

3,247

Curtiss-Wright

Corporation

2,211,597

88,872

Delta

Air

Lines,

Inc.

5,908,211

7,731

DNOW,

Inc.

b

92,076

4,766

Donaldson

Company,

Inc.

404,490

221

Dycom

Industries,

Inc.

b

74,879

33,258

Eaton

Corporation

plc

11,895,389

14,893

EMCOR

Group,

Inc.

10,995,651

19,450

Enerpac

Tool

Group

Corporation

709,342

2,427

EnerSys

421,618

5,622

EnPro,

Inc.

1,409,154

285

Equifax,

Inc.

51,320

239

ESCO

Technologies,

Inc.

67,247

4,995

ExlService

Holdings,

Inc.

b

152,098

395,200

Fastenal

Company

18,337,280

8,173

Federal

Signal

Corporation

883,828

8,371

Ferguson

Enterprises,

Inc.

1,952,619

68,385

Flowserve

Corporation

5,026,981

25,831

Fluor

Corporation

b

1,205,016

Shares

Common

Stock  30.5%

Value

Industrials  3.7%

-

continued

997

Fortive

Corporation

$

55,114

4,818

Fortune

Brands

Innovations,

Inc.

187,757

3,320

FTAI

Aviation,

Ltd.

813,400

2,612

Gates

Industrial

Corporation

plc

b

59,057

129

GATX

Corporation

22,025

9,149

GE

Vernova,

Inc.

7,986,162

13,479

General

Dynamics

Corporation

4,626,262

85,163

General

Electric

Company

24,166,705

3,437

Genpact,

Ltd.

128,028

19,487

Graco,

Inc.

1,649,575

3,688

HEICO

Corporation

778,500

2,206

Helios

Technologies,

Inc.

142,750

49,440

Hexcel

Corporation

4,001,179

1,768

HNI

Corporation

59,034

24,772

Honeywell

International,

Inc.

5,599,215

10,885

Howmet

Aerospace,

Inc.

2,508,557

92

Hubbell,

Inc.

45,148

3,751

Hudson

Technologies,

Inc.

b

22,056

380

Huntington

Ingalls

Industries,

Inc.

144,362

1,609

ICF

International,

Inc.

105,052

1,479

IDEX

Corporation

280,344

306

IES

Holdings,

Inc.

b

145,800

1,684

Ingersoll

Rand,

Inc.

134,922

549

Insteel

Industries,

Inc.

18,452

3,151

ITT

Corporation

600,360

20,254

Jacobs

Solutions,

Inc.

2,577,929

15,702

JB

Hunt

Transport

Services,

Inc.

3,327,254

585

Kennametal,

Inc.

21,136

2,445

Kirby

Corporation

b

324,892

433

Knight-Swift

Transportation

Holdings,

Inc.

24,932

2,423

Korn

Ferry

152,528

15,084

L3Harris

Technologies,

Inc.

5,206,243

477

Leidos

Holdings,

Inc.

74,183

13,368

Limbach

Holdings,

Inc.

b

1,043,372

5,964

Lincoln

Electric

Holdings,

Inc.

1,485,513

3,634

Lyft,

Inc.

b

48,332

4,261

Masco

Corporation

257,237

457

MasTec,

Inc.

b

147,035

964

Maximus,

Inc.

61,792

2,939

McGrath

RentCorp

324,113

16,042

Mercury

Systems,

Inc.

b

1,169,622

3,545

Middleby

Corporation

b

469,996

14,922

MillerKnoll,

Inc.

215,772

7,041

Modine

Manufacturing

Company

b

1,525,855

6,247

Moog,

Inc.

1,828,122

4,489

Mueller

Industries,

Inc.

497,381

37,884

Mueller

Water

Products,

Inc.

1,041,431

265

MYR

Group,

Inc.

b

74,815

4,214

Nextpower,

Inc.

b

507,998

153

Nordson

Corporation

40,707

74,335

NPK

International,

Inc.

b

1,077,114

13,762

nVent

Electric

plc

1,627,769

6,614

Old

Dominion

Freight

Line,

Inc.

1,292,376

642

Oshkosh

Corporation

94,509

12,845

Otis

Worldwide

Corporation

990,093

1,389

Owens

Corning,

Inc.

150,318

24,401

Parker-Hannifin

Corporation

21,844,751

1,473

Paychex,

Inc.

135,693

848

Paylocity

Holding

Corporation

b

91,618

6,430

Pentair

plc

560,117

7,449

Proficient

Auto

Logistics,

Inc.

b

50,504

3,384

Quanta

Services,

Inc.

1,857,884

4,677

RBC

Bearings,

Inc.

b

2,540,172

487

Regal

Rexnord

Corporation

91,196

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Shares

Common

Stock  30.5%

Value

Industrials  3.7%

-

continued

8,358

Republic

Services,

Inc.

$

1,830,569

6,955

Rockwell

Automation,

Inc.

2,496,010

43,865

RTX

Corporation

8,461,559

158

Ryder

System,

Inc.

32,344

1,627

Science

Applications

International

Corporation

154,435

5,256

Sensata

Technologies

Holding

plc

185,116

525

SkyWest,

Inc.

b

48,211

766

SPX

Technologies,

Inc.

b

153,154

3,955

SS&C

Technologies

Holdings,

Inc.

267,239

4,856

Standex

International

Corporation

1,237,600

3,978

Stanley

Black

&

Decker,

Inc.

282,677

3,084

Sterling

Construction

Company,

Inc.

b

1,256,021

974

Tetra

Tech,

Inc.

29,337

153

Textron,

Inc.

13,397

1,787

Timken

Company

179,719

5,490

Toro

Company

512,986

2,078

Trane

Technologies

plc

865,986

14,206

Transcat,

Inc.

b

1,043,431

1,557

Trex

Company,

Inc.

b

56,706

185,903

Uber

Technologies,

Inc.

b

13,372,003

1,778

UL

Solutions,

Inc.

152,392

1,786

United

Airlines

Holdings,

Inc.

b

164,437

610

United

Rentals,

Inc.

444,422

22,268

Veralto

Corporation

1,968,937

16,060

Verisk

Analytics,

Inc.

3,047,385

5,263

Verra

Mobility

Corporation

b

75,208

8,374

Vertiv

Holdings

Company

2,098,357

1,137

Wabtec

Corporation

284,148

5,491

Waste

Management,

Inc.

1,261,777

191

Watts

Water

Technologies,

Inc.

55,445

4,538

WESCO

International,

Inc.

1,241,688

9,276

Willdan

Group,

Inc.

b

710,171

424

Woodward,

Inc.

151,758

13,551

Xylem,

Inc.

1,619,345

5,037

Zurn

Elkay

Water

Solutions

Corporation

225,859

Total

293,735,720

Information

Technology  9.6%

8,594

Adobe,

Inc.

b

2,089,029

57,361

Advanced

Micro

Devices,

Inc.

b

11,668,948

2,180

Ambarella,

Inc.

b

112,215

5,869

Amkor

Technology,

Inc.

264,281

85,105

Amphenol

Corporation

10,753,017

13,098

Analog

Devices,

Inc.

4,166,998

439,065

Apple,

Inc.

111,430,306

9,582

Applied

Materials,

Inc.

3,275,032

153,164

Arista

Networks,

Inc.

b

18,805,476

1,922

Arrow

Electronics,

Inc.

b

275,634

5,215

ASGN,

Inc.

b

201,873

278

Astera

Labs,

Inc.

b

30,469

28,301

Autodesk,

Inc.

b

6,775,259

4,242

Avnet,

Inc.

261,392

4,104

Bel

Fuse,

Inc.

812,510

1,562

Blackbaud,

Inc.

b

60,309

185,207

Broadcom,

Inc.

57,323,419

7,208

Cadence

Design

Systems,

Inc.

b

2,002,887

343

Calix,

Inc.

b

16,804

3,835

Celestica,

Inc.

b

1,080,243

427

Ciena

Corporation

b

165,774

2,791

Cirrus

Logic,

Inc.

b

403,634

91,527

Cisco

Systems,

Inc.

7,101,580

7,576

Cloudflare,

Inc.

b

1,563,232

Shares

Common

Stock  30.5%

Value

Information

Technology  9.6%

-

continued

36,409

Cognex

Corporation

$

1,783,677

2,499

Cognizant

Technology

Solutions

Corporation

153,314

6,599

Coherent

Corporation

b

1,571,948

113

Cohu,

Inc.

b

3,460

831

CommVault

Systems,

Inc.

b

64,727

4,742

Corning,

Inc.

644,770

2,126

Crane

NXT

Company

86,294

203

Credo

Technology

Group

Holding,

Ltd.

b

19,056

205

CTS

Corporation

9,791

1,098

Datadog,

Inc.

b

129,619

16,465

DigitalOcean

Holdings,

Inc.

b

1,412,368

2,338

Dolby

Laboratories,

Inc.

140,420

1,468

EPAM

Systems,

Inc.

b

198,767

559

F5,

Inc.

b

161,735

4,587

Fabrinet

b

2,392,212

16,337

Flex,

Ltd.

b

1,069,420

84,700

Fortinet,

Inc.

b

6,921,684

3,173

Gen

Digital,

Inc.

59,748

6,617

GoDaddy,

Inc.

b

547,027

52,540

GPGI,

Inc.

898,434

21,006

Guidewire

Software,

Inc.

b

3,141,657

11,173

Hewlett

Packard

Enterprise

Company

266,029

411

Ichor

Holdings,

Ltd.

b

19,157

3,591

InterDigital,

Inc.

1,084,482

52,630

International

Business

Machines

Corporation

12,756,986

19,798

Intuit,

Inc.

8,560,259

93,780

JFrog,

Ltd.

b

4,401,095

17,654

Keysight

Technologies,

Inc.

b

4,984,960

5,284

Knowles

Corporation

b

135,693

2,415

Kulicke

and

Soffa

Industries,

Inc.

158,714

136,275

Lam

Research

Corporation

29,116,516

32,206

Lattice

Semiconductor

Corporation

b

2,987,428

1,041

Littelfuse,

Inc.

353,263

1,690

Lumentum

Holdings,

Inc.

b

1,187,664

1,053

MACOM

Technology

Solutions

Holdings,

Inc.

b

233,840

468

Manhattan

Associates,

Inc.

b

62,300

4,630

Microchip

Technology,

Inc.

299,144

23,492

Micron

Technology,

Inc.

7,936,537

284,943

Microsoft

Corporation

105,477,350

7,495

MKS,

Inc.

1,722,426

278

MongoDB,

Inc.

b

68,046

3,085

Monolithic

Power

Systems,

Inc.

3,372,985

9,806

Motorola

Solutions,

Inc.

4,255,510

10,093

Napco

Security

Technologies,

Inc.

397,563

9,297

NetApp,

Inc.

951,920

24,375

Nokia

Oyj

ADR

195,975

6,100

Novanta,

Inc.

b

720,471

920,190

NVIDIA

Corporation

160,481,136

5,274

NXP

Semiconductors

NV

1,038,240

3,030

ON

Semiconductor

Corporation

b

187,618

6,337

Onto

Innovation,

Inc.

b

1,299,529

53,627

Oracle

Corporation

7,889,068

165,401

Palantir

Technologies,

Inc.

b

24,194,858

3,620

Pegasystems,

Inc.

154,067

640

Plexus

Corporation

b

129,626

3,555

PTC,

Inc.

b

506,552

542

Q2

Holdings,

Inc.

b

25,637

1,324

Qnity

Electronics,

Inc.

152,763

50,927

Qualcomm,

Inc.

6,558,379

20,813

Rambus,

Inc.

b

1,790,542

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Shares

Common

Stock  30.5%

Value

Information

Technology  9.6%

-

continued

396

Roper

Industries,

Inc.

$

140,129

8,945

Salesforce,

Inc.

1,669,763

78,651

Samsung

Electronics

Company,

Ltd.

9,199,130

679

SanDisk

Corporation/DE

b

431,396

232

Sanmina

Corporation

b

30,076

131,196

ServiceNow,

Inc.

b

13,716,542

757

ServiceTitan,

Inc.

b

48,039

104,157

Shopify,

Inc.

b

12,355,103

9,442

Silicon

Laboratories,

Inc.

b

1,965,352

3,179

SiTime

Corporation

b

1,097,868

6,835

Skyworks

Solutions,

Inc.

366,014

7,508

Snowflake,

Inc.

b

1,132,357

6,123

Sprout

Social,

Inc.

b

34,901

3,022

Synopsys,

Inc.

b

1,198,163

66,382

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

22,433,797

35,319

TD

SYNNEX

Corporation

5,958,668

19,795

TE

Connectivity

plc

4,137,551

501

Teledyne

Technologies,

Inc.

b

303,110

2,343

Tenable

Holdings,

Inc.

b

39,632

11,432

Teradyne,

Inc.

3,389,131

38,907

Texas

Instruments,

Inc.

7,553,405

5,597

Trimble,

Inc.

b

365,092

8,314

TTM

Technologies,

Inc.

b

809,950

2,920

Tyler

Technologies,

Inc.

b

999,750

5,707

Unity

Software,

Inc.

b

125,212

1,794

Varonis

Systems,

Inc.

b

38,517

8,719

VeriSign,

Inc.

2,165,451

9,295

Viavi

Solutions,

Inc.

b

309,338

47,910

Vontier

Corporation

1,699,368

2,108

Western

Digital

Corporation

570,193

212

Workday,

Inc.

b

27,543

2,836

Zebra

Technologies

Corporation

b

592,951

1,728

Zoom

Communications,

Inc.

b

138,914

939

Zscaler,

Inc.

b

131,732

Total

753,338,915

Materials  0.7%

194

Air

Products

and

Chemicals,

Inc.

56,355

1,293

Albemarle

Corporation

232,132

10,948

Alcoa

Corporation

726,181

3,099

Amcor

plc

123,185

5,622

American

Vanguard

Corporation

b

13,999

1,273

AngloGold

Ashanti

plc

123,939

3,784

AptarGroup,

Inc.

476,860

2,340

Ashland,

Inc.

130,127

2,233

Avery

Dennison

Corporation

385,594

6,385

Avient

Corporation

231,775

8,227

Balchem

Corporation

1,394,312

4,844

Ball

Corporation

286,329

7,931

Celanese

Corporation

521,622

46,556

CF

Industries

Holdings,

Inc.

6,044,831

10,978

Coeur

Mining,

Inc.

b

206,057

2,947

Commercial

Metals

Company

181,034

30,532

Constellium

SE

b

750,477

4,509

Corteva,

Inc.

377,448

32,999

Crown

Holdings,

Inc.

3,308,150

26,868

DuPont

de

Nemours,

Inc.

1,230,554

19,899

Eastman

Chemical

Company

1,518,692

21,090

Ecolab,

Inc.

5,610,362

53,844

Element

Solutions,

Inc.

1,838,234

36,914

Freeport-McMoRan,

Inc.

2,169,805

3,195

Greif,

Inc.

214,289

Shares

Common

Stock  30.5%

Value

Materials  0.7%

-

continued

6,200

Hecla

Mining

Company

$

115,506

20,610

Huntsman

Corporation

274,319

2,235

Ingevity

Corporation

b

159,199

728

International

Flavors

&

Fragrances,

Inc.

52,816

41,099

International

Paper

Company

1,467,234

2,904

Intrepid

Potash,

Inc.

b

124,204

68,644

Ivanhoe

Mines,

Ltd.

b

586,714

1,519

Kaiser

Aluminum

Corporation

183,055

10,792

Linde

plc

5,350,242

9,693

Louisiana-Pacific

Corporation

705,166

2,169

Martin

Marietta

Materials,

Inc.

1,276,847

2,052

Minerals

Technologies,

Inc.

145,528

16,099

Mosaic

Company

410,524

167

NewMarket

Corporation

107,039

28,702

Newmont

Corporation

3,106,992

28,292

Nucor

Corporation

4,784,177

3,382

O-I

Glass,

Inc.

b

35,545

16,934

Orion

SA

110,071

1,244

Packaging

Corporation

of

America

264,002

2,297

PPG

Industries,

Inc.

245,503

163

Reliance,

Inc.

49,539

1,600

Royal

Gold,

Inc.

407,184

729

Scotts

Miracle-Gro

Company

44,330

2,243

Sensient

Technologies

Corporation

193,885

3,314

Smurfit

WestRock

plc

132,063

34,407

Solstice

Advanced

Materials,

Inc.

2,620,437

3,114

Sonoco

Products

Company

168,436

1,442

Steel

Dynamics,

Inc.

259,560

1,217

Stepan

Company

60,826

Total

51,593,286

Real

Estate  0.6%

2,457

Agree

Realty

Corporation

185,209

4,695

Alpine

Income

Property

Trust,

Inc.

84,510

6,902

Americold

Realty

Trust,

Inc.

79,097

6,339

AvalonBay

Communities,

Inc.

1,035,476

16,333

Brixmor

Property

Group,

Inc.

470,390

1,803

Broadstone

Net

Lease,

Inc.

32,941

3,105

CareTrust

REIT,

Inc.

113,798

33,201

CBRE

Group,

Inc.

b

4,497,407

7,603

Compass,

Inc.

b

55,578

1,914

CoStar

Group,

Inc.

b

77,211

20,897

Cousins

Properties,

Inc.

471,645

56,185

Crown

Castle,

Inc.

4,568,402

7,003

Curbline

Properties

Corporation

180,607

2,568

Cushman

&

Wakefield,

Ltd.

b

31,484

2,709

Digital

Realty

Trust,

Inc.

488,189

17,073

Easterly

Government

Properties,

Inc.

365,874

26,379

EPR

Properties

1,317,895

1,899

Equity

Lifestyle

Properties,

Inc.

118,536

159,834

Essential

Properties

Realty

Trust,

Inc.

4,852,560

272

Essex

Property

Trust,

Inc.

65,824

860

Extra

Space

Storage,

Inc.

112,772

1,205

Federal

Realty

Investment

Trust

127,983

11,072

Fermi,

Inc.

a,b

64,660

6,082

First

Industrial

Realty

Trust,

Inc.

351,844

1,246

FrontView

REIT,

Inc.

19,276

8,072

Getty

Realty

Corporation

256,690

164,787

Healthcare

Realty

Trust,

Inc.

2,799,731

115,142

Host

Hotels

&

Resorts,

Inc.

2,206,121

820

Howard

Hughes

Holdings,

Inc.

b

51,873

8,697

Independence

Realty

Trust,

Inc.

129,498

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Shares

Common

Stock  30.5%

Value

Real

Estate  0.6%

-

continued

65,107

Industrial

Logistics

Properties

Trust

$

369,808

23,791

Innovative

Industrial

Properties,

Inc.

1,193,357

14,155

InvenTrust

Properties

Corporation

431,161

3,881

Iron

Mountain,

Inc.

396,405

1,272

Jones

Lang

LaSalle,

Inc.

b

387,095

3,262

Kimco

Realty

Corporation

73,297

221

Lamar

Advertising

Company

27,992

6,771

Macerich

Company

127,972

61,300

Medical

Properties

Trust,

Inc.

283,819

113,543

Millrose

Properties,

Inc.

3,179,204

417

National

Health

Investors,

Inc.

33,719

6,666

NET

Lease

Office

Properties

76,792

10,469

NetSTREIT

Corporation

197,131

1,723

NNN

REIT,

Inc.

72,418

743

Omega

Healthcare

Investors,

Inc.

32,558

30,307

Outfront

Media,

Inc.

803,136

22,528

Park

Hotels

&

Resorts,

Inc.

237,220

6,993

Piedmont

Realty

Trust,

Inc.

b

45,944

3,312

Postal

Realty

Trust,

Inc.

61,471

620

Realty

Income

Corporation

37,932

1,278

Regency

Centers

Corporation

96,693

22,986

RLJ

Lodging

Trust

170,556

590

Ryman

Hospitality

Properties

54,439

70,462

Sabra

Health

Care

REIT,

Inc.

1,354,984

31,669

Safehold,

Inc.

428,482

529

SBA

Communications

Corporation

91,046

70,137

Sila

Realty

Trust,

Inc.

1,660,844

185

Simon

Property

Group,

Inc.

34,508

9,179

STAG

Industrial,

Inc.

330,995

140,744

Tanger,

Inc.

4,782,481

20,802

Terreno

Realty

Corporation

1,277,659

2,039

Ventas,

Inc.

166,749

9,530

Xenia

Hotels

&

Resorts,

Inc.

141,330

5,855

Zillow

Group,

Inc.,

Class

C

b

242,280

Total

44,114,558

Utilities  0.8%

1,684

Alliant

Energy

Corporation

120,844

4,479

American

States

Water

Company

338,702

1,265

American

Water

Works

Company,

Inc.

172,154

2,784

Artesian

Resources

Corporation

88,670

12,770

Avista

Corporation

512,588

4,613

Black

Hills

Corporation

320,188

4,246

California

Water

Service

Group

192,514

2,892

CenterPoint

Energy,

Inc.

124,819

10,370

Clearway

Energy,

Inc.,

Class

A

406,193

12,644

Clearway

Energy,

Inc.,

Class

C

496,783

821

Consolidated

Edison,

Inc.

92,921

53,351

Constellation

Energy

Corporation

14,898,267

338

DTE

Energy

Company

49,422

43,684

Duke

Energy

Corporation

5,719,983

106,413

Edison

International

7,787,303

59,245

Entergy

Corporation

6,656,768

33,237

Evergy,

Inc.

2,722,775

12,357

Eversource

Energy

856,093

7,159

Exelon

Corporation

350,934

3,554

FirstEnergy

Corporation

180,046

5,441

H2O

America

a

319,223

1,623

Middlesex

Water

Company

84,477

1,288

National

Fuel

Gas

Company

121,020

11,526

New

Jersey

Resources

Corporation

633,008

2,631

NiSource,

Inc.

122,762

Shares

Common

Stock  30.5%

Value

Utilities  0.8%

-

continued

270

Northwestern

Energy

Group,

Inc.

$

17,804

1,384

OGE

Energy

Corporation

66,377

2,734

Otter

Tail

Corporation

239,963

127,645

PG&E

Corporation

2,242,723

1,715

Pinnacle

West

Capital

Corporation

172,786

96,256

Portland

General

Electric

Company

5,079,429

1,572

Spire,

Inc.

142,329

180,199

UGI

Corporation

6,562,848

4,506

Unitil

Corporation

235,393

31,771

Vistra

Energy

Corporation

4,776,134

9,958

XPLR

Infrastructure,

LP

b

105,754

368

York

Water

Company

11,206

Total

63,021,203

Total

Common

Stock

(cost

$1,722,313,841)

2,397,769,593

Principal

Amount

Long-Term

Fixed

Income

6.2%

Value

Asset-Backed

Securities  0.1%

522

Funding

CLO,

Ltd.

$

800,000

5.410%, 

(TSFR3M

+

1.750%),

4/15/2035,

Ser.

2019-5A,

Class

CR2

c,d

793,358

Access

Group,

Inc.

23,425

4.276%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

23,356

ALLO

Issuer,

LLC

950,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

c

953,349

Balboa

Bay

Loan

Funding,

Ltd.

1,000,000

5.618%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

c,d

993,574

625,000

5.918%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

c,d

623,222

Barings

CLO,

Ltd.

850,000

5.568%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

c,d

844,323

Battalion

CLO

XIV,

Ltd.

500,000

5.668%, 

(TSFR3M

+

2.000%),

1/20/2035,

Ser.

2019-14A,

Class

CR2

c,d

496,707

CarVal

CLO

I,

Ltd.

650,000

5.521%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

650,421

CMFT

Net

Lease

Master

Issuer,

LLC

622,508

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

579,896

Commonbond

Student

Loan

Trust

25,862

4.293%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

25,633

Foundation

Finance

Trust

189,309

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

180,592

Hertz

Vehicle

Financing

III,

LLC

475,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

c

477,592

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

Asset-Backed

Securities  0.1%

-

continued

Hotwire

Funding,

LLC

$

750,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

$

758,799

Laurel

Road

Prime

Student

Loan

Trust

147,755

6.000%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

141,398

LCM

41,

Ltd.

375,000

5.672%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

c,d

371,618

Lightpath

Fiber

Issuer,

LLC

900,000

5.597%, 

3/25/2056,

Ser.

2026-1A,

Class

A2

c

897,505

National

Collegiate

Trust

126,019

4.083%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

123,555

Palmer

Square

Loan

Funding,

Ltd.

475,000

5.253%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

c,d

471,053

RR

28,

Ltd.

1,175,000

5.331%, 

(TSFR3M

+

1.650%),

4/15/2041,

Ser.

2024-28RA,

Class

A2R2

c,d

1,174,971

Sunnova

Hestia

II

Issuer,

LLC

802,551

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,e

777,539

Trinitas

CLO,

Ltd.

1,200,000

5.374%, 

(TSFR3M

+

1.700%),

4/25/2039,

Ser.

2024-28A,

Class

BR

c,d,f

1,200,000

Total

12,558,461

Collateralized

Mortgage

Obligations  0.6%

A&D

Mortgage

Trust

368,752

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,g

371,507

Banc

of

America

Alternative

Loan

Trust

9,634

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

8,651

BINOM

Securitization

Trust

311,546

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

288,513

CFST

Mortgage

Trust

750,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

c,g

755,736

Chase

Home

Lending

Mortgage

Trust

725,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

c,d

725,219

CHNGE

Mortgage

Trust

244,918

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,g

244,924

Citicorp

Mortgage

Securities,

Inc.

441,169

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

403,919

Citigroup

Mortgage

Loan

Trust,

Inc.

1,645

6.202%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

d

1,679

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

Collateralized

Mortgage

Obligations  0.6%

-

continued

COLT

Mortgage

Loan

Trust

$

610,683

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

$

554,318

Countrywide

Alternative

Loan

Trust

260,884

4.130%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

227,054

556,063

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

173,746

Cross

Mortgage

Trust

893,881

5.087%, 

3/25/2061,

Ser.

2026-NQM2,

Class

A2

c,g

885,327

CSMC

Trust

353,978

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

306,956

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

689,820

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

681,753

700,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

684,946

1,250,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

1,243,780

675,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

669,526

928,745

7.662%, 

(SOFR30A

+

4.000%),

4/25/2026,

Ser.

5567,

Class

MB

d

955,036

1,300,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

1,272,766

1,400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,396,540

2,019,989

2.000%, 

12/25/2050,

Ser.

5051,

Class

WI

h

265,127

163,911

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

9,390

393,291

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

28,645

753,970

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

755,386

1,000,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

836,034

Federal

Home

Loan

Mortgage

Corporation

-

SLST

750,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

e

646,237

Federal

National

Mortgage

Association

-

REMIC

1,000,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

983,722

800,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

779,981

703,684

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

597,832

1,427,012

2.000%, 

12/25/2050,

Ser.

2020-89,

Class

IM

h

189,681

143,186

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

1,955

Flagstar

Mortgage

Trust

1,071,536

2.500%, 

9/25/2051,

Ser.

2021-8INV,

Class

A3

c,d

891,426

412,697

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

373,904

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

Collateralized

Mortgage

Obligations  0.6%

-

continued

GCAT

Trust

$

512,409

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

$

469,501

812,580

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

821,213

GS

Mortgage-Backed

Securities

Trust

988,156

4.978%, 

5/25/2066,

Ser.

2026-DSC1,

Class

A2

c,g

979,038

820,992

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

712,458

1,250,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

c,d

1,242,663

HOMES

Trust

700,000

6.949%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

696,837

HTAP

Issuer

Trust

520,023

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

515,894

988,450

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

984,542

J.P.

Morgan

Mortgage

Trust

913,175

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

759,706

675,000

5.500%, 

3/25/2056,

Ser.

2025-9,

Class

A8

c,d

670,398

606,677

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

521,981

588,026

5.055%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1D

c,g

582,272

565,000

5.000%, 

7/25/2056,

Ser.

2026-1,

Class

A5A

c,d

545,008

Mello

Mortgage

Capital

Acceptance

895,456

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

744,943

Merrill

Lynch

Alternative

Note

Asset

Trust

144,720

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

43,504

MFA

Trust

455,301

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c,g

455,862

Morgan

Stanley

Residential

Mortgage

Loan

Trust

975,000

7.335%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

979,622

New

Residential

Mortgage

Loan

Trust

1,735,591

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

1,443,863

460,845

5.078%, 

11/25/2065,

Ser.

2026-NQM1,

Class

A2

c,g

455,934

OBX

Trust

525,000

4.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

497,722

Palisades

Mortgage

Loan

Trust

145,134

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

145,036

PMT

Loan

Trust

1,050,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

c,d

1,058,458

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

Collateralized

Mortgage

Obligations  0.6%

-

continued

$

1,175,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

c,d

$

1,165,869

Point

Securitization

Trust

949,804

5.750%, 

9/25/2055,

Ser.

2025-2,

Class

A1

c

935,903

PRET

Trust

521,529

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

c,g

505,914

PRET,

LLC

781,731

5.151%, 

2/25/2056,

Ser.

2026-NPL2,

Class

A1

c,g

775,579

423,612

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

c,g

424,010

Provident

Funding

Mortgage

Trust

1,200,000

5.000%, 

12/25/2055,

Ser.

2025-6,

Class

A10

c,d

1,146,869

PRPM,

LLC

500,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,g

483,119

498,928

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

c,g

497,522

675,405

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

c,g

673,998

RCO

IX

Mortgage,

LLC

644,071

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

c,g

644,936

Renaissance

Home

Equity

Loan

Trust

1,083,770

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

g

324,396

Residential

Accredit

Loans,

Inc.

Trust

167,732

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

149,058

Residential

Funding

Mortgage

Security

I

Trust

50,102

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

40,534

Saluda

Grade

Alternative

Mortgage

Trust

800,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,g

799,060

700,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,g

704,630

Santander

Mortgage

Asset

Receivable

Trust

728,517

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

c,d

726,042

Saxon

Asset

Securities

Trust

430,017

2.687%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

395,445

Sequoia

Mortgage

Trust

600,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

c,d

591,692

1,100,000

5.000%, 

12/25/2055,

Ser.

2025-12,

Class

A8

c,d

1,047,708

120,724

3.538%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

78,760

SG

Residential

Mortgage

Trust

1,044,037

4.985%, 

1/25/2066,

Ser.

2026-1,

Class

A2

c,g

1,034,244

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

Collateralized

Mortgage

Obligations  0.6%

-

continued

Toorak

Mortgage

Trust

$

500,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

c,g

$

501,762

TRK

Trust

507,972

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

461,300

Unlock

HEA

Trust

482,005

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

480,361

619,173

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

617,506

Verus

Securitization

Trust

309,110

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

275,725

VOLT

CVI,

LLC

407,161

9.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c

407,545

Vontive

Mortgage

Trust

1,000,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

c,g

1,011,579

Total

50,438,737

Commercial

Mortgage-Backed

Securities  0.2%

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

470,666

BANK

16,292,843

0.412%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,h

339,178

4,483,403

0.624%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

d,h

205,978

BANK5

800,000

5.844%, 

4/15/2059,

Ser.

2026-5YR21,

Class

AS

f

824,473

BBCMS

Mortgage

Trust

6,937,798

1.149%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,h

413,558

3,875,788

0.921%, 

12/15/2058,

Ser.

2025-C39,

Class

XA

d,h

265,629

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

6,900,000

5.000%, 

5/25/2034,

Ser.

K-164,

Class

A2

e

7,105,040

2,650,000

4.600%, 

9/25/2035,

Ser.

K-173,

Class

A2

d,e

2,645,532

Home

Partners

of

America

Trust

932,139

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

846,329

Total

13,116,383

Financials  <0.1%

Countrywide

Home

Loans,

Inc.

150,507

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

63,551

Total

63,551

Mortgage-Backed

Securities  2.5%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

445,378

5.500%, 

12/1/2038

458,086

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

Mortgage-Backed

Securities  2.5%

-

continued

$

3,782,258

5.500%, 

2/1/2040

$

3,873,978

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

2,698,487

2.000%, 

1/1/2052

2,207,354

1,164,856

6.000%, 

1/1/2055

1,216,164

1,666,205

4.500%, 

2/1/2056

f

1,619,597

2,002,896

2.000%, 

5/1/2051

1,638,378

3,899,120

2.500%, 

5/1/2051

3,325,372

2,548,617

4.000%, 

5/1/2052

2,428,724

1,629,398

5.000%, 

7/1/2053

1,623,975

751,774

5.500%, 

7/1/2053

765,140

2,040,575

3.500%, 

8/1/2052

1,884,299

1,601,986

5.000%, 

8/1/2053

1,599,889

2,525,502

5.500%, 

9/1/2053

2,588,440

3,389,248

5.500%, 

9/1/2055

3,440,194

1,947,457

5.500%, 

9/1/2055

1,978,211

1,602,678

3.500%, 

9/1/2047

1,500,261

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

862,529

2.500%, 

7/1/2030

836,433

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

316,556

5.500%, 

9/1/2039

325,792

4,800,000

4.500%, 

4/1/2041

f

4,765,426

5,650,000

5.000%, 

4/1/2041

f

5,691,256

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,447,453

3.000%, 

12/1/2036

1,374,010

1,414,900

3.000%, 

8/1/2038

1,346,473

2,243,387

3.500%, 

5/1/2040

2,138,631

2,188,430

2.500%, 

4/1/2042

1,967,722

775,639

2.000%, 

5/1/2042

685,138

917,560

5.000%, 

10/1/2045

917,445

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6,085,764

3.000%, 

1/1/2052

5,394,586

522,199

2.000%, 

2/1/2051

427,159

784,569

2.000%, 

2/1/2051

641,777

2,591,432

2.500%, 

2/1/2051

2,224,552

2,784,021

5.500%, 

2/1/2055

2,836,658

8,932,761

2.000%, 

3/1/2051

7,262,157

4,350,971

4.000%, 

3/1/2051

4,158,475

2,223,784

2.000%, 

3/1/2052

1,823,967

6,743,871

3.000%, 

3/1/2052

5,980,441

5,847,639

2.000%, 

4/1/2051

4,752,802

1,212,784

3.000%, 

4/1/2051

1,067,613

2,652,332

5.500%, 

4/1/2054

2,714,280

5,050,000

2.500%, 

4/1/2056

f

4,245,156

3,446,649

3.000%, 

5/1/2050

3,036,169

955,475

2.000%, 

5/1/2051

777,538

3,081,656

3.000%, 

5/1/2051

2,771,723

953,805

3.500%, 

5/1/2052

882,784

5,951,644

2.000%, 

6/1/2050

4,852,181

2,493,685

3.000%, 

6/1/2050

2,251,367

1,064,949

4.000%, 

6/1/2052

1,009,142

1,187,373

5.000%, 

6/1/2053

1,184,609

5,438,365

5.500%, 

6/1/2053

5,491,630

4,305,652

2.500%, 

7/1/2051

3,702,169

1,001,919

3.500%, 

7/1/2051

928,806

736,685

3.000%, 

7/1/2052

658,272

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

Mortgage-Backed

Securities  2.5%

-

continued

$

1,326,184

4.000%, 

7/1/2052

$

1,256,691

944,048

2.500%, 

8/1/2050

811,655

1,653,303

3.500%, 

8/1/2050

1,538,100

2,908,404

3.500%, 

8/1/2052

2,669,660

5,314,289

4.500%, 

8/1/2052

5,151,902

2,241,065

5.000%, 

8/1/2053

2,235,158

4,398,468

6.000%, 

8/1/2054

4,602,846

987,826

2.500%, 

9/1/2051

848,388

1,530,127

3.500%, 

9/1/2052

1,418,345

841,386

3.500%, 

9/1/2052

777,837

1,696,331

5.000%, 

9/1/2052

1,687,983

2,879,996

4.500%, 

9/1/2053

2,800,700

1,670,620

4.500%, 

9/1/2053

1,626,418

4,326,616

4.000%, 

10/1/2052

4,119,965

952,546

2.000%, 

11/1/2051

779,162

1,109,331

3.500%, 

11/1/2052

1,030,414

3,854,106

2.000%, 

12/1/2050

3,154,087

8,590,555

2.500%, 

12/1/2051

7,356,227

5,226,077

4.500%, 

12/1/2052

5,086,060

500,000

5.500%, 

4/1/2042

f

502,303

1,888,788

3.500%, 

12/1/2047

1,771,030

4,600,000

4.000%, 

4/1/2049

f

4,340,209

2,375,000

4.500%, 

4/1/2049

f

2,291,888

5,550,000

5.000%, 

4/1/2049

f

5,473,003

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,195,368

2.500%, 

3/1/2062

4,272,058

994,869

3.500%, 

7/1/2061

896,365

2,265,236

4.000%, 

12/1/2061

2,111,029

Total

193,881,884

U.S.

Government

&

Agencies  2.8%

U.S.

Treasury

Bonds

1,500,000

2.875%, 

5/15/2052

1,040,273

5,000,000

4.750%, 

8/15/2055

4,872,656

680,000

1.625%, 

11/15/2050

354,795

4,000,000

4.750%, 

11/15/2053

3,889,219

5,830,000

5.250%, 

11/15/2028

6,035,189

2,050,000

4.375%, 

5/15/2040

1,991,143

7,430,000

1.375%, 

11/15/2040

4,785,965

11,465,000

3.000%, 

5/15/2042

9,137,067

2,500,000

3.250%, 

5/15/2042

2,059,961

25,124,000

2.500%, 

5/15/2046

17,260,973

16,725,000

2.875%, 

5/15/2049

11,890,430

U.S.

Treasury

Notes

10,500,000

3.500%, 

9/30/2026

10,485,644

2,850,000

3.875%, 

5/31/2027

2,851,893

15,000,000

3.500%, 

9/30/2027

14,926,758

20,005,000

2.250%, 

11/15/2027

19,507,219

10,550,000

3.875%, 

12/31/2027

10,557,418

300,000

0.750%, 

1/31/2028

283,770

3,200,000

3.625%, 

3/31/2028

3,188,375

18,050,000

2.875%, 

5/15/2028

17,706,627

2,500,000

3.750%, 

12/31/2028

2,495,020

10,600,000

3.500%, 

9/30/2029

10,472,469

17,810,000

4.000%, 

3/31/2030

17,874,005

1,900,000

3.625%, 

8/31/2030

1,876,695

23,000,000

3.625%, 

9/30/2030

22,713,398

2,500,000

3.625%, 

10/31/2030

2,467,676

160,000

1.375%, 

11/15/2031

138,750

4,400,000

4.125%, 

11/15/2032

4,401,547

1,400,000

3.500%, 

2/15/2033

1,347,062

7,900,000

4.500%, 

11/15/2033

8,063,555

Principal

Amount

Long-Term

Fixed

Income  6.2%

Value

U.S.

Government

&

Agencies  2.8%

-

continued

$

4,400,000

4.000%, 

11/15/2035

$

4,292,062

Total

218,967,614

Total

Long-Term

Fixed

Income

(cost

$514,800,909)

489,026,630

Shares

i

Private

Equity

Funds

1.6%

Value

Secondary  1.6%

__

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,j

16,884,109

__

ASF

IX,

LP

*,b,j

19,646,919

__

ASF

VIII

Sidecar

(Cayman),

LP

*,b,j

3,560,780

__

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,b,j

21,269,546

__

LCP

X

(Offshore),

LP

*,b,j

36,946,850

__

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,j

26,534,987

Total

124,843,191

Total

Private

Equity

Funds

(cost

$93,200,874)

124,843,191

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

12,181,800

Thrivent

Cash

Management

Trust

12,181,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,181,800)

12,181,800

Shares

or

Principal

Amount

Short-Term

Investments

13.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

3.545%,

4/8/2026

k,l

499,601

300,000

3.590%,

4/17/2026

k,l

299,491

12,400,000

3.606%,

4/24/2026

k,l

12,370,323

900,000

3.600%,

4/29/2026

k,l

897,397

10,000,000

3.633%,

5/1/2026

k,l

9,968,914

2,000,000

3.604%,

5/8/2026

k,l

1,992,379

11,200,000

3.595%,

5/27/2026

k,l

11,135,983

5,600,000

3.600%,

5/29/2026

k,l

5,566,868

1,100,000

3.610%,

6/3/2026

k,l

1,092,950

100,000

3.610%,

6/10/2026

k,l

99,289

7,000,000

3.626%,

6/17/2026

k,l

6,945,324

1,600,000

3.590%,

6/18/2026

k,l

1,587,342

3,200,000

3.636%,

6/22/2026

k,l

3,173,403

Federal

National

Mortgage

Association

Discount

Notes

15,700,000

3.595%,

6/1/2026

k,l

15,602,525

State

Street

Institutional

U.S.

Government

Money

Market

Fund

299,772,482

3.602%

k

299,772,483

Thrivent

Core

Short-Term

Reserve

Fund

68,963,123

3.930%

689,631,225

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Shares

or

Principal

Amount

Short-Term

Investments  13.6%

Value

U.S.

Treasury

Bills

1,600,000

3.498%,

4/7/2026

k,m

$

1,599,036

800,000

3.596%,

5/5/2026

k,m

797,262

1,000,000

3.631%,

5/19/2026

k,m

995,160

1,700,000

3.615%,

5/28/2026

k,m

1,690,210

2,700,000

3.605%,

6/11/2026

k,m

2,680,844

100,000

3.611%,

6/18/2026

k,m

99,221

Total

Short-Term

Investments

(cost

$1,068,440,436)

1,068,497,230

Total

Investments

(cost

$6,192,550,645)

100.2%

$7,876,502,698

Other

Assets

and

Liabilities,

Net

(0.2%)

(16,778,417)

Total

Net

Assets

100.0%

$7,859,724,281

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$50,469,110

or

0.6%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2026.

h

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

i

Private

equity

fund

partnerships

do

not

issue

shares.

j

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Aggressive

Allocation

Portfolio

as

of

March

31,

2026

was

$124,843,191

or

1.59%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

12,716,820

ASF

IX,

LP 

3/18/2024

15,679,524

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,780,363

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

15,900,000

LCP

X

(Offshore),

LP 

10/25/2023

25,480,375

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

20,643,792

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

12,320,225

Total

lending

$12,320,225

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,181,800

Net

amounts

due

from

counterparty

$(138,425)

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange-Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

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

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

3,441,243,681

3,441,243,681

–

–

U.S.

Unaffiliated

42,565,621

42,565,621

–

–

Common

Stock

Communications

Services

257,426,695

255,616,045

1,810,650

–

Consumer

Discretionary

254,288,150

254,288,150

–

–

Consumer

Staples

66,816,692

66,816,692

–

–

Energy

88,262,583

88,262,583

–

–

Financials

298,952,624

298,952,624

–

–

Health

Care

226,219,167

226,219,167

–

–

Industrials

293,735,720

293,627,883

107,837

–

Information

Technology

753,338,915

744,139,785

9,199,130

–

Materials

51,593,286

51,006,572

586,714

–

Real

Estate

44,114,558

44,114,558

–

–

Utilities

63,021,203

63,021,203

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

12,558,461

–

12,558,461

–

Collateralized

Mortgage

Obligations

50,438,737

–

50,438,737

–

Commercial

Mortgage-Backed

Securities

13,116,383

–

13,116,383

–

Financials

63,551

–

63,551

–

Mortgage-Backed

Securities

193,881,884

–

193,881,884

–

U.S.

Government

&

Agencies

218,967,614

–

218,967,614

–

Private

Equity

Funds

Secondary

124,843,191

–

–

124,843,191

Short-Term

Investments

378,866,005

299,772,483

79,093,522

–

Subtotal

Investments

in

Securities

$6,874,314,721

$6,169,647,047

$579,824,483

$124,843,191

Other

Investments  *

Total

Affiliated

Short-Term

Investments

689,631,225

U.S.

Affiliated

Registered

Investment

Cos.

300,374,952

Collateral

Held

for

Securities

Loaned

12,181,800

Subtotal

Other

Investments

$1,002,187,977

Total

Investments

at

Value

$7,876,502,698

*

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

March

31,

2026,

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

4,577,962

3,866,016

711,946

–

Credit

Default

Swaps

180,777

–

180,777

–

Total

Asset

Derivatives

$4,758,739

$3,866,016

$892,723

$–

Liability

Derivatives

Futures

Contracts

25,811,190

25,811,190

–

–

Total

Return

Swaps

3,453,216

–

3,453,216

–

Total

Liability

Derivatives

$29,264,406

$25,811,190

$3,453,216

$–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

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

12/31/2025

Realized

Gain/

(Loss)

%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

03/31/2026

Private

Equity

Funds

 Secondary

$114,726,086

$- 

$5,252,914

$7,049,206

$(2,185,015)  

$-

$- 

$124,843,191

Total 

$114,726,086

$-  

$5,252,914

$7,049,206

$(2,185,015) 

$-

$-

$124,843,191

 Investments

in

Securities

Ending

Value  03/31/2026

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$124,843,191  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$124,843,191 

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

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

Nasdaq

-

National

association

of

securities

dealers

automated

quotations

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$71,986,790

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

556

June

2026

$

62,768,675

(

$

1,026,610)

CBOT

2-Yr.

U.S.

Treasury

Note

745

June

2026

155,442,150

(

895,394)

CBOT

5-Yr.

U.S.

Treasury

Note

1,049

June

2026

114,933,847

(

1,453,352)

CBOT

U.S.

Long

Bond

303

June

2026

35,454,880

(

950,755)

CME

E-mini

Russell

2000

Index

32

June

2026

3,992,052

27,469

CME

E-mini

S&P

500

Index

2,346

June

2026

788,569,794

(

17,820,819)

CME

E-mini

S&P

Mid-Cap

400

Index

6

June

2026

2,018,900

19,000

CME

Ultra

Long

Term

U.S.

Treasury

Bond

303

June

2026

36,313,374

(

994,937)

ICE

mini

MSCI

EAFE

Index

1,320

June

2026

191,225,126

247,474

Ultra

10-Yr.

U.S.

Treasury

Note

329

June

2026

38,018,144

(

671,502)

Total

Futures

Long

Contracts

$

1,428,736,942

(

$

23,519,426)

CME

E-mini

Nasdaq

100

Index

(147)

June

2026

(

$

72,824,058)

$

2,513,958

CME

E-mini

Russell

2000

Index

(388)

June

2026

(

48,631,346)

(

105,334)

CME

E-mini

S&P

Mid-Cap

400

Index

(654)

June

2026

(

220,238,613)

(

1,892,487)

Eurex

Euro

STOXX

50

Index

(758)

June

2026

(

49,653,044)

711,946

ICE

US

mini

MSCI

Emerging

Markets

Index

(1,961)

June

2026

(

143,681,645)

1,058,115

Total

Futures

Short

Contracts

(

$

535,028,706)

$2,286,198

Total

Futures

Contracts

$

893,708,236

($21,233,228)

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$2,492,848

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

46,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2031

(

$

26,456,000)

$

–

$

180,777

$

180,777

Total

Credit

Default

Swaps

$–

$180,777

$180,777

1

As

the

buyer

of

protection,

Moderately

Aggressive

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Aggressive

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Aggressive

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Reference

Description:

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$4,980,991

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

100

Equal

Weight

USD

Total

Return

Index

Swap

SOFR

1

day

+58bps

Total

Return

Goldman

Sachs

&

Co.

LLC

5/1/2026

$

75,998,405

(

$

3,453,216)

$

–

(

$

3,453,216)

Total

Return

Swaps

(

$

3,453,216)

$

–

($3,453,216)

#

Payment

made

on

Termination

Date

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

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

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$55,985

$744

$3,800

$51,629

5,983

0.7%

Core

Emerging

Markets

Equity

171,864

–

–

178,171

14,334

2.3

Core

High

Yield

Bond

–

73,324

–

72,475

3,691

0.9

Core

International

Equity

68,616

–

–

70,575

5,597

0.9

Core

Investment

Grade

Corporate

Bond

–

125,692

–

124,871

6,370

1.6

Global

Stock

736,455

–

–

724,741

45,420

9.2

High

Yield

41,299

648

–

41,152

9,827

0.5

Income

109,712

1,248

1,000

108,259

12,193

1.4

International

Equity

671,733

–

–

680,464

54,776

8.7

International

Index

64,504

–

–

65,120

3,761

0.8

Large

Cap

Value

983,842

–

–

1,008,538

40,189

12.8

Mid

Cap

Stock

287,730

–

–

288,836

14,552

3.7

Mid

Cap

Value

ETF

60,816

–

–

63,093

4,023

0.8

Short-Term

Bond

63,615

643

4,750

59,019

5,989

0.7

Small

Cap

Stock

171,213

1

–

170,467

9,094

2.2

Small

Cap

Value

ETF

32,506

1

–

34,209

1,223

0.4

Total

U.S.

Affiliated

Registered

Investment

Companies

3,519,890

3,741,619

47.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

738,066

124,090

172,500

689,631

68,963

8.8

Total

Affiliated

Short-Term

Investments

738,066

689,631

8.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,955

129,309

122,082

12,182

12,182

0.2

Total

Collateral

Held

for

Securities

Loaned

4,955

12,182

0.2

Total

Value

$4,262,911

$4,443,432

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($449)

($851)

$

–

$744

Core

Emerging

Markets

Equity

–

6,307

–

–

Core

High

Yield

Bond

–

(849)

–

265

Core

International

Equity

–

1,959

–

–

Core

Investment

Grade

Corporate

Bond

–

(821)

–

339

Global

Stock

–

(11,714)

–

–

High

Yield

–

(795)

–

648

Income

(110)

(1,591)

–

1,254

International

Equity

–

8,731

–

–

International

Index

–

616

–

–

Large

Cap

Value

–

24,696

–

–

Mid

Cap

Stock

–

1,106

–

–

Mid

Cap

Value

ETF

–

2,277

–

–

Short-Term

Bond

60

(549)

–

645

Small

Cap

Stock

–

(747)

–

–

Small

Cap

Value

ETF

–

1,702

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

(25)

–

–

6,681

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$10,576

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

11

Total

Affiliated

Income

from

Securities

Loaned,

Net

$11

Total

Value

($524)

$29,477

$

–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

Shares

Registered

Investment

Companies  

45.1%

Value

U.S.

Affiliated  

44.7%  

10,048,628

Thrivent

Core

Emerging

Markets

Debt

Fund

$

86,719,663

3,426,703

Thrivent

Core

Emerging

Markets

Equity

Fund

42,593,914

6,058,474

Thrivent

Core

High

Yield

Bond

Fund

118,969,037

3,253,728

Thrivent

Core

International

Equity

Fund

41,029,507

10,577,051

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

207,340,879

1,237,545

Thrivent

Global

Stock

Portfolio

19,746,769

16,442,841

Thrivent

High

Yield

Portfolio

68,859,330

19,918,876

Thrivent

Income

Portfolio

176,853,721

7,876,108

Thrivent

International

Equity

Portfolio

97,842,525

1,762,974

Thrivent

International

Index

Portfolio

30,525,011

12,674,307

Thrivent

Large

Cap

Value

Portfolio

318,061,743

2,594,877

Thrivent

Mid

Cap

Stock

Portfolio

51,505,974

320,709

Thrivent

Mid

Cap

Value

ETF

5,029,872

9,891,356

Thrivent

Short-Term

Bond

Portfolio

97,473,382

1,274,084

Thrivent

Small

Cap

Stock

Portfolio

23,883,339

234,603

Thrivent

Small

Cap

Value

ETF

6,560,603

Total

1,392,995,269

U.S.

Unaffiliated  

0.4%  

5,070

Invesco

QQQ

Trust

Series

1

a

2,926,303

8,824

iShares

Biotechnology

ETF

1,489,932

1,077

iShares

Expanded

Tech-Software

Sector

ETF

b

86,214

10,678

State

Street

SPDR

S&P

500

ETF

Trust

6,944,330

2,267

State

Street

SPDR

S&P

Biotech

ETF

289,564

1,326

State

Street

SPDR

S&P

Software

&

Services

ETF

188,677

468

VanEck

Semiconductor

ETF

179,431

Total

12,104,451

Total

Registered

Investment

Companies

(cost

$1,173,178,543)

1,405,099,720

Principal

Amount

Long-Term

Fixed

Income

25.9%

Value

Asset-Backed

Securities  0.7%

522

Funding

CLO,

Ltd.

$

1,325,000

5.410%, 

(TSFR3M

+

1.750%),

4/15/2035,

Ser.

2019-5A,

Class

CR2

c,d

1,314,000

Access

Group,

Inc.

70,276

4.276%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

70,067

ALLO

Issuer,

LLC

1,925,000

5.528%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

c

1,931,785

Balboa

Bay

Loan

Funding,

Ltd.

1,300,000

5.918%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

c,d

1,296,302

Barings

CLO,

Ltd.

1,525,000

5.568%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

c,d

1,514,815

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

Asset-Backed

Securities  0.7%

-

continued

Battalion

CLO

XIV,

Ltd.

$

975,000

5.668%, 

(TSFR3M

+

2.000%),

1/20/2035,

Ser.

2019-14A,

Class

CR2

c,d

$

968,579

CarVal

CLO

I,

Ltd.

1,250,000

5.521%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

1,250,810

CMFT

Net

Lease

Master

Issuer,

LLC

1,316,844

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

1,226,704

Commonbond

Student

Loan

Trust

63,217

4.293%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

62,658

Foundation

Finance

Trust

405,661

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

386,983

Hertz

Vehicle

Financing

III,

LLC

1,000,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

c

1,005,457

Laurel

Road

Prime

Student

Loan

Trust

454,630

6.000%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

435,071

LCM

41,

Ltd.

725,000

5.672%, 

(TSFR3M

+

2.000%),

4/15/2036,

Ser.

41A,

Class

CR

c,d

718,461

Lightpath

Fiber

Issuer,

LLC

1,550,000

5.597%, 

3/25/2056,

Ser.

2026-1A,

Class

A2

c

1,545,703

National

Collegiate

Trust

267,791

4.083%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

262,553

Oak

Street

Investment

1,385,520

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

c

1,261,222

Palmer

Square

Loan

Funding,

Ltd.

1,000,000

5.253%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

c,d

991,691

RR

28,

Ltd.

1,950,000

5.331%, 

(TSFR3M

+

1.650%),

4/15/2041,

Ser.

2024-28RA,

Class

A2R2

c,d

1,949,951

Sunnova

Hestia

II

Issuer,

LLC

1,337,585

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,e

1,295,899

Trinitas

CLO,

Ltd.

2,000,000

5.374%, 

(TSFR3M

+

1.700%),

4/25/2039,

Ser.

2024-28A,

Class

BR

c,d,f

2,000,000

Total

21,488,711

Collateralized

Mortgage

Obligations  3.1%

A&D

Mortgage

Trust

921,879

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,g

928,767

Alternative

Loan

Trust

581,137

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

289,864

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

Collateralized

Mortgage

Obligations  3.1%

-

continued

BINOM

Securitization

Trust

$

644,578

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

$

596,923

CFST

Mortgage

Trust

600,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

c,g

604,589

Chase

Home

Lending

Mortgage

Trust

1,350,000

6.000%, 

11/25/2055,

Ser.

2024-11,

Class

A5

c,d

1,350,408

CHNGE

Mortgage

Trust

598,689

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,g

598,703

Citicorp

Mortgage

Securities,

Inc.

883,376

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

808,789

COLT

Mortgage

Loan

Trust

1,221,367

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

1,108,636

Countrywide

Alternative

Loan

Trust

676,478

4.130%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

588,757

1,046,707

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

327,051

Cross

Mortgage

Trust

1,464,973

5.087%, 

3/25/2061,

Ser.

2026-NQM2,

Class

A2

c,g

1,450,953

CSMC

Trust

938,041

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

813,434

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

2,714,291

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

2,682,550

1,550,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

1,516,666

2,300,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

2,288,555

1,150,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

1,140,674

1,675,779

7.662%, 

(SOFR30A

+

4.000%),

4/25/2026,

Ser.

5567,

Class

MB

d

1,723,217

2,250,000

5.000%, 

8/25/2055,

Ser.

5569,

Class

BY

2,202,864

3,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

3,241,967

3,391,626

2.000%, 

12/25/2050,

Ser.

5051,

Class

WI

h

445,157

622,045

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

35,637

786,582

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

57,289

2,026,295

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

2,030,101

2,650,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

2,215,491

Federal

Home

Loan

Mortgage

Corporation

-

SLST

1,450,000

3.000%, 

5/25/2035,

Ser.

2025-1,

Class

A2

e

1,249,391

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

Collateralized

Mortgage

Obligations  3.1%

-

continued

Federal

National

Mortgage

Association

-

REMIC

$

2,100,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

$

2,065,817

1,400,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

1,364,966

1,732,145

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

1,471,586

2,324,682

2.000%, 

12/25/2050,

Ser.

2020-89,

Class

IM

h

309,002

333,234

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

4,550

Flagstar

Mortgage

Trust

853,856

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

773,595

GCAT

Trust

1,024,817

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

939,002

1,862,162

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

1,881,947

GS

Mortgage-Backed

Securities

Trust

1,581,049

4.978%, 

5/25/2066,

Ser.

2026-DSC1,

Class

A2

c,g

1,566,461

2,127,115

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

1,845,915

2,375,000

5.500%, 

11/25/2055,

Ser.

2025-PJ6,

Class

A17

c,d

2,361,059

HOMES

Trust

1,293,000

6.949%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

1,287,157

HTAP

Issuer

Trust

1,213,386

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

1,203,752

2,044,295

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

c

2,036,212

J.P.

Morgan

Mortgage

Trust

1,899,405

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

1,580,189

1,100,000

5.500%, 

3/25/2056,

Ser.

2025-9,

Class

A8

c,d

1,092,501

1,280,762

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

1,101,959

814,190

5.055%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1D

c,g

806,223

940,000

5.000%, 

7/25/2056,

Ser.

2026-1,

Class

A5A

c,d

906,738

Mello

Mortgage

Capital

Acceptance

1,898,368

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

1,579,279

Merrill

Lynch

Alternative

Note

Asset

Trust

183,311

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

55,105

MFA

Trust

1,034,774

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c,g

1,036,050

Morgan

Stanley

Residential

Mortgage

Loan

Trust

500,000

7.335%, 

9/25/2068,

Ser.

2023-NQM1,

Class

M1

c,d

502,370

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

Collateralized

Mortgage

Obligations  3.1%

-

continued

New

Residential

Mortgage

Loan

Trust

$

3,540,606

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

$

2,945,480

761,607

5.078%, 

11/25/2065,

Ser.

2026-NQM1,

Class

A2

c,g

753,491

OBX

Trust

1,400,000

4.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

1,327,259

Palisades

Mortgage

Loan

Trust

312,946

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

312,733

PMT

Loan

Trust

2,300,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

c,d

2,318,527

2,325,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

c,d

2,306,932

Point

Securitization

Trust

599,876

5.750%, 

9/25/2055,

Ser.

2025-2,

Class

A1

c

591,097

PRET

Trust

1,043,057

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

c,g

1,011,828

PRET,

LLC

1,299,629

5.151%, 

2/25/2056,

Ser.

2026-NPL2,

Class

A1

c,g

1,289,400

847,225

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

c,g

848,020

Provident

Funding

Mortgage

Trust

1,250,000

5.000%, 

12/25/2055,

Ser.

2025-6,

Class

A10

c,d

1,194,655

PRPM,

LLC

1,300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,g

1,256,110

957,941

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

c,g

955,242

1,260,757

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

c,g

1,258,130

RCO

IX

Mortgage,

LLC

1,288,142

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

c,g

1,289,871

Renaissance

Home

Equity

Loan

Trust

2,167,539

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

g

648,793

Residential

Accredit

Loans,

Inc.

Trust

366,913

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

326,064

Residential

Asset

Securitization

Trust

1,461,112

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

728,778

Saluda

Grade

Alternative

Mortgage

Trust

2,100,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,g

2,097,532

1,600,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,g

1,610,582

Santander

Mortgage

Asset

Receivable

Trust

910,646

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

c,d

907,553

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

Collateralized

Mortgage

Obligations  3.1%

-

continued

Saxon

Asset

Securities

Trust

$

860,035

2.687%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

$

790,891

Sequoia

Mortgage

Trust

1,150,000

5.500%, 

8/25/2055,

Ser.

2025-7,

Class

A8

c,d

1,134,077

1,700,000

5.000%, 

12/25/2055,

Ser.

2025-12,

Class

A8

c,d

1,619,185

422,535

3.538%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

275,660

SG

Residential

Mortgage

Trust

1,740,062

4.985%, 

1/25/2066,

Ser.

2026-1,

Class

A2

c,g

1,723,739

Toorak

Mortgage

Trust

1,050,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

c,g

1,053,700

TRK

Trust

984,843

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

894,357

Unlock

HEA

Trust

1,124,679

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

1,120,843

1,371,026

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

1,367,334

Verus

Securitization

Trust

645,100

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

575,426

VOLT

CVI,

LLC

895,754

9.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c

896,599

Vontive

Mortgage

Trust

1,000,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

c,g

1,011,579

Total

96,509,335

Commercial

Mortgage-Backed

Securities  0.7%

AMSR

Trust

1,100,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

1,035,466

BANK

9,613,765

0.412%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,h

200,135

9,365,330

0.624%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

d,h

430,265

BANK5

1,325,000

5.844%, 

4/15/2059,

Ser.

2026-5YR21,

Class

AS

f

1,365,533

BBCMS

Mortgage

Trust

17,156,185

1.149%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,h

1,022,670

6,452,987

0.921%, 

12/15/2058,

Ser.

2025-C39,

Class

XA

d,h

442,259

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

10,455,000

5.000%, 

5/25/2034,

Ser.

K-164,

Class

A2

e

10,765,681

4,450,000

4.600%, 

9/25/2035,

Ser.

K-173,

Class

A2

d,e

4,442,497

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

Commercial

Mortgage-Backed

Securities  0.7%

-

continued

Home

Partners

of

America

Trust

$

1,945,334

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

$

1,766,251

Total

21,470,757

Financials  <0.1%

Countrywide

Home

Loans,

Inc.

188,133

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

79,439

Total

79,439

Mortgage-Backed

Securities  10.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

890,756

5.500%, 

12/1/2038

916,173

3,010,369

5.500%, 

2/1/2040

3,083,370

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

2,838,982

2.000%, 

1/1/2052

2,322,278

179,209

6.000%, 

1/1/2055

187,102

2,770,436

4.500%, 

2/1/2056

f

2,692,939

3,243,628

2.000%, 

5/1/2051

2,653,303

5,445,607

4.000%, 

5/1/2052

5,189,431

2,256,089

5.000%, 

7/1/2053

2,248,580

676,596

5.500%, 

7/1/2053

688,626

4,081,151

3.500%, 

8/1/2052

3,768,598

3,444,269

5.000%, 

8/1/2053

3,439,762

3,701,166

5.500%, 

9/1/2053

3,793,403

2,862,892

3.500%, 

9/1/2047

2,679,943

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

2,704,564

2.500%, 

7/1/2030

2,622,736

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

628,241

5.500%, 

9/1/2039

646,570

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

3,042,941

3.000%, 

12/1/2036

2,888,544

3,612,511

3.000%, 

8/1/2038

3,437,804

5,677,785

3.500%, 

5/1/2040

5,412,659

4,566,409

2.500%, 

4/1/2042

4,105,877

1,628,841

2.000%, 

5/1/2042

1,438,789

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

13,832,823

3.000%, 

1/1/2052

12,261,788

1,566,598

2.000%, 

2/1/2051

1,281,477

2,419,089

2.000%, 

2/1/2051

1,978,811

5,488,573

2.500%, 

2/1/2051

4,711,533

5,656,423

5.500%, 

2/1/2055

5,763,368

12,470,623

2.000%, 

3/1/2051

10,138,368

10,689,885

4.000%, 

3/1/2051

10,216,942

1,617,298

2.000%, 

3/1/2052

1,326,521

14,899,689

3.000%, 

3/1/2052

13,212,993

4,584,114

5.500%, 

4/1/2054

4,691,181

4,408,470

3.000%, 

5/1/2050

3,883,443

2,901,814

2.000%, 

5/1/2051

2,361,412

6,688,594

3.000%, 

5/1/2051

6,015,898

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

Mortgage-Backed

Securities  10.0%

-

continued

$

11,095,198

2.000%, 

6/1/2050

$

9,045,554

5,483,563

3.000%, 

6/1/2050

4,950,711

2,662,373

4.000%, 

6/1/2052

2,522,855

1,950,685

5.000%, 

6/1/2053

1,946,144

13,518,123

2.500%, 

7/1/2051

11,623,412

3,748,557

3.500%, 

7/1/2051

3,475,016

2,287,188

4.000%, 

7/1/2052

2,167,337

1,991,352

2.500%, 

8/1/2050

1,712,085

7,973,740

3.500%, 

8/1/2050

7,418,128

10,984,112

4.500%, 

8/1/2052

10,648,473

4,730,500

5.000%, 

8/1/2053

4,718,032

10,380,384

6.000%, 

8/1/2054

10,862,716

2,436,637

2.500%, 

9/1/2051

2,092,691

2,960,153

3.500%, 

9/1/2052

2,736,577

6,306,504

3.500%, 

9/1/2052

5,845,789

3,675,384

5.000%, 

9/1/2052

3,657,297

3,752,675

4.500%, 

9/1/2053

3,653,387

5,196,514

4.500%, 

9/1/2053

5,053,436

9,212,709

4.000%, 

10/1/2052

8,772,684

2,875,279

2.000%, 

11/1/2051

2,351,914

3,832,235

3.500%, 

11/1/2052

3,559,612

11,675,674

2.000%, 

12/1/2050

9,555,028

18,277,776

2.500%, 

12/1/2051

15,651,546

8,010,775

4.500%, 

12/1/2052

7,796,151

3,353,129

3.500%, 

12/1/2047

3,144,075

9,250,000

4.000%, 

4/1/2049

f

8,727,594

800,000

4.500%, 

4/1/2049

f

772,005

1,675,000

5.000%, 

4/1/2049

f

1,651,762

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

16,385,391

2.500%, 

3/1/2062

13,473,413

3,745,979

3.500%, 

7/1/2061

3,375,083

4,818,122

4.000%, 

12/1/2061

4,490,125

Total

309,510,854

U.S.

Government

&

Agencies  11.4%

U.S.

Treasury

Bonds

4,000,000

4.750%, 

8/15/2055

3,898,125

8,480,000

1.625%, 

11/15/2050

4,424,506

11,400,000

4.750%, 

11/15/2053

11,084,274

14,120,000

5.250%, 

11/15/2028

14,616,958

1,075,000

4.375%, 

5/15/2040

1,044,136

41,740,000

1.375%, 

11/15/2040

26,886,430

600,000

3.000%, 

5/15/2042

478,172

27,658,000

2.500%, 

5/15/2046

19,001,910

35,275,000

2.875%, 

5/15/2049

25,078,320

U.S.

Treasury

Notes

2,200,000

3.500%, 

9/30/2026

2,196,992

2,350,000

0.500%, 

4/30/2027

2,269,197

17,999,000

3.875%, 

5/31/2027

18,010,952

3,000,000

3.625%, 

8/31/2027

2,991,094

16,875,000

2.250%, 

11/15/2027

16,455,103

12,250,000

3.875%, 

12/31/2027

12,258,613

4,300,000

0.750%, 

1/31/2028

4,067,363

16,200,000

3.500%, 

1/31/2028

16,107,609

13,400,000

3.625%, 

3/31/2028

13,351,320

31,750,000

2.875%, 

5/15/2028

31,146,006

55,000,000

4.375%, 

8/31/2028

55,687,500

6,300,000

3.750%, 

12/31/2028

6,287,449

2,200,000

3.500%, 

9/30/2029

2,173,531

9,000,000

3.625%, 

9/30/2030

8,887,852

10,000,000

3.625%, 

12/31/2030

9,864,063

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Principal

Amount

Long-Term

Fixed

Income  25.9%

Value

U.S.

Government

&

Agencies  11.4%

-

continued

$

2,000,000

3.750%, 

1/31/2031

$

1,982,969

850,000

1.375%, 

11/15/2031

737,109

24,275,000

4.125%, 

11/15/2032

24,283,534

13,500,000

4.500%, 

11/15/2033

13,779,492

6,800,000

4.000%, 

11/15/2035

6,633,188

Total

355,683,767

Total

Long-Term

Fixed

Income

(cost

$858,636,740)

804,742,863

Shares

Common

Stock

16.2%

Value

Communications

Services  1.7%

47,860

Alphabet,

Inc.,

Class

A

13,762,622

41,789

Alphabet,

Inc.,

Class

C

11,987,593

85,779

AT&T,

Inc.

2,486,733

170

Cable

One,

Inc.

b

15,506

632

CarGurus,

Inc.

b

21,520

6,884

Comcast

Corporation

197,640

152

Fox

Corporation,

Class

B

8,071

839

Iridium

Communications,

Inc.

23,274

17,823

Liberty

Global,

Ltd.,

Class

A

b

215,480

286

Liberty

Media

Corporation-Liberty

Formula

One

b

24,316

75

Madison

Square

Garden

Sports

Corporation

b

24,105

22,907

Meta

Platforms,

Inc.

13,105,782

75,976

Netflix,

Inc.

b

7,305,092

3,267

New

York

Times

Company

273,546

15,684

News

Corporation,

Class

A

391,002

220

Omnicom

Group,

Inc.

16,568

1,959

Reddit,

Inc.

b

263,779

412

Roku,

Inc.

b

38,983

439

Spotify

Technology

SA

b

212,876

243

Take-Two

Interactive

Software,

Inc.

b

47,993

2,462

T-Mobile

US,

Inc.

517,094

455

Trade

Desk,

Inc.

b

10,324

7,051

Universal

Music

Group

NV

136,866

11,014

Walt

Disney

Company

1,061,529

8,438

Warner

Brothers

Discovery,

Inc.

b

231,707

9,006

Warner

Music

Group

Corporation

230,013

Total

52,610,014

Consumer

Discretionary  1.7%

1,420

Adient

plc

b

28,698

97,703

ADT,

Inc.

641,909

1,446

Advance

Auto

Parts,

Inc.

76,276

98,214

Amazon.com,

Inc.

b

20,455,030

2,521

American

Eagle

Outfitters,

Inc.

42,101

2,379

Aptiv

plc

b

165,198

1,486

Aramark

60,242

45

AutoNation,

Inc.

b

8,787

24

AutoZone,

Inc.

b

81,067

157

Booking

Holdings,

Inc.

661,020

1,483

Boot

Barn

Holdings,

Inc.

b

217,052

5,753

BorgWarner,

Inc.

312,158

62

Bright

Horizons

Family

Solutions,

Inc.

b

5,092

270

Brunswick

Corporation

19,645

1,072

Buckle,

Inc.

53,986

1,358

Build-A-Bear

Workshop,

Inc.

50,857

1,355

CarMax,

Inc.

b

56,341

1,805

Carnival

Corporation

46,713

Shares

Common

Stock  16.2%

Value

Consumer

Discretionary  1.7%

-

continued

27

Cavco

Industries,

Inc.

b

$

13,076

1,911

Chewy,

Inc.

b

51,597

658

Chipotle

Mexican

Grill,

Inc.

b

21,063

2,502

Churchill

Downs,

Inc.

224,755

104

Citi

Trends,

Inc.

b

4,505

1,523

D.R.

Horton,

Inc.

208,986

2,819

Dana,

Inc.

94,859

680

Deckers

Outdoor

Corporation

b

68,061

85

Domino's

Pizza,

Inc.

30,497

1,825

DoorDash,

Inc.

b

274,024

499

eBay,

Inc.

45,419

563

Etsy,

Inc.

b

28,139

564

Five

Below,

Inc.

b

128,863

8,077

Ford

Motor

Company

93,209

1,391

Fox

Factory

Holding

Corporation

b

22,896

2,982

Frontdoor,

Inc.

b

157,628

1,141

Gap,

Inc.

27,612

2,312

Garmin,

Ltd.

536,407

11,958

General

Motors

Company

890,871

2,714

Gentex

Corporation

59,301

141

GigaCloud

Technology,

Inc.

b

6,399

4,247

Goodyear

Tire

&

Rubber

Company

b

28,158

66

Graham

Holdings

Company

69,779

400

Grand

Canyon

Education,

Inc.

b

68,012

3,175

Helen

of

Troy,

Ltd.

b

45,783

7,952

Hilton

Worldwide

Holdings,

Inc.

2,418,044

8,946

Home

Depot,

Inc.

2,942,250

654

Installed

Building

Products,

Inc.

173,408

6,957

Laureate

Education,

Inc.

b

242,382

567

Lear

Corporation

68,652

9,284

Life

Time

Group

Holdings,

Inc.

b

250,111

145

Lithia

Motors,

Inc.

36,209

1,631

Lowe's

Companies,

Inc.

385,373

163

Lululemon

Athletica,

Inc.

b

24,955

112

M/I

Homes,

Inc.

b

13,714

1,910

Macy's,

Inc.

34,552

5,623

Mattel,

Inc.

b

81,702

1,866

Mohawk

Industries,

Inc.

b

183,726

294

Murphy

USA,

Inc.

145,227

26

NVR,

Inc.

b

171,336

1,749

Ollie's

Bargain

Outlet

Holdings,

Inc.

b

160,978

17,125

O'Reilly

Automotive,

Inc.

b

1,580,809

1,131

Ralph

Lauren

Corporation

389,053

228

Red

Rock

Resorts,

Inc.

12,166

11,492

Ross

Stores,

Inc.

2,489,512

535

Service

Corporation

International/

US

44,143

6,770

SharkNinja,

Inc.

b

716,943

4,202

Sonos,

Inc.

b

56,307

8,799

Sony

Group

Corporation

ADR

a

182,139

368

Strategic

Education,

Inc.

30,529

4,433

Tapestry,

Inc.

625,541

736

Taylor

Morrison

Home

Corporation

b

42,865

25,379

Tesla,

Inc.

b

9,434,643

3,844

Texas

Roadhouse,

Inc.

634,798

3,890

TJX

Companies,

Inc.

621,233

819

Toll

Brothers,

Inc.

111,769

783

TopBuild

Corporation

b

275,068

360

Ulta

Beauty,

Inc.

b

188,176

6,053

Universal

Technical

Institute,

Inc.

b

218,513

154

Urban

Outfitters,

Inc.

b

9,756

5,976

Viking

Holdings,

Ltd.

b

439,116

253

Visteon

Corporation

23,051

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Shares

Common

Stock  16.2%

Value

Consumer

Discretionary  1.7%

-

continued

315

Wayfair,

Inc.

b

$

23,691

392

Williams-Sonoma,

Inc.

71,473

1,502

Wingstop,

Inc.

232,765

161

Winmark

Corporation

68,836

3,147

Wyndham

Hotels

&

Resorts,

Inc.

255,631

5,331

Wynn

Resorts,

Ltd.

541,363

23

Yum!

Brands,

Inc.

3,576

Total

52,838,155

Consumer

Staples  0.4%

1,004

BellRing

Brands,

Inc.

b

16,154

344

BJ's

Wholesale

Club

Holdings,

Inc.

b

33,856

370

Campbell's

Company

a

8,240

770

Casey's

General

Stores,

Inc.

560,452

2,303

Central

Garden

&

Pet

Company,

Class

A

b

74,663

3,011

Chefs'

Warehouse,

Inc.

b

179,004

561

Church

&

Dwight

Company,

Inc.

52,353

2,385

Coca-Cola

Company

181,379

3,329

Colgate-Palmolive

Company

283,731

7,678

Conagra

Brands,

Inc.

120,698

2,488

Costco

Wholesale

Corporation

2,479,118

2,395

Darling

Ingredients,

Inc.

b

148,131

170

Dollar

General

Corporation

20,184

124

Dollar

Tree,

Inc.

b

13,579

1,528

Edgewell

Personal

Care

Company

32,608

52

Hershey

Company

10,810

73

Ingles

Markets,

Inc.

6,562

432

Ingredion,

Inc.

48,669

1,034

J.M.

Smucker

Company

99,719

1,338

John

B.

Sanfilippo

&

Son,

Inc.

106,144

11,335

Keurig

Dr

Pepper,

Inc.

298,451

407

Maplebear,

Inc.

b

15,246

442

Marzetti

Company

61,142

755

McCormick

&

Company,

Inc.

38,082

603

Molson

Coors

Beverage

Company

25,965

4,131

Monster

Beverage

Corporation

b

299,332

1,345

PepsiCo,

Inc.

208,865

4,640

Philip

Morris

International,

Inc.

767,178

397

Primo

Brands

Corporation

7,476

9,619

Procter

&

Gamble

Company

1,389,368

8

Seaboard

Corporation

45,232

1,191

Simply

Good

Foods

Company

b

17,091

792

Smithfield

Foods,

Inc.

22,152

279

Sprouts

Farmers

Markets,

Inc.

b

21,519

5,165

Sysco

Corporation

368,419

7,130

Turning

Point

Brands,

Inc.

618,813

1,247

Tyson

Foods,

Inc.

79,895

6,488

Unilever

plc

ADR

369,621

437

Universal

Corporation

23,030

361

US

Foods

Holding

Corporation

b

33,288

2,016

Vita

Coco

Company,

Inc.

b

96,587

33,385

Walmart,

Inc.

4,149,088

422

WD-40

Company

86,063

Total

13,517,957

Energy  0.6%

3,551

Amplify

Energy

Corporation

b

22,158

36,395

Antero

Midstream

Corporation

829,806

2,759

Antero

Resources

Corporation

b

117,092

1,338

Archrock,

Inc.

46,562

138

Baker

Hughes

Company

8,425

112

California

Resources

Corporation

7,753

2,983

Cheniere

Energy,

Inc.

846,456

Shares

Common

Stock  16.2%

Value

Energy  0.6%

-

continued

7,739

Chevron

Corporation

$

1,601,199

1,046

Chord

Energy

Corporation

148,720

836

CNX

Resources

Corporation

b

32,228

21,616

ConocoPhillips

2,853,312

17,433

Devon

Energy

Corporation

877,229

12,760

DHT

Holdings,

Inc.

233,125

247

Diamondback

Energy,

Inc.

48,854

4,209

Dorian

LPG,

Ltd.

143,948

979

DT

Midstream,

Inc.

131,842

11,232

Enterprise

Products

Partners,

LP

425,019

2,930

EOG

Resources,

Inc.

423,590

684

EQT

Corporation

43,530

1,729

Expand

Energy

Corporation

189,810

19,415

Exxon

Mobil

Corporation

3,293,949

459

Gulfport

Energy

Corporation

b

97,111

12,084

Halliburton

Company

471,155

368

Hess

Midstream,

LP

14,304

1,004

HF

Sinclair

Corporation

62,640

28,631

Kinder

Morgan,

Inc.

959,997

934

Kodiak

Gas

Services,

Inc.

54,471

1,308

Marathon

Petroleum

Corporation

319,387

3,949

Matador

Resources

Company

249,498

835

NOV,

Inc.

15,706

356

Occidental

Petroleum

Corporation

23,140

198

Oceaneering

International,

Inc.

b

7,023

976

ONEOK,

Inc.

88,221

2,350

Ovintiv,

Inc.

139,496

20,401

Patterson-UTI

Energy,

Inc.

220,943

10,486

Permian

Resources

Corporation

223,561

680

Phillips

66

123,882

2,024

Range

Resources

Corporation

91,444

457

Scorpio

Tankers,

Inc.

34,120

2,344

SM

Energy

Company

73,086

1,299

Talos

Energy,

Inc.

b

20,472

63

Targa

Resources

Corporation

15,796

8,353

TechnipFMC

plc

577,443

180

Teekay

Tankers,

Ltd.

13,198

69,176

Transocean,

Ltd.

b

458,637

136

Valero

Energy

Corporation

33,603

697

Viper

Energy,

Inc.

32,752

13,099

Williams

Companies,

Inc.

953,345

Total

17,699,038

Financials  2.1%

331

ACNB

Corporation

15,845

1,868

Affiliated

Managers

Group,

Inc.

516,876

575

Affirm

Holdings,

Inc.

b

26,346

2,811

Allstate

Corporation

582,833

9,729

Ally

Financial,

Inc.

381,669

3,844

Amalgamated

Financial

Corporation

149,416

7,619

American

Express

Company

2,304,595

547

American

Financial

Group,

Inc.

69,857

2,947

American

International

Group,

Inc.

221,762

2,995

Ameriprise

Financial,

Inc.

1,330,978

237

Ameris

Bancorp

18,484

916

Aon

plc

295,666

5,884

Arch

Capital

Group,

Ltd.

b

564,805

805

Arrow

Financial

Corporation

27,024

1,490

Artisan

Partners

Asset

Management,

Inc.

54,221

12,112

Associated

Banc-Corp

313,216

563

Assurant,

Inc.

122,627

2,513

Assured

Guaranty,

Ltd.

204,759

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Shares

Common

Stock  16.2%

Value

Financials  2.1%

-

continued

2,482

Atlantic

Union

Bankshares

Corporation

$

88,707

798

Axis

Capital

Holdings,

Ltd.

80,925

17,054

Banc

of

California,

Inc.

299,809

32,851

Bank

of

America

Corporation

1,601,486

969

Bank

of

Marin

Bancorp

24,835

5,949

Bank

of

New

York

Mellon

Corporation

705,730

380

Bank

OZK

17,438

52

BankUnited,

Inc.

2,348

559

Bankwell

Financial

Group,

Inc.

27,123

186

Banner

Corporation

11,286

746

Bar

Harbor

Bankshares

24,208

1,343

Beacon

Financial

Corporation

40,290

9,155

Berkshire

Hathaway,

Inc.

b

4,387,076

1,456

BGC

Group,

Inc.

14,240

1,464

BlackRock,

Inc.

1,407,943

183

Block,

Inc.

b

11,013

2,968

Blue

Owl

Capital,

Inc.

27,098

192

Bread

Financial

Holdings,

Inc.

14,379

3,841

Bridgewater

Bancshares,

Inc.

b

67,986

239

Burke

&

Herbert

Financial

Services

Corporation

14,887

5,007

Byline

Bancorp,

Inc.

158,071

193

C&F

Financial

Corporation

14,077

123

Camden

National

Corporation

5,836

2,612

Capital

One

Financial

Corporation

476,507

4,938

Capitol

Federal

Financial,

Inc.

35,208

501

Carlyle

Group,

Inc.

24,243

76

Cathay

General

Bancorp

3,789

2,402

Central

Pacific

Financial

Corporation

76,768

19,572

Charles

Schwab

Corporation

1,839,377

837

ChoiceOne

Financial

Services,

Inc.

23,536

2,085

Chubb,

Ltd.

679,564

16

Cincinnati

Financial

Corporation

2,518

4,457

Citigroup,

Inc.

505,468

383

Citizens

Financial

Group,

Inc.

22,969

139

Citizens

Financial

Services,

Inc.

8,500

1,178

Civista

Bancshares,

Inc.

26,847

55

CNA

Financial

Corporation

2,526

785

CNB

Financial

Corporation

22,734

2,753

CNO

Financial

Group,

Inc.

113,038

59

Coinbase

Global,

Inc.

b

10,302

4,149

Columbia

Banking

System,

Inc.

113,807

602

Commerce

Bancshares,

Inc.

29,618

24

Community

Financial

System,

Inc.

1,408

3,037

Community

Trust

Bancorp,

Inc.

184,407

1,103

Community

West

Bancshares

25,700

3,549

ConnectOne

Bancorp,

Inc.

95,007

23

Corpay,

Inc.

b

6,693

337

Cullen/Frost

Bankers,

Inc.

46,196

4,280

Customers

Bancorp,

Inc.

b

297,075

2,038

Donnelley

Financial

Solutions,

Inc.

b

96,071

1,024

East

West

Bancorp,

Inc.

109,322

573

Eastern

Bankshares,

Inc.

11,208

993

Enova

International,

Inc.

b

134,879

739

Enterprise

Financial

Services

Corporation

39,987

1,727

Essent

Group,

Ltd.

100,926

310

Euronet

Worldwide,

Inc.

b

20,575

385

Evercore,

Inc.

114,926

71

Everest

Group,

Ltd.

23,206

457

F&G

Annuities

&

Life,

Inc.

11,571

3,510

F.N.B.

Corporation

58,687

Shares

Common

Stock  16.2%

Value

Financials  2.1%

-

continued

447

FactSet

Research

Systems,

Inc.

$

96,995

220

Farmers

National

Banc

Corporation

2,895

616

Federal

Agricultural

Mortgage

Corporation

91,384

1,757

Federated

Hermes,

Inc.

99,639

945

Fidelity

National

Information

Services,

Inc.

44,330

4,274

Fifth

Third

Bancorp

198,570

2,437

Financial

Institutions,

Inc.

77,277

1,524

First

American

Financial

Corporation

91,882

14,874

First

Bancorp/Puerto

Rico

317,709

1,706

First

Bank/Hamilton,

NJ

27,296

7

First

Citizens

BancShares,

Inc./NC

13,193

283

First

Financial

Bankshares,

Inc.

8,334

1,181

First

Financial

Corporation

74,639

115

First

Hawaiian,

Inc.

2,834

3,239

First

Horizon

Corporation

73,720

1,101

First

Merchants

Corporation

42,642

1,384

First

Mid-Illinois

Bancshares,

Inc.

57,007

765

FirstCash

Holdings,

Inc.

143,820

576

Flagstar

Bank

NA

7,586

1,167

Flushing

Financial

Corporation

17,925

476

Flywire

Corporation

b

5,541

2,041

Franklin

Resources,

Inc.

48,208

2,784

Fulton

Financial

Corporation

56,627

45,891

Genworth

Financial,

Inc.

b

372,635

431

Glacier

Bancorp,

Inc.

19,253

302

Global

Life,

Inc.

42,029

218

Global

Payments,

Inc.

14,671

2,354

Great

Southern

Bancorp,

Inc.

148,608

789

Hamilton

Lane,

Inc.

78,427

302

Hancock

Whitney

Corporation

19,204

4,830

Hanmi

Financial

Corporation

127,319

164

Hanover

Insurance

Group,

Inc.

28,429

1,959

Hartford

Insurance

Group,

Inc.

264,916

485

HBT

Financial,

Inc.

12,959

835

Hilltop

Holdings,

Inc.

29,910

647

Home

BancShares,

Inc.

17,424

2,681

Hometrust

Bancshares,

Inc.

114,345

1,987

Horizon

Bancorp,

Inc.

32,925

1,427

Houlihan

Lokey,

Inc.

204,946

2,357

Huntington

Bancshares,

Inc./OH

36,887

34

Independent

Bank

Corporation/MA

2,557

2,065

Independent

Bank

Corporation/MI

68,764

181

Interactive

Brokers

Group,

Inc.

12,140

18,605

Intercontinental

Exchange,

Inc.

2,926,194

9,855

Invesco,

Ltd.

239,378

5

Jack

Henry

&

Associates,

Inc.

790

1,208

Jackson

Financial,

Inc.

127,710

1,077

Jefferies

Financial

Group,

Inc.

44,448

21,333

JPMorgan

Chase

&

Company

6,275,315

4,098

Kearny

Financial

Corporation/MD

30,940

3,163

Kemper

Corporation

96,661

595

KeyCorp

11,930

810

Lazard,

Inc.

34,409

1,208

LendingClub

Corporation

b

17,299

1,112

Lincoln

National

Corporation

39,476

99

Loews

Corporation

10,567

1,001

M&T

Bank

Corporation

206,927

19

Markel

Group,

Inc.

b

36,367

352

MarketAxess

Holdings,

Inc.

58,073

10,611

Marsh

&

McLennan

Companies,

Inc.

1,840,478

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Shares

Common

Stock  16.2%

Value

Financials  2.1%

-

continued

5,344

Mastercard,

Inc.

$

2,670,183

664

Mercantile

Bank

Corporation

33,532

137

Mercury

General

Corporation

12,077

135

Meridian

Corporation

2,560

3,545

MetLife,

Inc.

250,702

22,189

MGIC

Investment

Corporation

582,461

2,281

Moody's

Corporation

995,086

27,214

Morgan

Stanley

4,478,608

2,216

Morningstar,

Inc.

374,615

15,286

Nasdaq,

Inc.

1,297,629

1,963

NBT

Bancorp,

Inc.

83,585

5,288

NMI

Holdings,

Inc.

b

198,353

1,116

Northeast

Community

Bancorp,

Inc.

26,561

1,702

Northern

Trust

Corporation

237,548

2,246

Northfield

Bancorp,

Inc.

30,411

1,489

Northpointe

Bancshares,

Inc.

25,700

981

Northrim

BanCorp,

Inc.

22,445

6,344

Northwest

Bancshares,

Inc.

80,505

2,866

OFG

Bancorp

115,958

12,038

Old

National

Bancorp

266,040

10,886

Old

Republic

International

Corporation

434,351

8,353

Old

Second

Bancorp,

Inc.

168,396

1,402

OneMain

Holdings,

Inc.

74,993

927

Orange

County

Bancorp,

Inc.

29,645

3,809

Orrstown

Financial

Services,

Inc.

137,429

418

Palomar

Holdings,

Inc.

b

49,951

826

Parke

Bancorp,

Inc.

23,458

435

Paymentus

Holdings,

Inc.

b

11,049

1,210

PCB

Bancorp

27,213

173

PennyMac

Financial

Services,

Inc.

15,120

360

Peoples

Financial

Services

Corporation

19,199

1,022

Pinnacle

Financial

Partners,

Inc.

88,035

516

Piper

Sandler

Companies

39,500

281

PNC

Financial

Services

Group,

Inc.

58,473

2,946

Popular,

Inc.

395,265

447

Principal

Financial

Group,

Inc.

40,279

3,384

Progressive

Corporation

670,844

464

Prosperity

Bancshares,

Inc.

31,172

911

Provident

Financial

Services,

Inc.

19,277

707

Prudential

Financial,

Inc.

69,067

3,022

Radian

Group,

Inc.

99,968

311

Raymond

James

Financial,

Inc.

45,030

816

Regions

Financial

Corporation

21,314

2,909

Reinsurance

Group

of

America,

Inc.

593,901

434

RenaissanceRe

Holdings,

Ltd.

128,998

169

Renasant

Corporation

6,106

664

RLI

Corporation

37,875

22,998

Robinhood

Markets,

Inc.

b

1,593,761

543

Rocket

Companies,

Inc.

b

7,738

239

S&P

Global,

Inc.

101,656

17,211

SEI

Investments

Company

1,350,547

236

Selective

Insurance

Group,

Inc.

17,792

113

ServisFirst

Bancshares,

Inc.

8,230

1,833

Shore

Bancshares,

Inc.

34,240

2,561

Simmons

First

National

Corporation

49,811

708

South

Plains

Financial,

Inc.

29,665

220

Southern

Missouri

Bancorp,

Inc.

14,067

4,809

SouthState

Bank

Corporation

444,929

603

Starwood

Property

Trust,

Inc.

10,384

730

State

Street

Corporation

92,389

Shares

Common

Stock  16.2%

Value

Financials  2.1%

-

continued

883

StepStone

Group,

Inc.

$

42,137

5,004

Stifel

Financial

Corporation

369,896

2,546

Stock

Yards

Bancorp,

Inc.

168,774

136

StoneX

Group,

Inc.

b

10,968

113

Texas

Capital

Bancshares,

Inc.

b

10,721

886

Third

Coast

Bancshares,

Inc.

b

33,517

5,505

Toast,

Inc.

b

145,938

439

Tompkins

Financial

Corporation

34,611

1,323

Towne

Bank/Portsmouth,

VA

44,545

649

TPG

RE

Finance

Trust,

Inc.

5,069

593

TPG,

Inc.

24,022

1,561

Tradeweb

Markets,

Inc.

183,667

6,086

Triumph

Financial,

Inc.

b

363,091

1,177

U.S.

Bancorp

61,216

879

UMB

Financial

Corporation

99,142

578

United

Bankshares,

Inc.

23,941

1,734

United

Community

Banks,

Inc.

54,604

663

Unity

Bancorp,

Inc.

34,363

422

Univest

Financial

Corporation

14,458

2,339

Unum

Group

170,817

7,369

Valley

National

Bancorp

90,491

953

Virtu

Financial,

Inc.

41,913

17,526

Visa,

Inc.

5,297,058

8

Webster

Financial

Corporation

555

18,344

Wells

Fargo

&

Company

1,460,366

7,035

WesBanco,

Inc.

242,637

1,240

Western

Alliance

Bancorp

87,854

5,201

Western

Union

Company

45,405

71

Willis

Towers

Watson

plc

20,640

1,078

Wintrust

Financial

Corporation

149,777

2,550

WisdomTree,

Inc.

37,128

103

WSFS

Financial

Corporation

6,742

6,909

Zions

Bancorp

NA

398,097

Total

65,538,132

Health

Care  1.5%

880

4D

Molecular

Therapeutics,

Inc.

b

8,193

1,055

AbbVie,

Inc.

229,452

1,607

Adaptive

Biotechnologies

Corporation

b

22,305

14,440

Agilent

Technologies,

Inc.

1,645,871

403

Agios

Pharmaceuticals,

Inc.

b

13,633

775

Align

Technology,

Inc.

b

132,858

690

Alnylam

Pharmaceuticals,

Inc.

b

228,300

5,982

Amgen,

Inc.

2,104,767

651

Anika

Therapeutics,

Inc.

b

9,439

1,262

Arcus

Biosciences,

Inc.

b

27,259

332

Argenx

SE

ADR

b

242,443

261

Artivion,

Inc.

b

9,558

186

Avanos

Medical,

Inc.

b

2,606

14,826

Avantor,

Inc.

b

116,236

704

Azenta,

Inc.

b

14,876

176

Biogen,

Inc.

b

32,266

2,030

BioMarin

Pharmaceutical,

Inc.

b

114,675

1,722

Bio-Techne

Corporation

89,992

24,466

Boston

Scientific

Corporation

b

1,535,242

1,322

BridgeBio

Pharma,

Inc.

b

98,172

5,998

BrightSpring

Health

Services,

Inc.

b

255,575

2,416

Bristol-Myers

Squibb

Company

146,530

166

Bruker

Corporation

5,996

230

Cardinal

Health,

Inc.

48,601

1,576

Cencora,

Inc.

495,085

24,627

Centene

Corporation

b

806,288

772

Charles

River

Laboratories

International,

Inc.

b

133,170

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Shares

Common

Stock  16.2%

Value

Health

Care  1.5%

-

continued

1,432

Cigna

Group

$

381,986

4,465

Concentra

Group

Holdings

Parent,

Inc.

95,774

2,193

Cooper

Companies,

Inc.

b

156,800

16,954

Danaher

Corporation

3,214,478

1,895

Denali

Therapeutics,

Inc.

b

36,384

2,935

Dentsply

Sirona,

Inc.

34,046

6,457

Dexcom,

Inc.

b

405,500

1,128

Edwards

Lifesciences

Corporation

b

90,330

5,316

Elanco

Animal

Health,

Inc.

b

127,212

538

Elevance

Health,

Inc.

157,499

8,686

Eli

Lilly

&

Company

7,989,122

1,630

Enanta

Pharmaceuticals,

Inc.

b

20,587

3,188

Encompass

Health

Corporation

308,375

2,140

Enovis

Corporation

b

48,685

472

Envista

Holdings

Corporation

b

11,975

2,406

Exelixis,

Inc.

b

103,193

1,825

Fate

Therapeutics,

Inc.

b

2,190

3,398

Fortrea

Holdings,

Inc.

b

32,009

472

GE

HealthCare

Technologies,

Inc.

33,597

1,114

GeneDx

Holdings

Corporation

b

71,541

7,144

Gilead

Sciences,

Inc.

995,659

826

Globus

Medical,

Inc.

b

71,168

1,419

Guardant

Health,

Inc.

b

131,073

981

Henry

Schein,

Inc.

b

72,300

55

Humana,

Inc.

9,536

1,312

ICON

plc

b

145,186

1,725

ICU

Medical,

Inc.

b

222,784

1,947

IDEXX

Laboratories,

Inc.

b

1,094,000

1,867

Illumina,

Inc.

b

230,126

616

Insmed,

Inc.

b

100,728

1,519

Insulet

Corporation

b

318,747

9,238

Intuitive

Surgical,

Inc.

b

4,258,626

579

Ionis

Pharmaceuticals,

Inc.

b

43,477

374

IQVIA

Holding,

Inc.

b

63,782

2,207

iRhythm

Holdings,

Inc.

b

260,470

385

Jazz

Pharmaceuticals,

Inc.

b

72,784

6,598

Johnson

&

Johnson

1,612,815

1,642

Labcorp

Holdings,

Inc.

438,102

4,235

LivaNova

plc

b

269,177

587

Masimo

Corporation

b

104,410

1,701

Medpace

Holdings,

Inc.

b

816,803

28,375

Medtronic

plc

2,458,694

5,378

Merck

&

Company,

Inc.

646,920

192

Merit

Medical

Systems,

Inc.

b

13,235

172

Mettler-Toledo

International,

Inc.

b

216,926

1,282

Mirum

Pharmaceuticals,

Inc.

b

118,431

1,007

Moderna,

Inc.

b

51,156

1,060

Myriad

Genetics,

Inc.

b

4,770

1,780

Natera,

Inc.

b

355,982

4,113

Neogen

Corporation

b

38,210

2,799

Neurocrine

Biosciences,

Inc.

b

368,740

232

Option

Care

Health,

Inc.

b

6,245

581

Penumbra,

Inc.

b

190,783

5,806

Pfizer,

Inc.

163,032

385

Prestige

Consumer

Healthcare,

Inc.

b

22,819

727

QIAGEN

NV

29,109

59

Quest

Diagnostics,

Inc.

11,563

2,135

RadNet,

Inc.

b

119,325

100

REGENXBIO,

Inc.

b

838

3,220

Repligen

Corporation

b

379,380

58

ResMed,

Inc.

13,020

424

Revolution

Medicines,

Inc.

b

41,234

Shares

Common

Stock  16.2%

Value

Health

Care  1.5%

-

continued

598

Revvity,

Inc.

$

52,391

10,958

Royalty

Pharma

plc

525,655

682

Sotera

Health

Company

b

9,780

6,806

STERIS

plc

1,505,011

3,874

Stryker

Corporation

1,272,958

1,382

Tenet

Healthcare

Corporation

b

260,797

5,554

Twist

Bioscience

Corporation

b

263,926

1,334

UFP

Technologies,

Inc.

b

258,262

1,526

Ultragenyx

Pharmaceutical,

Inc.

b

31,970

230

United

Therapeutics

Corporation

b

136,385

791

UnitedHealth

Group,

Inc.

214,037

80

Universal

Health

Services,

Inc.

14,318

2,628

Varex

Imaging

Corporation

b

27,883

683

Vaxcyte,

Inc.

b

39,689

2,335

Veeva

Systems,

Inc.

b

410,166

3,299

Vericel

Corporation

b

106,129

3,128

Vertex

Pharmaceuticals,

Inc.

b

1,396,777

14,802

Viatris,

Inc.

199,975

2,225

Vir

Biotechnology,

Inc.

b

19,936

24

Waters

Corporation

b

7,147

11,110

Waystar

Holding

Corporation

b

267,862

1,929

West

Pharmaceutical

Services,

Inc.

483,485

1,294

Xencor,

Inc.

b

15,606

531

Xenon

Pharmaceuticals,

Inc.

b

30,878

3,200

Zimmer

Biomet

Holdings,

Inc.

289,344

5,857

Zoetis,

Inc.

692,356

Total

47,005,559

Industrials  1.9%

2,730

3M

Company

396,478

3,413

AAON,

Inc.

282,426

835

Acuity,

Inc.

233,984

3,346

Advanced

Drainage

Systems,

Inc.

458,837

497

AECOM

42,156

134

AGCO

Corporation

15,527

34,820

Alight,

Inc.

20,290

1,083

Allegheny

Technologies,

Inc.

b

157,533

788

Allegion

plc

114,489

391

Allison

Transmission

Holdings,

Inc.

45,770

5,131

Amentum

Holdings,

Inc.

b

133,816

689

American

Superconductor

Corporation

b

23,323

8,759

AMETEK,

Inc.

1,877,579

1,415

API

Group

Corporation

b

57,336

1,364

Applied

Industrial

Technologies,

Inc.

361,896

463

Arcosa,

Inc.

49,143

1,277

Armstrong

World

Industries,

Inc.

210,450

1,916

Atmus

Filtration

Technologies,

Inc.

108,771

9,454

Automatic

Data

Processing,

Inc.

1,920,864

643

Axon

Enterprise,

Inc.

b

273,076

150

AZZ,

Inc.

18,769

1,645

Badger

Infrastructure

Solutions,

Ltd.

73,363

2,847

Barrett

Business

Services,

Inc.

83,075

62

Bloom

Energy

Corporation

b

8,400

702

Brady

Corporation

57,030

741

BrightView

Holdings,

Inc.

b

8,736

50

Brink's

Company

5,181

66

Broadridge

Financial

Solutions,

Inc.

10,724

4,226

BWX

Technologies,

Inc.

864,175

658

C.H.

Robinson

Worldwide,

Inc.

109,274

73

CACI

International,

Inc.

b

39,703

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Shares

Common

Stock  16.2%

Value

Industrials  1.9%

-

continued

1,526

Casella

Waste

Systems,

Inc.

b

$

121,073

6,247

Caterpillar,

Inc.

4,425,750

2,504

CECO

Environmental

Corporation

b

149,188

3,216

Cintas

Corporation

543,954

2,540

Clean

Harbors,

Inc.

b

728,294

24,777

CNH

Industrial

NV

272,547

1,112

Concentrix

Corporation

30,424

1,333

Construction

Partners,

Inc.

b

148,123

9,777

Copart,

Inc.

b

324,596

1,050

CRA

International,

Inc.

169,974

206

Crane

Company

35,226

769

CSW

Industrials,

Inc.

200,386

9,747

CSX

Corporation

400,114

241

Cummins,

Inc.

129,663

956

Curtiss-Wright

Corporation

651,151

7,218

Delta

Air

Lines,

Inc.

479,853

2,183

DNOW,

Inc.

b

26,000

1,345

Donaldson

Company,

Inc.

114,150

62

Dycom

Industries,

Inc.

b

21,007

5,652

Eaton

Corporation

plc

2,021,551

2,809

EMCOR

Group,

Inc.

2,073,913

4,165

Enerpac

Tool

Group

Corporation

151,898

685

EnerSys

118,998

875

EnPro,

Inc.

219,319

81

Equifax,

Inc.

14,586

68

ESCO

Technologies,

Inc.

19,133

1,406

ExlService

Holdings,

Inc.

b

42,813

78,092

Fastenal

Company

3,623,469

1,197

Federal

Signal

Corporation

129,444

2,476

Ferguson

Enterprises,

Inc.

577,552

7,161

Flowserve

Corporation

526,405

7,558

Fluor

Corporation

b

352,581

285

Fortive

Corporation

15,755

1,359

Fortune

Brands

Innovations,

Inc.

52,960

486

FTAI

Aviation,

Ltd.

119,070

735

Gates

Industrial

Corporation

plc

b

16,618

36

GATX

Corporation

6,147

2,737

GE

Vernova,

Inc.

2,389,127

1,582

General

Dynamics

Corporation

542,974

17,821

General

Electric

Company

5,057,065

977

Genpact,

Ltd.

36,393

5,704

Graco,

Inc.

482,844

1,100

HEICO

Corporation

232,199

1,499

Helios

Technologies,

Inc.

97,000

4,311

Hexcel

Corporation

348,889

498

HNI

Corporation

16,628

1,872

Honeywell

International,

Inc.

423,128

3,038

Howmet

Aerospace,

Inc.

700,137

26

Hubbell,

Inc.

12,759

1,057

Hudson

Technologies,

Inc.

b

6,215

107

Huntington

Ingalls

Industries,

Inc.

40,649

1,094

ICF

International,

Inc.

71,427

732

IDEX

Corporation

138,751

208

IES

Holdings,

Inc.

b

99,106

482

Ingersoll

Rand,

Inc.

38,618

155

Insteel

Industries,

Inc.

5,210

891

ITT

Corporation

169,762

1,653

Jacobs

Solutions,

Inc.

210,394

1,447

JB

Hunt

Transport

Services,

Inc.

306,619

167

Kennametal,

Inc.

6,034

690

Kirby

Corporation

b

91,687

122

Knight-Swift

Transportation

Holdings,

Inc.

7,025

1,420

Korn

Ferry

89,389

1,309

L3Harris

Technologies,

Inc.

451,801

Shares

Common

Stock  16.2%

Value

Industrials  1.9%

-

continued

137

Leidos

Holdings,

Inc.

$

21,306

2,622

Limbach

Holdings,

Inc.

b

204,647

1,836

Lincoln

Electric

Holdings,

Inc.

457,311

1,026

Lyft,

Inc.

b

13,646

1,209

Masco

Corporation

72,987

129

MasTec,

Inc.

b

41,504

272

Maximus,

Inc.

17,435

830

McGrath

RentCorp

91,532

2,349

Mercury

Systems,

Inc.

b

171,266

1,003

Middleby

Corporation

b

132,978

4,224

MillerKnoll,

Inc.

61,079

1,279

Modine

Manufacturing

Company

b

277,172

1,400

Moog,

Inc.

409,696

1,271

Mueller

Industries,

Inc.

140,827

5,596

Mueller

Water

Products,

Inc.

153,834

76

MYR

Group,

Inc.

b

21,456

1,188

Nextpower,

Inc.

b

143,213

43

Nordson

Corporation

11,441

10,885

NPK

International,

Inc.

b

157,724

3,350

nVent

Electric

plc

396,238

1,979

Old

Dominion

Freight

Line,

Inc.

386,697

586

Oshkosh

Corporation

86,265

3,783

Otis

Worldwide

Corporation

291,594

392

Owens

Corning,

Inc.

42,422

4,809

Parker-Hannifin

Corporation

4,305,209

419

Paychex,

Inc.

38,598

240

Paylocity

Holding

Corporation

b

25,930

1,827

Pentair

plc

159,150

2,105

Proficient

Auto

Logistics,

Inc.

b

14,272

953

Quanta

Services,

Inc.

523,216

905

RBC

Bearings,

Inc.

b

491,524

138

Regal

Rexnord

Corporation

25,842

2,484

Republic

Services,

Inc.

544,046

2,064

Rockwell

Automation,

Inc.

740,728

13,122

RTX

Corporation

2,531,234

44

Ryder

System,

Inc.

9,007

459

Science

Applications

International

Corporation

43,568

1,483

Sensata

Technologies

Holding

plc

52,231

148

SkyWest,

Inc.

b

13,591

216

SPX

Technologies,

Inc.

b

43,187

1,127

SS&C

Technologies

Holdings,

Inc.

76,151

711

Standex

International

Corporation

181,205

1,123

Stanley

Black

&

Decker,

Inc.

79,800

452

Sterling

Construction

Company,

Inc.

b

184,086

275

Tetra

Tech,

Inc.

8,283

44

Textron,

Inc.

3,853

1,468

Timken

Company

147,637

1,554

Toro

Company

145,206

619

Trane

Technologies

plc

257,962

2,080

Transcat,

Inc.

b

152,776

439

Trex

Company,

Inc.

b

15,988

34,057

Uber

Technologies,

Inc.

b

2,449,720

1,446

UL

Solutions,

Inc.

123,937

509

United

Airlines

Holdings,

Inc.

b

46,864

262

United

Rentals,

Inc.

190,883

6,618

Veralto

Corporation

585,164

4,749

Verisk

Analytics,

Inc.

901,123

1,486

Verra

Mobility

Corporation

b

21,235

1,904

Vertiv

Holdings

Company

477,104

325

Wabtec

Corporation

81,221

1,641

Waste

Management,

Inc.

377,085

54

Watts

Water

Technologies,

Inc.

15,676

897

WESCO

International,

Inc.

245,437

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock  16.2%

Value

Industrials  1.9%

-

continued

1,358

Willdan

Group,

Inc.

b

$

103,968

121

Woodward,

Inc.

43,308

3,225

Xylem,

Inc.

385,387

1,421

Zurn

Elkay

Water

Solutions

Corporation

63,718

Total

59,918,069

Information

Technology  5.1%

2,571

Adobe,

Inc.

b

624,959

9,854

Advanced

Micro

Devices,

Inc.

b

2,004,599

616

Ambarella,

Inc.

b

31,709

1,657

Amkor

Technology,

Inc.

74,615

24,362

Amphenol

Corporation

3,078,139

3,919

Analog

Devices,

Inc.

1,246,791

96,158

Apple,

Inc.

24,403,939

2,866

Applied

Materials,

Inc.

979,570

31,314

Arista

Networks,

Inc.

b

3,844,733

543

Arrow

Electronics,

Inc.

b

77,872

1,470

ASGN,

Inc.

b

56,904

79

Astera

Labs,

Inc.

b

8,658

8,444

Autodesk,

Inc.

b

2,021,494

1,199

Avnet,

Inc.

73,882

601

Bel

Fuse,

Inc.

118,986

440

Blackbaud,

Inc.

b

16,988

37,415

Broadcom,

Inc.

11,580,317

2,157

Cadence

Design

Systems,

Inc.

b

599,366

97

Calix,

Inc.

b

4,752

871

Celestica,

Inc.

b

245,343

122

Ciena

Corporation

b

47,364

788

Cirrus

Logic,

Inc.

b

113,961

6,917

Cisco

Systems,

Inc.

536,690

1,722

Cloudflare,

Inc.

b

355,317

7,021

Cognex

Corporation

343,959

712

Cognizant

Technology

Solutions

Corporation

43,681

1,533

Coherent

Corporation

b

365,176

77

Cohu,

Inc.

b

2,358

235

CommVault

Systems,

Inc.

b

18,304

1,355

Corning,

Inc.

184,239

1,444

Crane

NXT

Company

58,612

58

Credo

Technology

Group

Holding,

Ltd.

b

5,444

58

CTS

Corporation

2,770

1,002

Datadog,

Inc.

b

118,286

2,410

DigitalOcean

Holdings,

Inc.

b

206,730

660

Dolby

Laboratories,

Inc.

39,640

415

EPAM

Systems,

Inc.

b

56,191

161

F5,

Inc.

b

46,582

947

Fabrinet

b

493,879

4,930

Flex,

Ltd.

b

322,718

25,292

Fortinet,

Inc.

b

2,066,862

914

Gen

Digital,

Inc.

17,211

1,942

GoDaddy,

Inc.

b

160,545

9,818

GPGI,

Inc.

167,888

3,642

Guidewire

Software,

Inc.

b

544,698

3,188

Hewlett

Packard

Enterprise

Company

75,906

117

Ichor

Holdings,

Ltd.

b

5,453

526

InterDigital,

Inc.

158,852

8,121

International

Business

Machines

Corporation

1,968,449

3,364

Intuit,

Inc.

1,454,526

20,105

JFrog,

Ltd.

b

943,528

5,249

Keysight

Technologies,

Inc.

b

1,482,160

1,490

Knowles

Corporation

b

38,263

Shares

Common

Stock  16.2%

Value

Information

Technology  5.1%

-

continued

683

Kulicke

and

Soffa

Industries,

Inc.

$

44,887

28,019

Lam

Research

Corporation

5,986,540

6,066

Lattice

Semiconductor

Corporation

b

562,682

522

Littelfuse,

Inc.

177,141

308

Lumentum

Holdings,

Inc.

b

216,450

298

MACOM

Technology

Solutions

Holdings,

Inc.

b

66,177

132

Manhattan

Associates,

Inc.

b

17,572

1,320

Microchip

Technology,

Inc.

85,285

7,027

Micron

Technology,

Inc.

2,374,002

58,729

Microsoft

Corporation

21,739,714

1,838

MKS,

Inc.

422,391

79

MongoDB,

Inc.

b

19,337

791

Monolithic

Power

Systems,

Inc.

864,840

2,928

Motorola

Solutions,

Inc.

1,270,664

2,951

Napco

Security

Technologies,

Inc.

116,240

2,749

NetApp,

Inc.

281,470

22,215

Nokia

Oyj

ADR

178,609

894

Novanta,

Inc.

b

105,590

192,503

NVIDIA

Corporation

33,572,523

1,569

NXP

Semiconductors

NV

308,873

864

ON

Semiconductor

Corporation

b

53,499

1,847

Onto

Innovation,

Inc.

b

378,764

16,042

Oracle

Corporation

2,359,939

35,189

Palantir

Technologies,

Inc.

b

5,147,447

2,460

Pegasystems,

Inc.

104,698

436

Plexus

Corporation

b

88,307

1,053

PTC,

Inc.

b

150,042

153

Q2

Holdings,

Inc.

b

7,237

379

Qnity

Electronics,

Inc.

43,729

5,377

Qualcomm,

Inc.

692,450

3,898

Rambus,

Inc.

b

335,345

113

Roper

Industries,

Inc.

39,986

2,675

Salesforce,

Inc.

499,342

5,949

Samsung

Electronics

Company,

Ltd.

695,803

194

SanDisk

Corporation/DE

b

123,256

65

Sanmina

Corporation

b

8,427

25,817

ServiceNow,

Inc.

b

2,699,167

214

ServiceTitan,

Inc.

b

13,580

17,704

Shopify,

Inc.

b

2,100,048

1,773

Silicon

Laboratories,

Inc.

b

369,050

466

SiTime

Corporation

b

160,933

1,930

Skyworks

Solutions,

Inc.

103,351

1,708

Snowflake,

Inc.

b

257,601

1,727

Sprout

Social,

Inc.

b

9,844

686

Synopsys,

Inc.

b

271,985

9,760

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

3,298,392

3,157

TD

SYNNEX

Corporation

532,617

5,907

TE

Connectivity

plc

1,234,681

143

Teledyne

Technologies,

Inc.

b

86,516

662

Tenable

Holdings,

Inc.

b

11,198

3,378

Teradyne,

Inc.

1,001,442

11,629

Texas

Instruments,

Inc.

2,257,654

2,718

Trimble,

Inc.

b

177,295

2,298

TTM

Technologies,

Inc.

b

223,871

665

Tyler

Technologies,

Inc.

b

227,683

1,611

Unity

Software,

Inc.

b

35,345

506

Varonis

Systems,

Inc.

b

10,864

2,580

VeriSign,

Inc.

640,769

2,631

Viavi

Solutions,

Inc.

b

87,560

14,171

Vontier

Corporation

502,645

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock  16.2%

Value

Information

Technology  5.1%

-

continued

824

Western

Digital

Corporation

$

222,884

60

Workday,

Inc.

b

7,795

1,114

Zebra

Technologies

Corporation

b

232,915

493

Zoom

Communications,

Inc.

b

39,632

268

Zscaler,

Inc.

b

37,598

Total

159,534,031

Materials  0.4%

55

Air

Products

and

Chemicals,

Inc.

15,977

693

Albemarle

Corporation

124,414

3,095

Alcoa

Corporation

205,291

2,306

Amcor

plc

91,664

1,586

American

Vanguard

Corporation

b

3,949

364

AngloGold

Ashanti

plc

35,439

1,074

AptarGroup,

Inc.

135,345

1,590

Ashland,

Inc.

88,420

635

Avery

Dennison

Corporation

109,652

1,803

Avient

Corporation

65,449

1,434

Balchem

Corporation

243,034

1,376

Ball

Corporation

81,335

2,241

Celanese

Corporation

147,391

4,994

CF

Industries

Holdings,

Inc.

648,421

3,110

Coeur

Mining,

Inc.

b

58,375

831

Commercial

Metals

Company

51,048

6,040

Constellium

SE

b

148,463

1,286

Corteva,

Inc.

107,651

3,122

Crown

Holdings,

Inc.

312,981

7,900

DuPont

de

Nemours,

Inc.

361,820

1,941

Eastman

Chemical

Company

148,137

6,311

Ecolab,

Inc.

1,678,852

12,042

Element

Solutions,

Inc.

411,114

10,963

Freeport-McMoRan,

Inc.

644,405

1,702

Greif,

Inc.

114,153

1,772

Hecla

Mining

Company

33,012

5,819

Huntsman

Corporation

77,451

630

Ingevity

Corporation

b

44,875

208

International

Flavors

&

Fragrances,

Inc.

15,090

3,107

International

Paper

Company

110,920

821

Intrepid

Potash,

Inc.

b

35,114

15,820

Ivanhoe

Mines,

Ltd.

b

135,217

428

Kaiser

Aluminum

Corporation

51,578

3,236

Linde

plc

1,604,279

2,018

Louisiana-Pacific

Corporation

146,810

490

Martin

Marietta

Materials,

Inc.

288,453

579

Minerals

Technologies,

Inc.

41,063

4,551

Mosaic

Company

116,051

51

NewMarket

Corporation

32,688

8,585

Newmont

Corporation

929,326

2,239

Nucor

Corporation

378,615

956

O-I

Glass,

Inc.

b

10,048

4,776

Orion

SA

31,044

355

Packaging

Corporation

of

America

75,338

662

PPG

Industries,

Inc.

70,755

47

Reliance,

Inc.

14,284

453

Royal

Gold,

Inc.

115,284

206

Scotts

Miracle-Gro

Company

12,527

633

Sensient

Technologies

Corporation

54,717

945

Smurfit

WestRock

plc

37,658

2,600

Solstice

Advanced

Materials,

Inc.

198,016

878

Sonoco

Products

Company

47,491

1,314

Steel

Dynamics,

Inc.

236,520

344

Stepan

Company

17,193

Total

10,994,197

Shares

Common

Stock  16.2%

Value

Real

Estate  0.4%

1,267

Agree

Realty

Corporation

$

95,506

1,322

Alpine

Income

Property

Trust,

Inc.

23,796

1,949

Americold

Realty

Trust,

Inc.

22,336

480

AvalonBay

Communities,

Inc.

78,408

4,615

Brixmor

Property

Group,

Inc.

132,912

508

Broadstone

Net

Lease,

Inc.

9,281

876

CareTrust

REIT,

Inc.

32,105

4,098

CBRE

Group,

Inc.

b

555,115

2,172

Compass,

Inc.

b

15,877

545

CoStar

Group,

Inc.

b

21,985

5,902

Cousins

Properties,

Inc.

133,208

4,246

Crown

Castle,

Inc.

345,242

1,977

Curbline

Properties

Corporation

50,987

726

Cushman

&

Wakefield,

Ltd.

b

8,901

771

Digital

Realty

Trust,

Inc.

138,942

4,832

Easterly

Government

Properties,

Inc.

103,550

7,680

EPR

Properties

383,693

1,291

Equity

Lifestyle

Properties,

Inc.

80,584

47,566

Essential

Properties

Realty

Trust,

Inc.

1,444,104

78

Essex

Property

Trust,

Inc.

18,876

739

Extra

Space

Storage,

Inc.

96,905

340

Federal

Realty

Investment

Trust

36,111

3,125

Fermi,

Inc.

a,b

18,250

3,878

First

Industrial

Realty

Trust,

Inc.

224,342

351

FrontView

REIT,

Inc.

5,430

2,284

Getty

Realty

Corporation

72,631

12,459

Healthcare

Realty

Trust,

Inc.

211,678

35,126

Host

Hotels

&

Resorts,

Inc.

673,014

231

Howard

Hughes

Holdings,

Inc.

b

14,613

2,456

Independence

Realty

Trust,

Inc.

36,570

18,368

Industrial

Logistics

Properties

Trust

104,330

6,913

Innovative

Industrial

Properties,

Inc.

346,756

4,007

InvenTrust

Properties

Corporation

122,053

1,110

Iron

Mountain,

Inc.

113,375

359

Jones

Lang

LaSalle,

Inc.

b

109,251

928

Kimco

Realty

Corporation

20,852

62

Lamar

Advertising

Company

7,853

1,912

Macerich

Company

36,137

17,339

Medical

Properties

Trust,

Inc.

80,280

33,437

Millrose

Properties,

Inc.

936,236

118

National

Health

Investors,

Inc.

9,542

1,876

NET

Lease

Office

Properties

21,612

2,965

NetSTREIT

Corporation

55,831

487

NNN

REIT,

Inc.

20,469

210

Omega

Healthcare

Investors,

Inc.

9,202

8,733

Outfront

Media,

Inc.

231,425

6,341

Park

Hotels

&

Resorts,

Inc.

66,771

1,968

Piedmont

Realty

Trust,

Inc.

b

12,930

934

Postal

Realty

Trust,

Inc.

17,335

177

Realty

Income

Corporation

10,829

362

Regency

Centers

Corporation

27,389

6,470

RLJ

Lodging

Trust

48,007

168

Ryman

Hospitality

Properties

15,501

20,872

Sabra

Health

Care

REIT,

Inc.

401,369

8,937

Safehold,

Inc.

120,918

483

SBA

Communications

Corporation

83,129

20,474

Sila

Realty

Trust,

Inc.

484,824

53

Simon

Property

Group,

Inc.

9,886

2,596

STAG

Industrial,

Inc.

93,612

41,644

Tanger,

Inc.

1,415,063

5,119

Terreno

Realty

Corporation

314,409

580

Ventas,

Inc.

47,432

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Shares

Common

Stock  16.2%

Value

Real

Estate  0.4%

-

continued

2,683

Xenia

Hotels

&

Resorts,

Inc.

$

39,789

1,662

Zillow

Group,

Inc.,

Class

C

b

68,774

Total

10,588,123

Utilities  0.4%

1,535

Alliant

Energy

Corporation

110,152

1,269

American

States

Water

Company

95,962

361

American

Water

Works

Company,

Inc.

49,128

786

Artesian

Resources

Corporation

25,034

3,611

Avista

Corporation

144,946

1,304

Black

Hills

Corporation

90,511

1,195

California

Water

Service

Group

54,181

2,636

CenterPoint

Energy,

Inc.

113,770

2,943

Clearway

Energy,

Inc.,

Class

A

115,277

3,590

Clearway

Energy,

Inc.,

Class

C

141,051

234

Consolidated

Edison,

Inc.

26,484

7,695

Constellation

Energy

Corporation

2,148,829

96

DTE

Energy

Company

14,037

3,303

Duke

Energy

Corporation

432,495

31,672

Edison

International

2,317,757

4,479

Entergy

Corporation

503,260

2,512

Evergy,

Inc.

205,783

3,612

Eversource

Energy

250,239

2,043

Exelon

Corporation

100,148

1,016

FirstEnergy

Corporation

51,471

1,535

H2O

America

a

90,058

458

Middlesex

Water

Company

23,839

364

National

Fuel

Gas

Company

34,201

3,265

New

Jersey

Resources

Corporation

179,314

2,398

NiSource,

Inc.

111,891

183

Northwestern

Energy

Group,

Inc.

12,067

390

OGE

Energy

Corporation

18,704

771

Otter

Tail

Corporation

67,671

37,864

PG&E

Corporation

665,270

737

Pinnacle

West

Capital

Corporation

74,253

29,402

Portland

General

Electric

Company

1,551,544

1,069

Spire,

Inc.

96,787

53,524

UGI

Corporation

1,949,344

1,271

Unitil

Corporation

66,397

3,912

Vistra

Energy

Corporation

588,091

2,811

XPLR

Infrastructure,

LP

b

29,853

104

York

Water

Company

3,167

Total

12,552,966

Total

Common

Stock

(cost

$340,531,786)

502,796,241

Shares

i

Private

Equity

Funds

1.5%

Value

Secondary  1.5%

__

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,j

3,495,367

__

ASF

IX,

LP

*,b,j

9,571,578

__

ASF

VIII

Sidecar

(Cayman),

LP

*,b,j

734,988

__

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,b,j

10,209,382

__

LCP

X

(Offshore),

LP

*,b,j

17,052,391

Shares

i

Private

Equity

Funds

1.5%

Value

Secondary  1.5%

-

continued

__

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,j

$

5,686,068

Total

46,749,774

Total

Private

Equity

Funds

(cost

$34,661,228)

46,749,774

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

3,131,475

Thrivent

Cash

Management

Trust

3,131,475

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,131,475)

3,131,475

Shares

or

Principal

Amount

Short-Term

Investments

11.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

1,000,000

3.589%,

4/17/2026

k,l

998,305

5,400,000

3.606%,

4/24/2026

k,l

5,387,076

100,000

3.605%,

4/27/2026

k,l

99,731

100,000

3.600%,

4/29/2026

k,l

99,711

2,400,000

3.632%,

5/1/2026

k,l

2,392,539

600,000

3.603%,

5/8/2026

k,l

597,714

1,700,000

3.595%,

5/27/2026

k,l

1,690,283

3,200,000

3.600%,

5/29/2026

k,l

3,181,067

200,000

3.610%,

6/3/2026

k,l

198,718

300,000

3.610%,

6/10/2026

k,l

297,867

6,000,000

3.624%,

6/17/2026

k,l

5,953,135

300,000

3.590%,

6/18/2026

k,l

297,627

500,000

3.635%,

6/22/2026

k,l

495,844

Federal

National

Mortgage

Association

Discount

Notes

4,300,000

3.595%,

6/1/2026

k,l

4,273,303

State

Street

Institutional

U.S.

Government

Money

Market

Fund

86,146,603

3.602%

k

86,146,603

Thrivent

Core

Short-Term

Reserve

Fund

24,166,357

3.930%

241,663,571

U.S.

Treasury

Bills

600,000

3.498%,

4/7/2026

k,m

599,638

400,000

3.631%,

5/19/2026

k,m

398,064

100,000

3.620%,

5/28/2026

k,m

99,424

500,000

3.600%,

6/11/2026

k,m

496,453

400,000

3.612%,

6/18/2026

k,m

396,883

Total

Short-Term

Investments

(cost

$355,704,332)

355,763,556

Total

Investments

(cost

$2,765,844,104)

100.2%

$3,118,283,629

Other

Assets

and

Liabilities,

Net

(0.2%)

(7,242,240)

Total

Net

Assets

100.0%

$3,111,041,389

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$89,914,531

or

2.9%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2026.

h

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

i

Private

equity

fund

partnerships

do

not

issue

shares.

j

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Conservative

Allocation

Portfolio

as

of

March

31,

2026

was

$46,749,774

or

1.50%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

2,632,629

ASF

IX,

LP 

3/18/2024

7,638,746

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

574,016

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

7,632,000

LCP

X

(Offshore),

LP 

10/25/2023

11,760,171

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

4,423,666

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Conservative

Allocation

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

3,170,259

Total

lending

$3,170,259

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,131,475

Net

amounts

due

from

counterparty

$(38,784)

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange-Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

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

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

1,222,652,185

1,222,652,185

–

–

U.S.

Unaffiliated

12,104,451

12,104,451

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

21,488,711

–

21,488,711

–

Collateralized

Mortgage

Obligations

96,509,335

–

96,509,335

–

Commercial

Mortgage-Backed

Securities

21,470,757

–

21,470,757

–

Financials

79,439

–

79,439

–

Mortgage-Backed

Securities

309,510,854

–

309,510,854

–

U.S.

Government

&

Agencies

355,683,767

–

355,683,767

–

Common

Stock

Communications

Services

52,610,014

52,473,148

136,866

–

Consumer

Discretionary

52,838,155

52,838,155

–

–

Consumer

Staples

13,517,957

13,517,957

–

–

Energy

17,699,038

17,699,038

–

–

Financials

65,538,132

65,538,132

–

–

Health

Care

47,005,559

47,005,559

–

–

Industrials

59,918,069

59,844,706

73,363

–

Information

Technology

159,534,031

158,838,228

695,803

–

Materials

10,994,197

10,858,980

135,217

–

Real

Estate

10,588,123

10,588,123

–

–

Utilities

12,552,966

12,552,966

–

–

Private

Equity

Funds

Secondary

46,749,774

–

–

46,749,774

Short-Term

Investments

114,099,985

86,146,603

27,953,382

–

Subtotal

Investments

in

Securities

$2,703,145,499

$1,822,658,231

$833,737,494

$46,749,774

Other

Investments  *

Total

Affiliated

Short-Term

Investments

241,663,571

U.S.

Affiliated

Registered

Investment

Cos.

170,343,084

Collateral

Held

for

Securities

Loaned

3,131,475

Subtotal

Other

Investments

$415,138,130

Total

Investments

at

Value

$3,118,283,629

*

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

March

31,

2026,

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

1,261,564

662,327

599,237

–

Credit

Default

Swaps

77,078

–

77,078

–

Total

Asset

Derivatives

$1,338,642

$662,327

$676,315

$–

Liability

Derivatives

Futures

Contracts

9,045,293

9,045,293

–

–

Total

Return

Swaps

636,222

–

636,222

–

Total

Liability

Derivatives

$9,681,515

$9,045,293

$636,222

$–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

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

12/31/2025

Realized

Gain/

(Loss)

%

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

03/31/2026

Private

Equity

Funds

 Secondary

$43,463,547

$- 

$1,832,257

$2,465,925

$(1,011,955)

$-

$- 

$46,749,774

Total 

$43,463,547

$-  

$1,832,257

$2,465,925

$(1,011,955) 

$-

$-

$46,749,774

 Investments

in

Securities

Ending

 Value

03/31/2026

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$46,749,774  

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$46,749,774 

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

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

Nasdaq

-

National

association

of

securities

dealers

automated

quotations

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$26,162,920

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

199

June

2026

$

22,465,767

(

$

367,438)

CBOT

2-Yr.

U.S.

Treasury

Note

311

June

2026

64,760,027

(

244,535)

CBOT

5-Yr.

U.S.

Treasury

Note

865

June

2026

94,770,067

(

1,194,635)

CBOT

U.S.

Long

Bond

100

June

2026

11,698,480

(

310,980)

CME

E-mini

Russell

2000

Index

9

June

2026

1,123,525

6,965

CME

E-mini

S&P

500

Index

747

June

2026

251,093,851

(

5,676,339)

CME

E-mini

S&P

Mid-Cap

400

Index

1

June

2026

336,483

3,167

CME

Ultra

Long

Term

U.S.

Treasury

Bond

95

June

2026

11,385,381

(

311,944)

ICE

mini

MSCI

EAFE

Index

705

June

2026

102,131,602

132,173

Ultra

10-Yr.

U.S.

Treasury

Note

144

June

2026

16,640,161

(

293,910)

Total

Futures

Long

Contracts

$

576,405,344

(

$

8,257,476)

CME

E-mini

Nasdaq

100

Index

(27)

June

2026

(

$

13,375,847)

$

461,747

CME

E-mini

Russell

2000

Index

(331)

June

2026

(

41,487,051)

(

89,859)

CME

E-mini

S&P

Mid-Cap

400

Index

(192)

June

2026

(

64,657,147)

(

555,653)

Eurex

Euro

STOXX

50

Index

(638)

June

2026

(

41,792,404)

599,237

ICE

US

mini

MSCI

Emerging

Markets

Index

(108)

June

2026

(

7,913,115)

58,275

Total

Futures

Short

Contracts

(

$

169,225,564)

$473,747

Total

Futures

Contracts

$

407,179,780

($7,783,729)

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$1,095,945

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

46,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2031

(

$

11,280,000)

$

–

$

77,078

$

77,078

Total

Credit

Default

Swaps

$–

$77,078

$77,078

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Reference

Description:

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

total

return

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$714,560

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

100

Equal

Weight

USD

Total

Return

Index

Swap

SOFR

1

day

+58bps

Total

Return

Goldman

Sachs

&

Co.

LLC

5/1/2026

$

14,001,979

(

$

636,222)

$

–

(

$

636,222)

Total

Return

Swaps

(

$

636,222)

$

–

($636,222)

#

Payment

made

on

Termination

Date

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

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$94,054

$1,250

$6,400

$86,720

10,049

2.8%

Core

Emerging

Markets

Equity

41,086

–

–

42,594

3,427

1.4

Core

High

Yield

Bond

–

121,159

–

118,969

6,058

3.8

Core

International

Equity

39,891

–

–

41,030

3,254

1.3

Core

Investment

Grade

Corporate

Bond

–

211,526

–

207,341

10,577

6.7

Global

Stock

20,066

–

–

19,747

1,238

0.6

High

Yield

69,106

1,083

–

68,859

16,443

2.2

Income

184,609

2,088

7,000

176,854

19,919

5.7

International

Equity

110,967

–

15,999

97,843

7,876

3.1

International

Index

30,236

–

–

30,525

1,763

1.0

Large

Cap

Value

350,008

–

41,000

318,062

12,674

10.2

Mid

Cap

Stock

51,309

–

–

51,506

2,595

1.6

Mid

Cap

Value

ETF

4,848

–

–

5,030

321

0.2

Short-Term

Bond

106,465

1,067

9,250

97,473

9,891

3.1

Small

Cap

Stock

23,988

–

–

23,883

1,274

0.8

Small

Cap

Value

ETF

6,234

–

–

6,561

235

0.2

Total

U.S.

Affiliated

Registered

Investment

Companies

1,132,867

1,392,997

44.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

283,730

132,680

174,710

241,664

24,166

7.7

Total

Affiliated

Short-Term

Investments

283,730

241,664

7.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,230

44,223

48,322

3,131

3,131

0.1

Total

Collateral

Held

for

Securities

Loaned

7,230

3,131

0.1

Total

Value

$1,423,827

$1,637,792

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($682)

($1,502)

$

–

$1,250

Core

Emerging

Markets

Equity

–

1,508

–

–

Core

High

Yield

Bond

–

(2,190)

–

584

Core

International

Equity

–

1,139

–

–

Core

Investment

Grade

Corporate

Bond

–

(4,185)

–

758

Global

Stock

–

(319)

–

–

High

Yield

–

(1,330)

–

1,084

Income

(735)

(2,109)

–

2,100

International

Equity

5,482

(2,607)

–

–

International

Index

–

289

–

–

Large

Cap

Value

6,424

2,630

–

–

Mid

Cap

Stock

–

197

–

–

Mid

Cap

Value

ETF

–

182

–

–

Short-Term

Bond

199

(1,008)

–

1,069

Small

Cap

Stock

–

(105)

–

–

Small

Cap

Value

ETF

–

327

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

(36)

–

–

2,647

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$9,492

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

10

Total

Affiliated

Income

from

Securities

Loaned,

Net

$10

Total

Value

$10,652

($9,082)

$

–

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income

51.4%

Value

Asset-Backed

Securities  8.2%

522

Funding

CLO,

Ltd.

$

250,000

5.410%, 

(TSFR3M

+

1.750%),

4/15/2035,

Ser.

2019-5A,

Class

CR2

a,b

$

247,925

Anchorage

Capital

CLO

20,

Ltd.

500,000

6.868%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

490,830

Anchorage

Capital

CLO

21,

Ltd.

400,000

5.568%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

397,598

Annisa

CLO,

Ltd.

139,652

5.168%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

139,652

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

250,000

4.770%, 

2/20/2032,

Ser.

2025-4A,

Class

B

a

245,059

Balboa

Bay

Loan

Funding,

Ltd.

250,000

5.618%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

248,394

200,000

5.918%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

199,431

Barings

Loan

Partners

CLO,

Ltd.

2

250,000

5.318%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

248,886

Battalion

CLO

XI,

Ltd.

250,000

5.618%, 

(TSFR3M

+

1.950%),

4/24/2034,

Ser.

2017-11A,

Class

CR2

a,b

247,374

Battalion

CLO

XIV,

Ltd.

250,000

5.668%, 

(TSFR3M

+

2.000%),

1/20/2035,

Ser.

2019-14A,

Class

CR2

a,b

248,354

Battalion

CLO

XXI,

Ltd.

300,000

5.672%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

297,000

Business

Jet

Securities,

LLC

187,826

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

185,772

195,028

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

194,510

College

Avenue

Student

Loans,

LLC

39,855

5.443%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

40,200

Dryden

72

CLO,

Ltd.

200,000

5.303%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

200,030

Education

Funding

Trust

125,959

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

120,726

Hertz

Vehicle

Financing

III,

LLC

650,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

660,170

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Asset-Backed

Securities  8.2%

-

continued

$

275,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

$

276,501

250,000

5.140%, 

5/25/2032,

Ser.

2025-6A,

Class

B

a

246,430

HOMES

Trust

382,236

5.077%, 

8/25/2060,

Ser.

2026-INV1,

Class

A1D

a,c

380,191

167,768

5.053%, 

9/25/2070,

Ser.

2026-NQM1,

Class

A2

a,c

165,945

Hotwire

Funding,

LLC

300,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

303,519

Kennedy

Lewis

CLO

3,

Ltd.

200,000

5.068%, 

(TSFR3M

+

1.400%),

10/20/2036,

Ser.

3A,

Class

A2R3

a,b

199,266

KKR

Static

CLO

I,

Ltd.

500,000

5.118%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

498,570

LCM

41,

Ltd.

550,000

7.272%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

527,308

Lightpath

Fiber

Issuer,

LLC

325,000

5.597%, 

3/25/2056,

Ser.

2026-1A,

Class

A2

a

324,099

Marathon

CLO,

Ltd.

150,000

5.222%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,b

148,866

MetroNet

Infrastructure

Issuer,

LLC

250,000

5.400%, 

8/20/2055,

Ser.

2025-2A,

Class

A2

a

252,145

125,000

5.163%, 

12/20/2055,

Ser.

2025-4A,

Class

A2

a

124,420

Octagon

Investment

Partners

50,

Ltd.

400,000

5.672%, 

(TSFR3M

+

2.000%),

1/15/2035,

Ser.

2020-4A,

Class

CR2

a,b

395,986

Pagaya

AI

Debt

Grantor

Trust

69,536

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

69,713

136,454

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

136,896

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

74,944

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

75,058

Palmer

Square

Loan

Funding,

Ltd.

300,000

5.510%, 

(TSFR3M

+

1.850%),

10/15/2032,

Ser.

2024-1A,

Class

CR

a,b

295,035

250,000

5.169%, 

(TSFR3M

+

1.500%),

1/15/2033,

Ser.

2024-2A,

Class

BR

a,b

249,700

275,000

5.253%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

272,715

Park

Blue

CLO,

Ltd.

150,000

5.848%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

149,498

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Asset-Backed

Securities  8.2%

-

continued

PPM

CLO

3,

Ltd.

$

400,000

5.718%, 

(TSFR3M

+

2.050%),

7/17/2034,

Ser.

2019-3A,

Class

CR2

a,b

$

397,032

RFS

Asset

Securitization

V,

LLC

150,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

150,692

Rockford

Tower

CLO,

Ltd.

325,000

5.618%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-2A,

Class

CR

a,b

322,895

Sculptor

CLO

XXVIII,

Ltd.

250,000

5.618%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

247,940

Signal

Peak

CLO

1,

Ltd.

350,000

5.618%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

347,917

375,000

7.168%, 

(TSFR3M

+

3.500%),

4/17/2034,

Ser.

2014-1A,

Class

DR4

a,b

357,927

Sunnova

Hestia

II

Issuer,

LLC

245,224

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

237,581

Symphony

CLO

XX,

Ltd.

250,000

6.671%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

247,084

TCW

CLO,

Ltd.

700,000

5.468%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

699,794

VERDE

CLO,

Ltd.

400,000

6.872%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

398,748

Wind

River

CLO,

Ltd.

500,000

5.518%, 

(TSFR3M

+

1.850%),

7/20/2035,

Ser.

2022-1A,

Class

B1R

a,b

500,030

Zayo

Issuer,

LLC

300,000

5.570%, 

10/20/2055,

Ser.

2025-3A,

Class

A2

a

300,323

Total

13,711,735

Basic

Materials  <0.1%

FMC

Corporation

27,000

8.450%, 

11/1/2055

b

17,384

Peabody

Energy

Corporation,

Convertible

37,000

3.250%, 

3/1/2028

67,969

Total

85,353

Capital

Goods  0.4%

Array

Technologies,

Inc.,

Convertible

31,000

1.000%, 

12/1/2028

27,993

40,000

2.875%, 

7/1/2031

a

49,675

BWX

Technologies,

Inc.,

Convertible

116,000

Zero

Coupon, 

11/1/2030

a

120,176

Fluor

Corporation,

Convertible

70,000

1.125%, 

8/15/2029

86,205

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Capital

Goods  0.4%

-

continued

Greenbrier

Companies,

Inc.,

Convertible

$

45,000

2.875%, 

4/15/2028

e

$

51,903

JBT

Marel

Corporation,

Convertible

68,000

0.375%, 

9/15/2030

a

65,892

LEDN

Issuer

Trust

150,000

6.748%, 

2/25/2041,

Ser.

2026-1A,

Class

A

a

150,074

Mirion

Technologies,

Inc.,

Convertible

45,000

0.250%, 

6/1/2030

a

48,802

42,000

Zero

Coupon, 

10/1/2031

a

39,795

Patrick

Industries,

Inc.,

Convertible

32,000

1.750%, 

12/1/2028

e

55,376

Total

695,891

Collateralized

Mortgage

Obligations  16.8%

A&D

Mortgage

Trust

153,647

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,c

154,938

169,011

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,c

170,274

359,866

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

360,179

ACRA

Trust

294,391

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

294,941

Archwest

Mortgage

Trust

275,000

5.196%, 

10/25/2040,

Ser.

2025-RTL1,

Class

A1

a,c

274,408

175,000

5.435%, 

4/25/2041,

Ser.

2026-RTL1,

Class

A1

a,c

175,191

Arroyo

Mortgage

Trust

500,000

4.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

a

474,869

Banc

of

America

Alternative

Loan

Trust

72,258

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

64,888

Banc

of

America

Mortgage

Securities

Trust

57,622

5.587%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

55,342

Bear

Stearns

ARM

Trust

70,855

5.709%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

68,325

15,889

6.420%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

15,379

Bellemeade

Re,

Ltd.

275,000

6.162%, 

(SOFR30A

+

2.500%),

10/25/2035,

Ser.

2025-1,

Class

M1B

a,b

276,325

BRAVO

Residential

Funding

Trust

197,857

5.138%, 

11/25/2065,

Ser.

2026-NQM3,

Class

A2

a,c

196,377

CFST

Mortgage

Trust

300,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

302,295

ChaseFlex

Trust

144,047

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

93,075

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Collateralized

Mortgage

Obligations  16.8%

-

continued

CHNGE

Mortgage

Trust

$

176,773

4.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

$

173,465

80,537

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

80,368

366,405

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,c

365,182

Citigroup

Mortgage

Loan

Trust,

Inc.

141,903

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

140,413

229,820

4.958%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

209,205

COLT

Mortgage

Loan

Trust

175,000

5.924%, 

9/25/2069,

Ser.

2024-INV3,

Class

M1

a,b

174,794

Countrywide

Alternative

Loan

Trust

60,715

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

49,643

94,546

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

73,921

38,760

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

26,342

24,664

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

19,295

CSMC

Trust

176,989

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

153,478

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

84,679

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

73,794

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

74,980

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

74,104

300,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

298,507

1,460,093

1.500%, 

3/25/2051,

Ser.

5092,

Class

IC

f

121,558

250,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

247,973

242,281

7.662%, 

(SOFR30A

+

4.000%),

4/25/2026,

Ser.

5567,

Class

MB

b

249,140

250,000

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

242,964

199,388

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

168,051

300,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

299,258

2,963,216

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

275,885

325,805

2.000%, 

12/25/2050,

Ser.

5051,

Class

WI

f

42,762

17,269

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

123

39,768

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

516

162,537

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

11,234

116,267

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

3,967

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Collateralized

Mortgage

Obligations  16.8%

-

continued

$

275,453

5.500%, 

1/25/2046,

Ser.

5617,

Class

AZ

g

$

272,897

Federal

Home

Loan

Mortgage

Corporation

STRIPS

236,714

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

20,610

Federal

National

Mortgage

Association

-

REMIC

300,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

295,117

350,000

5.000%, 

4/25/2055,

Ser.

2025-15,

Class

BD

342,058

200,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

194,995

342,068

2.000%, 

12/25/2050,

Ser.

2020-89,

Class

IM

f

45,468

23,950

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

259

27,575

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

231

102,919

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

1,323

48,609

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

552

24,718

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

302

63,722

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

666

59,833

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

f

804

67,367

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

f

1,266

152,613

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

9,872

First

Horizon

Alternative

Mortgage

Securities

Trust

19,982

5.165%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

18,918

Flagstar

Mortgage

Trust

227,617

3.000%, 

3/25/2050,

Ser.

2020-1INV,

Class

A3

a,b

198,431

459,259

2.500%, 

8/25/2051,

Ser.

2021-6INV,

Class

A4

a,b

381,777

170,771

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

154,719

GCAT

Trust

379,125

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

388,158

200,000

5.500%, 

5/25/2055,

Ser.

2025-INV2,

Class

A12

a,b

198,406

160,768

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

151,145

270,860

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

273,738

GMAC

Mortgage

Corporation

Loan

Trust

21,170

3.920%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

19,081

15,998

4.288%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,d

7,310

GMACM

Mortgage

Loan

Trust

10,246

3.319%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

5,157

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Collateralized

Mortgage

Obligations  16.8%

-

continued

GS

Mortgage-Backed

Securities

Trust

$

345,855

4.978%, 

5/25/2066,

Ser.

2026-DSC1,

Class

A2

a,c

$

342,663

158,694

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

158,612

GSAA

Home

Equity

Trust

76,740

4.027%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

71,015

Home

Equity

Asset

Trust

278,216

5.113%, 

(TSFR1M

+

1.434%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

270,586

Home

Re,

Ltd.

233,448

8.262%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

238,611

250,000

5.812%, 

(SOFR30A

+

2.150%),

1/25/2036,

Ser.

2026-1,

Class

M1B

a,b

250,336

HOMES

Trust

175,000

6.949%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

174,209

HTAP

Issuer

Trust

390,017

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

386,920

314,507

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

313,263

IndyMac

IMJA

Mortgage

Loan

Trust

81,640

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

30,391

IndyMac

INDA

Mortgage

Loan

Trust

431,210

3.469%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

332,542

J.P.

Morgan

Mortgage

Trust

168,521

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

144,995

135,698

5.055%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1D

a,c

134,371

217,710

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

216,222

28,748

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

29,856

18,886

5.534%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

18,322

LHOME

Mortgage

Trust

275,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,c

275,227

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

200,893

375,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,c

375,879

Long

Beach

Mortgage

Loan

Trust

303,964

5.293%, 

(TSFR1M

+

1.614%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

320,190

MASTR

Alternative

Loans

Trust

32,899

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

27,393

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Collateralized

Mortgage

Obligations  16.8%

-

continued

Merrill

Lynch

Alternative

Note

Asset

Trust

$

164,093

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

$

49,328

MFA

Trust

331,128

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

a,c

331,536

Morgan

Stanley

Residential

Mortgage

Loan

Trust

297,583

4.988%, 

1/26/2071,

Ser.

2026-NQM2,

Class

A2

a,c

294,967

300,000

5.432%, 

3/25/2071,

Ser.

2026-NQM3,

Class

A2

a,c

299,137

213,559

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,c

213,383

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

404,215

4.253%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

352,583

New

Residential

Mortgage

Loan

Trust

386,000

3.877%, 

1/25/2064,

Ser.

2024-RPL1,

Class

B2

a,b

305,504

NYMT

Loan

Trust

398,329

5.456%, 

10/25/2060,

Ser.

2025-INV2,

Class

A3

a,c

396,777

375,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

376,545

PMT

Loan

Trust

350,000

5.000%, 

1/25/2057,

Ser.

2026-J1,

Class

A8

a,b

337,894

336,234

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

339,807

250,000

6.000%, 

2/25/2056,

Ser.

2025-INV2,

Class

A10

a,b

252,014

225,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

a,b

223,251

Point

Securitization

Trust

186,613

6.250%, 

6/25/2055,

Ser.

2025-1,

Class

A1

a

186,583

249,948

5.750%, 

9/25/2055,

Ser.

2025-2,

Class

A1

a

246,290

PRET,

LLC

299,990

5.151%, 

2/25/2056,

Ser.

2026-NPL2,

Class

A1

a,c

297,628

211,806

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,c

212,005

200,000

7.507%, 

8/25/2055,

Ser.

2025-NPL9,

Class

A2

a,c

200,463

PRKCM

Trust

42,699

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

42,616

102,682

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,c

103,386

PRPM

Trust

200,000

6.171%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

200,656

275,000

7.250%, 

11/25/2068,

Ser.

2023-NQM3,

Class

M1

a,b

277,487

PRPM,

LLC

171,773

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

169,519

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Collateralized

Mortgage

Obligations  16.8%

-

continued

$

150,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,c

$

143,449

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

289,871

275,000

3.000%, 

5/25/2055,

Ser.

2025-RPL4,

Class

A2

a,c

255,328

300,000

5.207%, 

12/25/2055,

Ser.

2025-RCF6,

Class

A2

a,c

297,678

337,815

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

338,063

400,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,c

400,285

79,828

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

a,c

79,603

279,391

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,c

278,731

125,000

8.569%, 

7/25/2030,

Ser.

2025-5,

Class

A2

a,c

124,782

274,676

5.385%, 

10/25/2030,

Ser.

2025-8,

Class

A1

a,c

273,436

Radnor

Re,

Ltd.

407,539

6.562%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

409,334

RCO

IX

Mortgage,

LLC

166,212

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,c

166,435

177,281

5.310%, 

10/25/2030,

Ser.

2025-4,

Class

A1

a,c

177,142

Renaissance

Home

Equity

Loan

Trust

216,611

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

c

71,832

Residential

Accredit

Loans,

Inc.

Trust

91,728

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

81,516

75,672

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

60,232

48,635

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

41,390

Roc

Mortgage

Trust

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,c

400,557

Saluda

Grade

Alternative

Mortgage

Trust

200,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,c

199,765

350,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

352,315

Santander

Mortgage

Asset

Receivable

Trust

113,831

5.067%, 

8/25/2065,

Ser.

2025-NQM5,

Class

A1

a,b

113,444

Saxon

Asset

Securities

Trust

120,405

2.687%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

110,725

Sequoia

Mortgage

Trust

300,000

5.000%, 

12/25/2055,

Ser.

2025-12,

Class

A8

a,b

285,738

Toorak

Mortgage

Trust

350,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,c

351,233

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Collateralized

Mortgage

Obligations  16.8%

-

continued

Triangle

Re,

Ltd.

$

70,155

7.062%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

$

70,618

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

350,721

Unlock

HEA

Trust

254,132

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

253,861

281,170

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

280,211

442,266

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

441,076

Velocity

Commercial

Capital

Loan

Trust

158,763

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

160,206

Verus

Securitization

Trust

257,479

5.776%, 

5/25/2070,

Ser.

2025-3,

Class

A2

a,c

258,525

287,467

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

a,b

253,969

161,275

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

144,236

VOLT

C,

LLC

371,154

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

371,230

VOLT

CVI,

LLC

271,441

9.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a

271,697

VOLT

XCVII,

LLC

73,796

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

73,816

Vontive

Mortgage

Trust

150,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

151,737

Washington

Mutual

Mortgage

Pass-Through

Certificates

77,581

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

67,935

Total

28,010,585

Commercial

Mortgage-Backed

Securities  0.8%

AMSR

Trust

250,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

B

a

236,009

BANK

3,949,780

0.412%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,f

82,225

1,394,837

0.624%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

64,082

400,000

4.340%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

392,494

BBCMS

Mortgage

Trust

1,982,228

1.149%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

118,159

250,000

5.382%, 

9/15/2058,

Ser.

2025-5C37,

Class

AS

b

253,154

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Commercial

Mortgage-Backed

Securities  0.8%

-

continued

Tricon

Residential

Trust

$

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

$

250,937

Total

1,397,060

Communications

Services  0.2%

Bell

Telephone

Company

of

Canada

30,000

7.000%, 

9/15/2055

b

30,706

Paramount

Global

20,000

6.375%, 

3/30/2062

b

14,600

Rogers

Communications,

Inc.

35,000

5.250%, 

3/15/2082

a,b,e

34,572

30,000

7.125%, 

4/15/2055

b

30,699

Snap,

Inc.,

Convertible

22,000

0.125%, 

3/1/2028

20,024

76,000

0.500%, 

5/1/2030

60,952

TELUS

Corporation

20,000

6.625%, 

10/15/2055

b,e

20,007

Vodafone

Group

plc

62,000

7.000%, 

4/4/2079

b

63,771

Total

275,331

Consumer

Cyclical  0.3%

Burlington

Stores,

Inc.,

Convertible

37,000

1.250%, 

12/15/2027

61,050

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

6,000

1.750%, 

9/15/2030

a

4,640

DraftKings

Holdings,

Inc.,

Convertible

122,000

Zero

Coupon, 

3/15/2028

109,800

EZCORP,

Inc.,

Convertible

27,000

3.750%, 

12/15/2029

a,e

63,740

General

Motors

Financial

Company,

Inc.

14,000

5.750%, 

9/30/2027

b,h

13,631

14,000

5.700%, 

9/30/2030

b,h

13,731

Live

Nation

Entertainment,

Inc.,

Convertible

28,000

3.125%, 

1/15/2029

42,532

31,000

2.875%, 

1/15/2030

33,402

38,000

2.875%, 

10/15/2031

a

38,563

Marriott

Vacations

Worldwide

Corporation,

Convertible

50,000

3.250%, 

12/15/2027

48,000

Meritage

Homes

Corporation,

Convertible

15,000

1.750%, 

5/15/2028

14,445

Uber

Technologies,

Inc.,

Convertible

30,000

Zero

Coupon, 

5/15/2028

a

29,250

45,000

0.875%, 

12/1/2028

54,112

Total

526,896

Consumer

Non-Cyclical  0.4%

Chefs'

Warehouse,

Inc.,

Convertible

33,000

2.375%, 

12/15/2028

48,642

CVS

Health

Corporation

33,000

6.750%, 

12/10/2054

b

33,414

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Consumer

Non-Cyclical  0.4%

-

continued

Envista

Holdings

Corporation,

Convertible

$

17,000

1.750%, 

8/15/2028

$

16,862

Integer

Holdings

Corporation,

Convertible

16,000

2.125%, 

2/15/2028

18,896

104,000

1.875%, 

3/15/2030

99,164

Jazz

Investments

I,

Ltd.,

Convertible

49,000

2.000%, 

6/15/2026

59,437

49,000

3.125%, 

9/15/2030

69,384

LCI

Industries,

Convertible

54,000

3.000%, 

3/1/2030

64,881

Post

Holdings,

Inc.,

Convertible

63,000

2.500%, 

8/15/2027

68,197

Spectrum

Brands,

Inc.,

Convertible

40,000

3.375%, 

6/1/2029

39,872

Winnebago

Industries,

Inc.,

Convertible

37,000

3.250%, 

1/15/2030

33,374

Zoetis,

Inc.,

Convertible

50,000

0.250%, 

6/15/2029

a

49,625

Total

601,748

Energy  0.4%

BP

Capital

Markets

plc

51,000

4.875%, 

3/22/2030

b,h

50,348

37,000

6.450%, 

12/1/2033

b,h

38,474

Crescent

Energy

Company,

Convertible

70,000

2.750%, 

3/15/2031

a

80,360

Enbridge,

Inc.

45,000

7.375%, 

1/15/2083

b

45,681

57,000

7.625%, 

1/15/2083

b

61,448

Energy

Transfer,

LP

32,000

8.000%, 

5/15/2054

b

33,517

15,000

7.125%, 

5/15/2030

b,h

15,267

Northern

Oil

and

Gas,

Inc.,

Convertible

109,000

3.625%, 

4/15/2029

119,529

Phillips

66

Company

26,000

6.200%, 

3/15/2056

b

25,883

TransCanada

Trust

40,000

5.875%, 

8/15/2076

b

40,042

UGI

Corporation,

Convertible

18,000

5.000%, 

6/1/2028

25,227

Venture

Global

LNG,

Inc.

55,000

9.000%, 

9/30/2029

a,b,h

54,782

Total

590,558

Financials  2.0%

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

25,000

6.950%, 

3/10/2055

b

25,587

Air

Lease

Corporation

52,000

4.650%, 

6/15/2026

b,h

51,670

Aircastle,

Ltd.

51,000

5.250%, 

6/15/2026

a,b,h

50,732

Ally

Financial,

Inc.

112,000

4.700%, 

5/15/2026

b,h

110,955

American

Express

Company

35,000

3.550%, 

9/15/2026

b,h

34,603

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Financials  2.0%

-

continued

Bank

of

America

Corporation

$

55,000

6.125%, 

4/27/2027

b,h

$

55,101

Bank

of

New

York

Mellon

Corporation

50,000

5.950%, 

12/20/2030

b,h

50,012

Bank

of

Nova

Scotia

38,000

6.875%, 

10/27/2085

b

37,330

Boston

Properties,

LP,

Convertible

18,000

2.000%, 

10/1/2030

a

16,335

Capital

Automotive

REIT

376,000

4.400%, 

10/15/2054,

Ser.

2024-3A,

Class

A1

a

362,413

Capital

One

Financial

Corporation

60,000

3.950%, 

9/1/2026

b,e,h

59,134

Charles

Schwab

Corporation

58,000

4.000%, 

6/1/2026

b,h

57,605

CHL

Mortgage

Pass-Through

Trust

12,381

6.221%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

12,324

68,635

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

30,237

Citigroup,

Inc.

27,000

7.375%, 

5/15/2028

b,h

27,897

23,000

7.625%, 

11/15/2028

b,h

23,786

32,000

7.125%, 

8/15/2029

b,h

32,315

30,000

6.950%, 

2/15/2030

b,h

30,223

42,000

6.875%, 

8/15/2030

b,h

42,296

50,000

6.625%, 

2/15/2031

b,h

50,037

35,000

7.000%, 

8/15/2034

b,h

36,021

Citizens

Financial

Group,

Inc.

38,000

4.000%, 

10/6/2026

b,h

37,416

Coinbase

Global,

Inc.,

Convertible

22,000

0.500%, 

6/1/2026

21,820

36,000

Zero

Coupon, 

10/1/2029

a

31,518

27,000

0.250%, 

4/1/2030

25,015

35,000

Zero

Coupon, 

10/1/2032

a

28,017

COPT

Defense

Properties,

LP,

Convertible

9,000

5.250%, 

9/15/2028

a

10,446

Corebridge

Financial,

Inc.

22,000

6.375%, 

9/15/2054

b

21,622

29,000

6.875%, 

12/15/2052

b

29,220

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

56,403

4.785%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

46,950

Credit

Suisse

Group

AG

64,000

7.250%, 

N/A

*,i

15,360

110,000

7.500%, 

N/A

*,i

26,400

Dai-ichi

Life

Insurance

Company,

Ltd.

30,000

6.200%, 

1/16/2035

a,b,h

30,179

Digital

Realty

Trust,

LP,

Convertible

28,000

1.875%, 

11/15/2029

a

29,642

Encore

Capital

Group,

Inc.,

Convertible

28,000

4.000%, 

3/15/2029

35,210

Federal

Realty

OP,

LP,

Convertible

13,000

3.250%, 

1/15/2029

a

13,287

Goldman

Sachs

Group,

Inc.

45,000

3.650%, 

8/10/2026

b,h

44,598

75,000

4.125%, 

11/10/2026

b,h

73,979

32,000

6.125%, 

11/10/2034

b,e,h

31,834

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Financials  2.0%

-

continued

Hartford

Insurance

Group,

Inc.

$

44,000

6.039%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

$

42,154

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

11,000

3.750%, 

8/15/2028

a

15,625

Hercules

Capital,

Inc.,

Convertible

3,000

4.750%, 

9/1/2028

a

2,898

Huntington

Bancshares,

Inc./OH

30,000

4.450%, 

10/15/2027

b,h

29,482

Huntington

Bank

Auto

Credit-

Linked

Notes

169,402

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

170,712

JPMorgan

Chase

&

Company

33,000

6.500%, 

4/1/2030

b,h

33,862

Kite

Realty

Group,

LP,

Convertible

2,000

0.750%, 

4/1/2027

a

2,157

Lincoln

National

Corporation

29,000

6.272%, 

(TSFR3M

+

2.619%),

5/18/2026

b

23,769

M&T

Bank

Corporation

99,000

3.500%, 

9/1/2026

b,h

95,844

MetLife,

Inc.

27,000

6.350%, 

3/15/2055

b,e

27,398

36,000

5.875%, 

3/15/2028

b,h

35,839

47,000

6.400%, 

12/15/2036

47,989

Nippon

Life

Insurance

Company

130,000

5.950%, 

4/16/2054

a,b

129,962

Pebblebrook

Hotel

Trust,

Convertible

61,000

1.750%, 

12/15/2026

59,415

44,000

1.625%, 

1/15/2030

a

45,100

PNC

Financial

Services

Group,

Inc.

43,000

6.200%, 

9/15/2027

b,h

43,095

45,000

6.250%, 

3/15/2030

b,h

45,395

Provident

Financing

Trust

I

22,000

7.405%, 

3/15/2038

23,487

Prudential

Financial,

Inc.

65,000

6.750%, 

3/1/2053

b

67,263

42,000

3.700%, 

10/1/2050

b

38,154

Realty

Income

Corporation,

Convertible

23,000

3.500%, 

1/15/2029

a

23,471

Rexford

Industrial

Realty,

LP,

Convertible

13,000

4.375%, 

3/15/2027

a

12,928

12,000

4.125%, 

3/15/2029

a

11,766

Royal

Bank

of

Canada

20,000

6.750%, 

8/24/2085

b

20,073

Shift4

Payments,

Inc.,

Convertible

63,000

0.500%, 

8/1/2027

59,062

Starwood

Property

Trust,

Inc.,

Convertible

37,000

6.750%, 

7/15/2027

37,610

State

Street

Corporation

29,000

6.700%, 

3/15/2029

b,e,h

29,467

Sumitomo

Life

Insurance

Company

55,000

3.375%, 

4/15/2081

a,b

50,182

Tanger

Properties,

LP,

Convertible

7,000

2.375%, 

1/15/2031

a

7,006

Terawulf,

Inc.,

Convertible

9,000

2.750%, 

2/1/2030

a

17,469

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Financials  2.0%

-

continued

$

16,000

1.000%, 

9/1/2031

a

$

22,144

20,000

Zero

Coupon, 

5/1/2032

a

20,658

Toronto-Dominion

Bank

40,000

8.125%, 

10/31/2082

b

41,267

Truist

Financial

Corporation

65,000

5.100%, 

3/1/2030

b,h

64,882

Ventas

Realty,

LP,

Convertible

23,000

3.750%, 

6/1/2026

34,199

Wells

Fargo

&

Company

65,000

7.625%, 

9/15/2028

b,h

68,281

Welltower

OP,

LLC,

Convertible

32,000

2.750%, 

5/15/2028

a

66,368

21,000

3.125%, 

7/15/2029

a

33,239

Total

3,348,798

Mortgage-Backed

Securities  13.2%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

744,230

2.500%, 

5/1/2051

634,718

575,813

3.500%, 

5/1/2052

532,087

330,037

4.000%, 

5/1/2052

314,511

250,677

5.000%, 

7/1/2053

249,842

60,074

5.000%, 

8/1/2053

59,996

217,716

5.500%, 

9/1/2053

223,141

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

234,115

2.500%, 

7/1/2030

227,032

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

525,000

4.500%, 

4/1/2041

g

521,218

325,000

5.000%, 

4/1/2041

g

327,373

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

201,653

3.500%, 

5/1/2040

192,236

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

932,359

3.000%, 

1/1/2052

826,469

72,154

2.000%, 

2/1/2051

59,022

98,071

2.000%, 

2/1/2051

80,222

200,641

2.500%, 

2/1/2051

169,361

898,020

2.000%, 

3/1/2051

730,073

975,218

4.000%, 

3/1/2051

932,072

994,997

3.000%, 

3/1/2052

882,360

649,738

2.000%, 

4/1/2051

528,089

614,457

5.500%, 

4/1/2054

628,808

106,164

2.000%, 

5/1/2051

86,393

315,169

3.000%, 

5/1/2051

283,472

304,271

4.000%, 

6/1/2052

288,326

584,919

2.500%, 

7/1/2051

502,936

172,219

3.500%, 

8/1/2050

160,219

594,418

3.500%, 

8/1/2052

545,624

785,916

4.500%, 

8/1/2052

761,901

82,270

5.000%, 

8/1/2053

82,053

410,522

3.500%, 

9/1/2052

380,532

180,297

3.500%, 

9/1/2052

166,679

53,010

5.000%, 

9/1/2052

52,749

1,064,346

4.500%, 

9/1/2053

1,035,041

298,387

4.000%, 

10/1/2052

284,135

105,838

2.000%, 

11/1/2051

86,574

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Mortgage-Backed

Securities  13.2%

-

continued

$

221,866

3.500%, 

11/1/2052

$

206,083

485,812

2.000%, 

12/1/2050

397,574

1,010,884

4.500%, 

12/1/2052

983,800

450,000

4.000%, 

4/1/2049

g

424,586

600,000

4.500%, 

4/1/2049

g

579,003

6,000,000

5.000%, 

4/1/2049

g

5,916,760

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

359,679

2.500%, 

3/1/2062

295,758

268,483

3.500%, 

7/1/2061

241,900

143,825

4.000%, 

12/1/2061

134,034

Total

22,014,762

Technology  0.7%

Akamai

Technologies,

Inc.,

Convertible

57,000

1.125%, 

2/15/2029

65,140

47,000

0.250%, 

5/15/2033

a

65,095

Applied

Digital

Corporation,

Convertible

19,000

2.750%, 

6/1/2030

50,388

Avnet,

Inc.,

Convertible

17,000

1.750%, 

9/1/2030

a

18,428

Block,

Inc.,

Convertible

13,000

0.250%, 

11/1/2027

12,149

CoreWeave,

Inc.,

Convertible

51,000

1.750%, 

12/1/2031

a

51,056

CSG

Systems

International,

Inc.,

Convertible

52,000

3.875%, 

9/15/2028

63,258

Euronet

Worldwide,

Inc.,

Convertible

22,000

0.625%, 

10/1/2030

a

19,140

Global

Payments,

Inc.,

Convertible

53,000

1.500%, 

3/1/2031

46,696

InterDigital,

Inc.,

Convertible

12,000

3.500%, 

6/1/2027

46,830

Microchip

Technology,

Inc.,

Convertible

26,000

Zero

Coupon, 

2/15/2030

a

25,363

34,000

0.750%, 

6/1/2030

33,599

MKS,

Inc.,

Convertible

65,000

1.250%, 

6/1/2030

107,380

ON

Semiconductor

Corporation,

Convertible

37,000

Zero

Coupon, 

5/1/2027

47,711

68,000

0.500%, 

3/1/2029

66,470

Progress

Software

Corporation,

Convertible

56,000

3.500%, 

3/1/2030

49,750

Semtech

Corporation,

Convertible

16,000

1.625%, 

11/1/2027

33,712

38,000

Zero

Coupon, 

10/15/2030

a,e

42,408

Synaptics,

Inc.,

Convertible

54,000

0.750%, 

12/1/2031

55,782

Ultra

Clean

Holdings,

Inc.,

Convertible

53,000

Zero

Coupon, 

3/15/2031

a

56,074

Viavi

Solutions,

Inc.,

Convertible

28,000

0.625%, 

3/1/2031

a

69,720

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Technology  0.7%

-

continued

Vishay

Intertechnology,

Inc.,

Convertible

$

92,000

2.250%, 

9/15/2030

$

88,274

Western

Digital

Corporation,

Convertible

16,000

3.000%, 

11/15/2028

114,531

Ziff

Davis,

Inc.,

Convertible

18,000

3.625%, 

3/1/2028

a

17,640

Total

1,246,594

U.S.

Government

&

Agencies  7.0%

U.S.

Treasury

Notes

1,980,000

1.250%, 

12/31/2026

1,943,602

300,000

3.875%, 

5/31/2027

300,199

4,500,000

3.375%, 

12/31/2027

4,465,371

300,000

4.125%, 

7/31/2028

302,063

900,000

3.625%, 

9/30/2030

888,785

1,000,000

3.625%, 

12/31/2030

986,406

450,000

4.125%, 

11/15/2032

450,158

400,000

3.375%, 

5/15/2033

381,047

100,000

4.500%, 

11/15/2033

102,070

2,000,000

4.000%, 

11/15/2035

1,950,938

Total

11,770,639

Utilities  1.0%

AES

Corporation

35,000

7.600%, 

1/15/2055

b

34,717

Algonquin

Power

&

Utilities

Corporation

45,000

4.750%, 

1/18/2082

b

43,766

Alliant

Energy

Corporation,

Convertible

13,000

3.250%, 

5/30/2028

a

13,773

American

Electric

Power

Company,

Inc.

25,000

6.050%, 

3/15/2056

b

24,777

38,000

6.950%, 

12/15/2054

b

40,274

American

Water

Capital

Corporation,

Convertible

31,000

3.625%, 

6/15/2026

30,932

CenterPoint

Energy,

Inc.

20,000

7.000%, 

2/15/2055

b

20,583

14,000

6.700%, 

5/15/2055

b

14,157

CenterPoint

Energy,

Inc.,

Convertible

28,000

4.250%, 

8/15/2026

33,166

23,000

3.000%, 

8/1/2028

a

24,291

17,000

2.875%, 

5/15/2029

a

17,019

CMS

Energy

Corporation,

Convertible

5,000

3.375%, 

5/1/2028

5,650

22,000

3.125%, 

5/1/2031

a

22,572

Dominion

Energy,

Inc.

35,000

6.875%, 

2/1/2055

b

36,021

35,000

7.000%, 

6/1/2054

b

37,019

Duke

Energy

Corporation

37,000

3.250%, 

1/15/2082

b

35,540

32,000

6.450%, 

9/1/2054

b,e

33,045

Duke

Energy

Corporation,

Convertible

38,000

3.000%, 

3/15/2029

a

38,209

Edison

International

44,000

7.875%, 

6/15/2054

b,e

45,073

65,000

5.000%, 

12/15/2026

b,h

64,405

Principal

Amount

Long-Term

Fixed

Income  51.4%

Value

Utilities  1.0%

-

continued

Entergy

Corporation

$

12,000

5.875%, 

6/15/2056

b

$

11,840

25,000

6.100%, 

6/15/2056

b

24,673

Evergy,

Inc.,

Convertible

31,000

4.500%, 

12/15/2027

41,819

Exelon

Corporation,

Convertible

24,000

3.250%, 

3/15/2029

a

24,806

FirstEnergy

Corporation,

Convertible

40,000

3.625%, 

1/15/2029

a

45,320

29,000

3.875%, 

1/15/2031

a

33,437

NextEra

Energy

Capital

Holdings,

Inc.

20,000

3.800%, 

3/15/2082

b

19,303

64,000

6.750%, 

6/15/2054

b

66,210

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

24,000

3.000%, 

3/1/2027

33,300

NiSource,

Inc.

15,000

6.375%, 

3/31/2055

b

15,328

25,000

5.750%, 

7/15/2056

b,e

24,620

34,000

6.950%, 

11/30/2054

b

34,962

NRG

Energy,

Inc.

50,000

10.250%, 

3/15/2028

a,b,h

53,936

PacifiCorp

27,000

7.125%, 

8/15/2056

b,e

25,506

PG&E

Corporation,

Convertible

81,000

4.250%, 

12/1/2027

83,874

Pinnacle

West

Capital

Corporation,

Convertible

12,000

4.750%, 

6/15/2027

13,740

PPL

Capital

Funding,

Inc.,

Convertible

76,000

3.000%, 

12/1/2030

a

79,344

Puget

Energy,

Inc.

27,000

7.000%, 

9/15/2056

a,b

26,794

Sempra

30,000

6.550%, 

4/1/2055

b

29,866

30,000

6.625%, 

4/1/2055

b

29,999

16,000

6.400%, 

10/1/2054

b

15,950

30,000

6.875%, 

10/1/2054

b,e

30,323

Southern

Company

44,000

3.750%, 

9/15/2051

b

43,562

Southern

Company,

Convertible

22,000

4.500%, 

6/15/2027

24,438

48,000

3.250%, 

6/15/2028

a

48,835

WEC

Energy

Group,

Inc.

25,000

5.625%, 

5/15/2056

b

24,496

WEC

Energy

Group,

Inc.,

Convertible

18,000

4.375%, 

6/1/2027

21,690

26,000

3.375%, 

6/1/2028

a

26,975

28,000

4.375%, 

6/1/2029

34,636

Xcel

Energy,

Inc.

27,000

5.750%, 

12/3/2056

b

26,357

XPLR

Infrastructure,

LP,

Convertible

16,000

2.500%, 

6/15/2026

a

15,840

Total

1,646,768

Total

Long-Term

Fixed

Income

(cost

$86,975,250)

85,922,718

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Shares

Registered

Investment

Companies  

46.5%

Value

U.S.

Affiliated  

44.4%  

1,539,709

Thrivent

Core

Emerging

Markets

Debt

Fund

$

13,287,690

1,585,845

Thrivent

Core

High

Yield

Bond

Fund

31,140,928

1,519,727

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

29,791,062

Total

74,219,680

U.S.

Unaffiliated  

2.1%  

6,977

abrdn

Asia-Pacific

Income

Fund,

Inc.

100,608

23,877

abrdn

Income

Credit

Strategies

Fund

121,773

6,122

abrdn

Total

Dynamic

Dividend

Fund

e

56,383

13,602

AllianceBernstein

Global

High

Income

Fund,

Inc.

138,332

18,858

Allspring

Income

Opportunities

Fund

122,200

710

Barings

Global

Short

Duration

High

Yield

Fund

9,699

4,707

BlackRock

Capital

Allocation

Term

Trust

e

66,510

3,929

BlackRock

Core

Bond

Trust

35,990

16,028

BlackRock

Corporate

High

Yield

Fund,

Inc.

136,559

13,638

BlackRock

Credit

Allocation

Income

Trust

137,744

2,776

BlackRock

Debt

Strategies

Fund,

Inc.

26,622

2,551

BlackRock

Enhanced

Equity

Dividend

Trust

21,990

10,756

BlackRock

Enhanced

Global

Dividend

Trust

117,886

8,090

BlackRock

Enhanced

International

Dividend

Trust

43,767

6,709

BlackRock

Income

Trust,

Inc.

70,914

11,750

BlackRock

Multi-Sector

Income

Trust

147,110

9,045

Blackstone

Strategic

Credit

2027

Term

Fund

100,852

9,906

Cornerstone

Strategic

Investment

Fund,

Inc.

e

72,116

12,958

Eaton

Vance

Limited

Duration

Income

Fund

122,453

6,064

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

52,514

6,050

iShares

Preferred

and

Income

Securities

ETF

e

183,436

25,612

Nuveen

Credit

Strategies

Income

Fund

124,730

781

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund

5,873

215

Nuveen

Global

High

Income

Fund

2,627

8,576

Nuveen

Preferred

Income

Opportunities

Fund

64,663

9,802

PGIM

Global

High

Yield

Fund,

Inc.

114,193

8,112

PGIM

High

Yield

Bond

Fund,

Inc.

106,754

5,770

Pimco

Dynamic

Income

Fund

98,725

8,234

PIMCO

High

Income

Fund

38,123

8,879

PIMCO

Income

Strategy

Fund

II

61,176

1,224

Tri-Continental

Corporation

38,666

4,344

Vanguard

Short-Term

Corporate

Bond

ETF

344,349

2,675

Virtus

Convertible

&

Income

Fund

39,804

Shares

Registered

Investment

Companies  46.5%

Value

U.S.

Unaffiliated  

2.1%  -

continued

8,136

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

$

102,595

2,357

Virtus

Equity

&

Convertible

Income

Fund

55,059

20,140

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

114,798

4,445

Western

Asset

Diversified

Income

Fund

e

59,741

33,077

Western

Asset

High

Income

Opportunity

Fund,

Inc.

120,070

Total

3,377,404

Total

Registered

Investment

Companies

(cost

$78,191,128)

77,597,084

Shares

Preferred

Stock

1.3%

Value

Basic

Materials  <0.1%

1,232

Albemarle

Corporation,

Convertible,

7.250%

88,519

Total

88,519

Capital

Goods  0.1%

2,459

Boeing

Company,

Convertible,

6.000%

159,540

Total

159,540

Communications

Services  0.1%

4,075

AT&T,

Inc.,

4.750%

h

74,980

1,000

Telephone

and

Data

Systems,

Inc.,

6.000%

h

17,680

Total

92,660

Financials  0.8%

1,125

AEGON

Funding

Company,

LLC,

5.100%

21,319

1,200

Allstate

Corporation,

5.100%

h

23,724

708

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

41,390

704

Ares

Management

Corporation,

Convertible,

6.750%

25,471

1,450

Athene

Holding,

Ltd.,

5.625%

h

27,376

2,600

Bank

of

America

Corporation,

4.250%

h

44,200

3,300

Bank

of

America

Corporation,

4.375%

h

57,948

1,650

Bank

of

America

Corporation,

4.750%

h

31,399

2,300

Bank

of

America

Corporation,

5.000%

h

46,391

80

Bank

of

America

Corporation,

Convertible,

7.250%

h

95,325

725

Capital

One

Financial

Corporation,

4.800%

h

12,927

1,600

Capital

One

Financial

Corporation,

5.000%

h

29,840

725

Charles

Schwab

Corporation,

4.450%

e,h

12,818

1,200

Citigroup,

Inc.,

6.250%

h,j

29,580

525

Citizens

Financial

Group,

Inc.,

7.375%

h

13,319

1,275

Corebridge

Financial,

Inc.,

6.375%

29,032

1,450

Fifth

Third

Bancorp,

4.950%

e,h

27,419

1,450

Huntington

Bancshares,

Inc./OH,

4.500%

h

24,708

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Shares

Preferred

Stock  1.3%

Value

Financials  0.8%

-

continued

3,200

JPMorgan

Chase

&

Company,

4.200%

h

$

56,000

2,300

JPMorgan

Chase

&

Company,

4.625%

h

43,976

2,125

JPMorgan

Chase

&

Company,

4.750%

h

41,416

725

KeyCorp,

5.650%

h

15,080

2,000

KeyCorp,

6.200%

b,h

47,460

1,282

KKR

&

Company,

Inc.,

Convertible,

6.250%

51,562

725

MetLife,

Inc.,

4.750%

e,h

13,311

1,300

Morgan

Stanley,

4.250%

h

22,321

1,380

Morgan

Stanley,

5.850%

h

32,251

2,200

Morgan

Stanley,

7.125%

h

55,374

425

Pinnacle

Financial

Partners,

Inc.,

8.397%

b,h

10,867

2,275

Public

Storage,

4.125%

h

35,604

668

Public

Storage,

4.625%

h

11,703

100

Public

Storage,

4.700%

h

1,786

1,450

Regions

Financial

Corporation,

4.450%

h

23,635

550

Regions

Financial

Corporation,

5.700%

b,h

12,925

1,450

Truist

Financial

Corporation,

4.750%

h

26,288

1,800

U.S.

Bancorp,

4.000%

h

28,080

2,000

Wells

Fargo

&

Company,

4.250%

h

34,500

2,575

Wells

Fargo

&

Company,

4.375%

h

44,934

1,450

Wells

Fargo

&

Company,

4.700%

h

27,376

1,750

Wells

Fargo

&

Company,

4.750%

h

33,250

103

Wells

Fargo

&

Company,

Convertible,

7.500%

h

118,965

Total

1,382,850

Technology  0.1%

763

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

49,221

839

Microchip

Technology,

Inc.,

Convertible,

7.500%

47,798

1,282

Oracle

Corporation,

Convertible,

6.500%

j

57,703

Total

154,722

Utilities  0.2%

2,825

CMS

Energy

Corporation,

4.200%

e,h

47,319

598

Nextera

Energy,

Inc.,

Convertible,

7.234%

31,419

971

NextEra

Energy,

Inc.,

Convertible,

7.299%

54,356

707

NextEra

Energy,

Inc.,

Convertible,

7.375%

j

35,513

231

PPL

Corporation,

Convertible,

7.000%

j

11,848

2,875

Southern

Company,

4.950%

55,487

995

Southern

Company,

Convertible,

7.125%

51,143

Total

287,085

Total

Preferred

Stock

(cost

$2,415,144)

2,165,376

Shares

Collateral

Held

for

Securities

Loaned

0.6%

Value

1,043,197

Thrivent

Cash

Management

Trust

$

1,043,197

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,043,197)

1,043,197

Shares

Common

Stock

<

.01%

Value

Financials  <0.1%

622

AGNC

Investment

Corporation

6,239

295

Annaly

Capital

Management,

Inc.

6,239

641

Apollo

Commercial

Real

Estate

Finance,

Inc.

6,769

615

Chimera

Investment

Corporation

7,718

3

Encore

Capital

Group,

Inc.

j

210

797

Rithm

Capital

Corporation

7,556

Total

34,731

Health

Care  <0.1%

38

BioMarin

Pharmaceutical,

Inc.

j

2,147

Total

2,147

Total

Common

Stock

(cost

$39,284)

36,878

Shares

or

Principal

Amount

Short-Term

Investments

5.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

3.625%,

6/17/2026

k,l

99,219

State

Street

Institutional

U.S.

Government

Money

Market

Fund

5,429,572

3.602%

k

5,429,572

Thrivent

Core

Short-Term

Reserve

Fund

374,700

3.930%

3,747,003

U.S.

Treasury

Bills

300,000

3.498%,

4/7/2026

k,m

299,819

Total

Short-Term

Investments

(cost

$9,578,621)

9,575,613

Total

Investments

(cost

$178,242,624)

105.5%

$176,340,866

Other

Assets

and

Liabilities,

Net

(5.5%)

(9,124,738)

Total

Net

Assets

100.0%

$167,216,128

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$39,023,309

or

23.3%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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.  

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

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

March

31,

2026.

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

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Multisector

Bond

Portfolio

as

of

March

31,

2026

was

$41,760

or

0.02%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

8/24/2015

$

118,598

Credit

Suisse

Group

AG 

5/17/2021

70,948

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

March

31,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

511,139

Common

Stock

517,098

Total

lending

$1,028,237

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,043,197

Net

amounts

due

to

counterparty

$14,960

Definitions:

CLO

-

Collateralized

Loan

Obligation

DAC

-

Designated

Activity

Company

ETF

-

Exchange-Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

13,711,735

–

13,711,735

–

Basic

Materials

85,353

–

85,353

–

Capital

Goods

695,891

–

695,891

–

Collateralized

Mortgage

Obligations

28,010,585

–

28,010,585

–

Commercial

Mortgage-Backed

Securities

1,397,060

–

1,397,060

–

Communications

Services

275,331

–

275,331

–

Consumer

Cyclical

526,896

–

526,896

–

Consumer

Non-Cyclical

601,748

–

601,748

–

Energy

590,558

–

590,558

–

Financials

3,348,798

–

3,348,798

–

Mortgage-Backed

Securities

22,014,762

–

22,014,762

–

Technology

1,246,594

–

1,246,594

–

U.S.

Government

&

Agencies

11,770,639

–

11,770,639

–

Utilities

1,646,768

–

1,646,768

–

Registered

Investment

Companies

U.S.

Affiliated

60,931,990

60,931,990

–

–

U.S.

Unaffiliated

3,377,404

3,377,404

–

–

Preferred

Stock

Basic

Materials

88,519

88,519

–

–

Capital

Goods

159,540

159,540

–

–

Communications

Services

92,660

92,660

–

–

Financials

1,382,850

1,382,850

–

–

Technology

154,722

154,722

–

–

Utilities

287,085

287,085

–

–

Common

Stock

Financials

34,731

34,731

–

–

Health

Care

2,147

2,147

–

–

Short-Term

Investments

5,828,610

5,429,572

399,038

–

Subtotal

Investments

in

Securities

$158,262,976

$71,941,220

$86,321,756

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

13,287,690

Affiliated

Short-Term

Investments

3,747,003

Collateral

Held

for

Securities

Loaned

1,043,197

Subtotal

Other

Investments

$18,077,890

Total

Investments

at

Value

$176,340,866

*

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

March

31,

2026,

in

valuing

Multisector

Bond

Portfolio's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

30,758

30,758

–

–

Total

Asset

Derivatives

$30,758

$30,758

$–

$–

Liability

Derivatives

Credit

Default

Swaps

6,063

–

6,063

–

Total

Liability

Derivatives

$6,063

$–

$6,063

$–

Multisector

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

presents

Multisector

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$99,219

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

15

June

2026

$

3,107,304

$

4,375

Total

Futures

Long

Contracts

$

3,107,304

$

4,375

CBOT

10-Yr.

U.S.

Treasury

Note

(3)

June

2026

(

$

338,640)

$

5,499

CBOT

U.S.

Long

Bond

(2)

June

2026

(

233,963)

6,213

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(2)

June

2026

(

239,682)

6,557

Ultra

10-Yr.

U.S.

Treasury

Note

(4)

June

2026

(

462,176)

8,114

Total

Futures

Short

Contracts

(

$

1,274,461)

$26,383

Total

Futures

Contracts

$

1,832,843

$30,758

The

following

table

presents

Multisector

Bond

Portfolio's

credit

default

swap

contracts

held

as

of

March

31,

2026.

Investments

totaling

$99,940

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

46,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2031

$

800,000

$

–

(

$

6,063)

(

$

6,063)

Total

Credit

Default

Swaps

$–

($6,063)

($6,063)

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

investing

collateral

received

from

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle.

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

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$15,576

$195

$2,150

$13,288

1,540

8.0%

Core

High

Yield

Bond

–

31,339

200

31,141

1,586

18.6

Core

Investment

Grade

Corporate

Bond

–

30,010

300

29,791

1,520

17.8

Total

U.S.

Affiliated

Registered

Investment

Companies

15,576

74,220

44.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

750

3,000

–

3,747

375

2.2

Total

Affiliated

Short-Term

Investments

750

3,747

2.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,408

8,948

10,313

1,043

1,043

0.6

Total

Collateral

Held

for

Securities

Loaned

2,408

1,043

0.6

Total

Value

$18,734

$79,010

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($157)

($176)

$

–

$194

Core

High

Yield

Bond

0

2

–

34

Core

Investment

Grade

Corporate

Bond

1

80

–

24

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.930%

–

(3)

–

21

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$273

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

($156)

($97)

$

–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Shares

Common

Stock

99.4%

Value

Consumer

Discretionary  0.1%

606

Hilton

Worldwide

Holdings,

Inc.

$

184,272

Total

184,272

Data

Center

REITs  10.9%

32,614

Digital

Realty

Trust,

Inc.

5,877,369

8,741

Equinix,

Inc.

8,568,278

Total

14,445,647

Diversified

REITs  2.3%

2,039

Alpine

Income

Property

Trust,

Inc.

36,702

28,551

Broadstone

Net

Lease,

Inc.

521,627

6,230

CTO

Realty

Growth,

Inc.

115,193

25,866

Essential

Properties

Realty

Trust,

Inc.

785,292

13,501

Gladstone

Commercial

Corporation

154,316

20,144

WP

Carey,

Inc.

1,368,986

Total

2,982,116

Health

Care

REITs  17.3%

2,823

Alexandria

Real

Estate

Equities,

Inc.

131,044

19,486

American

Healthcare

REIT,

Inc.

918,960

19,961

CareTrust

REIT,

Inc.

731,571

3,875

Chiron

Real

Estate,

Inc.

128,185

10,232

Community

Healthcare

Trust,

Inc.

162,586

20,638

Diversified

Healthcare

Trust

137,036

28,855

Healthcare

Realty

Trust,

Inc.

490,246

63,588

Healthpeak

Properties,

Inc.

1,044,751

3,035

LTC

Properties,

Inc.

112,781

35,953

Medical

Properties

Trust,

Inc.

166,462

3,867

National

Health

Investors,

Inc.

312,686

27,327

Omega

Healthcare

Investors,

Inc.

1,197,469

27,183

Sabra

Health

Care

REIT,

Inc.

522,729

7,566

Sila

Realty

Trust,

Inc.

179,163

395

Universal

Health

Realty

Income

Trust

15,986

44,181

Ventas,

Inc.

3,613,122

65,896

Welltower,

Inc.

13,028,298

Total

22,893,075

Hotel

&

Resort

REITs  1.7%

14,480

DiamondRock

Hospitality

Company

135,677

63,373

Host

Hotels

&

Resorts,

Inc.

1,214,227

12,406

RLJ

Lodging

Trust

92,052

5,306

Ryman

Hospitality

Properties

489,585

26,845

Sunstone

Hotel

Investors,

Inc.

241,873

4,755

Xenia

Hotels

&

Resorts,

Inc.

70,517

Total

2,243,931

Industrial

REITs  12.5%

23,108

Americold

Realty

Trust,

Inc.

264,818

7,235

EastGroup

Properties,

Inc.

1,339,126

16,604

First

Industrial

Realty

Trust,

Inc.

960,541

5,424

Innovative

Industrial

Properties,

Inc.

272,068

7,621

LXP

Industrial

Trust

352,548

2,200

One

Liberty

Properties,

Inc.

47,212

89,983

Prologis,

Inc.

11,893,953

2,718

Rexford

Industrial

Realty,

Inc.

88,960

20,399

STAG

Industrial,

Inc.

735,588

Shares

Common

Stock  99.4%

Value

Industrial

REITs  12.5%

-

continued

9,208

Terreno

Realty

Corporation

$

565,555

Total

16,520,369

Mortgage

REITs  2.3%

19,429

Adamas

Trust,

Inc.

142,998

60,447

AGNC

Investment

Corporation

606,283

37,794

Annaly

Capital

Management,

Inc.

799,343

13,213

Apollo

Commercial

Real

Estate

Finance,

Inc.

139,529

13,061

Blackstone

Mortgage

Trust,

Inc.

250,118

12,403

Chimera

Investment

Corporation

155,658

20,322

Dynex

Capital,

Inc.

259,309

9,754

Ellington

Financial,

Inc.

115,585

9,504

Ladder

Capital

Corporation

92,854

18,098

Orchid

Island

Capital,

Inc.

127,229

18,953

Redwood

Trust,

Inc.

106,326

17,274

Starwood

Property

Trust,

Inc.

297,458

Total

3,092,690

Multi-Family

Residential

REITs  7.8%

7,705

Apartment

Investment

and

Management

Company

31,359

13,303

AvalonBay

Communities,

Inc.

2,173,045

11,722

Camden

Property

Trust

1,144,771

2,036

Centerspace

116,968

35,380

Equity

Residential

2,092,727

6,472

Essex

Property

Trust,

Inc.

1,566,224

22,353

Independence

Realty

Trust,

Inc.

332,836

10,734

Mid-America

Apartment

Communities,

Inc.

1,310,836

42,849

UDR,

Inc.

1,447,439

10,004

Veris

Residential,

Inc.

188,776

Total

10,404,981

Office

REITs  1.3%

2,206

BXP,

Inc.

114,492

11,030

COPT

Defense

Properties

337,518

25,490

Cousins

Properties,

Inc.

575,309

11,459

Empire

State

Realty

Trust,

Inc.

59,587

9,504

Postal

Realty

Trust,

Inc.

176,394

15,275

Vornado

Realty

Trust

396,997

Total

1,660,297

Other

Specialized

REITs  6.9%

7,228

EPR

Properties

361,111

13,415

Four

Corners

Property

Trust,

Inc.

317,265

25,037

Gaming

and

Leisure

Properties,

Inc.

1,110,892

27,836

Iron

Mountain,

Inc.

2,843,169

7,907

Lamar

Advertising

Company

1,001,500

12,767

Millrose

Properties,

Inc.

357,476

11,999

Outfront

Media,

Inc.

317,973

2,964

Safehold,

Inc.

40,103

100,377

VICI

Properties,

Inc.

2,742,300

Total

9,091,789

Real

Estate

Services  0.9%

5,508

CBRE

Group,

Inc.

a

746,114

4,371

CoStar

Group,

Inc.

a

176,326

894

Jones

Lang

LaSalle,

Inc.

a

272,062

Total

1,194,502

Retail

REITs  15.2%

10,998

Acadia

Realty

Trust

210,282

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

Shares

Common

Stock  99.4%

Value

Retail

REITs  15.2%

-

continued

15,136

Agree

Realty

Corporation

$

1,140,952

30,326

Brixmor

Property

Group,

Inc.

873,389

393

CBL

&

Associates

Properties,

Inc.

15,103

9,191

Curbline

Properties

Corporation

237,036

7,664

Federal

Realty

Investment

Trust

813,993

6,339

FrontView

REIT,

Inc.

98,064

10,332

Getty

Realty

Corporation

328,558

8,916

InvenTrust

Properties

Corporation

271,581

62,009

Kimco

Realty

Corporation

1,393,342

18,311

Kite

Realty

Group

Trust

449,535

30,364

NetSTREIT

Corporation

571,754

16,769

NNN

REIT,

Inc.

704,801

10,396

Phillips

Edison

and

Company,

Inc.

389,018

86,765

Realty

Income

Corporation

5,308,283

16,693

Regency

Centers

Corporation

1,262,992

30,705

Simon

Property

Group,

Inc.

5,727,404

11,202

Tanger,

Inc.

380,644

1,218

Whitestone

REIT

19,671

Total

20,196,402

Self-Storage

REITs  5.6%

12,651

CubeSmart

463,659

20,225

Extra

Space

Storage,

Inc.

2,652,104

14,930

Public

Storage

4,044,238

6,852

SmartStop

Self

Storage

REIT,

Inc.

207,479

Total

7,367,480

Single-Family

Residential

REITs  4.2%

40,851

American

Homes

4

Rent

1,140,560

20,791

Equity

Lifestyle

Properties,

Inc.

1,297,774

58,350

Invitation

Homes,

Inc.

1,449,998

11,428

Sun

Communities,

Inc.

1,439,471

16,701

UMH

Properties,

Inc.

240,995

Total

5,568,798

Telecom

Tower

REITs  9.2%

45,262

American

Tower

Corporation

7,811,316

33,552

Crown

Castle,

Inc.

2,728,113

9,995

SBA

Communications

Corporation

1,720,240

Total

12,259,669

Timber

REITs  1.2%

67,125

Weyerhaeuser

Company

1,639,864

Total

1,639,864

Total

Common

Stock

(cost

$95,247,022)

131,745,882

Shares

or

Principal

Amount

Short-Term

Investments

0.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

3.606%,

4/24/2026

b,c

99,761

State

Street

Institutional

U.S.

Government

Money

Market

Fund

281,119

3.602%

b

281,119

Total

Short-Term

Investments

(cost

$380,889)

380,880

Total

Investments

(cost

$95,627,911)

99.7%

$132,126,762

Other

Assets

and

Liabilities,

Net

0.3%

429,248

Total

Net

Assets

100.0%

$132,556,010

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:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

in

valuing

Real

Estate

Securities

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

184,272

184,272

–

–

Data

Center

REITs

14,445,647

14,445,647

–

–

Diversified

REITs

2,982,116

2,982,116

–

–

Health

Care

REITs

22,893,075

22,893,075

–

–

Hotel

&

Resort

REITs

2,243,931

2,243,931

–

–

Industrial

REITs

16,520,369

16,520,369

–

–

Mortgage

REITs

3,092,690

3,092,690

–

–

Multi-Family

Residential

REITs

10,404,981

10,404,981

–

–

Office

REITs

1,660,297

1,660,297

–

–

Other

Specialized

REITs

9,091,789

9,091,789

–

–

Real

Estate

Services

1,194,502

1,194,502

–

–

Retail

REITs

20,196,402

20,196,402

–

–

Self-Storage

REITs

7,367,480

7,367,480

–

–

Single-Family

Residential

REITs

5,568,798

5,568,798

–

–

Telecom

Tower

REITs

12,259,669

12,259,669

–

–

Timber

REITs

1,639,864

1,639,864

–

–

Short-Term

Investments

380,880

281,119

99,761

–

Subtotal

Investments

in

Securities

$132,126,762

$132,027,001

$99,761

$–

Total

Investments

at

Value

$132,126,762

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

Liability

Derivatives

Futures

Contracts

15,107

15,107

–

–

Total

Liability

Derivatives

$15,107

$15,107

$–

$–

The

following

table

presents

Real

Estate

Securities

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$99,761

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

26

June

2026

$

869,304

(

$

15,107)

Total

Futures

Long

Contracts

$

869,304

(

$

15,107)

Total

Futures

Contracts

$

869,304

($15,107)

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

Principal

Amount

Long-Term

Fixed

Income

100.1%

Value

Asset-Backed

Securities  12.1%

ACHV

ABS

Trust

$

108,125

5.900%, 

4/25/2031,

Ser.

2024-1PL,

Class

A

a

$

108,459

371,436

5.070%, 

10/27/2031,

Ser.

2024-2PL,

Class

A

a

372,702

Affirm

Master

Trust

2,500,000

4.990%, 

2/15/2033,

Ser.

2025-1A,

Class

A

a

2,515,142

Annisa

CLO,

Ltd.

931,012

5.168%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

931,016

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

810,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

815,438

3,550,000

4.400%, 

2/20/2032,

Ser.

2025-4A,

Class

A

a

3,500,552

Carlyle

Global

Market

Strategies

CLO,

Ltd.

2,100,000

4.868%, 

(TSFR3M

+

1.200%),

1/20/2032,

Ser.

2015-5A,

Class

A2R4

a,b

2,098,148

CarVal

CLO

I,

Ltd.

2,800,000

5.521%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

2,801,814

CarVal

CLO

III,

Ltd.

3,000,000

5.068%, 

(TSFR3M

+

1.400%),

7/20/2032,

Ser.

2019-2A,

Class

BR2

a,b

2,985,534

Chenango

Park

CLO,

Ltd.

2,180,000

5.472%, 

(TSFR3M

+

1.800%),

4/15/2030,

Ser.

2018-1A,

Class

BR

a,b

2,181,465

Commonbond

Student

Loan

Trust

105,956

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

101,804

152,295

4.293%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

150,949

Dryden

61

CLO,

Ltd.

1,750,000

5.248%, 

(TSFR3M

+

1.580%),

1/17/2032,

Ser.

2018-61A,

Class

B2R

a,b

1,749,485

Dryden

72

CLO,

Ltd.

1,100,000

5.303%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

1,100,165

Education

Funding

Trust

609,480

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

584,160

Enterprise

Fleet

Financing,

LLC

1,500,000

4.700%, 

6/20/2031,

Ser.

2024-4,

Class

A4

a

1,512,885

Foundation

Finance

Trust

540,882

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

515,978

1,342,913

6.530%, 

6/15/2049,

Ser.

2023-2A,

Class

A

a

1,392,771

Hertz

Vehicle

Financing

III,

LLC

487,500

5.490%, 

6/25/2027,

Ser.

2023-1A,

Class

A

a

488,415

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Asset-Backed

Securities  12.1%

-

continued

$

950,000

5.440%, 

1/25/2029,

Ser.

2024-1A,

Class

A

a

$

963,298

2,355,000

4.910%, 

9/25/2029,

Ser.

2025-1A,

Class

A

a

2,372,489

1,350,000

5.590%, 

12/26/2029,

Ser.

2025-3A,

Class

B

a

1,359,031

HOMES

Trust

2,388,978

5.077%, 

8/25/2060,

Ser.

2026-INV1,

Class

A1D

a,c

2,376,195

601,088

5.053%, 

9/25/2070,

Ser.

2026-NQM1,

Class

A2

a,c

594,557

KKR

Static

CLO

I,

Ltd.

584,366

4.648%, 

(TSFR3M

+

0.980%),

7/20/2031,

Ser.

2022-1A,

Class

AR2

a,b

584,159

1,500,000

5.118%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

1,495,710

Lendbuzz

Securitization

Trust

1,030,091

5.100%, 

10/15/2030,

Ser.

2025-1A,

Class

A2

a

1,032,471

M&T

Bank

Auto

Receivables

Trust

1,000,000

4.890%, 

7/15/2032,

Ser.

2025-1A,

Class

A4

a

1,013,944

Madison

Park

Funding

XXIV,

Ltd.

27,239

5.218%, 

(TSFR3M

+

1.550%),

10/20/2029,

Ser.

2016-24A,

Class

BR2

a,b

27,239

Madison

Park

Funding

XXXIX,

Ltd.

2,500,000

5.419%, 

(TSFR3M

+

1.750%),

10/22/2034,

Ser.

2021-39A,

Class

BR

a,b

2,500,693

Marathon

CLO,

Ltd.

2,250,000

5.222%, 

(TSFR3M

+

1.550%),

4/15/2034,

Ser.

2021-16A,

Class

A2R

a,b

2,232,995

National

Collegiate

Trust

283,544

4.083%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

277,998

Navient

Student

Loan

Trust

1,057,281

4.160%, 

10/15/2070,

Ser.

2022-BA,

Class

A

a

1,032,429

Neuberger

Berman

Loan

Advisers

CLO

35,

Ltd.

2,043,316

4.718%, 

(TSFR3M

+

1.050%),

1/19/2033,

Ser.

2019-35A,

Class

ARR

a,b

2,042,165

OneMain

Financial

Issuance

Trust

2,092,605

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

2,063,952

OZLM

XIV,

Ltd.

2,000,000

5.512%, 

(TSFR3M

+

1.840%),

1/15/2038,

Ser.

2015-14A,

Class

A2R3

a,b

2,000,352

Pagaya

AI

Debt

Grantor

Trust

407,945

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

408,982

1,032,564

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

1,035,910

1,362,555

5.365%, 

12/15/2032,

Ser.

2025-3,

Class

A2

a

1,369,323

1,799,834

4.497%, 

4/15/2033,

Ser.

2025-6,

Class

A2

a

1,793,530

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Asset-Backed

Securities  12.1%

-

continued

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

$

1,199,098

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

$

1,200,924

Palmer

Square

Loan

Funding,

Ltd.

1,450,000

5.110%, 

(TSFR3M

+

1.450%),

8/8/2032,

Ser.

2024-

3A,

Class

BR

a,b

1,447,405

900,000

4.480%, 

(TSFR3M

+

0.820%),

10/15/2032,

Ser.

2024-1A,

Class

A1R

a,b

899,515

1,250,000

4.810%, 

(TSFR3M

+

1.150%),

10/15/2032,

Ser.

2024-1A,

Class

A2R

a,b

1,248,515

2,000,000

4.819%, 

(TSFR3M

+

1.150%),

1/15/2033,

Ser.

2024-2A,

Class

A2R

a,b

1,999,362

2,000,000

4.853%, 

(TSFR3M

+

1.200%),

2/15/2033,

Ser.

2025-1A,

Class

A2

a,b

1,982,636

2,250,000

5.072%, 

(TSFR3M

+

1.400%),

7/15/2033,

Ser.

2025-2A,

Class

A2

a,b

2,243,538

1,500,000

4.660%, 

(TSFR3M

+

0.950%),

1/15/2034,

Ser.

2025-3A,

Class

A1

a,b

1,498,652

PPM

CLO

2,

Ltd.

3,750,000

4.809%, 

(TSFR3M

+

1.150%),

4/16/2037,

Ser.

2019-2A,

Class

AR3

a,b

3,749,959

SoFi

Consumer

Loan

Program

Trust

340,735

4.240%, 

8/25/2035,

Ser.

2025-4,

Class

A

a

340,168

Tesla

Lease

Electric

Vehicle

Securitization,

LLC

1,592,142

4.370%, 

5/21/2029,

Ser.

2025-A,

Class

A4

a

1,593,459

Towd

Point

Asset

Trust

462,336

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

449,648

Trinitas

CLO,

Ltd.

2,200,000

4.798%, 

(TSFR3M

+

1.130%),

7/20/2034,

Ser.

2021-16A,

Class

A1R

a,b

2,197,527

Total

75,335,612

Basic

Materials  1.0%

Anglo

American

Capital

plc

1,000,000

4.625%, 

3/19/2031

a

988,552

Eastman

Chemical

Company

300,000

5.000%, 

8/1/2029

302,752

975,000

4.500%, 

2/20/2031

953,326

Georgia-Pacific,

LLC

825,000

4.400%, 

6/30/2028

a

825,948

Glencore

Funding,

LLC

1,000,000

6.125%, 

10/6/2028

a

1,034,917

International

Flavors

&

Fragrances,

Inc.

196,000

1.832%, 

10/15/2027

a

187,993

Mosaic

Company

1,250,000

4.350%, 

1/15/2029

1,243,384

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Basic

Materials  1.0%

-

continued

SNF

Group

SACA

$

500,000

5.626%, 

3/31/2031

a

$

505,900

Total

6,042,772

Capital

Goods  3.0%

AGCO

Corporation

1,100,000

5.450%, 

3/21/2027

1,107,493

Amcor

Flexibles

North

America,

Inc.

1,050,000

4.250%, 

3/8/2029

1,040,353

Amrize

Finance

US,

LLC

535,000

4.700%, 

4/7/2028

538,160

BAE

Systems

plc

935,000

5.000%, 

3/26/2027

a

941,097

Boeing

Company

650,000

6.259%, 

5/1/2027

661,222

Deere

Funding

Canada

Corporation

1,400,000

4.150%, 

10/9/2030

1,381,983

General

Electric

Company

725,000

4.300%, 

7/29/2030

723,262

Honeywell

Aerospace,

Inc.

1,350,000

4.000%, 

3/16/2029

a

1,337,394

800,000

4.278%, 

(SOFRINDX

+

0.630%),

3/16/2029

a,b

796,146

Howmet

Aerospace,

Inc.

1,100,000

3.000%, 

1/15/2029

1,061,139

Ingersoll

Rand,

Inc.

250,000

5.400%, 

8/14/2028

255,698

Jacobs

Solutions,

Inc.

1,150,000

4.750%, 

3/3/2031

1,133,903

John

Deere

Capital

Corporation

1,250,000

3.900%, 

3/9/2029

1,241,969

Navient

Refinance

Loan

Trust

2,500,000

4.500%, 

1/18/2056,

Ser.

2026-A,

Class

A

a

2,471,826

Sonoco

Products

Company

850,000

4.450%, 

9/1/2026

850,480

Spirit

AeroSystems,

Inc.

1,925,000

4.600%, 

6/15/2028

1,925,526

Veralto

Corporation

1,100,000

5.500%, 

9/18/2026

1,104,583

Total

18,572,234

Collateralized

Mortgage

Obligations  15.0%

A&D

Mortgage

Trust

1,827,667

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,c

1,833,880

1,295,516

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

1,296,646

ACRA

Trust

1,660,367

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

1,663,465

Archwest

Mortgage

Trust

1,278,000

5.196%, 

10/25/2040,

Ser.

2025-RTL1,

Class

A1

a,c

1,275,251

2,125,000

5.435%, 

4/25/2041,

Ser.

2026-RTL1,

Class

A1

a,c

2,127,324

Banc

of

America

Funding

Trust

64,188

6.240%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

65,280

396,324

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

394,454

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Collateralized

Mortgage

Obligations  15.0%

-

continued

Bear

Stearns

ARM

Trust

$

68,380

6.420%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

$

66,184

Bellemeade

Re,

Ltd.

644,658

5.212%, 

(SOFR30A

+

1.550%),

10/25/2035,

Ser.

2025-1,

Class

M1A

a,b

644,673

BRAVO

Residential

Funding

Trust

1,731,248

5.138%, 

11/25/2065,

Ser.

2026-NQM3,

Class

A2

a,c

1,718,298

CFST

Mortgage

Trust

800,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

806,119

Chase

Home

Lending

Mortgage

Trust

1,757,282

5.500%, 

10/25/2055,

Ser.

2024-10,

Class

A3

a,b

1,752,957

CHNGE

Mortgage

Trust

1,200,236

4.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,156,130

759,134

7.065%, 

3/25/2058,

Ser.

2023-1,

Class

A1

a,b

757,117

1,767,728

4.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

1,734,654

1,253,964

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

1,251,324

816,394

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

816,413

Citigroup

Mortgage

Loan

Trust,

Inc.

388,798

4.930%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

b

375,947

COLT

Mortgage

Loan

Trust

1,467,406

5.443%, 

9/25/2069,

Ser.

2024-INV3,

Class

A1

a,c

1,470,205

1,465,640

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

1,330,363

Countrywide

Alternative

Loan

Trust

127,899

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

79,156

134,531

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

105,246

Credit

Suisse

Mortgage

Capital

Certificates

2,209,046

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,b

1,951,823

Cross

Mortgage

Trust

2,460,284

4.699%, 

2/25/2061,

Ser.

2026-NQM1,

Class

A1

a,b

2,434,692

2,135,384

5.087%, 

3/25/2061,

Ser.

2026-NQM2,

Class

A2

a,c

2,114,948

Deephaven

Residential

Mortgage

Trust

1,678,318

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

1,549,613

1,731,589

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,b

1,535,796

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

147,873

5.500%, 

7/25/2049,

Ser.

5417,

Class

D

148,014

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Collateralized

Mortgage

Obligations  15.0%

-

continued

Federal

National

Mortgage

Association

-

REMIC

$

2,156,477

5.000%, 

6/25/2051,

Ser.

2025-69,

Class

E

$

2,163,552

971,131

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

960,260

Flagstar

Mortgage

Trust

1,166,937

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

1,057,247

GCAT

Trust

1,229,781

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

1,126,803

822,556

5.500%, 

12/25/2054,

Ser.

2024-INV4,

Class

A6

a,b

822,936

GMAC

Mortgage

Corporation

Loan

Trust

23,996

4.288%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,d

10,965

GS

Mortgage-Backed

Securities

Trust

1,657,499

5.038%, 

1/25/2066,

Ser.

2025-DSC2,

Class

A1

a,c

1,652,665

1,237,574

5.000%, 

4/25/2056,

Ser.

2025-PJ10,

Class

A5

a,b

1,227,698

174,530

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,b

165,898

GSAA

Home

Equity

Trust

78,937

5.743%, 

(TSFR1M

+

2.064%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

146,308

844,141

4.027%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

781,169

J.P.

Morgan

Alternative

Loan

Trust

454,172

4.813%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

336,893

J.P.

Morgan

Mortgage

Trust

384,422

4.938%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1B

a,c

383,233

LHOME

Mortgage

Trust

2,000,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,c

2,001,649

MFA

Trust

1,870,532

5.229%, 

8/25/2070,

Ser.

2025-NQM4,

Class

A1

a,b

1,866,404

827,819

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

a,c

828,840

1,529,955

4.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a

1,503,171

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2,950,000

5.432%, 

3/25/2071,

Ser.

2026-NQM3,

Class

A2

a,c

2,941,513

1,013,570

5.530%, 

5/25/2070,

Ser.

2025-NQM3,

Class

A1

a,b

1,016,328

1,857,963

5.456%, 

7/25/2070,

Ser.

2025-NQM6,

Class

A2

a,c

1,856,428

1,255,240

5.216%, 

9/25/2070,

Ser.

2025-NQM8,

Class

A2

a,c

1,250,038

1,453,221

4.809%, 

12/25/2070,

Ser.

2026-NQM1,

Class

A1

a,b

1,439,559

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Collateralized

Mortgage

Obligations  15.0%

-

continued

NYMT

Loan

Trust

$

1,106,922

5.379%, 

6/25/2069,

Ser.

2024-INV1,

Class

A1

a,b

$

1,109,375

1,471,660

5.254%, 

10/25/2060,

Ser.

2025-INV2,

Class

A2

a,c

1,463,508

1,500,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

1,506,182

OBX

Trust

654,019

5.396%, 

7/27/2065,

Ser.

2025-NQM15,

Class

A2

a,c

654,608

984,330

4.818%, 

12/1/2065,

Ser.

2026-NQM2,

Class

A1

a,b

976,717

Palisades

Mortgage

Loan

Trust

136,063

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

135,971

PRET

Trust

1,814,013

4.000%, 

8/25/2064,

Ser.

2025-RPL2,

Class

A1

a,c

1,759,701

PRET,

LLC

2,174,191

5.151%, 

2/25/2056,

Ser.

2026-NPL2,

Class

A1

a,c

2,157,079

635,419

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,c

636,015

PRPM

Trust

1,400,000

5.206%, 

1/25/2056,

Ser.

2026-RCF1,

Class

A2

a,c

1,396,852

PRPM,

LLC

1,545,959

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

1,525,667

844,538

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

845,159

2,251,351

5.729%, 

7/25/2030,

Ser.

2025-5,

Class

A1

a,c

2,246,660

915,587

5.385%, 

10/25/2030,

Ser.

2025-8,

Class

A1

a,c

911,453

RCO

IX

Mortgage,

LLC

1,639,848

5.310%, 

10/25/2030,

Ser.

2025-4,

Class

A1

a,c

1,638,566

Roc

Mortgage

Trust

1,500,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,c

1,502,087

2,000,000

5.625%, 

2/25/2040,

Ser.

2025-RTL1,

Class

A1

a,c

2,004,879

SG

Residential

Mortgage

Trust

1,740,062

4.782%, 

1/25/2066,

Ser.

2026-1,

Class

A1

a,b

1,723,612

Terwin

Mortgage

Trust

350,763

5.293%, 

(TSFR1M

+

1.614%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,b

350,771

Toorak

Mortgage

Trust

2,157,825

6.597%, 

2/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

2,159,242

1,200,000

5.524%, 

2/25/2040,

Ser.

2025-RRTL1,

Class

A1

a,c

1,204,228

TRK

Trust

1,580,235

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,b

1,476,025

1,036,677

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

941,429

Verus

Securitization

Trust

1,029,912

5.623%, 

5/25/2070,

Ser.

2025-3,

Class

A1

a,c

1,037,381

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Collateralized

Mortgage

Obligations  15.0%

-

continued

$

2,376,596

5.580%, 

6/25/2070,

Ser.

2025-5,

Class

A2

a,c

$

2,380,058

964,962

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

860,741

VOLT

CII,

LLC

230,270

5.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a

230,253

Total

92,829,748

Commercial

Mortgage-Backed

Securities  3.1%

AMSR

Trust

2,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

1,965,785

2,000,000

3.655%, 

6/17/2042,

Ser.

2025-SFR1,

Class

A

a

1,904,409

BANK

1,063,957

3.623%, 

4/15/2052,

Ser.

2019-BN17,

Class

ASB

1,052,870

500,000

4.467%, 

8/15/2061,

Ser.

2018-BN13,

Class

AS

b

492,564

Benchmark

Mortgage

Trust

1,775,000

5.075%, 

9/15/2058,

Ser.

2025-V17,

Class

A3

1,797,459

Home

Partners

of

America

Trust

2,014,624

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

1,980,752

Progress

Residential

Trust

2,358,469

1.524%, 

7/17/2038,

Ser.

2021-SFR6,

Class

A

a

2,338,527

2,250,000

1.942%, 

8/17/2040,

Ser.

2021-SFR7,

Class

B

a

2,107,045

Tricon

Residential

Trust

3,250,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

3,224,883

1,196,212

4.750%, 

6/17/2040,

Ser.

2024-SFR2,

Class

A

a

1,187,290

1,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

1,254,683

Total

19,306,267

Communications

Services  2.9%

American

Tower

Corporation

500,000

1.450%, 

9/15/2026

493,482

1,200,000

5.500%, 

3/15/2028

1,220,925

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

1,250,000

4.750%, 

3/1/2030

a

1,186,093

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,250,000

4.200%, 

3/15/2028

1,239,083

1,025,000

6.100%, 

6/1/2029

1,061,747

Crown

Castle,

Inc.

740,000

4.800%, 

9/1/2028

743,584

750,000

4.900%, 

9/1/2029

754,165

Discovery

Global

Holdings,

Inc.

569,000

3.755%, 

3/15/2027

562,024

Meta

Platforms,

Inc.

1,900,000

4.200%, 

11/15/2030

1,881,564

Orange

SA

550,000

4.000%, 

1/13/2029

a

544,493

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Communications

Services  2.9%

-

continued

Rogers

Communications,

Inc.

$

1,100,000

5.000%, 

2/15/2029

$

1,111,347

Sprint

Capital

Corporation

2,770,000

6.875%, 

11/15/2028

2,928,745

T-Mobile

USA,

Inc.

1,875,000

4.850%, 

1/15/2029

1,896,721

Walt

Disney

Company

1,250,000

3.750%, 

3/14/2029

1,235,754

1,075,000

4.000%, 

3/14/2031

1,058,418

Total

17,918,145

Consumer

Cyclical  5.5%

Amazon.com,

Inc.

1,400,000

3.900%, 

11/20/2028

1,394,016

500,000

4.000%, 

3/13/2029

497,473

American

Honda

Finance

Corporation

1,000,000

4.900%, 

7/9/2027

1,004,566

500,000

4.450%, 

10/22/2027

499,291

1,200,000

5.650%, 

11/15/2028

1,229,258

Daimler

Truck

Finance

North

America,

LLC

725,000

4.300%, 

8/12/2027

a

723,604

Darden

Restaurants,

Inc.

1,000,000

4.350%, 

10/15/2027

997,678

Denso

Corporation

1,250,000

4.282%, 

9/17/2030

a

1,238,264

Ford

Motor

Credit

Company,

LLC

600,000

5.125%, 

11/5/2026

601,240

1,125,000

5.800%, 

3/5/2027

1,131,204

1,500,000

5.113%, 

5/3/2029

1,485,748

General

Motors

Company

850,000

5.350%, 

4/15/2028

862,108

General

Motors

Financial

Company,

Inc.

550,000

5.400%, 

5/8/2027

554,843

1,100,000

5.350%, 

7/15/2027

1,110,412

1,100,000

5.050%, 

4/4/2028

1,109,549

1,000,000

5.800%, 

1/7/2029

1,029,191

Hyatt

Hotels

Corporation

1,650,000

5.750%, 

1/30/2027

1,664,450

Hyundai

Capital

America

750,000

1.650%, 

9/17/2026

a

740,346

1,100,000

5.300%, 

3/19/2027

a

1,108,400

1,275,000

4.875%, 

6/23/2027

a

1,280,132

Las

Vegas

Sands

Corporation

935,000

5.900%, 

6/1/2027

947,153

950,000

5.625%, 

6/15/2028

962,371

McDonald's

Corporation

700,000

4.800%, 

8/14/2028

708,571

1,125,000

5.000%, 

5/17/2029

1,150,541

Royal

Caribbean

Cruises,

Ltd.

1,800,000

5.500%, 

4/1/2028

a

1,820,347

Stellantis

Finance

US,

Inc.

1,750,000

5.350%, 

3/17/2028

a

1,762,426

Stellantis

Financial

Services

US

Corporation

425,000

5.400%, 

9/15/2030

a

417,325

Toyota

Motor

Credit

Corporation

750,000

4.650%, 

1/5/2029

757,572

1,000,000

4.050%, 

3/13/2029

993,999

640,000

4.950%, 

1/9/2030

650,379

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Consumer

Cyclical  5.5%

-

continued

Uber

Technologies,

Inc.

$

1,400,000

4.150%, 

1/15/2031

$

1,368,912

Volkswagen

Group

of

America

Finance,

LLC

1,100,000

5.300%, 

3/22/2027

a

1,109,097

1,250,000

4.450%, 

9/11/2027

a

1,246,337

Total

34,156,803

Consumer

Non-Cyclical  6.2%

Abbott

Laboratories

900,000

3.700%, 

3/9/2029

889,296

975,000

4.000%, 

3/15/2031

959,554

AbbVie,

Inc.

1,050,000

4.125%, 

3/15/2031

1,034,763

Altria

Group,

Inc.

365,000

4.875%, 

2/4/2028

368,017

1,100,000

6.200%, 

11/1/2028

1,147,290

Amgen,

Inc.

825,000

5.150%, 

3/2/2028

837,090

BAT

International

Finance

plc

1,100,000

5.931%, 

2/2/2029

1,141,123

Becton,

Dickinson

and

Company

1,250,000

4.693%, 

2/13/2028

1,255,977

Bunge,

Ltd.

Finance

Corporation

1,300,000

4.100%, 

1/7/2028

1,294,076

1,000,000

3.200%, 

4/21/2031

932,696

Cargill,

Inc.

600,000

4.125%, 

10/23/2030

a

591,308

Cencora,

Inc.

900,000

3.950%, 

2/13/2029

887,478

1,075,000

4.250%, 

11/15/2030

1,055,356

Cigna

Group

1,425,000

4.500%, 

9/15/2030

1,420,191

Conagra

Brands,

Inc.

1,250,000

4.850%, 

11/1/2028

1,251,240

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

250,000

5.600%, 

1/15/2031

a

242,009

CVS

Health

Corporation

1,500,000

5.400%, 

6/1/2029

1,535,595

General

Mills,

Inc.

1,100,000

5.500%, 

10/17/2028

1,127,621

GSK

Consumer

Healthcare

Capital

US,

LLC

1,100,000

3.375%, 

3/24/2027

1,089,244

Hasbro,

Inc.

425,000

4.650%, 

3/12/2031

419,696

HCA,

Inc.

1,400,000

5.000%, 

3/1/2028

1,413,729

Illumina,

Inc.

500,000

4.650%, 

9/9/2026

500,061

Imperial

Brands

Finance

plc

825,000

4.500%, 

6/30/2028

a

825,608

Keurig

Dr

Pepper,

Inc.

1,500,000

5.100%, 

3/15/2027

1,505,815

Kraft

Heinz

Foods

Company

1,500,000

3.000%, 

6/1/2026

1,496,356

Mars,

Inc.

900,000

4.600%, 

3/1/2028

a

905,424

Novartis

Capital

Corporation

650,000

4.400%, 

3/18/2031

649,860

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Consumer

Non-Cyclical  6.2%

-

continued

Pfizer

Investment

Enterprises,

Private

Ltd.

$

1,100,000

4.450%, 

5/19/2028

$

1,106,529

Philip

Morris

International,

Inc.

900,000

4.125%, 

4/28/2028

898,508

375,000

4.875%, 

2/13/2029

380,585

Roche

Holdings,

Inc.

1,750,000

4.075%, 

12/2/2030

a

1,728,375

Royalty

Pharma

plc

1,775,000

4.450%, 

3/25/2031

1,751,500

Sanofi

SA

1,250,000

3.800%, 

11/3/2028

1,241,310

Stryker

Corporation

1,100,000

4.700%, 

2/10/2028

1,109,432

Thermo

Fisher

Scientific,

Inc.

2,150,000

4.215%, 

2/12/2031

2,127,412

Universal

Health

Services,

Inc.

1,650,000

1.650%, 

9/1/2026

1,630,284

Total

38,750,408

Energy  3.4%

APA

Corporation

1,100,000

4.375%, 

10/15/2028

1,105,250

BP

Capital

Markets

America,

Inc.

550,000

4.699%, 

4/10/2029

556,489

Cheniere

Energy

Partners,

LP

2,000,000

4.500%, 

10/1/2029

1,991,252

Columbia

Pipelines

Holding

Company,

LLC

925,000

6.055%, 

8/15/2026

a

929,201

740,000

6.042%, 

8/15/2028

a

764,045

Continental

Resources,

Inc.

2,650,000

2.268%, 

11/15/2026

a

2,607,302

Diamondback

Energy,

Inc.

750,000

5.200%, 

4/18/2027

755,904

Energy

Transfer,

LP

750,000

6.050%, 

12/1/2026

756,904

1,100,000

5.250%, 

7/1/2029

1,124,057

EOG

Resources,

Inc.

365,000

4.400%, 

7/15/2028

366,119

Helmerich

&

Payne,

Inc.

1,300,000

4.650%, 

12/1/2027

1,301,283

Kinder

Morgan,

Inc.

700,000

5.100%, 

8/1/2029

714,248

1,050,000

5.150%, 

6/1/2030

1,074,294

National

Fuel

Gas

Company

900,000

5.500%, 

3/15/2030

920,660

ONEOK,

Inc.

500,000

5.550%, 

11/1/2026

502,898

1,000,000

4.250%, 

9/24/2027

997,407

500,000

5.650%, 

11/1/2028

513,342

Phillips

66

Company

800,000

4.950%, 

12/1/2027

807,603

Repsol

E&P

Capital

Markets

US,

LLC

525,000

4.805%, 

9/16/2028

a

527,188

Schlumberger

Holdings

Corporation

525,000

5.000%, 

5/29/2027

a

528,670

Shell

Finance

US,

Inc.

750,000

4.125%, 

11/6/2030

742,641

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Energy  3.4%

-

continued

South

Bow

USA

Infrastructure

Holdings,

LLC

$

700,000

4.911%, 

9/1/2027

$

702,813

Williams

Companies,

Inc.

1,100,000

4.625%, 

6/30/2030

1,099,001

Total

21,388,571

Financials  32.4%

ABN

AMRO

Bank

NV

1,100,000

6.339%, 

9/18/2027

a,b

1,109,354

AEGON

Funding

Company,

LLC

1,125,000

5.500%, 

4/16/2027

a,e

1,134,894

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

250,000

2.450%, 

10/29/2026

247,246

900,000

6.100%, 

1/15/2027

909,799

665,000

6.450%, 

4/15/2027

677,518

850,000

4.125%, 

2/28/2029

838,502

1,075,000

4.625%, 

9/10/2029

1,072,877

Ally

Financial,

Inc.

600,000

5.737%, 

5/15/2029

b

609,357

American

Express

Company

1,250,000

5.098%, 

2/16/2028

b

1,256,807

500,000

5.043%, 

7/26/2028

b

504,304

1,100,000

4.731%, 

4/25/2029

b

1,106,953

365,000

5.085%, 

1/30/2031

b

371,174

American

Homes

4

Rent,

LP

425,000

4.950%, 

6/15/2030

426,554

American

International

Group,

Inc.

750,000

4.850%, 

5/7/2030

757,535

ANZ

New

Zealand

International,

Ltd./London

750,000

4.000%, 

1/22/2029

a

743,722

Apollo

Debt

Solutions

BDC

1,370,000

6.900%, 

4/13/2029

1,401,772

Ares

Capital

Corporation

800,000

2.150%, 

7/15/2026

793,381

Ares

Strategic

Income

Fund

600,000

5.700%, 

3/15/2028

599,069

875,000

5.600%, 

2/15/2030

851,417

Arthur

J.

Gallagher

&

Company

450,000

4.600%, 

12/15/2027

451,235

450,000

4.850%, 

12/15/2029

454,807

Associated

Banc-Corp

700,000

6.455%, 

8/29/2030

b

716,471

Atlas

Warehouse

Lending

Company,

LP

1,575,000

4.625%, 

11/15/2028

a

1,551,165

AvalonBay

Communities,

Inc.

1,250,000

4.350%, 

12/1/2030

1,236,433

Aviation

Capital

Group,

LLC

725,000

4.750%, 

4/14/2027

a

725,808

1,100,000

4.800%, 

10/24/2030

a

1,087,296

Avolon

Holdings

Funding,

Ltd.

600,000

4.950%, 

1/15/2028

a

601,975

1,050,000

5.375%, 

5/30/2030

a

1,061,449

Banco

Bilbao

Vizcaya

Argentaria

SA

800,000

4.150%, 

3/3/2029

790,683

Banco

Santander

SA

600,000

4.175%, 

3/24/2028

b

597,357

1,000,000

5.365%, 

7/15/2028

b

1,010,787

600,000

4.551%, 

11/6/2030

591,405

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Financials  32.4%

-

continued

Bank

of

America

Corporation

$

1,500,000

1.734%, 

7/22/2027

b

$

1,487,468

Bank

of

Montreal

750,000

4.567%, 

9/10/2027

b

750,726

Bank

of

New

York

Mellon

Corporation

750,000

6.317%, 

10/25/2029

b

785,238

650,000

4.026%, 

1/22/2030

b

643,493

1,200,000

5.625%, 

3/20/2031

b,e,f

1,175,172

Bank

of

New

Zealand

1,800,000

4.846%, 

2/7/2028

a

1,818,403

Bank

of

Nova

Scotia

1,000,000

4.404%, 

9/8/2028

b

998,924

1,050,000

4.043%, 

9/15/2028

b

1,043,313

550,000

4.247%, 

2/2/2030

b

544,987

Banque

Federative

du

Credit

Mutuel

SA

1,500,000

4.541%, 

1/15/2031

a

1,479,251

Barclays

plc

500,000

2.279%, 

11/24/2027

b

492,447

550,000

5.674%, 

3/12/2028

b

555,179

850,000

4.837%, 

9/10/2028

b

853,270

1,100,000

5.086%, 

2/25/2029

b

1,109,001

1,100,000

4.219%, 

5/24/2030

b

1,082,942

Blackstone

Private

Credit

Fund

600,000

4.950%, 

9/26/2027

592,502

1,050,000

5.050%, 

9/10/2030

989,943

Blackstone

Reg

Finance

Company,

LLC

600,000

4.300%, 

11/3/2030

590,564

Blackstone

Secured

Lending

Fund

900,000

5.350%, 

4/13/2028

893,204

1,000,000

5.125%, 

1/31/2031

957,682

Blue

Owl

Capital

Corporation

II

750,000

8.450%, 

11/15/2026

759,811

Blue

Owl

Credit

Income

Corporation

650,000

4.700%, 

2/8/2027

642,652

1,100,000

6.600%, 

9/15/2029

1,095,821

Blue

Owl

Technology

Finance

Corporation

1,800,000

3.750%, 

6/17/2026

a

1,791,002

1,025,000

6.750%, 

4/4/2029

e

1,008,697

BNP

Paribas

SA

825,000

4.792%, 

5/9/2029

a,b

827,933

850,000

5.176%, 

1/9/2030

a,b

863,094

Brown

&

Brown,

Inc.

725,000

4.600%, 

12/23/2026

727,141

CaixaBank

SA

1,100,000

4.634%, 

7/3/2029

a,b

1,101,815

Canadian

Imperial

Bank

of

Commerce

1,100,000

4.857%, 

3/30/2029

b

1,108,800

1,100,000

4.283%, 

1/29/2030

b

1,092,587

Capital

One

Financial

Corporation

1,050,000

4.493%, 

9/11/2031

b

1,030,958

Capital

One

NA

1,285,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

1,316,257

Centene

Corporation

1,085,000

4.250%, 

12/15/2027

1,065,811

1,200,000

4.625%, 

12/15/2029

1,139,139

Charles

Schwab

Corporation

1,250,000

4.000%, 

6/1/2026

b,f

1,241,496

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Financials  32.4%

-

continued

$

1,500,000

4.343%, 

11/14/2031

b

$

1,483,307

Citadel

Finance,

LLC

600,000

4.750%, 

2/14/2029

a

587,871

Citadel

Securities

Global

Holdings,

LLC

365,000

5.500%, 

6/18/2030

a

370,813

Citadel,

LP

1,450,000

6.000%, 

1/23/2030

a

1,492,699

Citibank

NA

850,000

4.876%, 

11/19/2027

b

852,757

Citigroup,

Inc.

1,025,000

4.643%, 

5/7/2028

b

1,026,696

650,000

5.174%, 

2/13/2030

b

660,020

1,400,000

4.503%, 

9/11/2031

b

1,384,088

Citizens

Bank

NA/Providence,

RI

750,000

4.192%, 

1/29/2029

b

745,292

Citizens

Financial

Group,

Inc.

900,000

5.253%, 

3/5/2031

b

910,721

Commonwealth

Bank

of

Australia/

New

York,

NY

1,050,000

4.150%, 

10/1/2030

1,041,004

Corebridge

Financial,

Inc.

1,000,000

3.650%, 

4/5/2027

990,933

Corebridge

Global

Funding

1,425,000

4.650%, 

8/20/2027

a

1,426,083

Cousins

Properties,

LP

1,000,000

5.250%, 

7/15/2030

1,013,152

Credit

Agricole

SA

1,000,000

4.631%, 

9/11/2028

a,b

999,710

550,000

5.230%, 

1/9/2029

a,b

556,019

725,000

6.316%, 

10/3/2029

a,b

754,741

Credit

Suisse

Group

AG

990,000

7.500%, 

N/A

*,g

237,600

Deutsche

Bank

AG/New

York,

NY

700,000

4.999%, 

9/11/2030

b

703,297

800,000

4.950%, 

8/4/2031

b

796,987

DNB

Bank

ASA

1,000,000

4.832%, 

3/30/2032

a,b

997,617

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

1,550,000

5.950%, 

9/17/2030

a

1,455,457

EPR

Properties

1,875,000

4.950%, 

4/15/2028

1,872,493

F&G

Global

Funding

700,000

4.650%, 

9/8/2028

a

691,204

First

Horizon

Bank

1,480,000

5.750%, 

5/1/2030

1,502,006

First-Citizens

Bank

&

Trust

Company

1,200,000

6.125%, 

3/9/2028

1,230,244

Fortitude

Group

Holdings,

LLC

1,400,000

6.250%, 

4/1/2030

a

1,425,707

Franklin

BSP

Capital

Corporation

1,000,000

6.000%, 

10/2/2030

a

952,597

GATX

Corporation

750,000

5.400%, 

3/15/2027

755,496

Goldman

Sachs

BDC,

Inc.

550,000

6.375%, 

3/11/2027

552,750

Goldman

Sachs

Group,

Inc.

1,250,000

3.615%, 

3/15/2028

b

1,240,037

1,100,000

4.482%, 

8/23/2028

b

1,099,979

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Financials  32.4%

-

continued

$

1,600,000

4.148%, 

1/21/2029

b

$

1,590,127

950,000

4.153%, 

10/21/2029

b

941,135

1,100,000

6.484%, 

10/24/2029

b

1,150,759

650,000

5.218%, 

4/23/2031

b

660,962

Goldman

Sachs

Private

Credit

Corporation

250,000

5.050%, 

2/23/2028

a

246,185

450,000

5.875%, 

5/6/2028

a,e

448,820

Healthcare

Realty

Holdings,

LP

625,000

3.100%, 

2/15/2030

588,263

Highwoods

Realty,

LP

1,059,000

4.200%, 

4/15/2029

1,029,737

Host

Hotels

&

Resorts,

LP

650,000

4.250%, 

12/15/2028

642,297

HPS

Corporate

Lending

Fund

825,000

5.300%, 

6/5/2027

a

820,855

950,000

4.900%, 

9/11/2028

a

925,484

HSBC

Holdings

plc

850,000

5.130%, 

11/19/2028

b

856,197

750,000

4.899%, 

3/3/2029

b

754,097

1,050,000

4.398%, 

3/10/2030

b

1,042,213

HSBC

USA,

Inc.

1,475,000

4.650%, 

6/3/2028

1,484,186

Huntington

Bank

Auto

Credit-

Linked

Notes

121,001

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

121,938

ING

Groep

NV

1,250,000

1.726%, 

4/1/2027

b

1,250,000

1,000,000

4.017%, 

3/28/2028

b

995,361

1,100,000

4.858%, 

3/25/2029

b

1,106,891

JPMorgan

Chase

&

Company

1,000,000

3.650%, 

6/1/2026

b,f

995,413

1,150,000

5.571%, 

4/22/2028

b

1,164,041

1,250,000

4.979%, 

7/22/2028

b

1,258,402

800,000

4.851%, 

7/25/2028

b

803,937

1,300,000

4.255%, 

10/22/2031

b

1,279,694

1,250,000

4.347%, 

1/22/2032

b

1,232,359

KeyCorp

1,500,000

5.121%, 

4/4/2031

b

1,514,797

KeyCorp

Capital

I

1,250,000

4.693%, 

(TSFR3M

+

1.002%),

7/1/2028

b

1,227,873

Lincoln

Financial

Global

Funding

500,000

5.300%, 

1/13/2030

a

507,272

Lloyds

Banking

Group

plc

550,000

5.985%, 

8/7/2027

b

552,625

1,125,000

5.462%, 

1/5/2028

b

1,133,299

1,000,000

3.750%, 

3/18/2028

b

993,371

600,000

5.087%, 

11/26/2028

b

605,471

LPL

Holdings,

Inc.

900,000

5.200%, 

3/15/2030

e

906,595

M&T

Bank

Corporation

750,000

3.500%, 

9/1/2026

b,f

726,089

Macquarie

AirFinance

Holdings,

Ltd.

1,035,000

6.400%, 

3/26/2029

a

1,072,386

700,000

5.150%, 

3/17/2030

a

696,420

MassMutual

Global

Funding

II

1,100,000

4.850%, 

1/17/2029

a

1,114,289

Met

Tower

Global

Funding

1,000,000

4.000%, 

10/1/2027

a

995,550

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Financials  32.4%

-

continued

Metropolitan

Life

Global

Funding

I

$

1,100,000

5.400%, 

9/12/2028

a

$

1,126,130

Mitsubishi

UFJ

Financial

Group,

Inc.

1,075,000

4.527%, 

9/12/2031

b

1,064,902

Mizuho

Financial

Group,

Inc.

1,275,000

4.711%, 

7/8/2031

b

1,272,893

Morgan

Stanley

1,125,000

5.652%, 

4/13/2028

b

1,138,445

2,000,000

5.164%, 

4/20/2029

b

2,023,036

465,000

5.449%, 

7/20/2029

b

473,291

1,300,000

4.133%, 

10/18/2029

b

1,284,918

Morgan

Stanley

Bank

NA

1,100,000

5.016%, 

1/12/2029

b

1,111,773

Morgan

Stanley

Direct

Lending

Fund

1,425,000

6.150%, 

5/17/2029

1,433,160

National

Bank

of

Canada

850,000

4.166%, 

1/20/2029

b

845,384

NatWest

Markets

plc

1,250,000

4.174%, 

11/6/2028

a

1,241,104

New

York

Life

Global

Funding

1,100,000

4.900%, 

6/13/2028

a

1,113,624

500,000

5.000%, 

6/6/2029

a,e

508,200

Nippon

Life

Insurance

Company

1,700,000

4.748%, 

4/2/2031

a,h

1,704,254

Nomura

Holdings,

Inc.

750,000

2.329%, 

1/22/2027

737,450

1,300,000

5.594%, 

7/2/2027

1,315,882

Northwestern

Mutual

Global

Funding

1,100,000

4.900%, 

6/12/2028

a

1,112,266

Omega

Healthcare

Investors,

Inc.

750,000

5.200%, 

7/1/2030

753,046

Pinnacle

Bank/Nashville,

TN

1,845,000

5.625%, 

2/15/2028

1,865,683

PNC

Bank

NA

1,100,000

4.429%, 

7/21/2028

b

1,099,580

PNC

Financial

Services

Group,

Inc.

1,500,000

3.400%, 

9/15/2026

b,f

1,476,289

750,000

6.615%, 

10/20/2027

b

758,633

925,000

5.582%, 

6/12/2029

b

947,872

Principal

Life

Global

Funding

II

1,000,000

4.800%, 

1/9/2028

a

1,006,179

Prudential

Financial,

Inc.

1,700,000

4.500%, 

9/15/2047

b

1,658,192

Regions

Financial

Corporation

300,000

5.722%, 

6/6/2030

b

307,663

RGA

Global

Funding

1,500,000

5.448%, 

5/24/2029

a

1,536,505

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

1,300,000

3.625%, 

3/1/2029

a

1,231,090

Royal

Bank

of

Canada

1,000,000

4.510%, 

10/18/2027

b

1,000,567

950,000

3.995%, 

11/3/2028

b

943,202

1,075,000

4.498%, 

8/6/2029

b

1,074,998

Santander

Holdings

USA,

Inc.

750,000

2.490%, 

1/6/2028

b

737,296

750,000

5.473%, 

3/20/2029

b

760,438

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Financials  32.4%

-

continued

Skandinaviska

Enskilda

Banken

AB

$

1,750,000

4.500%, 

9/3/2030

a

$

1,739,401

Societe

Generale

SA

850,000

5.250%, 

2/19/2027

a

855,280

1,000,000

5.500%, 

4/13/2029

a,b

1,014,939

Standard

Chartered

plc

1,000,000

2.608%, 

1/12/2028

a,b

985,152

750,000

5.688%, 

5/14/2028

a,b

758,871

900,000

5.545%, 

1/21/2029

a,b

913,281

State

Street

Corporation

1,300,000

5.684%, 

11/21/2029

b

1,344,908

Sumitomo

Mitsui

Financial

Group,

Inc.

1,100,000

5.716%, 

9/14/2028

1,130,909

Swedbank

AB

1,300,000

4.898%, 

3/30/2031

a

1,305,134

Takeoff

Merger

Sub,

Inc.

1,350,000

4.500%, 

3/24/2029

a

1,341,312

Toronto-Dominion

Bank

1,450,000

4.861%, 

1/31/2028

1,461,668

500,000

4.109%, 

10/13/2028

497,311

TPG

Operating

Group

II,

LP

1,164,000

4.875%, 

5/15/2031

1,141,624

Truist

Bank

1,500,000

4.420%, 

7/24/2028

b

1,499,922

Truist

Financial

Corporation

1,275,000

5.071%, 

5/20/2031

b

1,288,899

750,000

4.597%, 

1/27/2032

b

742,008

U.S.

Bancorp

1,000,000

6.787%, 

10/26/2027

b

1,013,315

500,000

4.548%, 

7/22/2028

b

500,449

550,000

5.384%, 

1/23/2030

b

563,256

1,000,000

5.100%, 

7/23/2030

b

1,017,633

750,000

5.046%, 

2/12/2031

b

760,926

UBS

Group

AG

1,100,000

6.327%, 

12/22/2027

a,b

1,114,594

875,000

6.850%, 

9/10/2029

a,b,f

867,151

1,300,000

5.428%, 

2/8/2030

a,b

1,328,055

USB

Realty

Corporation

95,000

5.081%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,f

83,374

Voya

Global

Funding

900,000

4.600%, 

11/24/2030

a

886,407

Wells

Fargo

&

Company

850,000

3.526%, 

3/24/2028

b

842,988

1,000,000

5.707%, 

4/22/2028

b

1,012,899

1,750,000

4.970%, 

4/23/2029

b

1,765,174

1,100,000

5.574%, 

7/25/2029

b

1,125,270

1,050,000

4.078%, 

9/15/2029

b

1,038,449

Westpac

New

Zealand,

Ltd.

1,100,000

4.902%, 

2/15/2028

a

1,111,401

Zions

Bancorp

NA

1,150,000

4.704%, 

8/18/2028

b

1,139,761

850,000

4.483%, 

2/9/2029

b

843,653

Total

200,889,915

Foreign

Government  0.4%

Eagle

Funding

Luxco

SARL

875,000

5.500%, 

8/17/2030

a

879,594

NBN

Company,

Ltd.

700,000

4.000%, 

10/1/2027

a

697,501

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Foreign

Government  0.4%

-

continued

$

800,000

4.150%, 

9/16/2030

a

$

790,182

Total

2,367,277

Mortgage-Backed

Securities  1.1%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

6,525,000

5.000%, 

4/1/2041

h

6,572,646

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

45,962

6.001%, 

(RFUCCT1Y

+

1.501%),

1/1/2043

b

47,184

Total

6,619,830

Technology  6.1%

Alphabet,

Inc.

1,075,000

3.700%, 

2/15/2029

1,065,761

1,075,000

4.100%, 

2/15/2031

1,067,530

Block,

Inc.

1,550,000

5.625%, 

8/15/2030

a

1,541,435

Broadcom,

Inc.

1,000,000

4.800%, 

4/15/2028

1,011,098

1,350,000

5.050%, 

7/12/2029

1,377,911

1,275,000

4.200%, 

10/15/2030

1,260,184

Dell

International,

LLC/EMC

Corporation

1,050,000

4.750%, 

4/1/2028

1,057,379

Equinix

Europe

2

Financing

Corporation,

LLC

1,500,000

4.600%, 

11/15/2030

1,486,012

Fidelity

National

Information

Services,

Inc.

460,000

4.550%, 

3/10/2029

457,831

200,000

4.800%, 

3/10/2031

198,430

Fiserv,

Inc.

1,100,000

5.150%, 

3/15/2027

1,105,309

1,100,000

5.450%, 

3/2/2028

1,115,624

1,800,000

4.550%, 

2/15/2031

1,762,179

Foundry

JV

Holdco,

LLC

2,000,000

5.500%, 

1/25/2031

a

2,042,150

Global

Payments,

Inc.

700,000

4.550%, 

3/15/2028

696,891

Hewlett

Packard

Enterprise

Company

350,000

4.450%, 

9/25/2026

350,287

1,000,000

4.600%, 

3/23/2029

999,081

1,400,000

4.400%, 

10/15/2030

1,374,552

International

Business

Machines

Corporation

750,000

4.650%, 

2/10/2028

754,637

1,400,000

4.000%, 

2/3/2029

1,385,859

Jabil,

Inc.

1,000,000

4.250%, 

5/15/2027

997,431

Microchip

Technology,

Inc.

350,000

5.050%, 

3/15/2029

355,082

Molex

Electronic

Technologies,

LLC

950,000

4.750%, 

4/30/2028

a

954,053

Oracle

Corporation

1,100,000

4.500%, 

5/6/2028

1,094,912

900,000

4.800%, 

8/3/2028

900,382

1,150,000

4.550%, 

2/4/2029

1,135,466

875,000

4.200%, 

9/27/2029

847,991

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Technology  6.1%

-

continued

$

700,000

4.450%, 

9/26/2030

$

674,577

Paychex,

Inc.

325,000

5.100%, 

4/15/2030

327,913

PayPal

Holdings,

Inc.

500,000

4.450%, 

3/6/2028

501,057

Qorvo,

Inc.

2,300,000

4.375%, 

10/15/2029

2,249,174

Qualcomm,

Inc.

825,000

4.500%, 

5/20/2030

829,811

Roper

Technologies,

Inc.

1,075,000

4.500%, 

10/15/2029

1,068,767

Salesforce,

Inc.

1,700,000

4.650%, 

3/15/2029

1,703,521

Seagate

Data

Storage

Technology,

Private

Ltd.

500,000

4.091%, 

6/1/2029

a

483,922

SK

Hynix,

Inc.

750,000

5.500%, 

1/16/2027

a

756,577

Synopsys,

Inc.

700,000

4.550%, 

4/1/2027

700,475

Verisk

Analytics,

Inc.

357,000

4.450%, 

3/15/2031

351,062

Total

38,042,313

Transportation  1.2%

Air

Canada

1,875,000

3.875%, 

8/15/2026

a

1,865,654

Delta

Air

Lines,

Inc.

1,100,000

4.950%, 

7/10/2028

1,104,049

370,000

5.250%, 

7/10/2030

372,435

ERAC

USA

Finance,

LLC

750,000

5.000%, 

2/15/2029

a

762,072

FedEx

Freight

Holding

Company,

Inc.

1,850,000

4.650%, 

3/15/2031

a

1,818,300

Ryder

System,

Inc.

925,000

4.850%, 

6/15/2030

931,365

United

Airlines

Holdings,

Inc.

500,000

4.875%, 

3/1/2029

489,041

Total

7,342,916

U.S.

Government

&

Agencies  3.1%

U.S.

Treasury

Notes

10,250,000

3.875%, 

7/15/2028

10,262,012

8,500,000

4.000%, 

10/31/2029

8,533,867

450,000

3.875%, 

4/30/2030

449,508

Total

19,245,387

Utilities  3.6%

American

Electric

Power

Company,

Inc.

1,050,000

5.800%, 

3/15/2056

b

1,037,206

745,000

5.200%, 

1/15/2029

760,294

Constellation

Energy

Generation,

LLC

1,100,000

5.600%, 

3/1/2028

1,124,382

650,000

4.400%, 

1/15/2031

641,526

DTE

Energy

Company

900,000

4.950%, 

7/1/2027

905,821

950,000

5.100%, 

3/1/2029

966,005

Duke

Energy

Carolinas,

LLC

1,000,000

4.850%, 

3/15/2030

1,018,213

Principal

Amount

Long-Term

Fixed

Income  100.1%

Value

Utilities  3.6%

-

continued

Evergy

Kansas

Central,

Inc.

$

650,000

4.700%, 

3/13/2028

$

652,999

Evergy,

Inc.

1,400,000

4.250%, 

3/15/2029

1,389,312

Eversource

Energy

1,100,000

5.450%, 

3/1/2028

1,117,850

Exelon

Corporation

725,000

5.150%, 

3/15/2028

733,553

Georgia

Power

Company

1,100,000

4.650%, 

5/16/2028

1,108,520

875,000

4.000%, 

10/1/2028

869,874

ITC

Holdings

Corporation

1,300,000

4.875%, 

4/15/2031

a,h

1,300,677

National

Rural

Utilities

Cooperative

Finance

Corporation

1,100,000

4.750%, 

2/7/2028

1,108,143

1,100,000

4.800%, 

3/15/2028

1,109,814

Nevada

Power

Company

725,000

6.250%, 

5/15/2055

b

724,717

NextEra

Energy

Capital

Holdings,

Inc.

725,000

4.685%, 

9/1/2027

728,498

900,000

5.050%, 

3/15/2030

916,673

NiSource,

Inc.

750,000

5.750%, 

7/15/2056

b

738,589

Southern

Company

750,000

3.750%, 

9/15/2051

b

742,537

Southern

Power

Company

400,000

4.250%, 

10/1/2030

394,837

Vistra

Operations

Company,

LLC

600,000

5.050%, 

12/30/2026

a

601,814

WEC

Energy

Group,

Inc.

700,000

4.750%, 

1/15/2028

705,122

Xcel

Energy,

Inc.

1,050,000

4.750%, 

3/21/2028

1,055,389

Total

22,452,365

Total

Long-Term

Fixed

Income

(cost

$621,843,532)

621,260,563

Shares

Collateral

Held

for

Securities

Loaned

0.6%

Value

3,536,655

Thrivent

Cash

Management

Trust

3,536,655

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,536,655)

3,536,655

Shares

Preferred

Stock

0.3%

Value

Financials  0.3%

66,000

Citigroup

Capital

XIII,

10.299%

b

1,937,100

Total

1,937,100

Total

Preferred

Stock

(cost

$1,821,600)

1,937,100

Shares

or

Principal

Amount

Short-Term

Investments

0.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

3.600%,

4/29/2026

i,j

199,421

200,000

3.600%,

5/29/2026

i,j

198,817

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Shares

or

Principal

Amount

Short-Term

Investments  0.3%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,189,990

3.602%

i

$

1,189,990

Total

Short-Term

Investments

(cost

$1,588,269)

1,588,228

Total

Investments

(cost

$628,790,056)

101.3%

$628,322,546

Other

Assets

and

Liabilities,

Net

(1.3%)

(7,912,819)

Total

Net

Assets

100.0%

$620,409,727

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2026,

the

value

of

these

investments

was

$284,345,586

or

45.8%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2026.

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

March

31,

2026.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

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

March

31,

2026

was

$237,600

or

0.04%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2026.

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

March

31,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,416,095

Total

lending

$3,416,095

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,536,655

Net

amounts

due

to

counterparty

$120,560

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

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

75,335,612

–

75,335,612

–

Basic

Materials

6,042,772

–

6,042,772

–

Capital

Goods

18,572,234

–

18,572,234

–

Collateralized

Mortgage

Obligations

92,829,748

–

92,829,748

–

Commercial

Mortgage-Backed

Securities

19,306,267

–

19,306,267

–

Communications

Services

17,918,145

–

17,918,145

–

Consumer

Cyclical

34,156,803

–

34,156,803

–

Consumer

Non-Cyclical

38,750,408

–

38,750,408

–

Energy

21,388,571

–

21,388,571

–

Financials

200,889,915

–

200,889,915

–

Foreign

Government

2,367,277

–

2,367,277

–

Mortgage-Backed

Securities

6,619,830

–

6,619,830

–

Technology

38,042,313

–

38,042,313

–

Transportation

7,342,916

–

7,342,916

–

U.S.

Government

&

Agencies

19,245,387

–

19,245,387

–

Utilities

22,452,365

–

22,452,365

–

Preferred

Stock

Financials

1,937,100

1,937,100

–

–

Short-Term

Investments

1,588,228

1,189,990

398,238

–

Subtotal

Investments

in

Securities

$624,785,891

$3,127,090

$621,658,801

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

3,536,655

Subtotal

Other

Investments

$3,536,655

Total

Investments

at

Value

$628,322,546

*

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

March

31,

2026,

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

190,262

190,262

–

–

Total

Liability

Derivatives

$190,262

$190,262

$–

$–

Short-Term

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Short-Term

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$398,238

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

130

June

2026

$

27,158,152

(

$

190,262)

Total

Futures

Long

Contracts

$

27,158,152

(

$

190,262)

Total

Futures

Contracts

$

27,158,152

($190,262)

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Short-Term

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$7,612

$17,895

$21,970

$3,537

3,537

0.6%

Total

Collateral

Held

for

Securities

Loaned

7,612

3,537

0.6

Total

Value

$7,612

$3,537

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

Value

$–

$–

$

–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Shares

Common

Stock

96.3%

Value

Consumer

Discretionary  10.5%

8,342

Boot

Barn

Holdings,

Inc.

a

$

1,220,935

15,966

Churchill

Downs,

Inc.

1,434,226

5,617

Installed

Building

Products,

Inc.

1,489,348

50,727

Life

Time

Group

Holdings,

Inc.

a

1,366,585

1,477

Murphy

USA,

Inc.

729,594

15,035

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

1,383,821

13,419

SharkNinja,

Inc.

a

1,421,072

8,605

Texas

Roadhouse,

Inc.

1,421,030

35,935

Universal

Technical

Institute,

Inc.

a

1,297,253

8,922

Wynn

Resorts,

Ltd.

906,029

Total

12,669,893

Consumer

Staples  3.6%

25,901

Chefs'

Warehouse,

Inc.

a

1,539,814

22,045

Turning

Point

Brands,

Inc.

1,913,286

17,367

Vita

Coco

Company,

Inc.

a

832,053

Total

4,285,153

Energy  2.8%

3,646

Gulfport

Energy

Corporation

a

771,384

20,299

Matador

Resources

Company

1,282,491

121,465

Patterson-UTI

Energy,

Inc.

1,315,466

Total

3,369,341

Financials  6.5%

5,860

Enova

International,

Inc.

a

795,964

7,369

Houlihan

Lokey,

Inc.

1,058,336

60,029

Old

National

Bancorp

1,326,641

26,696

Old

Republic

International

Corporation

1,065,170

21,888

Stock

Yards

Bancorp,

Inc.

1,450,955

36,386

Triumph

Financial,

Inc.

a

2,170,789

Total

7,867,855

Health

Care  17.8%

14,838

Bio-Techne

Corporation

775,434

11,383

BridgeBio

Pharma,

Inc.

a

845,302

39,064

BrightSpring

Health

Services,

Inc.

a

1,664,517

16,700

Encompass

Health

Corporation

1,615,391

9,579

GeneDx

Holdings

Corporation

a

615,163

12,206

Guardant

Health,

Inc.

a

1,127,468

9,583

ICU

Medical,

Inc.

a

1,237,645

5,504

iRhythm

Holdings,

Inc.

a

649,582

5,046

Masimo

Corporation

a

897,532

2,623

Medpace

Holdings,

Inc.

a

1,259,538

11,018

Mirum

Pharmaceuticals,

Inc.

a

1,017,843

7,918

Neurocrine

Biosciences,

Inc.

a

1,043,117

2,671

Penumbra,

Inc.

a,b

877,076

18,355

RadNet,

Inc.

a

1,025,861

6,876

Repligen

Corporation

a

810,130

31,375

Twist

Bioscience

Corporation

a

1,490,940

8,836

UFP

Technologies,

Inc.

a

1,710,650

28,423

Vericel

Corporation

a

914,368

79,688

Waystar

Holding

Corporation

a

1,921,278

Total

21,498,835

Industrials  29.1%

3,606

Acuity,

Inc.

1,010,473

7,954

Advanced

Drainage

Systems,

Inc.

1,090,732

7,809

Applied

Industrial

Technologies,

Inc.

2,071,884

13,485

Atmus

Filtration

Technologies,

Inc.

765,544

11,802

BWX

Technologies,

Inc.

2,413,391

13,139

Casella

Waste

Systems,

Inc.

a

1,042,448

Shares

Common

Stock  96.3%

Value

Industrials  29.1%

-

continued

18,929

CECO

Environmental

Corporation

a

$

1,127,790

11,453

Construction

Partners,

Inc.

a

1,272,657

7,012

CRA

International,

Inc.

1,135,103

4,522

CSW

Industrials,

Inc.

1,178,343

19,581

Enerpac

Tool

Group

Corporation

714,119

6,602

EnPro,

Inc.

1,654,791

10,295

Federal

Signal

Corporation

1,113,301

4,182

FTAI

Aviation,

Ltd.

1,024,590

15,261

Limbach

Holdings,

Inc.

a

1,191,121

20,207

Mercury

Systems,

Inc.

a

1,473,292

8,272

Modine

Manufacturing

Company

a

1,792,625

5,131

Moog,

Inc.

1,501,536

47,207

Mueller

Water

Products,

Inc.

1,297,721

93,629

NPK

International,

Inc.

a

1,356,684

4,006

RBC

Bearings,

Inc.

a

2,175,739

6,116

Standex

International

Corporation

1,558,724

3,879

Sterling

Construction

Company,

Inc.

a

1,579,800

17,893

Transcat,

Inc.

a

1,314,241

4,921

WESCO

International,

Inc.

1,346,484

11,669

Willdan

Group,

Inc.

a

893,379

Total

35,096,512

Information

Technology  21.1%

5,178

Bel

Fuse,

Inc.

1,025,140

22,101

Cognex

Corporation

1,082,728

20,744

DigitalOcean

Holdings,

Inc.

a

1,779,420

5,214

Fabrinet

a

2,719,205

61,154

GPGI,

Inc.

1,045,733

17,545

Guidewire

Software,

Inc.

a

2,624,030

4,519

InterDigital,

Inc.

1,364,738

65,893

JFrog,

Ltd.

a

3,092,359

19,194

Lattice

Semiconductor

Corporation

a

1,780,435

1,573

Lumentum

Holdings,

Inc.

a

1,105,442

7,661

Novanta,

Inc.

a

904,841

6,238

Onto

Innovation,

Inc.

a

1,279,227

13,176

Rambus,

Inc.

a

1,133,531

10,926

Silicon

Laboratories,

Inc.

a

2,274,247

4,003

SiTime

Corporation

a

1,382,436

7,923

TTM

Technologies,

Inc.

a

771,859

Total

25,365,371

Materials  4.1%

8,243

Balchem

Corporation

1,397,024

23,902

Constellium

SE

a

587,511

44,382

Element

Solutions,

Inc.

1,515,201

72,707

Ivanhoe

Mines,

Ltd.

a

621,441

10,800

Louisiana-Pacific

Corporation

785,700

Total

4,906,877

Real

Estate  0.8%

16,141

Terreno

Realty

Corporation

991,380

Total

991,380

Total

Common

Stock

(cost

$102,081,249)

116,051,217

Shares

Registered

Investment

Companies  

2.4%

Value

U.S.

Unaffiliated  

2.4%  

8,572

iShares

Biotechnology

ETF

1,447,382

9,259

iShares

Expanded

Tech-Software

Sector

ETF

a

741,183

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Shares

Registered

Investment

Companies  2.4%

Value

U.S.

Unaffiliated  

2.4%  -

continued

5,302

State

Street

SPDR

S&P

Biotech

ETF

$

677,225

Total

2,865,790

Total

Registered

Investment

Companies

(cost

$2,852,142)

2,865,790

Shares

Collateral

Held

for

Securities

Loaned

1.3%

Value

1,507,500

Thrivent

Cash

Management

Trust

1,507,500

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,507,500)

1,507,500

Shares

or

Principal

Amount

Short-Term

Investments

0.8%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

981,783

3.602%

c

981,783

Total

Short-Term

Investments

(cost

$981,783)

981,783

Total

Investments

(cost

$107,422,674)

100.8%

$121,406,290

Other

Assets

and

Liabilities,

Net

(0.8%)

(921,213)

Total

Net

Assets

100.0%

$120,485,077

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

1,477,665

Total

lending

$1,477,665

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,507,500

Net

amounts

due

to

counterparty

$29,835

Definitions:

ETF

-

Exchange-Traded

Fund

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

March

31,

2026,

in

valuing

Small

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

12,669,893

12,669,893

–

–

Consumer

Staples

4,285,153

4,285,153

–

–

Energy

3,369,341

3,369,341

–

–

Financials

7,867,855

7,867,855

–

–

Health

Care

21,498,835

21,498,835

–

–

Industrials

35,096,512

35,096,512

–

–

Information

Technology

25,365,371

25,365,371

–

–

Materials

4,906,877

4,285,436

621,441

–

Real

Estate

991,380

991,380

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,865,790

2,865,790

–

–

Short-Term

Investments

981,783

981,783

–

–

Subtotal

Investments

in

Securities

$119,898,790

$119,277,349

$621,441

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

1,507,500

Subtotal

Other

Investments

$1,507,500

Total

Investments

at

Value

$121,406,290

*

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$3,836

$2,328

$1,508

1,508

1.3%

Total

Collateral

Held

for

Securities

Loaned

–

1,508

1.3

Total

Value

$–

$1,508

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Shares

Common

Stock

98.1%

Value

Communications

Services  3.7%

3,084

Cable

One,

Inc.

a

$

281,292

54,224

CarGurus,

Inc.

a

1,846,327

68,878

Cinemark

Holdings,

Inc.

1,964,401

31,681

Cogent

Communications

Holdings

596,870

89,254

DoubleVerify

Holdings,

Inc.

a

847,913

51,820

Gogo,

Inc.

a

208,316

43,511

IAC,

Inc.

a

1,741,745

70,057

Iridium

Communications,

Inc.

1,943,381

26,892

John

Wiley

and

Sons,

Inc.

1,024,585

629,809

Lumen

Technologies,

Inc.

a

4,377,172

11,999

Madison

Square

Garden

Sports

Corporation

a

3,856,479

157,569

Match

Group,

Inc.

4,838,944

38,042

QuinStreet,

Inc.

a

456,884

15,279

Scholastic

Corporation

b

596,798

30,414

Shenandoah

Telecommunications

Company

468,984

17,403

Shutterstock,

Inc.

c

289,064

17,775

Sphere

Entertainment

Company

a

2,086,785

65,600

Telephone

and

Data

Systems,

Inc.

2,761,760

76,407

Tripadvisor,

Inc.

a

814,499

119,662

Uniti

Group,

Inc.

a

1,122,430

97,036

Versant

Media

Group,

Inc.

a

3,592,273

38,992

Yelp,

Inc.

a

964,662

26,368

Ziff

Davis,

Inc.

a

1,106,401

179,320

ZoomInfo

Technologies,

Inc.

a

1,072,334

Total

38,860,299

Consumer

Discretionary  13.3%

44,508

Academy

Sports

and

Outdoors,

Inc.

2,512,477

18,403

Acushnet

Holdings

Corporation

1,720,312

52,291

Adient

plc

a

1,056,801

339,125

ADT,

Inc.

2,228,051

40,064

Advance

Auto

Parts,

Inc.

2,113,376

105,224

American

Eagle

Outfitters,

Inc.

1,757,241

12,977

Asbury

Automotive

Group,

Inc.

a

2,535,836

14,107

BJ's

Restaurants,

Inc.

a

495,156

20,304

Boot

Barn

Holdings,

Inc.

a

2,971,693

29,069

Brinker

International,

Inc.

a

4,150,181

20,104

Buckle,

Inc.

1,012,437

136,236

Caesars

Entertainment,

Inc.

a

3,600,718

93,280

Callaway

Golf

Company

a

1,294,726

94,646

CarMax,

Inc.

a

3,935,381

24,328

Carter's,

Inc.

869,969

5,180

Cavco

Industries,

Inc.

a

2,508,622

16,870

Century

Communities,

Inc.

968,001

36,913

Champion

Homes,

Inc.

a

2,745,220

30,607

Cheesecake

Factory,

Inc.

1,675,733

23,034

Covista,

Inc.

a

2,654,669

14,904

Cracker

Barrel

Old

Country

Store,

Inc.

418,951

74,958

Dana,

Inc.

2,522,337

157,512

Dauch

Corporation

a

934,046

18,564

Dorman

Products,

Inc.

a

1,937,339

19,172

Dream

Finders

Homes,

Inc.

a

266,874

15,456

Ethan

Allen

Interiors,

Inc.

344,051

65,884

Etsy,

Inc.

a

3,292,882

27,901

Fox

Factory

Holding

Corporation

a

459,250

48,134

Frontdoor,

Inc.

a

2,544,363

20,348

Gentherm,

Inc.

a

565,267

24,781

G-III

Apparel

Group,

Ltd.

686,434

13,105

Golden

Entertainment,

Inc.

349,772

20,355

Green

Brick

Partners,

Inc.

a

1,311,880

7,874

Group

1

Automotive,

Inc.

2,603,381

Shares

Common

Stock  98.1%

Value

Consumer

Discretionary  13.3%

-

continued

15,117

Installed

Building

Products,

Inc.

$

4,008,273

74,884

Kohl's

Corporation

b

966,004

34,140

Kontoor

Brands,

Inc.

2,399,701

89,511

Laureate

Education,

Inc.

a

3,118,563

27,533

La-Z-Boy,

Inc.

884,911

16,152

LCI

Industries

1,986,373

90,399

Leggett

&

Platt,

Inc.

893,142

13,556

LGI

Homes,

Inc.

a

535,869

101,558

Life

Time

Group

Holdings,

Inc.

a

2,735,973

170,848

LKQ

Corporation

5,017,806

17,453

M/I

Homes,

Inc.

a

2,137,120

12,939

MarineMax,

Inc.

a

350,129

18,483

Marriott

Vacations

Worldwide

Corporation

1,203,613

20,776

Matthews

International

Corporation

536,436

44,588

Meritage

Homes

Corporation

2,757,322

65,593

Mister

Car

Wash,

Inc.

a

457,183

34,662

Mohawk

Industries,

Inc.

a

3,412,821

8,088

Monarch

Casino

&

Resort,

Inc.

773,213

20,038

Monro,

Inc.

321,410

52,938

National

Vision

Holdings,

Inc.

a

1,371,094

279,797

Newell

Brands,

Inc.

959,704

68,051

OneSpaWorld

Holdings,

Ltd.

1,561,770

9,334

Oxford

Industries,

Inc.

b

359,452

21,886

Papa

John's

International,

Inc.

709,325

22,211

Patrick

Industries,

Inc.

2,466,976

85,013

PENN

Entertainment,

Inc.

a

1,277,745

40,358

Perdoceo

Education

Corporation

1,501,721

25,307

Phinia,

Inc.

1,732,011

14,348

Pursuit

Attractions

and

Hospitality,

Inc.

a

525,567

32,400

Red

Rock

Resorts,

Inc.

1,728,864

263,568

Sabre

Corporation

a

382,174

64,751

Sally

Beauty

Holdings,

Inc.

a

896,801

26,869

Shake

Shack,

Inc.

a

2,377,100

27,155

Signet

Jewelers,

Ltd.

2,298,399

67,731

Six

Flags

Entertainment

Corporation

a

1,202,225

9,903

Sonic

Automotive,

Inc.

679,049

80,680

Sonos,

Inc.

a

1,081,112

13,950

Standard

Motor

Products,

Inc.

484,623

48,497

Steven

Madden,

Ltd.

1,645,018

15,513

Strategic

Education,

Inc.

1,286,959

28,049

Stride,

Inc.

a

2,473,080

56,389

Tri

Pointe

Homes,

Inc.

a

2,635,058

126,041

Under

Armour,

Inc.,

Class

A

a

744,902

79,789

Under

Armour,

Inc.,

Class

C

a

461,978

18,206

United

Parks

&

Resorts,

Inc.

a,b

594,608

34,786

Upbound

Group,

Inc.

627,887

35,915

Urban

Outfitters,

Inc.

a

2,275,215

53,577

Victoria's

Secret

&

Company

a

2,483,830

105,482

Wendy's

Company

b

733,100

1,974

Winmark

Corporation

843,984

18,837

Winnebago

Industries,

Inc.

583,759

54,712

Wolverine

World

Wide,

Inc.

892,900

16,813

XPEL,

Inc.

a

744,143

Total

138,161,422

Consumer

Staples  2.8%

22,425

Andersons,

Inc.

1,609,666

29,899

Cal-Maine

Foods,

Inc.

2,366,506

5,410

Central

Garden

&

Pet

Company

a

198,926

34,051

Central

Garden

&

Pet

Company,

Class

A

a

1,103,933

24,170

Chefs'

Warehouse,

Inc.

a

1,436,907

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Shares

Common

Stock  98.1%

Value

Consumer

Staples  2.8%

-

continued

31,183

Edgewell

Personal

Care

Company

$

665,445

40,674

Energizer

Holdings,

Inc.

667,867

22,004

Fresh

Del

Monte

Produce,

Inc.

885,881

32,578

Freshpet,

Inc.

a

1,920,799

65,504

Grocery

Outlet

Holding

Corporation

a

461,803

12,200

Interparfums,

Inc.

1,108,248

10,152

J

&

J

Snack

Foods

Corporation

804,749

6,067

John

B.

Sanfilippo

&

Son,

Inc.

481,295

92,698

Lamb

Weston

Holdings,

Inc.

3,917,417

15,625

National

Beverage

Corporation

a

525,781

16,852

PriceSmart,

Inc.

2,536,226

36,504

Reynolds

Consumer

Products,

Inc.

773,155

56,849

Simply

Good

Foods

Company

a

815,783

13,514

Tootsie

Roll

Industries,

Inc.

577,318

40,671

United

Natural

Foods,

Inc.

a

1,832,635

16,635

Universal

Corporation

876,665

29,134

Vita

Coco

Company,

Inc.

a

1,395,810

24,805

Vital

Farms,

Inc.

a

350,247

9,002

WD-40

Company

1,835,868

Total

29,148,930

Energy  6.2%

117,055

Archrock,

Inc.

4,073,514

51,308

Atlas

Energy

Solutions,

Inc.

673,161

16,794

Bristow

Group,

Inc.

787,471

45,949

Cactus,

Inc.

2,176,604

52,444

California

Resources

Corporation

3,630,174

52,814

Comstock

Resources,

Inc.

a

1,113,319

31,080

Core

Laboratories,

Inc.

521,833

34,201

Core

Natural

Resources,

Inc.

3,581,871

162,197

Crescent

Energy

Company

2,189,659

20,131

CVR

Energy,

Inc.

a

677,408

24,537

Dorian

LPG,

Ltd.

839,165

91,300

Helix

Energy

Solutions

Group,

Inc.

a

902,957

66,647

Helmerich

&

Payne,

Inc.

2,401,291

25,765

Innovex

International,

Inc.

a

628,408

27,036

International

Seaways,

Inc.

1,970,384

30,343

Kinetik

Holdings,

Inc.

b

1,468,905

55,477

Kodiak

Gas

Services,

Inc.

3,235,419

108,165

Liberty

Energy,

Inc.

3,115,152

120,734

Magnolia

Oil

&

Gas

Corporation

3,811,572

83,946

Noble

Corporation

plc

4,119,230

69,654

Northern

Oil

and

Gas,

Inc.

2,035,986

66,598

Oceaneering

International,

Inc.

a

2,362,231

33,568

Par

Pacific

Holdings,

Inc.

a

2,102,700

230,547

Patterson-UTI

Energy,

Inc.

2,496,824

81,165

Peabody

Energy

Corporation

2,674,387

18,908

REX

American

Resources

Corporation

a

861,638

59,354

RPC,

Inc.

420,226

151,083

SM

Energy

Company

4,710,768

83,964

Talos

Energy,

Inc.

a

1,323,273

30,766

Tidewater,

Inc.

a

2,570,499

37,084

World

Kinect

Corporation

855,528

Total

64,331,557

Financials  17.9%

17,638

Acadian

Asset

Management,

Inc.

959,860

56,059

Adamas

Trust,

Inc.

412,594

42,862

Ameris

Bancorp

3,342,807

12,624

AMERISAFE,

Inc.

420,758

87,588

Apollo

Commercial

Real

Estate

Finance,

Inc.

924,929

130,631

Arbor

Realty

Trust,

Inc.

1,007,165

Shares

Common

Stock  98.1%

Value

Financials  17.9%

-

continued

74,689

ARMOUR

Residential

REIT,

Inc.

$

1,245,812

47,032

Artisan

Partners

Asset

Management,

Inc.

1,711,494

28,916

Assured

Guaranty,

Ltd.

2,356,076

94,632

Atlantic

Union

Bankshares

Corporation

3,382,148

37,831

Axos

Financial,

Inc.

a

3,219,040

89,605

Banc

of

California,

Inc.

1,575,256

13,879

BancFirst

Corporation

1,505,871

28,271

Bancorp,

Inc.

a

1,519,001

26,556

Bank

of

Hawaii

Corporation

1,971,783

49,485

BankUnited,

Inc.

2,234,743

22,760

Banner

Corporation

1,381,077

55,945

Beacon

Financial

Corporation

1,678,350

242,403

BGC

Group,

Inc.

2,370,701

105,871

Blackstone

Mortgage

Trust,

Inc.

2,027,430

29,436

Bread

Financial

Holdings,

Inc.

2,204,462

79,734

Capitol

Federal

Financial,

Inc.

568,503

44,855

Cathay

General

Bancorp

2,236,470

17,604

Central

Pacific

Financial

Corporation

562,624

9,618

City

Holding

Company

1,149,543

18,385

Cohen

&

Steers,

Inc.

1,149,982

35,164

Community

Financial

System,

Inc.

2,062,369

21,224

Customers

Bancorp,

Inc.

a

1,473,158

85,050

CVB

Financial

Corporation

1,649,119

27,228

Dime

Community

Bancshares,

Inc.

920,851

17,713

Donnelley

Financial

Solutions,

Inc.

a

834,991

18,447

Eagle

Bancorp,

Inc.

458,777

83,200

Ellington

Financial,

Inc.

b

985,920

15,004

Employers

Holdings,

Inc.

617,265

19,276

Enact

Holdings,

Inc.

786,654

14,888

Encore

Capital

Group,

Inc.

a

1,043,947

16,497

Enova

International,

Inc.

a

2,240,787

42,708

EVERTEC,

Inc.

1,205,220

39,199

EZCORP,

Inc.

a

994,871

26,944

FB

Financial

Corporation

1,399,471

103,848

First

Bancorp/Puerto

Rico

2,218,193

27,677

First

Bancorp/Southern

Pines,

NC

1,559,599

68,417

First

Commonwealth

Financial

Corporation

1,202,771

69,061

First

Financial

Bancorp

1,925,421

81,892

First

Hawaiian,

Inc.

2,017,819

58,713

First

Interstate

BancSystem,

Inc.

1,961,014

54,436

Franklin

BSP

Realty

Trust,

Inc.

462,162

127,802

Fulton

Financial

Corporation

2,599,493

266,568

Genworth

Financial,

Inc.

a

2,164,532

16,626

Goosehead

Insurance,

Inc.

a

709,265

85,200

HA

Sustainable

Infrastructure

Capital,

Inc.

3,131,100

19,781

Hanmi

Financial

Corporation

521,427

7,170

HCI

Group,

Inc.

1,108,554

27,450

Heritage

Financial

Corporation

713,700

27,819

Hilltop

Holdings,

Inc.

996,477

85,572

Hope

Bancorp,

Inc.

955,839

27,156

Horace

Mann

Educators

Corporation

1,159,018

33,092

Independent

Bank

Corporation/MA

2,488,849

47,268

Jackson

Financial,

Inc.

4,997,173

39,191

Kemper

Corporation

1,197,677

16,834

Lakeland

Financial

Corporation

965,935

112,833

Lincoln

National

Corporation

4,005,571

24,811

MarketAxess

Holdings,

Inc.

4,093,319

19,605

Merchants

Bancorp/IN

841,251

17,746

Mercury

General

Corporation

1,564,310

49,391

Moelis

&

Company

2,815,287

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Shares

Common

Stock  98.1%

Value

Financials  17.9%

-

continued

30,072

National

Bank

Holdings

Corporation

$

1,177,619

44,214

Navient

Corporation

361,670

34,919

NBT

Bancorp,

Inc.

1,486,851

49,329

NCR

Atleos

Corporation

a

2,149,758

50,750

NMI

Holdings,

Inc.

a

1,903,632

97,523

Northwest

Bancshares,

Inc.

1,237,567

28,873

OFG

Bancorp

1,168,202

17,690

Palomar

Holdings,

Inc.

a

2,113,955

10,733

Park

National

Corporation

1,754,309

14,527

Pathward

Financial,

Inc.

1,296,244

192,706

Payoneer

Global,

Inc.

a

930,770

58,081

PennyMac

Mortgage

Investment

Trust

677,224

46,044

Piper

Sandler

Companies

3,524,668

16,225

PJT

Partners,

Inc.

2,266,957

26,042

PRA

Group,

Inc.

a

455,735

7,560

Preferred

Bank/Los

Angeles,

CA

685,616

34,318

ProAssurance

Corporation

a

848,341

26,396

PROG

Holdings,

Inc.

757,301

87,185

Provident

Financial

Services,

Inc.

1,844,835

90,435

Radian

Group,

Inc.

2,991,590

83,074

Redwood

Trust,

Inc.

466,045

63,168

Renasant

Corporation

2,282,260

371,028

Rithm

Capital

Corporation

3,517,345

24,966

S&T

Bancorp,

Inc.

1,044,328

9,942

Safety

Insurance

Group,

Inc.

722,187

64,648

Seacoast

Banking

Corporation

of

Florida

1,958,188

33,544

ServisFirst

Bancshares,

Inc.

2,443,009

11,398

Sezzle,

Inc.

a

721,379

96,625

Simmons

First

National

Corporation

1,879,356

69,394

SiriusPoint,

Ltd.

a

1,494,747

18,649

Southside

Bancshares,

Inc.

579,797

30,493

Stellar

Bancorp,

Inc.

1,116,349

49,215

StepStone

Group,

Inc.

2,348,540

20,173

Stewart

Information

Services

Corporation

1,242,253

46,673

StoneX

Group,

Inc.

a

3,764,177

8,426

Tompkins

Financial

Corporation

664,306

15,088

Triumph

Financial,

Inc.

a

900,150

22,596

Trupanion,

Inc.

a

578,684

12,034

TrustCo

Bank

Corporation

NY

526,849

39,389

Trustmark

Corporation

1,659,852

69,956

Two

Harbors

Investment

Corporation

798,898

80,497

United

Community

Banks,

Inc.

2,534,851

14,646

United

Fire

Group,

Inc.

542,781

31,686

Victory

Capital

Holdings,

Inc.

2,074,799

53,273

Virtu

Financial,

Inc.

2,342,947

4,237

Virtus

Investment

Partners,

Inc.

569,241

50,637

WaFd,

Inc.

1,590,002

22,737

Walker

&

Dunlop,

Inc.

1,009,068

16,435

Westamerica

Bancorporation

857,085

212,146

Western

Union

Company

1,852,035

76,687

WisdomTree,

Inc.

1,116,563

1,904

World

Acceptance

Corporation

a

257,116

35,650

WSFS

Financial

Corporation

2,333,649

Total

185,589,315

Health

Care  11.0%

61,580

Acadia

Healthcare

Company,

Inc.

a

1,440,356

83,565

ACADIA

Pharmaceuticals,

Inc.

a

1,860,157

71,631

AdaptHealth

Corporation

a

852,409

Shares

Common

Stock  98.1%

Value

Health

Care  11.0%

-

continued

12,174

Addus

HomeCare

Corporation

a

$

1,140,095

158,856

ADMA

Biologics,

Inc.

a

1,431,293

110,212

Alkermes

plc

a

3,897,096

25,640

AMN

Healthcare

Services,

Inc.

a

470,238

113,307

Amneal

Pharmaceuticals,

Inc.

a

1,408,406

23,618

Amphastar

Pharmaceuticals,

Inc.

a

462,677

12,000

ANI

Pharmaceuticals,

Inc.

a

922,800

68,407

Apellis

Pharmaceuticals,

Inc.

a

2,752,014

56,582

Arcus

Biosciences,

Inc.

a

1,222,171

28,102

Artivion,

Inc.

a

1,029,095

28,798

Astrana

Health,

Inc.

a

706,127

30,984

Avanos

Medical,

Inc.

a

434,086

27,363

Azenta,

Inc.

a

578,180

26,031

BioLife

Solutions,

Inc.

a

496,671

88,357

BrightSpring

Health

Services,

Inc.

a

3,764,892

77,119

Catalyst

Pharmaceuticals,

Inc.

a

1,909,466

79,733

Certara,

Inc.

a

454,478

21,100

Collegium

Pharmaceutical,

Inc.

a

697,777

79,562

Concentra

Group

Holdings

Parent,

Inc.

1,706,605

20,671

CONMED

Corporation

730,927

62,487

Corcept

Therapeutics,

Inc.

a

2,518,851

20,828

CorVel

Corporation

a

1,138,250

73,399

Cytek

Biosciences,

Inc.

a

320,754

39,528

Embecta

Corporation

349,428

38,172

Enovis

Corporation

a

868,413

61,675

Fortrea

Holdings,

Inc.

a

580,978

38,337

Glaukos

Corporation

a

4,127,361

26,526

Harmony

Biosciences

Holdings,

Inc.

a

742,993

15,842

HealthStream,

Inc.

328,088

16,478

ICU

Medical,

Inc.

a

2,128,134

83,338

Indivior

Pharmaceuticals,

Inc.

a

2,540,142

47,411

Innoviva,

Inc.

a

1,104,676

17,359

Inspire

Medical

Systems,

Inc.

a

895,377

23,387

Integer

Holdings

Corporation

a

2,058,056

44,713

Integra

LifeSciences

Holdings

Corporation

a,b

421,196

17,226

Krystal

Biotech,

Inc.

a

4,449,820

13,931

LeMaitre

Vascular,

Inc.

1,520,847

13,138

Ligand

Pharmaceuticals,

Inc.

a

2,623,002

39,575

Merit

Medical

Systems,

Inc.

a

2,727,905

34,375

Molina

Healthcare,

Inc.

a

4,582,187

8,285

National

HealthCare

Corporation

1,323,114

145,192

Neogen

Corporation

a

1,348,834

86,363

NeoGenomics,

Inc.

a

640,813

6,287

OmniAb,

Inc.,

12.5

Earnout

Share

a,d

1

6,287

OmniAb,

Inc.,

15.0

Earnout

Share

a,d

1

29,954

Omnicell,

Inc.

a

999,865

173,529

Organon

&

Company

1,039,439

27,434

Pacira

Pharmaceuticals,

Inc.

a

620,008

56,189

Pediatrix

Medical

Group,

Inc.

a

1,201,883

91,860

Perrigo

Company

plc

986,576

13,766

Phibro

Animal

Health

Corporation

761,397

31,585

Prestige

Consumer

Healthcare,

Inc.

a

1,872,043

77,175

Privia

Health

Group,

Inc.

a

1,587,490

53,517

Progyny,

Inc.

a

908,719

39,225

Protagonist

Therapeutics,

Inc.

a

4,134,315

53,590

PTC

Therapeutics,

Inc.

a

3,651,087

45,343

QuidelOrtho

Corporation

a,b

744,985

46,493

RadNet,

Inc.

a

2,598,494

69,943

Sarepta

Therapeutics,

Inc.

a

1,521,960

37,456

Schrodinger,

Inc./United

States

a

425,500

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Shares

Common

Stock  98.1%

Value

Health

Care  11.0%

-

continued

73,554

Select

Medical

Holdings

Corporation

$

1,198,195

33,202

STAAR

Surgical

Company

a

620,877

38,272

Supernus

Pharmaceuticals,

Inc.

a

1,978,280

45,256

Tandem

Diabetes

Care,

Inc.

a

867,558

29,498

Teleflex,

Inc.

3,528,256

90,752

TG

Therapeutics,

Inc.

a

3,014,781

22,810

TransMedics

Group,

Inc.

a

2,267,542

10,149

U.S.

Physical

Therapy,

Inc.

760,769

5,148

UFP

Technologies,

Inc.

a

996,653

52,763

Veracyte,

Inc.

a

1,699,496

33,757

Vericel

Corporation

a

1,085,963

75,342

Vir

Biotechnology,

Inc.

a

675,064

76,620

Waystar

Holding

Corporation

a

1,847,308

47,664

Xencor,

Inc.

a

574,828

Total

113,876,568

Industrials  17.3%

26,057

AAR

Corporation

a

2,852,199

39,113

ABM

Industries,

Inc.

1,506,633

70,294

Air

Lease

Corporation

4,564,892

7,197

Alamo

Group,

Inc.

1,187,289

19,157

Albany

International

Corporation

1,000,187

8,980

Allegiant

Travel

Company

a

727,739

102,576

Amentum

Holdings,

Inc.

a

2,675,182

9,724

American

Woodmark

Corporation

a

387,307

14,358

Apogee

Enterprises,

Inc.

481,567

14,918

ArcBest

Corporation

1,467,334

32,736

Arcosa,

Inc.

3,474,599

9,260

Argan,

Inc.

5,043,459

28,787

Armstrong

World

Industries,

Inc.

4,744,098

15,269

Astec

Industries,

Inc.

822,083

19,928

AZZ,

Inc.

2,493,591

24,726

Boise

Cascade

Company

1,875,467

29,127

Brady

Corporation

2,366,277

41,721

Casella

Waste

Systems,

Inc.

a

3,310,144

66,782

CoreCivic,

Inc.

a

1,262,848

18,032

CSG

Systems

International,

Inc.

1,441,478

10,993

CSW

Industrials,

Inc.

2,864,556

30,042

Deluxe

Corporation

827,357

123,924

DNOW,

Inc.

a

1,475,935

8,477

DXP

Enterprises,

Inc.

a

1,184,491

35,226

Enerpac

Tool

Group

Corporation

1,284,692

14,061

EnPro,

Inc.

3,524,390

53,834

Enviri

Corporation

a

1,056,223

17,285

ESCO

Technologies,

Inc.

4,863,480

34,046

Everus

Construction

Group,

Inc.

a

4,019,471

40,589

Federal

Signal

Corporation

4,389,294

14,808

Forward

Air

Corporation

a

247,442

25,550

Franklin

Electric

Company,

Inc.

2,354,944

169,440

Gates

Industrial

Corporation

plc

a

3,831,038

91,259

GEO

Group,

Inc.

a

1,534,064

19,719

Gibraltar

Industries,

Inc.

a

786,197

29,033

Granite

Construction,

Inc.

3,480,476

20,616

Greenbrier

Companies,

Inc.

1,085,432

26,116

Griffon

Corporation

1,898,111

133,170

Hayward

Holdings,

Inc.

a

1,781,815

47,028

Healthcare

Services

Group,

Inc.

a

872,369

30,499

Heartland

Express,

Inc.

317,190

83,193

Hertz

Global

Holdings,

Inc.

a,b

383,520

46,291

HNI

Corporation

1,545,656

40,435

Hub

Group,

Inc.

1,457,277

23,923

Insperity,

Inc.

646,878

12,947

Insteel

Industries,

Inc.

435,149

38,975

Interface,

Inc.

971,257

Shares

Common

Stock  98.1%

Value

Industrials  17.3%

-

continued

34,689

JBT

Marel

Corporation

$

4,435,682

197,631

JetBlue

Airways

Corporation

a

873,529

7,861

Kadant,

Inc.

b

2,298,163

50,861

Kennametal,

Inc.

1,837,608

34,839

Korn

Ferry

2,193,115

76,911

Legalzoom.com,

Inc.

a

436,085

6,978

Lindsay

Corporation

830,870

15,733

Liquidity

Services,

Inc.

a

480,958

265,719

Lyft,

Inc.

a

3,534,063

30,903

ManpowerGroup,

Inc.

910,402

38,644

Marten

Transport,

Ltd.

507,396

84,622

Masterbrand,

Inc.

a,b

703,209

20,812

Matson,

Inc.

3,411,919

35,252

Mercury

Systems,

Inc.

a

2,570,223

45,555

MillerKnoll,

Inc.

658,725

104,383

Mueller

Water

Products,

Inc.

2,869,489

10,361

MYR

Group,

Inc.

a

2,925,118

3,533

National

Presto

Industries,

Inc.

484,233

70,928

OPENLANE,

Inc.

a

2,067,551

32,618

Paycom

Software,

Inc.

3,964,392

98,815

Pitney

Bowes,

Inc.

1,091,906

6,322

Powell

Industries,

Inc.

3,420,708

36,065

Primoris

Services

Corporation

5,158,738

15,805

Proto

Labs,

Inc.

a

901,201

30,663

Quanex

Building

Products

Corporation

551,014

91,936

Resideo

Technologies,

Inc.

a

3,099,163

66,339

Robert

Half,

Inc.

1,685,011

40,478

Rush

Enterprises,

Inc.

2,676,001

109,595

RXO,

Inc.

a

1,602,279

33,258

Schneider

National,

Inc.

876,681

26,768

SkyWest,

Inc.

a

2,458,105

8,089

Standex

International

Corporation

2,061,563

35,679

Sun

Country

Airlines

Holdings,

Inc.

a

589,417

154,880

Sunrun,

Inc.

a

2,100,173

12,099

Tennant

Company

803,374

32,014

Titan

International,

Inc.

a

221,217

53,519

Trinity

Industries,

Inc.

1,722,241

9,692

UniFirst

Corporation/MA

2,438,410

87,208

Upwork,

Inc.

a

955,800

106,504

Verra

Mobility

Corporation

a

1,521,942

74,862

Vestis

Corporation

a

588,415

19,221

VSE

Corporation

3,544,352

39,962

Werner

Enterprises,

Inc.

1,175,282

121,444

WillScot

Holdings

Corporation

2,108,268

20,835

Worthington

Enterprises,

Inc.

1,086,337

99,087

Zurn

Elkay

Water

Solutions

Corporation

4,443,061

Total

179,676,466

Information

Technology  12.4%

47,723

A10

Networks,

Inc.

1,103,356

68,809

ACI

Worldwide,

Inc.

a

2,821,857

35,558

ACM

Research,

Inc.

a

1,399,207

73,096

Adeia,

Inc.

1,756,497

17,027

Agilysys,

Inc.

a

1,211,301

33,294

Alarm.com

Holdings,

Inc.

a

1,437,968

16,488

Alpha

and

Omega

Semiconductor,

Ltd.

a

365,374

70,748

Arlo

Technologies,

Inc.

a

1,006,744

28,502

ASGN,

Inc.

a

1,103,312

20,491

Axcelis

Technologies,

Inc.

a

1,907,302

19,670

Badger

Meter,

Inc.

2,996,724

23,815

Benchmark

Electronics,

Inc.

1,335,069

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Shares

Common

Stock  98.1%

Value

Information

Technology  12.4%

-

continued

33,354

BlackLine,

Inc.

a

$

1,234,098

95,601

Box,

Inc.

a

2,260,008

40,257

Calix,

Inc.

a

1,972,190

170,706

CleanSpark,

Inc.

a,b

1,452,708

59,181

Clear

Secure,

Inc.

2,864,952

31,166

Cohu,

Inc.

a

954,303

31,300

Corsair

Gaming,

Inc.

a

173,715

19,392

CTS

Corporation

926,162

25,104

Digi

International,

Inc.

a

1,210,013

53,047

DigitalOcean

Holdings,

Inc.

a

4,550,372

30,621

Diodes,

Inc.

a

2,090,189

113,310

DXC

Technology

Company

a

1,424,307

87,346

Enphase

Energy,

Inc.

a

3,302,552

17,451

ePlus,

Inc.

1,313,188

89,621

Extreme

Networks,

Inc.

a

1,351,485

51,741

FormFactor,

Inc.

a

5,018,360

44,152

Grid

Dynamics

Holdings,

Inc.

a

251,666

74,913

Harmonic,

Inc.

a

672,719

22,983

Ichor

Holdings,

Ltd.

a

1,071,238

17,959

Impinj,

Inc.

a

1,844,389

20,689

Insight

Enterprises,

Inc.

a

1,386,370

30,571

Itron,

Inc.

a

2,740,079

56,678

Knowles

Corporation

a

1,455,491

34,927

Kulicke

and

Soffa

Industries,

Inc.

2,295,402

52,331

Life360,

Inc.

a,b

2,136,151

42,134

LiveRamp

Holding,

Inc.

a

1,117,394

252,420

MARA

Holdings,

Inc.

a,b

2,059,747

54,242

MaxLinear,

Inc.

a

943,268

163,304

Mirion

Technologies,

Inc.

a

3,035,821

49,749

N-able,

Inc./US

a

232,328

23,805

Napco

Security

Technologies,

Inc.

937,679

92,443

NCR

Voyix

Corporation

a

585,164

45,795

NetScout

Systems,

Inc.

a

1,455,823

10,336

OSI

Systems,

Inc.

a

2,744,311

7,583

PC

Connection,

Inc.

443,302

21,363

PDF

Solutions,

Inc.

a

698,784

31,925

Penguin

Solutions,

Inc.

a

561,880

39,425

Photronics,

Inc.

a

1,593,164

17,879

Plexus

Corporation

a

3,621,213

37,048

Power

Integrations,

Inc.

1,896,858

28,110

Progress

Software

Corporation

a

721,022

41,653

Q2

Holdings,

Inc.

a

1,970,187

56,310

Qorvo,

Inc.

a

4,358,394

75,296

Ralliant

Corporation

3,131,561

50,609

RingCentral,

Inc.

1,882,149

11,164

Rogers

Corporation

a

1,198,232

36,447

Sanmina

Corporation

a

4,724,989

13,191

ScanSource,

Inc.

a

478,833

61,768

Semtech

Corporation

a

4,749,342

39,916

SolarEdge

Technologies,

Inc.

a

2,037,712

82,514

Sprinklr,

Inc.

a

495,084

25,170

SPS

Commerce,

Inc.

a

1,401,214

62,209

Teradata

Corporation

a

1,594,417

30,295

Ultra

Clean

Holdings,

Inc.

a

1,883,743

40,247

Veeco

Instruments,

Inc.

a

1,362,763

90,663

ViaSat,

Inc.

a

4,152,365

154,444

Viavi

Solutions,

Inc.

a

5,139,896

82,427

Vishay

Intertechnology,

Inc.

1,483,686

Total

129,089,143

Materials  5.2%

7,210

Alpha

Metallurgical

Resources,

Inc.

a

1,479,997

21,617

Balchem

Corporation

3,663,649

73,092

Celanese

Corporation

4,807,261

Shares

Common

Stock  98.1%

Value

Materials  5.2%

-

continued

35,514

Century

Aluminum

Company

a

$

2,084,317

100,049

Chemours

Company

2,204,079

76,159

Eastman

Chemical

Company

5,812,455

151,835

Element

Solutions,

Inc.

5,183,647

83,382

FMC

Corporation

b

1,435,838

36,252

H.B.

Fuller

Company

2,236,023

13,952

Hawkins,

Inc.

2,143,027

24,006

Ingevity

Corporation

a

1,709,947

16,539

Innospec,

Inc.

1,207,678

10,716

Kaiser

Aluminum

Corporation

1,291,385

13,092

Koppers

Holdings,

Inc.

506,399

13,841

Materion

Corporation

2,002,101

23,908

Metallus,

Inc.

a

390,657

20,781

Minerals

Technologies,

Inc.

1,473,789

101,697

O-I

Glass,

Inc.

a

1,068,835

9,143

Quaker

Chemical

Corporation

1,135,835

98,299

Sealed

Air

Corporation

4,133,473

28,356

Sensient

Technologies

Corporation

2,451,093

14,343

Stepan

Company

716,863

22,091

Sylvamo

Corporation

933,124

35,089

Warrior

Met

Coal,

Inc.

3,268,540

21,704

Worthington

Steel,

Inc.

658,716

Total

53,998,728

Real

Estate  6.0%

87,463

Acadia

Realty

Trust

1,672,293

31,601

American

Assets

Trust,

Inc.

581,774

146,854

Apple

Hospitality

REIT,

Inc.

1,690,290

11,149

Centerspace

640,510

64,704

Curbline

Properties

Corporation

1,668,716

154,588

Cushman

&

Wakefield,

Ltd.

a

1,895,249

135,965

DiamondRock

Hospitality

Company

1,273,992

111,777

Douglas

Emmett,

Inc.

1,052,939

29,208

Easterly

Government

Properties,

Inc.

625,927

140,088

Essential

Properties

Realty

Trust,

Inc.

4,253,072

60,431

eXp

World

Holdings,

Inc.

361,982

73,253

Four

Corners

Property

Trust,

Inc.

1,732,433

36,733

Getty

Realty

Corporation

1,168,109

131,596

Global

Net

Lease,

Inc.

1,231,739

73,377

Highwoods

Properties,

Inc.

1,571,002

18,705

Innovative

Industrial

Properties,

Inc.

938,243

39,502

JBG

SMITH

Properties

577,124

80,082

Kennedy-Wilson

Holdings,

Inc.

866,487

31,782

LTC

Properties,

Inc.

1,181,019

39,432

LXP

Industrial

Trust

1,824,124

170,950

Macerich

Company

3,230,955

15,895

Marcus

and

Millichap,

Inc.

422,648

329,211

Medical

Properties

Trust,

Inc.

1,524,247

102,914

Millrose

Properties,

Inc.

2,881,592

14,560

NexPoint

Residential

Trust,

Inc.

364,000

97,113

Outfront

Media,

Inc.

2,573,495

75,823

Pebblebrook

Hotel

Trust

957,644

83,969

Phillips

Edison

and

Company,

Inc.

3,142,120

42,054

Ryman

Hospitality

Properties

3,880,323

30,654

Safehold,

Inc.

414,749

8,310

Saul

Centers,

Inc.

270,740

47,497

SL

Green

Realty

Corporation

1,754,539

26,595

St.

Joe

Company

1,670,166

126,755

Sunstone

Hotel

Investors,

Inc.

1,142,063

76,833

Tanger,

Inc.

2,610,785

69,536

Terreno

Realty

Corporation

4,270,901

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

/

Shares

Common

Stock  98.1%

Value

Real

Estate  6.0%

-

continued

8,520

Universal

Health

Realty

Income

Trust

$

344,804

84,073

Urban

Edge

Properties

1,679,779

54,214

Veris

Residential,

Inc.

1,023,018

29,968

Whitestone

REIT

483,983

63,281

Xenia

Hotels

&

Resorts,

Inc.

938,457

Total

62,388,032

Utilities  2.3%

25,841

American

States

Water

Company

1,954,096

54,314

Avista

Corporation

2,180,164

39,775

California

Water

Service

Group

1,803,399

15,787

Chesapeake

Utilities

Corporation

1,995,003

23,104

Clearway

Energy,

Inc.,

Class

A

904,984

56,632

Clearway

Energy,

Inc.,

Class

C

2,225,071

24,936

H2O

America

b

1,462,995

115,219

Hawaiian

Electric

Industries,

Inc.

a

1,709,850

136,419

MDU

Resources

Group,

Inc.

2,826,602

24,391

MGE

Energy,

Inc.

1,885,180

12,240

Middlesex

Water

Company

637,092

27,705

Northwest

Natural

Holding

Company

1,474,460

27,972

Otter

Tail

Corporation

2,455,103

12,004

Unitil

Corporation

627,089

Total

24,141,088

Total

Common

Stock

(cost

$778,694,951)

1,019,261,548

Shares

Registered

Investment

Companies  

1.6%

Value

U.S.

Unaffiliated  

1.6%  

137,286

iShares

Core

S&P

Small-Cap

ETF

17,066,023

Total

17,066,023

Total

Registered

Investment

Companies

(cost

$16,973,735)

17,066,023

Shares

Collateral

Held

for

Securities

Loaned

1.5%

Value

15,700,005

Thrivent

Cash

Management

Trust

15,700,005

Total

Collateral

Held

for

Securities

Loaned

(cost

$15,700,005)

15,700,005

Shares

or

Principal

Amount

Short-Term

Investments

0.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

3.600%,

5/8/2026

e,f

298,857

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,320,282

3.602%

e

1,320,282

Total

Short-Term

Investments

(cost

$1,619,172)

1,619,139

Total

Investments

(cost

$812,987,863)

101.4%

$1,053,646,715

Other

Assets

and

Liabilities,

Net

(1.4%)

(14,727,240)

Total

Net

Assets

100.0%

$1,038,919,475

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

received

as

part

of

a

corporate

restructure

prior

to

period

end

with

a

contractual

restriction

on

its

sale

of

less

than

one

month.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Index

Portfolio

as

of

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

15,754,741

Total

lending

$15,754,741

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$15,700,005

Net

amounts

due

to

counterparty

$(54,736)

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

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

38,860,299

38,860,299

–

–

Consumer

Discretionary

138,161,422

138,161,422

–

–

Consumer

Staples

29,148,930

29,148,930

–

–

Energy

64,331,557

64,331,557

–

–

Financials

185,589,315

185,589,315

–

–

Health

Care

113,876,568

113,876,566

–

2

Industrials

179,676,466

179,676,466

–

–

Information

Technology

129,089,143

129,089,143

–

–

Materials

53,998,728

53,998,728

–

–

Real

Estate

62,388,032

62,388,032

–

–

Utilities

24,141,088

24,141,088

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

17,066,023

17,066,023

–

–

Short-Term

Investments

1,619,139

1,320,282

298,857

–

Subtotal

Investments

in

Securities

$1,037,946,710

$1,037,647,851

$298,857

$2

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

15,700,005

Subtotal

Other

Investments

$15,700,005

Total

Investments

at

Value

$1,053,646,715

*

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

March

31,

2026,

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

Liability

Derivatives

Futures

Contracts

10,654

10,654

–

–

Total

Liability

Derivatives

$10,654

$10,654

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2026.

Investments

and/or

cash

totaling

$298,857

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

June

2026

$

2,522,854

(

$

10,654)

Total

Futures

Long

Contracts

$

2,522,854

(

$

10,654)

Total

Futures

Contracts

$

2,522,854

($10,654)

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$15,767

$83,216

$83,283

$15,700

15,700

1.5%

Total

Collateral

Held

for

Securities

Loaned

15,767

15,700

1.5

Total

Value

$15,767

$15,700

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$

–

$–

$

–

$10

Total

Affiliated

Income

from

Securities

Loaned,

Net

$10

Total

Value

$–

$–

$

–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Shares

Common

Stock

96.8%

Value

Consumer

Discretionary  12.3%

201,298

Advance

Auto

Parts,

Inc.

$

10,618,469

71,156

Boot

Barn

Holdings,

Inc.

a

10,414,392

189,448

Build-A-Bear

Workshop,

Inc.

7,094,827

89,653

Churchill

Downs,

Inc.

8,053,529

425,900

Life

Time

Group

Holdings,

Inc.

a

11,473,746

16,911

Murphy

USA,

Inc.

8,353,527

171,024

SharkNinja,

Inc.

a

18,111,442

67,950

Texas

Roadhouse,

Inc.

11,221,263

262,556

Universal

Technical

Institute,

Inc.

a

9,478,272

37,676

Wingstop,

Inc.

5,838,650

86,370

Wynn

Resorts,

Ltd.

8,770,873

Total

109,428,990

Consumer

Staples  4.0%

187,391

John

B.

Sanfilippo

&

Son,

Inc.

14,865,728

43,041

Marzetti

Company

5,953,862

172,689

Turning

Point

Brands,

Inc.

14,987,678

Total

35,807,268

Energy  4.6%

74,374

Expand

Energy

Corporation

8,164,778

221,379

Matador

Resources

Company

13,986,725

873,393

Patterson-UTI

Energy,

Inc.

9,458,846

139,095

TechnipFMC

plc

9,615,637

Total

41,225,986

Financials  15.5%

271,639

Ally

Financial,

Inc.

10,656,398

281,864

Atlantic

Union

Bankshares

Corporation

10,073,819

508,810

Bridgewater

Bancshares,

Inc.

a

9,005,937

283,936

Donnelley

Financial

Solutions,

Inc.

a

13,384,743

99,453

Enterprise

Financial

Services

Corporation

5,381,402

85,562

Federal

Agricultural

Mortgage

Corporation

12,693,123

67,565

Houlihan

Lokey,

Inc.

9,703,685

472,773

Old

National

Bancorp

10,448,283

352,620

Old

Republic

International

Corporation

14,069,538

43,190

SouthState

Bank

Corporation

3,995,939

261,651

Triumph

Financial,

Inc.

a

15,610,099

735,132

Valley

National

Bancorp

9,027,421

97,088

Wintrust

Financial

Corporation

13,489,407

Total

137,539,794

Health

Care  12.4%

118,383

BioMarin

Pharmaceutical,

Inc.

a

6,687,456

202,401

BrightSpring

Health

Services,

Inc.

a

8,624,307

607,878

Concentra

Group

Holdings

Parent,

Inc.

13,038,983

127,614

Encompass

Health

Corporation

12,344,102

85,012

ICU

Medical,

Inc.

a

10,979,300

20,501

Medpace

Holdings,

Inc.

a

9,844,375

37,710

Penumbra,

Inc.

a,b

12,382,833

73,511

Repligen

Corporation

a

8,661,066

265,677

Twist

Bioscience

Corporation

a

12,624,971

42,989

UFP

Technologies,

Inc.

a

8,322,670

256,908

Waystar

Holding

Corporation

a

6,194,052

Total

109,704,115

Industrials  19.0%

27,654

Acuity,

Inc.

7,749,204

42,440

Applied

Industrial

Technologies,

Inc.

11,260,181

Shares

Common

Stock  96.8%

Value

Industrials  19.0%

-

continued

229,084

Badger

Infrastructure

Solutions,

Ltd.

$

10,216,642

396,589

Barrett

Business

Services,

Inc.

11,572,467

71,326

BWX

Technologies,

Inc.

14,585,454

42,842

CECO

Environmental

Corporation

a

2,552,526

33,081

CRA

International,

Inc.

5,355,152

34,427

CSW

Industrials,

Inc.

8,970,988

188,606

Enerpac

Tool

Group

Corporation

6,878,461

209,264

Helios

Technologies,

Inc.

13,541,473

152,659

ICF

International,

Inc.

9,967,106

28,186

IES

Holdings,

Inc.

a

13,429,783

175,769

Korn

Ferry

11,064,659

117,675

Limbach

Holdings,

Inc.

a

9,184,534

43,879

Modine

Manufacturing

Company

a

9,509,018

44,765

Moog,

Inc.

13,100,030

34,879

WESCO

International,

Inc.

9,543,592

Total

168,481,270

Information

Technology  15.0%

10,710

Cohu,

Inc.

a

327,940

202,051

Crane

NXT

Company

8,201,250

26,939

Fabrinet

a

14,049,227

376,442

GPGI,

Inc.

6,437,158

300,101

JFrog,

Ltd.

a

14,083,740

54,554

Littelfuse,

Inc.

18,512,900

58,018

Onto

Innovation,

Inc.

a

11,897,751

341,742

Pegasystems,

Inc.

14,544,540

60,783

Plexus

Corporation

a

12,310,989

69,020

Silicon

Laboratories,

Inc.

a

14,366,513

191,268

TTM

Technologies,

Inc.

a

18,633,329

Total

133,365,337

Materials  6.2%

220,757

Ashland,

Inc.

12,276,297

388,360

Element

Solutions,

Inc.

13,258,610

190,839

Greif,

Inc.

12,799,572

1,024,387

Ivanhoe

Mines,

Ltd.

a

8,755,633

106,134

Louisiana-Pacific

Corporation

7,721,249

Total

54,811,361

Real

Estate  4.0%

136,042

Agree

Realty

Corporation

10,254,846

178,668

Equity

Lifestyle

Properties,

Inc.

11,152,457

231,641

Terreno

Realty

Corporation

14,227,390

Total

35,634,693

Utilities  3.8%

25,541

Northwestern

Energy

Group,

Inc.

1,684,173

59,792

Pinnacle

West

Capital

Corporation

6,024,044

229,168

Portland

General

Electric

Company

12,093,195

149,016

Spire,

Inc.

13,491,909

Total

33,293,321

Total

Common

Stock

(cost

$745,619,653)

859,292,135

Shares

Collateral

Held

for

Securities

Loaned

1.4%

Value

12,113,700

Thrivent

Cash

Management

Trust

12,113,700

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,113,700)

12,113,700

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Shares

or

Principal

Amount

Short-Term

Investments

1.9%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

17,122,881

3.602%

c

$

17,122,881

Total

Short-Term

Investments

(cost

$17,122,882)

17,122,881

Total

Investments

(cost

$774,856,235)

100.1%

$888,528,716

Other

Assets

and

Liabilities,

Net

(0.1%)

(781,651)

Total

Net

Assets

100.0%

$887,747,065

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

March

31,

2026:

Securities

Lending

Transactions

Common

Stock

$

1,280,643

Total

lending

$1,280,643

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,113,700

Net

amounts

due

to

counterparty

$10,833,057

Definitions:

plc

-

Public

Limited

Company

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2026,

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

109,428,990

109,428,990

–

–

Consumer

Staples

35,807,268

35,807,268

–

–

Energy

41,225,986

41,225,986

–

–

Financials

137,539,794

137,539,794

–

–

Health

Care

109,704,115

109,704,115

–

–

Industrials

168,481,270

158,264,628

10,216,642

–

Information

Technology

133,365,337

133,365,337

–

–

Materials

54,811,361

46,055,728

8,755,633

–

Real

Estate

35,634,693

35,634,693

–

–

Utilities

33,293,321

33,293,321

–

–

Short-Term

Investments

17,122,881

17,122,881

–

–

Subtotal

Investments

in

Securities

$876,415,016

$857,442,741

$18,972,275

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

12,113,700

Subtotal

Other

Investments

$12,113,700

Total

Investments

at

Value

$888,528,716

*

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2025

Gross

Purchases

Gross

Sales

Value

3/31/2026

Shares

Held

at

3/31/2026

%

of

Net

Assets

3/31/2026

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$1,899

$134,944

$124,729

$12,114

12,114

1.4%

Total

Collateral

Held

for

Securities

Loaned

1,899

12,114

1.4

Total

Value

$1,899

$12,114

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2026

-

3/31/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$

–

$–

$

–

$9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

$–

$–

$

–

Notes

to

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

290

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

or

fair

valued

pursuant

to

our

valuation

procedures

if

net

asset

value

at

the

close

of

business

day

is

not

readily

available.

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 fair

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

using

an

appropriate

methodology 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

March

31,

2026

(unaudited)

291

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.

Derivatives

—

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

March

31,

2026

(unaudited)

292

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 three

months

ended March

31,

2026,

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 three

months

ended

March

31,

2026,

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 three

months

ended

March

31,

2026,

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 three

months

ended

March

31,

2026,

Global

Stock

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

spot foreign

currency

forward

contracts.

Additionally,

the

Portfolios

may

enter

into positional

contracts

to mitigate

currency

and

counterparty

exposure

to

other

foreign-

currency-denominated

investments.

These

contracts

are

recorded

at

value

and

the realized-

and

change

in unrealized-

foreign

exchange

gains

and

losses

are

included

in

the

Statement

of

Operations.

In

the

event

that

counterparties

fail

to

settle

these

forward

contracts,

the

Portfolios

could

be

exposed

to

foreign

currency

fluctuations.

Foreign

currency

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded

daily

as

the

difference

between

the

contract

exchange

rate

and

the

closing

forward

rate

applied

to

the

face

amount

of

the

contract.

A

realized

gain

or

loss

is

recorded

at

the

time

a

forward

contract

is

closed.

These

contracts

are

over-the-counter

and a

Portfolio

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Portfolio.

During

the

three

months

ended March

31,

2026,

none

of

the Portfolios invested

in

positional

foreign

currency

forward

contracts. 

Notes

to

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

293

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 three

months

ended

March

31,

2026, 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

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 three

months

ended March

31,

2026, Aggressive

Allocation,

Conservative

Allocation,

Dynamic

Allocation, Global

Stock, Moderate

Allocation,

Moderately

Aggressive

Allocation,

Notes

to

Schedule

of

Investments

as

of

March

31,

2026

(unaudited)

294

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

March

31,

2026,

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

March

31,

2026, 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

Jupiter

Borrower,

Inc.,

Term

Loan

$636,800

Total

$636,800

Portfolio

Total

Commitments

Unfunded

Commitments

Percent

Funded

Aggressive

Allocation

$120,000,000

$68,705,277

42.75%

Moderate

Allocation

278,500,000

160,207,980

42.47%

Moderately

Aggressive

Allocation

226,500,000

130,522,407

42.37%

Moderately

Conservative

Allocation

85,000,000

49,011,340

42.34%