UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04603

Thrivent Series Fund, Inc.

(Exact name of registrant as specified in charter)

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Address of principal executive offices) (Zip code)

Michael W. Kremenak, Secretary

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-4198

Date of fiscal year end: December 31

Date of reporting period: June 30, 2015

Item 1. Report to Stockholders

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This page is not part of the semiannual report.

Table of Contents

Letter from the President	2
Letter from the Chief Investment Officer	3
Portfolio Perspectives
Thrivent Aggressive Allocation Portfolio	4
Thrivent Moderately Aggressive Allocation Portfolio	4
Thrivent Moderate Allocation Portfolio	5
Thrivent Moderately Conservative Allocation Portfolio	5
Thrivent Growth and Income Plus Portfolio	6
Thrivent Balanced Income Plus Portfolio	6
Thrivent Diversified Income Plus Portfolio	7
Thrivent Opportunity Income Plus Portfolio	8
Thrivent Partner Technology Portfolio	9
Thrivent Partner Healthcare Portfolio	9
Thrivent Natural Resources Portfolio	10
Thrivent Partner Emerging Markets Equity Portfolio	10
Thrivent Real Estate Securities Portfolio	11
Thrivent Partner Small Cap Growth Portfolio	11
Thrivent Partner Small Cap Value Portfolio	12
Thrivent Small Cap Stock Portfolio	12
Thrivent Small Cap Index Portfolio	13
Thrivent Mid Cap Growth Portfolio	13
Thrivent Partner Mid Cap Value Portfolio	14
Thrivent Mid Cap Stock Portfolio	14
Thrivent Mid Cap Index Portfolio	15
Thrivent Partner Worldwide Allocation Portfolio	15
Thrivent Partner All Cap Portfolio	16
Thrivent Large Cap Growth Portfolio	16
Thrivent Partner Growth Stock Portfolio	17
Thrivent Large Cap Value Portfolio	17
Thrivent Large Cap Stock Portfolio	18
Thrivent Large Cap Index Portfolio	18
Thrivent High Yield Portfolio	19
Thrivent Income Portfolio	20
Thrivent Bond Index Portfolio	21
Thrivent Limited Maturity Bond Portfolio	21
Thrivent Money Market Portfolio	22
Shareholder Expense Example	23
Schedules of Investments/Summary Schedules of Investments
Thrivent Aggressive Allocation Portfolio	26
Thrivent Moderately Aggressive Allocation Portfolio	31
Thrivent Moderate Allocation Portfolio	39
Thrivent Moderately Conservative Allocation Portfolio	46
Thrivent Growth and Income Plus Portfolio	54
Thrivent Balanced Income Plus Portfolio	60
Thrivent Diversified Income Plus Portfolio	66
Thrivent Opportunity Income Plus Portfolio	73
Thrivent Partner Technology Portfolio	80
Thrivent Partner Healthcare Portfolio	82
Thrivent Natural Resources Portfolio	84
Thrivent Partner Emerging Markets Equity Portfolio	86
Thrivent Real Estate Securities Portfolio	89
Thrivent Partner Small Cap Growth Portfolio	92
Thrivent Partner Small Cap Value Portfolio	95
Thrivent Small Cap Stock Portfolio	98
Thrivent Small Cap Index Portfolio	100
Thrivent Mid Cap Growth Portfolio	103
Thrivent Partner Mid Cap Value Portfolio	105
Thrivent Mid Cap Stock Portfolio	107
Thrivent Mid Cap Index Portfolio	109
Thrivent Partner Worldwide Allocation Portfolio	112
Thrivent Partner All Cap Portfolio	124
Thrivent Large Cap Growth Portfolio	127
Thrivent Partner Growth Stock Portfolio	130
Thrivent Large Cap Value Portfolio	133
Thrivent Large Cap Stock Portfolio	135
Thrivent Large Cap Index Portfolio	140
Thrivent High Yield Portfolio	143
Thrivent Income Portfolio	151
Thrivent Bond Index Portfolio	157
Thrivent Limited Maturity Bond Portfolio	163
Thrivent Money Market Portfolio	169
Statement of Assets and Liabilities	172
Statement of Operations	178
Statement of Changes in Net Assets	184
Notes to Financial Statements	196
Financial Highlights	212
Additional Information	222
Supplements to the Prospectus	223

Dear Member:

You will notice a different format—and author—for this President’s Letter. In February, the Board of Directors appointed me president of Thrivent Series Fund, Inc., after serving as secretary and chief legal officer since 2006. Russell Swansen, who served as president of Thrivent Series Fund since 2009, has been named its chief investment officer. Russ also serves as chief investment officer for Thrivent Financial and remains a director of Thrivent Series Fund.

In this and future letters, I will bring you up to date on what’s new with Thrivent Series Fund Portfolios and share some of our plans for enhancing them. Russ’s letter, which historically has focused on the financial markets and the economy, follows this one. In future reports, we may occasionally write a joint letter. Either way, Russ will remain focused on the markets and the economy while I will offer a broader discussion of what’s going on with the Portfolios.

If you are a longtime Thrivent member, you may recall that within the Thrivent Series Fund we launched our Asset Allocation Portfolios on April 30, 2005, which means we recently celebrated their 10th birthday. Or maybe it was an anniversary. Whatever the terminology, we’re pleased that we’ve been able to make these Portfolios available to you as you seek to achieve your financial goals, whether that’s meant saving to buy a home, pay for college, fund your retirement or support causes in your communities. Our Asset Allocation Portfolios have more than 300,000 subaccount investors, and we are privileged to serve as stewards for each and every one. As of June 30, 2015, total assets in the Portfolios exceeded $18 billion.

I mention our Asset Allocation Portfolios not just because of their recent anniversary. Our focus on them is a result of what we have heard from you, our members. You have told us you value solution- oriented products that help you meet your investment goals. Our Asset Allocation Portfolios employ investment strategies based on quantitative and qualitative analysis of historical data and provide tactical rebalancing based on current market conditions, all in one portfolio designed to suit your tolerance for risk.

Our commitment to providing you with investment solutions within Thrivent Series Fund extends beyond our Asset Allocation Portfolios, of course. We already offer our Income Plus suite of Portfolios, which are designed to provide investors with an alternative asset allocation option that is more focused on income generation. In the coming months and years, we plan to offer additional solution-oriented Portfolios that can be used as stand-alone investments or in conjunction with our Asset Allocation or Income Plus Portfolios.

All of our new offerings will leverage the expertise of our investment division, which includes a team of 95 experienced investment professionals. A large percentage of those professionals work directly or indirectly in managing our Asset Allocation or Income Plus Portfolios. Within that group, 93% have at least 10 years of industry experience and half have 20 or more years of experience. A total of 87% have earned a graduate degree, the Chartered Financial Analyst designation, or both. I am proud of our team and look forward in future letters to discussing our investment capabilities in more detail.

Along the way, all of us here at Thrivent will remain focused on our mission, which is to help you be wise with money and meet your financial goals. We know there can be a lot of “noise” in the investment industry, that new products come and go, and that the latest thing isn’t always the best thing. But we also know we need to continually assess our investment offerings and ask ourselves how we can serve you better. For us, that will always mean providing you with innovative investment solutions that we believe will stand the test of time, while simultaneously working hard to make our existing offerings even better.

I look forward to updating you on our progress.

Sincerely,

David S. Royal

President

Thrivent Series Fund, Inc.

Investing in a variable portfolio involves risks, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the portfolios, which investors should read and consider carefully before investing. Prospectuses are available from a Thrivent Financial representative or at Thrivent.com.

Asset Allocation Portfolios risks: Each Portfolio is subject to its own operating expenses and risks, as well as the operating expenses and risks of the other funds in which it invests. The value of the Portfolios is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolios may incur losses due to incorrect assessments of investments by their investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Income Plus Portfolios risks: The value of each Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. Each Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans, REITs, preferred securities, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. An ETF is subject to additional fees and expenses, tracking error, and the risks of the underlying investments that it holds. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Asset management services provided by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI.

2

Dear Member:

Shifting economic and monetary policy trends roiled financial markets during the six-month reporting period ended June 30, 2015. Stocks rose smartly in Europe and Asia but generated modest returns in the United States. Bond returns were mixed.

Economic Review

Seemingly poised for growth, the U.S. economy abruptly slowed in the first quarter of 2015, repeating a pattern that has held in five of the past six years. U.S. gross domestic product (GDP) contracted at a revised 0.2% annual rate during the quarter, after growing at a 5.0% pace as recently as the third quarter of 2014. Economists blamed several factors, including harsh weather; a strong dollar, which made U.S. goods more expensive overseas and reduced exports; weak oil prices, which dampened activity in the oil industry; and a labor dispute that slowed commerce at West Coast ports.

Still, by the second quarter the setback looked to be temporary. Oil prices stabilized and new home and auto sales rose. Job growth remained strong, sending the unemployment rate to 5.3%, its lowest level in seven years. Anticipating continued economic growth, the Federal Reserve indicated it might soon begin raising short-term interest rates as it continues the gradual winding down of the accommodative monetary policy it has pursued since the 2008 financial crisis.

In Europe and Japan, whose economic recoveries have lagged the U.S.‘s, central bankers moved in the opposite direction. The European Central Bank launched a quantitative easing program under which it is buying 60 billion euros of European sovereign debt each month. Its goal is to drive down already low interest rates in Europe to lower borrowing costs and stimulate economic activity. Japan has embarked on a similar path, and China has been lowering its interest rates, too.

These newly accommodative monetary policies showed early signs of working in Europe and Japan. In the 19-country euro area, GDP grew 1.0% year-over-year in the first quarter. Japan grew at a 3.9% annual rate. China grew at a 7.0% pace, its slowest rate in six years.

Market Review

The U.S. stock market zigzagged its way to a succession of record highs over the course of the reporting period but ultimately finished about where it had started as investors weighed a raft of concerns, including stock valuations near the high end of their historically normal range, slowing corporate profit growth, and the anticipated shift in U.S. monetary policy. A flare-up in the long-running Greek debt crisis near the end of the reporting period added to investors’ worries.

The Standard & Poor’s 500 Index posted a total return of 1.23% for the reporting period, with most of the gain attributable to dividends rather than price appreciation. The NASDAQ Composite Index earned 5.99%, largely on the strength of rising technology stocks, and set its first new high since the peak of the dot-com bubble era in 2000.

Stocks in Japan and Europe performed well as investors focused on prospects for stronger economic growth in those regions. The MSCI EAFE Index, which tracks developed markets in Europe, Australasia and the Far East, posted a total return of 5.52%. The MSCI Emerging Markets Index, which tracks stocks in developing economies, earned 3.12%. Chinese stocks soared for much of the reporting period before slumping in late June. Still, the bellwether Shanghai Composite Index finished with a 32.2% gain on a price basis alone.

The U.S. bond market turned in a mixed performance as investors contemplated the impact of an eventual uptick in interest rates. Long-term U.S. Treasury bonds, among the best performers in the first quarter, fell in the second and ended the reporting period with a loss of 5.25% as measured by the Barclays 20+ Treasury Index. The Barclays Aggregate Index, tracking a broader range of investment-grade bonds, lost 0.10%, while the Barclays High Yield Index earned 2.53%. Like Treasuries, euro area sovereign bonds rose in the first quarter then tumbled in the second as the economic outlook there improved and sparked early concerns about inflation.

Our Outlook

With economic indicators positive, we anticipate that U.S. GDP will expand somewhere between 2.0% and 3.0% for all of 2015—about what we have seen, on average, since the end of the recession in 2009. We anticipate slower but still positive growth in the euro area, the U.K. and Japan. China’s economy is on track to grow 5.5% to 6.5%, down from 7.4% in 2014.

Financial markets face a number of headwinds, including the likelihood that the Fed will raise short-term interest rates during the second half of the year. The impact on longer-term rates could be minimal, however, especially if Europe’s quantitative easing program keeps yields on European government bonds low and drives up demand for U.S. Treasuries. Investment- grade corporate bonds, which generated slightly negative returns in the first half of the year, could do better in the second half as the economy regains momentum.

An improving economy would likely boost U.S. stocks, too, although with valuations high and the strong dollar dampening overseas profits for U.S. companies, prospects for big gains are minimal. The outlook for stocks is slightly brighter in Europe, where valuations are lower and the weak euro is making European companies more competitive globally.

For help navigating the shifting investment environment, we encourage you to meet with your Thrivent Financial representative. He or she can help you keep your portfolio aligned with your financial goals and tolerance for risk.

As always, thank you for the trust you have placed in our entire team of professionals at Thrivent Financial.

Sincerely,

Russell W. Swansen

Chief Investment Officer

Thrivent Series Fund, Inc.

3

Thrivent Aggressive Allocation Portfolio

Russell W. Swansen, David C. Francis, CFA and Mark L. Simenstad, CFA, Portfolio Co-Managers

Thrivent Aggressive Allocation Portfolio seeks long-term capital growth.

The Portfolio invests in other Thrivent Portfolios and in directly-held equity and debt instruments. The Portfolio is subject to its own operating expenses and risks, as well as the operating expenses and risks of the other portfolios in which it invests. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Large Cap	50.8%	Thrivent Partner Worldwide Allocation Portfolio	11.6%
International	18.7%	Thrivent Mid Cap Stock Portfolio	5.2%
Small Cap	12.3%	Thrivent Large Cap Value Portfolio	4.9%
Short-Term Investments	11.7%	Thrivent Large Cap Stock Portfolio	4.2%
Investment Grade Debt	3.7%	Thrivent Small Cap Stock Portfolio	3.5%
Mid Cap	2.1%	Thrivent Partner Mid Cap Value Portfolio	3.2%
High Yield	0.7%	Thrivent Partner Small Cap Value Portfolio	2.1%
Total	100.0%	Apple, Inc.	0.9%
		Thrivent Limited Maturity Bond Portfolio	0.9%
		Facebook, Inc.	0.7%
		These securities represent 37.2% of the total net assets of the Fund.

Thrivent Moderately Aggressive Allocation Portfolio

Russell W. Swansen, David C. Francis, CFA and Mark L. Simenstad, CFA, Portfolio Co-Managers

Thrivent Moderately Aggressive Allocation Portfolio seeks long-term capital growth.

The Portfolio invests in other Thrivent Portfolios and in directly-held equity and debt instruments. The Portfolio is subject to its own operating expenses and risks, as well as the operating expenses and risks of the other portfolios in which it invests. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Large Cap	40.8%	Thrivent Partner Worldwide Allocation Portfolio	9.4%
Short-Term Investments	16.1%	Thrivent Large Cap Value Portfolio	6.6%
International	13.9%	Thrivent Large Cap Stock Portfolio	5.8%
Investment Grade Debt	12.5%	Thrivent Mid Cap Stock Portfolio	5.7%
Small Cap	6.5%	Thrivent Partner Mid Cap Value Portfolio	2.8%
Mid Cap	4.2%	Thrivent Income Portfolio	2.8%
Floating Rate Debt	3.2%	Thrivent High Yield Portfolio	2.5%
High Yield	2.8%	Thrivent Partner Small Cap Value Portfolio	2.0%
Total	100.0%	Thrivent Small Cap Stock Portfolio	1.8%
		FNMA Conventional 30-Yr Pass Through	1.0%
		These securities represent 40.4% of the total net assets of the Fund.

Portfolio Composition illustrates market exposure of all asset classes, including derivatives.

Quoted Portfolio Composition and Top 10 Holdings excludes short-term investments.

The list of Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

4

Thrivent Moderate Allocation Portfolio

Russell W. Swansen, David C. Francis, CFA and Mark L. Simenstad, CFA, Portfolio Co-Managers

Thrivent Moderate Allocation Portfolio seeks long-term capital growth while providing reasonable stability of principal.

The Portfolio invests in other Thrivent Portfolios and in directly-held equity and debt instruments. The Portfolio is subject to its own operating expenses and risks, as well as the operating expenses and risks of the other portfolios in which it invests. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Large Cap	29.6%	Thrivent Income Portfolio	7.0%
Investment Grade Debt	24.7%	Thrivent Partner Worldwide Allocation Portfolio	6.0%
Short-Term Investments	20.7%	Thrivent Large Cap Value Portfolio	5.2%
International	10.0%	Thrivent Limited Maturity Bond Portfolio	4.2%
Floating Rate Debt	6.7%	Thrivent Large Cap Stock Portfolio	3.0%
Small Cap	3.8%	FNMA Conventional 30-Yr Pass Through	2.7%
High Yield	2.6%	Thrivent Mid Cap Stock Portfolio	2.6%
Mid Cap	1.9%	Thrivent High Yield Portfolio	2.2%
Total	100.0%	FNMA Conventional 30-Yr Pass Through	2.0%
		Thrivent Partner Mid Cap Value Portfolio	1.5%
		These securities represent 36.4% of the total net assets of the Fund.

Thrivent Moderately Conservative Allocation Portfolio

Russell W. Swansen, David C. Francis, CFA and Mark L. Simenstad, CFA, Portfolio Co-Managers

Thrivent Moderately Conservative Allocation Portfolio seeks long-term capital growth while providing reasonable stability of principal.

The Portfolio invests in other Thrivent Portfolios and in directly-held equity and debt instruments. The Portfolio is subject to its own operating expenses and risks, as well as the operating expenses and risks of the other portfolios in which it invests. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Portfolio Composition		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)
Investment Grade Debt	37.9%	Thrivent Limited Maturity Bond Portfolio	10.1%
Short-Term Investments	22.7%	Thrivent Income Portfolio	6.2%
Large Cap	18.3%	Thrivent Partner Worldwide Allocation Portfolio	4.0%
Floating Rate Debt	7.4%	FNMA Conventional 30-Yr Pass Through	3.7%
International	6.5%	Thrivent Large Cap Value Portfolio	3.4%
High Yield	3.9%	FNMA Conventional 30-Yr Pass Through	2.8%
Small Cap	2.1%	Thrivent High Yield Portfolio	2.5%
Mid Cap	1.2%	FNMA Conventional 30-Yr Pass Through	2.0%
Total	100.0%	FNMA Conventional 30-Yr Pass Through	1.8%
		U.S. Treasury Notes	1.6%
		These securities represent 38.1% of the total net assets of the Fund.

Portfolio Composition illustrates market exposure of all asset classes, including derivatives.

Quoted Portfolio Composition and Top 10 Holdings excludes short-term investments.

The list of Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

5

Thrivent Growth and Income Plus Portfolio

Stephen D. Lowe, CFA, Mark L. Simenstad, CFA, Darren M. Bagwell, CFA, Noah J. Monsen, CFA, and Reginald L. Pfeifer, CFA, Portfolio Co-Managers

Thrivent Growth and Income Plus Portfolio seeks income plus long-term capital growth.

The Portfolio invests in debt securities and equity securities. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans, REITs, preferred securities, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. An ETF is subject to additional fees and expenses, tracking error, and the risks of the underlying investments that it holds. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)
Common Stock	68.3%	Financials	21.9%	Comcast Corporation	1.2%
Long-Term Fixed Income	15.1%	Consumer Discretionary	13.1%	iShares J.P. Morgan USD
Bank Loans	10.2%	Information Technology	10.2%	Emerging Markets
Short-Term Investments	6.4%	Health Care	7.6%	Bond ETF	1.2%
Total	100.0%	Industrials	6.4%	Abbott Laboratories	1.1%
		Telecommunications		Apple, Inc.	1.1%
		Services	6.0%	Materials Select Sector
		Consumer Staples	5.7%	SPDR Fund	1.0%
		Energy	5.4%	FNMA Conventional 30-Yr
		Materials	3.9%	Pass Through	1.0%
		Mortgage-Backed		AutoZone, Inc.	1.0%
		Securities	3.1%	Amazon.com, Inc.	1.0%
				Starbucks Corporation	0.9%
				Target Corporation	0.9%
				These securities represent 10.4% of the total net assets of the Fund.

Thrivent Balanced Income Plus Portfolio

Darren M. Bagwell, CFA, Stephen D. Lowe, CFA, Mark L. Simenstad, CFA, Noah J. Monsen, CFA, and Reginald L. Pfeifer, CFA, Portfolio Co-Managers

Thrivent Balanced Income Plus Portfolio seeks long-term total return through a balance between income and the potential for long-term capital growth.

The Portfolio invests in debt securities and equity securities. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans, REITs, preferred securities, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. An ETF is subject to additional fees and expenses, tracking error, and the risks of the underlying investments that it holds. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Portfolio Composition		Major Market Sectors		Top 10 Holdings
(% of Portfolio)		(% of Net Assets)		(% of Net Assets)
Common Stock	48.5%	Financials	20.1%	FNMA Conventional 30-Yr
Long-Term Fixed Income	25.6%	Consumer Discretionary	10.9%	Pass Through	1.6%
Bank Loans	15.7%	Information Technology	8.5%	FNMA Conventional 30-Yr
Short-Term Investments	8.4%	Telecommunications		Pass Through	1.3%
Preferred Stock	1.7%	Services	8.1%	Comcast Corporation	0.9%
Short Term Discount		Consumer Staples	6.3%	FNMA Conventional 30-Yr
Instrument	0.1%	Health Care	5.5%	Pass Through	0.9%
Total	100.0%	Energy	5.3%	Abbott Laboratories	0.8%
		Foreign Government	4.9%	Apple, Inc.	0.8%
		Industrials	4.7%	Materials Select Sector
		Mortgage-Backed		SPDR Fund	0.8%
		Securities	4.6%	Amazon.com, Inc.	0.7%
				AutoZone, Inc.	0.7%
				Starbucks Corporation	0.7%
				These securities represent 9.2% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

6

Thrivent Diversified Income Plus Portfolio

Mark L. Simenstad, CFA, Stephen D. Lowe, CFA, Darren M. Bagwell, CFA, Noah J. Monsen, CFA, and Reginald L. Pfeifer, CFA, Portfolio Co-Managers

Thrivent Diversified Income Plus Portfolio seeks to maximize income while maintaining prospects for capital appreciation.

The Portfolio invests in debt securities and equity securities. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans, REITs, preferred securities, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. An ETF is subject to additional fees and expenses, tracking error, and the risks of the underlying investments that it holds. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

Portfolio Composition (% of Portfolio)		Major Market Sectors (% of Net Assets)		Top 10 Holdings (% of Net Assets)
Long-Term Fixed Income	42.1%	Financials	22.7%	FNMA Conventional 30-Yr
Common Stock	32.0%	Collateralized Mortgage		Pass Through	1.9%
Bank Loans	12.4%	Obligations	14.5%	Alerian MLP ETF	0.8%
Short-Term Investments	9.4%	Consumer Discretionary	8.0%	Vanguard Short-Term
Preferred Stock	4.1%	Telecommunications Services	7.1%	Corporate Bond ETF	0.7%
Short Term Discount		Information Technology	5.8%	Comcast Corporation	0.5%
Instrument	< 0.1%	Consumer Staples	5.0%	Abbott Laboratories	0.5%
Total	100.0%	Energy	4.5%	Two Harbors Investment
		Materials	4.2%	Corporation	0.5%
		Health Care	3.2%	Apple, Inc.	0.5%
		Asset-Backed Securities	3.1%	Materials Select Sector
				SPDR Fund	0.4%
				Golub Capital BDC, Inc.	0.4%
				Capital One Financial
				Corporation	0.4%
				These securities represent 6.6% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

7

Thrivent Opportunity Income Plus Portfolio

Gregory R. Anderson, CFA, Michael G. Landreville, CFA and CPA (inactive) and Conrad E. Smith, CFA, Paul J. Ocenasek, CFA, and Kent L. White, CFA, Portfolio Co-Managers

Thrivent Opportunity Income Plus Portfolio seeks a combination of current income and long-term capital appreciation.

The Portfolio primarily invests in a broad range of debt securities. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. An ETF is subject to additional fees and expenses, tracking error, and the risks of the underlying investments that it holds. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Portfolio in a worse position than if it had not used these instruments.

	Major Market Sectors		Top 10 Holdings
	(% of Net Assets)		(% of Net Assets)
	Mortgage-Backed Securities	14.4%	FNMA Conventional 30-Yr
	Communications Services	13.2%	Pass Through	5.3%
	Foreign Government	9.0%	FNMA Conventional 30-Yr
	Financials	8.3%	Pass Through	3.7%
	Consumer Non-Cyclical	7.8%	FNMA Conventional 30-Yr
	Collateralized Mortgage		Pass Through	2.5%
	Obligations	7.5%	iShares J.P. Morgan USD Emerging
	Consumer Cyclical	6.1%	Markets Bond ETF	1.8%
	Other Mutual Funds Fixed		Vanguard Short-Term Corporate
	Income	5.3%	Bond ETF	1.8%
	Technology	4.3%	IMG Worldwide, Inc., Term Loan	1.7%
	Energy	3.7%	TransUnion, LLC, Term Loan	1.5%
			JBS USA, LLC, Term Loan	1.5%
			LTF Merger Sub, Inc., Term Loan	0.9%
			FHLM Corp. Gold 30-Yr. Pass
			Through	0.9%
			These securities represent 21.6% of the total net assets of the Portfolio.

Quoted Bond Quality Ratings Distributions, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Bond Quality Ratings chart excludes collateral held for securities loaned.

Bond quality ratings are obtained from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Services (“S&P”). Ratings from S&P, when used, are converted into their equivalent Moody’s ratings. If Moody’s and S&P have assigned different ratings to a security, the lowest rating for the security is used. If a fixed income security is not rated by Moody’s or S&P the Portfolio’s investment adviser has assigned a rating based on its credit evaluation.

8

Thrivent Partner Technology Portfolio *

Subadvised by Goldman Sachs Asset Management, L.P.

Thrivent Partner Technology Portfolio seeks long-term growth of capital.

The Portfolio primarily invests in securities of technology companies, which may be more volatile than, and not move in tandem with, the overall market. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets.

*The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Partner Technology Portfolio into the Thrivent Large Cap Growth Portfolio. The merger was approved by the contractholders of Thrivent Partner Technology Portfolio at a special meeting of contractholders held on August 14, 2015. The merger occurred on August 21, 2015.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	98.5%	Software	24.5	%	Apple, Inc.	8.8	%
Short-Term Investments	1.5%	Internet Software & Services	21.7	%	LinkedIn Corporation	4.1	%
Total	100.0%	Technology Hardware, Storage			Amazon.com, Inc.	4.1	%
		& Peripherals	14.5	%	EMC Corporation	3.8	%
		IT Consulting & Services	6.7	%	Google, Inc., Class A	3.6	%
		Semiconductors &			Facebook, Inc.	3.6	%
		Semiconductor Equipment	6.4	%	Oracle Corporation	3.5	%
		Consumer Discretionary	6.3	%	American Tower Corporation	3.4	%
		Financials	5.3	%	ServiceNow, Inc.	3.4	%
		Telecommunications Services	5.2	%	QUALCOMM, Inc.	3.3	%
		Communications Equipment	3.3	%
		Electronic Equipment,			These securities represent 41.6% of
		Instruments & Components	3.2	%	the total net assets of the Portfolio.

Thrivent Partner Healthcare Portfolio

Subadvised by Sectoral Asset Management, Inc.

Thrivent Partner Healthcare Portfolio seeks long-term capital growth.

The Portfolio primarily invests in healthcare companies, which are subject to numerous risks including legislative or regulatory changes and adverse market conditions. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. The Portfolio is non-diversified, which means that it may invest a greater percentage of its assets in the securities of any single issuer compared with diversified funds.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	92.1%	Pharmaceuticals	51.6	%	Novartis AG	7.8	%
Short-Term Investments	7.9%	Health Care Equipment	18.8	%	Roche Holding AG	7.8	%
Total	100.0%	Biotechnology	14.2	%	Pfizer, Inc.	6.9	%
		Health Care Supplies	3.2	%	Biogen, Inc.	4.7	%
		Health Care Facilities	3.0	%	Actavis, Inc.	4.5	%
		Managed Health Care	2.2	%	Medtronic, Inc.	4.5	%
					Merck & Company, Inc.	3.9	%
					Shire Pharmaceuticals Group plc ADR	3.5	%
					Dexcom, Inc.	3.4	%
					Align Technology, Inc.	3.3	%
					These securities represent 50.3% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

9

Thrivent Natural Resources Portfolio *

David C. Francis, CFA and Darren M. Bagwell, CFA, Portfolio Co-Managers

Thrivent Natural Resources Portfolio seeks long-term capital growth.

The Portfolio primarily invests in natural resource investments, which historically have been very volatile and are subject to risks that particularly affect the precious metals, oil, gas, mining, energy, chemicals, paper, steel or agricultural sectors. REITs are subject to numerous risks and can be affected by interest rates, the values of the properties they own, and the credit quality of mortgage loans they hold. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. The Portfolio is non-diversified, which means that it may invest a greater percentage of its assets in the securities of any single issuer compared with diversified funds.

*The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Natural Resources Portfolio into the Thrivent Large Cap Stock Portfolio. The merger was approved by the contractholders of Thrivent Natural Resources Portfolio at a special meeting of contractholders held on August 14, 2015. The merger occurred on August 21, 2015.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	99.1%	Oil & Gas Exploration &			Marathon Petroleum
Short-Term Investments	0.9%	Production	33.4	%	Corporation	7.7	%
Total	100.0%	Oil & Gas Equipment &			Baker Hughes, Inc.	6.7	%
		Services	19.8	%	Total SA ADR	6.5	%
		Integrated Oil & Gas	17.9	%	Suncor Energy, Inc. ADR	6.1	%
		Materials	14.3	%	Cobalt International Energy,
		Oil & Gas Refining &			Inc.	6.0	%
		Marketing	7.7	%	EOG Resources, Inc.	5.8	%
		Oil & Gas Drilling	4.0	%	EQT Corporation	5.7	%
		Other Mutual Funds Equity	2.0	%	Cameron International
					Corporation	5.2	%
					Weatherford International, Ltd.	4.6	%
					Rowan Companies plc	4.0	%
					These securities represent 58.3% of the total net assets of the Portfolio.

Thrivent Partner Emerging Markets Equity Portfolio

Subadvised by Aberdeen Asset Managers Limited

Thrivent Partner Emerging Markets Equity Portfolio seeks long-term capital growth.

The Portfolio primarily invests in emerging markets equities. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Large cap companies may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate.

Portfolio Composition		Major Market Sectors			Top 10 Countries
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	92.0%	Financials	33.1	%	India	14.8	%
Preferred Stock	5.2%	Consumer Staples	16.5	%	Hong Kong	11.6	%
Short-Term Investments	2.8%	Consumer Discretionary	11.1	%	Brazil	10.6	%
Total	100.0%	Information Technology	10.9	%	Mexico	7.6	%
		Energy	8.2	%	South Korea	5.8	%
		Materials	6.7	%	Taiwan	5.1	%
		Telecommunications Services	5.8	%	United Kingdom	4.8	%
		Industrials	3.7	%	Russia	4.4	%
		Health Care	1.2	%	Turkey	4.3	%
					South Africa	4.3	%
					Investments in securities in these countries represent 73.3% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors, Top 10 Holdings and Top 10 Countries are subject to change.

The lists of Major Market Sectors, Top 10 Holdings and Top 10 Countries exclude short-term investments and collateral held for securities loaned. The Portfolio Composition chart excludes collateral held for securities loaned.

10

Thrivent Real Estate Securities Portfolio

Reginald L. Pfeifer, CFA, Portfolio Manager

Thrivent Real Estate Securities Portfolio seeks to provide long-term capital appreciation and high current income.

The Portfolio focuses on income-producing equity securities of U.S. real estate companies. Declines in real estate values, changes in interest rates or economic downturns can have a significant negative effect on companies in the real estate industry. REITs are subject to numerous risks and can be affected by interest rates, the values of the properties they own, and the credit quality of mortgage loans they hold. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	99.8%	Retail REITS	24.1	%	Simon Property Group, Inc.	8.7	%
Short-Term Investments	0.2%	Residential REITS	17.4	%	AvalonBay Communities,
Total	100.0%	Office REITS	16.8	%	Inc.	3.6	%
		Health Care REITs	10.0	%	Equity Residential	3.5	%
		Specialized REITS	9.6	%	Boston Properties, Inc.	3.4	%
		Hotel & Resort REITs	9.4	%	Public Storage, Inc.	3.3	%
		Diversified REITS	5.3	%	Prologis, Inc.	3.0	%
		Industrial REITS	5.3	%	Health Care REIT, Inc.	2.7	%
		Mortgage REITS	0.6	%	Ventas, Inc.	2.6	%
		Real Estate Operating			Essex Property Trust, Inc.	2.6	%
		Companies	0.5	%	General Growth Properties,
					Inc.	2.3	%
					These securities represent 35.7% of the total net assets of the Portfolio.

Thrivent Partner Small Cap Growth Portfolio *

David J. Lettenberger, CFA, Portfolio Manager

Thrivent Partner Small Cap Growth Portfolio seeks long-term capital growth.

The Portfolio primarily invests in securities of small companies. Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers.

*The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Partner Small Cap Growth Portfolio into the Thrivent Small Cap Stock Portfolio. The merger was approved by the contractholders of Thrivent Partner Small Cap Growth Portfolio at a special meeting of contractholders held on August 14, 2015. The merger occurred on August 21, 2015.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	98.1%	Information Technology	24.0	%	iShares Russell 2000 Growth
Short-Term Investments	1.9%	Health Care	22.8	%	Index Fund	3.8	%
Total	100.0%	Consumer Discretionary	17.1	%	G-III Apparel Group, Ltd.	2.7	%
		Industrials	15.6	%	Virtusa Corporation	2.2	%
		Financials	8.0	%	Teleflex, Inc.	2.1	%
		Other Mutual Funds Equity	3.8	%	Oxford Industries, Inc.	2.1	%
		Energy	2.9	%	Proofpoint, Inc.	2.1	%
		Materials	2.8	%	Acadia Healthcare Company,
		Consumer Staples	1.9	%	Inc.	2.0	%
					ExamWorks Group, Inc.	1.8	%
					On Assignment, Inc.	1.8	%
					Guidewire Software, Inc.	1.8	%
					These securities represent 22.4% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

11

Thrivent Partner Small Cap Value Portfolio *

Subadvised by T. Rowe Price Associates, Inc.

Thrivent Partner Small Cap Value Portfolio seeks long-term capital appreciation.

The Portfolio primarily invests in securities of small companies. Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards.

*The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Partner Small Cap Value Portfolio into the Thrivent Small Cap Stock Portfolio. The merger was approved by the contractholders of Thrivent Partner Small Cap Value Portfolio at a special meeting of contractholders held on August 14, 2015. The merger occurred on August 21, 2015.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	98.3%	Financials	29.0	%	East West Bancorp, Inc.	1.9	%
Short-Term Investments	1.5%	Industrials	23.5	%	ProAssurance Corporation	1.8	%
Preferred Stock	0.2%	Consumer Discretionary	12.2	%	Aaron’s, Inc.	1.7	%
Total	100.0%	Information Technology	9.4	%	Home BancShares, Inc.	1.6	%
		Materials	6.4	%	West Pharmaceutical Services, Inc.	1.5	%
		Health Care	6.3	%	Alaska Air Group, Inc.	1.5	%
		Utilities	4.5	%	SVB Financial Group	1.5	%
		Energy	3.5	%	CoBiz Financial, Inc.	1.4	%
		Consumer Staples	2.5	%	Beacon Roofing Supply, Inc.	1.4	%
		Other Mutual Funds Equity	0.5	%	Innospec, Inc.	1.4	%
					These securities represent 15.7% of the total net assets of the Portfolio.

Thrivent Small Cap Stock Portfolio

Matthew D. Finn, CFA, Portfolio Manager and James M. Tinucci, CFA, Associate Portfolio Manager

Thrivent Small Cap Stock Portfolio seeks long-term capital growth.

The Portfolio primarily invests in securities of small companies. Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	96.4%	Financials	22.7	%	Teleflex, Inc.	2.9	%
Short-Term Investments	3.6%	Industrials	18.5	%	Virtusa Corporation	2.7	%
Total	100.0%	Information Technology	16.2	%	Synovus Financial Corporation	2.3	%
		Health Care	12.2	%	ExamWorks Group, Inc.	2.3	%
		Consumer Discretionary	11.6	%	EMCOR Group, Inc.	2.2	%
		Other Mutual Funds Equity	6.7	%	iShares Russell 2000 Growth
		Materials	2.6	%	Index Fund	2.1	%
		Utilities	2.3	%	Materials Select Sector SPDR
		Consumer Staples	1.9	%	Fund	2.1	%
		Energy	1.9	%	G-III Apparel Group, Ltd.	2.1	%
					Korn/Ferry International	2.0	%
					Hanmi Financial Corporation	1.9	%
					These securities represent 22.6% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

12

Thrivent Small Cap Index Portfolio

Kevin R. Brimmer, FSA, Portfolio Manager

Thrivent Small Cap Index Portfolio strives for capital growth that tracks the performance of the S&P SmallCap 600 Index.

The Portfolio primarily invests in small company common stocks. Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	95.4%	Financials	22.4	%	West Pharmaceutical Services,
Short-Term Investments	4.6%	Industrials	15.7	%	Inc.	0.6	%
Total	100.0%	Information Technology	15.2	%	Toro Company	0.5	%
		Consumer Discretionary	14.6	%	Cracker Barrel Old Country
		Health Care	12.9	%	Store, Inc.	0.5	%
		Materials	5.0	%	PAREXEL International
		Utilities	3.3	%	Corporation	0.5	%
		Energy	3.1	%	MarketAxess Holdings, Inc.	0.5	%
		Consumer Staples	2.5	%	Curtiss-Wright Corporation	0.5	%
		Telecommunications Services	0.7	%	AmSurg Corporation	0.5	%
					Microsemi Corporation	0.5	%
					Jack in the Box, Inc.	0.4	%
					Synaptics, Inc.	0.4	%
					These securities represent 4.9% of the total net assets of the Portfolio.

Thrivent Mid Cap Growth Portfolio *

Andrea J. Thomas, CFA, Portfolio Manager

Thrivent Mid Cap Growth Portfolio seeks long-term growth of capital.

The Portfolio primarily invests in securities of mid-sized companies, which often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser.

*The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Mid Cap Growth Portfolio into the Thrivent Mid Cap Stock Portfolio. The merger was approved by the contractholders of Thrivent Mid Cap Growth Portfolio at a special meeting of contractholders held on August 14, 2015. The merger occurred on August 21, 2015.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	96.1%	Information Technology	22.6	%	BioMarin Pharmaceutical, Inc.	2.4	%
Short-Term Investments	3.9%	Consumer Discretionary	20.5	%	Stericycle, Inc.	2.4	%
Total	100.0%	Health Care	17.3	%	NXP Semiconductors NV	2.4	%
		Industrials	13.3	%	Affiliated Managers Group, Inc.	2.3	%
		Financials	8.9	%	Jarden Corporation	2.2	%
		Consumer Staples	4.7	%	Amphenol Corporation	2.1	%
		Energy	4.1	%	Fortinet, Inc.	2.1	%
		Materials	2.9	%	O’Reilly Automotive, Inc.	2.1	%
		Telecommunications Services	1.9	%	Hain Celestial Group, Inc.	1.9	%
					Robert Half International, Inc.	1.8	%
					These securities represent 21.7% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

13

Thrivent Partner Mid Cap Value Portfolio *

Subadvised by Goldman Sachs Asset Management, L.P.

Thrivent Partner Mid Cap Value Portfolio seeks to achieve long-term capital appreciation.

The Portfolio primarily invests in securities of mid-cap issuers, which often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets.

*The Board of Directors of Thrivent Series Fund, Inc. has approved the merger of Thrivent Partner Mid Cap Value Portfolio into the Thrivent Mid Cap Stock Portfolio. The merger was approved by the contractholders of Thrivent Partner Mid Cap Value Portfolio at a special meeting of contractholders held on August 14, 2015. The merger occurred on August 21, 2015.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	98.8%	Financials	29.1	%	United Continental Holdings, Inc.	2.1	%
Short-Term Investments	1.2%	Industrials	12.6	%	Raymond James Financial, Inc.	2.1	%
Total	100.0%	Consumer Discretionary	12.1	%	Lincoln National Corporation	2.0	%
		Information Technology	11.7	%	Endo International plc	1.8	%
		Health Care	7.6	%	Navient Corporation	1.8	%
		Energy	7.0	%	Sempra Energy	1.8	%
		Consumer Staples	6.7	%	Devon Energy Corporation	1.8	%
		Materials	6.2	%	Zions Bancorporation	1.7	%
		Utilities	6.0	%	Gap, Inc.	1.6	%
					Citizens Financial Group, Inc.	1.6	%
					These securities represent 18.3% of the total net assets of the Portfolio.

Thrivent Mid Cap Stock Portfolio

Brian J. Flanagan, CFA, Portfolio Manager

Thrivent Mid Cap Stock Portfolio seeks long-term capital growth.

The Portfolio primarily invests in securities of mid-sized companies, which often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	92.9%	Financials	23.3	%	Alliance Data Systems Corporation	3.7	%
Short-Term Investments	7.1%	Information Technology	19.1	%	NVIDIA Corporation	3.3	%
Total	100.0%	Health Care	16.3	%	Huntington Bancshares, Inc.	2.6	%
		Industrials	12.4	%	Universal Health Services, Inc.	2.6	%
		Consumer Discretionary	9.1	%	Applied Materials, Inc.	2.6	%
		Energy	4.6	%	Southwest Airlines Company	2.5	%
		Consumer Staples	3.6	%	DISH Network Corporation	2.4	%
		Materials	2.9	%	Red Hat, Inc.	2.4	%
		Utilities	1.5	%	Illumina, Inc.	2.3	%
					Hologic, Inc.	2.3	%
					These securities represent 26.7% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

14

Thrivent Mid Cap Index Portfolio

Kevin R. Brimmer, FSA, Portfolio Manager

Thrivent Mid Cap Index Portfolio seeks total returns that track the performance of the S&P MidCap 400 Index.

The Portfolio primarily invests in mid-sized company stocks, which often have greater price volatility, lower trading volume, and less liquidity than stocks of larger, more established companies. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	96.4%	Financials	23.3	%	Advance Auto Parts, Inc.	0.7	%
Short-Term Investments	3.6%	Information Technology	15.9	%	Church & Dwight Company, Inc.	0.6	%
Total	100.0%	Industrials	14.5	%	Signet Jewelers, Ltd.	0.6	%
		Consumer Discretionary	13.7	%	Centene Corporation	0.6	%
		Health Care	8.9	%	Mettler-Toledo International, Inc.	0.6	%
		Materials	7.2	%	Foot Locker, Inc.	0.6	%
		Energy	4.4	%	Hologic, Inc.	0.6	%
		Utilities	4.2	%	Jarden Corporation	0.6	%
		Consumer Staples	4.0	%	LKQ Corporation	0.6	%
		Telecommunications Services	0.2	%	Omnicare, Inc.	0.6	%
					These securities represent 6.1% of the total net assets of the Portfolio.

Thrivent Partner Worldwide Allocation Portfolio

Subadvised by Principal Global Investors, LLC, Mercator Asset Management, LP, Aberdeen Asset Managers Limited and Goldman Sachs Asset Management, L.P.

Thrivent Partner Worldwide Allocation Portfolio seeks long-term capital growth.

The Portfolio primarily invests in equity and debt securities of issuers throughout the world. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Large cap companies may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The investment styles employed by the Portfolio’s sub-advisers may not be complementary.

Portfolio Composition		Major Market Sectors			Top 10 Countries
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	85.9%	Financials	23.7	%	Japan	17.0	%
Long-Term Fixed Income	10.3%	Industrials	14.1	%	United Kingdom	8.3	%
Short-Term Investments	2.8%	Consumer Discretionary	12.9	%	Switzerland	7.2	%
Preferred Stock	1.0%	Materials	8.3	%	France	6.8	%
Short Term Discount		Consumer Staples	7.8	%	Germany	5.0	%
Instrument	< 0.1%	Information Technology	7.3	%	Netherlands	3.5	%
Total	100.0%	Health Care	7.2	%	Canada	3.3	%
		Foreign Government	7.0	%	Italy	3.1	%
		Energy	4.0	%	Hong Kong	3.1	%
		Telecommunications Services	1.9	%	Spain	2.7	%
					Investments in securities in these countries represent 60.0% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors, Top 10 Holdings and Top 10 Countries are subject to change.

The lists of Major Market Sectors, Top 10 Holdings and Top 10 Countries exclude short-term investments and collateral held for securities loaned. The Portfolio Composition chart excludes collateral held for securities loaned.

15

Thrivent Partner All Cap Portfolio

Subadvised by Pyramis Global Advisors, LLC, an affiliate of Fidelity Investments

Thrivent Partner All Cap Portfolio seeks long-term growth of capital.

The Portfolio primarily invests in common stocks. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Large cap companies may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	95.6%	Information Technology	18.9	%	Apple, Inc.	2.6	%
Short-Term Investments	4.4%	Financials	17.7	%	Facebook, Inc.	2.5	%
Total	100.0%	Health Care	15.0	%	Google, Inc., Class A	2.5	%
		Consumer Discretionary	13.1	%	Citigroup, Inc.	2.3	%
		Industrials	10.7	%	Oracle Corporation	1.8	%
		Consumer Staples	8.1	%	Danaher Corporation	1.8	%
		Energy	6.9	%	Walt Disney Company	1.8	%
		Materials	3.4	%	FedEx Corporation	1.8	%
		Utilities	2.7	%	Adobe Systems, Inc.	1.7	%
		Telecommunications Services	1.9	%	Ingersoll-Rand plc	1.7	%
					These securities represent 20.5% of the total net assets of the Portfolio.

Thrivent Large Cap Growth Portfolio

David C. Francis, CFA, and Darren M. Bagwell, CFA, Portfolio Co-Managers

Thrivent Large Cap Growth Portfolio seeks long-term growth of capital.

The Portfolio primarily invests in securities of large companies, which may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	94.7%	Information Technology	35.5	%	Apple, Inc.	6.9	%
Short-Term Investments	5.1%	Consumer Discretionary	22.4	%	Amazon.com, Inc.	5.1	%
Short Term Discount Instrument	0.2%	Health Care	18.6	%	Facebook, Inc.	4.9	%
Total	100.0%	Industrials	6.7	%	Visa, Inc.	4.9	%
		Energy	6.2	%	Gilead Sciences, Inc.	4.5	%
		Financials	5.3	%	Starbucks Corporation	3.8	%
					NIKE, Inc.	3.8	%
					Actavis, Inc.	3.6	%
					Comcast Corporation	3.5	%
					Alexion Pharmaceuticals, Inc.	3.1	%
					These securities represent 44.1% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

16

Thrivent Partner Growth Stock Portfolio

Subadvised by T. Rowe Price Associates, Inc.

Thrivent Partner Growth Stock Portfolio seeks long-term growth of capital and, secondarily, to increase dividend income.

The Portfolio primarily invests in common stocks. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment advisers. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	98.1%	Information Technology	28.0	%	Amazon.com, Inc.	4.7	%
Short-Term Investments	1.3%	Consumer Discretionary	25.5	%	Priceline Group, Inc.	3.1	%
Preferred Stock	0.6%	Health Care	24.0	%	Visa, Inc.	2.9	%
Total	100.0%	Industrials	11.0	%	Apple, Inc.	2.8	%
		Financials	6.0	%	Google, Inc., Class C	2.6	%
		Consumer Staples	2.7	%	Danaher Corporation	2.6	%
		Energy	1.4	%	Valeant Pharmaceuticals
		Materials	0.8	%	International, Inc.	2.6	%
					Google, Inc., Class A	2.5	%
					Actavis, Inc.	2.5	%
					Facebook, Inc.	2.5	%
					These securities represent 28.8% of the total net assets of the Portfolio.

Thrivent Large Cap Value Portfolio

Kurt J. Lauber, CFA, Portfolio Manager

Thrivent Large Cap Value Portfolio seeks long-term growth of capital.

The Portfolio primarily invests in securities of large companies, which may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	99.3%	Financials	24.3	%	Cisco Systems, Inc.	4.2	%
Short-Term Investments	0.7%	Information Technology	15.3	%	Citigroup, Inc.	3.9	%
Total	100.0%	Health Care	14.7	%	CVS Health Corporation	3.6	%
		Energy	10.7	%	Merck & Company, Inc.	3.5	%
		Consumer Discretionary	10.1	%	Lowe’s Companies, Inc.	3.2	%
		Industrials	8.9	%	Bank of America Corporation	2.9	%
		Consumer Staples	6.8	%	Comcast Corporation	2.9	%
		Utilities	3.3	%	MetLife, Inc.	2.8	%
		Materials	3.3	%	Capital One Financial
		Telecommunications Services	1.8	%	Corporation	2.5	%
					PG&E Corporation	2.5	%
					These securities represent 32.0% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

17

Thrivent Large Cap Stock Portfolio

David C. Francis, CFA and Kurt J. Lauber, CFA, Portfolio Co-Managers

Thrivent Large Cap Stock Portfolio seeks long-term capital growth.

The Portfolio primarily invests in securities of large companies, which may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	89.1%	Financials	17.2	%	Apple, Inc.	4.4	%
Short-Term Investments	10.4%	Information Technology	15.4	%	J.P. Morgan Chase &
Short Term Discount		Health Care	14.2	%	Company	2.7	%
Instrument	0.5%	Consumer Discretionary	12.0	%	Starbucks Corporation	2.6	%
Total	100.0%	Industrials	7.8	%	Merck & Company, Inc.	2.5	%
		Energy	7.7	%	Weatherford International, Ltd.	2.4	%
		Consumer Staples	5.9	%	Johnson & Johnson	2.1	%
		Utilities	3.7	%	Boeing Company	2.0	%
		Materials	3.5	%	AutoZone, Inc.	2.0	%
		Telecommunications Services	1.5	%	Union Pacific Corporation	1.9	%
					Citigroup, Inc.	1.9	%
					These securities represent 24.5% of the total net assets of the Portfolio.

Thrivent Large Cap Index Portfolio

Kevin R. Brimmer, FSA, Portfolio Manager

Thrivent Large Cap Index Portfolio seeks total returns that track the performance of the S&P 500 Index.

The Portfolio primarily invests in large company common stocks. Large companies may be unable to respond quickly to new competitive challenges and may not be able to attain a high growth rate. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers.

Portfolio Composition		Major Market Sectors			Top 10 Holdings
(% of Portfolio)		(% of Net Assets)			(% of Net Assets)
Common Stock	95.9%	Information Technology	19.0	%	Apple, Inc.	3.8	%
Short-Term Investments	4.1%	Financials	15.8	%	Microsoft Corporation	1.9	%
Total	100.0%	Health Care	14.7	%	Exxon Mobil Corporation	1.8	%
		Consumer Discretionary	12.3	%	Johnson & Johnson	1.4	%
		Industrials	9.7	%	General Electric Company	1.4	%
		Consumer Staples	9.0	%	Wells Fargo & Company	1.4	%
		Energy	7.5	%	J.P. Morgan Chase &
		Materials	2.9	%	Company	1.3	%
		Utilities	2.7	%	Berkshire Hathaway, Inc.	1.3	%
		Telecommunications Services	2.2	%	Procter & Gamble Company	1.1	%
					Pfizer, Inc.	1.1	%
					These securities represent 16.5% of the total net assets of the Portfolio.

Quoted Portfolio Composition, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

The Portfolio Composition chart excludes collateral held for securities loaned.

18

Thrivent High Yield Portfolio

Paul J. Ocenasek, CFA, Portfolio Manager

Thrivent High Yield Portfolio seeks to achieve a higher level of income. The Portfolio will also consider growth of capital as a secondary objective.

The Portfolio primarily invests in high-yield, high-risk bonds, notes, debentures and other debt obligations, or preferred stocks. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Bond prices generally fall as interest rates rise. Leveraged loans are subject to numerous risks, including liquidity, credit, declines in the value of collateral underlying them, and detrimental legal actions against them. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. Dealer inventories of bonds are at or near historic lows in relation to market size, which has the potential to decrease liquidity and increase price volatility in the fixed income markets.

	Major Market Sectors (% of Net Assets)		Top 10 Holdings (% of Net Assets)
	Communications Services	18.7%	Sprint Communications, Inc.	1.1%
	Consumer Cyclical	14.0%	Sprint Corporation	1.0%
	Consumer Non-Cyclical	12.8%	Icahn Enterprises, LP	1.0%
	Energy	11.4%	Intelsat Jackson Holdings SA	0.9%
	Financials	10.6%	Choice Hotels International, Inc.	0.8%
	Capital Goods	7.5%	iHeartCommunications, Inc., Term
	Technology	5.6%	Loan	0.8%
	Utilities	4.7%	Denali Borrower, LLC	0.8%
	Transportation	4.6%	Wind Acquisition Finance SA	0.8%
	Basic Materials	4.5%	Alliance Data Systems
			Corporation	0.8%
			First Data Corporation, Term Loan	0.8%
			These securities represent 8.8% of the total net assets of the Portfolio.

Quoted Bond Quality Ratings Distributions, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

Bond quality ratings are obtained from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Services (“S&P”). Ratings from S&P, when used, are converted into their equivalent Moody’s ratings. If Moody’s and S&P have assigned different ratings to a security, the lowest rating for the security is used. If a fixed income security is not rated by Moody’s or S&P the Portfolio’s investment adviser has assigned a rating based on its credit evaluation.

19

Thrivent Income Portfolio

Stephen D. Lowe, CFA, Portfolio Manager

Thrivent Income Portfolio seeks a high level of income over the longer term while providing reasonable safety of capital.

The Portfolio primarily invests in investment-grade corporate bonds, government bonds, asset-backed securities and mortgage-backed securities. The value of the Portfolio is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. The value of mortgage-related and other asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. The prices of futures contracts can be highly volatile and the loss from investing in them can exceed the initial investment. Dealer inventories of bonds are at or near historic lows in relation to market size, which has the potential to decrease liquidity and increase price volatility in the fixed income markets.

	Major Market Sectors (% of Net Assets)		Top 10 Holdings (% of Net Assets)
	Financials	30.8%	FNMA Conventional 30-Yr Pass
	Communications Services	11.7%	Through	2.1%
	Consumer Non-Cyclical	9.1%	FNMA Conventional 30-Yr Pass
	Energy	9.0%	Through	0.8%
	Consumer Cyclical	6.5%	U.S. Treasury Notes	0.7%
	Utilities	6.3%	FNMA Conventional 30-Yr Pass
	Basic Materials	4.6%	Through	0.6%
	Mortgage-Backed Securities	4.1%	Verizon Communications, Inc.	0.4%
	Transportation	3.4%	U.S. Treasury Bonds, TIPS	0.4%
	Technology	3.0%	Energy Transfer Partners, LP	0.4%
			Capital One Bank USA NA	0.4%
			Verizon Communications, Inc.	0.4%
			SABMiller Holdings, Inc.	0.4%
			These securities represent 6.6% of the total net assets of the Portfolio.

Quoted Bond Quality Ratings Distributions, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

Bond quality ratings are obtained from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Services (“S&P”). Ratings from S&P, when used, are converted into their equivalent Moody’s ratings. If Moody’s and S&P have assigned different ratings to a security, the lowest rating for the security is used. If a fixed income security is not rated by Moody’s or S&P the Portfolio’s investment adviser has assigned a rating based on its credit evaluation.

20

Thrivent Bond Index Portfolio

Michael G. Landreville, CFA and CPA (inactive), Portfolio Manager

Thrivent Bond Index Portfolio strives for investment results similar to the total return of the Barclays U.S. Aggregate Bond Index.

The Portfolio primarily invests in investment-grade bonds and other debt securities. The value of the Portfolio is influenced by factors impacting the overall market, the debt market in particular, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt. The value of mortgage-related and other asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. Collateralized debt obligations are subject to additional risks. Dealer inventories of bonds are at or near historic lows in relation to market size, which has the potential to decrease liquidity and increase price volatility in the fixed income markets.

	Major Market Sectors		Top 10 Holdings
	(% of Net Assets)		(% of Net Assets)
	U.S. Government and Agencies	39.2%	U.S. Treasury Notes	11.5%
	Mortgage-Backed Securities	29.1%	FNMA Conventional 30-Yr Pass
	Financials	9.1%	Through	8.9%
	Foreign Government	3.9%	FNMA Conventional 30-Yr Pass
	Consumer Non-Cyclical	3.8%	Through	7.6%
	Utilities	3.8%	FNMA Conventional 30-Yr Pass
	Consumer Cyclical	2.7%	Through	5.9%
	Asset-Backed Securities	2.4%	U.S. Treasury Notes	5.3%
	Technology	1.4%	FNMA Conventional 15-Yr Pass
	Communications Services	1.2%	Through	3.8%
			U.S. Treasury Notes	3.1%
			U.S. Treasury Bonds	2.8%
			U.S. Treasury Notes	2.5%
			U.S. Treasury Notes	2.4%
			These securities represent 53.8% of the total net assets of the Portfolio.

Thrivent Limited Maturity Bond Portfolio

Michael G. Landreville, CFA and CPA (inactive) and Gregory R. Anderson, CFA, Portfolio Co-Managers

Thrivent Limited Maturity Bond Portfolio seeks a high level of current income with stability of principal.

The Portfolio primarily invests in investment-grade debt securities. The value of the Portfolio is influenced by factors impacting the overall market, debt securities in particular, and specific issuers. The Portfolio may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt. The value of mortgage-related and other asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. The prices of futures contracts can be highly volatile and the loss from investing in them can exceed the initial investment. Collateralized debt obligations are subject to additional risks. Dealer inventories of bonds are at or near historic lows in relation to market size, which has the potential to decrease liquidity and increase price volatility in the fixed income markets.

	Major Market Sectors		Top 10 Holdings
	(% of Net Assets)		(% of Net Assets)
	U.S. Government and Agencies	20.3%	U.S. Treasury Notes	6.4%
	Financials	19.5%	U.S. Treasury Notes	4.1%
	Asset-Backed Securities	14.1%	U.S. Treasury Bonds, TIPS	2.2%
	Collateralized Mortgage		FNMA Conventional 15-Yr Pass
	Obligations	9.7%	Through	2.0%
	Mortgage-Backed Securities	5.7%	U.S. Treasury Notes	1.5%
	Commercial Mortgage-Backed		U.S. Treasury Bonds	1.1%
	Securities	5.3%	Master Credit Card Trust	1.0%
	Consumer Non-Cyclical	4.9%	U.S. Treasury Notes	0.9%
	Foreign Government	4.1%	Canada Government International
	Utilities	2.9%	Bond	0.8%
	Communications Services	2.9%	U.S. Treasury Notes, TIPS	0.8%
			These securities represent 20.8% of the total net assets of the Portfolio.

Quoted Bond Quality Ratings Distributions, Major Market Sectors and Top 10 Holdings are subject to change.

The lists of Major Market Sectors and Top 10 Holdings exclude short-term investments and collateral held for securities loaned.

Bond Quality Ratings Distributions exclude collateral held for securities loaned.

Bond quality ratings are obtained from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Services (“S&P”). Ratings from S&P, when used, are converted into their equivalent Moody’s ratings. If Moody’s and S&P have assigned different ratings to a security, the lowest rating for the security is used. If a fixed income security is not rated by Moody’s or S&P the Portfolio’s investment adviser has assigned a rating based on its credit evaluation.

21

Thrivent Money Market Portfolio

William D. Stouten, Portfolio Manager

Thrivent Money Market Portfolio seeks to achieve the maximum current income that is consistent with stability of capital and maintenance of liquidity.

The Portfolio invests in high quality, short-term money market instruments. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. Credit risk is the risk that an issuer of a debt security may not pay its debt. Low or declining short-term interest rates can negatively impact the Portfolio. The financial services industry is particularly vulnerable to certain factors, such as the availability and cost of borrowing and raising additional capital, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. The Portfolio could experience a loss when selling portfolio securities to meet redemption requests.

Portfolio Composition (% of Portfolio)
Government Agency Debt	29.2	%
Asset Backed Commercial Paper	16.9	%
Other Note	15.7	%
Other Commercial Paper	14.9	%
Investment Company	10.0	%
Financial Company Commercial Paper	8.5	%
Certificate of Deposit	4.8	%
Total	100.0	%

An investment in the Thrivent Money Market Portfolio is not insured or guaranteed by the

FDIC or any other government agency.

Although the Portfolio seeks to preserve the value of your investment at $1.00 per share,

it is possible to lose money by investing in the Portfolio.

Quoted Portfolio Composition is subject to change.

22

Shareholder Expense Example

(unaudited)

As a shareholder of the Thrivent Series Fund, Inc., you incur ongoing costs, including management fees and other Portfolio expenses. This Shareholder Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2015 through June 30, 2015. Shares in a Portfolio are currently sold, without sales charges, only to separate accounts of Thrivent Financial for Lutherans and Thrivent Life Insurance Company, which are used to fund benefits of variable life insurance and variable annuity contracts issued by Thrivent Financial for Lutherans and Thrivent Life Insurance Company, and retirement plans sponsored by Thrivent Financial for Lutherans. Expenses associated with these variable contracts and retirement plans are not included in these examples and had these costs been included, your costs would have been higher.

Actual Expenses

In the table below, the first section, labeled “Actual,” provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid.

Hypothetical Example for Comparison Purposes

In the table below, the second section, labeled “Hypothetical,” provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period 1/1/2015 - 6/30/2015*		Annualized Expense Ratio
Thrivent Aggressive Allocation Portfolio
Actual	$	1,000	$	1,035	$	2.79		0.55	%
Hypothetical**	$	1,000	$	1,022	$	2.77		0.55	%
Thrivent Moderately Aggressive Allocation Portfolio
Actual	$	1,000	$	1,025	$	2.36		0.47	%
Hypothetical**	$	1,000	$	1,022	$	2.36		0.47	%
Thrivent Moderate Allocation Portfolio
Actual	$	1,000	$	1,019	$	2.26		0.45	%
Hypothetical**	$	1,000	$	1,023	$	2.27		0.45	%
Thrivent Moderately Conservative Allocation Portfolio
Actual	$	1,000	$	1,012	$	2.24		0.45	%
Hypothetical**	$	1,000	$	1,023	$	2.25		0.45	%
Thrivent Growth and Income Plus Portfolio
Actual	$	1,000	$	1,018	$	4.00		0.80	%
Hypothetical**	$	1,000	$	1,021	$	4.01		0.80	%
Thrivent Balanced Income Plus Portfolio
Actual	$	1,000	$	1,020	$	3.25		0.65	%
Hypothetical**	$	1,000	$	1,022	$	3.25		0.65	%
Thrivent Diversified Income Plus Portfolio
Actual	$	1,000	$	1,019	$	2.41		0.48	%
Hypothetical**	$	1,000	$	1,022	$	2.42		0.48	%
Thrivent Opportunity Income Plus Portfolio
Actual	$	1,000	$	1,013	$	3.72		0.74	%
Hypothetical**	$	1,000	$	1,021	$	3.73		0.74	%

23

	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period 1/1/2015 - 6/30/2015*		Annualized Expense Ratio
Thrivent Partner Technology Portfolio
Actual	$	1,000	$	1,035	$	5.05		1.00	%
Hypothetical**	$	1,000	$	1,020	$	5.02		1.00	%
Thrivent Partner Healthcare Portfolio
Actual	$	1,000	$	1,126	$	5.31		1.01	%
Hypothetical**	$	1,000	$	1,020	$	5.05		1.01	%
Thrivent Natural Resources Portfolio
Actual	$	1,000	$	991	$	5.04		1.02	%
Hypothetical**	$	1,000	$	1,020	$	5.11		1.02	%
Thrivent Partner Emerging Markets Equity Portfolio
Actual	$	1,000	$	1,010	$	6.98		1.40	%
Hypothetical**	$	1,000	$	1,018	$	7.00		1.40	%
Thrivent Real Estate Securities Portfolio
Actual	$	1,000	$	942	$	4.45		0.92	%
Hypothetical**	$	1,000	$	1,020	$	4.63		0.92	%
Thrivent Partner Small Cap Growth Portfolio
Actual	$	1,000	$	1,120	$	4.99		0.95	%
Hypothetical**	$	1,000	$	1,020	$	4.76		0.95	%
Thrivent Partner Small Cap Value Portfolio
Actual	$	1,000	$	1,001	$	4.28		0.86	%
Hypothetical**	$	1,000	$	1,021	$	4.33		0.86	%
Thrivent Small Cap Stock Portfolio
Actual	$	1,000	$	1,068	$	3.87		0.76	%
Hypothetical**	$	1,000	$	1,021	$	3.78		0.76	%
Thrivent Small Cap Index Portfolio
Actual	$	1,000	$	1,041	$	1.47		0.29	%
Hypothetical**	$	1,000	$	1,023	$	1.46		0.29	%
Thrivent Mid Cap Growth Portfolio
Actual	$	1,000	$	1,065	$	2.38		0.46	%
Hypothetical**	$	1,000	$	1,022	$	2.33		0.46	%
Thrivent Partner Mid Cap Value Portfolio
Actual	$	1,000	$	1,000	$	3.90		0.79	%
Hypothetical**	$	1,000	$	1,021	$	3.94		0.79	%
Thrivent Mid Cap Stock Portfolio
Actual	$	1,000	$	1,011	$	3.52		0.71	%
Hypothetical**	$	1,000	$	1,021	$	3.54		0.71	%
Thrivent Mid Cap Index Portfolio
Actual	$	1,000	$	1,040	$	1.66		0.33	%
Hypothetical**	$	1,000	$	1,023	$	1.64		0.33	%
Thrivent Partner Worldwide Allocation Portfolio
Actual	$	1,000	$	1,052	$	4.68		0.92	%
Hypothetical**	$	1,000	$	1,020	$	4.61		0.92	%
Thrivent Partner All Cap Portfolio
Actual	$	1,000	$	1,055	$	4.75		0.93	%
Hypothetical**	$	1,000	$	1,020	$	4.67		0.93	%

24

	Beginning Account Value 1/1/2015		Ending Account Value 6/30/2015		Expenses Paid During Period 1/1/2015 - 6/30/2015*		Annualized Expense Ratio
Thrivent Large Cap Growth Portfolio
Actual	$	1,000	$	1,056	$	2.27		0.45	%
Hypothetical**	$	1,000	$	1,023	$	2.23		0.45	%
Thrivent Partner Growth Stock Portfolio
Actual	$	1,000	$	1,070	$	4.52		0.88	%
Hypothetical**	$	1,000	$	1,020	$	4.41		0.88	%
Thrivent Large Cap Value Portfolio
Actual	$	1,000	$	1,012	$	3.18		0.64	%
Hypothetical**	$	1,000	$	1,022	$	3.20		0.64	%
Thrivent Large Cap Stock Portfolio
Actual	$	1,000	$	1,046	$	3.41		0.67	%
Hypothetical**	$	1,000	$	1,021	$	3.37		0.67	%
Thrivent Large Cap Index Portfolio
Actual	$	1,000	$	1,011	$	1.31		0.26	%
Hypothetical**	$	1,000	$	1,023	$	1.32		0.26	%
Thrivent High Yield Portfolio
Actual	$	1,000	$	1,031	$	2.25		0.45	%
Hypothetical**	$	1,000	$	1,023	$	2.25		0.45	%
Thrivent Income Portfolio
Actual	$	1,000	$	1,000	$	2.18		0.44	%
Hypothetical**	$	1,000	$	1,023	$	2.20		0.44	%
Thrivent Bond Index Portfolio
Actual	$	1,000	$	1,000	$	2.36		0.48	%
Hypothetical**	$	1,000	$	1,022	$	2.39		0.48	%
Thrivent Limited Maturity Bond Portfolio
Actual	$	1,000	$	1,009	$	2.21		0.44	%
Hypothetical**	$	1,000	$	1,023	$	2.22		0.44	%
Thrivent Money Market Portfolio
Actual	$	1,000	$	1,000	$	0.96		0.19	%
Hypothetical**	$	1,000	$	1,024	$	0.97		0.19	%

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

** Assuming 5% annualized total return before expenses.

25

Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (46.3%)	Value		% of Net Assets
	Consumer Discretionary (7.2%)
	14,126	Amazon.com, Inc.a,b	$	6,131,955		0.6	%
	96,388	Comcast Corporationb		5,796,774		0.6	%
	48,394	G-III Apparel Group, Ltd.a		3,404,518		0.3	%
	30,310	Home Depot, Inc.		3,368,350		0.3	%
	42,110	NIKE, Inc.		4,548,722		0.5	%
	86,190	Starbucks Corporation		4,621,077		0.5	%
		Other Securities^		42,528,488		4.4	%
		Total		70,399,884
	Consumer Staples (1.4%)
		Other Securities^		13,662,472		1.4	%
		Total		13,662,472
	Energy (6.4%)
	52,300	Baker Hughes, Inc.		3,226,910		0.3	%
	60,250	Cameron International Corporationa		3,155,293		0.3	%
	64,066	EOG Resources, Inc.		5,608,978		0.6	%
	69,981	EQT Corporation		5,692,255		0.6	%
	75,500	Marathon Petroleum Corporation		3,949,405		0.4	%
	109,010	Suncor Energy, Inc. ADR		2,999,955		0.3	%
	74,900	Total SA ADR		3,682,833		0.4	%
	461,786	Weatherford International, Ltd.a		5,666,114		0.6	%
		Other Securities^		28,525,498		2.9	%
		Total		62,507,241
	Financials (5.5%)
	55,431	Citigroup, Inc.		3,062,008		0.3	%
		Other Securities^		50,736,448		5.2	%
		Total		53,798,456
	Health Care (7.5%)
	71,920	Abbott Laboratories		3,529,834		0.4	%
	16,397	Actavis, Inc.a		4,975,834		0.5	%
	20,680	Alexion Pharmaceuticals, Inc.a		3,738,324		0.4	%
	54,118	Cerner Corporationa		3,737,389		0.4	%
	46,350	Gilead Sciences, Inc.		5,426,658		0.6	%
	29,607	Teleflex, Inc.		4,010,268		0.4	%
		Other Securities^		47,480,061		4.8	%
		Total		72,898,368
	Industrials (5.2%)
	86,070	Delta Air Lines, Inc.		3,535,756		0.4	%
	32,260	Union Pacific Corporation		3,076,636		0.3	%
		Other Securities^		44,152,864		4.5	%
		Total		50,765,256
	Information Technology (10.6%)
	69,394	Apple, Inc.b		8,703,742		0.9	%
	127,670	EMC Corporation		3,369,211		0.4	%
	84,300	Facebook, Inc.a		7,229,990		0.7	%
	6,123	Google, Inc., Class Aa		3,306,665		0.3	%
	6,267	Google, Inc., Class Ca		3,262,036		0.3	%
	45,820	Salesforce.com, Inc.a		3,190,447		0.3	%
	66,098	Virtusa Corporationa		3,397,437		0.4	%
	87,960	Visa, Inc.		5,906,514		0.6	%
		Other Securities^		64,605,441		6.7	%
		Total		102,971,483
	Materials (1.7%)
		Other Securities^		16,011,224		1.7	%
		Total		16,011,224
	Telecommunications Services (0.2%)
		Other Securities^		1,468,208		0.2	%
		Total		1,468,208
	Utilities (0.6%)
		Other Securities^		5,329,661		0.6	%
		Total		5,329,661
		Total Common Stock (cost $375,361,455)		449,812,253
		Mutual Funds (38.7%)
	Affiliated Equity Mutual Funds (34.6%)
	773,662	Thrivent Partner Small Cap Value Portfolio		20,068,865		2.1	%
	1,990,971	Thrivent Small Cap Stock Portfolio		34,089,610		3.5	%
	1,931,714	Thrivent Partner Mid Cap Value Portfolio		30,703,430		3.1	%
	2,971,037	Thrivent Mid Cap Stock Portfolio		50,190,019		5.2	%
	11,767,231	Thrivent Partner Worldwide Allocation Portfolio		112,352,343		11.6	%
	2,929,577	Thrivent Large Cap Value Portfolio		47,706,108		4.9	%
	3,449,494	Thrivent Large Cap Stock Portfolio		40,690,227		4.2	%
		Total		335,800,602
	Affiliated Fixed Income Mutual Funds (2.5%)
	1,455,207	Thrivent High Yield Portfolio		7,103,882		0.7	%
	455,080	Thrivent Opportunity Income Plus Portfolio		4,601,678		0.5	%
	443,652	Thrivent Income Portfolio		4,473,520		0.5	%
	851,313	Thrivent Limited Maturity Bond Portfolio		8,365,089		0.8	%
		Total		24,544,169
	Equity Mutual Funds (1.6%)
	86,500	SPDR Euro Stoxx 50 ETF		3,237,695		0.3	%
	21,132	SPDR S&P 500 ETF Trust		4,350,022		0.5	%
	32,465	iShares Russell 2000 Growth Index Fund		5,018,440		0.5	%
		Other Securities^		2,865,810		0.3	%
		Total		15,471,967
		Total Mutual Funds (cost $354,179,186)		375,816,738
Principal Amount		Long-Term Fixed Income (2.4%)
	Asset-Backed Securities (0.1%)
		Other Securities^		456,962		0.1	%
		Total		456,962
	Collateralized Mortgage Obligations (<0.1%)
		Other Securities^		287,401		<0.1	%
		Total		287,401
	Commercial Mortgage-Backed Securities (<0.1%)
		Other Securities^		47		<0.1	%
		Total		47

The accompanying Notes to Financial Statements are an integral part of this schedule.

26

Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (2.4%)	Value			% of Net Assets
	Mortgage-Backed Securities (1.2%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	$     900,000	3.500%, 7/1/2030c	$	949,176			0.1	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	3,800,000	3.500%, 8/1/2045c		3,905,984			0.4	%
		3.500% - 4.500%,
	5,075,000	7/1/2045 - 8/1/2045c		5,351,714			0.5	%
		Other Securities^		1,831,174			0.2	%
		Total		12,038,048
	U.S. Government and Agencies (1.1%)
		Federal National Mortgage Association
	665,000	0.875%, 5/21/2018		661,020			0.1	%
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		200,757			<0.1	%
		U.S. Treasury Notes
	2,800,000	3.625%, 2/15/2044		3,078,468			0.3	%
		0.625% - 2.250%,
	5,475,000	10/15/2016 - 11/15/2024		5,475,321			0.6	%
		U.S. Treasury Notes, TIPS
	1,330,498	0.125%, 4/15/2018		1,351,391			0.1	%
		Total		10,766,957
		Total Long-Term Fixed Income (cost $23,361,585)		23,549,415
Shares or Principal Amount		Short-Term Investments (13.0%)d
		Federal Home Loan Bank Discount Notes
	9,000,000	0.080%, 7/8/2015		8,999,861			1.0	%
	3,000,000	0.065%, 7/10/2015		2,999,951			0.3	%
	9,500,000	0.070%, 7/15/2015		9,499,741			1.0	%
	8,000,000	0.078%, 7/17/2015		7,999,724			0.8	%
	5,000,000	0.080%, 7/22/2015		4,999,767			0.5	%
	3,000,000	0.070%, 7/24/2015		2,999,866			0.3	%
	10,500,000	0.077%, 7/29/2015		10,499,370			1.1	%
	9,500,000	0.082%, 7/31/2015		9,499,351			1.0	%
	4,000,000	0.050%, 8/7/2015		3,999,795			0.4	%
	12,500,000	0.093%, 8/12/2015		12,498,638			1.3	%
	29,000,000	0.075%, 8/21/2015b		28,996,933			3.0	%
	6,000,000	0.065%, 8/26/2015		5,999,393			0.6	%
	9,000,000	0.085%, 9/4/2015		8,998,619			0.9	%
	3,000,000	0.090%, 9/9/2015		2,999,475			0.3	%
		0.065% - 0.080%,
	3,000,000	7/6/2015 - 8/5/2015		2,999,915			0.3	%
		Federal National Mortgage Association Discount Notes
	2,000,000	0.128%, 8/12/2015b		1,999,702			0.2	%
		Total Short-Term Investments (at amortized cost)		125,990,101
		Total Investments (cost $878,892,327) 100.4%	$	975,168,507
		Other Assets and Liabilities, Net (0.4%)		(3,693,067	)
		Total Net Assets 100.0%	$	971,475,440

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a Non-income producing security.

b At June 30, 2015, $17,252,334 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

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.
TIPS	-	Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	126,768,707
Gross unrealized depreciation		(31,499,443	)
Net unrealized appreciation (depreciation)	$	95,269,264
Cost for federal income tax purposes	$	879,899,243

The accompanying Notes to Financial Statements are an integral part of this schedule.

27

Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Aggressive Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		70,399,884		70,399,884		—		—
Consumer Staples		13,662,472		13,662,472		—		—
Energy		62,507,241		62,302,647		204,594		—
Financials		53,798,456		53,798,456		—		—
Health Care		72,898,368		72,898,368		—		—
Industrials		50,765,256		50,765,256		—		—
Information Technology		102,971,483		102,971,483		—		—
Materials		16,011,224		16,011,224		—		—
Telecommunications Services		1,468,208		1,468,208		—		—
Utilities		5,329,661		5,329,661		—		—
Mutual Funds
Affiliated Equity Mutual Funds		335,800,602		335,800,602		—		—
Equity Mutual Funds		15,471,967		15,471,967		—		—
Affiliated Fixed Income Mutual Funds		24,544,169		24,544,169		—		—
Long-Term Fixed Income
Asset-Backed Securities		456,962		—		456,962		—
Collateralized Mortgage Obligations		287,401		—		287,401		—
Commercial Mortgage-Backed Securities		47		—		47		—
Mortgage-Backed Securities		12,038,048		—		12,038,048		—
U.S. Government and Agencies		10,766,957		—		10,766,957		—
Short-Term Investments		125,990,101		—		125,990,101		—
Total	$	975,168,507	$	825,424,397	$	149,744,110	$	—
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		2,778,693		2,778,693		—		—
Total Asset Derivatives	$	2,778,693	$	2,778,693	$	—	$	—
Liability Derivatives
Futures Contracts		6,009,128		6,009,128		—		—
Total Liability Derivatives	$	6,009,128	$	6,009,128	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(20	)		September 2015	($	4,372,438	)	($	4,378,750	)	($	6,312	)
5-Yr. U.S. Treasury Bond Futures		30			September 2015		3,591,421			3,577,734			(13,687	)
10-Yr. U.S. Treasury Bond Futures		(6	)		September 2015		(765,310	)		(757,032	)		8,278
30-Yr. U.S. Treasury Bond Futures		(3	)		September 2015		(455,522	)		(452,531	)		2,991
Eurex EURO STOXX 50 Futures		1,562			September 2015		60,630,839			59,904,123			(726,716	)
Mini MSCI EAFE Index Futures		312			September 2015		29,539,932			28,610,400			(929,532	)
Russell 2000 Index Mini-Futures		(525	)		September 2015		(65,887,101	)		(65,646,000	)		241,101
S&P 400 Index Mini-Futures		(797	)		September 2015		(121,924,893	)		(119,398,570	)		2,526,323
S&P 500 Index Futures		384			September 2015		201,515,194			197,222,400			(4,292,794	)
Ultra Long Term U.S. Treasury Bond Futures		8			September 2015		1,272,587			1,232,500			(40,087	)
Total Futures Contracts												($	3,230,435	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

28

Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	11,269
Total Interest Rate Contracts			11,269
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,767,424
Total Equity Contracts			2,767,424
Total Asset Derivatives		$	2,778,693
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		60,086
Total Interest Rate Contracts			60,086
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		5,949,042
Total Equity Contracts			5,949,042
Total Liability Derivatives		$	6,009,128

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		5,733,924
Total Equity Contracts			5,733,924
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(304	)
Total Interest Rate Contracts			(304	)
Total		$	5,733,620

The accompanying Notes to Financial Statements are an integral part of this schedule.

29

Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in  Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(656,760	)
Total Interest Rate Contracts			(656,760	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(4,861,483	)
Total Equity Contracts			(4,861,483	)
Total		($	5,518,243	)

The following table presents Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	478,907,356		50.3	%
Interest Rate Contracts		46,311,965		4.9

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Aggressive Allocation Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Opportunity Income Plus	$	4,542,552	$	77,059	$	—		455,080	$	4,601,678	$	77,109
Partner Small Cap Value		20,049,563		1,675,101		—		773,662		20,068,865		194,704
Small Cap Stock		31,911,232		4,338,403		—		1,990,971		34,089,610		144,359
Partner Mid Cap Value		30,716,459		3,777,077		—		1,931,714		30,703,430		170,655
Mid Cap Stock		49,659,992		5,682,366		—		2,971,037		50,190,019		296,119
Partner Worldwide Allocation		106,787,106		2,726,230		—		11,767,231		112,352,343		2,726,230
Large Cap Value		47,124,226		1,989,635		—		2,929,577		47,706,108		602,737
Large Cap Stock		38,896,156		3,466,177		—		3,449,494		40,690,227		469,824
High Yield		5,644,416		1,698,426		234,963		1,455,207		7,103,882		185,227
Income		4,473,519		181,527		—		443,652		4,473,520		81,958
Limited Maturity Bond		7,337,690		1,198,180		176,222		851,313		8,365,089		63,024
Cash Management Trust-Collateral Investment		241,100		556,873		797,973		—		—		1,547
Total Value and Income Earned		347,384,011								360,344,771		5,013,493

The accompanying Notes to Financial Statements are an integral part of this schedule.

30

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (1.8%)a	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	5,268,270		0.1	%
		Total		5,268,270
	Capital Goods (0.1%)
		Other Securities^		3,275,407		0.1	%
		Total		3,275,407
	Communications Services (0.6%)
		Other Securities^		29,784,198		0.6	%
		Total		29,784,198
	Consumer Cyclical (0.3%)
		Other Securities^		16,725,404		0.3	%
		Total		16,725,404
	Consumer Non-Cyclical (0.2%)
		Other Securities^		11,168,802		0.2	%
		Total		11,168,802
	Energy (0.1%)
		Other Securities^		6,164,122		0.1	%
		Total		6,164,122
	Financials (0.1%)
		Other Securities^		3,868,436		0.1	%
		Total		3,868,436
	Technology (0.2%)
		Other Securities^		9,224,332		0.2	%
		Total		9,224,332
	Transportation (0.1%)
		Other Securities^		3,703,783		0.1	%
		Total		3,703,783
	Utilities (<0.1%)
		Other Securities^		1,881,436		<0.1	%
		Total		1,881,436
		Total Bank Loans (cost $93,415,332)		91,064,190
Shares		Mutual Funds (41.5%)
	Affiliated Equity Mutual Funds (34.0%)
	3,801,388	Thrivent Partner Small Cap Value Portfolio		98,608,392		2.0	%
	5,277,294	Thrivent Small Cap Stock Portfolio		90,358,355		1.8	%
	8,634,885	Thrivent Partner Mid Cap Value Portfolio		137,246,322		2.7	%
	16,750,392	Thrivent Mid Cap Stock Portfolio		282,966,044		5.7	%
	48,917,066	Thrivent Partner Worldwide Allocation Portfolio		467,055,258		9.4	%
	20,124,267	Thrivent Large Cap Value Portfolio		327,709,608		6.6	%
	24,425,365	Thrivent Large Cap Stock Portfolio		288,121,608		5.8	%
		Total		1,692,065,587
	Affiliated Fixed Income Mutual Funds (6.0%)
	25,048,658	Thrivent High Yield Portfolio		122,280,033		2.5	%
	13,604,578	Thrivent Income Portfolio		137,180,402		2.7	%
	3,830,554	Thrivent Limited Maturity Bond Portfolio		37,639,405		0.8	%
		Total		297,099,840
	Equity Mutual Funds (0.9%)
	95,854	SPDR S&P 500 ETF Trust		19,731,546		0.4	%
		Other Securities^		26,227,793		0.5	%
		Total		45,959,339
	Fixed Income Mutual Funds (0.6%)
	186,600	iShares iBoxx $ Investment Grade Corporate Bond ETF		21,593,352		0.4	%
		Other Securities^		7,333,360		0.2	%
		Total		28,926,712
		Total Mutual Funds (cost $1,831,584,800)		2,064,051,478
		Common Stock (29.4%)
	Consumer Discretionary (4.4%)
	53,072	Amazon.com, Inc.b		23,038,024		0.5	%
	393,326	Comcast Corporation		23,654,626		0.5	%
	158,170	NIKE, Inc.		17,085,523		0.4	%
	323,780	Starbucks Corporation		17,359,465		0.4	%
		Other Securities^		140,773,032		2.6	%
		Total		221,910,670
	Consumer Staples (1.0%)
		Other Securities^		49,681,697		1.0	%
		Total		49,681,697
	Energy (4.8%)
	257,842	EOG Resources, Inc.		22,574,067		0.5	%
	280,936	EQT Corporation		22,851,334		0.5	%
	294,900	Marathon Petroleum Corporation		15,426,219		0.3	%
	319,350	Total SA ADRc		15,702,440		0.3	%
	1,849,360	Weatherford International, Ltd.b		22,691,647		0.5	%
		Other Securities^		139,706,683		2.7	%
		Total		238,952,390
	Financials (3.6%)
	258,497	Citigroup, Inc.		14,279,374		0.3	%
		Other Securities^		165,988,581		3.3	%
		Total		180,267,955
	Health Care (4.5%)
	60,657	Actavis, Inc.b		18,406,973		0.4	%
	77,700	Alexion Pharmaceuticals, Inc.b		14,045,829		0.3	%
	199,953	Cerner Corporationb		13,808,754		0.3	%
	174,070	Gilead Sciences, Inc.		20,380,116		0.4	%
		Other Securities^		155,994,947		3.1	%
		Total		222,636,619
	Industrials (2.9%)
		Other Securities^		144,246,841		2.9	%
		Total		144,246,841
	Information Technology (6.5%)
	260,076	Apple, Inc.d		32,620,032		0.7	%
	313,790	Facebook, Inc.b		26,912,199		0.6	%
	330,380	Visa, Inc.		22,185,017		0.5	%
		Other Securities^		243,020,825		4.7	%
		Total		324,738,073

The accompanying Notes to Financial Statements are an integral part of this schedule.

31

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value		% of Net Assets
	Materials (1.1%)
		Other Securities^	$	56,162,247		1.1	%
		Total		56,162,247
	Telecommunications Services (0.2%)
		Other Securities^		8,532,279		0.2	%
		Total		8,532,279
	Utilities (0.4%)
		Other Securities^		20,668,441		0.4	%
		Total		20,668,441
		Total Common Stock (cost $1,238,094,573)		1,467,797,212
Principal Amount		Long-Term Fixed Income (12.3%)
	Asset-Backed Securities (0.6%)
		U.S. Small Business Administration
	$  560,788	3.191%, 3/10/2024		580,295		<0.1	%
		Other Securities^		27,039,531		0.6	%
		Total		27,619,826
	Basic Materials (0.1%)
		Other Securities^		4,985,605		0.1	%
		Total		4,985,605
	Capital Goods (0.1%)
		Other Securities^		5,007,917		0.1	%
		Total		5,007,917
	Collateralized Mortgage Obligations (0.6%)
		Federal National Mortgage Association
	3,203,872	3.500%, 1/25/2033e		410,991		<0.1	%
		Other Securities^		33,002,880		0.6	%
		Total		33,413,871
	Commercial Mortgage-Backed Securities (0.3%)
		Federal National Mortgage Association
	507,528	1.272%, 1/25/2017		510,089		<0.1	%
		Other Securities^		15,327,743		0.3	%
		Total		15,837,832
	Communications Services (0.4%)
		Other Securities^		19,910,807		0.4	%
		Total		19,910,807
	Consumer Cyclical (0.2%)
		Other Securities^		8,778,321		0.2	%
		Total		8,778,321
	Consumer Non-Cyclical (0.3%)
		Other Securities^		17,300,010		0.3	%
		Total		17,300,010
	Energy (0.2%)
		Other Securities^		12,277,124		0.2	%
		Total		12,277,124
	Financials (0.8%)
		Other Securities^		37,835,883		0.8	%
		Total		37,835,883
	Foreign Government (<0.1%)
		Other Securities^		650,102		<0.1	%
		Total		650,102
	Mortgage-Backed Securities (4.0%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	17,775,000	3.500%, 7/1/2030f		18,746,237		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	46,675,000	3.500%, 7/1/2045f		48,100,776		1.0	%
	30,000,000	3.500%, 8/1/2045f		30,836,719		0.6	%
	36,000,000	4.000%, 8/1/2045f		38,056,919		0.8	%
	28,714,000	4.500%, 8/1/2045f		30,997,662		0.6	%
		1.729% - 2.067%,
	5,731,373	3/1/2043 - 8/1/2043g		5,914,565		<0.1	%
		Other Securities^		27,166,620		0.6	%
		Total		199,819,498
	Technology (0.2%)
		Other Securities^		7,588,911		0.2	%
		Total		7,588,911
	Transportation (0.1%)
		Other Securities^		3,395,958		0.1	%
		Total		3,395,958
	U.S. Government and Agencies (4.2%)
		Federal National Mortgage Association
		0.875% - 6.250%,
	7,605,000	5/21/2018 - 5/15/2029		7,741,228		0.2	%
		Tennessee Valley Authority
	390,000	5.250%, 9/15/2039		474,517		<0.1	%
		U.S. Treasury Bonds
	39,845,000	3.000%, 5/15/2042		39,038,776		0.8	%
		4.375% - 6.500%,
	9,100,000	11/15/2026 - 5/15/2040		12,141,424		0.3	%
		U.S. Treasury Bonds, TIPS
		0.125% - 2.375%,
	2,458,360	4/15/2019 - 2/15/2042		2,466,883		<0.1	%
		U.S. Treasury Notes
	19,915,000	1.500%, 10/31/2019		19,925,894		0.4	%
	29,565,000	1.875%, 6/30/2020		29,906,831		0.6	%
	14,300,000	3.625%, 2/15/2044		15,722,178		0.3	%
		0.875% - 2.250%,
	16,920,000	11/15/2017 - 11/15/2024		16,847,062		0.3	%
		U.S. Treasury Notes, TIPS
	29,680,340	0.125%, 4/15/2018		30,146,410		0.6	%
	36,104,216	0.125%, 1/15/2023		35,466,760		0.7	%
	611,489	0.125%, 1/15/2022		605,995		<0.1	%
		Total		210,483,958

The accompanying Notes to Financial Statements are an integral part of this schedule.

32

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value			% of Net Assets
	Utilities (0.2%)
		Other Securities^	$	10,330,039			0.2	%
		Total		10,330,039
		Total Long-Term Fixed Income (cost $614,722,658)		615,235,662
Shares		Collateral Held for Securities Loaned (1.4%)
	68,786,888	Thrivent Cash Management Trust		68,786,888			1.4	%
		Total Collateral Held for Securities Loaned (cost $68,786,888)		68,786,888
Shares or Principal Amount		Short-Term Investments (18.8%)h
		Federal Home Loan Bank Discount Notes
	30,333,000	0.071%, 7/1/2015		30,333,000			0.6	%
	77,000,000	0.076%, 7/6/2015d		76,999,192			1.5	%
	52,425,000	0.079%, 7/8/2015d		52,424,190			1.0	%
	21,550,000	0.044%, 7/10/2015		21,549,765			0.4	%
	39,500,000	0.070%, 7/15/2015		39,498,925			0.8	%
	18,000,000	0.075%, 7/16/2015		17,999,437			0.4	%
	54,500,000	0.075%, 7/17/2015		54,498,188			1.1	%
	64,400,000	0.078%, 7/22/2015		64,397,079			1.3	%
	23,000,000	0.073%, 7/24/2015		22,998,927			0.5	%
	75,293,000	0.077%, 7/29/2015d		75,288,505			1.5	%
	44,500,000	0.082%, 7/31/2015		44,496,961			0.9	%
	32,300,000	0.079%, 8/5/2015		32,297,510			0.6	%
	33,000,000	0.073%, 8/7/2015		32,997,520			0.7	%
	61,000,000	0.087%, 8/12/2015		60,993,838			1.2	%
	15,000,000	0.060%, 8/17/2015		14,998,825			0.3	%
	50,500,000	0.063%, 8/19/2015		50,495,669			1.0	%
	64,000,000	0.072%, 8/21/2015d		63,993,448			1.3	%
	43,905,000	0.064%, 8/26/2015		43,900,653			0.9	%
	53,808,000	0.084%, 9/4/2015		53,799,809			1.1	%
		0.060% - 0.088%,
	52,700,000	7/7/2015 - 9/18/2015		52,693,719			1.1	%
		Federal National Mortgage Association Discount Notes
	23,000,000	0.065%, 7/15/2015d		22,999,419			0.5	%
	4,000,000	0.125%, 8/12/2015d		3,999,417			0.1	%
		U.S. Treasury Bills
		0.001% - 0.011%,
	2,800,000	8/20/2015 - 9/3/2015i		2,799,987			<0.1	%
		Total Short-Term Investments (at amortized cost)		936,453,983
		Total Investments (cost $4,783,058,234) 105.2%	$	5,243,389,413
		Other Assets and Liabilities, Net (5.2%)		(257,275,739	)
		Total Net Assets 100.0%	$	4,986,113,674

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b Non-income producing security.

c All or a portion of the security is on loan.

d At June 30, 2015, $56,668,380 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

e 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.

f Denotes investments purchased on a when-issued or delayed delivery basis.

g Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

h The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

i At June 30, 2015, $2,299,997 of investments were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Moderately Aggressive Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	384,807
Apidos CLO XVIII, 7/22/2026		6/25/2014		374,062
Ares CLO, Ltd., 11/15/2025		11/26/2014		750,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		384,808
Betony CLO, Ltd., 4/15/2027		2/25/2015		350,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		385,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		384,611
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		385,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		385,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		400,000
CoBank ACB, 6/15/2022		10/18/2013		114,657
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		385,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		358,787
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		1,200,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		399,600
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		721,303
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		349,125
Limerock CLO III, LLC, 10/20/2026		10/16/2014		1,150,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		424,490
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		1,100,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		1,200,000

The accompanying Notes to Financial Statements are an integral part of this schedule.

33

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Mountain View CLO, Ltd., 7/15/2027		5/13/2015	$	1,196,892
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		300,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		1,200,000
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		385,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		1,147,125
OZLM VIII, Ltd., 10/17/2026		8/7/2014		382,805
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		900,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		1,200,000
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		1,141,375
Symphony CLO, Ltd., 1/9/2023		9/15/2014		381,161
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		561,991
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		384,422

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.
TIPS	-	Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	532,002,134
Gross unrealized depreciation		(75,766,383	)
Net unrealized appreciation (depreciation)	$	456,235,751
Cost for federal income tax purposes	$	4,787,153,662

The accompanying Notes to Financial Statements are an integral part of this schedule.

34

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Moderately Aggressive Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		5,268,270		—		4,482,120		786,150
Capital Goods		3,275,407		—		3,275,407		—
Communications Services		29,784,198		—		26,918,214		2,865,984
Consumer Cyclical		16,725,404		—		16,725,404		—
Consumer Non-Cyclical		11,168,802		—		11,168,802		—
Energy		6,164,122		—		5,263,676		900,446
Financials		3,868,436		—		3,868,436		—
Technology		9,224,332		—		9,224,332		—
Transportation		3,703,783		—		3,703,783		—
Utilities		1,881,436		—		1,881,436		—
Mutual Funds
Affiliated Equity Mutual Funds		1,692,065,587		1,692,065,587		—		—
Equity Mutual Funds		45,959,339		45,959,339		—		—
Affiliated Fixed Income Mutual Funds		297,099,840		297,099,840		—		—
Fixed Income Mutual Funds		28,926,712		28,926,712		—		—
Common Stock
Consumer Discretionary		221,910,670		217,969,899		3,940,771		—
Consumer Staples		49,681,697		47,333,383		2,348,314		—
Energy		238,952,390		237,215,396		1,736,994		—
Financials		180,267,955		170,539,092		9,728,863		—
Health Care		222,636,619		219,600,165		3,036,454		—
Industrials		144,246,841		140,387,828		3,859,013		—
Information Technology		324,738,073		322,431,877		2,306,196		—
Materials		56,162,247		53,825,033		2,337,214		—
Telecommunications Services		8,532,279		6,158,152		2,374,127		—
Utilities		20,668,441		19,042,711		1,625,730		—
Long-Term Fixed Income
Asset-Backed Securities		27,619,826		—		27,259,219		360,607
Basic Materials		4,985,605		—		4,985,605		—
Capital Goods		5,007,917		—		5,007,917		—
Collateralized Mortgage Obligations		33,413,871		—		33,413,871		—
Commercial Mortgage-Backed Securities		15,837,832		—		15,837,832		—
Communications Services		19,910,807		—		19,910,807		—
Consumer Cyclical		8,778,321		—		8,778,321		—
Consumer Non-Cyclical		17,300,010		—		17,300,010		—
Energy		12,277,124		—		12,277,124		—
Financials		37,835,883		—		37,835,883		—
Foreign Government		650,102		—		650,102		—
Mortgage-Backed Securities		199,819,498		—		199,819,498		—
Technology		7,588,911		—		7,588,911		—
Transportation		3,395,958		—		3,395,958		—
U.S. Government and Agencies		210,483,958		—		210,483,958		—
Utilities		10,330,039		—		10,330,039		—
Collateral Held for Securities Loaned		68,786,888		68,786,888		—		—
Short-Term Investments		936,453,983		—		936,453,983		—
Total	$	5,243,389,413	$	3,567,341,902	$	1,671,134,324	$	4,913,187
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		8,007,930		8,007,930		—		—
Credit Default Swaps		100,709		—		100,709		—
Total Asset Derivatives	$	8,108,639	$	8,007,930	$	100,709	$	—
Liability Derivatives
Futures Contracts		21,226,512		21,226,512		—		—
Credit Default Swaps		314,858		—		314,858		—
Total Liability Derivatives	$	21,541,370	$	21,226,512	$	314,858	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

35

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number  of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(302	)		September 2015	($	66,023,814	)	($	66,119,125	)	($	95,311	)
5-Yr. U.S. Treasury Bond Futures		575			September 2015		68,573,446			68,573,240			(206	)
10-Yr. U.S. Treasury Bond Futures		115			September 2015		14,638,598			14,509,766			(128,832	)
30-Yr. U.S. Treasury Bond Futures		177			September 2015		27,436,922			26,699,344			(737,578	)
Eurex EURO STOXX 50 Futures		6,541			September 2015		253,896,490			250,853,308			(3,043,182	)
Mini MSCI EAFE Index Futures		651			September 2015		61,636,205			59,696,700			(1,939,505	)
Russell 2000 Index Mini-Futures		(374	)		September 2015		(46,936,716	)		(46,764,960	)		171,756
S&P 400 Index Mini-Futures		(2,469	)		September 2015		(377,708,167	)		(369,880,890	)		7,827,277
S&P 500 Index Futures		1,367			September 2015		717,373,098			702,091,200			(15,281,898	)
Ultra Long Term U.S. Treasury Bond Futures		(13	)		September 2015		(2,011,710	)		(2,002,813	)		8,897
Total Futures Contracts												($	13,218,582	)
Credit Default Swaps and Counterparty	Buy/Sell  Protection1			Termination Date		Notional Principal Amount2			Value3			Unrealized Gain/(Loss)
CDX HY 22, 5 Year, at 5.00%; Barclays Capital, Inc.		Buy			6/20/2020	$	50,539,500		$	100,709		$	100,709
CDX IG 24, 10 Year, at 1.00%; Bank of America		Sell			6/20/2025		(22,600,000	)		(194,434	)		(194,434	)
CDX IG CDSI S24, 5 Year, at 1.00%; Bank of America		Sell			6/20/2020		(33,900,000	)		(120,424	)		(120,424	)
Total Credit Default Swaps									($	214,149	)	($	214,149	)

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.

The accompanying Notes to Financial Statements are an integral part of this schedule.

36

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Moderately Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	7,999,033
Total Equity Contracts			7,999,033
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		8,897
Total Interest Rate Contracts			8,897
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		100,709
Total Credit Contracts			100,709
Total Asset Derivatives		$	8,108,639
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		961,927
Total Interest Rate Contracts			961,927
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		20,264,585
Total Equity Contracts			20,264,585
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		314,858
Total Credit Contracts			314,858
Total Liability Derivatives		$	21,541,370

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Moderately Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		51,094,193
Total Equity Contracts			51,094,193
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		3,262,689
Total Interest Rate Contracts			3,262,689
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		250,863
Total Credit Contracts			250,863
Total		$	54,607,745

The accompanying Notes to Financial Statements are an integral part of this schedule.

37

Moderately Aggressive Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Moderately Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(6,517,316	)
Total Interest Rate Contracts			(6,517,316	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(31,667,556	)
Total Equity Contracts			(31,667,556	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(214,149	)
Total Credit Contracts			(214,149	)
Total		($	38,399,021	)

The following table presents Moderately Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Swaps (Notional)*
Equity Contracts	$	1,463,880,436		29.6	%		N/A
Interest Rate Contracts		493,202,146		10.0			N/A
Credit Contracts		N/A		N/A		$	2,318,915

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Moderately Aggressive Allocation Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Partner Small Cap Value	$	98,513,554	$	8,230,610	$	—		3,801,388	$	98,608,392	$	956,677
Small Cap Stock		84,584,317		11,499,425		—		5,277,294		90,358,355		382,640
Partner Mid Cap Value		137,304,560		16,883,780		—		8,634,885		137,246,322		762,837
Mid Cap Stock		279,977,811		32,036,584		—		16,750,392		282,966,044		1,669,489
Partner Worldwide Allocation		443,920,241		11,333,099		—		48,917,066		467,055,258		11,333,099
Large Cap Value		323,712,459		13,667,484		—		20,124,267		327,709,608		4,140,409
Large Cap Stock		275,418,051		24,543,499		—		24,425,365		288,121,608		3,326,757
High Yield		119,925,476		3,507,205		1,333,739		25,048,658		122,280,033		3,506,923
Income		138,495,900		5,577,155		1,333,739		13,604,578		137,180,402		2,523,768
Limited Maturity Bond		37,959,766		302,223		666,869		3,830,554		37,639,405		301,044
Cash Management Trust-Collateral Investment		39,076,872		245,351,305		215,641,289		68,786,888		68,786,888		237,707
Total Value and Income Earned		1,978,889,007								2,057,952,315		29,141,350

The accompanying Notes to Financial Statements are an integral part of this schedule.

38

Moderate Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (4.0%)a	Value		% of Net Assets
	Basic Materials (0.3%)
		Other Securities^	$	28,257,789		0.3	%
		Total		28,257,789
	Capital Goods (0.1%)
		Other Securities^		10,908,790		0.1	%
		Total		10,908,790
	Communications Services (1.3%)
		Other Securities^		115,388,498		1.3	%
		Total		115,388,498
	Consumer Cyclical (0.7%)
		Other Securities^		58,500,872		0.7	%
		Total		58,500,872
	Consumer Non-Cyclical (0.6%)
		Other Securities^		50,934,071		0.6	%
		Total		50,934,071
	Energy (0.3%)
		Other Securities^		24,752,532		0.3	%
		Total		24,752,532
	Financials (0.3%)
		Other Securities^		23,752,267		0.3	%
		Total		23,752,267
	Technology (0.2%)
		Other Securities^		22,328,472		0.2	%
		Total		22,328,472
	Transportation (0.2%)
		Other Securities^		14,444,041		0.2	%
		Total		14,444,041
	Utilities (<0.1%)
		Other Securities^		4,863,282		<0.1	%
		Total		4,863,282
		Total Bank Loans (cost $362,418,240)		354,130,614
Shares		Mutual Funds (34.8%)
	Affiliated Equity Mutual Funds (20.6%)
	4,903,115	Thrivent Partner Small Cap Value Portfolio		127,187,284		1.5	%
	4,191,815	Thrivent Small Cap Stock Portfolio		71,772,669		0.8	%
	8,207,190	Thrivent Partner Mid Cap Value Portfolio		130,448,368		1.5	%
	13,836,768	Thrivent Mid Cap Stock Portfolio		233,745,905		2.6	%
	55,766,496	Thrivent Partner Worldwide Allocation Portfolio		532,452,927		6.0	%
	27,999,217	Thrivent Large Cap Value Portfolio		455,947,653		5.2	%
	22,633,380	Thrivent Large Cap Stock Portfolio		266,983,346		3.0	%
		Total		1,818,538,152
	Affiliated Fixed Income Mutual Funds (13.3%)
	39,319,547	Thrivent High Yield Portfolio		191,946,231		2.2	%
	61,091,708	Thrivent Income Portfolio		616,012,128		7.0	%
	37,473,057	Thrivent Limited Maturity Bond Portfolio		368,214,008		4.1	%
		Total		1,176,172,367
	Equity Mutual Funds (0.6%)
		Other Securities^		55,157,007		0.6	%
		Total		55,157,007
	Fixed Income Mutual Funds (0.3%)
		Other Securities^		29,619,270		0.3	%
		Total		29,619,270
		Total Mutual Funds (cost $2,787,590,981)		3,079,486,796
Principal Amount		Long-Term Fixed Income (24.3%)
	Asset-Backed Securities (1.1%)
		U.S. Small Business Administration
	$  983,839	3.191%, 3/10/2024		1,018,061		<0.1	%
		Other Securities^		103,707,023		1.1	%
		Total		104,725,084
	Basic Materials (0.2%)
		Other Securities^		14,277,722		0.2	%
		Total		14,277,722
	Capital Goods (0.2%)
		Other Securities^		15,010,811		0.2	%
		Total		15,010,811
	Collateralized Mortgage Obligations (1.4%)
		Federal Home Loan Mortgage Corporation
	5,260,294	3.000%, 2/15/2033b		740,692		<0.1	%
		Federal National Mortgage Association
	10,885,443	3.500%, 1/25/2033b		1,396,378		<0.1	%
		Other Securities^		126,339,009		1.4	%
		Total		128,476,079
	Commercial Mortgage-Backed Securities (0.5%)
		Federal Home Loan Mortgage Corporation Multi Family Structured Pass Thru Certificates
	95,187	0.727%, 12/25/2016		95,306		<0.1	%
		Federal National Mortgage Association
	1,153,473	1.272%, 1/25/2017		1,159,293		<0.1	%
		Other Securities^		42,044,291		0.5	%
		Total		43,298,890
	Communications Services (0.7%)
		Other Securities^		58,287,356		0.7	%
		Total		58,287,356

The accompanying Notes to Financial Statements are an integral part of this schedule.

39

Moderate Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value		% of Net Assets
	Consumer Cyclical (0.3%)
		Other Securities^	$	25,455,850		0.3	%
		Total		25,455,850
	Consumer Non-Cyclical (0.6%)
		Other Securities^		56,286,079		0.6	%
		Total		56,286,079
	Energy (0.4%)
		Other Securities^		37,717,946		0.4	%
		Total		37,717,946
	Financials (1.4%)
		Other Securities^		128,477,854		1.4	%
		Total		128,477,854
	Foreign Government (<0.1%)
		Other Securities^		2,583,369		<0.1	%
		Total		2,583,369
	Mortgage-Backed Securities (9.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	50,495,000	3.000%, 7/1/2030c		52,274,949		0.6	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	48,845,000	4.000%, 7/1/2045c		51,654,540		0.6	%
	5,937,445	1.960%, 6/1/2043d		6,116,043		0.1	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	48,225,000	3.500%, 7/1/2030c		50,860,043		0.6	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	230,900,000	3.500%, 7/1/2045c		237,953,279		2.7	%
	117,000,000	3.500%, 8/1/2045c		120,263,206		1.4	%
	163,932,500	4.000%, 8/1/2045c		173,299,054		1.9	%
	116,194,000	4.500%, 8/1/2045c		125,435,060		1.4	%
		1.729% - 2.067%,
	35,784,027	3/1/2043 - 8/1/2043d		36,931,130		0.4	%
		Total		854,787,304
	Technology (0.2%)
		Other Securities^		21,463,951		0.2	%
		Total		21,463,951
	Transportation (0.2%)
		Other Securities^		13,771,923		0.2	%
		Total		13,771,923
	U.S. Government and Agencies (7.0%)
		Federal National Mortgage Association
		0.875% - 6.250%,
	100,005,000	5/21/2018 - 5/15/2029		10,185,272		<0.1	%
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		632,689		<0.1	%
		U.S. Treasury Bonds
	66,460,000	3.000%, 5/15/2042		65,115,248		0.7	%
		4.375% - 5.250%,
	7,725,000	11/15/2028 - 5/15/2040		9,854,532		0.2	%
		U.S. Treasury Bonds, TIPS
		0.125% - 2.375%,
	5,561,022	4/15/2019 - 2/15/2042		5,581,528		0.1	%
		U.S. Treasury Notes
	30,000,000	0.625%, 10/15/2016		30,079,680		0.3	%
	97,665,000	0.875%, 11/15/2017		97,848,122		1.1	%
	110,820,000	1.500%, 10/31/2019		110,880,619		1.3	%
	50,000,000	1.625%, 6/30/2020		49,996,100		0.6	%
	43,230,000	1.875%, 6/30/2020		43,729,825		0.5	%
	64,600,000	2.250%, 11/15/2024		64,206,328		0.7	%
	50,250,000	3.625%, 2/15/2044		55,247,513		0.6	%
		1.625% - 2.125%,
	7,910,000	9/30/2021 - 8/15/2022		7,708,381		0.1	%
		U.S. Treasury Notes, TIPS
	31,113,184	0.125%, 4/15/2018		31,601,754		0.4	%
	34,751,269	0.125%, 1/15/2023		34,137,700		0.4	%
	804,866	0.125%, 1/15/2022		797,635		<0.1	%
		Total		617,602,926
	Utilities (0.4%)
		Other Securities^		33,303,654		0.4	%
		Total		33,303,654
		Total Long-Term Fixed Income (cost $2,150,375,794)		2,155,526,798
Shares		Common Stock (21.2%)
	Consumer Discretionary (3.1%)
	72,962	Amazon.com, Inc.e		31,672,075		0.4	%
	589,474	Comcast Corporation		35,450,966		0.4	%
	445,070	Starbucks Corporation		23,862,428		0.3	%
		Other Securities^		186,151,288		2.0	%
		Total		277,136,757
	Consumer Staples (0.8%)
		Other Securities^		67,022,977		0.8	%
		Total		67,022,977
	Energy (3.5%)
	357,594	EOG Resources, Inc.		31,307,355		0.4	%
	388,261	EQT Corporation		31,581,150		0.4	%
	2,578,116	Weatherford International, Ltd.e		31,633,483		0.4	%
		Other Securities^		218,248,141		2.3	%
		Total		312,770,129
	Financials (2.7 %)
		Other Securities^		239,976,154		2.7	%
		Total		239,976,154
	Health Care (3.2%)
	239,270	Gilead Sciences, Inc.		28,013,732		0.3	%
		Other Securities^		253,352,935		2.9	%
		Total		281,366,667
	Industrials (2.0 %)
		Other Securities^		173,475,019		2.0	%
		Total		173,475,019
	Information Technology (4.7%)
	357,569	Apple, Inc.		44,848,092		0.5	%
	431,800	Facebook, Inc.e		37,033,327		0.4	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

40

Moderate Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value			% of Net Assets
	Information Technology (4.7%) - continued
	454,130	Visa, Inc.	$	30,494,829			0.4	%
		Other Securities^		298,418,395			3.4	%
		Total		410,794,643
	Materials (0.8%)
		Other Securities^		70,982,011			0.8	%
		Total		70,982,011
	Telecommunications Services (0.1%)
		Other Securities^		11,267,341			0.1	%
		Total		11,267,341
	Utilities (0.3%)
		Other Securities^		30,242,065			0.3	%
		Total		30,242,065
		Total Common Stock (cost $1,603,232,180)		1,875,033,763
		Collateral Held for Securities Loaned (0.9%)
	78,634,260	Thrivent Cash Management Trust		78,634,260			0.9	%
		Total Collateral Held for Securities Loaned (cost $78,634,260)		78,634,260
Shares or Principal Amount		Short-Term Investments (25.5%)f
		Federal Home Loan Bank Discount Notes
	76,000,000	0.075%, 7/1/2015g		76,000,000			0.9	%
	46,384,000	0.055%, 7/6/2015		46,383,685			0.5	%
	99,700,000	0.084%, 7/8/2015g		99,698,377			1.1	%
	54,300,000	0.056%, 7/10/2015		54,299,239			0.6	%
	119,400,000	0.069%, 7/15/2015g		119,396,773			1.3	%
	91,200,000	0.075%, 7/17/2015		91,196,942			1.0	%
	81,556,000	0.077%, 7/22/2015		81,552,336			0.9	%
	136,700,000	0.071%, 7/24/2015g		136,693,776			1.5	%
	137,600,000	0.065%, 7/29/2015		137,593,020			1.6	%
	107,360,000	0.076%, 7/31/2015		107,353,213			1.2	%
	98,130,000	0.070%, 8/5/2015		98,123,303			1.1	%
	127,700,000	0.073%, 8/7/2015		127,690,422			1.4	%
	104,330,000	0.089%, 8/12/2015		104,319,198			1.2	%
	57,200,000	0.068%, 8/14/2015		57,195,230			0.7	%
	71,500,000	0.077%, 8/17/2015		71,492,821			0.8	%
	145,915,000	0.069%, 8/19/2015		145,901,396			1.6	%
	188,000,000	0.069%, 8/21/2015		187,981,534			2.1	%
	104,700,000	0.064%, 8/26/2015		104,689,620			1.2	%
	35,000,000	0.064%, 8/28/2015		34,996,415			0.4	%
	49,500,000	0.082%, 9/2/2015		49,492,854			0.6	%
	76,150,000	0.084%, 9/4/2015		76,138,456			0.9	%
	65,150,000	0.088%, 9/9/2015		65,138,916			0.7	%
	75,500,000	0.082%, 9/18/2015g		75,486,334			0.9	%
		0.060% - 0.087%,
	49,185,000	7/7/2015 - 9/15/2015		49,180,158			0.6	%
		Federal National Mortgage Association Discount Notes
		0.065% - 0.117%,
	25,216,000	7/15/2015 - 8/12/2015g		25,214,121			0.3	%
		Federal Home Loan Mortgage Corporation Discount Notes
		0.045% - 0.070%,
	30,600,000	7/20/2015 - 8/7/2015		30,598,369			0.4	%
		Total Short-Term Investments (at amortized cost)		2,253,806,508
		Total Investments (cost $9,236,057,963) 110.7%	$	9,796,618,739
		Other Assets and Liabilities, Net (10.7%)		(947,315,999	)
		Total Net Assets 100.0%	$	8,849,302,740

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b 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.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

e Non-income producing security.

f The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

g At June 30, 2015, $85,366,145 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Moderate Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	1,399,300
Apidos CLO XVIII, 7/22/2026		6/25/2014		1,396,500
Ares CLO, Ltd., 11/15/2025		11/26/2014		2,750,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		1,399,300
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		2,787,504
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		3/19/2015		1,871,054
Betony CLO, Ltd., 4/15/2027		2/25/2015		1,260,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		1,400,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		1,398,586
CAM Mortgage, LLC, 7/15/2064		6/24/2015		3,750,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		1,400,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		1,400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		1,400,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		1,400,000
CoBank ACB, 6/15/2022		10/18/2013		472,962

The accompanying Notes to Financial Statements are an integral part of this schedule.

41

Moderate Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014	$	1,400,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		99,518
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		4,500,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		1,398,600
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		2,686,230
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		1,346,625
Limerock CLO III, LLC, 10/20/2026		10/16/2014		4,500,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		1,523,170
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		4,250,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		4,425,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		4,513,280
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		1,100,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		4,500,000
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		3,176,312
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		1,400,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		4,488,750
OZLM VIII, Ltd., 10/17/2026		8/7/2014		1,392,020
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		3,260,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		4,500,000
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		4,466,250
Symphony CLO, Ltd., 1/9/2023		9/15/2014		1,386,039
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		2,206,507
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		2,210,499
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		2,737,597
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		1,397,900

Definitions:

CLO	-	Collateralized Loan Obligation.
TIPS	-	Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	656,966,473
Gross unrealized depreciation		(101,694,407	)
Net unrealized appreciation (depreciation)	$	555,272,066
Cost for federal income tax purposes	$	9,241,346,673

The accompanying Notes to Financial Statements are an integral part of this schedule.

42

Moderate Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Moderate Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		28,257,789		—		22,951,277		5,306,512
Capital Goods		10,908,790		—		10,908,790		—
Communications Services		115,388,498		—		103,798,860		11,589,638
Consumer Cyclical		58,500,872		—		58,500,872		—
Consumer Non-Cyclical		50,934,071		—		50,934,071		—
Energy		24,752,532		—		21,235,608		3,516,924
Financials		23,752,267		—		23,752,267		—
Technology		22,328,472		—		22,328,472		—
Transportation		14,444,041		—		14,444,041		—
Utilities		4,863,282		—		4,863,282		—
Mutual Funds
Affiliated Equity Mutual Funds		1,818,538,152		1,688,089,784		130,448,368		—
Equity Mutual Funds		55,157,007		55,157,007		—		—
Affiliated Fixed Income Mutual Funds		1,176,172,367		1,176,172,367		—		—
Fixed Income Mutual Funds		29,619,270		29,619,270		—		—
Long-Term Fixed Income
Asset-Backed Securities		104,725,084		—		100,875,062		3,850,022
Basic Materials		14,277,722		—		14,277,722		—
Capital Goods		15,010,811		—		15,010,811		—
Collateralized Mortgage Obligations		128,476,079		—		128,476,079		—
Commercial Mortgage-Backed Securities		43,298,890		—		43,298,890		—
Communications Services		58,287,356		—		58,287,356		—
Consumer Cyclical		25,455,850		—		25,455,850		—
Consumer Non-Cyclical		56,286,079		—		56,286,079		—
Energy		37,717,946		—		37,717,946		—
Financials		128,477,854		—		128,477,854		—
Foreign Government		2,583,369		—		2,583,369		—
Mortgage-Backed Securities		854,787,304		—		854,787,304		—
Technology		21,463,951		—		21,463,951		—
Transportation		13,771,923		—		13,771,923		—
U.S. Government and Agencies		617,602,926		—		617,602,926		—
Utilities		33,303,654		—		33,303,654		—
Common Stock
Consumer Discretionary		277,136,757		271,862,745		5,274,012		—
Consumer Staples		67,022,977		63,892,316		3,130,661		—
Energy		312,770,129		310,597,502		2,172,627		—
Financials		239,976,154		226,965,136		13,011,018		—
Health Care		281,366,667		277,312,295		4,054,372		—
Industrials		173,475,019		168,254,807		5,220,212		—
Information Technology		410,794,643		407,733,085		3,061,558		—
Materials		70,982,011		67,860,213		3,121,798		—
Telecommunications Services		11,267,341		8,099,592		3,167,749		—
Utilities		30,242,065		28,070,935		2,171,130		—
Collateral Held for Securities Loaned		78,634,260		78,634,260		—		—
Short-Term Investments		2,253,806,508		—		2,253,806,508		—
Total	$	9,796,618,739	$	4,858,321,314	$	4,914,034,329	$	24,263,096

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		5,689,257		5,689,257		—		—
Total Asset Derivatives	$	5,689,257	$	5,689,257	$	—	$	—
Liability Derivatives
Futures Contracts		37,609,454		37,609,454		—		—
Total Liability Derivatives	$	37,609,454	$	37,609,454	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

43

Moderate Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(2,679	)		September 2015	($	585,813,796	)	($	586,533,563	)	($	719,767	)
5-Yr. U.S. Treasury Bond Futures		2,357			September 2015		281,727,605			281,090,658			(636,947	)
10-Yr. U.S. Treasury Bond Futures		1,273			September 2015		162,042,920			160,616,804			(1,426,116	)
30-Yr. U.S. Treasury Bond Futures		644			September 2015		99,826,994			97,143,375			(2,683,619	)
Eurex EURO STOXX 50 Futures		8,777			September 2015		340,689,419			336,605,944			(4,083,475	)
Mini MSCI EAFE Index Futures		1,953			September 2015		184,908,614			179,090,100			(5,818,514	)
Russell 2000 Index Mini-Futures		(233	)		September 2015		(29,241,323	)		(29,134,320	)		107,003
S&P 400 Index Mini-Futures		(1,761	)		September 2015		(269,397,664	)		(263,815,410	)		5,582,254
S&P 500 Index Futures		1,890			September 2015		991,832,594			970,704,000			(21,128,594	)
Ultra Long Term U.S. Treasury Bond Futures		222			September 2015		35,314,297			34,201,875			(1,112,422	)
Total Futures Contracts												($	31,920,197	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Moderate Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	5,689,257
Total Equity Contracts			5,689,257
Total Asset Derivatives		$	5,689,257
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		6,578,871
Total Interest Rate Contracts			6,578,871
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		31,030,583
Total Equity Contracts			31,030,583
Total Liability Derivatives		$	37,609,454

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Moderate Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		116,514,567
Total Equity Contracts			116,514,567
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		9,980,759
Total Interest Rate Contracts			9,980,759
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		315,147
Total Credit Contracts			315,147
Total		$	126,810,473

The accompanying Notes to Financial Statements are an integral part of this schedule.

44

Moderate Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Moderate Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(24,130,669	)
Total Interest Rate Contracts			(24,130,669	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(67,854,688	)
Total Equity Contracts			(67,854,688	)
Total		($	91,985,357	)

The following table presents Moderate Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Swaps (Notional)*
Equity Contracts	$	1,893,358,925		21.4	%		N/A
Interest Rate Contracts		1,580,347,913		17.9			N/A
Credit Contracts		N/A		N/A		$	217,794

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Moderate Allocation Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Partner Small Cap Value	$	127,064,959	$	10,616,023	$	—		4,903,115	$	127,187,284	$	1,233,943
Small Cap Stock		67,186,286		9,134,124		—		4,191,815		71,772,669		303,936
Partner Mid Cap Value		130,503,721		16,047,509		—		8,207,190		130,448,368		725,053
Mid Cap Stock		231,277,457		26,464,025		—		13,836,768		233,745,905		1,379,092
Partner Worldwide Allocation		506,078,515		12,919,974		—		55,766,496		532,452,927		12,919,974
Large Cap Value		450,386,356		19,015,791		—		27,999,217		455,947,653		5,760,617
Large Cap Stock		255,211,795		22,742,846		—		22,633,380		266,983,346		3,082,687
High Yield		188,836,063		5,513,288		2,697,616		39,319,547		191,946,231		5,512,846
Income		623,098,599		25,053,660		7,193,642		61,091,708		616,012,128		11,342,894
Limited Maturity Bond		372,457,698		2,960,271		7,643,245		37,473,057		368,214,008		2,948,741
Cash Management Trust- Collateral Investment		67,749,452		486,478,000		475,593,192		78,634,260		78,634,260		309,366
Total Value and Income Earned		3,019,850,901								3,073,344,779		45,519,149

The accompanying Notes to Financial Statements are an integral part of this schedule.

45

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value		% of Net Assets
	Basic Materials (0.2%)
		Other Securities^	$	9,262,349		0.2	%
		Total		9,262,349
	Capital Goods (0.2%)
		Other Securities^		6,494,221		0.2	%
		Total		6,494,221
	Communications Services (1.3%)
		Other Securities^		52,016,251		1.3	%
		Total		52,016,251
	Consumer Cyclical (0.6%)
		Other Securities^		25,075,502		0.6	%
		Total		25,075,502
	Consumer Non-Cyclical (0.5%)
		Other Securities^		20,517,120		0.5	%
		Total		20,517,120
	Energy (0.2%)
		Other Securities^		9,426,955		0.2	%
		Total		9,426,955
	Financials (0.2%)
		Other Securities^		8,015,655		0.2	%
		Total		8,015,655
	Technology (0.2%)
		Other Securities^		8,086,692		0.2	%
		Total		8,086,692
	Transportation (0.2%)
		Other Securities^		5,944,077		0.2	%
		Total		5,944,077
	Utilities (0.1%)
		Other Securities^		3,197,667		0.1	%
		Total		3,197,667
		Total Bank Loans (cost $151,674,240)		148,036,489
		Long-Term Fixed Income (34.4%)
	Asset-Backed Securities (1.7%)
		U.S. Small Business Administration
	$      423,051	3.191%, 3/10/2024		437,766		<0.1	%
		Other Securities^		67,278,646		1.7	%
		Total		67,716,412
	Basic Materials (0.3%)
		Other Securities^		12,311,075		0.3	%
		Total		12,311,075
	Capital Goods (0.3%)
		Other Securities^		13,110,135		0.3	%
		Total		13,110,135
	Collateralized Mortgage Obligations (1.9%)
		Federal Home Loan Mortgage Corporation
		3.000% - 3.000%,
	14,656,534	4/15/2028 - 2/15/2033b		1,792,331		<0.1	%
		Federal National Mortgage Association
	12,211,328	3.500%, 1/25/2033b		1,566,462		<0.1	%
		Other Securities^		74,224,588		1.9	%
		Total		77,583,381
	Commercial Mortgage-Backed Securities (0.8%)
		Federal Home Loan Mortgage Corporation Multi Family Structured Pass Thru Certificates
	1,028,017	0.727%, 12/25/2016		1,029,311		<0.1	%
		Federal National Mortgage Association
	1,568,724	1.272%, 1/25/2017		1,576,638		<0.1	%
		Other Securities^		27,838,712		0.8	%
		Total		30,444,661
	Communications Services (1.3%)
		Other Securities^		49,483,992		1.3	%
		Total		49,483,992
	Consumer Cyclical (0.6%)
		Other Securities^		22,077,462		0.6	%
		Total		22,077,462
	Consumer Non-Cyclical (1.1%)
		Other Securities^		43,478,274		1.1	%
		Total		43,478,274
	Energy (0.8%)
		Other Securities^		32,138,132		0.8	%
		Total		32,138,132
	Financials (2.5%)
		Other Securities^		99,723,688		2.5	%
		Total		99,723,688
	Foreign Government (<0.1%)
		Other Securities^		1,654,394		<0.1	%
		Total		1,654,394
	Mortgage-Backed Securities (13.0%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	26,100,000	3.000%, 7/1/2030c		27,020,025		0.7	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	33,600,000	4.000%, 7/1/2045c		35,532,655		0.9	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	26,325,000	3.500%, 7/1/2030c		27,763,414		0.7	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	142,450,000	3.500%, 7/1/2045c		146,801,406		3.7	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

46

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value		% of Net Assets
	Mortgage-Backed Securities (13.0%) - continued
	$  68,000,000	3.500%, 8/1/2045c	$	69,896,564		1.8	%
	106,250,000	4.000%, 8/1/2045c		112,320,769		2.8	%
	74,396,000	4.500%, 8/1/2045c		80,312,811		2.0	%
		1.729% - 2.054%,
	13,078,710	3/1/2043 - 7/1/2043d		13,495,931		0.4	%
		Total		513,143,575
	Technology (0. 5%)
		Other Securities^		18,402,893		0.5	%
		Total		18,402,893
	Transportation(0.3%)
		Other Securities^		11,360,053		0.3	%
		Total		11,360,053
	U.S. Government and Agencies (8.6%)
		Federal National Mortgage Association
		0.875% - 6.250%,
	3,760,000	5/21/2018 - 5/15/2029		3,828,465		<0.1	%
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		243,342		<0.1	%
		U.S. Treasury Bonds
	1,075,000	4.375%, 5/15/2040		1,323,678		<0.1	%
		U.S. Treasury Bonds, TIPS
		0.125% - 2.375%,
	2,547,340	4/15/2019 - 2/15/2042		2,553,936		0.1	%
		U.S. Treasury Notes
	23,000,000	0.625%, 10/15/2016		23,061,088		0.6	%
	23,970,000	0.875%, 11/15/2017		24,014,944		0.6	%
	40,910,000	1.500%, 10/31/2019		40,932,378		1.0	%
	30,000,000	1.625%, 6/30/2020		29,997,660		0.8	%
	59,425,000	1.875%, 6/30/2020		60,112,072		1.5	%
	10,060,000	1.625%, 8/15/2022		9,751,912		0.3	%
	48,300,000	2.250%, 11/15/2024		48,005,660		1.2	%
	56,100,000	3.625%, 2/15/2044		61,679,313		1.6	%
		U.S. Treasury Notes, TIPS
	28,452,188	0.125%, 4/15/2018		28,898,973		0.7	%
		0.125% - 0.125%,
	7,559,442	1/15/2022 - 1/15/2023		7,428,419		0.2	%
		Total		341,831,840
	Utilities (0.7%)
		Other Securities^		27,834,328		0.7	%
		Total		27,834,328
		Total Long-Term Fixed Income (cost $1,360,769,104)		1,362,294,295
Shares		Mutual Funds (32.4%)
	Affiliated Equity Mutual Funds (12.6%)
	1,464,533	Thrivent Partner Small Cap Value Portfolio		37,990,130		1.0	%
	1,881,929	Thrivent Small Cap Stock Portfolio		32,222,584		0.8	%
	2,991,137	Thrivent Partner Mid Cap Value Portfolio		47,542,321		1.2	%
	3,484,569	Thrivent Mid Cap Stock Portfolio		58,865,171		1.5	%
	16,564,901	Thrivent Partner Worldwide Allocation Portfolio		158,160,018		4.0	%
	8,148,101	Thrivent Large Cap Value Portfolio		132,686,129		3.3	%
	2,552,346	Thrivent Large Cap Stock Portfolio		30,107,468		0.8	%
		Total		497,573,821
	Affiliated Fixed Income Mutual Funds (18.9%)
	20,211,262	Thrivent High Yield Portfolio		98,665,319		2.5	%
	24,485,346	Thrivent Income Portfolio		246,895,534		6.3	%
	40,650,098	Thrivent Limited Maturity Bond Portfolio		399,431,930		10.1	%
		Total		744,992,783
	Equity Mutual Funds (0.4%)
		Other Securities^		15,519,071		0.4	%
		Total		15,519,071
	Fixed Income Mutual Funds (0.5%)
	108,500	iShares iBoxx $ Investment Grade Corporate Bond ETF		12,555,620		0.3	%
		Other Securities^		7,583,760		0.2	%
		Total		20,139,380
		Total Mutual Funds (cost $1,185,290,214)		1,278,225,055
		Common Stock (14.7%)
	Consumer Discretionary (2.1%)
	225,583	Comcast Corporation		13,566,562		0.4	%
		Other Securities^		68,117,815		1.7	%
		Total		81,684,377
	Consumer Staples (0.6%)
		Other Securities^		25,197,332		0.6	%
		Total		25,197,332
	Energy (2.3%)
	115,502	EOG Resources, Inc.		10,112,200		0.3	%
	125,215	EQT Corporation		10,184,988		0.3	%
	845,721	Weatherford International, Ltd.e		10,376,997		0.3	%
		Other Securities^		60,472,345		1.4	%
		Total		91,146,530
	Financials (2.2%)
	194,678	Citigroup, Inc.		10,754,013		0.3	%
		Other Securities^		76,181,269		1.9	%
		Total		86,935,282
	Health Care (2.2%)
		Other Securities^		86,684,677		2.2	%
		Total		86,684,677

The accompanying Notes to Financial Statements are an integral part of this schedule.

47

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (14.7%)	Value			% of Net Assets
	Industrials (1.3%)
		Other Securities^	$	50,505,642			1.3	%
		Total		50,505,642
	Information Technology (3.1%)
	109,814	Apple, Inc.		13,773,421			0.4	%
	372,010	Cisco Systems, Inc.		10,215,395			0.3	%
	134,940	Facebook, Inc.e		11,573,129			0.3	%
		Other Securities^		88,818,741			2.1	%
		Total		124,380,686
	Materials (0.5%)
		Other Securities^		19,848,552			0.5	%
		Total		19,848,552
	Telecommunications Services (0.1%)
		Other Securities^		3,614,817			0.1	%
		Total		3,614,817
	Utilities (0.3%)
		Other Securities^		11,980,642			0.3	%
		Total		11,980,642
		Total Common Stock (cost $489,512,486)		581,978,537
		Collateral Held for Securities Loaned (0.5%)
	18,733,091	Thrivent Cash Management Trust		18,733,091			0.5	%
		Total Collateral Held for Securities Loaned (cost $18,733,091)		18,733,091
Shares or Principal Amount		Short-Term Investments (28.1%)f
		Federal Home Loan Bank Discount Notes
	14,000,000	0.075%, 7/1/2015		14,000,000			0.4	%
	39,011,000	0.065%, 7/6/2015		39,010,648			1.0	%
	62,000,000	0.082%, 7/8/2015g		61,999,014			1.6	%
	18,700,000	0.037%, 7/10/2015		18,699,829			0.5	%
	15,000,000	0.060%, 7/13/2015		14,999,700			0.4	%
	56,000,000	0.070%, 7/15/2015g,h		55,998,476			1.4	%
	48,000,000	0.076%, 7/17/2015		47,998,384			1.2	%
	87,000,000	0.078%, 7/22/2015		86,996,058			2.2	%
	76,833,000	0.076%, 7/24/2015		76,829,259			1.9	%
	68,823,000	0.064%, 7/29/2015		68,819,555			1.7	%
	48,786,000	0.079%, 7/31/2015		48,782,805			1.2	%
	40,000,000	0.071%, 8/5/2015		39,997,249			1.0	%
	52,044,000	0.073%, 8/7/2015		52,040,115			1.3	%
	57,100,000	0.086%, 8/12/2015g		57,094,304			1.4	%
	14,850,000	0.073%, 8/14/2015		14,848,676			0.4	%
	48,500,000	0.081%, 8/17/2015		48,494,894			1.2	%
	100,000,000	0.068%, 8/19/2015		99,990,768			2.5	%
	95,000,000	0.070%, 8/21/2015		94,990,622			2.4	%
	22,000,000	0.065%, 8/26/2015		21,997,775			0.6	%
	12,500,000	0.070%, 8/28/2015		12,498,590			0.3	%
	27,500,000	0.084%, 9/4/2015		27,495,825			0.7	%
	14,900,000	0.081%, 9/11/2015		14,897,601			0.4	%
	27,500,000	0.082%, 9/18/2015		27,495,035			0.7	%
		0.060% - 0.090%,
	27,150,000	7/7/2015 - 9/15/2015		27,146,266			0.8	%
		Federal Home Loan Mortgage Corporation Discount Notes
	600,000	0.060%, 7/6/2015		599,995			<0.1	%
		Federal National Mortgage Association Discount Notes
	18,000,000	0.065%, 7/15/2015g		17,999,545			0.5	%
	13,000,000	0.121%, 8/12/2015g,h		12,998,162			0.3	%
		U.S. Treasury Bills
		0.001% - 0.048%,
	4,000,000	8/6/2015 - 8/20/2015h,i		3,999,949			0.1	%
		Total Short-Term Investments (at amortized cost)		1,108,719,099
		Total Investments (cost $4,314,698,234) 113.8%	$	4,497,986,566
		Other Assets and Liabilities, Net (13.8%)		(546,421,024	)
		Total Net Assets 100.0%	$	3,951,565,542

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b 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.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

e Non-income producing security.

f The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

g At June 30, 2015, $33,698,610 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

h At June 30, 2015, $2,438,763 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

i At June 30, 2015, $2,999,996 of investments were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Moderately Conservative Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	824,587
Apidos CLO XVIII, 7/22/2026		6/25/2014		822,937
Ares CLO, Ltd., 11/15/2025		11/26/2014		1,500,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		824,588
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		1,746,388
Betony CLO, Ltd., 4/15/2027		2/25/2015		750,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		825,000

The accompanying Notes to Financial Statements are an integral part of this schedule.

48

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014	$	824,167
CAM Mortgage, LLC, 7/15/2064		6/24/2015		2,250,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		825,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		825,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		825,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		825,000
CoBank ACB, 6/15/2022		10/18/2013		377,414
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		825,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		1,082,647
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		2,650,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		824,175
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		1,566,968
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		798,000
Limerock CLO III, LLC, 10/20/2026		10/16/2014		2,500,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		898,920
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		2,975,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		2,600,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		2,618,201
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		700,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		2,650,000
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		825,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		2,493,750
OZLM VIII, Ltd., 10/17/2026		8/7/2014		820,297
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,925,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		2,650,000
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		2,481,250
Symphony CLO, Ltd., 1/9/2023		9/15/2014		816,773
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		1,348,779
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,825,065
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		823,762

Definitions:

CLO	-	Collateralized Loan Obligation.
ETF	-	Exchange Traded Fund.
TIPS	-	Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	215,191,101
Gross unrealized depreciation		(34,007,888	)
Net unrealized appreciation (depreciation)	$	181,183,213
Cost for federal income tax purposes	$	4,316,803,353

The accompanying Notes to Financial Statements are an integral part of this schedule.

49

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Moderately Conservative Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		9,262,349		—		7,984,855		1,277,494
Capital Goods		6,494,221		—		6,494,221		—
Communications Services		52,016,251		—		48,007,889		4,008,362
Consumer Cyclical		25,075,502		—		25,075,502		—
Consumer Non-Cyclical		20,517,120		—		20,517,120		—
Energy		9,426,955		—		8,135,216		1,291,739
Financials		8,015,655		—		8,015,655		—
Technology		8,086,692		—		8,086,692		—
Transportation		5,944,077		—		5,944,077		—
Utilities		3,197,667		—		3,197,667		—
Long-Term Fixed Income
Asset-Backed Securities		67,716,412		—		64,378,273		3,338,139
Basic Materials		12,311,075		—		12,311,075		—
Capital Goods		13,110,135		—		13,110,135		—
Collateralized Mortgage Obligations		77,583,381		—		77,583,381		—
Commercial Mortgage-Backed Securities		30,444,661		—		30,444,661		—
Communications Services		49,483,992		—		49,483,992		—
Consumer Cyclical		22,077,462		—		22,077,462		—
Consumer Non-Cyclical		43,478,274		—		43,478,274		—
Energy		32,138,132		—		32,138,132		—
Financials		99,723,688		—		99,723,688		—
Foreign Government		1,654,394		—		1,654,394		—
Mortgage-Backed Securities		513,143,575		—		513,143,575		—
Technology		18,402,893		—		18,402,893		—
Transportation		11,360,053		—		11,360,053		—
U.S. Government and Agencies		341,831,840		—		341,831,840		—
Utilities		27,834,328		—		27,834,328		—
Mutual Funds
Affiliated Equity Mutual Funds		497,573,821		497,573,821		—		—
Equity Mutual Funds		15,519,071		15,519,071		—		—
Affiliated Fixed Income Mutual Funds		744,992,783		744,992,783		—		—
Fixed Income Mutual Funds		20,139,380		20,139,380		—		—
Common Stock
Consumer Discretionary		81,684,377		81,684,377		—		—
Consumer Staples		25,197,332		25,197,332		—		—
Energy		91,146,530		91,064,032		82,498		—
Financials		86,935,282		86,935,282		—		—
Health Care		86,684,677		86,684,677		—		—
Industrials		50,505,642		50,505,642		—		—
Information Technology		124,380,686		124,380,686		—		—
Materials		19,848,552		19,848,552		—		—
Telecommunications Services		3,614,817		3,614,817		—		—
Utilities		11,980,642		11,980,642		—		—
Collateral Held for Securities Loaned		18,733,091		18,733,091		—		—
Short-Term Investments		1,108,719,099		—		1,108,719,099		—
Total	$	4,497,986,566	$	1,878,854,185	$	2,609,216,647	$	9,915,734
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,458,835		1,458,835		—		—
Total Asset Derivatives	$	1,458,835	$	1,458,835	$	—	$	—
Liability Derivatives
Futures Contracts		12,668,142		12,668,142		—		—
Credit Default Swaps		421,531		—		421,531		—
Total Liability Derivatives	$	13,089,673	$	12,668,142	$	421,531	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

50

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(1,615	)		September 2015		($353,074,369	)		($353,584,063	)		($509,694	)
5-Yr. U.S. Treasury Bond Futures		1,852			September 2015		220,933,640			220,865,464			(68,176	)
10-Yr. U.S. Treasury Bond Futures		1,090			September 2015		138,748,454			137,527,349			(1,221,105	)
30-Yr. U.S. Treasury Bond Futures		861			September 2015		133,464,350			129,876,468			(3,587,882	)
Eurex EURO STOXX 50 Futures		2,380			September 2015		92,382,456			91,275,168			(1,107,288	)
Mini MSCI EAFE Index Futures		764			September 2015		72,334,962			70,058,800			(2,276,162	)
Russell 2000 Index Mini-Futures		64			September 2015		8,032,409			8,002,560			(29,849	)
S&P 400 Index Mini-Futures		(454	)		September 2015		(69,452,728	)		(68,013,740	)		1,438,988
S&P 500 Index Futures		346			September 2015		181,573,586			177,705,600			(3,867,986	)
Ultra Long Term U.S. Treasury Bond Futures		(29	)		September 2015		(4,487,660	)		(4,467,813	)		19,847
Total Futures Contracts												($	11,209,307	)

Credit Default Swaps and Counterparty	Buy/Sell Protection1		Termination Date		Notional Principal Amount2			Value3			Unrealized Gain/(Loss)
CDX IG 24, 10 Year, at 1.00%; Bank of America		Sell		6/20/2025	($	30,250,000	)	($	260,256	)	($	260,256	)
CDX IG CDSI S24, 5 Year, at 1.00%; Bank of America		Sell		6/20/2020		(45,400,000	)		(161,275	)		(161,275	)
Total Credit Default Swaps								($	421,531	)	($	421,531	)

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.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Moderately Conservative Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,438,988
Total Equity Contracts			1,438,988
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		19,847
Total Interest Rate Contracts			19,847
Total Asset Derivatives		$	1,458,835
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		5,386,857
Total Interest Rate Contracts			5,386,857
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		7,281,285
Total Equity Contracts			7,281,285
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		421,531
Total Credit Contracts			421,531
Total Liability Derivatives		$	13,089,673

The accompanying Notes to Financial Statements are an integral part of this schedule.

51

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Moderately Conservative Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		28,355,279
Total Equity Contracts			28,355,279
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		2,745,498
Total Interest Rate Contracts			2,745,498
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		356,742
Total Credit Contracts			356,742
Total		$	31,457,519

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Moderately Conservative Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(13,912,611	)
Total Interest Rate Contracts			(13,912,611	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(12,483,409	)
Total Equity Contracts			(12,483,409	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(421,531	)
Total Credit Contracts			(421,531	)
Total		($	26,817,551	)

The following table presents Moderately Conservative Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Swaps (Notional)*
Equity Contracts	$	432,439,845		11.2	%		N/A
Interest Rate Contracts		902,508,363		23.4			N/A
Credit Contracts		N/A		N/A		$	558,463

* Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

52

Moderately Conservative Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Moderately Conservative Allocation Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015  - June 30, 2015
Partner Small Cap Value	$	37,953,593	$	3,170,947	$	—		1,464,533	$	37,990,130	$	368,572
Small Cap Stock		30,163,511		4,100,796		—		1,881,929		32,222,584		136,453
Partner Mid Cap Value		47,562,494		5,848,565		—		2,991,137		47,542,321		264,248
Mid Cap Stock		58,243,532		6,664,542		—		3,484,569		58,865,171		347,302
Partner Worldwide Allocation		150,325,753		3,837,754		—		16,564,901		158,160,018		3,837,754
Large Cap Value		131,067,726		5,533,819		—		8,148,101		132,686,129		1,676,407
Large Cap Stock		28,780,001		2,564,690		—		2,552,346		30,107,468		347,632
High Yield		95,969,477		2,818,974		260,424		20,211,262		98,665,319		2,818,747
Income		247,493,205		10,022,360		607,656		24,485,346		246,895,534		4,527,133
Limited Maturity Bond		397,227,386		3,187,750		1,432,333		40,650,098		399,431,930		3,175,208
Cash Management Trust-Collateral Investment		24,079,812		269,377,487		274,724,208		18,733,091		18,733,091		63,762
Total Value and Income Earned		1,248,866,490								1,261,299,695		17,563,218

The accompanying Notes to Financial Statements are an integral part of this schedule.

53

Growth and Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (10.6%)a	Value		% of Net Assets
	Basic Materials (0.7%)
		Other Securities^	$	545,092		0.7	%
		Total		545,092
	Capital Goods (0.5%)
		Other Securities^		381,334		0.5	%
		Total		381,334
	Communications Services (3.3%)
		Other Securities^		2,629,574		3.3	%
		Total		2,629,574
	Consumer Cyclical (1.7%)
		Other Securities^		1,405,752		1.7	%
		Total		1,405,752
	Consumer Non-Cyclical (1.5%)
		Other Securities^		1,245,565		1.5	%
		Total		1,245,565
	Energy (0.7%)
		Other Securities^		570,625		0.7	%
		Total		570,625
	Financials (0.6%)
		Other Securities^		459,298		0.6	%
		Total		459,298
	Technology (0.9%)
		Other Securities^		697,470		0.9	%
		Total		697,470
	Transportation (0.4%)
		Other Securities^		326,980		0.4	%
		Total		326,980
	Utilities (0.3%)
		Other Securities^		253,973		0.3	%
		Total		253,973
		Total Bank Loans (cost $8,725,249)		8,515,663
Shares		Common Stock (65.3%)
	Consumer Discretionary (10.4%)
	1,780	Amazon.com, Inc.b		772,680		1.0	%
	1,200	AutoZone, Inc.b		800,280		1.0	%
	16,446	Comcast Corporation		989,062		1.2	%
	14,230	Starbucks Corporation		762,942		1.0	%
	9,280	Target Corporation		757,526		0.9	%
		Other Securities^		4,251,642		5.3	%
		Total		8,334,132
	Consumer Staples (3.2%)
	5,169	Anheuser-Busch InBev NV ADR		623,743		0.8	%
	6,870	Philip Morris International, Inc.		550,768		0.7	%
		Other Securities^		1,406,428		1.7	%
		Total		2,580,939
	Energy (3.8%)
	7,580	Cameron International Corporationb		396,964		0.5	%
	5,230	EOG Resources, Inc.		457,886		0.6	%
	4,760	EQT Corporation		387,178		0.5	%
	6,826	Total SA ADR		335,634		0.4	%
	36,670	Weatherford International, Ltd.b		449,941		0.6	%
		Other Securities^		1,012,522		1.2	%
		Total		3,040,125
	Financials (19.9%)
	3,881	Alexandria Real Estate Equities, Inc.		339,432		0.4	%
	3,400	Allianz SE		530,235		0.7	%
	8,394	Blackstone Group, LP		343,063		0.4	%
	6,110	Capital One Financial Corporation		537,497		0.7	%
	13,150	Charles Schwab Corporation		429,347		0.5	%
	13,450	Citigroup, Inc.		742,978		0.9	%
	76,697	HSBC Holdings plc		686,772		0.9	%
	12,727	Invesco, Ltd.		477,135		0.6	%
	38,310	KeyCorp		575,416		0.7	%
	8,830	MetLife, Inc.		494,392		0.6	%
	2,940	Simon Property Group, Inc.		508,679		0.6	%
		Other Securities^		10,328,544		12.9	%
		Total		15,993,490
	Health Care (7.6%)
	18,830	Abbott Laboratories		924,176		1.1	%
	2,410	Alexion Pharmaceuticals, Inc.b		435,656		0.5	%
	2,770	Amgen, Inc.		425,250		0.5	%
	4,780	Cerner Corporationb		330,107		0.4	%
	9,540	Merck & Company, Inc.		543,112		0.7	%
	21,962	Pfizer, Inc.		736,386		0.9	%
		Other Securities^		2,748,363		3.5	%
		Total		6,143,050
	Industrials (6.4%)
	2,930	FedEx Corporation		499,272		0.6	%
	6,244	Illinois Tool Works, Inc.		573,137		0.7	%
	8,990	Ingersoll-Rand plc		606,106		0.8	%
	4,628	Union Pacific Corporation		441,372		0.6	%
		Other Securities^		3,032,822		3.7	%
		Total		5,152,709
	Information Technology (8.9%)
	6,990	Apple, Inc.		876,721		1.1	%
	14,219	EMC Corporation		375,239		0.5	%
	8,540	Facebook, Inc.b		732,433		0.9	%
	990	Google, Inc., Class Ab		534,640		0.7	%
	741	Google, Inc., Class Cb		385,698		0.5	%
	4,670	MasterCard, Inc.		436,552		0.5	%
	1,000	Samsung Electronics Company, Ltd. GDR		570,500		0.7	%
		Other Securities^		3,272,516		4.0	%
		Total		7,184,299
	Materials (2.0%)
		Other Securities^		1,643,300		2.0	%
		Total		1,643,300
	Telecommunications Services (1.7%)
	70,700	Telstra Corporation, Ltd.		334,592		0.4	%
		Other Securities^		1,033,294		1.3	%
		Total		1,367,886

The accompanying Notes to Financial Statements are an integral part of this schedule.

54

Growth and Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (65.3%)	Value		% of Net Assets
	Utilities (1.4%)
		Other Securities^	$	1,134,409		1.4	%
		Total		1,134,409
		Total Common Stock (cost $53,828,398)		52,574,339
Principal Amount		Long-Term Fixed Income (15.6%)
	Asset-Backed Securities (0.1%)
		Other Securities^		46,104		0.1	%
		Total		46,104
	Basic Materials (0.3%)
		Other Securities^		281,057		0.3	%
		Total		281,057
	Capital Goods (0.4%)
		Other Securities^		312,438		0.4	%
		Total		312,438
	Collateralized Mortgage Obligations (2.7%)
		Other Securities^		2,178,070		2.7	%
		Total		2,178,070
	Communications Services (1.0%)
		Other Securities^		821,258		1.0	%
		Total		821,258
	Consumer Cyclical (1.0%)
		Other Securities^		792,346		1.0	%
		Total		792,346
	Consumer Non-Cyclical (1.0%)
		Other Securities^		769,248		1.0	%
		Total		769,248
	Energy (0.9%)
		Other Securities^		739,549		0.9	%
		Total		739,549
	Financials (1.4%)
		Citigroup, Inc.
	$ 69,000	1.850% - 8.500%, 2/15/2017 - 5/22/2019		74,313		0.1	%
		Other Securities^		1,085,481		1.3	%
		Total		1,159,794
	Foreign Government (2.2%)
		Other Securities^		1,791,459		2.2	%
		Total		1,791,459
	Mortgage-Backed Securities (3.1%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	350,000	3.000%, 7/1/2030c		362,337		0.5	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	250,000	4.000%, 7/1/2045c		264,380		0.3	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	800,000	3.500%, 7/1/2045c		824,438		1.0	%
	550,000	4.000%, 8/1/2045c		581,425		0.7	%
	425,000	4.500%, 8/1/2045c		458,801		0.6	%
		Total		2,491,381
	Technology (0.4%)
		Apple, Inc.
	10,000	0.577%, 5/6/2020d		9,971		<0.1	%
		Other Securities^		312,412		0.4	%
		Total		322,383
	Transportation (0.2%)
		Other Securities^		130,922		0.2	%
		Total		130,922
	U.S. Government and Agencies (0.4%)
		Other Securities^		313,584		0.4	%
		Total		313,584
	Utilities (0.5%)
		Other Securities^		403,776		0.5	%
		Total		403,776
		Total Long-Term Fixed Income (cost $12,562,497)		12,553,369
Shares		Mutual Funds (5.4%)
	Equity Mutual Funds (3.0%)
	5,200	iShares MSCI EAFE Index Fund		330,148		0.4	%
	2,300	BlackRock Resources & Commodities Strategy Trust		20,976		<0.1	%
	17,080	Materials Select Sector SPDR Fund		826,501		1.0	%
	13,473	iShares S&P U.S. Preferred Stock Index Fund		527,738		0.7	%
	15,490	Utilities Select Sector SPDR Fund		642,215		0.8	%
		Other Securities^		91,377		0.1	%
		Total		2,438,955
	Fixed Income Mutual Funds (2.4%)
	4,775	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		50,519		0.1	%
	8,425	iShares J.P. Morgan USD Emerging Markets Bond ETF		926,076		1.1	%
		Other Securities^		923,308		1.2	%
		Total		1,899,903
		Total Mutual Funds (cost $4,462,388)		4,338,858
Shares or Principal Amount		Short-Term Investments (6.6%)e
		Thrivent Cash Management Trust
	4,889,884	0.070%f		4,889,884		6.1	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

55

Growth and Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares or Principal Amount		Short-Term Investments (6.6%)e	Value			% of Net Assets
		Federal Home Loan Mortgage Corporation Discount Notes 0.060% - 0.070%,
	300,000	7/6/2015 - 7/20/2015f	$	299,992			0.4	%
		Other Securities^		100,000			0.1	%
		Total Short-Term Investments (at amortized cost)		5,289,876
		Total Investments (cost $84,868,408) 103.5%	$	83,272,105
		Other Assets and Liabilities, Net (3.5%)		(2,828,508	)
		Total Net Assets 100.0%	$	80,443,597

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b Non-income producing security.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

e The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

f At June 30, 2015, $299,992 of investments were 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.
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	1,546,410
Gross unrealized depreciation		(3,187,348	)
Net unrealized appreciation (depreciation)	$	(1,640,938	)
Cost for federal income tax purposes	$	84,913,043

The accompanying Notes to Financial Statements are an integral part of this schedule.

56

Growth and Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Growth and Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		545,092		—		471,391		73,701
Capital Goods		381,334		—		381,334		—
Communications Services		2,629,574		—		2,405,360		224,214
Consumer Cyclical		1,405,752		—		1,405,752		—
Consumer Non-Cyclical		1,245,565		—		1,245,565		—
Energy		570,625		—		516,542		54,083
Financials		459,298		—		459,298		—
Technology		697,470		—		697,470		—
Transportation		326,980		—		326,980		—
Utilities		253,973		—		253,973		—
Common Stock
Consumer Discretionary		8,334,132		6,369,936		1,964,196		—
Consumer Staples		2,580,939		1,414,991		1,165,948		—
Energy		3,040,125		2,376,060		664,065		—
Financials		15,993,490		11,301,185		4,692,305		—
Health Care		6,143,050		4,638,344		1,504,706		—
Industrials		5,152,709		3,278,660		1,874,049		—
Information Technology		7,184,299		6,043,655		1,140,644		—
Materials		1,643,300		553,020		1,090,280		—
Telecommunications Services		1,367,886		190,328		1,177,558		—
Utilities		1,134,409		331,991		802,418		—
Long-Term Fixed Income
Asset-Backed Securities		46,104		—		46,104		—
Basic Materials		281,057		—		281,057		—
Capital Goods		312,438		—		312,438		—
Collateralized Mortgage Obligations		2,178,070		—		2,178,070		—
Communications Services		821,258		—		821,258		—
Consumer Cyclical		792,346		—		792,346		—
Consumer Non-Cyclical		769,248		—		769,248		—
Energy		739,549		—		739,549		—
Financials		1,159,794		—		1,159,794		—
Foreign Government		1,791,459		—		1,791,459		—
Mortgage-Backed Securities		2,491,381		—		2,491,381		—
Technology		322,383		—		322,383		—
Transportation		130,922		—		130,922		—
U.S. Government and Agencies		313,584		—		313,584		—
Utilities		403,776		—		403,776		—
Mutual Funds
Equity Mutual Funds		2,438,955		2,438,955		—		—
Fixed Income Mutual Funds		1,899,903		1,899,903		—		—
Short-Term Investments		5,289,876		4,889,884		399,992		—
Total	$	83,272,105	$	45,726,912	$	37,193,195	$	351,998
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		2,869		2,869		—		—
Credit Default Swaps		168		—		168		—
Total Asset Derivatives	$	3,037	$	2,869	$	168	$	—
Liability Derivatives
Futures Contracts		26,589		26,589		—		—
Total Liability Derivatives	$	26,589	$	26,589	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

57

Growth and Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(23	)		September 2015		($5,028,304	)		($5,035,563	)		($7,259	)
5-Yr. U.S. Treasury Bond Futures		17			September 2015		2,029,428			2,027,383			(2,045	)
10-Yr. U.S. Treasury Bond Futures		(2	)		September 2015		(255,213	)		(252,344	)		2,869
30-Yr. U.S. Treasury Bond Futures		1			September 2015		155,011			150,844			(4,167	)
S&P 500 Index Mini-Futures		7			September 2015		732,158			719,040			(13,118	)
Total Futures Contracts												($	23,720	)

Credit Default Swaps and Counterparty	Buy/Sell  Protection1		Termination Date		Notional Principal Amount2		Value3		Unrealized Gain/(Loss)
CDX HY 22, 5 Year, at 5.00%; CS First Boston Corporation		Buy		6/20/2020	$	49,500	$	168	$	168
Total Credit Default Swaps							$	168	$	168

1 As the buyer of protection, Growth and Income Plus Portfolio pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Growth and Income Plus Portfolio collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2 The maximum potential amount of future payments Growth and Income Plus Portfolio could be required to make as the seller or receive as the buyer of protection.

3 The values for credit indexes (CDX or LCDX) serve as an indicator of the current status of the payment/performance risk and represent the liability or profit for the credit default swap contract had the contract been closed as of the reporting date. When protection has been sold, the value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Growth and Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	2,869
Total Interest Rate Contracts			2,869
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		168
Total Credit Contracts			168
Total Asset Derivatives		$	3,037
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		13,471
Total Interest Rate Contracts			13,471
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		13,118
Total Equity Contracts			13,118
Total Liability Derivatives		$	26,589

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

58

Growth and Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Growth and Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		207,575
Total Equity Contracts			207,575
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		19,698
Total Interest Rate Contracts			19,698
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		357
Total Credit Contracts			357
Total		$	227,630

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Growth and Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(47,214	)
Total Interest Rate Contracts			(47,214	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(100,715	)
Total Equity Contracts			(100,715	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		168
Total Credit Contracts			168
Total		($	147,761	)

The following table presents Growth and Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of  Average Net Assets)			Swaps (Notional)*
Equity Contracts	$	2,091,597		2.6	%		N/A
Interest Rate Contracts		9,521,622		11.7			N/A
Credit Contracts		N/A		N/A		$	351

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Growth and Income Plus Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015  - June 30, 2015
Cash Management Trust-Short Term Investment	$	8,619,908	$	36,328,127	$	40,058,151		4,889,884	$	4,889,884	$	1,985
Total Value and Income Earned		8,619,908								4,889,884		1,985

The accompanying Notes to Financial Statements are an integral part of this schedule.

59

Balanced Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (16.4%)a	Value		% of Net Assets
	Basic Materials (1.0%)
		Other Securities^	$	3,162,457		1.0	%
		Total		3,162,457
	Capital Goods (0.8%)
		Other Securities^		2,512,132		0.8	%
		Total		2,512,132
	Communications Services (5.5%)
		Other Securities^		17,452,299		5.5	%
		Total		17,452,299
	Consumer Cyclical (2.1%)
		Other Securities^		6,816,615		2.1	%
		Total		6,816,615
	Consumer Non-Cyclical (2.6%)
		Other Securities^		8,169,850		2.6	%
		Total		8,169,850
	Energy (1.3%)
		Other Securities^		3,992,377		1.3	%
		Total		3,992,377
	Financials (0.7%)
		Other Securities^		2,383,112		0.7	%
		Total		2,383,112
	Technology (1.4%)
		Other Securities^		4,359,868		1.4	%
		Total		4,359,868
	Transportation (0.6%)
		American Airlines, Inc., Term Loan
	$  1,051,275	3.500%, 6/27/2020		1,040,111		0.3	%
		Other Securities^		946,276		0.3	%
		Total		1,986,387
	Utilities (0.4%)
		Other Securities^		1,255,898		0.4	%
		Total		1,255,898
		Total Bank Loans (cost $53,352,321)		52,090,995
Shares		Common Stock (47.3%)
	Consumer Discretionary (7.5%)
	5,290	Amazon.com, Inc.b		2,296,336		0.7	%
	3,380	AutoZone, Inc.b		2,254,122		0.7	%
	47,655	Comcast Corporation		2,865,972		0.9	%
	17,750	Las Vegas Sands Corporation		933,118		0.3	%
	41,100	Starbucks Corporation		2,203,577		0.7	%
	26,700	Target Corporation		2,179,521		0.7	%
		Other Securities^		10,947,201		3.5	%
		Total		23,679,847
	Consumer Staples (2.3%)
	14,660	Anheuser-Busch InBev NV ADR		1,769,022		0.6	%
	19,850	Philip Morris International, Inc.		1,591,375		0.5	%
		Other Securities^		3,958,091		1.2	%
		Total		7,318,488
	Energy (2.7%)
	21,900	Cameron International Corporationb		1,146,903		0.4	%
	15,150	EOG Resources, Inc.		1,326,382		0.4	%
	13,700	EQT Corporation		1,114,358		0.4	%
	19,700	Total SA ADRc		968,649		0.3	%
	105,690	Weatherford International, Ltd.b		1,296,816		0.4	%
		Other Securities^		2,776,259		0.8	%
		Total		8,629,367
	Financials (14.4%)
	10,740	Alexandria Real Estate Equities, Inc.		939,320		0.3	%
	9,500	Allianz SE		1,481,538		0.5	%
	24,220	Blackstone Group, LP		989,871		0.3	%
	17,700	Capital One Financial Corporation		1,557,069		0.5	%
	37,900	Charles Schwab Corporation		1,237,435		0.4	%
	38,798	Citigroup, Inc.		2,143,202		0.7	%
	211,800	HSBC Holdings plc		1,896,533		0.6	%
	35,850	Invesco, Ltd.		1,344,017		0.4	%
	110,500	KeyCorp		1,659,710		0.5	%
	25,450	MetLife, Inc.		1,424,945		0.5	%
	8,403	Simon Property Group, Inc.		1,453,887		0.5	%
		Other Securities^		29,482,352		9.2	%
		Total		45,609,879
	Health Care (5.5%)
	54,310	Abbott Laboratories		2,665,535		0.8	%
	6,960	Alexion Pharmaceuticals, Inc.b		1,258,159		0.4	%
	7,990	Amgen, Inc.		1,226,625		0.4	%
	13,750	Cerner Corporationb		949,575		0.3	%
	27,590	Merck & Company, Inc.		1,570,699		0.5	%
	63,170	Pfizer, Inc.		2,118,090		0.7	%
		Other Securities^		7,661,583		2.4	%
		Total		17,450,266
	Industrials (4.7%)
	8,450	FedEx Corporation		1,439,880		0.5	%
	18,000	Illinois Tool Works, Inc.		1,652,220		0.5	%
	25,910	Ingersoll-Rand plc		1,746,852		0.6	%
	13,270	Union Pacific Corporation		1,265,560		0.4	%
		Other Securities^		8,598,965		2.7	%
		Total		14,703,477
	Information Technology (6.5%)
	20,210	Apple, Inc.		2,534,839		0.8	%
	40,900	EMC Corporation		1,079,351		0.3	%
	24,610	Facebook, Inc.b		2,110,677		0.7	%
	2,890	Google, Inc., Class Ab		1,560,716		0.5	%
	2,305	Google, Inc., Class Cb		1,199,776		0.4	%
	13,500	MasterCard, Inc.		1,261,980		0.4	%
	3,000	Samsung Electronics Company, Ltd. GDR		1,711,500		0.5	%
		Other Securities^		9,173,077		2.9	%
		Total		20,631,916
	Materials (1.5%)
		Other Securities^		4,726,361		1.5	%
		Total		4,726,361
	Telecommunications Services (1.2%)
		Other Securities^		3,812,256		1.2	%
		Total		3 ,812,256

The accompanying Notes to Financial Statements are an integral part of this schedule.

60

Balanced Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (47.3%)	Value		% of Net Assets
	Utilities (1.0%)
		Other Securities^	$	3,177,010		1.0	%
		Total		3,177,010
		Total Common Stock (cost $140,443,955)		149,738,867
Principal Amount		Long-Term Fixed Income (26.8%)
	Asset-Backed Securities (1.3%)
		Other Securities^		4,093,129		1.3	%
		Total		4,093,129
	Basic Materials (0.4%)
		Other Securities^		1,296,523		0.4	%
		Total		1,296,523
	Capital Goods (0.5%)
		Other Securities^		1,654,741		0.5	%
		Total		1,654,741
	Collateralized Mortgage Obligations (3.9%)
		Other Securities^		12,368,160		3.9	%
		Total		12,368,160
	Communications Services (1.4%)
		Other Securities^		4,401,339		1.4	%
		Total		4,401,339
	Consumer Cyclical (1.3%)
		Other Securities^		4,206,346		1.3	%
		Total		4,206,346
	Consumer Non-Cyclical (1.4%)
		Other Securities^		4,299,188		1.4	%
		Total		4,299,188
	Energy (1.3%)
		Other Securities^		3,984,408		1.3	%
		Total		3,984,408
	Financials (3.5%)
		Citigroup, Inc.
	$365,000	1.850% - 8.500%, 2/15/2017 - 5/22/2019		389,259		0.2	%
		Other Securities^		10,910,554		3.3	%
		Total		11,299,813
	Foreign Government (4.9%)
		Russian Government International Bond
	1,000,000	5.000%, 4/29/2020d		1,026,300		0.3	%
		Other Securities^		14,402,817		4.6	%
		Total		15,429,117
	Mortgage-Backed Securities (4.6%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	800,000	3.500%, 7/1/2030e		843,712		0.3	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,025,000	3.500%, 7/1/2045e		5,178,498		1.7	%
	3,775,000	4.000%, 8/1/2045e		3,990,691		1.3	%
	2,600,000	4.500%, 8/1/2045e		2,806,781		0.9	%
		Other Securities^		1,627,462		0.4	%
		Total		14,447,144
	Technology (0.6%)
		Other Securities^		1,967,893		0.6	%
		Total		1,967,893
	Transportation (0.3%)
		Other Securities^		959,946		0.3	%
		Total		959,946
	U.S. Government and Agencies (0.5%)
		U.S. Treasury Notes
	1,540,000	1.875%, 6/30/2020		1,557,806		0.5	%
		Total		1,557,806
	Utilities (0.9%)
		Other Securities^		2,914,977		0.9	%
		Total		2,914,977
		Total Long-Term Fixed Income (cost $85,924,664)		84,880,530
Shares		Mutual Funds (3.6%)
	Equity Mutual Funds (1.7%)
	49,300	Materials Select Sector SPDR Fund		2,385,627		0.8	%
	44,750	Utilities Select Sector SPDR Fund		1,855,335		0.6	%
		Other Securities^		1,226,130		0.3	%
		Total		5,467,092
	Fixed Income Mutual Funds (1.9%)
	15,880	iShares J.P. Morgan USD Emerging Markets Bond ETFc		1,745,530		0.6	%
		Other Securities^		4,217,027		1.3	%
		Total		5,962,557
		Total Mutual Funds (cost $11,394,647)		11,429,649
		Preferred Stock (1.8%)
	Financials (1.5%)
	25,915	Citigroup, Inc., 6.875%f		690,894		0.2	%
		Other Securities^		4,140,710		1.3	%
		Total		4,831,604
	Materials (0.1%)
		Other Securities^		335,232		0.1	%
		Total		335,232
	Utilities (0.2%)
		Other Securities^		484,500		0.2	%
		Total		484,500
		Total Preferred Stock (cost $5,503,410)		5,651,336

The accompanying Notes to Financial Statements are an integral part of this schedule.

61

Balanced Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Collateral Held for Securities Loaned (2.0%)	Value			% of Net Assets
	6,207,658	Thrivent Cash Management Trust	$	6,207,658			2.0	%
		Total Collateral Held for Securities Loaned (cost $6,207,658)		6,207,658
Shares or Principal Amount		Short-Term Investments (8.9%)g
		Thrivent Cash Management Trust
	27,564,210	0.070%		27,564,210			8.7	%
		Other Securities*		599,959			0.2	%
		Total Short-Term Investments (at amortized cost)		28,164,169
		Total Investments (cost $330,990,824) 106.8%	$	338,163,204
		Other Assets and Liabilities, Net (6.8%)		(21,651,780	)
		Total Net Assets 100.0%	$	316,511,424

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b Non-income producing security.

c All or a portion of the security is on loan.

d Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $17,245,868 or 5.4% of total net assets.

e Denotes investments purchased on a when-issued or delayed delivery basis.

f Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

g The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Balanced Income Plus Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		11/12/2014	$	330,186
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		658,158
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		312,468
Wachovia Asset Securitization, Inc. 7/25/2037		3/16/2007		558,229

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	16,121,689
Gross unrealized depreciation		(9,603,196	)
Net unrealized appreciation (depreciation)	$	6,518,493
Cost for federal income tax purposes	$	331,644,711

The accompanying Notes to Financial Statements are an integral part of this schedule.

62

Balanced Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Balanced Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		3,162,457		—		3,162,457		—
Capital Goods		2,512,132		—		2,512,132		—
Communications Services		17,452,299		—		15,724,176		1,728,123
Consumer Cyclical		6,816,615		—		6,816,615		—
Consumer Non-Cyclical		8,169,850		—		8,169,850		—
Energy		3,992,377		—		3,582,248		410,129
Financials		2,383,112		—		2,383,112		—
Technology		4,359,868		—		4,359,868		—
Transportation		1,986,387		—		1,986,387		—
Utilities		1,255,898		—		1,255,898		—
Common Stock
Consumer Discretionary		23,679,847		18,206,046		5,473,801		—
Consumer Staples		7,318,488		4,052,612		3,265,876		—
Energy		8,629,367		6,809,936		1,819,431		—
Financials		45,609,879		32,170,548		13,439,331		—
Health Care		17,450,266		13,256,121		4,194,145		—
Industrials		14,703,477		9,318,385		5,385,092		—
Information Technology		20,631,916		17,453,366		3,178,550		—
Materials		4,726,361		1,505,198		3,221,163		—
Telecommunications Services		3,812,256		544,235		3,268,021		—
Utilities		3,177,010		938,732		2,238,278		—
Long-Term Fixed Income
Asset-Backed Securities		4,093,129		—		4,093,129		—
Basic Materials		1,296,523		—		1,296,523		—
Capital Goods		1,654,741		—		1,654,741		—
Collateralized Mortgage Obligations		12,368,160		—		12,368,160		—
Communications Services		4,401,339		—		4,401,339		—
Consumer Cyclical		4,206,346		—		4,206,346		—
Consumer Non-Cyclical		4,299,188		—		4,299,188		—
Energy		3,984,408		—		3,984,408		—
Financials^		11,299,813		—		11,299,813		0
Foreign Government		15,429,117		—		15,429,117		—
Mortgage-Backed Securities		14,447,144		—		14,447,144		—
Technology		1,967,893		—		1,967,893		—
Transportation		959,946		—		959,946		—
U.S. Government and Agencies		1,557,806		—		1,557,806		—
Utilities		2,914,977		—		2,914,977		—
Mutual Funds
Equity Mutual Funds		5,467,092		5,467,092		—		—
Fixed Income Mutual Funds		5,962,557		5,962,557		—		—
Preferred Stock
Financials		4,831,604		3,150,299		1,681,305		—
Materials		335,232		335,232		—		—
Utilities		484,500		—		484,500		—
Collateral Held for Securities Loaned		6,207,658		6,207,658		—		—
Short-Term Investments		28,164,169		27,564,210		599,959		—
Total	$	338,163,204	$	152,942,227	$	183,082,725	$	2,138,252
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		32,347		32,347		—		—
Credit Default Swaps		2,523		—		2,523		—
Total Asset Derivatives	$	34,870	$	32,347	$	2,523	$	—
Liability Derivatives
Futures Contracts		153,091		153,091		—		—
Total Liability Derivatives	$	153,091	$	153,091	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

^ Level 3 security in this section is fair valued at <$1.

The accompanying Notes to Financial Statements are an integral part of this schedule.

62

Balanced Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(144	)		September 2015		($31,481,554	)		($31,527,000	)		($45,446	)
5-Yr. U.S. Treasury Bond Futures		145			September 2015		17,309,825			17,292,383			(17,442	)
10-Yr. U.S. Treasury Bond Futures		(52	)		September 2015		(6,593,285	)		(6,560,938	)		32,347
30-Yr. U.S. Treasury Bond Futures		4			September 2015		620,043			603,374			(16,669	)
S&P 500 Index Mini-Futures		18			September 2015		1,887,418			1,848,960			(38,458	)
Ultra Long Term U.S. Treasury Bond Futures		7			September 2015		1,113,514			1,078,438			(35,076	)
Total Futures Contracts												($	120,744	)

Credit Default Swaps and Counterparty	Buy/Sell  Protection1		Termination Date		Notional Principal Amount2		Value3		Unrealized Gain/(Loss)
CDX HY 22, 5 Year, at 5.00%; CS First Boston Corporation		Buy		6/20/2020	$	742,500	$	2,523	$	2,523
Total Credit Default Swaps							$	2,523	$	2,523

1 As the buyer of protection, Balanced Income Plus Portfolio pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Balanced Income Plus Portfolio collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2 The maximum potential amount of future payments Balanced Income Plus Portfolio could be required to make as the seller or receive as the buyer of protection.

3 The values for credit indexes (CDX or LCDX) serve as an indicator of the current status of the payment/performance risk and represent the liability or profit for the credit default swap contract had the contract been closed as of the reporting date. When protection has been sold, the value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Balanced Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	32,347
Total Interest Rate Contracts			32,347
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		2,523
Total Credit Contracts			2,523
Total Asset Derivatives		$	34,870
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		114,633
Total Interest Rate Contracts			114,633
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		38,458
Total Equity Contracts			38,458
Total Liability Derivatives		$	153,091

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

63

Balanced Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Balanced Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		132,251
Total Equity Contracts			132,251
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		113,846
Total Interest Rate Contracts			113,846
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		5,355
Total Credit Contracts			5,355
Total		$	251,452

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Balanced Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in  Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(302,598	)
Total Interest Rate Contracts			(302,598	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(142,161	)
Total Equity Contracts			(142,161	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		2,523
Total Credit Contracts			2,523
Total		($	442,236	)

The following table presents Balanced Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Swaps (Notional)*
Equity Contracts	$	1,648,333		0.5	%		N/A
Interest Rate Contracts		68,139,117		21.7			N/A
Credit Contracts		N/A		N/A		$	5,268

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Balanced Income Plus Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1,  2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	6,533,365	$	27,525,369	$	27,851,076		6,207,658	$	6,207,658	$	16,706
Cash Management Trust-Short Term Investment		28,196,804		79,528,140		80,160,734		27,564,210		27,564,210		8,037
Total Value and Income Earned		34,730,169								33,771,868		24,743

The accompanying Notes to Financial Statements are an integral part of this schedule.

65

Diversified Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount	Bank Loans (12.7%)a	Value		% of Net Assets
Basic Materials (1.0%)
	Tronox Pigments BV, Term Loan
$    1,290,912	4.250%, 3/19/2020	$	1,290,112		0.3	%
	Other Securities^		3,256,802		0.7	%
	Total		4,546,914
Capital Goods (0.5%)
	Other Securities^		2,269,875		0.5	%
	Total		2,269,875
Communications Services (4.0%)
	Other Securities^		18,992,438		4.0	%
	Total		18,992,438
Consumer Cyclical (2.1%)
	Other Securities^		9,982,729		2.1	%
	Total		9,982,729
Consumer Non-Cyclical (1.7%)
	Other Securities^		8,080,346		1.7	%
	Total		8,080,346
Energy (0.9%)
	Other Securities^		4,105,326		0.9	%
	Total		4,105,326
Financials (0.7%)
	Other Securities^		3,374,378		0.7	%
	Total		3,374,378
Technology (1.0%)
	Other Securities^		4,719,349		1.0	%
	Total		4,719,349
Transportation (0.5%)
	Other Securities^		2,492,544		0.5	%
	Total		2,492,544
Utilities (0.3%)
	Other Securities^		1,319,938		0.3	%
	Total		1,319,938
	Total Bank Loans (cost $61,069,328)		59,883,837
	Long-Term Fixed Income (43.2%)
Asset-Backed Securities (3.1%)
	J.P. Morgan Mortgage Trust
1,408,436	2.740%, 2/25/2036		1,270,521		0.3	%
	U.S. Residential Opportunity Fund III Trust
1,249,873	3.721%, 1/27/2035*		1,250,125		0.3	%
	Other Securities^		11,846,237		2.5	%
	Total		14,366,883
Basic Materials (0.7%)
	Other Securities^		3,251,899		0.7	%
	Total		3,251,899
Capital Goods (0.8%)
	Other Securities^		3,925,094		0.8	%
	Total		3,925,094
Collateralized Mortgage Obligations (14.5%)
	Alternative Loan Trust
1,516,954	5.500%, 5/25/2035		1,525,361		0.3	%
	Bayview Opportunity Master Fund IIIb NPL Trust
1,300,000	3.721%, 7/28/2035b,c		1,300,000		0.3	%
	Countrywide Alternative Loan Trust
1,875,459	0.587% - 5.071%, 2/25/2035 - 10/25/2035d		1,684,458		0.4	%
	Countrywide Home Loan Mortgage Pass Through Trust
1,786,150	2.458% - 4.866%, 11/25/2035 - 2/20/2036		1,528,528		0.3	%
	Federal National Mortgage Association
3,088,069	3.500%, 1/25/2033e		396,136		0.1	%
	GMAC Mortgage Corporation Loan Trust
1,522,611	3.174%, 5/25/2035		1,456,048		0.3	%
	HarborView Mortgage Loan Trust
1,641,500	2.670%, 7/19/2035		1,464,307		0.3	%
	Wells Fargo Mortgage Backed Securities Trust
1,457,379	2.683%, 7/25/2036		1,424,090		0.3	%
	Other Securities^		57,522,707		12.2	%
	Total		68,301,635
Commercial Mortgage-Backed Securities (0.1%)
	Other Securities^		697,223		0.1	%
	Total		697,223
Communications Services (2.4%)
	Other Securities^		11,169,681		2.4	%
	Total		11,169,681
Consumer Cyclical (1.6%)
	Other Securities^		7,568,926		1.6	%
	Total		7,568,926
Consumer Non-Cyclical (2.0%)
	Other Securities^		9,518,445		2.0	%
	Total		9,518,445
Energy (2.0%)
	Other Securities^		9,567,133		2.0	%
	Total		9,567,133
Financials (7.9%)
	Bank of America Corporation
312,000	5.650% - 8.000%, 5/2/2017 - 12/29/2049f		333,632		0.1	%
	Capital One Financial Corporation
2,000,000	5.550%, 12/29/2049f		1,982,500		0.4	%
	HSBC Holdings plc
1,420,000	5.625% - 6.375%, 3/29/2049 - 12/29/2049f		1,424,744		0.4	%
	ILFC E-Capital Trust II
1,575,000	6.250%, 12/21/2065b,d		1,543,500		0.3	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

66

Diversified Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount	Long-Term Fixed Income (43.2%)	Value		% of Net Assets
Financials (7.9%) - continued
	Other Securities^	$	32,106,324		6.7	%
	Total		37,390,700
Foreign Government (2.5%)
	Other Securities^		11,461,151		2.5	%
	Total		11,461,151
Mortgage-Backed Securities (2.2%)
	Federal National Mortgage Association Conventional 30-Yr. Pass Through
$  1,500,000	3.500%, 7/1/2045g		1,545,820		0.3	%
8,650,000	4.000%, 8/1/2045g		9,144,232		1.9	%
	Total		10,690,052
Technology (1.1%)
	Other Securities^		5,146,235		1.1	%
	Total		5,146,235
Transportation (0.3%)
	Other Securities^		1,563,134		0.3	%
	Total		1,563,134
U.S. Government and Agencies (0.3%)
	Other Securities^		1,122,834		0.3	%
	Total		1,122,834
Utilities (1.7%)
	Electricite de France SA
1,240,000	5.250%, 12/29/2049b,f		1,241,550		0.3	%
	Southern California Edison Company
1,700,000	6.250%, 8/1/2049f		1,876,800		0.4	%
	Other Securities^		4,869,825		1.0	%
	Total		7,988,175
	Total Long-Term Fixed Income (cost $200,047,431)		203,729,200
Shares	Common Stock (29.2%)
Consumer Discretionary (4.3%)
4,520	Amazon.com, Inc.h		1,962,087		0.4	%
2,960	AutoZone, Inc.h		1,974,024		0.4	%
40,724	Comcast Corporation		2,449,141		0.5	%
35,040	Starbucks Corporation		1,878,670		0.4	%
22,790	Target Corporation		1,860,348		0.4	%
	Other Securities^		10,315,414		2.2	%
	Total		20,439,684
Consumer Staples (1.3%)
12,571	Anheuser-Busch InBev NV ADR		1,516,943		0.3	%
16,940	Philip Morris International, Inc.		1,358,080		0.3	%
	Other Securities^		3,430,352		0.7	%
	Total		6,305,375
Energy (1.6%)
	Other Securities^		7,436,236		1.6	%
	Total		7,436,236
Financials (10.2%)
8,300	Allianz SE		1,294,397		0.3	%
200,000	Apollo Investment Corporation		1,416,000		0.3	%
115,400	Ares Capital Corporation		1,899,484		0.4	%
15,070	Capital One Financial Corporation		1,325,708		0.3	%
33,180	Citigroup, Inc.		1,832,863		0.4	%
120,000	Golub Capital BDC, Inc.		1,987,200		0.4	%
184,567	HSBC Holdings plc		1,652,679		0.4	%
94,480	KeyCorp		1,419,090		0.3	%
93,000	Solar Capital, Ltd.		1,674,000		0.4	%
232,750	Two Harbors Investment Corporation		2,266,985		0.5	%
	Other Securities^		31,090,182		6.5	%
	Total		47,858,588
Health Care (3.2%)
46,460	Abbott Laboratories		2,280,257		0.5	%
23,550	Merck & Company, Inc.		1,340,701		0.3	%
53,968	Pfizer, Inc.		1,809,547		0.4	%
	Other Securities^		9,620,585		2.0	%
	Total		15,051,090
Industrials (2.7%)
15,406	Illinois Tool Works, Inc.		1,414,117		0.3	%
22,180	Ingersoll-Rand plc		1,495,376		0.3	%
	Other Securities^		9,842,832		2.1	%
	Total		12,752,325
Information Technology (3.7%)
17,250	Apple, Inc.		2,163,581		0.5	%
21,080	Facebook, Inc.h		1,807,926		0.4	%
2,410	Google, Inc., Class Ah		1,301,496		0.3	%
2,500	Samsung Electronics Company, Ltd. GDR		1,426,250		0.3	%
	Other Securities^		10,986,581		2.2	%
	Total		17,685,834
Materials (0.9%)
	Other Securities^		4,113,147		0.9	%
	Total		4,113,147
Telecommunications Services (0.7%)
	Other Securities^		3,296,727		0.7	%
	Total		3,296,727
Utilities (0.6%)
	Other Securities^		2,745,699		0.6	%
	Total		2,745,699
	Total Common Stock (cost $140,980,657)		137,684,705
	Preferred Stock (4.2%)
Financials (3.9%)
800	Bank of America Corporation, Convertible, 7.250%f		889,600		0.2	%
13,380	Cobank ACB, 6.250%f		1,371,869		0.3	%
16,000	Countrywide Capital V, 7.000%		412,000		0.1	%
53,200	GMAC Capital Trust I, 8.125%		1,382,136		0.3	%
50,800	Goldman Sachs Group, Inc., 5.500%f		1,245,616		0.3	%
48,000	HSBC USA, Inc., 6.500%f		1,214,880		0.3	%
57,000	RBS Capital Funding Trust V, 5.900%f		1,381,110		0.3	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

67

Diversified Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Preferred Stock (4.2%)	Value			% of Net Assets
	Financials (3.9%) - continued
	1,125	Wells Fargo & Company, Convertible, 7.500%f	$	1,321,875			0.3	%
		Other Securities^		9,275,864			1.8	%
		Total		18,494,950
	Materials (0.3%)
		Other Securities^		1,300,108			0.3	%
		Total		1,300,108
	Utilities (<0.1%)
		Other Securities^		132,733			<0.1	%
		Total		132,733
		Total Preferred Stock (cost $19,841,880)		19,927,791
		Mutual Funds (3.7%)
	Equity Mutual Funds (2.3%)
	38,220	Utilities Select Sector SPDR Fund		1,584,601			0.3	%
	27,000	iShares S&P U.S. Preferred Stock Index Fund		1,057,590			0.2	%
	6,200	iShares MSCI EAFE Index Fund		393,638			0.1	%
	256,500	Alerian MLP ETF		3,991,140			0.9	%
	42,140	Materials Select Sector SPDR Fund		2,039,155			0.4	%
	25,000	Vanguard High Dividend Yield ETF		1,683,000			0.4	%
		Total		10,749,124
	Fixed Income Mutual Funds (1.4%)
	7,950	iShares J.P. Morgan USD Emerging Markets Bond ETF		873,864			0.2	%
	9,100	iShares Intermediate Credit Bond ETF		990,626			0.2	%
	43,610	Vanguard Short-Term Corporate Bond ETF		3,470,484			0.7	%
	114,000	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		1,206,120			0.3	%
		Total		6,541,094
		Total Mutual Funds (cost $17,681,395)		17,290,218
		Collateral Held for Securities Loaned (0.3%)
	1,140,295	Thrivent Cash Management Trust		1,140,295			0.3	%
		Total Collateral Held for Securities Loaned (cost $1,140,295)		1,140,295
Shares or Principal Amount		Short-Term Investments (9.7%)i Trust
		Thrivent Cash Management Trust
	44,070,715	0.070%		44,070,715			9.4	%
		Short-Term Investments (9.7%)
		Other Securities^	$	1,599,800			0.3	%
		Total Short-Term Investments (at amortized cost)		45,670,515
		Total Investments (cost $486,431,501) 103.0%	$	485,326,561
		Other Assets and Liabilities, Net (3.0%)		(13,932,544	)
		Total Net Assets 100.0%	$	471,394,017

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $48,183,163 or 10.2% of total net assets.

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 June 30, 2015.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

e 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.

f Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

g Denotes investments purchased on a when-issued or delayed delivery basis.

h Non-income producing security.

i The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

* Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Diversified Income Plus Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
AIG Life Holdings, Inc., 12/1/2045		7/19/2015	$	839,030
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		839,610
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		3/19/2015		733,747
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2019		7/30/2014		613,816
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		1,058,770
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		1,249,873
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		599,457
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,140,665

The accompanying Notes to Financial Statements are an integral part of this schedule.

68

Diversified Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Definitions:

ADR -	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF -	Exchange Traded Fund.
GDR -	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	11,391,803
Gross unrealized depreciation		(12,597,159	)
Net unrealized appreciation (depreciation)	$	(1,205,356	)
Cost for federal income tax purposes	$	486,531,917

The accompanying Notes to Financial Statements are an integral part of this schedule.

69

Diversified Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Diversified Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		4,546,914		—		3,957,301		589,613
Capital Goods		2,269,875		—		2,269,875		—
Communications Services		18,992,438		—		17,381,560		1,610,878
Consumer Cyclical		9,982,729		—		9,982,729		—
Consumer Non-Cyclical		8,080,346		—		7,569,078		511,268
Energy		4,105,326		—		3,708,717		396,609
Financials		3,374,378		—		3,374,378		—
Technology		4,719,349		—		4,719,349		—
Transportation		2,492,544		—		2,492,544		—
Utilities		1,319,938		—		1,319,938		—
Long-Term Fixed Income
Asset-Backed Securities		14,366,883		—		14,366,883		—
Basic Materials		3,251,899		—		3,251,899		—
Capital Goods		3,925,094		—		3,925,094		—
Collateralized Mortgage Obligations		68,301,635		—		68,301,635		—
Commercial Mortgage-Backed Securities		697,223		—		697,223		—
Communications Services		11,169,681		—		11,169,681		—
Consumer Cyclical		7,568,926		—		7,568,926		—
Consumer Non-Cyclical		9,518,445		—		9,518,445		—
Energy		9,567,133		—		9,567,133		—
Financials		37,390,700		—		37,390,700		—
Foreign Government		11,461,151		—		11,461,151		—
Mortgage-Backed Securities		10,690,052		—		10,690,052		—
Technology		5,146,235		—		5,146,235		—
Transportation		1,563,134		—		1,563,134		—
U.S. Government and Agencies		1,122,834		—		1,122,834		—
Utilities		7,988,175		—		7,988,175		—
Common Stock
Consumer Discretionary		20,439,684		15,688,157		4,751,527		—
Consumer Staples		6,305,375		3,467,873		2,837,502		—
Energy		7,436,236		5,840,236		1,596,000		—
Financials		47,858,588		36,152,352		11,706,236		—
Health Care		15,051,090		11,375,292		3,675,798		—
Industrials		12,752,325		8,039,321		4,713,004		—
Information Technology		17,685,834		14,914,574		2,771,260		—
Materials		4,113,147		1,327,027		2,786,120		—
Telecommunications Services		3,296,727		457,044		2,839,683		—
Utilities		2,745,699		797,706		1,947,993		—
Preferred Stock
Financials		18,494,950		15,888,097		2,606,853		—
Materials		1,300,108		1,300,108		—		—
Utilities		132,733		—		132,733		—
Mutual Funds
Equity Mutual Funds		10,749,124		10,749,124		—		—
Fixed Income Mutual Funds		6,541,094		6,541,094		—		—
Collateral Held for Securities Loaned		1,140,295		1,140,295		—		—
Short-Term Investments		45,670,515		44,070,715		1,599,800		—
Total	$	485,326,561	$	177,749,015	$	304,469,178	$	3,108,368
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		410,972		410,972		—		—
Total Asset Derivatives	$	410,972	$	410,972	$	—	$	—
Liability Derivatives
Futures Contracts		265,378		265,378		—		—
Total Liability Derivatives	$	265,378	$	265,378	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

70

Diversified Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(196	)		September 2015		($42,849,892	)		($42,911,749	)		($61,857	)
5-Yr. U.S. Treasury Bond Futures		475			September 2015		56,704,598			56,647,460			(57,138	)
10-Yr. U.S. Treasury Bond Futures		(156	)		September 2015		(19,860,709	)		(19,682,813	)		177,896
30-Yr. U.S. Treasury Bond Futures		(7	)		September 2015		(1,089,135	)		(1,055,907	)		33,228
Mini MSCI EAFE Index Futures		2			September 2015		189,359			183,401			(5,958	)
Russell 2000 Index Mini-Futures		(60	)		September 2015		(7,553,614	)		(7,502,400	)		51,214
S&P 500 Index Futures		(28	)		September 2015		(14,529,434	)		(14,380,800	)		148,634
S&P 500 Index Mini-Futures		61			September 2015		6,401,334			6,265,920			(135,414	)
Ultra Long Term U.S. Treasury Bond Futures		1			September 2015		159,073			154,062			(5,011	)
Total Futures Contracts													$145,594

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Diversified Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	211,124
Total Interest Rate Contracts			211,124
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		199,848
Total Equity Contracts			199,848
Total Asset Derivatives		$	410,972
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		124,006
Total Interest Rate Contracts			124,006
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		141,372
Total Equity Contracts			141,372
Total Liability Derivatives		$	265,378

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Diversified Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(190,290	)
Total Equity Contracts			(190,290	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		676,205
Total Interest Rate Contracts			676,205
Total		$	485,915

The accompanying Notes to Financial Statements are an integral part of this schedule.

71

Diversified Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Diversified Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in  unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(242,004	)
Total Interest Rate Contracts			(242,004	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(61,346	)
Total Equity Contracts			(61,346	)
Total		($	303,350	)

The following table presents Diversified Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	20,682,371		4.5	%
Interest Rate Contracts		116,007,773		25.4

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Diversified Income Plus Portfolio, is as follows:

Portfolio	Value December 31,  2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust- Collateral Investment	$	2,146,445	$	14,635,627	$	15,641,777		1,140,295	$	1,140,295	$	31,269
Cash Management Trust- Short Term Investment		46,646,332		145,367,211		147,942,828		44,070,715		44,070,715		13,228
Total Value and Income Earned		48,792,777								45,211,010		44,497

The accompanying Notes to Financial Statements are an integral part of this schedule.

72

Opportunity Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (30.7%)a	Value		% of  Net Assets
	Basic Materials (2.1%)
		Alpha Natural Resources, Inc., Term Loan
	$  432,608	3.500%, 5/22/2020	$	309,946		0.4	%
		NewPage Corporation, Term Loan
	411,303	9.500%, 2/11/2021		329,865		0.4	%
		Tronox Pigments BV, Term Loan
	480,546	4.250%, 3/19/2020b,c		480,248		0.5	%
		Other Securities^		714,397		0.8	%
		Total		1,834,456
	Capital Goods (0.9%)
		Other Securities^		764,608		0.9	%
		Total		764,608
	Communications Services (10.2%)
		Birch Communication, Inc., Term Loan
	655,781	7.750%, 7/17/2020		655,781		0.7	%
		Cengage Learning Acquisitions, Term Loan
	697,438	7.000%, 3/31/2020		697,438		0.8	%
		IMG Worldwide, Inc., Term Loan
	1,480,948	5.250%, 5/6/2021b,c		1,476,505		1.7	%
		Integra Telecom Holdings, Inc., Term Loan
	294,787	5.250%, 8/14/2020		292,503		0.3	%
		Level 3 Communications, Inc., Term Loan
	280,000	4.000%, 8/1/2019		280,000		0.3	%
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	300,000	4.500%, 1/7/2022		299,001		0.3	%
		SBA Senior Finance II, LLC, Term Loan
	742,500	3.250%, 3/24/2021		734,741		0.8	%
	220,000	3.250%, 6/10/2022		217,389		0.2	%
		XO Communications, LLC, Term Loan
	691,250	4.250%, 3/20/2021		689,667		0.8	%
		Other Securities^		3,622,511		4.3	%
		Total		8,965,536
	Consumer Cyclical (3.6%)
		Amaya Gaming Group, Inc., Term Loan
	357,300	5.000%, 8/1/2021		356,675		0.4	%
		Marina District Finance Company, Inc., Term Loan
	290,986	6.500%, 8/15/2018		293,351		0.3	%
		Mohegan Tribal Gaming Authority, Term Loan
	738,750	5.500%, 11/19/2019		734,480		0.8	%
		Other Securities^		1,745,186		2.1	%
		Total		3,129,692
	Consumer Non-Cyclical (4.8%)
		Endo Luxembourg Finance I Co Sarl, Term Loan
	365,000	0.000%, 6/24/2022b,c		365,686		0.4	%
		JBS USA, LLC, Term Loan
	1,318,532	3.750%, 5/25/2018		1,313,587		1.5	%
		LTF Merger Sub, Inc., Term Loan
	815,000	0.000%, 6/10/2022b,c		808,480		0.9	%
		Ortho-Clinical Diagnostics, Inc., Term Loan
	480,303	4.750%, 6/30/2021b,c		470,356		0.5	%
		Other Securities^		1,300,928		1.5	%
		Total		4,259,037
	Energy (1.4%)
		Exgen Renewables I, LLC, Term Loan
	290,049	5.250%, 2/6/2021		292,949		0.3	%
		Other Securities^		979,553		1.1	%
		Total		1,272,502
	Financials (2.4%)
		TransUnion, LLC, Term Loan
	1,357,812	3.750%, 4/9/2021		1,344,872		1.5	%
		Other Securities^		725,589		0.9	%
		Total		2,070,461
	Technology (2.9%)
		Avago Technologies, Ltd., Term Loan
	538,136	3.750%, 5/6/2021		538,614		0.6	%
		Infor US, Inc., Term Loan
	338,048	3.750%, 6/3/2020		333,119		0.4	%
		Merrill Communications, LLC, Term Loan
	585,000	6.250%, 6/1/2022		582,075		0.7	%
		Other Securities^		1,106,842		1.2	%
		Total		2,560,650
	Transportation (1.3%)
		American Airlines, Inc., Term Loan
	496,162	3.500%, 6/27/2020		490,893		0.6	%
		OSG Bulk Ships, Inc., Term Loan
	643,500	5.250%, 8/5/2019		643,101		0.7	%
		Total		1,133,994
	Utilities (1.1%)
		Calpine Corporation, Term Loan
	738,750	4.000%, 10/31/2020		737,302		0.8	%
		Other Securities^		238,967		0.3	%
		Total		976,269
		Total Bank Loans (cost $27,500,735)		26,967,205
		Long-Term Fixed Income (56.3%)
	Asset-Backed Securities (3.6%)
		First Horizon ABS Trust
	356,972	0.347%, 10/25/2034d,e		318,069		0.4	%
		GMAC Mortgage Corporation Loan Trust
	512,388	0.365%, 8/25/2035d,e		470,367		0.6	%
		Wachovia Asset Securitization, Inc.
	372,153	0.327%, 7/25/2037*,d,e		332,803		0.4	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

73

Opportunity Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value		% of  Net Assets
	Asset-Backed Securities (3.6%) - continued
		Other Securities^	$	2,003,261		2.2	%
		Total		3,124,500
	Basic Materials (0.8%)
		Other Securities^		698,324		0.8	%
		Total		698,324
	Capital Goods (1.4%)
		Other Securities^		1,252,834		1.4	%
		Total		1,252,834
	Collateralized Mortgage Obligations (7.5%)
		Alternative Loan Trust
	$    125,032	5.500%, 5/25/2035		125,725		0.1	%
		Countrywide Alternative Loan Trust
	364,678	5.500% - 5.750%, 8/25/2035 - 10/25/2035		348,219		0.4	%
		MLCC Mortgage Investors, Inc.
	156,170	0.847%, 8/25/2029e		155,446		0.2	%
		Structured Asset Mortgage Investments, Inc.
	404,504	0.497%, 12/25/2035e		308,036		0.3	%
		Other Securities^		5,665,468		6.5	%
		Total		6,602,894
	Commercial Mortgage-Backed Securities (<0.1%)
		Other Securities^		4,879		<0.1	%
		Total		4,879
	Communications Services (3.0%)
		Other Securities^		2,610,844		3.0	%
		Total		2,610,844
	Consumer Cyclical (2.5%)
		Other Securities^		2,160,470		2.5	%
		Total		2,160,470
	Consumer Non-Cyclical (3.0%)
		Other Securities^		2,634,421		3.0	%
		Total		2,634,421
	Energy (2.3%)
		Petrobras International Finance Company
	215,000	5.750%, 1/20/2020		213,031		0.3	%
		Petroleos Mexicanos
	280,000	5.625%, 1/23/2046f		261,436		0.3	%
		Other Securities^		1,571,113		1.7	%
		Total		2,045,580
	Financials (4.3%)
		Bank of America Corporation
	213,000	1.351% - 8.000%, 5/2/2017 - 12/29/2049e,g		220,249		0.4	%
		Other Securities^		3,519,962		3.9	%
		Total		3,740,211
	Foreign Government (9.0%)
		Brazil Government International Bond
	440,000	2.625%, 1/5/2023		390,500		0.4	%
	375,000	5.000%, 1/27/2045		324,375		0.4	%
	140,000	4.875%, 1/22/2021		146,300		0.2	%
		Costa Rica Government International Bond
	350,000	7.158%, 3/12/2045f		341,250		0.4	%
		Hungary Government International Bond
	286,000	5.750%, 11/22/2023		316,745		0.4	%
	360,000	5.375%, 3/25/2024		390,150		0.4	%
		Indonesia Government International Bond
	375,000	5.125%, 1/15/2045f		357,656		0.4	%
		Mexico Government International Bond
	1,040,000	3.600% - 4.750%, 3/15/2022 -1/23/2046		1,015,885		1.1	%
		Russian Government International Bond
	600,000	5.000%, 4/29/2020f		615,780		0.7	%
	360,000	4.875%, 9/16/2023f		356,040		0.4	%
		Turkey Government International Bond
	400,000	7.000%, 6/5/2020		456,586		0.5	%
	295,000	5.125%, 3/25/2022		309,012		0.4	%
	432,000	4.250% - 4.875%, 4/14/2026 - 4/16/2043		405,544		0.5	%
		Other Securities^		2,504,410		2.8	%
		Total		7,930,233
	Mortgage-Backed Securities (14.4%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	550,000	3.000%, 7/1/2030c		569,387		0.6	%
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	40,266	5.500%, 9/1/2024		45,075		0.1	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	750,000	4.000%, 7/1/2045c		793,140		0.9	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	250,000	3.500%, 8/1/2029c		263,172		0.3	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	500,000	3.500%, 7/1/2030c		527,320		0.6	%
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	302,820	6.000%, 8/1/2024		343,553		0.4	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,525,000	3.500%, 7/1/2045c		4,663,225		5.3	%
	3,100,000	4.000%, 8/1/2045c		3,277,124		3.7	%
	2,000,000	4.500%, 8/1/2045c		2,159,062		2.5	%
		Total		12,641,058

The accompanying Notes to Financial Statements are an integral part of this schedule.

74

Opportunity Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value			% of  Net Assets
	Technology (1.4%)
		Other Securities^	$	1,258,478			1.4	%
		Total		1,258,478
	Transportation (0.6%)
		Other Securities^		505,135			0.6	%
		Total		505,135
	U.S. Government and Agencies (0.9%)
		U.S. Treasury Notes
	$     780,000	1.875%, 6/30/2020		789,018			0.9	%
		Total		789,018
	Utilities (1.6%)
		Calpine Corporation
	220,000	5.375% - 6.000%, 1/15/2022 - l/15/2023f		223,650			0.2	%
		Other Securities^		1,178,000			1.4	%
		Total		1,401,650
		Total Long-Term Fixed Income (cost $49,529,863)		49,400,529
Shares		Mutual Funds (5.7%)
	Equity Mutual Funds (0.4%)
	7,200	BlackRock Resources & Commodities Strategy Trust		65,664			0.1	%
		Other Securities^		273,162			0.3	%
		Total		338,826
	Fixed Income Mutual Funds (5.3%)
	19,685	Vanguard Short-Term Corporate Bond ETF		1,566,532			1.8	%
	14,325	iShares J.P. Morgan USD Emerging Markets Bond ETF		1,574,604			1.8	%
	14,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		156,584			0.2	%
		Other Securities^		1,365,153			1.5	%
		Total		4,662,873
		Total Mutual Funds (cost $5,217,794)		5,001,699
		Preferred Stock (1.1%)
	Financials (1.0%)
	52	Bank of America Corporation, Convertible, 7.250%g		57,824			0.1	%
		Other Securities^		815,049			0.9	%
		Total		872,873
	Materials (<0.1%)
		Other Securities^		59,713			<0.1	%
		Total		59,713
	Utilities (0.1%)
		Other Securities^		87,311			0.1	%
		Total		87,311
		Total Preferred Stock (cost $993,487)		1,019,897
		Common Stock (0.6%)
	Financials (0.6%)
		Other Securities^		523,434			0.6	%
		Total		523,434
		Total Common Stock (cost $528,275)		523,434
Shares or Principal Amount		Short-Term Investments (21.3%)h
		Thrivent Cash Management Trust
	18,341,873	0.070%i,j		18,341,873			20.9	%
		Federal Home Loan Mortgage Corporation Discount Notes
	200,000	0.060% - 0.070%, 7/6/2015 - 7/13/2015i		199,997			0.2	%
		U.S. Treasury Bills
	200,000	0.000%, 8/20/2015j		199,997			0.2	%
		Total Short-Term Investments (at amortized cost)		18,741,867
		Total Investments (cost $102,512,021) 115.7%	$	101,654,631
		Other Assets and Liabilities, Net (15.7%)		(13,790,221	)
		Total Net Assets 100.0%	$	87,864,410

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d All or a portion of the security is insured or guaranteed.

e Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

f Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $10,595,144 or 12.1% of total net assets.

g Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

h The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

i At June 30, 2015, $199,997 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

j At June 30, 2015, $25,000 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Opportunity Income Plus Portfolio owned as of June 30, 2015.

The accompanying Notes to Financial Statements are an integral part of this schedule.

75

Opportunity Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2019		7/30/2014	$	87,688
CAM Mortgage, LLC, 7/15/2064		6/24/2015		200,000
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		173,059
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		372,153

Definitions:

ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	742,375
Gross unrealized depreciation		(1,588,889	)
Net unrealized appreciation (depreciation)	$	(846,514	)
Cost for federal income tax purposes	$	102,501,145

The accompanying Notes to Financial Statements are an integral part of this schedule.

76

Opportunity Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Opportunity Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		1,834,456		—		1,588,784		245,672
Capital Goods		764,608		—		764,608		—
Communications Services		8,965,536		—		7,966,255		999,281
Consumer Cyclical		3,129,692		—		3,129,692		—
Consumer Non-Cyclical		4,259,037		—		4,259,037		—
Energy		1,272,502		—		979,553		292,949
Financials		2,070,461		—		2,070,461		—
Technology		2,560,650		—		2,560,650		—
Transportation		1,133,994		—		1,133,994		—
Utilities		976,269		—		976,269		—
Long-Term Fixed Income
Asset-Backed Securities		3,124,500		—		2,924,500		200,000
Basic Materials		698,324		—		698,324		—
Capital Goods		1,252,834		—		1,252,834		—
Collateralized Mortgage Obligations		6,602,894		—		6,602,894		—
Commercial Mortgage-Backed Securities		4,879		—		4,879		—
Communications Services		2,610,844		—		2,610,844		—
Consumer Cyclical		2,160,470		—		2,160,470		—
Consumer Non-Cyclical		2,634,421		—		2,634,421		—
Energy		2,045,580		—		2,045,580		—
Financials		3,740,211		—		3,740,211		—
Foreign Government		7,930,233		—		7,930,233		—
Mortgage-Backed Securities		12,641,058		—		12,641,058		—
Technology		1,258,478		—		1,258,478		—
Transportation		505,135		—		505,135		—
U.S. Government and Agencies		789,018		—		789,018		—
Utilities		1,401,650		—		1,401,650		—
Mutual Funds
Equity Mutual Funds		338,826		338,826		—		—
Fixed Income Mutual Funds		4,662,873		4,662,873		—		—
Preferred Stock
Financials		872,873		571,780		301,093		—
Materials		59,713		59,713		—		—
Utilities		87,311		—		87,311		—
Common Stock
Financials		523,434		523,434		—		—
Short-Term Investments		18,741,867		18,541,870		199,997		—
Total	$	101,654,631	$	24,698,496	$	75,218,233	$	1,737,902
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		13,810		13,810		—		—
Total Asset Derivatives	$	13,810	$	13,810	$	—	$	—
Liability Derivatives
Futures Contracts		51,248		51,248		—		—
Credit Default Swaps		3,298		—		3,298		—
Total Liability Derivatives	$	54,546	$	51,248	$	3,298	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

77

Opportunity Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(68	)	September 2015	($	14,866,289	)	($	14,887,750	)	($	21,461	)
5-Yr. U.S. Treasury Bond Futures		81		September 2015		9,669,626			9,659,883			(9,743	)
10-Yr. U.S. Treasury Bond Futures		(16	)	September 2015		(2,032,560	)		(2,018,750	)		13,810
Ultra Long Term U.S. Treasury Bond Futures		4		September 2015		636,294			616,250			(20,044	)
Total Futures Contracts											($	37,438	)

Credit Default Swaps and Counterparty	Buy/Sell  Protection1		Termination Date		Notional Principal Amount2			Value3		Unrealized Gain/(Loss)
CDX IG CDSI S24, 5 Year, at 1.00%; Barclays Capital, Inc.		Sell		6/20/2020	($	1,000,000	)	$	14,140	($	3,298	)
Total Credit Default Swaps								$	14,140	($	3,298	)

1 As the buyer of protection, Opportunity Income Plus Portfolio pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Opportunity Income Plus Portfolio collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2 The maximum potential amount of future payments Opportunity Income Plus Portfolio could be required to make as the seller or receive as the buyer of protection.

3 The values for credit indexes (CDX or LCDX) serve as an indicator of the current status of the payment/performance risk and represent the liability or profit for the credit default swap contract had the contract been closed as of the reporting date. When protection has been sold, the value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Opportunity Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	13,810
Total Interest Rate Contracts			13,810
Total Asset Derivatives		$	13,810
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		51,248
Total Interest Rate Contracts			51,248
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		3,298
Total Credit Contracts			3,298
Total Liability Derivatives		$	54,546

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

78

Opportunity Income Plus Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Opportunity Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(6,270	)
Total Interest Rate Contracts			(6,270	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(4,623	)
Total Credit Contracts			(4,623	)
Total		($	10,893	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Opportunity Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(129,091	)
Total Interest Rate Contracts			(129,091	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(3,298	)
Total Credit Contracts			(3,298	)
Total		($	132,389	)

The following table presents Opportunity Income Plus Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Swaps (Notional)*
Interest Rate Contracts	$	26,849,130		33.7	%		N/A
Credit Contracts		N/A		N/A		$	27,782

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Opportunity Income Plus Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015  - June 30, 2015
Cash Management Trust-Short Term Investment	$	10,695,094	$	59,686,398	$	52,039,619		18,341,873	$	18,341,873	$	4,550
Total Value and Income Earned		10,695,094								18,341,873		4,550

The accompanying Notes to Financial Statements are an integral part of this schedule.

79

Partner Technology Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (98.6%)	Value
	Communications Equipment (3.3%)
	33,829	QUALCOMM, Inc.	$	2,118,710
		Total		2,118,710
	Consumer Discretionary (6.3%)
	6,015	Amazon.com, Inc.a		2,611,051
	1,224	Priceline Group, Inc.a		1,409,277
		Total		4,020,328
	Electronic Equipment, Instruments & Components (3.2%)
	35,340	Amphenol Corporation		2,048,660
		Total		2,048,660
	Financials (5.3%)
	23,522	American Tower Corporation		2,194,367
	5,488	Intercontinental Exchange, Inc.		1,227,172
		Total		3,421,539
	Information Technology Services (1.5%)
	3,264	Alliance Data Systems Corporationa		952,892
		Total		952,892
	Internet Software & Services (21.7%)
	14,271	Demandware, Inc.a		1,014,383
	8,292	Equinix, Inc.		2,106,168
	27,092	Facebook, Inc.a		2,323,545
	12,980	GoDaddy, Inc.a		365,906
	4,324	Google, Inc., Class Aa		2,335,133
	3,872	Google, Inc., Class Ca		2,015,415
	12,639	LinkedIn Corporationa		2,611,596
	31,940	Pandora Media, Inc.a		496,348
	16,406	Yahoo!, Inc.a		644,592
		Total		13,913,086
	IT Consulting & Services (6.7%)
	5,963	Black Knight Financial Services, Inc.a		184,078
	21,727	Cognizant Technology Solutions Corporationa		1,327,302
	13,170	Fidelity National Information Services, Inc.		813,906
	6,735	FleetCor Technologies, Inc.a		1,051,064
	8,935	Global Payments, Inc.		924,326
		Total		4,300,676
	Semiconductors & Semiconductor Equipment (6.4%)
	51,833	Applied Materials, Inc.		996,230
	36,363	Broadcom Corporation		1,872,331
	12,923	NXP Semiconductors NVa		1,269,039
		Total		4,137,600
	Software (24.5%)
	21,817	Adobe Systems, Inc.a		1,767,395
	32,774	Guidewire Software, Inc.a		1,734,728
	16,642	Intuit, Inc.		1,677,014
	54,997	Oracle Corporation		2,216,379
	16,638	Red Hat, Inc.a		1,263,323
	16,419	Salesforce.com, Inc.a		1,143,255
	29,247	ServiceNow, Inc.a		2,173,345
	22,349	Splunk, Inc.a		1,555,937
	16,543	VMware, Inc.a		1,418,397
	9,904	Workday, Inc.a		756,567
		Total		15,706,340
	Technology Hardware, Storage & Peripherals (14.5%)
	45,093	Apple, Inc.		5,655,790
	26,626	Electronics for Imaging, Inc.a		1,158,497
	93,297	EMC Corporation		2,462,108
		Total		9,276,395
	Telecommunications Services (5.2%)
	24,399	Level 3 Communications, Inc.a		1,285,095
	18,135	SBA Communications Corporationa		2,084,981
		Total		3,370,076
		Total Common Stock (cost $47,047,077)		63,266,302
Shares or Principal Amount		Short-Term Investments (1.5%)b
		Thrivent Cash Management Trust
	936,399	0.070%		936,399
		Total Short-Term Investments (at amortized cost)		936,399
		Total Investments (cost $47,983,476) 100.1%	$	64,202,701
		Other Assets and Liabilities, Net (0.1%)		(54,883	)
		Total Net Assets 100.0%	$	64,147,818

a Non-income producing security.

b The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	16,853,798
Gross unrealized depreciation		(649,382	)
Net unrealized appreciation (depreciation)	$	16,204,416
Cost for federal income tax purposes	$	47,998,285

The accompanying Notes to Financial Statements are an integral part of this schedule.

80

Partner Technology Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Technology Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Communications Equipment		2,118,710		2,118,710		—		—
Consumer Discretionary		4,020,328		4,020,328		—		—
Electronic Equipment, Instruments & Components		2,048,660		2,048,660		—		—
Financials		3,421,539		3,421,539		—		—
Information Technology Services		952,892		952,892		—		—
Internet Software & Services		13,913,086		13,913,086		—		—
IT Consulting & Services		4,300,676		4,300,676		—		—
Semiconductors & Semiconductor Equipment		4,137,600		4,137,600		—		—
Software		15,706,340		15,706,340		—		—
Technology Hardware, Storage & Peripherals		9,276,395		9,276,395		—		—
Telecommunications Services		3,370,076		3,370,076		—		—
Short-Term Investments		936,399		936,399		—		—
Total	$	64,202,701	$	64,202,701	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Technology Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015  - June 30, 2015
Cash Management Trust-Short Term Investment	$	1,993,717	$	9,031,943	$	10,089,261		936,399	$	936,399	$	458
Total Value and Income Earned		1,993,717								936,399		458

The accompanying Notes to Financial Statements are an integral part of this schedule.

81

Partner Healthcare Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (93.0%)	Value
	Biotechnology (14.2%)
	36,106	Alder Biopharmaceuticals, Inc.a	$	1,912,535
	22,500	Alexion Pharmaceuticals, Inc.a		4,067,325
	124,059	Amicus Therapeutics, Inc.a		1,755,435
	18,884	Biogen, Inc.a		7,628,003
	23,300	BioMarin Pharmaceutical, Inc.a		3,186,974
	14,600	Incyte Corporationa		1,521,466
	111,544	Innate Pharma SAa		1,631,770
	65,228	Oncomed Pharmaceuticals, Inc.a		1,467,630
		Total		23,171,138
	Health Care Equipment (18.8%)
	98,800	Abbott Laboratories		4,849,104
	70,476	Dexcom, Inc.a		5,636,671
	28,400	Edwards Lifesciences Corporationa		4,045,012
	33,173	HeartWare International, Inc.a		2,411,345
	6,675	Intuitive Surgical, Inc.a		3,234,038
	99,100	Medtronic, Inc.		7,343,310
	222,818	NxStage Medical, Inc.a		3,182,955
		Total		30,702,435
	Health Care Facilities (3.0%)
	36,495	HCA Holdings, Inc.a		3,310,826
	11,700	Universal Health Services, Inc.		1,662,570
		Total		4,973,396
	Health Care Supplies (3.2%)
	84,706	Align Technology, Inc.a		5,311,913
		Total		5,311,913
	Managed Health Care (2.2%)
	21,900	CIGNA Corporation		3,547,800
		Total		3,547,800
	Pharmaceuticals (51.6%)
	24,256	Actavis, Inc.a		7,360,726
	134,383	Aspen Pharmacare Holdings, Ltd.a		3,974,035
	60,700	Dr. Reddy’s Laboratories, Ltd. ADR		3,357,924
	112,700	Merck & Company, Inc.		6,416,011
	49,591	Mylan NVa		3,365,245
	129,999	Novartis AG		12,786,762
	88,555	Novo Nordisk AS ADR		4,849,272
	336,500	Pfizer, Inc.		11,282,845
	45,583	Roche Holding AG		12,781,086
	67,333	Sagent Pharmaceuticals, Inc.a		1,636,865
	26,845	Sawai Pharmaceutical Company, Ltd.		1,562,380
	23,389	Shire Pharmaceuticals Group plc ADR		5,648,209
	3,986,000	Sihuan Pharmaceutical Holdings Group, Ltd.b		2,269,060
	36,300	Tetraphase Pharmaceuticals, Inc.a		1,722,072
	57,681	Teva Pharmaceutical Industries, Ltd. ADR		3,408,947
	650,278	Vectura Group plca		1,836,959
		Total		84,258,398
		Total Common Stock (cost $127,506,180)		151,965,080
Shares or Principal Amount		Short-Term Investments (7.9%)c
		Thrivent Cash Management Trust
	12,963,169	0.070%		12,963,169
		Total Short-Term Investments (at amortized cost)		12,963,169
		Total Investments (cost $140,469,349) 100.9%	$	164,928,249
		Other Assets and Liabilities, Net (0.9%)		(1,540,380	)
		Total Net Assets 100.0%	$	163,387,869

a Non-income producing security.

b Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

ADR - American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	25,299,388
Gross unrealized depreciation		(924,487	)
Net unrealized appreciation (depreciation)	$	24,374,901
Cost for federal income tax purposes	$	140,553,348

The accompanying Notes to Financial Statements are an integral part of this schedule.

82

Partner Healthcare Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Healthcare Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Biotechnology		23,171,138		21,539,368		1,631,770		—
Health Care Equipment		30,702,435		30,702,435		—		—
Health Care Facilities		4,973,396		4,973,396		—		—
Health Care Supplies		5,311,913		5,311,913		—		—
Managed Health Care		3,547,800		3,547,800		—		—
Pharmaceuticals		84,258,398		49,048,116		32,941,222		2,269,060
Short-Term Investments		12,963,169		12,963,169		—		—
Total	$	164,928,249	$	128,086,197	$	34,572,992	$	2,269,060

There were no significant transfers between Levels 1 and 2 during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Healthcare Portfolio as discussed in the Notes to Schedule of Investments.

Investments in Securities	Beginning Value January  1, 2015		Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation) *		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level  3		Ending Value June  30, 2015
Common Stock Health Care		—		—		738,663		—		—		1,530,397		—		2,269,060
Total	$	—	$	—	$	738,663	$	—	$	—	$	1,530,397	$	—	$	2,269,060

* Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on June 30, 2015 of ($380,484).

The reporting entity’s Common Stock Health Care level 3 security’s fair value is calculated using the last trade price per the established policies and procedures of the reporting entity. A significant increase or decrease in the inputs in isolation would result in a significantly lower or higher fair value measurement.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Healthcare Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Short Term Investment	$	7,778,026	$	41,187,464	$	36,002,321		12,963,169	$	12,963,169	$	3,027
Total Value and Income Earned		7,778,026								12,963,169		3,027

The accompanying Notes to Financial Statements are an integral part of this schedule.

83

Natural Resources Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (97.1%)	Value
	Integrated Oil & Gas (17.9%)
	9,539	Chevron Corporation	$	920,227
	118,486	Petroleo Brasileiro SA ADRa,b		1,072,298
	82,770	Suncor Energy, Inc. ADR		2,277,831
	49,310	Total SA ADRa		2,424,573
		Total		6,694,929
	Materials (14.3%)
	4,320	Agnico Eagle Mines, Ltd.		122,558
	26,530	Alcoa, Inc.		295,809
	3,000	Avery Dennison Corporation		182,820
	4,270	Ball Corporation		299,541
	26,000	Barrick Gold Corporation		277,160
	4,690	Crown Holdings, Inc.b		248,148
	840	Eagle Materials, Inc.		64,117
	14,820	Eldorado Gold Corporation		61,355
	3,210	Franco-Nevada Corporationa		152,957
	26,530	Freeport-McMoRan, Inc.		493,989
	18,080	Goldcorp, Inc.		292,896
	12,870	International Paper Company		612,483
	24,420	Kinross Gold Corporationb		56,654
	1,210	Martin Marietta Materials, Inc.		171,227
	4,580	MeadWestvaco Corporation		216,130
	10,960	Newmont Mining Corporation		256,026
	6,380	Owens-Illinois, Inc.b		146,357
	2,900	Packaging Corporation of America		181,221
	4,110	Rock-Tenn Company		247,422
	1,370	Royal Gold, Inc.		84,378
	5,480	Sealed Air Corporation		281,562
	8,640	Silver Wheaton Corporation		149,818
	14,980	Teck Resources, Ltd.		148,452
	2,740	Vulcan Materials Company		229,968
	19,780	Yamana Gold, Inc.		59,340
		Total		5,332,388
	Oil & Gas Drilling (4.0%)
	71,150	Rowan Companies plc		1,501,977
		Total		1,501,977
	Oil & Gas Equipment & Services (19.8%)
	40,800	Baker Hughes, Inc.		2,517,360
	37,280	Cameron International Corporationb		1,952,353
	14,210	Schlumberger, Ltd.		1,224,760
	140,510	Weatherford International, Ltd.b		1,724,058
		Total		7,418,531
	Oil & Gas Exploration & Production (33.4%)
	51,740	Canadian Natural Resources, Ltd.		1,405,258
	231,490	Cobalt International Energy, Inc.b		2,247,768
	9,750	Concho Resources, Inc.b		1,110,135
	24,890	EOG Resources, Inc.		2,179,119
	26,210	EQT Corporation		2,131,921
	54,220	Marathon Oil Corporation		1,438,999
	50,050	Oasis Petroleum, Inc.a,b		793,293
	52,530	Southwestern Energy Companyb		1,194,007
		Total		12,500,500
	Oil & Gas Refining & Marketing (7.7%)
	55,360	Marathon Petroleum Corporation		2,895,882
		Total		2,895,882
		Total Common Stock (cost $43,777,071)		36,344,207
		Mutual Funds (2.0%)
	Equity Mutual Funds (2.0%)
	20,290	iShares North American Natural Resources ETF		736,121
		Total		736,121
		Total Mutual Funds (cost $803,474)		736,121
		Collateral Held for Securities Loaned (12.2%)
	4,558,622	Thrivent Cash Management Trust		4,558,622
		Total Collateral Held for Securities Loaned (cost $4,558,622)		4,558,622
Shares or Principal Amount		Short-Term Investments (0.9%)c
		Thrivent Cash Management Trust
	326,792	0.070%		326,792
		Total Short-Term Investments (at amortized cost)		326,792
		Total Investments (cost $49,465,959) 112.2%	$	41,965,742
		Other Assets and Liabilities, Net (12.2%)		(4,559,127	)
		Total Net Assets 100.0%	$	37,406,615

a All or a portion of the security is on loan.

b Non-income producing security.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

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.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	1,554,886
Gross unrealized depreciation		(9,102,429	)
Net unrealized appreciation (depreciation)	$	(7,547,543	)
Cost for federal income tax purposes	$	49,513,285

The accompanying Notes to Financial Statements are an integral part of this schedule.

84

Natural Resources Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Natural Resources Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Integrated Oil & Gas		6,694,929		6,694,929		—		—
Materials		5,332,388		5,332,388		—		—
Oil & Gas Drilling		1,501,977		1,501,977		—		—
Oil & Gas Equipment & Services		7,418,531		7,418,531		—		—
Oil & Gas Exploration & Production		12,500,500		12,500,500		—		—
Oil & Gas Refining & Marketing		2,895,882		2,895,882		—		—
Mutual Funds
Equity Mutual Funds		736,121		736,121		—		—
Collateral Held for Securities Loaned		4,558,622		4,558,622		—		—
Short-Term Investments		326,792		326,792		—		—
Total	$	41,965,742	$	41,965,742	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Natural Resources Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	1,983,400	$	22,469,726	$	19,894,504		4,558,622	$	4,558,622	$	7,165
Cash Management Trust-Short Term Investment		466,869		6,581,801		6,721,878		326,792		326,792		178
Total Value and Income Earned		2,450,269								4,885,414		7,343

The accompanying Notes to Financial Statements are an integral part of this schedule.

85

Partner Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (92.0%)	Value
	Australia (<0.1%)
	14,525	South32, Ltd.a	$	19,628
		Total		19,628
	Brazil (9.9%)
	9,600	Banco Bradesco SA		86,024
	133,334	Banco Bradesco SA ADR		1,221,339
	11,959	BRF SA		252,635
	18,521	Lojas Renner SA		676,719
	28,102	Multiplan Empreendimentos Imobiliarios SA		434,668
	76,600	Souza Cruz SA		604,847
	61,800	Ultrapar Participacoes SA		1,305,729
	60,660	Vale SA ADRb		357,287
		Total		4,939,248
	Chile (1.2%)
	28,670	Banco Santander Chile SA ADR		580,568
		Total		580,568
	China (1.7%)
	764,000	PetroChina Company, Ltd.		850,865
		Total		850,865
	Hong Kong (11.6%)
	254,000	AIA Group, Ltd.		1,660,818
	133,000	China Mobile, Ltd.		1,701,590
	167,000	Hang Lung Group, Ltd.		735,049
	132,000	Hang Lung Properties, Ltd.		392,294
	71,000	Swire Pacific, Ltd., Class A		891,546
	100,000	Swire Pacific, Ltd., Class B		234,837
	59,500	Swire Properties, Ltd.		189,775
		Total		5,805,909
	Hungary (1.1%)
	37,710	Richter Gedeon Nyrt		566,468
		Total		566,468
	India (14.8%)
	5,200	Grasim Industries, Ltd.		280,935
	4,350	Grasim Industries, Ltd. GDR		229,680
	17,000	Hero Motocorp, Ltd.		673,465
	67,000	Hindustan Unilever, Ltd.		964,280
	85,639	Housing Development Finance Corporation		1,741,979
	150,000	ICICI Bank, Ltd.		727,914
	79,200	Infosys, Ltd.		1,230,778
	222,893	ITC, Ltd.		1,101,727
	8,947	Ultra Tech Cement, Ltd.		420,227
		Total		7,370,985
	Indonesia (3.8%)
	2,710,000	Astra International Tbk PT		1,434,442
	297,900	Indocement Tunggal Prakarsa Tbk PT		465,614
		Total		1,900,056
	Luxembourg (1.5%)
	26,965	Tenaris SA ADR		728,594
		Total		728,594
	Malaysia (1.9%)
	249,672	CIMB Group Holdings Berhad		361,741
	120,000	Public Bank Berhad		595,388
		Total		957,129
	Mexico (7.6%)
	18,400	Fomento Economico Mexicano SAB de CV ADR		1,639,256
	4,800	Grupo Aeroportuario del Sureste SAB de CV ADR		680,976
	226,577	Grupo Financiero Banorte SAB de CV ADR		1,245,795
	97,300	Organizacion Soriana SAB de CV		217,350
		Total		3,783,377
	Philippines (4.1%)
	28,000	Ayala Corporation		490,398
	917,900	Ayala Land, Inc.		758,810
	367,862	Bank of the Philippine Islands		770,682
		Total		2,019,890
	Poland (1.7%)
	17,523	Bank Pekao SA		838,526
		Total		838,526
	Portugal (1.1%)
	41,629	Jeronimo Martins SGPS SA		536,763
		Total		536,763
	Russia (4.4%)
	27,186	Lukoil ADR		1,197,808
	4,807	Magnit PJSC		994,653
		Total		2,192,461
	South Africa (4.3%)
	44,921	Massmart Holdings, Ltd.		552,705
	31,564	MTN Group, Ltd.		592,904
	142,193	Truworths International, Ltd.		1,000,612
		Total		2,146,221
	South Korea (1.3%)
	3,170	E-Mart Company, Ltd.		656,210
		Total		656,210
	Taiwan (5.1%)
	175,400	Taiwan Mobile Company, Ltd.		585,675
	433,499	Taiwan Semiconductor Manufacturing Company, Ltd.		1,971,822
		Total		2,557,497
	Thailand (4.0%)
	70,400	Siam Cement pcl		1,077,532
	196,800	Siam Commercial Bank pcl		903,888
		Total		1,981,420
	Turkey (4.3%)
	274,433	Akbank TAS		793,271
	33,036	BIM Birlesik Magazalar AS		591,667
	248,190	Turkiye Garanti Bankasi AS		774,069
		Total		2,159,007

The accompanying Notes to Financial Statements are an integral part of this schedule.

86

Partner Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (92.0%)	Value
	United Kingdom (4.8%)
	21,386	BHP Billiton plc	$	422,289
	19,139	SABMiller plc		991,295
	60,125	Standard Chartered plc		962,860
		Total		2,376,444
	United States (1.8%)
	9,800	Yum! Brands, Inc.		882,784
		Total		882,784
		Total Common Stock (cost $39,575,468)		45,850,050
		Preferred Stock (5.2%)
	Brazil (0.7%)
	71,605	Vale SA ADRb		361,605
		Total		361,605
	South Korea (4.5%)
	2,532	Samsung Electronics Company, Ltd.		2,250,241
		Total		2,250,241
		Total Preferred Stock (cost $2,195,813)		2,611,846
		Collateral Held for Securities Loaned (1.1%)
	561,031	Thrivent Cash Management Trust		561,031
		Total Collateral Held for Securities Loaned (cost $561,031)		561,031
Shares or Principal Amount		Short-Term Investments (2.8%)c
		Thrivent Cash Management Trust
	1,374,643	0.070%		1,374,643
		Total Short-Term Investments (at amortized cost)		1,374,643
		Total Investments (cost $43,706,955) 101.1%	$	50,397,570
		Other Assets and Liabilities, Net (1.1%)		(535,201	)
		Total Net Assets 100.0%	$	49,862,369

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	11,036,911
Gross unrealized depreciation		(4,516,817	)
Net unrealized appreciation (depreciation)	$	6,520,094
Cost for federal income tax purposes	$	43,877,476

The accompanying Notes to Financial Statements are an integral part of this schedule.

87

Partner Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Emerging Markets Equity Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		5,541,582		882,784		4,658,798		—
Consumer Staples		8,229,828		1,639,256		6,590,572		—
Energy		4,082,996		728,594		3,354,402		—
Financials		16,500,693		1,801,907		14,698,786		—
Health Care		566,468		—		566,468		—
Industrials		1,853,457		680,976		1,172,481		—
Information Technology		3,202,600		—		3,202,600		—
Materials		2,992,257		357,287		2,634,970		—
Telecommunications Services		2,880,169		—		2,880,169		—
Preferred Stock
Information Technology		2,250,241		—		2,250,241		—
Materials		361,605		361,605		—		—
Collateral Held for Securities Loaned		561,031		561,031		—		—
Short-Term Investments		1,374,643		1,374,643		—		—
Total	$	50,397,570	$	8,388,083	$	42,009,487	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Emerging Markets Equity Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	1,509,100	$	5,203,618	$	6,151,687		561,031	$	561,031	$	4,045
Cash Management Trust-Short Term Investment		1,287,032		3,517,868		3,430,257		1,374,643		1,374,643		315
Total Value and Income Earned		2,796,132								1,935,674		4,360

The accompanying Notes to Financial Statements are an integral part of this schedule.

88

Real Estate Securities Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (99.4%)	Value
	Diversified Real Estate Activities (<0.1%)
	1,500	Alexander & Baldwin, Inc.	$	59,100
		Total		59,100
	Diversified REITS (5.3%)
	6,792	American Assets Trust, Inc.		266,314
	56,213	American Realty Capital Properties, Inc.		457,012
	4,428	Brookfield Asset Management, Inc.		154,670
	54,000	Cousins Properties, Inc.		560,520
	78,620	Duke Realty Corporation		1,459,973
	19,343	Empire State Realty Trust, Inc.		329,992
	20,176	First Potomac Realty Trust		207,813
	3,150	Gladstone Commercial Corporation		52,164
	35,414	Lexington Realty Trust		300,311
	27,443	Liberty Property Trust		884,213
	60,200	NorthStar Realty Finance Corporation		957,180
	5,270	PS Business Parks, Inc.		380,231
	65,760	Spirit Realty Captial, Inc.		635,899
	5,550	Store Capital Corporation		111,555
	9,515	Washington Real Estate Investment Trust		246,914
	7,300	Whitestone REIT		95,046
	10,500	Winthrop Realty Trust		159,075
	6,650	WP Carey, Inc.		391,951
		Total		7,650,833
	Health Care REITs (10.0%)
	8,850	Brookdale Senior Living, Inc.a		307,095
	5,000	Capital Senior Living Corporationa		122,500
	44,142	HCP, Inc.		1,609,859
	59,352	Health Care REIT, Inc.		3,895,272
	24,262	Healthcare Realty Trust, Inc.		564,334
	27,769	Healthcare Trust of America, Inc.		665,068
	7,022	LTC Properties, Inc.		292,115
	19,014	Medical Properties Trust, Inc.		249,273
	13,320	National Health Investors, Inc.		829,836
	18,371	Omega Healthcare Investors, Inc.		630,676
	27,570	Physicians Realty Trust		423,475
	17,771	Sabra Healthcare REIT, Inc.		457,426
	27,322	Senior Housing Property Trust		479,501
	59,720	Ventas, Inc.		3,708,015
		Total		14,234,445
	Hotel & Resort REITs (9.4%)
	16,428	Ashford Hospitality Trust, Inc.		138,981
	25,727	Chatham Lodging Trust		680,994
	19,383	Chesapeake Lodging Trust		590,794
	33,895	DiamondRock Hospitality Company		434,195
	24,593	FelCor Lodging Trust, Inc.		242,979
	8,786	Hersha Hospitality Trust		225,273
	24,600	Hilton Worldwide Holdings, Inc.a		677,730
	19,549	Hospitality Properties Trust		563,402
	164,240	Host Hotels & Resorts, Inc.		3,256,879
	4,000	Hyatt Hotels Corporationa		226,760
	29,390	LaSalle Hotel Properties		1,042,169
	1,000	Marriott International, Inc.		74,390
	24,308	Pebblebrook Hotel Trust		1,042,327
	39,330	RLJ Lodging Trust		1,171,247
	6,706	Starwood Hotels & Resorts Worldwide, Inc.		543,789
	88,574	Strategic Hotels & Resorts, Inc.a		1,073,517
	35,957	Summit Hotel Properties, Inc.		467,801
	61,076	Sunstone Hotel Investors, Inc.		916,751
	1,000	Wyndham Worldwide Corporation		81,910
		Total		13,451,888
	Industrial REITS (5.3%)
	27,516	DCT Industrial Trust, Inc.		865,103
	7,724	EastGroup Properties, Inc.		434,321
	34,246	First Industrial Realty Trust, Inc.		641,428
	116,723	Prologis, Inc.		4,330,423
	21,550	Rexford Industrial Realty, Inc.		314,199
	21,700	STAG Industrial, Inc.		434,000
	27,969	Terreno Realty Corporation		550,989
		Total		7,570,463
	Mortgage REITS (0.6%)
	12,500	Apollo Commercial Real Estate Finance, Inc.		205,375
	10,250	Blackstone Mortgage Trust, Inc.		285,155
	7,350	Colony Capital, Inc.		166,478
	6,050	Starwood Property Trust, Inc.		130,498
		Total		787,506
	Office REITS (16.8%)
	21,912	Alexandria Real Estate Equities, Inc.		1,916,424
	36,162	BioMed Realty Trust, Inc.		699,373
	39,768	Boston Properties, Inc.		4,813,519
	35,930	Brandywine Realty Trust		477,150
	21,561	City Office REIT, Inc.		267,356
	11,096	CoreSite Realty Corporation		504,202
	19,857	Corporate Office Properties Trust		467,434
	25,850	CyrusOne, Inc.		761,283
	15,468	Digital Realty Trust, Inc.		1,031,406
	38,457	Douglas Emmett, Inc.		1,036,032
	16,750	DuPont Fabros Technology, Inc.		493,287
	2,700	Easterly Government Properties, Inc.		42,984
	5,800	Franklin Street Properties Corporation		65,598
	5,000	Gramercy Property Trust, Inc.		116,850
	25,312	Highwoods Properties, Inc.		1,011,214
	32,259	Hudson Pacific Properties, Inc.		915,188
	23,563	Kilroy Realty Corporation		1,582,255
	16,405	Mack-Cali Realty Corporation		302,344
	24,900	Paramount Group, Inc.		427,284
	22,270	Parkway Properties, Inc.		388,389
	16,963	Piedmont Office Realty Trust, Inc.		298,379
	5,350	QTS Realty Trust, Inc.		195,008
	25,977	SL Green Realty Corporation		2,854,613
	35,150	Vornado Realty Trust		3,336,789
		Total		24,004,361
	Real Estate Operating Companies (0.5%)
	32,493	Forest City Enterprises, Inc.a		718,095
		Total		718,095
	Real Estate Services (0.4%)
	3,119	CBRE Group, Inc.a		115,403
	1,700	Jones Lang LaSalle, Inc.		290,700
	5,000	Kennedy-Wilson Holdings, Inc.		122,950
		Total		529,053
	Residential REITS (17.4%)
	21,253	American Campus Communities, Inc.		801,026
	21,700	American Homes 4 Rent		348,068

The accompanying Notes to Financial Statements are an integral part of this schedule.

89

Real Estate Securities Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (99.4%)	Value
	Residential REITS (17.4%) - continued
	40,534	Apartment Investment & Management Company	$	1,496,921
	5,059	Associated Estates Realty Corporation		144,839
	31,854	AvalonBay Communities, Inc.		5,092,499
	12,139	Bluerock Residential Growth REIT, Inc.		153,680
	24,851	Camden Property Trust		1,845,932
	18,888	Campus Crest Communities, Inc.		104,640
	12,938	Education Realty Trust, Inc.		405,736
	15,728	Equity Lifestyle Properties, Inc.		826,978
	72,290	Equity Residential		5,072,589
	17,385	Essex Property Trust, Inc.		3,694,312
	7,087	Home Properties, Inc.		517,705
	7,000	Independence Realty Trust, Inc.		52,710
	13,674	Mid-America Apartment Communities, Inc.		995,604
	17,835	Post Properties, Inc.		969,689
	8,778	Sun Communities, Inc.		542,744
	58,694	UDR, Inc.		1,879,969
		Total		24,945,641
	Retail REITS (24.1%)
	35,513	Acadia Realty Trust		1,033,783
	7,250	Agree Realty Corporation		211,482
	53,791	Brixmor Property Group, Inc.		1,244,186
	39,239	CBL & Associates Properties, Inc.		635,672
	10,925	Cedar Realty Trust, Inc.		69,920
	109,706	DDR Corporation		1,696,055
	16,517	Equity One, Inc.		385,507
	13,232	Excel Trust, Inc.		208,669
	12,295	Federal Realty Investment Trust		1,574,867
	130,505	General Growth Properties, Inc.		3,348,758
	18,332	Inland Real Estate Corporation		172,687
	56,687	Kimco Realty Corporation		1,277,725
	18,436	Kite Realty Group Trust		451,129
	26,191	Macerich Company		1,953,849
	23,286	National Retail Properties, Inc.		815,243
	9,526	Pennsylvania Real Estate Investment Trust		203,285
	31,548	Ramco-Gershenson Properties Trust		514,863
	8,650	Realty Income Corporation		383,973
	28,292	Regency Centers Corporation		1,668,662
	19,772	Retail Opportunity Investments Corporation		308,839
	16,500	Retail Properties of America, Inc.		229,845
	1,138	Saul Centers, Inc.		55,978
	71,661	Simon Property Group, Inc.		12,398,786
	21,363	Tanger Factory Outlet Centers, Inc.		677,207
	16,847	Taubman Centers, Inc.		1,170,866
	19,271	Urban Edge Properties		400,645
	6,500	Urstadt Biddle Properties, Inc.		121,420
	23,142	Weingarten Realty Investors		756,512
	36,571	WP Glimcher, Inc.		494,806
		Total		34,465,219
	Specialized REITS (9.6%)
	15,400	American Tower Corporation		1,436,666
	7,500	Catchmark Timber Trust, Inc.		86,775
	7,744	Corrections Corporation of America		256,172
	7,300	Crown Castle International Corporation		586,190
	58,672	CubeSmart		1,358,844
	16,227	EPR Properties		888,915
	1,400	Equinix, Inc.		355,600
	33,370	Extra Space Storage, Inc.		2,176,391
	6,000	Geo Group, Inc.		204,960
	4,957	Iron Mountain, Inc.		153,667
	3,000	National Storage Affiliates Trust		37,200
	5,182	Outfront Media, Inc.		130,794
	3,465	Plum Creek Timber Company, Inc.		140,575
	25,883	Public Storage, Inc.		4,772,049
	6,386	Sovran Self Storage, Inc.		555,007
	19,507	Weyerhaeuser Company		614,470
		Total		13,754,275
		Total Common Stock (cost $138,496,994)		142,170,879
		Mutual Funds (<0.1%)
	Equity Mutual Funds (<0.1%)
	200	Cohen & Steers REIT and Preferred Income Fund, Inc.		3,498
		Total		3,498
		Total Mutual Funds (cost $3,618)		3,498
Shares or Principal Amount		Short-Term Investments (0.2%)b
		Thrivent Cash Management Trust
	295,654	0.070%		295,654
		Total Short-Term Investments (at amortized cost)		295,654
		Total Investments (cost $138,796,266) 99.6%	$	142,470,031
		Other Assets and Liabilities, Net 0.4%		517,390
		Total Net Assets 100.0%	$	142,987,421

a Non-income producing security.

b The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

REIT - Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	21,678,186
Gross unrealized depreciation		(18,054,322	)
Net unrealized appreciation (depreciation)	$	3,623,864
Cost for federal income tax purposes	$	138,846,167

The accompanying Notes to Financial Statements are an integral part of this schedule.

90

Real Estate Securities Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Real Estate Securities Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Diversified Real Estate Activities		59,100		59,100		—		—
Diversified REITS		7,650,833		7,650,833		—		—
Health Care REITs		14,234,445		14,234,445		—		—
Hotel & Resort REITs		13,451,888		13,451,888		—		—
Industrial REITS		7,570,463		7,570,463		—		—
Mortgage REITS		787,506		787,506		—		—
Office REITS		24,004,361		24,004,361		—		—
Real Estate Operating Companies		718,095		718,095		—		—
Real Estate Services		529,053		529,053		—		—
Residential REITS		24,945,641		24,945,641		—		—
Retail REITS		34,465,219		34,465,219		—		—
Specialized REITS		13,754,275		13,754,275		—		—
Mutual Funds
Equity Mutual Funds		3,498		3,498		—		—
Short-Term Investments		295,654		295,654		—		—
Total	$	142,470,031	$	142,470,031	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Real Estate Securities Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust- Short Term Investment	$	910,489	$	14,377,536	$	14,992,371		295,654	$	295,654	$	569
Total Value and Income Earned		910,489								295,654		569

The accompanying Notes to Financial Statements are an integral part of this schedule.

91

Partner Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.1%)	Value
	Consumer Discretionary (17.1%)
	13,423	Brunswick Corporation	$	682,694
	14,102	Burlington Stores, Inc.a		722,022
	10,906	Core-Mark Holding Company, Inc.		646,181
	13,046	Del Frisco’s Restaurant Group, Inc.a		243,047
	19,940	G-lll Apparel Group, Ltd.a		1,402,779
	13,696	Kate Spade & Companya		295,012
	3,099	Lithia Motors, Inc.		350,683
	18,258	Nord Anglia Education, Inc.a		447,686
	12,649	Oxford Industries, Inc.		1,106,155
	7,900	Papa Murphy’s Holdings, Inc.a,b		163,688
	8,292	Red Robin Gourmet Burgers, Inc.a		711,619
	3,026	Restoration Hardware Holdings, Inc.a		295,428
	4,695	Skechers USA, Inc.a		515,464
	8,958	Tenneco, Inc.a		514,548
	5,314	Vail Resorts, Inc.		580,289
	8,200	Zoe’s Kitchen, Inc.a,b		335,708
		Total		9,013,003
	Consumer Staples (1.9%)
	4,350	B&G Foods, Inc.		124,105
	1,583	Boston Beer Company, Inc.a		367,240
	7,639	United Natural Foods, Inc.a		486,452
		Total		977,797
	Energy (2.9%)
	3,300	Diamondback Energy, Inc.a		248,754
	13,611	Oasis Petroleum, Inc.a,b		215,734
	19,698	Rex Energy Corporationa,b		110,112
	4,964	SemGroup Corporation		394,539
	14,422	U.S. Silica Holdings, Inc.b		423,430
	4,352	Whiting Petroleum Corporationa		146,227
		Total		1,538,796
	Financials (8.0%)
	14,577	Bank of the Ozarks, Inc.		666,898
	17,637	Essent Group, Ltd.a		482,372
	13,487	Evercore Partners, Inc.		727,758
	10,139	Hanmi Financial Corporation		251,853
	18,555	Kennedy-Wilson Holdings, Inc.		456,267
	10,751	PacWest Bancorp		502,717
	9,300	Pebblebrook Hotel Trust		398,784
	26,500	SLM Corporationa		261,555
	14,046	Western Alliance Bancorpa		474,193
		Total		4,222,397
	Health Care (22.8%)
	4,010	ABIOMED, Inc.a		263,577
	13,154	Acadia Healthcare Company, Inc.a		1,030,353
	8,700	Acorda Therapeutics, Inc.a		289,971
	18,141	Akorn, Inc.a		792,036
	8,458	Align Technology, Inc.a		530,401
	4,881	AMN Healthcare Services, Inc.a		154,191
	1,920	Anacor Pharmaceuticals, Inc.a		148,666
	14,319	Cardiovascular Systems, Inc.a		378,737
	9,586	Centene Corporationa		770,714
	6,779	Cyberonics, Inc.a		403,079
	39,470	Depomed, Inc.a		847,026
	5,400	EXACT Sciences Corporationa,b		160,596
	24,896	ExamWorks Group, Inc.a		973,434
	5,880	Furiex Pharmaceuticals, Inc. Contigent Value Righta,c		35,280
	16,509	Impax Laboratories, Inc.a		758,093
	11,000	Inogen, Inc.a		490,600
	31,054	Ironwood Pharmaceuticals, Inc.a		374,511
	6,164	Neurocrine Biosciences, Inc.a		294,393
	14,091	NuVasive, Inc.a		667,632
	1,275	Puma Biotechnology, Inc.a		148,856
	11,285	Team Health Holdings, Inc.a		737,249
	8,177	Teleflex, Inc.		1,107,575
	24,500	Veeva Systems, Inc.a,b		686,735
		Total		12,043,705
	Industrials (15.6%)
	5,170	Generac Holdings, Inc.a,b		205,507
	6,089	Granite Construction, Inc.		216,220
	8,979	H&E Equipment Services, Inc.		179,311
	23,551	Healthcare Services Group, Inc.b		778,361
	7,553	Heico Corporationb		440,340
	13,166	Huron Consulting Group, Inc.a		922,805
	8,249	Middleby Corporationa		925,785
	24,693	On Assignment, Inc.a		969,941
	16,293	PGT, Inc.a		236,411
	10,489	Proto Labs, Inc.a,b		707,798
	13,436	Ritchie Brothers Auctioneers, Inc.b		375,133
	11,072	Saia, Inc.a		435,019
	9,256	Spirit Airlines, Inc.a		574,798
	16,322	Swift Transportation Companya		370,020
	12,569	WageWorks, Inc.a		508,416
	3,097	Watsco, Inc.		383,223
		Total		8,229,088
	Information Technology (24.0%)
	14,779	A10 Networks, Inc.a		95,177
	5,118	Ambarella, Inc.a,b		525,567
	40,431	Applied Micro Circuits Corporationa		272,909
	7,599	Applied Optoelectronics, Inc.a		131,919
	5,100	Arista Networks, Inc.a,b		416,874
	9,609	Aspen Technology, Inc.a		437,690
	11,537	Cardtronics, Inc.a		427,446
	6,956	Cavium, Inc.a		478,642
	12,461	Cognex Corporation		599,374
	4,374	Coherent, Inc.a		277,662
	11,129	Constant Contact, Inc.a		320,070
	5,274	Cornerstone OnDemand, Inc.a		183,535
	10,819	Dealertrack Technologies, Inc.a		679,325
	9,237	Demandware, Inc.a,b		656,566
	4,733	DST Systems, Inc.		596,263
	8,900	Envestnet, Inc.a		359,827
	7,600	FARO Technologies, Inc.a		354,920
	3,300	FEI Company		273,669
	18,234	Guidewire Software, Inc.a		965,126
	15,156	HomeAway, Inc.a		471,655
	5,793	Manhattan Associates, Inc.a		345,552
	25,528	MaxLinear, Inc.a		308,889
	7,628	Monolithic Power Systems, Inc.		386,816
	16,992	Proofpoint, Inc.a,b		1,081,881
	2,888	Tyler Technologies, Inc.a		373,649
	3,199	Ultimate Software Group, Inc.a		525,724
	22,146	Virtusa Corporationa		1,138,304
		Total		12,685,031
	Materials (2.8%)
	13,531	Chemtura Corporationa		383,063
	34,397	Graphic Packaging Holding Company		479,150

The accompanying Notes to Financial Statements are an integral part of this schedule.

92

Partner Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.1%)	Value
	Materials (2.8%) - continued
	15,154	PolyOne Corporation	$	593,582
		Total		1,455,795
		Total Common Stock (cost $41,771,725)		50,165,612
		Mutual Funds (3.8%)
	Equity Mutual Funds (3.8%)
	12,989	iShares Russell 2000 Growth Index Fundb		2,007,840
		Total		2,007,840
		Total Mutual Funds (cost $1,796,339)		2,007,840
		Collateral Held for Securities Loaned (15.2%)
	8,046,635	Thrivent Cash Management Trust		8,046,635
		Total Collateral Held for Securities Loaned (cost $8,046,635)		8,046,635
Shares or Principal Amount		Short-Term Investments (1.9%)d
		Thrivent Cash Management Trust
	994,757	0.070%		994,757
		Total Short-Term Investments (at amortized cost)		994,757
		Total Investments (cost $52,609,456) 116.0%	$	61,214,844
		Other Assets and Liabilities, Net (16.0%)		(8,455,848	)
		Total Net Assets 100.0%	$	52,758,996

a Non-income producing security.

b All or a portion of the security is on loan.

c Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

d The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	10,969,863
Gross unrealized depreciation		(2,417,831	)
Net unrealized appreciation (depreciation)	$	8,552,032
Cost for federal income tax purposes	$	52,662,812

The accompanying Notes to Financial Statements are an integral part of this schedule.

93

Partner Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Small Cap Growth Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		9,013,003		9,013,003		—		—
Consumer Staples		977,797		977,797		—		—
Energy		1,538,796		1,538,796		—		—
Financials		4,222,397		4,222,397		—		—
Health Care		12,043,705		12,008,425		—		35,280
Industrials		8,229,088		8,229,088		—		—
Information Technology		12,685,031		12,685,031		—		—
Materials		1,455,795		1,455,795		—		—
Mutual Funds
Equity Mutual Funds		2,007,840		2,007,840		—		—
Collateral Held for Securities Loaned		8,046,635		8,046,635		—		—
Short-Term Investments		994,757		994,757		—		—
Total	$	61,214,844	$	61,179,564	$	—	$	35,280

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Small Cap Growth Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	4,013,248	$	17,513,718	$	13,480,331		8,046,635	$	8,046,635	$	41,186
Cash Management Trust-Short Term Investment		1,581,539		5,045,294		5,632,076		994,757		994,757		342
Total Value and Income Earned		5,594,787								9,041,392		41,528

The accompanying Notes to Financial Statements are an integral part of this schedule.

94

Partner Small Cap Value Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (97.1%)	Value
	Consumer Discretionary (12.2%)
	185,500	Aaron’s, Inc.	$	6,716,955
	38,900	American Public Education, Inc.a,b		1,000,508
	41,500	Apollo Group, Inc.b		534,520
	42,200	Belmond, Ltd.b		527,078
	41,800	Brunswick Corporation		2,125,948
	66,600	Crocs, Inc.b		979,686
	61,700	CSS Industries, Inc.		1,866,425
	75,700	Culp, Inc.		2,346,700
	60,800	Dorman Products, Inc.a,b		2,897,728
	58,100	Drew Industries, Inc.		3,370,962
	75,100	Ethan Allen Interiors, Inc.		1,978,134
	90,100	Fred’s, Inc.		1,738,029
	97,900	Haverty Furniture Companies, Inc.		2,116,598
	41,000	Interval Leisure Group, Inc.		936,850
	78,300	Meritage Homes Corporationb		3,687,147
	147,200	Modine Manufacturing Companyb		1,579,456
	40,200	National CineMedia, Inc.		641,592
	87,600	New Media Investment Group, Inc.		1,570,668
	25,800	Party City Holdco, Inc.b		522,966
	162,950	Pier 1 Imports, Inc.a		2,058,058
	306,300	Quiksilver, Inc.a,b		203,016
	16,700	Red Robin Gourmet Burgers, Inc.b		1,433,194
	7,700	Saga Communications, Inc.		291,445
	5,200	Scholastic Corporation		229,476
	85,600	Shiloh Industries, Inc.b		1,108,520
	129,300	Sportsman’s Warehouse Holdings, Inc.a,b		1,470,141
	119,000	Stein Mart, Inc.		1,245,930
	44,400	Steven Madden, Ltd.b		1,899,432
		Total		47,077,162
	Consumer Staples (2.5%)
	43,200	Pinnacle Foods, Inc.		1,967,328
	41,100	Post Holdings, Inc.b		2,216,523
	16,300	PriceSmart, Inc.		1,487,212
	95,400	SpartanNash Company		3,104,316
	45,400	Vector Group, Ltd.		1,065,084
		Total		9,840,463
	Energy (3.5%)
	70,400	Atwood Oceanics, Inc.a		1,861,376
	30,000	Bristow Group, Inc.		1,599,000
	31,100	CARBO Ceramics, Inc.a		1,294,693
	25,600	Clayton Williams Energy, Inc.a,b		1,683,200
	34,621	Gulf Island Fabrication, Inc.		386,717
	27,100	PDC Energy, Inc.b		1,453,644
	69,900	Rosetta Resources, Inc.b		1,617,486
	391,600	Teekay Tankers, Ltd.a		2,588,476
	104,500	Tesco Corporation		1,139,050
		Total		13,623,642
	Financials (29.0%)
	48,000	Acadia Realty Trust		1,397,280
	144,500	Ares Capital Corporation		2,378,470
	76,100	Associated Estates Realty Corporation		2,178,743
	68,500	Assured Guaranty, Ltd.		1,643,315
	107,800	BBCN Bancorp, Inc.		1,594,362
	177,600	CBL & Associates Properties, Inc.		2,877,120
	316,600	Cedar Realty Trust, Inc.		2,026,240
	420,000	CoBiz Financial, Inc.		5,489,400
	88,300	Columbia Banking System, Inc.		2,873,282
	98,018	Compass Diversified Holdings		1,607,495
	47,100	Corporate Office Properties Trust		1,108,734
	13,600	Douglas Emmett, Inc.		366,384
	159,100	East West Bancorp, Inc.		7,130,862
	97,410	Employers Holdings, Inc.		2,219,000
	199,300	First Potomac Realty Trust		2,052,790
	135,600	Glacier Bancorp, Inc.		3,989,352
	100,000	Golub Capital BDC, Inc.		1,656,000
	125,600	Hatteras Financial Corporation		2,047,280
	200,000	Hercules Technology Growth Capital, Inc.		2,310,000
	167,600	Home BancShares, Inc.		6,127,456
	18,500	Home Properties, Inc.		1,351,425
	89,400	Janus Capital Group, Inc.		1,530,528
	67,000	JMP Group, LLC		522,600
	26,500	Kilroy Realty Corporation		1,779,475
	92,750	Kite Realty Group Trust		2,269,592
	95,200	LaSalle Hotel Properties		3,375,792
	30,800	Main Street Capital Corporation		982,828
	234,900	Meadowbrook Insurance Group, Inc.		2,020,140
	76,600	National Interstate Corporation		2,092,712
	19,900	Piper Jaffray Companiesb		868,436
	81,900	Potlatch Corporation		2,892,708
	149,400	ProAssurance Corporation		6,903,774
	14,600	PS Business Parks, Inc.		1,053,390
	147,800	Radian Group, Inc.		2,772,728
	201,300	Redwood Trust, Inc.		3,160,410
	96,600	Safeguard Scientifics, lnc.b		1,879,836
	12,500	Safety Insurance Group, Inc.		721,375
	126,400	Sandy Spring Bancorp, Inc.		3,536,672
	53,700	State Auto Financial Corporation		1,286,115
	138,000	Strategic Hotels & Resorts, Inc.b		1,672,560
	39,000	SVB Financial Groupb		5,615,220
	67,685	TCP Capital Corporation		1,034,904
	54,100	THL Credit, Inc.		624,855
	27,600	Waddell & Reed Financial, Inc.		1,305,756
	72,900	Washington Real Estate Investment Trust		1,891,755
	80,400	Wintrust Financial Corporation		4,291,752
	38,400	WSFS Financial Corporation		1,050,240
		Total		111,561,143
	Health Care (6.1%)
	20,500	Analogic Corporation		1,617,450
	7,400	Atrion Corporation		2,903,094
	18,200	Ensign Group, Inc.		929,292
	72,600	Halyard Health, Inc.b		2,940,300
	33,700	Lantheus Holdings, Inc.b		208,603
	46,100	National Healthcare Corporation		2,996,039
	88,900	Select Medical Holdings Corporation		1,440,180
	96,000	Triple-S Management Corporationb		2,463,360
	25,800	Wellcare Health Plans, Inc.b		2,188,614
	97,600	West Pharmaceutical Services, Inc.		5,668,608
		Total		23,355,540
	Industrials (23.5%)
	51,100	A.O. Smith Corporation		3,678,178
	101,000	Aegion Corporationb		1,912,940
	87,500	Alaska Air Group, Inc.		5,637,625
	41,000	Applied Industrial Technologies, Inc.		1,625,650
	49,800	Astec Industries, Inc.		2,082,636
	160,800	Beacon Roofing Supply, lnc.b		5,341,776
	60,100	Brady Corporation		1,486,874
	42,100	CIRCOR International, Inc.		2,295,713
	109,000	Comfort Systems USA, Inc.		2,501,550
	23,800	Cubic Corporation		1,132,404
	80,400	ESCO Technologies, Inc.		3,007,764
	57,000	Franklin Electric Company, Inc.		1,842,810

The accompanying Notes to Financial Statements are an integral part of this schedule.

95

Partner Small Cap Value Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (97.1%)	Value
	Industrials (23.5%) - continued
	50,700	FTI Consulting, Inc.b	$	2,090,868
	56,300	G & K Services, Inc.		3,892,582
	64,200	Genesee & Wyoming, Inc.b		4,890,756
	124,300	Gibraltar Industries, Inc.b		2,531,991
	27,900	Hillenbrand, Inc.		856,530
	43,900	Hub Group, Inc.b		1,770,926
	52,000	Kaman Corporation		2,180,880
	115,100	Kforce, Inc.		2,632,337
	35,500	Kirby Corporationb		2,721,430
	67,300	Landstar System, Inc.		4,500,351
	50,000	Luxfer Holdings plc ADR		650,000
	44,900	Matson, Inc.		1,887,596
	77,800	Matthews International Corporation		4,134,292
	128,300	McGrath Rentcorp		3,904,169
	51,100	Mine Safety Appliances Company		2,478,861
	150,500	Navigant Consulting, Inc.b		2,237,935
	33,500	Nordson Corporation		2,609,315
	15,600	RBC Bearings, Inc.b		1,119,456
	36,000	Sun Hydraulics Corporation		1,371,960
	9,100	Univar, Inc.b		236,873
	44,100	Universal Forest Products, Inc.		2,294,523
	67,300	Universal Truckload Services, Inc.		1,477,908
	139,700	UTI Worldwide, Inc.a,b		1,395,603
	46,100	Waste Connections, Inc.		2,172,232
	28,900	Woodward, Inc.		1,589,211
	29,900	YRC Worldwide, Inc.b		388,102
		Total		90,562,607
	Information Technology (9.4%)
	71,500	Advanced Energy Industries, Inc.b		1,965,535
	19,600	Badger Meter, Inc.		1,244,404
	58,900	Belden, Inc.		4,784,447
	177,200	Brooks Automation, Inc.		2,028,940
	67,900	Cabot Microelectronics Corporationb		3,198,769
	136,200	Electro Rent Corporation		1,479,132
	150,000	Electro Scientific Industries, Inc.		790,500
	70,200	Entegris, Inc.b		1,022,814
	102,000	Fabrinetb		1,910,460
	48,700	Intersil Corporation		609,237
	163,786	Intevac, Inc.a,b		958,148
	170,400	Ixiab		2,119,776
	25,000	Littelfuse, Inc.		2,372,250
	40,600	Methode Electronics, Inc.		1,114,470
	42,000	Newport Corporationb		796,320
	82,600	Progress Software Corporationb		2,271,500
	66,000	Sonus Networks, Inc.b		456,720
	69,000	SYNNEX Corporation		5,050,110
	81,000	Teradyne, Inc.		1,562,490
	36,100	Xactly Corporationb		310,099
		Total		36,046,121
	Materials (6.4%)
	61,200	American Vanguard Corporationa		844,560
	59,100	AptarGroup, Inc.		3,768,807
	43,900	Carpenter Technology Corporation		1,698,052
	48,800	Clearwater Paper Corporationb		2,796,240
	25,100	Franco-Nevada Corporation		1,197,123
	115,600	Innospec, Inc.		5,206,624
	47,000	Minerals Technologies, Inc.		3,202,110
	127,500	Myers Industries, Inc.		2,422,500
	44,600	Ryerson Holding Corporationa,b		405,860
	75,800	Stillwater Mining Companyb		878,522
	231,500	Wausau Paper Corporation		2,125,170
		Total		24,545,568
	Utilities (4.5%)
	33,800	Black Hills Corporation		1,475,370
	70,900	Cleco Corporation		3,817,965
	71,000	El Paso Electric Company		2,460,860
	59,200	NorthWestern Corporation		2,886,000
	4,700	ONE Gas, Inc.		200,032
	81,400	PNM Resources, Inc.		2,002,440
	10,500	Portland General Electric Company		348,180
	69,700	Southwest Gas Corporation		3,708,737
	6,900	Vectren Corporation		265,512
		Total		17,165,096
		Total Common Stock (cost $251,524,609)		373,777,342
		Mutual Funds (0.5%)
	Equity Mutual Funds (0.5%)
	17,700	iShares Russell 2000 Value Index Fund		1,804,692
		Total		1,804,692
		Total Mutual Funds (cost $1,056,009)		1,804,692
		Preferred Stock (0.2%)
	Health Care (0.2%)
	39,312	National Healthcare Corporation, Convertiblec		603,439
		Total		603,439
		Total Preferred Stock (cost $530,712)		603,439
		Collateral Held for Securities Loaned (3.8%)
	14,679,400	Thrivent Cash Management Trust		14,679,400
		Total Collateral Held for Securities Loaned (cost $14,679,400)		14,679,400
Shares or Principal Amount		Short-Term Investments (1.5%)d
		Thrivent Cash Management Trust
	5,935,487	0.070%		5,935,487
		Total Short-Term Investments (at amortized cost)		5,935,487
		Total Investments (cost $273,726,217) 103.1%	$	396,800,360
		Other Assets and Liabilities, Net (3.1%)		(12,003,620	)
		Total Net Assets 100.0%	$	384,796,740

a All or a portion of the security is on loan.

b Non-income producing security.

c Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

d The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

The accompanying Notes to Financial Statements are an integral part of this schedule.

96

Partner Small Cap Value Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Definitions:

ADR - American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	133,972,940
Gross unrealized depreciation		(11,786,961	)
Net unrealized appreciation (depreciation)	$	122,185,979
Cost for federal income tax purposes	$	274,614,381

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Small Cap Value Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		47,077,162		47,077,162		—		—
Consumer Staples		9,840,463		9,840,463		—		—
Energy		13,623,642		13,623,642		—		—
Financials		111,561,143		111,561,143		—		—
Health Care		23,355,540		23,355,540		—		—
Industrials		90,562,607		90,562,607		—		—
Information Technology		36,046,121		36,046,121		—		—
Materials		24,545,568		23,348,445		1,197,123		—
Utilities		17,165,096		17,165,096		—		—
Mutual Funds
Equity Mutual Funds		1,804,692		1,804,692		—		—
Preferred Stock
Health Care		603,439		603,439		—		—
Collateral Held for Securities Loaned		14,679,400		14,679,400		—		—
Short-Term Investments		5,935,487		5,935,487		—		—
Total	$	396,800,360	$	395,603,237	$	1,197,123	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Small Cap Value Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	12,670,650	$	44,418,540	$	42,409,790		14,679,400	$	14,679,400	$	100,760
Cash Management Trust-Short Term Investment		14,642,525		10,762,914		19,469,952		5,935,487		5,935,487		3,042
Total Value and Income Earned		27,313,175								20,614,887		103,802

The accompanying Notes to Financial Statements are an integral part of this schedule.

97

Small Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (89.9%)	Value
	Consumer Discretionary (11.6%)
	113,720	Aaron’s, Inc.	$	4,117,801
	53,210	Cedar Fair, LP		2,899,413
	95,950	G-III Apparel Group, Ltd.a		6,750,083
	125,630	Houghton Mifflin Harcourt Companya		3,165,876
	109,671	MDC Partners, Inc.		2,160,519
	179,080	Nutrisystem, Inc.		4,455,510
	66,220	Oxford Industries, Inc.		5,790,939
	44,060	Papa John’s International, Inc.		3,331,377
	342,830	Tuesday Morning Corporationa		3,861,980
	24,110	Zoe’s Kitchen, Inc.a,b		987,063
		Total		37,520,561
	Consumer Staples (1.9%)
	33,330	TreeHouse Foods, Inc.a		2,700,730
	72,930	WhiteWave Foods Companya		3,564,818
		Total		6,265,548
	Energy (1.9%)
	111,670	Laredo Petroleum Holdings, Inc.a,b		1,404,809
	116,960	Oasis Petroleum, Inc.a,b		1,853,816
	89,670	Rex Energy Corporationa,b		501,255
	66,590	Rice Energy, Inc.a		1,387,070
	329,772	Trinidad Drilling, Ltd.		1,066,676
		Total		6,213,626
	Financials (22.7%)
	26,756	Affiliated Managers Group, lnc.a		5,848,862
	42,260	Allied World Assurance Company Holdings AG		1,826,477
	59,860	American Assets Trust, Inc.		2,347,111
	47,391	Argo Group International Holdings, Ltd.		2,639,679
	148,950	Assured Guaranty, Ltd.		3,573,310
	161,950	BBCN Bancorp, Inc.		2,395,240
	273,090	CNO Financial Group, Inc.		5,011,201
	114,570	Encore Capital Group, Inc.a,b		4,896,722
	24,480	Extra Space Storage, Inc.		1,596,586
	252,090	Hanmi Financial Corporation		6,261,916
	57,820	HCC Insurance Holdings, Inc.		4,442,889
	82,340	PacWest Bancorp		3,850,218
	93,410	Parkway Properties, Inc.		1,629,070
	77,585	Pebblebrook Hotel Trust		3,326,845
	84,640	Primerica, Inc.		3,867,202
	54,400	Renasant Corporationb		1,773,440
	13,270	SVB Financial Groupa		1,910,614
	246,690	Synovus Financial Corporation		7,602,986
	104,270	Talmer Bancorp, Inc.		1,746,522
	147,860	Terreno Realty Corporation		2,912,842
	129,510	Western Alliance Bancorpa		4,372,258
		Total		73,831,990
	Health Care (12.2%)
	63,320	Acorda Therapeutics, Inc.a		2,110,456
	66,500	Akorn, Inc.a,b		2,903,390
	49,980	Align Technology, Inc.a		3,134,246
	158,460	AMN Healthcare Services, Inc.a		5,005,752
	162,490	Depomed, Inc.a		3,487,035
	191,422	ExamWorks Group, Inc.a		7,484,600
	41,420	Neurocrine Biosciences, Inc.a		1,978,219
	86,930	NuVasive, Inc.a		4,118,743
	68,900	Teleflex, Inc.		9,332,505
		Total		39,554,946
	Industrials (18.5%)
	99,930	CLARCOR, Inc.		6,219,643
	65,890	Curtiss-Wright Corporation		4,773,072
	152,814	EMCOR Group, Inc.		7,299,925
	53,880	Esterline Technologies Corporationa		5,136,919
	117,686	Granite Construction, Inc.		4,179,030
	103,124	HNI Corporation		5,274,793
	82,230	Huron Consulting Group, Inc.a		5,763,501
	190,970	Korn/Ferry International		6,640,027
	204,250	Progressive Waste Solutions, Ltd.		5,484,112
	14,960	Proto Labs, Inc.a,b		1,009,501
	60,400	Raven Industries, Inc.		1,227,932
	110,320	Ritchie Brothers Auctioneers, Inc.b		3,080,134
	61,960	Tennant Company		4,048,466
		Total		60,137,055
	Information Technology (16.2%)
	32,280	Arista Networks, Inc.a,b		2,638,567
	365,970	Atmel Corporation		3,606,634
	118,510	Broadridge Financial Solutions, Inc.		5,926,685
	20,020	DST Systems, Inc.		2,522,120
	35,910	Envestnet, Inc.a		1,451,841
	62,207	FARO Technologies, Inc.a		2,905,067
	47,270	FEI Company		3,920,101
	81,620	Guidewire Software, Inc.a		4,320,147
	97,280	Microsemi Corporationa		3,399,936
	153,150	National Instruments Corporation		4,511,799
	61,695	Plantronics, Inc.		3,474,046
	66,100	Textura Corporationa,b		1,839,563
	105,460	Veeco Instruments, Inc.a		3,030,920
	173,802	Virtusa Corporationa		8,933,423
		Total		52,480,849
	Materials (2.6%)
	16,110	Balchem Corporation		897,649
	98,550	Chemtura Corporationa		2,789,950
	30,860	Eagle Materials, Inc.		2,355,544
	216,240	Horsehead Holding Corporationa,b		2,534,333
		Total		8,577,476
	Utilities (2.3%)
	56,300	Dynegy, Inc.a		1,646,775
	39,260	Laclede Group, Inc.		2,043,876
	47,750	NorthWestern Corporation		2,327,812
	46,960	Portland General Electric Company		1,557,194
		Total		7,575,657
		Total Common Stock (cost $238,561,093)		292,157,708
		Mutual Funds (6.7%)
	Equity Mutual Funds (6.7%)
	38,300	iShares Russell 2000 Index Fundb		4,782,138
	93,120	Market Vectors Oil Service ETFb		3,249,888
	44,070	iShares Russell 2000 Growth Index Fundb		6,812,340
	140,720	Materials Select Sector SPDR Fund		6,809,441
		Total		21,653,807
		Total Mutual Funds (cost $21,316,895)		21,653,807

The accompanying Notes to Financial Statements are an integral part of this schedule.

98

Small Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Collateral Held for Securities Loaned (12.4%)	Value
	40,360,914	Thrivent Cash Management Trust	$	40,360,914
		Total Collateral Held for Securities Loaned (cost $40,360,914)		40,360,914
Shares or Principal Amount		Short-Term Investments (3.6%)c
		Thrivent Cash Management Trust
	11,649,734	0.070%		11,649,734
		Total Short-Term Investments (at amortized cost)		11,649,734
		Total Investments (cost $311,888,636) 112.6%	$	365,822,163
		Other Assets and Liabilities, Net (12.6%)		(40,824,166	)
		Total Net Assets 100.0%	$	324,997,997

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

ETF - Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	65,570,792
Gross unrealized depreciation		(11,658,091	)
Net unrealized appreciation (depreciation)	$	53,912,701
Cost for federal income tax purposes	$	311,909,462

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, 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		37,520,561		37,520,561		—		—
Consumer Staples		6,265,548		6,265,548		—		—
Energy		6,213,626		5,146,950		1,066,676		—
Financials		73,831,990		73,831,990		—		—
Health Care		39,554,946		39,554,946		—		—
Industrials		60,137,055		60,137,055		—		—
Information Technology		52,480,849		52,480,849		—		—
Materials		8,577,476		8,577,476		—		—
Utilities		7,575,657		7,575,657		—		—
Mutual Funds
Equity Mutual Funds		21,653,807		21,653,807		—		—
Collateral Held for Securities Loaned		40,360,914		40,360,914		—		—
Short-Term Investments		11,649,734		11,649,734		—		—
Total	$	365,822,163	$	364,755,487	$	1,066,676	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Small Cap Stock Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015  - June 30, 2015
Cash Management Trust-Collateral Investment	$	24,447,972	$	73,235,194	$	57,322,252		40,360,914	$	40,360,914	$	101,582
Cash Management Trust-Short Term Investment		14,077,311		51,485,586		53,913,163		11,649,734		11,649,734		3,239
Total Value and Income Earned		38,525,283								52,010,648		104,821

The accompanying Notes to Financial Statements are an integral part of this schedule.

99

Small Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

						% of Net
Shares		Common Stock (95.4%)	Value			Assets
	Consumer Discretionary (14.6%)
	9,300	Cracker Barrel Old Country Store, Inc.a	$	1,387,188			0.5%
	14,900	G-III Apparel Group, Ltd.b		1,048,215			0.4%
	10,450	Helen of Troy, Ltd.b		1,018,771			0.3%
	14,650	Jack in the Box, Inc.		1,291,544			0.4%
	8,950	Lithia Motors, Inc.		1,012,782			0.3%
	10,800	Marriott Vacations Worldwide Corporation		990,900			0.3%
	17,800	Men’s Wearhouse, Inc.		1,140,446			0.4%
	17,112	Pool Corporation		1,200,920			0.4%
	21,775	Steven Madden, Ltd.b		931,535			0.3%
	40,350	Wolverine World Wide, Inc.		1,149,168			0.4%
		Other Securities^		30,696,448			10.9%
		Total		41,867,917
	Consumer Staples (2.5%)
	64,450	Darling Ingredients, Inc.b		944,837			0.3%
		Other Securities^		6,269,535			2.2%
		Total		7,214,372
	Energy (3.1%)
		Other Securities^		8,881,810			3.1%
		Total		8,881,810
	Financials (22.4%)
	78,317	DiamondRock Hospitality Company		1,003,241			0.4%
	22,250	EPR Properties		1,218,855			0.4%
	67,750	F.N.B. Corporation		970,180			0.3%
	29,046	Geo Group, Inc.		992,211			0.3%
	22,800	Interactive Brokers Group, Inc.		947,568			0.3%
	14,600	MarketAxess Holdings, Inc.		1,354,442			0.5%
	81,550	Medical Properties Trust, Inc.		1,069,121			0.4%
	21,350	Post Properties, Inc.		1,160,799			0.4%
	18,950	PRA Group, Inc.a,b		1,180,775			0.4%
	27,600	PrivateBancorp, Inc.		1,099,032			0.4%
	21,550	ProAssurance Corporation		995,825			0.3%
	13,950	Sovran Self Storage, Inc.		1,212,394			0.4%
	71,050	Susquehanna Bancshares, Inc.		1,003,226			0.4%
	17,850	Texas Capital Bancshares, Inc.b		1,110,984			0.4%
	24,850	United Bankshares, Inc.a		999,715			0.3%
	18,450	Wintrust Financial Corporation		984,861			0.3%
		Other Securities^		47,062,099			16.5%
		Total		64,365,328
	Health Care (12.9%)
	14,650	ABIOMED, Inc.b		962,945			0.3%
	18,800	AmSurg Corporationb		1,315,060			0.5%
	26,050	Impax Laboratories, Inc.b		1,196,216			0.4%
	21,500	Medidata Solutions, Inc.b		1,167,880			0.4%
	21,450	PAREXEL International Corporationb		1,379,449			0.5%
	20,450	Prestige Brands Holdings, Inc.b		945,608			0.3%
	28,000	West Pharmaceutical Services, Inc.		1,626,240			0.6%
		Other Securities^		28,489,601			9.9%
		Total		37,082,999
	Industrials (15.7%)
	5,250	Allegiant Travel Company		933,870			0.3%
	18,600	Curtiss-Wright Corporation		1,347,384			0.5%
	24,450	EMCOR Group, Inc.		1,167,977			0.4%
	17,250	EnerSys		1,212,502			0.4%
	15,150	Moog, Inc.b		1,070,802			0.4%
	21,500	Toro Company		1,457,270			0.5%
		Other Securities^		37,952,416			13.2%
		Total		45,142,221
	Information Technology (15.2%)
	18,300	Blackbaud, Inc.		1,042,185			0.4%
	17,550	Dealertrack Technologies, Inc.b		1,101,965			0.4%
	17,900	j2 Global, Inc.		1,216,126			0.4%
	37,150	Microsemi Corporationb		1,298,392			0.5%
	14,300	Synaptics, Inc.b		1,240,311			0.4%
	17,050	ViaSat, Inc.b		1,027,433			0.4%
		Other Securities^		36,645,403			12.7%
		Total		43,571,815
	Materials (5.0%)
		Other Securities^		14,233,293			5.0%
		Total		14,233,293
	Telecommunications Services (0.7%)
		Other Securities^		2,023,313			0.7%
		Total		2,023,313
	Utilities (3.3%)
	30,750	Piedmont Natural Gas Company, Inc.a		1,085,782			0.4%
	18,250	Southwest Gas Corporation		971,083			0.3%
	22,216	UIL Holdings Corporation		1,017,937			0.4%
		Other Securities^		6,407,256			2.2%
		Total		9,482,058
		Total Common Stock (cost $182,705,718)		273,865,126
		Collateral Held for Securities Loaned (8.3%)
	23,935,556	Thrivent Cash Management Trust		23,935,556			8.3%
		Total Collateral Held for Securities Loaned (cost $23,935,556)		23,935,556
Shares or Principal Amount		Short-Term Investments (4.6%)c
		Thrivent Cash Management Trust
	12,172,331	0.070%d		12,172,331			4.2%
		Federal Home Loan Bank Discount Notes
	1,000,000	0.065%, 8/14/2015d		999,921			0.4%
		Total Short-Term Investments (at amortized cost)		13,172,252
		Total Investments (cost $219,813,526) 108.3%	$	310,972,934
		Other Assets and Liabilities, Net (8.3%)		(23,892,297	)
		Total Net Assets 100.0%	$	287,080,637

The accompanying Notes to Financial Statements are an integral part of this schedule.

100

Small Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a All or a portion of the security is on loan.

b Non-income producing security.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d At June 30, 2015, $999,921 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	99,177,065
Gross unrealized depreciation		(12,024,078	)
Net unrealized appreciation (depreciation)	$	87,152,987
Cost for federal income tax purposes	$	223,819,947

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Small Cap Index Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		41,867,917		41,867,917		—		—
Consumer Staples		7,214,372		7,214,372		—		—
Energy		8,881,810		8,881,810		—		—
Financials		64,365,328		64,365,328		—		—
Health Care		37,082,999		37,082,999		—		—
Industrials		45,142,221		45,142,221		—		—
Information Technology		43,571,815		43,571,815		—		—
Materials		14,233,293		14,233,293		—		—
Telecommunications Services		2,023,313		2,023,313		—		—
Utilities		9,482,058		9,482,058		—		—
Collateral Held for Securities Loaned		23,935,556		23,935,556		—		—
Short-Term Investments		13,172,252		12,172,331		999,921		—
Total	$	310,972,934	$	309,973,013	$	999,921	$	—
Other Financial Instruments		Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		81,927		81,927		—		—
Total Liability Derivatives	$	81,927	$	81,927	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures		100		September 2015		$12,585,927		$12,504,000	($	81,927	)
Total Futures Contracts									($	81,927	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Small Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	81,927
Total Equity Contracts			81,927
Total Liability Derivatives		$	81,927

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

101

Small Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Small Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		2,034,864
Total Equity Contracts			2,034,864
Total		$	2,034,864

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Small Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(805,429	)
Total Equity Contracts			(805,429	)
Total			($805,429	)

The following table presents Small Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	15,362,480		5.5	%

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Small Cap Index Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	23,621,082	$	42,524,707	$	42,210,233		23,935,556	$	23,935,556	$	104,625
Cash Management Trust-Short Term Investment		13,989,739		24,290,109		26,107,517		12,172,331		12,172,331		4,691
Total Value and Income Earned		37,610,821								36,107,887		109,316

The accompanying Notes to Financial Statements are an integral part of this schedule.

102

Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (96.2%)	Value
	Consumer Discretionary (20.5%)
	66,306	Delphi Automotive plc	$	5,641,978
	76,147	Dollar Tree, Inc.a		6,014,852
	20,450	Domino’s Pizza, Inc.		2,319,030
	39,008	Harman International Industries, Inc.		4,639,611
	191,250	Jarden Corporationa		9,897,187
	70,220	Limited Brands, Inc.		6,019,961
	84,242	Marriott International, Inc.		6,266,762
	40,022	O’Reilly Automotive, Inc.a		9,044,172
	58,310	PVH Corporation		6,717,312
	18,290	Ralph Lauren Corporation		2,420,864
	164,364	Ross Stores, Inc.		7,989,734
	79,279	Starwood Hotels & Resorts Worldwide, Inc.		6,428,734
	65,066	Toll Brothers, Inc.a		2,484,871
	48,065	Tractor Supply Company		4,322,966
	18,425	Ulta Salon Cosmetics & Fragrance, Inc.a		2,845,741
	54,733	Under Armour, Inc.a		4,566,922
	35,541	VF Corporation		2,478,629
		Total		90,099,326
	Consumer Staples (4.7%)
	123,900	Hain Celestial Group, Inc.a		8,160,054
	53,095	Monster Beverage Corporationa		7,115,792
	69,034	United Natural Foods, Inc.a		4,396,085
	23,627	Whole Foods Market, Inc.		931,849
		Total		20,603,780
	Energy (4.1%)
	34,083	Concho Resources, Inc.a		3,880,690
	62,980	Helmerich & Payne, Inc.		4,435,052
	33,596	HollyFrontier Corporation		1,434,213
	206,610	Patterson-UTI Energy, Inc.		3,887,367
	36,303	SM Energy Company		1,674,294
	130,379	Southwestern Energy Companya		2,963,515
		Total		18,275,131
	Financials (8.9%)
	45,614	Affiliated Managers Group, Inc.a		9,971,220
	114,856	First Republic Bank		7,239,374
	25,522	Intercontinental Exchange, Inc.		5,706,974
	26,148	Lazard, Ltd.		1,470,563
	490,140	SLM Corporationa		4,837,682
	18,070	SVB Financial Groupa		2,601,719
	113,097	TD Ameritrade Holding Corporation		4,164,232
	97,688	Zions Bancorporation		3,100,129
		Total		39,091,893
	Health Care (17.3%)
	22,703	Actavis, Inc.a		6,889,452
	70,064	AmerisourceBergen Corporation		7,450,606
	77,532	BioMarin Pharmaceutical, Inc.a		10,604,827
	49,008	Cerner Corporationa		3,384,493
	22,772	Cooper Companies, Inc.		4,052,733
	154,260	Envision Healthcare Holdings, Inc.a		6,090,185
	15,150	Mettler-Toledo International, Inc.a		5,173,119
	96,520	Mylan NVa,b		6,549,847
	41,331	Perrigo Company plc		7,639,209
	61,771	Team Health Holdings, Inc.a		4,035,499
	43,921	Teleflex, Inc.		5,949,099
	44,063	Universal Health Services, Inc.		6,261,352
	16,872	Vertex Pharmaceuticals, Inc.a		2,083,355
		Total		76,163,776
	Industrials (13.3%)
	53,072	B/E Aerospace, Inc.		2,913,653
	29,306	Fastenal Companyb		1,236,127
	116,802	Fortune Brands Home and Security, Inc.		5,351,868
	46,451	Graco, Inc.		3,299,415
	57,032	JB Hunt Transport Services, Inc.		4,681,757
	38,780	Manpower, Inc.		3,466,156
	68,886	Nielsen NV		3,084,026
	48,890	Old Dominion Freight Line, Inc.a		3,354,098
	146,701	Robert Half International, Inc.		8,141,905
	27,095	Roper Industries, Inc.		4,672,804
	117,662	Southwest Airlines Company		3,893,436
	78,586	Stericycle, Inc.a		10,523,451
	45,514	United Rentals, Inc.a		3,987,937
		Total		58,606,633
	Information Technology (22.6%)
	103,820	Agilent Technologies, Inc.		4,005,375
	162,591	Amphenol Corporation		9,425,400
	57,582	ANSYS, Inc.a		5,253,782
	80,840	ARM Holdings plc ADR		3,982,987
	134,682	Ciena Corporationa,b		3,189,270
	46,180	Criteo SAa		2,201,401
	39,070	Demandware, Inc.a,b		2,777,096
	26,220	F5 Networks, Inc.a		3,155,577
	220,392	Fortinet, Inc.a		9,108,801
	66,604	Gartner, Inc.a		5,713,291
	89,651	HomeAway, Inc.a		2,789,939
	20,792	IAC/InterActiveCorporation		1,656,291
	58,064	Imperva, Inc.a		3,930,933
	51,776	Keysight Technologies, Inc.a		1,614,893
	47,783	Nice Systems, Ltd. ADR		3,038,521
	106,298	NXP Semiconductors NVa		10,438,463
	20,720	Palo Alto Networks, Inc.a		3,619,784
	201,083	QLIK Technologies, Inc.a		7,029,862
	75,541	ServiceNow, Inc.a		5,613,452
	41,944	Skyworks Solutions, Inc.		4,366,370
	51,517	Synopsys, Inc.a		2,609,336
	23,020	Ultimate Software Group, Inc.a		3,783,107
		Total		99,303,931
	Materials (2.9%)
	45,337	Airgas, Inc.		4,795,748
	31,331	Celanese Corporation		2,252,072
	86,152	FMC Corporation		4,527,288
	74,083	Silver Wheaton Corporation		1,284,599
		Total		12,859,707
	Telecommunications Services (1.9%)
	30,698	Level 3 Communications, Inc.a		1,616,863
	59,736	SBA Communications Corporationa		6,867,848
		Total		8,484,711
		Total Common Stock (cost $295,339,008)		423,488,888
		Collateral Held for Securities Loaned (3.1%)
	13,749,175	Thrivent Cash Management Trust		13,749,175
		Total Collateral Held for Securities Loaned (cost $13,749,175)		13,749,175

The accompanying Notes to Financial Statements are an integral part of this schedule.

103

Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares or Principal Amount		Short-Term Investments (3.9%)c	Value
		Thrivent Cash Management Trust
	17,253,933	0.070%	$	17,253,933
		Total Short-Term Investments (at amortized cost)		17,253,933
		Total Investments (cost $326,342,116) 103.2%	$	454,491,996
		Other Assets and Liabilities, Net (3.2%)		(14,145,167	)
		Total Net Assets 100.0%	$	440,346,829

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

ADR - American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	133,750,498
Gross unrealized depreciation		(6,032,989	)
Net unrealized appreciation (depreciation)	$	127,717,509
Cost for federal income tax purposes	$	326,774,487

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Mid Cap Growth Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		90,099,326		90,099,326		—		—
Consumer Staples		20,603,780		20,603,780		—		—
Energy		18,275,131		18,275,131		—		—
Financials		39,091,893		39,091,893		—		—
Health Care		76,163,776		76,163,776		—		—
Industrials		58,606,633		58,606,633		—		—
Information Technology		99,303,931		99,303,931		—		—
Materials		12,859,707		12,859,707		—		—
Telecommunications Services		8,484,711		8,484,711		—		—
Collateral Held for Securities Loaned		13,749,175		13,749,175		—		—
Short-Term Investments		17,253,933		17,253,933		—		—
Total	$	454,491,996	$	454,491,996	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Mid Cap Growth Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	3,029,925	$	46,929,102	$	36,209,852		13,749,175	$	13,749,175	$	2,641
Cash Management Trust-Short Term Investment		19,034,912		47,025,273		48,806,252		17,253,933		17,253,933		6,140
Total Value and Income Earned		22,064,837								31,003,108		8,781

The accompanying Notes to Financial Statements are an integral part of this schedule.

104

Partner Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (99.0%)	Value
	Consumer Discretionary (12.1%)
	113,563	Best Buy Company, Inc.	$	3,703,289
	95,649	Discovery Communications, Inc., Class Aa		3,181,286
	32,977	Fossil, Inc.a		2,287,285
	170,801	Gap, Inc.		6,519,474
	50,657	GNC Holdings, Inc.		2,253,223
	78,346	Kate Spade & Companya		1,687,573
	7,839	Liberty Broadband Corporationa		401,043
	52,678	Liberty Interactive Corporationa		1,461,815
	57,228	Liberty Media Corporationa		2,054,485
	267,230	MGM Resorts Internationala		4,876,948
	12,946	Mohawk Industries, Inc.a		2,471,391
	42,488	Ralph Lauren Corporation		5,623,712
	54,396	Scripps Networks Interactive, Inc.		3,555,867
	312,695	Staples, Inc.		4,787,360
	12,459	Starwood Hotels & Resorts Worldwide, Inc.		1,010,300
	61,286	Vista Outdoor, Inc.a		2,751,741
		Total		48,626,792
	Consumer Staples (6.7%)
	130,743	ConAgra Foods, Inc.		5,716,084
	33,524	Energizer Holdings, Inc.		4,410,082
	32,016	Mead Johnson Nutrition Company		2,888,483
	55,257	Molson Coors Brewing Company		3,857,491
	118,993	Tyson Foods, Inc.		5,072,672
	127,361	Whole Foods Market, Inc.		5,023,118
		Total		26,967,930
	Energy (7.0%)
	77,506	Cameron International Corporationa		4,058,989
	27,459	Concho Resources, Inc.a		3,126,482
	121,038	Devon Energy Corporation		7,200,550
	31,701	Pioneer Natural Resources Company		4,396,612
	271,878	Southwestern Energy Companya		6,179,787
	248,793	Weatherford International, Ltd.a		3,052,690
		Total		28,015,110
	Financials (29.1%)
	94,839	Arthur J. Gallagher & Company		4,485,885
	266,896	Brixmor Property Group, Inc.		6,173,304
	233,709	Citizens Financial Group, Inc.		6,382,593
	292,539	DDR Corporation		4,522,653
	28,291	Everest Re Group, Ltd.		5,149,245
	197,429	Fifth Third Bancorp		4,110,472
	218,678	First Horizon National Corporation		3,426,684
	336,229	Genworth Financial, Inc.a		2,545,254
	497,613	Huntington Bancshares, Inc.		5,628,003
	27,549	Invesco, Ltd.		1,032,812
	136,852	Lincoln National Corporation		8,104,375
	45,922	Mid-America Apartment Communities, Inc.		3,343,581
	396,430	Navient Corporation		7,218,990
	29,732	PacWest Bancorp		1,390,268
	81,713	Principal Financial Group, Inc.		4,191,060
	146,986	Prologis, Inc.		5,453,181
	138,412	Raymond James Financial, Inc.		8,246,587
	138,309	RLJ Lodging Trust		4,118,842
	481,304	SLM Corporationa		4,750,470
	223,398	Starwood Property Trust, Inc.		4,818,695
	80,008	Validus Holdings, Ltd.		3,519,552
	88,824	Voya Financial, Inc.		4,127,651
	39,721	W.R. Berkley Corporation		2,062,712
	132,813	XL Group plc		4,940,644
	217,567	Zions Bancorporation		6,904,489
		Total		116,648,002
	Health Care (7.6%)
	173,554	Allscripts Healthcare Solutions, Inc.a		2,374,219
	27,514	Cardinal Health, Inc.		2,301,546
	91,956	Endo International plca		7,324,295
	81,681	Envision Healthcare Holdings, Inc.a		3,224,766
	43,633	Laboratory Corporation of America Holdingsa		5,289,192
	71,846	Mylan NVa		4,875,470
	48,899	Zimmer Holdings, Inc.		5,341,238
		Total		30,730,726
	Industrials (12.6%)
	62,370	Armstrong World Industries, Inc.a		3,323,074
	34,355	Dover Corporation		2,411,034
	117,152	Fortune Brands Home and Security, Inc.		5,367,905
	298,561	Hertz Global Holdings, Inc.a		5,409,925
	86,801	Jacobs Engineering Group, Inc.a		3,525,857
	40,548	Kansas City Southern		3,697,978
	46,715	Kirby Corporationa		3,581,172
	151,106	Terex Corporation		3,513,214
	106,569	Textron, Inc.		4,756,174
	40,533	Triumph Group, Inc.		2,674,773
	103,073	Tyco International plc		3,966,249
	156,442	United Continental Holdings, Inc.a		8,292,990
		Total		50,520,345
	Information Technology (11.7%)
	341,773	Atmel Corporation		3,368,173
	429,337	Brocade Communications Systems, Inc.		5,100,523
	40,356	Citrix Systems, Inc.a		2,831,377
	53,730	Fidelity National Information Services, Inc.		3,320,514
	198,851	JDS Uniphase Corporationa		2,302,695
	132,786	Maxim Integrated Products, Inc.		4,591,076
	76,425	Microchip Technology, Inc.		3,624,456
	87,669	NetApp, Inc.		2,766,834
	140,886	Pandora Media, Inc.a		2,189,368
	59,167	VMware, Inc.a		5,072,979
	52,457	Western Digital Corporation		4,113,678
	18,354	WEX, Inc.a		2,091,805
	256,446	Xerox Corporation		2,728,585
	63,089	Xilinx, Inc.		2,786,010
		Total		46,888,073
	Materials (6.2%)
	110,317	Axalta Coating Systems, Ltd.a		3,649,286
	69,955	Celanese Corporation		5,028,366
	80,755	CF Industries Holdings, Inc.		5,190,931
	25,493	Martin Marietta Materials, Inc.		3,607,515
	72,929	Packaging Corporation of America		4,557,333
	141,013	Steel Dynamics, Inc.		2,921,084
		Total		24,954,515
	Utilities (6.0%)
	180,117	FirstEnergy Corporation		5,862,808
	177,399	NRG Energy, Inc.		4,058,889
	73,985	PG&E Corporation		3,632,664
	68,408	SCANA Corporation		3,464,865

The accompanying Notes to Financial Statements are an integral part of this schedule.

105

Partner Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (99.0%)	Value
	Utilities (6.0%) - continued
	72,958	Sempra Energy	$	7,218,465
		Total		24,237,691
		Total Common Stock (cost $370,276,103)		397,589,184
Shares or Principal Amount		Short-Term Investments (1.2%)b
		Thrivent Cash Management Trust
	4,663,419	0.070%		4,663,419
		Total Short-Term Investments (at amortized cost)		4,663,419
		Total Investments (cost $374,939,522) 100.2%	$	402,252,603
		Other Assets and Liabilities, Net (0.2%)		(795,315	)
		Total Net Assets 100.0%	$	401,457,288

a Non-income producing security.

b The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	43,805,658
Gross unrealized depreciation		(17,551,426	)
Net unrealized appreciation (depreciation)	$	26,254,232
Cost for federal income tax purposes	$	375,998,371

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Mid Cap Value Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		48,626,792		48,626,792		—		—
Consumer Staples		26,967,930		26,967,930		—		—
Energy		28,015,110		28,015,110		—		—
Financials		116,648,002		116,648,002		—		—
Health Care		30,730,726		30,730,726		—		—
Industrials		50,520,345		50,520,345		—		—
Information Technology		46,888,073		46,888,073		—		—
Materials		24,954,515		24,954,515		—		—
Utilities		24,237,691		24,237,691		—		—
Short-Term Investments		4,663,419		4,663,419		—		—
Total	$	402,252,603	$	402,252,603	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Mid Cap Value Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Short Term Investment	$	20,179,241	$	60,170,941	$	75,686,763		4,663,419	$	4,663,419	$	4,340
Total Value and Income Earned		20,179,241								4,663,419		4,340

The accompanying Notes to Financial Statements are an integral part of this schedule.

106

Mid Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (92.8%)	Value
	Consumer Discretionary (9.1%)
	167,650	Cheesecake Factory, Inc.	$	9,142,793
	269,850	DISH Network Corporationa		18,271,544
	90,150	Harman International Industries, Inc.		10,722,441
	150,600	Scripps Networks Interactive, Inc.		9,844,722
	401,600	Time, Inc.		9,240,816
	318,950	Toll Brothers, Inc.a		12,180,700
		Total		69,403,016
	Consumer Staples (3.6%)
	120,850	Ingredion, Inc.		9,645,038
	135,500	Keurig Green Mountain, Inc.		10,383,365
	107,900	Molson Coors Brewing Company		7,532,499
		Total		27,560,902
	Energy (4.6%)
	38,550	Cameron International Corporationa		2,018,863
	22,800	Cimarex Energy Company		2,515,068
	133,700	Denbury Resources, Inc.b		850,332
	19,250	Dril-Quip, lnc.a		1,448,562
	17,200	Energen Corporation		1,174,760
	31,800	Ensco plc		708,186
	19,120	EQT Corporation		1,555,221
	18,950	Gulfport Energy Corporationa		762,738
	80,350	Helix Energy Solutions Group, Inc.a		1,014,820
	51,800	HollyFrontier Corporation		2,211,342
	28,000	National Oilwell Varco, Inc.		1,351,840
	46,400	Newfield Exploration Companya		1,675,968
	43,950	Noble Energy, Inc.		1,875,786
	34,650	Oceaneering International, Inc.		1,614,344
	30,850	Oil States International, Inc.a		1,148,546
	66,500	Patterson-UTI Energy, Inc.		1,251,197
	50,200	Rowan Companies plc		1,059,722
	29,150	SM Energy Company		1,344,398
	116,100	Superior Energy Services, Inc.		2,442,744
	14,100	Tesoro Corporation		1,190,181
	94,450	Weatherford International, Ltd.a		1,158,902
	28,450	Western Refining, Inc.		1,240,989
	31,050	Whiting Petroleum Corporationa		1,043,280
	41,000	World Fuel Services Corporation		1,965,950
		Total		34,623,739
	Financials (23.3%)
	485,700	Assured Guaranty, Ltd.		11,651,943
	328,600	Brixmor Property Group, Inc.		7,600,518
	106,950	Camden Property Trust		7,944,246
	116,850	Digital Realty Trust, Inc.		7,791,558
	494,150	Duke Realty Corporation		9,176,366
	251,450	First Republic Bank		15,848,894
	601,798	Host Hotels & Resorts, Inc.		11,933,654
	1,765,650	Huntington Bancshares, Inc.		19,969,501
	789,100	KeyCorp		11,852,282
	20,624	Lazard, Ltd.		1,159,894
	98,650	M&T Bank Corporation		12,324,344
	320,550	NASDAQ OMX Group, Inc.		15,646,046
	218,283	Northern Trust Corporation		16,689,918
	192,600	Raymond James Financial, Inc.		11,475,108
	512,022	Zions Bancorporation		16,249,018
		Total		177,313,290
	Health Care (16.3%)
	274,750	Acorda Therapeutics, Inc.a		9,157,418
	639,950	Allscripts Healthcare Solutions, Inc.a		8,754,516
	90,332	C.R. Bard, Inc.		15,419,672
	98,750	Centene Corporationa		7,939,500
	59,750	Edwards Lifesciences Corporationa		8,510,192
	453,600	Hologic, Inc.a		17,264,016
	81,700	Illumina, Inc.a		17,840,012
	61,950	Medivation, Inc.a		7,074,690
	139,050	Universal Health Services, Inc.		19,759,005
	97,550	Waters Corporationa		12,523,469
		Total		124,242,490
	Industrials (12.4%)
	514,244	ADT Corporationb		17,263,171
	178,200	Flowserve Corporation		9,384,012
	102,300	Huntington Ingalls Industries, Inc.		11,517,957
	93,508	Manpower, Inc.		8,357,745
	394,434	Oshkosh Corporation		16,716,113
	574,350	Southwest Airlines Company		19,005,241
	98,100	WABCO Holdings, Inc.a		12,136,932
		Total		94,381,171
	Information Technology (19.1%)
	96,750	Alliance Data Systems Corporationa		28,245,195
	1,015,333	Applied Materials, Inc.		19,514,700
	185,454	eBay, Inc.a		11,171,749
	460,132	Juniper Networks, Inc.		11,949,628
	347,100	NetApp, Inc.		10,954,476
	1,243,616	NVIDIA Corporation		25,009,118
	302,950	Progress Software Corporationa		8,331,125
	240,300	Red Hat, Inc.a		18,245,979
	610,672	Teradyne, Inc.		11,779,863
		Total		145,201,833
	Materials (2.9%)
	314,100	Owens-Illinois, Inc.a		7,205,454
	729,850	Steel Dynamics, Inc.		15,118,843
		Total		22,324,297
	Utilities (1.5%)
	282,900	Public Service Enterprise Group, Inc.		11,112,312
		Total		11,112,312
		Total Common Stock (cost $546,901,276)		706,163,050
		Collateral Held for Securities Loaned (2.4%)
	18,565,385	Thrivent Cash Management Trust		18,565,385
		Total Collateral Held for Securities Loaned (cost $18,565,385)		18,565,385
Shares or Principal Amount		Short-Term Investments (7.1%)c	Value
		Thrivent Cash Management Trust
	53,797,722	0.070%		53,797,722
		Total Short-Term Investments (at amortized cost)		53,797,722
		Total Investments (cost $619,264,383) 102.3%	$	778,526,157
		Other Assets and Liabilities, Net (2.3%)		(17,507,568	)
		Total Net Assets 100.0%	$	761,018,589

The accompanying Notes to Financial Statements are an integral part of this schedule.

107

Mid Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	179,793,205
Gross unrealized depreciation		(21,166,178	)
Net unrealized appreciation (depreciation)	$	158,627,027
Cost for federal income tax purposes	$	619,899,130

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Mid Cap Stock Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		69,403,016		69,403,016		—		—
Consumer Staples		27,560,902		27,560,902		—		—
Energy		34,623,739		34,623,739		—		—
Financials		177,313,290		177,313,290		—		—
Health Care		124,242,490		124,242,490		—		—
Industrials		94,381,171		94,381,171		—		—
Information Technology		145,201,833		145,201,833		—		—
Materials		22,324,297		22,324,297		—		—
Utilities		11,112,312		11,112,312		—		—
Collateral Held for Securities Loaned		18,565,385		18,565,385		—		—
Short-Term Investments		53,797,722		53,797,722		—		—
Total	$	778,526,157	$	778,526,157	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Mid Cap Stock Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	29,599,525	$	68,959,468	$	79,993,608		18,565,385	$	18,565,385	$	19,839
Cash Management Trust-Short Term Investment		38,432,404		58,601,324		43,236,006		53,797,722		53,797,722		16,261
Total Value and Income Earned		68,031,929								72,363,107		36,100

The accompanying Notes to Financial Statements are an integral part of this schedule.

108

Mid Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

						% of Net
Shares		Common Stock (96.3%)	Value			Assets
	Consumer Discretionary (13.7%)
	7,400	Advance Auto Parts, Inc.	$	1,178,746			0.7%
	14,250	Foot Locker, Inc.		954,892			0.6%
	18,300	Jarden Corporationa		947,025			0.6%
	31,050	LKQ Corporationa		939,107			0.6%
	6,250	Polaris Industries, Inc.		925,687			0.5%
	8,150	Signet Jewelers, Ltd.		1,045,156			0.6%
	8,730	Williams-Sonoma, Inc.		718,217			0.4%
		Other Securities^		16,591,350			9.7%
		Total		23,300,180
	Consumer Staples (4.0%)
	13,370	Church & Dwight Company, Inc.		1,084,708			0.6%
	6,250	Energizer Holdings, Inc.		822,188			0.5%
	10,400	Hain Celestial Group, Inc.a		684,944			0.4%
	17,750	WhiteWave Foods Companya		867,620			0.5%
		Other Securities^		3,375,996			2.0%
		Total		6,835,456
	Energy (4.4%)
	7,850	Dresser-Rand Group, Inc.a		668,663			0.4%
	20,040	HollyFrontier Corporation		855,508			0.5%
		Other Securities^		5,937,054			3.5%
		Total		7,461,225
	Financials (23.3%)
	1,550	Alleghany Corporationa		726,578			0.4%
	17,100	Arthur J. Gallagher & Company		808,830			0.5%
	4,560	Everest Re Group, Ltd.		829,966			0.5%
	11,300	Extra Space Storage, Inc.		736,986			0.4%
	6,900	Federal Realty Investment Trust		883,821			0.5%
	9,800	HCC Insurance Holdings, Inc.		753,032			0.4%
	4,500	Jones Lang LaSalle, Inc.		769,500			0.5%
	11,450	MSCI, Inc.		704,748			0.4%
	45,311	New York Community Bancorp, Inc.b		832,816			0.5%
	13,025	Raymond James Financial, Inc.		776,029			0.5%
	5,200	Signature Banka		761,228			0.5%
	5,180	SVB Financial Groupa		745,816			0.4%
	26,503	UDR, Inc.		848,891			0.5%
		Other Securities^		29,444,404			17.3%
		Total		39,622,645
	Health Care (8.9%)
	12,200	Centene Corporationa		980,880			0.6%
	12,066	Community Health Systems, Inc.a		759,796			0.5%
	4,950	Cooper Companies, Inc.		880,951			0.5%
	24,950	Hologic, Inc.a		949,597			0.6%
	9,550	Mednax, Inc.a		707,750			0.4%
	2,800	Mettler-Toledo International, Inc.a		956,088			0.6%
	9,920	Omnicare, Inc.		934,960			0.6%
	14,350	ResMed, Inc.b		808,909			0.5%
	4,700	United Therapeutics Corporationa		817,565			0.5%
		Other Securities^		7,287,093			4.1%
		Total		15,083,589
	Industrials (14.5%)
	4,400	Acuity Brands, Inc.		791,912			0.5%
	13,260	Alaska Air Group, Inc.		854,342			0.5%
	16,350	Fortune Brands Home and Security, Inc.		749,157			0.4%
	8,020	Manpower, Inc.		716,828			0.4%
	7,000	Towers Watson & Company		880,600			0.5%
	9,900	Wabtec Corporation		932,976			0.5%
		Other Securities^		19,707,192			11.7%
		Total		24,633,007
	Information Technology (15.9%)
	9,200	ANSYS, Inc.a		839,408			0.5%
	16,350	CDK Global, Inc.		882,573			0.5%
	8,500	Gartner, Inc.a		729,130			0.4%
	6,750	Global Payments, Inc.		698,287			0.4%
	29,750	Sunedison, Inc.a		889,823			0.5%
	15,780	Synopsys, Inc.a		799,257			0.5%
		Other Securities^		22,179,431			13.1%
		Total		27,017,909
	Materials (7.2%)
	6,350	Ashland, Inc.		774,065			0.4%
	14,300	Rock-Tenn Company		860,860			0.5%
		Other Securities^		10,593,059			6.3%
		Total		12,227,984
	Telecommunications Services (0.2%)
		Other Securities^		293,853			0.2%
		Total		293,853
	Utilities (4.2%)
		Other Securities^		7,238,607			4.2%
		Total		7,238,607
		Total Common Stock (cost $121,958,930)		163,714,455
		Collateral Held for Securities Loaned (3.8%)
	6,400,412	Thrivent Cash Management Trust		6,400,412			3.8%
		Total Collateral Held for Securities Loaned (cost $6,400,412)		6,400,412
Shares or Principal Amount		Short-Term Investments (3.6%)c
		Thrivent Cash Management Trust
	5,099,683	0.070%d		5,099,683			3.0%
		Federal Home Loan Mortgage Corporation Discount Notes
	1,000,000	0.070%, 7/20/2015d		999,963			0.6%
		Total Short-Term Investments (at amortized cost)		6,099,646
		Total Investments (cost $134,458,988) 103.7%	$	176,214,513
		Other Assets and Liabilities, Net (3.7%)		(6,263,648	)
		Total Net Assets 100.0%	$	169,950,865

The accompanying Notes to Financial Statements are an integral part of this schedule.

109

Mid Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d At June 30, 2015, $799,970 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	44,935,238
Gross unrealized depreciation		(4,610,324	)
Net unrealized appreciation (depreciation)	$	40,324,914
Cost for federal income tax purposes	$	135,889,599

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Mid Cap Index Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		23,300,180		23,300,180		—		—
Consumer Staples		6,835,456		6,835,456		—		—
Energy		7,461,225		7,461,225		—		—
Financials		39,622,645		39,622,645		—		—
Health Care		15,083,589		15,083,589		—		—
Industrials		24,633,007		24,633,007		—		—
Information Technology		27,017,909		27,017,909		—		—
Materials		12,227,984		12,227,984		—		—
Telecommunications Services		293,853		293,853		—		—
Utilities		7,238,607		7,238,607		—		—
Collateral Held for Securities Loaned		6,400,412		6,400,412		—		—
Short-Term Investments		6,099,646		5,099,683		999,963		—
Total	$	176,214,513	$	175,214,550	$	999,963	$	—
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		101,704		101,704		—		—
Total Liability Derivatives	$	101,704	$	101,704	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
S&P 400 Index Mini-Futures		40		September 2015	$	6,094,104	$	5,992,400	($	101,704	)
Total Futures Contracts									($	101,704	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Mid Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	101,704
Total Equity Contracts			101,704
Total Liability Derivatives		$	101,704

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

110

Mid Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Mid Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		1,965,325
Total Equity Contracts			1,965,325
Total		$	1,965,325

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Mid Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(717,030	)
Total Equity Contracts			(717,030	)
Total		($	717,030	)

The following table presents Mid Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	17,761,768		11.2	%

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Mid Cap Index Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	5,801,543	$	23,337,753	$	22,738,884		6,400,412	$	6,400,412	$	37,798
Cash Management Trust-Short Term Investment		16,844,745		32,108,733		43,853,795		5,099,683		5,099,683		5,375
Total Value and Income Earned		22,646,288								11,500,095		43,173

The accompanying Notes to Financial Statements are an integral part of this schedule.

111

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value		% of Net Assets
	Australia (2.5%)
		Other Securities^	$	43,144,452		2.5%
		Total		43,144,452
	Austria (0.8%)
		Other Securities^		13,167,486		0.8%
		Total		13,167,486
	Belgium (0.7%)
		Other Securities^		12,163,342		0.7%
		Total		12,163,342
	Bermuda (0.6%)
	176,675	Jardine Matheson Holdings, Ltd.		10,016,121		0.6%
		Total		10,016,121
	Brazil (1.2%)
		Other Securities^		20,862,127		1.2%
		Total		20,862,127
	Canada (3.3%)
	170,181	Alimentation Couche-Tard, Inc.		7,280,041		0.4%
	155,774	Royal Bank of Canada		9,526,035		0.6%
		Other Securities^		40,023,284		2.3%
		Total		56,829,360
	Chile (0.2%)
		Other Securities^		2,760,379		0.2%
		Total		2,760,379
	China (0.9%)
	6,895,828	Lenovo Group, Ltd.		9,533,928		0.5%
		Other Securities^		5,490,359		0.4%
		Total		15,024,287
	Denmark (1.9%)
	216,379	Novo Nordisk AS		11,873,772		0.7%
		Other Securities^		20,601,637		1.2%
		Total		32,475,409
	Faroe Islands (0.1%)
		Other Securities^		1,254,441		0.1%
		Total		1,254,441
	Finland (0.3%)
		Other Securities^		5,283,951		0.3%
		Total		5,283,951
	France (6.8%)
	417,110	AXA SA		10,574,530		0.6%
	154,086	Cap Gemini SA		13,670,005		0.8%
	51,428	Christian Dior SE		10,068,024		0.6%
	278,137	Compagnie de Saint-Gobain		12,555,515		0.7%
	396,125	GDF Suez		7,375,209		0.4%
	203,333	Societe Generale		9,541,176		0.5%
		Other Securities^		51,749,775		3.2%
		Total		115,534,234
	Germany (4.8%)
	214,959	Daimler AG		19,581,864		1.2%
	388,200	ThyssenKrupp AG		10,098,825		0.6%
		Other Securities^		52,638,166		3.0%
		Total		82,318,855
	Hong Kong (3.1%)
	1,141,800	AIA Group, Ltd.		7,465,840		0.4%
	844,012	Cheung Kong Holdings, Ltd.		12,408,648		0.7%
		Other Securities^		32,465,315		2.0%
		Total		52,339,803
	Hungary (0.1%)
		Other Securities^		1,231,778		0.1%
		Total		1,231,778
	India (2.0%)
	365,741	Housing Development Finance Corporation		7,439,524		0.5%
		Other Securities^		26,880,960		1.5%
		Total		34,320,484
	Indonesia (0.5%)
	12,288,100	Astra International Tbk PT		6,504,268		0.4%
		Other Securities^		2,129,881		0.1%
		Total		8,634,149
	Ireland (0.9%)
		Other Securities^		16,015,498		0.9%
		Total		16,015,498
	Israel (0.6%)
		Other Securities^		10,614,077		0.6%
		Total		10,614,077
	Italy (3.1%)
	495,560	Assicurazioni Generali SPA		8,931,882		0.5%
	4,893,613	Intesa Sanpaolo SPA		17,771,118		1.0%
		Other Securities^		25,903,899		1.6%
		Total		52,606,899
	Japan (16.9%)
	195,300	Bridgestone Corporation		7,218,794		0.4%
	1,052,151	Daiwa Securities Group, Inc.		7,870,834		0.5%
	313,800	KDDI Corporation		7,572,607		0.5%
	3,385,312	Mitsui Chemicals, Inc.		12,577,369		0.8%
	407,639	MS and AD Insurance Group Holdings, Inc.		12,689,108		0.8%
	7,101,421	Nippon Sheet Glass Companya		7,540,086		0.5%
	3,271,464	Nippon Yusen Kabushiki Kaisha		9,107,937		0.5%
	1,195,940	Nissan Motor Company, Ltd.		12,493,930		0.7%
	937,890	Sumitomo Corporation		10,916,496		0.7%

The accompanying Notes to Financial Statements are an integral part of this schedule.

112

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value		% of Net Assets
	Japan (16.9%) - continued
	2,702,284	Sumitomo Mitsui Trust Holdings, Inc.		$12,361,873		0.7%
	167,700	Toyota Motor Corporation		11,222,029		0.7%
		Other Securities^		175,510,594		10.1%
		Total		287,081,657
	Jersey (0.8%)
	609,150	WPP plc		13,673,007		0.8%
		Total		13,673,007
	Luxembourg (0.2%)
		Other Securities^		3,675,389		0.2%
		Total		3,675,389
	Malaysia (0.1%)
		Other Securities^		2,477,627		0.1%
		Total		2,477,627
	Mexico (1.0%)
		Other Securities^		16,646,811		1.0%
		Total		16,646,811
	Netherlands (3.5%)
	1,829,493	Aegon NV		13,498,382		0.8%
	69,360	ASML Holding NV		7,214,664		0.4%
	202,970	Koninklijke DSM NV		11,784,508		0.7%
	221,490	Unilever NV		9,260,325		0.5%
		Other Securities^		17,241,205		1.1%
		Total		58,999,084
	New Zealand (0.1%)
		Other Securities^		1,948,750		0.1%
		Total		1,948,750
	Norway (1.0%)
		Other Securities^		16,523,334		1.0%
		Total		16,523,334
	Philippines (0.5%)
		Other Securities^		9,046,507		0.5%
		Total		9,046,507
	Poland (0.2%)
		Other Securities^		3,876,417		0.2%
		Total		3,876,417
	Portugal (0.4%)
		Other Securities^		6,226,468		0.4%
		Total		6,226,468
	Russia (0.6%)
		Other Securities^		10,134,391		0.6%
		Total		10,134,391
	Singapore (0.7%)
	82,000	Jardine Cycle & Carriage, Ltd.b		2,013,134		0.1%
		Other Securities^		9,022,603		0.6%
		Total		11,035,737
	South Africa (0.6%)
		Other Securities^		9,436,350		0.6%
		Total		9,436,350
	South Korea (0.9%)
		Other Securities^		15,697,474		0.9%
		Total		15,697,474
	Spain (2.7%)
	2,023,095	Banco Popular Espanol SA		9,843,635		0.6%
	1,294,605	Banco Santander SA		9,106,294		0.5%
	1,248,971	Iberdrola SA		8,432,505		0.5%
		Other Securities^		18,219,028		1.1%
		Total		45,601,462
	Sweden (2.3%)
	928,497	Volvo AB		11,529,634		0.7%
		Other Securities^		28,193,241		1.6%
		Total		39,722,875
	Switzerland (7.2%)
	158,863	Adecco SA		12,892,925		0.8%
	386,711	Credit Suisse Group AG		10,668,387		0.7%
	14,611	Georg Fischer AG		10,044,481		0.6%
	144,836	Holcim, Ltd.		10,686,804		0.6%
	164,969	Nestle SA		11,902,617		0.7%
	237,558	Novartis AG		23,366,315		1.4%
	96,919	Roche Holding AG		27,175,265		1.6%
		Other Securities^		14,962,733		0.8%
		Total		121,699,527
	Taiwan (0.6%)
	1,838,951	Taiwan Semiconductor Manufacturing Company, Ltd.		8,364,688		0.5%
		Other Securities^		2,211,475		0.1%
		Total		10,576,163
	Thailand (1.4%)
	17,052,915	Krung Thai Bank pcl		8,615,167		0.5%
		Other Securities^		14,381,312		0.9%
		Total		22,996,479
	Turkey (0.7%)
		Other Securities^		11,510,847		0.7%
		Total		11,510,847
	United Kingdom (8.3%)
	1,449,350	BAE Systems plc		10,269,197		0.6%
	175,950	HSBC Holdings plc ADR		7,884,319		0.5%
		Other Securities^		123,580,134		7.2%
		Total		141,733,650

The accompanying Notes to Financial Statements are an integral part of this schedule.

113

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares	Common Stock (85.3%)	Value		% of Net Assets
United States (0.2%)
	Other Securities^	$	3,846,416		0.2	%
	Total		3,846,416
	Total Common Stock (cost $1,365,763,118)		1,450,763,554
Principal Amount	Long-Term Fixed Income (10.2%)
Argentina (0.2%)
	Other Securities^		3,379,004		0.2	%
	Total		3,379,004
Azerbaijan (0.3%)
	Other Securities^		4,874,452		0.3	%
	Total		4,874,452
Belize (<0.1%)
	Other Securities^		87,375		<0.1	%
	Total		87,375
Bermuda (<0.1%)
	Other Securities^		210,525		<0.1	%
	Total		210,525
Brazil (0.5%)
	Other Securities^		7,575,887		0.5	%
	Total		7,575,887
Bulgaria (0.2%)
	Other Securities^		2,966,884		0.2	%
	Total		2,966,884
Chile (0.4%)
	Other Securities^		6,699,232		0.4	%
	Total		6,699,232
China (0.1%)
	Other Securities^		1,991,137		0.1	%
	Total		1,991,137
Colombia (0.3%)
	Other Securities^		4,995,041		0.3	%
	Total		4,995,041
Costa Rica (0.3%)
	Other Securities^		5,315,317		0.3	%
	Total		5,315,317
Croatia (0.5%)
	Other Securities^		8,565,900		0.5	%
	Total		8,565,900
Dominican Republic (0.7%)
	Other Securities^		11,477,627		0.7	%
	Total		11,477,627
Ecuador (<0.1%)
	Other Securities^		937,271		<0.1	%
	Total		937,271
Egypt (<0.1%)
	Other Securities^		351,640		<0.1	%
	Total		351,640
El Salvador (0.1%)
	Other Securities^		1,384,300		0.1	%
	Total		1,384,300
Ethiopia (<0.1%)
	Other Securities^		404,773		<0.1	%
	Total		404,773
Gabon (<0.1%)
	Other Securities^		396,875		<0.1	%
	Total		396,875
Guatemala (0.1%)
	Other Securities^		1,458,500		0.1	%
	Total		1,458,500
Honduras (0.1%)
	Other Securities^		2,092,725		0.1	%
	Total		2,092,725
Hong Kong (<0.1%)
	Other Securities^		719,278		<0.1	%
	Total		719,278
Hungary (0.5%)
	Other Securities^		7,551,201		0.5	%
	Total		7,551,201
India (<0.1%)
	Other Securities^		632,400		<0.1	%
	Total		632,400
Indonesia (0.5%)
	Other Securities^		7,225,386		0.5	%
	Total		7,225,386
Iraq (0.1%)
	Other Securities^		970,320		0.1	%
	Total		970,320

The accompanying Notes to Financial Statements are an integral part of this schedule.

114

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount	Long-Term Fixed Income (10.2%)	Value		% of  Net Assets
Israel (<0.1%)
	Other Securities^	$	221,375		<0.1	%
	Total		221,375
Italy (0.1%)
	Other Securities^		725,969		0.1	%
	Total		725,969
Jamaica (0.1%)
	Other Securities^		754,831		0.1	%
	Total		754,831
Kazakhstan (0.1%)
	Other Securities^		1,644,711		0.1	%
	Total		1,644,711
Kenya (<0.1%)
	Other Securities^		679,769		<0.1	%
	Total		679,769
Latvia (<0.1%)
	Other Securities^		618,429		<0.1	%
	Total		618,429
Lithuania (0.1%)
	Other Securities^		2,298,952		0.1	%
	Total		2,298,952
Luxembourg (0.1%)
	Other Securities^		2,728,590		0.1	%
	Total		2,728,590
Mexico (1.0%)
	Other Securities^		16,828,821		1.0	%
	Total		16,828,821
Mozambique (<0.1%)
	Other Securities^		446,160		<0.1	%
	Total		446,160
Netherlands (<0.1%)
	Other Securities^		355,300		<0.1	%
	Total		355,300
Nigeria (0.1%)
	Other Securities^		809,150		0.1	%
	Total		809,150
Pakistan (0.1%)
	Other Securities^		1,668,439		0.1	%
	Total		1,668,439
Panama (0.2%)
	Other Securities^		4,243,707		0.2	%
	Total		4,243,707
Paraguay (0.1%)
	Other Securities^		1,921,459		0.1	%
	Total		1,921,459
Peru (0.3%)
	Other Securities^		4,339,576		0.3	%
	Total		4,339,576
Philippines (0.2%)
	Other Securities^		3,478,872		0.2	%
	Total		3,478,872
Romania (0.1%)
	Other Securities^		1,607,134		0.1	%
	Total		1,607,134
Russia (0.2%)
	Other Securities^		3,894,391		0.2	%
	Total		3,894,391
Serbia (<0.1%)
	Other Securities^		359,987		<0.1	%
	Total		359,987
Singapore (<0.1%)
	Other Securities^		307,125		<0.1	%
	Total		307,125
South Africa (<0.1%)
	Other Securities^		508,609		<0.1	%
	Total		508,609
South Korea (<0.1%)
	Other Securities^		674,534		<0.1	%
	Total		674,534
Sri Lanka (0.3%)
	Other Securities^		4,668,086		0.3	%
	Total		4,668,086
Supranational (<0.1%)
	Other Securities^		728,129		<0.1	%
	Total		728,129
Turkey (0.3%)
	Other Securities^		5,585,625		0.3	%
	Total		5,585,625

The accompanying Notes to Financial Statements are an integral part of this schedule.

115

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (10.2%)	Value			% of Net Assets
	Ukraine (0.2%)
		Other Securities^	$	2,514,181			0.2	%
		Total		2,514,181
	United Arab Emirates (0.1%)
		Other Securities^		1,209,416			0.1	%
		Total		1,209,416
	United States (0.8%)
		Other Securities^		14,149,968			0.8	%
		Total		14,149,968
	Uruguay (0.1%)
		Other Securities^		884,732			0.1	%
		Total		884,732
	Venezuela (0.5%)
		Other Securities^		7,313,431			0.5	%
		Total		7,313,431
	Vietnam (0.2%)
		Other Securities^		2,943,350			0.2	%
		Total		2,943,350
	Virgin Islands, British (<0.1%)
		Other Securities^		337,875			<0.1	%
		Total		337,875
	Zambia (<0.1%)
		Other Securities^		665,088			<0.1	%
		Total		665,088
		Total Long-Term Fixed Income (cost $184,816,211)		174,378,821
Shares		Preferred Stock (1.0%)
	Brazil (0.2%)
		Other Securities^		3,401,336			0.2	%
		Total		3,401,336
	Germany (0.2%)
		Other Securities^		3,455,501			0.2	%
		Total		3,455,501
	South Korea (0.6%)
	11,150	Samsung Electronics Company, Ltd.		9,909,236			0.6	%
		Total		9,909,236
		Total Preferred Stock (cost $17,610,103)		16,766,073
		Collateral Held for Securities Loaned (0.9%)
	14,629,592	Thrivent Cash Management Trust		14,629,592			0.9	%
		Total Collateral Held for Securities Loaned (cost $14,629,592)		14,629,592
Shares or Principal Amount		Short-Term Investments (2.8%)c
		Thrivent Cash Management Trust
	47,198,194	0.070%		47,198,194			2.8	%
		Other Securities^		399,977			<0.1	%
		Total Short-Term Investments (at amortized cost)		47,598,171
		Total Investments (cost $1,630,417,195) 100.2%	$	1,704,136,211
		Other Assets and Liabilities, Net (0.2%)		(3,509,934	)
		Total Net Assets 100.0%	$	1,700,626,277

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Partner Worldwide Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Abengoa Transmision Sur SA, 4/30/2043		4/8/2014	$	589,971
AHML Finance, Ltd., 2/13/2018		1/31/2013		356,524
Banco Continental SAECA, 10/15/2017		10/10/2012		170,000
Belize Government International Bond, 8/20/2017		3/20/2013		111,145
Brazil Loan Trust 1, 7/24/2023		7/25/2013		1,145,940
Brazil Minas SPE via State of Minas Gerais, 2/15/2028		3/22/2013		1,483,465
Digicel Group, Ltd., 9/30/2020		6/26/2015		212,520
Export-Import Bank of Korea, 8/14/2017		5/29/2015		270,325
Honduras Government International Bond, 3/15/2024		3/12/2013		270,000
Honduras Government International Bond, 12/16/2020		12/11/2013		1,370,000
Independencia International, Ltd., 12/30/2016		3/29/2010		100,623
Indonesia Government International Bond, 1/17/2018		2/6/2015		345,187
Pakistan Government International Bond, 12/3/2019		11/26/2014		210,000
Phosagro OAO via Phosagro Bond Funding, Ltd., 2/13/2018		2/6/2013		310,000

The accompanying Notes to Financial Statements are an integral part of this schedule.

116

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Sociedad Quimica y Minera de Chile SA, 1/28/2025		10/23/2014	$	445,357
Trust F/1401, 1/30/2044		1/23/2014		203,882
Vietnam Government International Bond, 11/19/2024		11/7/2014		456,083
Wind Acquisition Finance SA, 7/15/2020		6/24/2014		380,927

Definitions:

ADR - American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	172,925,744
Gross unrealized depreciation		(104,490,719	)
Net unrealized appreciation (depreciation)	$	68,435,025
Cost for federal income tax purposes	$	1,635,701,186

The accompanying Notes to Financial Statements are an integral part of this schedule.

117

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Worldwide Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		217,627,772		3,846,416		213,733,559		47,797
Consumer Staples		131,740,135		6,904,475		124,835,660		—
Energy		55,630,727		9,287,140		46,343,587		—
Financials		390,658,950		19,437,228		371,220,443		1,279
Health Care		119,362,766		4,277,244		115,085,522		—
Industrials		239,338,100		5,970,372		233,367,728		—
Information Technology		113,708,200		—		113,708,200		—
Materials		134,412,799		1,001,081		133,411,718		—
Telecommunications Services		29,339,445		—		29,339,444		1
Utilities		18,944,660		—		18,944,660		—
Long-Term Fixed Income
Basic Materials		3,425,959		—		3,425,959		—
Capital Goods		415,524		—		415,524		—
Communications Services		4,403,241		—		4,403,241		—
Consumer Cyclical		677,310		—		677,310		—
Consumer Non-Cyclical^		2,456,345		—		2,456,345		0
Energy		10,422,423		—		10,422,423		—
Financials		11,841,703		—		11,841,703		—
Foreign Government		118,882,615		—		117,970,240		912,375
Technology		434,154		—		434,154		—
Transportation		1,751,748		—		1,751,748		—
U.S. Government and Agencies		10,794,141		—		10,794,141		—
U.S. Municipal		2,359,126		—		2,359,126		—
Utilities		6,514,532		—		6,514,532		—
Preferred Stock
Health Care		3,455,501		—		3,455,501		—
Information Technology		9,909,236		—		9,909,236		—
Materials		3,401,336		3,401,336		—		—
Collateral Held for Securities Loaned		14,629,592		14,629,592		—		—
Short-Term Investments		47,598,171		47,198,194		399,977		—
Total	$	1,704,136,211	$	115,953,078	$	1,587,221,681	$	961,452
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		147,655		147,655		—		—
Foreign Currency Forward Contracts		688,471		—		688,471		—
Total Asset Derivatives	$	836,126	$	147,655	$	688,471	$	—
Liability Derivatives
Futures Contracts		569,248		569,248		—		—
Foreign Currency Forward Contracts		379,908		—		379,908		—
Total Liability Derivatives	$	949,156	$	569,248	$	379,908	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

^ Level 3 security in this section is fair valued at <$1.

The accompanying Notes to Financial Statements are an integral part of this schedule.

118

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Futures Contracts	Number  of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		88			September 2015	$	19,239,969		$	19,266,500		$	26,531
5-Yr. U.S. Treasury Bond Futures		79			September 2015		9,429,719			9,421,367			(8,352	)
10-Yr. U.S. Treasury Bond Futures		96			September 2015		12,122,870			12,112,500			(10,370	)
30-Yr. U.S. Treasury Bond Futures		53			September 2015		8,048,140			7,994,719			(53,421	)
ASX SPI 200 Index Futures		3			September 2015		320,368			312,304			(8,064	)
CME 3 Month Eurodollar Futures		(71	)		September 2016		(17,425,095	)		(17,545,875	)		(120,780	)
Eurex 10 Year Euro BUND Futures		(33	)		September 2015		(5,538,879	)		(5,598,720	)		(59,841	)
Eurex 5 Year Euro BOBL Futures		(7	)		September 2015		(1,005,247	)		(1,011,706	)		(6,459	)
Eurex EURO STOXX 50 Futures		43			September 2015		1,647,147			1,649,089			1,942
FTSE 100 Index Futures		8			September 2014		834,721			816,290			(18,431	)
Mini MSCI EAFE Index Futures		94			September 2015		8,889,247			8,619,800			(269,447	)
SGX MSCI Singapore Index Futures		1			July 2015		55,771			55,210			(561	)
Tokyo Price Index Futures		10			September 2015		1,345,793			1,332,271			(13,522	)
Ultra Long Term U.S. Treasury Bond Futures		(30	)		September 2015		(4,741,057	)		(4,621,875	)		119,182
Total Futures Contracts												($	421,593	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

119

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Brazilian Real		HSBC		2,845,411	7/2/2015 - 8/4/2015	$	898,979	$	911,378	$	12,399
Brazilian Real		DB		2,226,687	7/2/2015		711,174		716,184		5,010
Brazilian Real		UBS		339,549	7/2/2015		105,041		109,211		4,170
Brazilian Real		MSC		1,814,546	7/2/2015		572,977		583,625		10,648
Brazilian Real		SB		5,084,700	7/2/2015		1,620,880		1,635,425		14,545
Chilean Peso		RBS		186,921,247	7/22/2015		296,000		291,875		(4,125	)
Euro		SB		205,000	8/7/2015		232,089		228,632		(3,457	)
Euro		UBS		524,000	9/16/2015		594,300		584,754		(9,546	)
Euro		BOA		266,000	9/16/2015		297,534		296,841		(693	)
Euro		RBC		524,000	9/16/2015		597,617		584,754		(12,863	)
Hungarian Forint		CITI		212,916,909	9/16/2015		768,577		752,199		(16,378	)
Hungarian Forint		BOA		205,682,127	9/16/2015		730,665		726,640		(4,025	)
Hungarian Forint		UBS		205,807,637	9/16/2015		743,149		727,083		(16,066	)
Indian Rupee		DB		46,680,199	7/1/2015		727,615		733,043		5,428
Indian Rupee		MSC		107,369,714	7/1/2015 - 7/31/2015		1,679,260		1,683,608		4,348
Indian Rupee		WBC		19,371,643	7/29/2015		302,895		302,447		(448	)
Indian Rupee		JPM		38,439,099	7/1/2015		601,391		603,629		2,238
Malaysian Ringgit		JPM		1,113,030	7/13/2015		298,000		294,745		(3,255	)
Malaysian Ringgit		HSBC		955,306	7/31/2015		251,000		252,676		1,676
Malaysian Ringgit		SB		2,229,138	7/7/2015 - 7/13/2015		598,000		590,423		(7,577	)
Mexican Peso		DB		9,517,848	9/17/2015		600,000		602,271		2,271
Mexican Peso		BOA		18,810,754	9/17/2015		1,208,374		1,190,309		(18,065	)
Mexican Peso		RBS		50,864,517	9/17/2015		3,257,739		3,218,611		(39,128	)
Mexican Peso		HSBC		17,377,282	9/17/2015		1,118,841		1,099,602		(19,239	)
Mexican Peso		JPM		17,450,159	9/17/2015		1,122,955		1,104,213		(18,742	)
Philippines Peso		BB		13,490,055	7/3/2015		298,000		299,136		1,136
Polish Zloty		UBS		1,468,526	9/16/2015		398,828		389,937		(8,891	)
Polish Zloty		RBS		1,583,082	9/16/2015		426,437		420,355		(6,082	)
Polish Zloty		SB		1,450,941	9/16/2015		391,358		385,267		(6,091	)
Russian Ruble		JPM		32,615,526	7/2/2015 - 7/9/2015		595,736		590,200		(5,536	)
South Korean Won		BB		331,665,750	7/27/2015		299,000		297,302		(1,698	)
South Korean Won		UBS		335,371,000	7/2/2015		298,452		300,660		2,208
Turkish Lira		MSC		866,535	9/16/2015		307,211		316,227		9,016
Total Purchases						$	22,950,074	$	22,823,262	($	126,812	)
Sales
Brazilian Real		HSBC		3,136,724	7/2/2015	$	990,570	$	1,008,885	($	18,315	)
Brazilian Real		JPM		6,035,392	7/2/2015		1,888,453		1,941,202		(52,749	)
Brazilian Real		DB		2,353,545	7/2/2015 - 8/4/2015		741,596		748,812		(7,216	)
Brazilian Real		SB		5,084,700	10/2/2015		1,568,965		1,581,199		(12,234	)
Brazilian Real		RBC		922,188	7/2/2015		296,000		296,609		(609	)
Brazilian Real		MSC		939,411	7/2/2015		297,000		302,149		(5,149	)
Chinese Yuan		JPM		1,861,815	9/16/2015		298,000		298,644		(644	)
Chinese Yuan		HSBC		5,260,370	9/16/2015		842,900		843,788		(888	)
Chinese Yuan		BNP		4,858,990	9/16/2015		778,024		779,405		(1,381	)
Chinese Yuan		SB		3,721,059	9/16/2015		595,000		596,875		(1,875	)
Chinese Yuan		SSB		4,884,250	9/16/2015		782,356		783,457		(1,101	)
Euro		DB		4,711,472	9/16/2015		5,302,503		5,257,729		44,774
Euro		WBC		14,702,394	8/7/2015		16,565,702		16,397,283		168,419
Euro		BNP		350,000	8/7/2015		392,667		390,348		2,319
Euro		CITI		269,000	9/16/2015		297,848		300,188		(2,340	)
Hong Kong Dollar		BB		1,855,000	7/13/2015		239,252		239,309		(57	)
Hungarian Forint		BOA		82,672,534	9/16/2015		297,534		292,068		5,466
Indian Rupee		MSC		81,805,216	7/1/2015		1,281,796		1,284,630		(2,834	)
Indian Rupee		DB		46,680,199	7/1/2015		728,889		733,043		(4,154	)
Indian Rupee		JPM		38,439,099	7/1/2015		597,000		603,629		(6,629	)
Japanese Yen		WBC		36,347,616	9/16/2015		296,000		297,351		(1,351	)
Malaysian Ringgit		WBC		1,088,850	7/7/2015		293,673		288,456		5,217
Malaysian Ringgit		UBS		1,096,439	7/7/2015		297,626		290,467		7,159
Malaysian Ringgit		RBC		1,059,583	7/7/2015		280,848		280,703		145
Malaysian Ringgit		SB		2,191,148	7/24/2015		598,070		579,823		18,247
Mexican Peso		BOA		13,137,695	9/17/2015 - 9/18/2015		845,025		831,312		13,713
Mexican Peso		CSFB		12,536,164	7/23/2015		812,612		796,343		16,269
Mexican Peso		JPM		1,735,837	7/2/2015		112,646		110,440		2,206
Mexican Peso		CITI		7,662,232	8/13/2015		501,147		486,021		15,126
Mexican Peso		UBS		11,966,413	7/29/2015		770,883		759,839		11,044

The accompanying Notes to Financial Statements are an integral part of this schedule.

120

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Foreign Currency Forward Contracts	Counterparty		Contracts  to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales
Mexican Peso		DB		18,203,100	9/10/2015 - 9/17/2015	$	1,169,535	$	1,152,262		17,273
Mexican Peso		RBC		41,974,981	10/1/2015		2,682,936		2,653,537		29,399
Mexican Peso		SB		110,232,677	8/20/2015		7,213,236		6,988,697		224,539
Mexican Peso		BB		3,841,000	7/29/2015		248,417		243,894		4,523
New Taiwan Dollar		JPM		27,821,997	7/13/2015 - 7/21/2015		896,709		901,830		(5,121	)
New Taiwan Dollar		SB		27,730,102	7/29/2015 - 8/3/2015		897,000		898,961		(1,961	)
Philippines Peso		BB		13,514,198	7/3/2015		302,000		299,671		2,329
Russian Ruble		JPM		16,307,763	7/2/2015		293,463		295,511		(2,048	)
Russian Ruble		CITI		7,668,847	7/29/2015		138,740		137,721		1,019
Russian Ruble		CSFB		26,202,967	7/17/2015 - 7/27/2015		480,732		471,360		9,372
Russian Ruble		HSBC		7,752,321	7/29/2015		140,415		139,220		1,195
Russian Ruble		BNP		17,017,447	7/9/2015		299,000		307,513		(8,513	)
Singapore Dollar		WBC		1,229,713	9/16/2015		910,090		912,364		(2,274	)
Singapore Dollar		DB		404,072	9/16/2015		299,000		299,794		(794	)
Singapore Dollar		UBS		1,227,000	9/16/2015		909,259		910,351		(1,092	)
South African Rand		UBS		3,759,177	9/16/2015		297,000		305,017		(8,017	)
South Korean Won		HSBC		665,181,440	7/17/2015		595,000		596,289		(1,289	)
South Korean Won		CITI		665,176,680	7/17/2015		595,000		596,285		(1,285	)
South Korean Won		DB		666,496,509	7/27/2015 - 8/3/2015		597,000		597,430		(430	)
South Korean Won		BNP		661,670,620	7/13/2015 - 7/31/2015		590,116		593,129		(3,013	)
South Korean Won		BB		331,834,239	8/3/2015		297,000		297,442		(442	)
South Korean Won		UBS		1,328,469,630	7/2/2015 - 8/28/2015		1,192,982		1,190,749		2,233
Turkish Lira		RBS		827,079	9/16/2015		300,000		301,828		(1,828	)
Turkish Lira		JPM		841,191	9/16/2015		298,000		306,978		(8,978	)
Total Sales						$	61,233,215	$	60,797,840	$	435,375
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										$	308,563

Counterparty
BOA	-	Bank of America
BB	-	Barclays Bank
BNP	-	BNP Paribas
CITI	-	Citibank
CSFB	-	CS First Boston Corporation
DB	-	Deutsche Bank
HSBC	-	HSBC Securities, Inc.
JPM	-	J.P. Morgan
MSC	-	Morgan Stanley & Company
RBC	-	The Royal Bank of Canada
RBS	-	The Royal Bank of Scotland
SB	-	Standard Bank plc
SSB	-	State Street Bank
UBS	-	UBS Securities, Ltd.
WBC	-	Westpac Banking Corporation

The accompanying Notes to Financial Statements are an integral part of this schedule.

121

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Partner Worldwide Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	145,713
Total Interest Rate Contracts			145,713
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,942
Total Equity Contracts			1,942
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		688,471
Total Foreign Exchange Contracts			688,471
Total Asset Derivatives		$	836,126
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		259,223
Total Interest Rate Contracts			259,223
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		310,025
Total Equity Contracts			310,025
Foreign Exchange Contracts
Forward Contracts	Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		379,908
Total Foreign Exchange Contracts			379,908
Total Liability Derivatives		$	949,156

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Partner Worldwide Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized  Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		549,763
Total Equity Contracts			549,763
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		1,074,104
Total Foreign Exchange Contracts			1,074,104
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		61,320
Total Interest Rate Contracts			61,320
Total		$	1,685,187

The accompanying Notes to Financial Statements are an integral part of this schedule.

122

Partner Worldwide Allocation Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Partner Worldwide Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in  unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		14,876
Total Interest Rate Contracts			14,876
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(356,170	)
Total Equity Contracts			(356,170	)
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		(318,768	)
Total Foreign Exchange Contracts			(318,768	)
Total		($	660,062	)

The following table presents Partner Worldwide Allocation Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Forwards (Notional)*		Forwards (Percentage of Average Net Assets)
Equity Contracts	$	7,512,920		0.4	%		N/A		N/A
Interest Rate Contracts		70,037,969		4.1			N/A		N/A
Foreign Exchange Contracts		N/A		N/A		$	112,665,326		6.7	%

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Worldwide Allocation Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	26,312,891	$	306,926,835	$	318,610,134		14,629,592	$	14,629,592	$	419,113
Cash Management Trust-Short Term Investment		24,293,781		200,512,819		177,608,406		47,198,194		47,198,194		12,636
Total Value and Income Earned		50,606,672								61,827,786		431,749

The accompanying Notes to Financial Statements are an integral part of this schedule.

123

Partner All Cap Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (98.4%)	Value
	Consumer Discretionary (13.1%)
	16,060	Comcast Corporation	$	965,848
	9,800	Delphi Automotive plc		833,882
	10,300	Dollar General Corporation		800,722
	10,000	Foot Locker, Inc.		670,100
	10,200	Harley-Davidson, Inc.		574,770
	9,080	Home Depot, Inc.		1,009,060
	12,450	Jarden Corporationa		644,288
	600	Priceline Group, Inc.a		690,822
	25,120	Service Corporation International		739,282
	5,700	Signet Jewelers, Ltd.		730,968
	20,120	Twenty-First Century Fox, Inc.		654,805
	12,500	Walt Disney Company		1,426,750
	7,160	Wyndham Worldwide Corporation		586,476
		Total		10,327,773
	Consumer Staples (8.1%)
	5,800	Constellation Brands, Inc.		672,916
	10,760	CVS Health Corporation		1,128,509
	17,600	Diamond Foods, Inc.a		552,288
	9,450	Estee Lauder Companies, Inc.		818,937
	22,500	Mondelez International, Inc.		925,650
	4,200	Monster Beverage Corporationa		562,884
	17,810	Natural Grocers by Vitamin Cottage, Inc.a		438,482
	10,700	Reynolds American, Inc.		798,862
	61,200	Rite Aid Corporationa		511,020
		Total		6,409,548
	Energy (6.9%)
	12,160	Chevron Corporation		1,173,075
	7,990	Dril-Quip, Inc.a		601,248
	7,580	EQT Corporation		616,557
	6,320	FMC Technologies, Inc.a		262,217
	9,130	Hess Corporation		610,614
	10,040	Marathon Petroleum Corporation		525,192
	8,950	Occidental Petroleum Corporation		696,042
	11,400	Schlumberger, Ltd.		982,566
		Total		5,467,511
	Financials (17.7%)
	9,700	Aflac, Inc.		603,340
	13,700	American International Group, Inc.		846,934
	72,580	Bank of America Corporation		1,235,312
	38,100	Boston Private Financial Holdings, Inc.		510,921
	7,900	Boston Properties, Inc.		956,216
	13,920	Capital One Financial Corporation		1,224,542
	26,200	CBRE Group, Inc.a		969,400
	32,400	Citigroup, Inc.		1,789,776
	13,600	Invesco, Ltd.		509,864
	56,800	KeyCorp		853,136
	10,600	Lazard, Ltd.		596,144
	3,120	M&T Bank Corporation		389,782
	9,390	McGraw-Hill Financial, Inc.		943,225
	14,800	NASDAQ OMX Group, Inc.		722,388
	81,260	Regions Financial Corporation		841,854
	5,770	Reinsurance Group of America, Inc.		547,400
	4,000	SL Green Realty Corporation		439,560
		Total		13,979,794
	Health Care (15.0%)
	8,000	Aetna, Inc.		1,019,680
	8,610	Air Methods Corporationa		355,937
	15,900	Akorn, Inc.a		694,194
	8,090	BioMarin Pharmaceutical, Inc.a		1,106,550
	14,180	Bristol-Myers Squibb Company		943,537
	8,490	Endo International plca		676,229
	10,090	HCA Holdings, Inc.a		915,365
	4,200	McKesson Corporation		944,202
	4,630	Medivation, Inc.a		528,746
	10,800	Medtronic, Inc.		800,280
	4,000	Receptos, Inc.a		760,200
	2,900	Shire Pharmaceuticals Group plc ADR		700,321
	4,863	Valeant Pharmaceuticals International, Inc.a		1,080,315
	6,100	Vertex Pharmaceuticals, Inc.a		753,228
	21,200	Wright Medical Group, Inc.a		556,712
		Total		11,835,496
	Industrials (10.7%)
	7,320	Alaska Air Group, Inc.		471,628
	16,750	Danaher Corporation		1,433,633
	8,320	FedEx Corporation		1,417,728
	6,390	Genesee & Wyoming, Inc.a		486,790
	9,810	IDEX Corporation		770,870
	19,600	Ingersoll-Rand plc		1,321,432
	11,890	Manpower, Inc.		1,062,728
	9,410	US Airways Group, Inc.		375,788
	8,750	WABCO Holdings, Inc.a		1,082,550
		Total		8,423,147
	Information Technology (18.9%)
	16,470	Adobe Systems, Inc.a		1,334,235
	13,400	Analog Devices, Inc.		860,079
	16,440	Apple, Inc.		2,061,987
	2,800	Avago Technologies, Ltd.		372,204
	9,080	Cavium, Inc.a		624,795
	23,120	Facebook, Inc.a		1,982,887
	27,700	Gogo, Inc.a,b		593,611
	3,640	Google, Inc., Class Aa		1,965,745
	2,900	LinkedIn Corporationa		599,227
	15,940	Monolithic Power Systems, Inc.		808,317
	7,900	NXP Semiconductors NVa		775,780
	35,880	Oracle Corporation		1,445,964
	6,400	QLIK Technologies, Inc.a		223,744
	6,700	Salesforce.com, Inc.a		466,521
	19,240	Total System Services, Inc.		803,655
		Total		14,918,751
	Materials (3.4%)
	5,440	Ashland, Inc.		663,136
	9,530	Eagle Materials, Inc.		727,425
	6,500	Ecolab, Inc.		734,955
	9,420	Rock-Tenn Company		567,084
		Total		2,692,600
	Telecommunications Services (1.9%)
	7,710	SBA Communications Corporationa		886,418
	15,510	T-Mobile US, Inc.a		601,323
		Total		1,487,741
	Utilities (2.7%)
	18,300	American Electric Power Company, Inc.		969,351
	6,740	Atmos Energy Corporation		345,627

The accompanying Notes to Financial Statements are an integral part of this schedule.

124

Partner All Cap Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (98.4%)	Value
	Utilities (2.7%) - continued
	35,000	NRG Energy, Inc.	$	800,800
		Total		2,115,778
		Total Common Stock (cost $68,624,410)		77,658,139
		Collateral Held for Securities Loaned (0.7%)
	588,625	Thrivent Cash Management Trust		588,625
		Total Collateral Held for Securities Loaned (cost $588,625)		588,625
Shares or Principal Amount		Short-Term Investments (4.6%)c
		Thrivent Cash Management Trust
	3,595,709	0.070%		3,595,709
		Total Short-Term Investments (at amortized cost)		3,595,709
		Total Investments (cost $72,808,744) 103.7%	$	81,842,473
		Other Assets and Liabilities, Net (3.7%)		(2,929,864	)
		Total Net Assets 100.0%	$	78,912,609

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

ADR - American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	10,779,985
Gross unrealized depreciation		(1,756,499	)
Net unrealized appreciation (depreciation)	$	9,023,486
Cost for federal income tax purposes	$	72,818,987

The accompanying Notes to Financial Statements are an integral part of this schedule.

125

Partner All Cap Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner All Cap Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		10,327,773		10,327,773		—		—
Consumer Staples		6,409,548		6,409,548		—		—
Energy		5,467,511		5,467,511		—		—
Financials		13,979,794		13,979,794		—		—
Health Care		11,835,496		11,835,496		—		—
Industrials		8,423,147		8,423,147		—		—
Information Technology		14,918,751		14,918,751		—		—
Materials		2,692,600		2,692,600		—		—
Telecommunications Services		1,487,741		1,487,741		—		—
Utilities		2,115,778		2,115,778		—		—
Collateral Held for Securities Loaned		588,625		588,625		—		—
Short-Term Investments		3,595,709		3,595,709		—		—
Total	$	81,842,473	$	81,842,473	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner All Cap Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015  - June 30, 2015
Cash Management Trust-Collateral Investment	$	532,657	$	6,714,653	$	6,658,685		588,625	$	588,625	$	9,662
Cash Management Trust-Short Term Investment		1,141,464		10,851,175		8,396,930		3,595,709		3,595,709		467
Total Value and Income Earned		1,674,121								4,184,334		10,129

The accompanying Notes to Financial Statements are an integral part of this schedule.

126

Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (94.7%)	Value
	Consumer Discretionary (22.4%)
	121,204	Amazon.com, Inc.a	$	52,613,444
	23,160	AutoZone, Inc.a		15,445,404
	597,089	Comcast Corporation		35,908,933
	253,160	Home Depot, Inc.		28,133,671
	206,370	Las Vegas Sands Corporation		10,848,871
	360,720	NIKE, Inc.		38,964,974
	735,030	Starbucks Corporation		39,408,634
	31,600	Tesla Motors, Inc.a,b		8,477,016
		Total		229,800,947
	Energy (6.2%)
	232,550	EOG Resources, Inc.		20,359,753
	241,460	EQT Corporation		19,640,356
	1,975,241	Weatherford International, Ltd.a		24,236,207
		Total		64,236,316
	Financials (5.3%)
	305,207	Citigroup, Inc.		16,859,635
	79,270	Intercontinental Exchange, Inc.		17,725,565
	297,689	J.P. Morgan Chase & Company		20,171,406
		Total		54,756,606
	Health Care (18.6%)
	594,170	Abbott Laboratories		29,161,864
	121,540	Actavis, Inc.a		36,882,528
	176,720	Alexion Pharmaceuticals, Inc.a		31,945,674
	419,361	Cerner Corporationa		28,961,071
	396,960	Gilead Sciences, Inc.		46,476,077
	141,355	Vertex Pharmaceuticals, Inc.a		17,454,515
		Total		190,881,729
	Industrials (6.7%)
	542,350	Delta Air Lines, Inc.		22,279,738
	299,940	Ingersoll-Rand plc		20,221,955
	277,060	Union Pacific Corporation		26,423,212
		Total		68,924,905
	Information Technology (35.5%)
	277,740	Alibaba Group Holding, Ltd. ADRa		22,849,670
	561,887	Apple, Inc.		70,474,677
	354,750	ARM Holdings plc ADR		17,478,533
	680,260	EMC Corporation		17,952,061
	591,820	Facebook, Inc.a		50,757,442
	52,809	Google, Inc., Class Aa		28,518,972
	50,140	Google, Inc., Class Ca		26,098,371
	122,240	LinkedIn Corporationa		25,258,451
	143,860	MasterCard, Inc.		13,448,033
	388,660	Salesforce.com, Inc.a		27,062,396
	24,227	Samsung Electronics Company, Ltd. GDR		13,821,504
	753,440	Visa, Inc.		50,593,496
		Total		364,313,606
		Total Common Stock (cost $763,786,699)		972,914,109
		Collateral Held for Securities Loaned (0.8%)
	8,453,000	Thrivent Cash Management Trust		8,453,000
		Total Collateral Held for Securities Loaned (cost $8,453,000)		8,453,000
Shares or Principal Amount		Short-Term Investments (5.4%)c
		Federal Home Loan Bank Discount Notes
	1,000,000	0.065%, 7/7/2015d		999,989
	1,300,000	0.065%, 8/14/2015d		1,299,897
		Federal National Mortgage Association Discount Notes
	800,000	0.060%, 7/15/2015d		799,981
		Thrivent Cash Management Trust
	51,739,162	0.070%		51,739,162
		Total Short-Term Investments (at amortized cost)		54,839,029
		Total Investments (cost $827,078,728) 100.9%	$	1,036,206,138
		Other Assets and Liabilities, Net (0.9%)		(9,080,051	)
		Total Net Assets 100.0%	$	1,027,126,087

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d At June 30, 2015, $3,099,867 of investments were 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.
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.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	222,760,200
Gross unrealized depreciation		(13,646,153	)
Net unrealized appreciation (depreciation)	$	209,114,047
Cost for federal income tax purposes	$	827,092,091

The accompanying Notes to Financial Statements are an integral part of this schedule.

127

Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Large Cap Growth Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		229,800,947		229,800,947		—		—
Energy		64,236,316		64,236,316		—		—
Financials		54,756,606		54,756,606		—		—
Health Care		190,881,729		190,881,729		—		—
Industrials		68,924,905		68,924,905		—		—
Information Technology		364,313,606		364,313,606		—		—
Collateral Held for Securities Loaned		8,453,000		8,453,000		—		—
Short-Term Investments		54,839,029		51,739,162		3,099,867		—
Total	$	1,036,206,138	$	1,033,106,271	$	3,099,867	$	—
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		345,679		345,679		—		—
Total Liability Derivatives	$	345,679	$	345,679	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

	Number of				Notional
	Contracts				Principal				Unrealized
Futures Contracts	Long/(Short)		Expiration Date		Amount		Value		Gain/(Loss)
Eurex EURO STOXX 50 Futures		743		September 2015	$	28,840,405	$	28,494,726	($	345,679	)
Total Futures Contracts									($	345,679	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Large Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	345,679
Total Equity Contracts			345,679
Total Liability Derivatives		$	345,679

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Large Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		4,849,570
Total Equity Contracts			4,849,570
Total		$	4,849,570

The accompanying Notes to Financial Statements are an integral part of this schedule.

128

Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Large Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(1,708,154	)
Total Equity Contracts			(1,708,154	)
Total		($	1,708,154	)

The following table presents Large Cap Growth Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	28,868,252		2.8	%

* Notional amount represents long or short, or both, derivative positions held by the Portfolio.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Large Cap Growth Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	1,559,250	$	130,786,150	$	123,892,400		8,453,000	$	8,453,000	$	8,082
Cash Management Trust-Short Term Investment		50,516,790		72,245,883		71,023,511		51,739,162		51,739,162		17,944
Total Value and Income Earned		52,076,040								60,192,162		26,026

The accompanying Notes to Financial Statements are an integral part of this schedule.

129

Partner Growth Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (98.8%)	Value
	Consumer Discretionary (24.9%)
	9,830	Amazon.com, Inc.a	$	4,267,105
	1,520	AutoZone, Inc.a		1,013,688
	6,400	BorgWarner, Inc.		363,776
	11,000	CarMax, Inc.a		728,310
	800	Chipotle Mexican Grill, Inc.a		483,992
	5,600	Delphi Automotive plc		476,504
	166	Flipkart, Ltd.*,a,b		23,612
	843	Flipkart, Ltd. Series G Preference Shares*,a,b		119,908
	27,700	Hanesbrands, Inc.		922,964
	5,400	Home Depot, Inc.		600,102
	12,100	JD.com, Inc.a		412,610
	8,500	Las Vegas Sands Corporation		446,845
	16,000	Lowe’s Companies, Inc.		1,071,520
	40,070	MGM Resorts Internationala		731,277
	1,000	Netflix, Inc.a		656,940
	5,500	NIKE, Inc.		594,110
	2,460	Priceline Group, Inc.a		2,832,370
	9,700	Ross Stores, Inc.		471,517
	2,800	Sherwin-Williams Company		770,056
	19,500	Starbucks Corporation		1,045,493
	4,700	Tesla Motors, Inc.a,c		1,260,822
	10,400	Tractor Supply Company		935,376
	2,900	Under Armour, Inc.a		241,976
	35,600	Vipshop Holdings, Ltd. ADRa,c		792,100
	12,700	Walt Disney Company		1,449,578
	1,150	Wynn Resorts, Ltd.		113,471
		Total		22,826,022
	Consumer Staples (2.7%)
	2,600	Costco Wholesale Corporation		351,156
	9,100	CVS Health Corporation		954,408
	4,200	Estee Lauder Companies, Inc.		363,972
	9,800	Walgreens Boots Alliance, Inc.		827,512
		Total		2,497,048
	Energy (1.4%)
	1,500	Concho Resources, Inc.a		170,790
	4,300	Continental Resources, Inc.a		182,277
	4,700	EQT Corporation		382,298
	1,900	Pioneer Natural Resources Company		263,511
	4,925	Range Resources Corporation		243,196
		Total		1,242,072
	Financials (6.0%)
	15,300	American Tower Corporation		1,427,337
	1,100	BlackRock, Inc.		380,578
	9,500	Crown Castle International Corporation		762,850
	2,900	Intercontinental Exchange, Inc.		648,469
	29,700	Morgan Stanley		1,152,063
	8,000	State Street Corporation		616,000
	13,700	TD Ameritrade Holding Corporation		504,434
		Total		5,491,731
	Health Care (24.0%)
	3,082	AbbVie, Inc.		207,080
	7,467	Actavis, Inc.a		2,265,936
	9,800	Alexion Pharmaceuticals, Inc.a		1,771,546
	500	Alnylam Pharmaceuticals, Inc.a		59,935
	5,800	Anthem, Inc.		952,012
	4,310	Biogen, Inc.a		1,740,981
	4,600	BioMarin Pharmaceutical, Inc.a		629,188
	9,900	Bristol-Myers Squibb Company		658,746
	12,400	Celgene Corporationa		1,435,114
	4,400	CIGNA Corporation		712,800
	17,840	Gilead Sciences, Inc.		2,088,707
	4,300	Humana, Inc.		822,504
	7,000	Incyte Corporationa		729,470
	2,350	Intuitive Surgical, Inc.a		1,138,575
	8,800	McKesson Corporation		1,978,328
	1,600	Regeneron Pharmaceuticals, Inc.a		816,208
	8,400	UnitedHealth Group, Inc.		1,024,800
	10,700	Valeant Pharmaceuticals International, Inc.a		2,377,005
	5,200	Vertex Pharmaceuticals, Inc.a		642,096
		Total		22,051,031
	Industrials (11.0%)
	10,600	Boeing Company		1,470,432
	2,900	Canadian Pacific Railway, Ltd.		464,667
	27,800	Danaher Corporation		2,379,402
	4,500	FedEx Corporation		766,800
	8,700	Flowserve Corporation		458,142
	1,200	IHS, Inc.a		154,356
	3,100	JB Hunt Transport Services, Inc.		254,479
	4,100	Precision Castparts Corporation		819,467
	5,800	Roper Industries, Inc.		1,000,268
	7,500	United Continental Holdings, Inc.a		397,575
	29,200	US Airways Group, Inc.		1,166,102
	8,100	Wabtec Corporation		763,344
		Total		10,095,034
	Information Technology (28.0%)
	2,100	58.com, Inc.a		134,526
	4,400	Akamai Technologies, Inc.a		307,208
	16,672	Alibaba Group Holding, Ltd. ADRa		1,371,605
	20,300	Apple, Inc.		2,546,128
	2,480	ASML Holding NVc		258,242
	6,100	Baidu.com, Inc. ADRa		1,214,388
	26,300	Facebook, Inc.a		2,255,620
	6,200	Fiserv, Inc.a		513,546
	4,300	Google, Inc., Class Aa		2,322,172
	4,611	Google, Inc., Class Ca		2,400,072
	4,000	LinkedIn Corporationa		826,520
	22,900	MasterCard, Inc.		2,140,692
	43,700	Microsoft Corporation		1,929,355
	8,900	Mobileye NVa		473,213
	4,400	NetSuite, Inc.a		403,700
	1,300	Palo Alto Networks, Inc.a		227,110
	7,400	Pandora Media, Inc.a		114,996
	6,600	Red Hat, Inc.a		501,138
	18,800	Salesforce.com, Inc.a		1,309,044
	7,400	ServiceNow, Inc.a		549,894
	41,400	Tencent Holdings, Ltd.		827,856
	39,800	Visa, Inc.		2,672,570
	4,400	Workday, Inc.a		336,116
		Total		25,635,711
	Materials (0.8%)
	3,500	Ashland, Inc.		426,650
	2,000	Martin Marietta Materials, Inc.		283,020
		Total		709,670
		Total Common Stock (cost $53,385,804)		90,548,319

The accompanying Notes to Financial Statements are an integral part of this schedule.

130

Partner Growth Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Preferred Stock (0.6%)	Value
	Consumer Discretionary (0.6%)
	2,943	AirBNB, Inc.*,a,b	$	273,977
	7,282	Dropbox, Inc., Class A*,a,b		139,095
	58	Flipkart, Ltd. Series A Preference Shares*,a,b		8,250
	100	Flipkart, Ltd. Series C Preference Shares*,a,b		14,224
	187	Flipkart, Ltd. Series E Preference Shares*,a,b		26,599
	760	Flipkart, Ltd. Series H Preference Shares*,a,b		108,102
		Total		570,247
	Information Technology (<0.1%)
	4,432	LivingSocial.com, Convertible*,a,b		811
		Total		811
		Total Preferred Stock (cost $440,428)		571,058
		Collateral Held for Securities Loaned (2.4%)
	2,241,300	Thrivent Cash Management Trust		2,241,300
		Total Collateral Held for Securities Loaned (cost $2,241,300)		2,241,300
Shares or Principal Amount		Short-Term Investments (1.3%)d
		Thrivent Cash Management Trust
	1,206,432	0.070%		1,206,432
		Total Short-Term Investments (at amortized cost)		1,206,432
		Total Investments (cost $57,273,964) 103.1%	$	94,567,109
		Other Assets and Liabilities, Net (3.1%)		(2,873,233	)
		Total Net Assets 100.0%	$	91,693,876

a Non-income producing security.

b Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

c All or a portion of the security is on loan.

d The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

* Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Partner Growth Stock Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
AirBNB, Inc.		4/16/2014	$	119,819
Dropbox, Inc., Class A		11/7/2014		139,095
Flipkart, Ltd.		3/19/2015		18,924
Flipkart, Ltd. Series A Preference Shares		3/19/2015		6,612
Flipkart, Ltd. Series C Preference Shares		3/19/2015		11,400
Flipkart, Ltd. Series E Preference Shares		3/19/2015		21,318
Flipkart, Ltd. Series G Preference Shares		12/17/2014		100,958
Flipkart, Ltd. Series H Preference Shares		4/17/2015		108,102
LivingSocial.com, Convertible		11/18/2011		34,082

Definitions:

ADR - American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	37,896,810
Gross unrealized depreciation		(675,292	)
Net unrealized appreciation (depreciation)	$	37,221,518
Cost for federal income tax purposes	$	57,345,591

The accompanying Notes to Financial Statements are an integral part of this schedule.

131

Partner Growth Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Partner Growth Stock Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		22,826,022		22,682,502		—		143,520
Consumer Staples		2,497,048		2,497,048		—		—
Energy		1,242,072		1,242,072		—		—
Financials		5,491,731		5,491,731		—		—
Health Care		22,051,031		22,051,031		—		—
Industrials		10,095,034		10,095,034		—		—
Information Technology		25,635,711		24,807,855		827,856		—
Materials		709,670		709,670		—		—
Preferred Stock
Consumer Discretionary		570,247		—		—		570,247
Information Technology		811		—		—		811
Collateral Held for Securities Loaned		2,241,300		2,241,300		—		—
Short-Term Investments		1,206,432		1,206,432		—		—
Total	$	94,567,109	$	93,024,675	$	827,856	$	714,578

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Partner Growth Stock Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June  30, 2015
Cash Management Trust-Collateral Investment	$	2,334,117	$	13,616,963	$	13,709,780		2,241,300	$	2,241,300	$	2,943
Cash Management Trust-Short Term Investment		1,258,543		8,832,646		8,884,757		1,206,432		1,206,432		388
Total Value and Income Earned		3,592,660								3,447,732		3,331

The accompanying Notes to Financial Statements are an integral part of this schedule.

132

Large Cap Value Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (99.2%)	Value
	Consumer Discretionary (10.1%)
	212,530	CBS Corporation	$	11,795,415
	586,750	Comcast Corporation		35,287,145
	175,840	Delphi Automotive plc		14,962,226
	384,700	Harley-Davidson, Inc.		21,677,845
	578,100	Lowe’s Companies, Inc.		38,715,357
		Total		122,437,988
	Consumer Staples (6.8%)
	416,070	CVS Health Corporation		43,637,422
	110,500	Kimberly-Clark Corporation		11,709,685
	408,872	Mondelez International, Inc.		16,820,994
	124,109	Philip Morris International, Inc.		9,949,818
		Total		82,117,919
	Energy (10.7%)
	279,400	Cameron International Corporationa		14,632,178
	144,375	Chevron Corporation		13,927,856
	214,138	EOG Resources, Inc.		18,747,782
	234,769	EQT Corporation		19,096,110
	750,651	Marathon Oil Corporation		19,922,278
	499,700	Total SA ADRb		24,570,249
	1,572,000	Weatherford International, Ltd.a		19,288,440
		Total		130,184,893
	Financials (24.3%)
	115,980	ACE, Ltd.		11,792,846
	202,330	Allstate Corporation		13,125,147
	2,074,990	Bank of America Corporation		35,316,330
	379,900	Blackstone Group, LP		15,526,513
	348,300	Capital One Financial Corporation		30,639,951
	414,750	Charles Schwab Corporation		13,541,588
	856,150	Citigroup, Inc.		47,293,726
	401,600	Comerica, Inc.		20,610,112
	57,400	Intercontinental Exchange, Inc.		12,835,214
	562,960	Invesco, Ltd.		21,105,370
	594,920	MetLife, Inc.		33,309,571
	763,360	Morgan Stanley		29,610,734
	308,300	Zions Bancorporation		9,783,901
		Total		294,491,003
	Health Care (14.7%)
	125,900	Amgen, Inc.		19,328,168
	340,190	Baxter International, Inc.		23,789,487
	172,300	Express Scripts Holding Companya		15,324,362
	74,735	Johnson & Johnson		7,283,673
	264,140	Medtronic, Inc.		19,572,774
	751,700	Merck & Company, Inc.		42,794,281
	655,000	Pfizer, Inc.		21,962,150
	225,347	UnitedHealth Group, Inc.		27,492,334
		Total		177,547,229
	Industrials (8.9%)
	98,100	Boeing Company		13,608,432
	751,200	CSX Corporation		24,526,680
	190,000	Fluor Corporation		10,071,900
	203,840	Honeywell International, Inc.		20,785,565
	261,800	Ingersoll-Rand plc		17,650,556
	206,600	Jacobs Engineering Group, Inc.a		8,392,092
	180,440	Pentair, Ltd.		12,405,250
		Total		107,440,475
	Information Technology (15.3%)
	1,833,790	Cisco Systems, Inc.		50,355,873
	598,800	EMC Corporation		15,802,332
	23,050	Google, Inc., Class Ca		11,997,756
	547,510	Microsoft Corporation		24,172,566
	666,600	Oracle Corporation		26,863,980
	35,950	Samsung Electronics Company, Ltd. GDR		20,509,475
	389,750	Teradata Corporationa		14,420,750
	404,890	Texas Instruments, Inc.		20,855,884
		Total		184,978,616
	Materials (3.3%)
	188,000	Celanese Corporation		13,513,440
	282,980	Dow Chemical Company		14,480,087
	274,190	Nucor Corporation		12,083,553
		Total		40,077,080
	Telecommunications Services (1.8%)
	464,714	Verizon Communications, Inc.		21,660,320
		Total		21,660,320
	Utilities (3.3%)
	227,690	NiSource, Inc.		10,380,387
	615,880	PG&E Corporation		30,239,708
		Total		40,620,095
		Total Common Stock (cost $921,871,796)		1,201,555,618
		Collateral Held for Securities Loaned (1.0%)
	12,423,600	Thrivent Cash Management Trust		12,423,600
		Total Collateral Held for Securities Loaned (cost $12,423,600)		12,423,600
Shares or Principal Amount		Short-Term Investments (0.7%)c
		Thrivent Cash Management Trust
	8,012,246	0.070%		8,012,246
		Total Short-Term Investments (at amortized cost)		8,012,246
		Total Investments (cost $942,307,642) 100.9%	$	1,221,991,464
		Other Assets and Liabilities, Net (0.9%)		(10,807,759	)
		Total Net Assets 100.0%	$	1,211,183,705

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.

The accompanying Notes to Financial Statements are an integral part of this schedule.

133

Large Cap Value Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	298,949,239
Gross unrealized depreciation		(19,702,236	)
Net unrealized appreciation (depreciation)	$	279,247,003
Cost for federal income tax purposes	$	942,744,461

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Large Cap Value Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		122,437,988		122,437,988		—		—
Consumer Staples		82,117,919		82,117,919		—		—
Energy		130,184,893		130,184,893		—		—
Financials		294,491,003		294,491,003		—		—
Health Care		177,547,229		177,547,229		—		—
Industrials		107,440,475		107,440,475		—		—
Information Technology		184,978,616		184,978,616		—		—
Materials		40,077,080		40,077,080		—		—
Telecommunications Services		21,660,320		21,660,320		—		—
Utilities		40,620,095		40,620,095		—		—
Collateral Held for Securities Loaned		12,423,600		12,423,600		—		—
Short-Term Investments		8,012,246		8,012,246		—		—
Total	$	1,221,991,464	$	1,221,991,464	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Large Cap Value Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June  30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	37,144,725	$	75,824,425	$	100,545,550		12,423,600	$	12,423,600	$	35,647
Cash Management Trust-Short Term Investment		20,638,983		52,098,580		64,725,317		8,012,246		8,012,246		5,722
Total Value and Income Earned		57,783,708								20,435,846		41,369

The accompanying Notes to Financial Statements are an integral part of this schedule.

134

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (88.9%)	Value
	Consumer Discretionary (12.0%)
	3,600	ABC-MART, Inc.	$	220,329
	20,500	Aisin Seiki Company, Ltd.		871,645
	36,412	Amazon.com, Inc.a		15,806,085
	25,540	AutoZone, Inc.a		17,032,626
	4,700	Bayerische Motoren Werke AG		397,964
	23,200	Berkeley Group Holdings plc		1,219,127
	5,800	Brembo SPA		247,430
	6,800	Bridgestone Corporation		251,346
	9,300	Chiyoda Company, Ltd.		218,275
	246,200	Comcast Corporation		14,806,468
	89,300	Crown Resorts, Ltd.		839,063
	3,300	Daiichikosho Company, Ltd.		116,142
	100,900	EDION Corporationb		714,343
	26,300	Electrolux AB		824,061
	586,005	Enterprise Inns plca		1,142,271
	71,000	Gunze, Ltd.		194,201
	62,500	Hakuhodo Dy Holdings, Inc.		668,402
	38,500	Haseko Corporation		453,495
	35,200	Heiwa Corporation		700,696
	64,500	Honda Motor Company, Ltd.		2,084,630
	2,100	Hugo Boss AG		234,772
	33,800	Informa plc		290,289
	38,800	JM AB		1,057,481
	279,043	Kongsberg Automotive ASAa		193,830
	215,175	Las Vegas Sands Corporation		11,311,750
	48,000	Luk Fook Holdings International, Ltd.		141,349
	199,900	Marston’s plc		504,741
	42,800	NOK Corporation		1,326,107
	58,400	Persimmon plc		1,811,905
	20,500	Premier Investments, Ltd.		201,567
	18,300	SES SA		615,210
	19,100	SHOWA Corporation		190,063
	29,050	Slater & Gordon, Ltd.		79,260
	414,920	Starbucks Corporation		22,245,936
	55,100	Sumitomo Forestry Company, Ltd.		679,498
	14,700	Sumitomo Rubber Industries, Ltd.		227,708
	68,900	UBM plc		578,916
	4,906	Valora Holding AG		963,864
	34,000	Wacoal Holdings Corporation		397,349
	36,600	WH Smith plc		877,728
	45,000	WPP plc		1,010,072
		Total		103,747,994
	Consumer Staples (5.9%)
	10,600	AarhusKarlshamn AB		627,823
	28,500	Axfood AB		454,972
	7,700	Bakkafrost PF		205,331
	59,383	Britvic plc		669,046
	2,400	Carlsberg AS		217,454
	2,300	Casino Guichard Perrachon SA		174,576
	12,800	Coca-Cola HBC AGa		274,701
	5,119	Cranswick plc		128,369
	98,600	CVS Health Corporation		10,341,168
	101	Greencore Group plc		498
	8,800	Henkel AG & Company KGaA		839,134
	49,473	J Sainsbury plc		205,941
	129,700	Kimberly-Clark Corporation		13,744,309
	113,000	Koninklijke Ahold NV		2,121,315
	5,100	KOSE Corporation		419,439
	2,400	Milbon Company, Ltd.		76,370
	47,800	Nestle SA		3,448,800
	168,285	Philip Morris International, Inc.		13,491,408
	3,489	Reckitt Benckiser Group plc		300,870
	5,400	Royal Unibrew AS		184,567
	46,427	SalMar ASA		680,928
	31,500	Suedzucker AGb		524,661
	46,700	Swedish Match AB		1,327,710
	60,027	Tate & Lyle plc		489,976
		Total		50,949,366
	Energy (7.7%)
	27,777	BW LPG, Ltd.		237,507
	254,711	BW Offshore, Ltd.		164,204
	178,890	Cameron International Corporationa		9,368,469
	83,540	EOG Resources, Inc.		7,313,927
	79,500	EQT Corporation		6,466,530
	83,000	ERG SPA		995,652
	368,850	Marathon Oil Corporation		9,789,279
	20,112	Royal Dutch Shell plc		571,984
	94,007	Royal Dutch Shell plc, Class B		2,676,412
	39,200	Showa Shell Sekiyu KK		342,512
	26,521	Statoil ASA		474,275
	18,600	Total SA		912,350
	104,890	Total SA ADRb		5,157,441
	1,718,010	Weatherford International, Ltd.a		21,079,983
	25,000	Woodside Petroleum, Ltd.		659,668
	60,700	WorleyParsons, Ltd.		487,348
		Total		66,697,541
	Financials (17.2%)
	91,880	ACE, Ltd.		9,342,358
	39,200	Allianz SE		6,113,295
	198,314	Amlin plc		1,483,791
	57,400	Bank Hapoalim, Ltd.		308,924
	225,134	Bank of America Corporation		3,831,781
	68,706	Bank of Queensland, Ltd.		676,031
	180,000	Bank of Yokohama, Ltd.		1,102,315
	30,500	Bendigo and Adelaide Bank, Ltd.		288,398
	108,000	BinckBank NV		1,030,644
	170,770	Blackstone Group, LP		6,979,370
	4,800	Bolsas y Mercados Espanoles SA		194,554
	79,710	Capital One Financial Corporation		7,012,089
	47,716	Capital Shopping Centres Group plc		230,498
	147,900	Capitaland Commercial Trusta		171,177
	142,400	CapitaMall Trusta		227,140
	45,000	Chiba Bank, Ltd.		342,666
	293,980	Citigroup, Inc.		16,239,455
	45,700	CNP Assurances		764,871
	127,450	Comerica, Inc.		6,540,734
	6,373	Commonwealth Bank of Australia		417,923
	15,100	Daito Trust Construction Company, Ltd.		1,562,779
	80	Daiwa House Residential Investment Corporationb		181,330
	57,000	Daiwa Securities Group, Inc.		426,400
	8,950	Delta Lloyd NV		146,925
	93,100	DEXUS Property Group		523,875
	175,266	Direct Line Insurance Group plc		925,145
	46,122	DnB ASA		768,098
	4,100	Eurocommercial Properties NV		171,646
	110,000	FlexiGroup, Ltd.b		246,712
	131,400	Frasers Centrepoint Trust		200,918
	276,000	Fukuoka Financial Group, Inc.		1,430,538
	18,159	Hamborner REIT AGb		176,432
	18,159	Hamborner REIT AG Rightsa,b		1,134
	18,100	Hannover Rueckversicherung SE		1,751,842
	66,000	Henderson Land Development Company, Ltd.		451,172
	871,200	HSBC Holdings plc		7,801,036
	40,200	Hufvudstaden AB		489,032
	303,000	Hysan Development Company, Ltd.		1,312,135

The accompanying Notes to Financial Statements are an integral part of this schedule.

135

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (88.9%)	Value
	Financials (17.2%) - continued
	10,378	IG Group Holdings plc	$	121,644
	50,100	Intercontinental Exchange, Inc.		11,202,861
	169,241	Intermediate Capital Group plc		1,462,020
	255,760	Invesco, Ltd.		9,588,442
	194,000	Investec plc		1,743,076
	345,249	J.P. Morgan Chase & Company		23,394,072
	52	Japan Prime Realty Investment Corporation		161,453
	4,200	Julius Baer Group, Ltd.		235,679
	231,000	Link REIT		1,351,797
	9,900	Muenchener Rueckversicherungs-Gesellschaft AG		1,755,218
	1,381,000	New World Development Company, Ltd.		1,804,480
	67,300	Resona Holdings, Inc.		367,063
	4,200	Sampo Oyj		197,934
	7,700	Schroders plc		384,203
	52,434	SEGRO plc		334,076
	176,200	Skandinaviska Enskilda Banken AB		2,253,835
	400	St. Galler Kantonalbank AG		147,388
	399,302	Stockland		1,260,887
	205,000	Sumitomo Mitsui Trust Holdings, Inc.		937,793
	1,300	Swiss Life Holding AG		297,675
	42,100	Swiss Re AG		3,726,808
	6,000	Talanx AG		184,161
	7,700	TRYG AS		160,545
	96,300	UNIQA Insurance Group AG		868,807
	116,217	United Overseas Bank, Ltd.		1,988,354
	22,400	Wallenstam AB		159,185
	5,400	Zurich Insurance Group AG		1,643,920
		Total		149,598,539
	Health Care (14.2%)
	28,400	Actavis, Inc.a		8,618,264
	2,900	Actelion, Ltd.		424,709
	42,110	Alexion Pharmaceuticals, Inc.a		7,612,225
	26,800	Amgen, Inc.		4,114,336
	59,400	AstraZeneca plc		3,759,417
	62,220	Baxter International, Inc.		4,351,045
	2,600	Bayer AG		364,105
	119,900	Cerner Corporationa		8,280,294
	15,600	CSL, Ltd.		1,039,997
	27,900	Essilor International SA		3,342,441
	5,400	Fresenius Medical Care AG & Company		447,047
	4,700	Gerresheimer AG		292,818
	84,619	Gilead Sciences, Inc.		9,907,193
	77,985	GlaxoSmithKline plc		1,621,450
	32,100	Hikma Pharmaceuticals plc		975,053
	4,100	Hogy Medical Company, Ltd.		210,323
	8,527	ICON plca		573,867
	190,660	Johnson & Johnson		18,581,724
	21,000	Kaken Pharmaceutical Company, Ltd.		733,141
	27,500	KYORIN Holdings, Inc.		560,678
	4,300	Lonza Group AG		574,760
	375,090	Merck & Company, Inc.		21,353,874
	23,500	Novartis AG		2,311,471
	5,200	Orpea		364,150
	6,100	Paramount Bed Holdings Company, Ltd.		180,104
	393,290	Pfizer, Inc.		13,187,014
	4,000	Sanofi		395,721
	73,682	Vertex Pharmaceuticals, Inc.a		9,098,253
		Total		123,275,474
	Industrials (7.8%)
	9,100	Aalberts Industries NV		270,589
	17,100	Aida Engineering, Ltd.		187,464
	218,265	Air New Zealand, Ltd.		377,108
	5,800	Airbus Group NV		377,797
	207,700	ALS, Ltd.b		935,986
	99,000	Asahi Glass Company, Ltd.		594,350
	125,530	Boeing Company		17,413,522
	1,700	Bucher Industries AG		422,924
	13,800	COMSYS Holdings Corporation		205,280
	40,300	CTT-Correios de Portugal SA		415,973
	25,000	Dai Nippon Printing Company, Ltd.		257,971
	271,070	Delta Air Lines, Inc.		11,135,556
	39,400	Deutsche Post AG		1,151,243
	58,500	Fenner plc		190,479
	600	Flughafen Zuerich AG		464,464
	4,500	Fraport AG Frankfurt Airport Services Worldwide		282,656
	500	Georg Fischer AG		343,730
	8,700	Go-Ahead Group plc		360,086
	14,600	Hamburger Hafen und Logistik AG		295,190
	2,800	Hoshizaki Electric Company, Ltd.		164,695
	12,200	Inaba Denki Sangyo Company, Ltd.		424,408
	47,300	Intrum Justitia AB		1,432,391
	106,900	ITOCHU Corporation		1,411,851
	4,529	Jardine Matheson Holdings, Ltd.		256,760
	2,900	Jungheinrich AG		196,547
	4,800	Kanamoto Company, Ltd.		121,686
	57,100	KITZ Corporation		285,333
	61,000	Komatsu, Ltd.		1,223,862
	19,900	KONE Oyjb		807,744
	12,600	Koninklijke Boskalis Westminster NV		618,506
	22,400	MIRAIT Holdings Corporation		261,036
	25,000	Mitsuboshi Belting, Ltd.		198,081
	5,500	NCC AB		167,977
	27,200	Nippon Konpo Unyu Soko Company, Ltd.		474,182
	17,800	Nisshinbo Holdings, Inc.		198,944
	39,800	Nitto Kogyo Corporation		895,720
	76,700	Rentokil Initial plc		178,130
	4,598	Rieter Holding AG		726,846
	93,000	Sandvik AB		1,028,142
	100	Schweiter Technologies AG		80,557
	26,900	Siemens AG		2,721,517
	12,800	Teleperformance SA		904,297
	6,900	TKH Group NV		289,855
	39,000	Toppan Printing Company, Ltd.		326,038
	15,600	Tsubakimoto Chain Company		152,389
	174,690	Union Pacific Corporation		16,660,185
		Total		67,890,047
	Information Technology (15.4%)
	70,480	Alibaba Group Holding, Ltd. ADRa		5,798,390
	15,800	Alps Electric Company, Ltd.		487,264
	306,198	Apple, Inc.		38,404,884
	43,100	Brother Industries, Ltd.		609,716
	81,800	Canon, Inc.		2,653,459
	4,500	Cap Gemini SA		399,225
	66,000	Carsales.com, Ltd.		517,866
	187,750	Cisco Systems, Inc.		5,155,615
	17,344	Dialog Semiconductor plca		937,875
	476,130	EMC Corporation		12,565,071
	87,275	Facebook, Inc.a		7,485,140
	80,300	FUJIFILM Holdings NPV		2,865,748
	24,244	Google, Inc., Class Aa		13,092,730
	24,250	Google, Inc., Class Ca		12,622,367
	21,000	Hitachi Kokusai Electric, Inc.		319,014

The accompanying Notes to Financial Statements are an integral part of this schedule.

136

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (88.9%)	Value
	Information Technology (15.4%) - continued
	10,100	IT Holdings Corporation	$	214,489
	9,200	ITOCHU Techno-Solutions Corporation		229,114
	32,000	NEC Networks & System Integration Corporation		698,266
	6,100	NS Solutions Corporation		201,703
	45,600	Optimal Payments plca		167,645
	4,300	Oracle Corporation Japan		179,765
	5,300	Otsuka Corporation		247,413
	125,510	Salesforce.com, Inc.a		8,739,261
	20,100	Samsung Electronics Company, Ltd. GDR		11,467,050
	21,100	SAP SE		1,478,613
	131,050	Teradata Corporationa		4,848,850
	10,100	Tokyo Electron, Ltd.		641,927
	6,300	Trend Micro, Inc.		215,502
		Total		133,243,962
	Materials (3.5%)
	12,900	APERAMa		522,258
	31,000	Asahi Kasei Corporation		254,280
	76,000	BillerudKorsnas AB		1,194,058
	73,100	Boral, Ltd.		329,306
	32,200	Buzzi Unicem SPA		458,723
	136,850	Celanese Corporation		9,836,778
	82,200	Daicel Corporation		1,054,806
	146,250	Dow Chemical Company		7,483,612
	33,000	DOWA Holdings Company, Ltd.		311,858
	400	EMS-CHEMIE Holding AG		168,998
	400	Givaudan SA		692,522
	8,700	Holmen AB		253,892
	45,000	Kureha Corporation		176,832
	26,600	Mondi plc		572,675
	76,000	Nippon Steel & Sumitomo Metal Corporation		197,057
	373,363	Norsk Hydro ASAb		1,566,979
	9,300	Novozymes AS		441,849
	91,136	OceanaGold Corporation		225,469
	20,900	Outokumpu Oyja		105,297
	76,000	Sumitomo Metal Mining Company, Ltd.		1,155,882
	33,000	Sumitomo Seika Chemicals Company, Ltd.		216,730
	56,900	UPM-Kymmene Oyj		1,006,899
	27,700	Vedanta Resources plc		226,219
	42,624	Yara International ASA		2,221,057
		Total		30,674,036
	Telecommunications Services (1.5%)
	285,900	Bezeq Israel Telecommunication Corporation, Ltd.		486,880
	166,464	BT Group plc		1,178,781
	44,500	Elisa Oyj		1,409,900
	40,100	Freenet AG		1,350,721
	557,005	KCOM Group plc		818,301
	47,000	Nippon Telegraph & Telephone Corporation		1,702,141
	97,200	Orange SA		1,502,166
	23,300	Proximus SA		824,517
	25,800	Tele2 AB		300,451
	803,400	Telstra Corporation, Ltd.		3,802,136
		Total		13,375,994
	Utilities (3.7%)
	739,000	A2A SPA		881,999
	35,500	CLP Holdings, Ltd.		301,717
	32,500	E.ON SE		433,371
	505,000	Electricidade de Portugal SA		1,924,052
	39,400	Enagas SAb		1,072,567
	293,400	Enel SPAb		1,329,778
	17,900	Hokuriku Electric Power Company		266,634
	13,569	National Grid plc		174,643
	285,070	NiSource, Inc.		12,996,341
	64,000	Osaka Gas Company, Ltd.		252,595
	199,010	PG&E Corporation		9,771,391
	186,100	Redes Energeticas Nacionais SGPS SA		520,967
	16,879	Severn Trent plc		551,541
	32,000	Toho Gas Company, Ltd.		189,444
	99,600	United Utilities Group plc		1,395,027
		Total		32,062,067
		Total Common Stock (cost $643,253,870)		771,515,020
		Mutual Funds (0.1%)
	Equity Mutual Funds (<0.1%)
	14,800	iShares MSCI EAFE Index Fund		939,652
		Total		939,652
		Total Mutual Funds (cost $971,577)		939,652
		Collateral Held for Securities Loaned (1.4%)
	12,064,660	Thrivent Cash Management Trust		12,064,660
		Total Collateral Held for Securities Loaned (cost $12,064,660)		12,064,660
Shares or Principal Amount		Short-Term Investments (10.9%)c
		Federal Home Loan Bank Discount Notes
	1,600,000	0.085%, 8/19/2015d		1,599,815
	4,000,000	0.090%, 9/9/2015d		3,999,300
		Federal Home Loan Mortgage Corporation Discount Notes
	4,400,000	0.045%, 7/21/2015d		4,399,890
	200,000	0.070%, 7/24/2015d		199,991
		Federal National Mortgage Association Discount Notes
	7,700,000	0.063%, 7/15/2015d		7,699,812
	1,700,000	0.060%, 8/12/2015d		1,699,881
	75,361,519	Thrivent Cash Management Trust 0.070%		75,361,519
		Total Short-Term Investments (at amortized cost)		94,960,208
		Total Investments (cost $751,250,315) 101.3%	$	879,479,540
		Other Assets and Liabilities, Net (1.3%)		(11,551,040	)
		Total Net Assets 100.0%	$	867,928,500

The accompanying Notes to Financial Statements are an integral part of this schedule.

137

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d At June 30, 2015, $19,365,695 of investments were 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.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	145,114,310
Gross unrealized depreciation		(18,366,592	)
Net unrealized appreciation (depreciation)	$	126,747,718
Cost for federal income tax purposes	$	752,731,822

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Large Cap Stock Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		103,747,994		81,202,865		22,545,129		—
Consumer Staples		50,949,366		37,576,885		13,372,481		—
Energy		66,697,541		59,175,629		7,521,912		—
Financials		149,598,539		94,131,162		55,467,377		—
Health Care		123,275,474		105,678,089		17,597,385		—
Industrials		67,890,047		45,209,263		22,680,784		—
Information Technology		133,243,962		120,179,358		13,064,604		—
Materials		30,674,036		17,320,390		13,353,646		—
Telecommunications Services		13,375,994		—		13,375,994		—
Utilities		32,062,067		22,767,732		9,294,335		—
Mutual Funds
Equity Mutual Funds		939,652		939,652		—		—
Collateral Held for Securities Loaned		12,064,660		12,064,660		—		—
Short-Term Investments		94,960,208		75,361,519		19,598,689		—
Total	$	879,479,540	$	671,607,204	$	207,872,336	$	—
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,529,060		1,529,060		—		—
Total Asset Derivatives	$	1,529,060	$	1,529,060	$	—	$	—
Liability Derivatives
Futures Contracts		3,690,478		3,690,478		—		—
Total Liability Derivatives	$	3,690,478	$	3,690,478	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Principal Amount			Value			Unrealized Gain/(Loss)
Eurex EURO STOXX 50 Futures		2,470		September 2015	$	95,875,910		$	94,726,749		($	1,149,161	)
Mini MSCI EAFE Index Futures		853		September 2015		80,761,417			78,220,100			(2,541,317	)
S&P 500 Index Mini-Futures		(1,016	)	September 2015		(105,892,580	)		(104,363,520	)		1,529,060
Total Futures Contracts											($	2,161,418	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

138

Large Cap Stock Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Large Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,529,060
Total Equity Contracts			1,529,060
Total Asset Derivatives		$	1,529,060
Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		3,690,478
Total Equity Contracts			3,690,478
Total Liability Derivatives		$	3,690,478

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Large Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		16,582,196
Total Equity Contracts			16,582,196
Total		$	16,582,196

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Large Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(4,788,471	)
Total Equity Contracts			(4,788,471	)
Total		($	4,788,471	)

The following table presents Large Cap Stock Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	247,035,419		28.4	%

* Notional amount represents long or short, or both, derivative positions held by the Portfolio.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Large Cap Stock Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June  30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust- Collateral Investment	$	7,610,288	$	85,219,041	$	80,764,669		12,064,660	$	12,064,660	$	140,687
Cash Management Trust-Short Term Investment		76,762,661		139,093,084		140,494,226		75,361,519		75,361,519		27,331
Total Value and Income Earned		84,372,949								87,426,179		168,018

The accompanying Notes to Financial Statements are an integral part of this schedule.

139

Large Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.8%)	Value			% of  Net Assets
	Consumer Discretionary (12.3%)
	9,900	Amazon.com, Inc.a	$	4,297,491			0.9	%
	65,065	Comcast Corporation		3,913,009			0.8	%
	33,750	Home Depot, Inc.		3,750,637			0.8	%
	24,850	McDonald’s Corporation		2,362,489			0.5	%
	40,497	Walt Disney Company		4,622,328			0.9	%
		Other Securities^		41,906,328			8.4	%
		Total		60,852,282
	Consumer Staples (9.0%)
	51,050	Altria Group, Inc.		2,496,855			0.5	%
	101,650	Coca-Cola Company		3,987,729			0.8	%
	29,194	CVS Health Corporation		3,061,867			0.6	%
	38,330	PepsiCo, Inc.		3,577,722			0.7	%
	40,100	Philip Morris International, Inc.		3,214,817			0.6	%
	70,388	Procter & Gamble Company		5,507,157			1.1	%
	40,950	Wal-Mart Stores, Inc.		2,904,584			0.6	%
		Other Securities^		19,629,363			4.1	%
		Total		44,380,094
	Energy (7.5%)
	48,696	Chevron Corporation		4,697,703			1.0	%
	108,490	Exxon Mobil Corporation		9,026,368			1.8	%
	32,944	Schlumberger, Ltd.		2,839,443			0.6	%
		Other Securities^		20,444,059			4.1	%
		Total		37,007,573
	Financials (15.8%)
	272,160	Bank of America Corporation		4,632,163			0.9	%
	47,319	Berkshire Hathaway, Inc.a		6,440,589			1.3	%
	78,593	Citigroup, Inc.		4,341,477			0.9	%
	96,198	J.P. Morgan Chase & Company		6,518,376			1.3	%
	121,540	Wells Fargo & Company		6,835,410			1.4	%
		Other Securities^		49,209,681			10.0	%
		Total		77,977,696
	Health Care (14.7%)
	44,600	AbbVie, Inc.		2,996,674			0.6	%
	10,142	Actavis, Inc.a		3,077,691			0.6	%
	19,690	Amgen, Inc.		3,022,809			0.6	%
	6,100	Biogen, Inc.a		2,464,034			0.5	%
	43,148	Bristol-Myers Squibb Company		2,871,068			0.6	%
	20,650	Celgene Corporationa		2,389,928			0.5	%
	38,050	Gilead Sciences, Inc.		4,454,894			0.9	%
	72,040	Johnson & Johnson		7,021,018			1.4	%
	36,929	Medtronic, Inc.		2,736,439			0.6	%
	73,333	Merck & Company, Inc.		4,174,848			0.8	%
	159,410	Pfizer, Inc.		5,345,017			1.1	%
	24,750	UnitedHealth Group, Inc.		3,019,500			0.6	%
		Other Securities^		28,935,847			5.9	%
		Total		72,509,767
	Industrials (9.7%)
	16,450	3M Company		2,538,235			0.5	%
	16,760	Boeing Company		2,324,947			0.5	%
	261,200	General Electric Company		6,940,084			1.4	%
	21,400	United Technologies Corporation		2,373,902			0.5	%
		Other Securities^		33,477,955			6.8	%
		Total		47,655,123
	Information Technology (19.0%)
	149,550	Apple, Inc.b		18,757,309			3.8	%
	132,000	Cisco Systems, Inc.		3,624,720			0.7	%
	54,600	Facebook, Inc.a		4,682,769			0.9	%
	7,450	Google, Inc., Class Aa		4,023,298			0.8	%
	7,469	Google, Inc., Class Ca		3,887,689			0.8	%
	122,600	Intel Corporation		3,728,879			0.8	%
	23,750	International Business Machines Corporation		3,863,175			0.8	%
	25,250	MasterCard, Inc.		2,360,370			0.5	%
	209,900	Microsoft Corporation		9,267,085			1.9	%
	82,937	Oracle Corporation		3,342,361			0.7	%
	42,300	QUALCOMM, Inc.		2,649,249			0.5	%
	50,200	Visa, Inc.		3,370,930			0.7	%
		Other Securities^		29,887,828			6.1	%
		Total		93,445,662
	Materials (2.9%)
		Other Securities^		14,174,768			2.9	%
		Total		14,174,768
	Telecommunications Services (2.2%)
	134,839	AT&T, Inc.		4,789,481			1.0	%
	105,796	Verizon Communications, Inc.		4,931,152			1.0	%
		Other Securities^		981,109			0.2	%
		Total		10,701,742
	Utilities (2.7%)
		Other Securities^		13,365,887			2.7	%
		Total		13,365,887
		Total Common Stock (cost $280,841,721)		472,070,594
		Collateral Held for Securities Loaned (0.3%)
	1,557,348	Thrivent Cash Management Trust		1,557,348			0.3	%
		Total Collateral Held for Securities Loaned (cost $1,557,348)		1,557,348
Shares or Principal Amount		Short-Term Investments (4.0%)c
		Thrivent Cash Management Trust
	19,145,318	0.070%		19,145,318			3.9	%
		Other Securities^		799,988			0.1	%
		Total Short-Term Investments (at amortized cost)		19,945,306
		Total Investments (cost $302,344,375) 100.1%	$	493,573,248
		Other Assets and Liabilities, Net (0.1%)		(662,972	)
		Total Net Assets 100.0%	$	492,910,276

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a Non-income producing security.

b At June 30, 2015, $2,555,938 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

The accompanying Notes to Financial Statements are an integral part of this schedule.

140

Large Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	185,465,101
Gross unrealized depreciation		(9,403,926	)
Net unrealized appreciation (depreciation)	$	176,061,175
Cost for federal income tax purposes	$	317,512,073

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Large Cap Index Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		60,852,282		60,852,282		—		—
Consumer Staples		44,380,094		44,374,297		—		5,797
Energy		37,007,573		37,007,573		—		—
Financials		77,977,696		77,977,696		—		—
Health Care		72,509,767		72,509,767		—		—
Industrials		47,655,123		47,655,123		—		—
Information Technology		93,445,662		93,445,662		—		—
Materials		14,174,768		14,174,768		—		—
Telecommunications Services		10,701,742		10,701,742		—		—
Utilities		13,365,887		13,365,887		—		—
Collateral Held for Securities Loaned		1,557,348		1,557,348		—		—
Short-Term Investments		19,945,306		19,145,318		799,988		—
Total	$	493,573,248	$	492,767,463	$	799,988	$	5,797
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives
Futures Contracts		415,056		415,056		—		—
Total Liability Derivatives	$	415,056	$	415,056	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
S&P 500 Index Mini-Futures		195	September 2015	$	20,445,456	$	20,030,400	($	415,056	)
Total Futures Contracts								($	415,056	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Large Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	415,056
Total Equity Contracts			415,056
Total Liability Derivatives		$	415,056

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

141

Large Cap Index Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Large Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized  Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		1,711,527
Total Equity Contracts			1,711,527
Total		$	1,711,527

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Large Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in  unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(934,902	)
Total Equity Contracts			(934,902	)
Total		($	934,902	)

The following table presents Large Cap Index Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	24,610,642		5.2	%

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Large Cap Index Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June  30, 2015
Cash Management Trust-Collateral Investment	$	2,392,432	$	4,197,955	$	5,033,039		1,557,348	$	1,557,348	$	13,736
Cash Management Trust-Short Term Investment		17,782,007		44,060,029		42,696,718		19,145,318		19,145,318		8,070
Total Value and Income Earned		20,174,439								20,702,666		21,806

The accompanying Notes to Financial Statements are an integral part of this schedule.

142

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (5.1%)a	Value
	Communications Services (2.5%)
		Birch Communication, Inc., Term Loan
	$4,206,715	7.750%, 7/17/2020		$4,206,715
		Cengage Learning Acquisitions, Term Loan
	5,213,949	7.000%, 3/31/2020		5,213,949
		Clear Channel Communications, Inc., Term Loan
	2,487,127	7.687%, 7/30/2019		2,320,962
		iHeartCommunications, Inc., Term Loan
	7,733,196	6.937%, 1/30/2019		7,130,393
		IMG Worldwide, Inc., Term Loan
	3,250,000	8.250%, 5/6/2022		3,155,198
		Total		22,027,217
	Consumer Cyclical (1.2%)
		Amaya BV, Term Loan
	2,695,000	8.000%, 8/1/2022		2,715,213
		Mohegan Tribal Gaming Authority, Term Loan
	2,669,350	5.500%, 11/19/2019		2,653,921
		Scientific Games International, Inc., Term Loan
	5,024,750	6.000%, 10/1/2021b,c		5,019,122
		Total		10,388,256
	Consumer Non-Cyclical (0.6%)
		Albertsons, Inc., Term Loan
	2,962,668	5.375%, 3/21/2019		2,972,297
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	2,216,930	4.750%, 3/22/2019		2,220,632
		Total		5,192,929
	Technology (0.8%)
		First Data Corporation, Term Loan
	6,540,676	3.687%, 3/23/2018		6,513,794
		Total		6,513,794
		Total Bank Loans (cost $44,331,582)		44,122,196
		Long-Term Fixed Income (88.6%)
	Asset-Backed Securities (0.3%)
		Renaissance Home Equity Loan Trust
	1,883,149	5.746%, 5/25/2036d		1,326,187
	1,800,000	6.011%, 5/25/2036d		1,265,434
		Total		2,591,621
	Basic Materials (4.4%)
		ArcelorMittal SA
	4,240,000	5.125%, 6/1/2020		4,298,300
		Bluescope Steel, Ltd.
	1,590,000	7.125%, 5/1/2018*		1,621,800
		First Quantum Minerals, Ltd.
	2,205,000	6.750%, 2/15/2020e		2,133,338
	2,140,000	7.000%, 2/15/2021e		2,046,375
		FMG Resources, Pty. Ltd.
	4,385,000	8.250%, 11/1/2019e,f		3,699,844
		Graphic Packaging International, Inc.
	790,000	4.750%, 4/15/2021		797,900
	530,000	4.875%, 11/15/2022		532,650
		Hexion US Finance Corporation
	6,410,000	8.875%, 2/1/2018		5,785,025
		INEOS Group Holdings SA
	3,245,000	6.125%, 8/15/2018e,f		3,313,956
		Midwest Vanadium, Pty. Ltd.
	3,430,000	11.500%, 2/15/2018*,g		137,200
		Novelis, Inc.
	3,950,000	8.750%, 12/15/2020		4,177,125
		Resolute Forest Products, Inc.
	3,815,000	5.875%, 5/15/2023		3,471,650
		Ryerson, Inc.
	2,100,000	9.000%, 10/15/2017		2,115,750
		Signode Industrial Group Lux SA
	1,080,000	6.375%, 5/1/2022e		1,047,600
		Tembec Industries, Inc.
	2,660,000	9.000%, 12/15/2019e		2,527,000
		Total		37,705,513
	Capital Goods (7.5%)
		Abengoa Finance SAU
	3,250,000	7.750%, 2/1/2020e,f		3,217,500
		Abengoa Greenfield SA
	3,460,000	6.500%, 10/1/2019e,f		3,217,800
		Anixter, Inc.
	3,455,000	5.125%, 10/1/2021		3,515,462
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023		6,210,750
		Bombardier, Inc.
	1,060,000	7.500%, 3/15/2025e		961,950
		Brand Energy & Infrastructure Services, Inc.
	2,170,000	8.500%, 12/1/2021e		2,018,100
		Case New Holland, Inc.
	2,550,000	7.875%, 12/1/2017		2,792,250
		Cemex Finance, LLC
	2,695,000	9.375%, 10/12/2017e		3,001,556
		Cemex SAB de CV
	2,750,000	5.700%, 1/11/2025e		2,622,675
		CNH Capital, LLC
	2,150,000	3.625%, 4/15/2018		2,150,000
		Huntington Ingalls Industries, Inc.
	925,000	5.000%, 12/15/2021e		941,188
		Manitowoc Company, Inc.
	4,730,000	8.500%, 11/1/2020		4,996,062
		Milacron, LLC
	2,640,000	7.750%, 2/15/2021e		2,719,200
		Moog, Inc.
	1,725,000	5.250%, 12/1/2022e		1,755,188
		Nortek, Inc.
	3,640,000	8.500%, 4/15/2021		3,885,700
		Reynolds Group Issuer, Inc.
	2,160,000	9.875%, 8/15/2019		2,268,000
	2,100,000	5.750%, 10/15/2020		2,152,500
	2,630,000	8.250%, 2/15/2021		2,728,625

The accompanying Notes to Financial Statements are an integral part of this schedule.

143

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (88.6%)	Value
	Capital Goods (7.5%) - continued
		Safeway Group Holding, LLC
	$3,175,000	7.000%, 5/15/2018e		$3,245,771
		Silgan Holdings, Inc.
	3,970,000	5.000%, 4/1/2020		4,079,175
		United Rentals North America, Inc.
	1,625,000	6.125%, 6/15/2023		1,659,531
		UR Financing Escrow Corporation
	4,250,000	7.625%, 4/15/2022		4,600,625
		Total		64,739,608
	Communications Services (16.2%)
		Altice Financing SA
	1,080,000	6.500%, 1/15/2022e		1,080,000
	790,000	6.625%, 2/15/2023e		784,312
		Altice Finco SA
	1,050,000	9.875%, 12/15/2020e		1,155,000
	540,000	8.125%, 1/15/2024e		545,400
		Altice SA
	1,590,000	7.625%, 2/15/2025e		1,494,600
		AMC Networks, Inc.
	4,810,000	7.750%, 7/15/2021		5,194,800
		CCO Holdings, LLC
	800,000	7.375%, 6/1/2020		845,000
	2,165,000	5.250%, 3/15/2021		2,159,588
	2,165,000	5.250%, 9/30/2022		2,132,525
		Cequel Communications Holdings I, LLC
	3,500,000	6.375%, 9/15/2020e		3,476,375
		Clear Channel Worldwide Holdings, Inc.
	5,000,000	6.500%, 11/15/2022		5,206,250
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021e		5,439,500
		Digicel, Ltd.
	1,680,000	7.000%, 2/15/2020*		1,738,800
	3,220,000	6.000%, 4/15/2021e		3,104,466
		DISH DBS Corporation
	2,645,000	5.125%, 5/1/2020		2,674,756
		Eileme 2 AB
	4,260,000	11.625%, 1/31/2020*		4,728,174
		Frontier Communications Corporation
	3,255,000	8.125%, 10/1/2018		3,509,313
		Gray Television, Inc.
	2,710,000	7.500%, 10/1/2020		2,872,600
		Hughes Satellite Systems Corporation
	4,365,000	6.500%, 6/15/2019		4,736,025
		Intelsat Jackson Holdings SA
	7,470,000	7.250%, 10/15/2020		7,385,962
		Level 3 Escrow II, Inc.
	3,000,000	5.375%, 8/15/2022		3,030,000
		Level 3 Financing, Inc.
	4,230,000	8.625%, 7/15/2020		4,520,601
	1,620,000	6.125%, 1/15/2021		1,698,894
		McGraw-Hill Global Education Holdings, LLC
	5,295,000	9.750%, 4/1/2021		5,824,500
		MDC Partners, Inc.
	3,730,000	6.750%, 4/1/2020e		3,716,012
		Nielsen Finance, LLC
	1,350,000	5.000%, 4/15/2022e		1,323,000
		Numericable-SFR
	4,590,000	6.000%, 5/15/2022e		4,524,019
	2,710,000	6.250%, 5/15/2024e		2,665,963
		Sprint Communications, Inc.
	8,180,000	9.000%, 11/15/2018e		9,237,347
	2,870,000	7.000%, 3/1/2020e		3,121,699
		Sprint Corporation
	9,525,000	7.625%, 2/15/2025		8,977,313
		T-Mobile USA, Inc.
	3,790,000	6.542%, 4/28/2020		3,968,092
	1,080,000	6.125%, 1/15/2022		1,115,100
	1,080,000	6.500%, 1/15/2024		1,115,100
		Unitymedia Hessen GmbH & Company KG
	5,100,000	5.500%, 1/15/2023e		5,198,812
		Univision Communications, Inc.
	2,713,000	6.750%, 9/15/2022e		2,868,997
	2,910,000	5.125%, 2/15/2025e		2,808,732
		UPCB Finance V, Ltd.
	1,440,000	7.250%, 11/15/2021e		1,555,200
		Virgin Media Secured Finance plc
	1,170,000	5.250%, 1/15/2026e		1,130,513
		West Corporation
	3,790,000	5.375%, 7/15/2022e		3,543,650
		Wind Acquisition Finance SA
	6,885,000	4.750%, 7/15/2020e		6,781,725
		Ziggo Bond Finance BV
	1,320,000	5.875%, 1/15/2025e		1,293,600
		Total		140,282,315
	Consumer Cyclical (12.8%)
		AMC Entertainment, Inc.
	2,710,000	5.875%, 2/15/2022		2,750,650
		Beazer Homes USA, Inc.
	2,710,000	5.750%, 6/15/2019f		2,669,350
		Brookfield Residential Properties, Inc.
	2,630,000	6.500%, 12/15/2020e		2,617,955
	2,110,000	6.125%, 7/1/2022e		2,078,350
		Choice Hotels International, Inc.
	6,750,000	5.750%, 7/1/2022		7,315,312
		Chrysler Group, LLC
	2,100,000	8.250%, 6/15/2021		2,289,000
		Churchill Downs, Inc.
	3,536,000	5.375%, 12/15/2021		3,624,400
		Cinemark USA, Inc.
	5,475,000	4.875%, 6/1/2023		5,262,844
		CST Brands, Inc.
	2,110,000	5.000%, 5/1/2023		2,099,450
		Eldorado Resorts, LLC
	6,015,000	8.625%, 6/15/2019*		6,270,637
		Family Tree Escrow, LLC
	1,590,000	5.250%, 3/1/2020e		1,663,538
	2,120,000	5.750%, 3/1/2023e		2,215,400
		General Motors Financial Company, Inc.
	1,310,000	6.750%, 6/1/2018		1,462,341
		Jaguar Land Rover Automotive plc
	2,490,000	4.125%, 12/15/2018e		2,521,125

The accompanying Notes to Financial Statements are an integral part of this schedule.

144

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (88.6%)	Value
	Consumer Cyclical (12.8%) - continued
	$665,000	4.250%, 11/15/2019e	$	674,975
	1,050,000	5.625%, 2/1/2023e		1,086,750
		KB Home
	1,070,000	7.250%, 6/15/2018		1,160,950
	1,087,000	4.750%, 5/15/2019		1,078,847
	2,000,000	8.000%, 3/15/2020		2,200,000
	1,580,000	7.500%, 9/15/2022		1,643,200
		L Brands, Inc.
	1,570,000	6.625%, 4/1/2021		1,726,027
	1,860,000	5.625%, 2/15/2022		1,957,650
		Lear Corporation
	2,760,000	4.750%, 1/15/2023		2,718,600
		Lennar Corporation
	1,060,000	4.500%, 11/15/2019		1,073,250
	3,190,000	4.750%, 5/30/2025		3,094,300
		Live Nation Entertainment, Inc.
	4,018,000	5.375%, 6/15/2022e		4,018,000
		LKQ Corporation
	2,910,000	4.750%, 5/15/2023		2,775,412
		Mohegan Tribal Gaming Authority
	3,165,000	9.750%, 9/1/2021f		3,315,337
		Neiman Marcus Group, Ltd., LLC
	3,240,000	8.000%, 10/15/2021e		3,410,100
		New Cotai, LLC
	4,307,272	10.625%, 5/1/2019*,f		3,704,254
		Rite Aid Corporation
	3,165,000	6.750%, 6/15/2021		3,323,250
	3,160,000	6.125%, 4/1/2023e		3,254,800
		Scientific Games International, Inc.
	4,605,000	6.625%, 5/15/2021f		3,568,875
		Seminole Indian Tribe of Florida
	3,800,000	7.804%, 10/1/2020*		4,056,500
		Six Flags Entertainment Corporation
	4,250,000	5.250%, 1/15/2021e		4,335,000
		Studio City Finance, Ltd.
	3,715,000	8.500%, 12/1/2020e,f		3,701,069
		Tunica-Biloxi Gaming Authority
	4,770,000	9.000%, 11/15/2015*,g		2,480,400
		United Rentals, Inc.
	1,050,000	5.500%, 7/15/2025		1,014,563
		ZF North America Capital, Inc.
	2,125,000	4.500%, 4/29/2022e		2,081,544
	2,125,000	4.750%, 4/29/2025e		2,057,276
		Total		110,351,281
	Consumer Non-Cyclical (12.2%)
		B&G Foods, Inc.
	3,700,000	4.625%, 6/1/2021		3,644,500
		Cott Beverages, Inc.
	3,265,000	5.375%, 7/1/2022e		3,167,050
		Endo Finance, LLC
	2,650,000	5.375%, 1/15/2023e		2,616,875
	1,590,000	6.000%, 7/15/2023c,e		1,625,775
	1,060,000	6.000%, 2/1/2025e		1,077,225
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025e		4,187,000
		Envision Healthcare Corporation
	3,795,000	5.125%, 7/1/2022e		3,823,463
		Grifols Worldwide Operations, Ltd.
	4,395,000	5.250%, 4/1/2022		4,405,988
		HCA, Inc.
	650,000	3.750%, 3/15/2019		654,875
	2,645,000	6.500%, 2/15/2020		2,955,787
	4,810,000	5.875%, 3/15/2022		5,230,875
	3,360,000	4.750%, 5/1/2023		3,402,000
	3,705,000	5.375%, 2/1/2025		3,765,392
		HealthSouth Corporation
	1,320,000	5.125%, 3/15/2023		1,311,750
		Hologic, Inc.
	800,000	5.250%, 7/15/2022c,e		817,000
		JBS USA, LLC
	3,250,000	5.875%, 7/15/2024e		3,270,313
	5,455,000	5.750%, 6/15/2025e		5,391,995
		Kindred Escrow Corporation II
	4,150,000	8.750%, 1/15/2023e,f		4,507,938
		MPH Acquisition Holdings, LLC
	4,645,000	6.625%, 4/1/2022e		4,743,706
		Omnicare, Inc.
	1,590,000	4.750%, 12/1/2022		1,685,400
	2,545,000	5.000%, 12/1/2024		2,735,875
		Ortho-Clinical Diagnostics, Inc.
	4,600,000	6.625%, 5/15/2022e		4,036,500
		Prestige Brands, Inc.
	1,080,000	5.375%, 12/15/2021e		1,080,000
		Quintiles Transnational Holdings, Inc.
	930,000	4.875%, 5/15/2023e		934,650
		Revlon Consumer Products Corporation
	4,760,000	5.750%, 2/15/2021f		4,664,800
		Spectrum Brands Escrow Corporation
	2,220,000	6.375%, 11/15/2020		2,347,650
	2,030,000	6.625%, 11/15/2022		2,161,950
		Spectrum Brands, Inc.
	2,120,000	5.750%, 7/15/2025e		2,151,800
		Teleflex, Inc.
	2,525,000	5.250%, 6/15/2024		2,557,068
		Tenet Healthcare Corporation
	3,250,000	6.000%, 10/1/2020		3,465,312
	4,335,000	8.125%, 4/1/2022		4,740,322
		TreeHouse Foods, Inc.
	2,165,000	4.875%, 3/15/2022		2,181,237
		Valeant Pharmaceuticals International
	2,600,000	7.250%, 7/15/2022e		2,762,500
	2,645,000	5.500%, 3/1/2023e		2,671,450
		Visant Corporation
	2,170,000	10.000%, 10/1/2017f		1,729,490
		VPII Escrow Corporation
	3,170,000	7.500%, 7/15/2021e		3,411,712
		Total		105,917,223
	Energy (11.4%)
		Antero Resources Corporation
	1,585,000	5.125%, 12/1/2022		1,497,825
	2,640,000	5.625%, 6/1/2023e		2,550,900
		California Resources Corporation
	4,255,000	6.000%, 11/15/2024f		3,659,300
		Chaparral Energy, Inc.
	3,165,000	7.625%, 11/15/2022		2,278,800

The accompanying Notes to Financial Statements are an integral part of this schedule.

145

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (88.6%)	Value
	Energy (11.4%) - continued
		Concho Resources, Inc.
	$4,740,000	6.500%, 1/15/2022		$4,941,450
		Crestwood Midstream Partners, LP
	2,435,000	6.125%, 3/1/2022		2,483,700
	2,635,000	6.250%, 4/1/2023e		2,740,400
		Diamondback Energy, Inc.
	4,555,000	7.625%, 10/1/2021		4,873,850
		EP Energy, LLC
	3,715,000	6.375%, 6/15/2023e,f		3,724,288
		Exterran Partners, LP
	3,780,000	6.000%, 4/1/2021		3,647,700
		Halcon Resources Corporation
	2,655,000	8.625%, 2/1/2020e,f		2,621,813
	1,585,000	8.875%, 5/15/2021f		1,042,137
		Hornbeck Offshore Services, Inc.
	2,115,000	5.875%, 4/1/2020		1,945,800
	1,590,000	5.000%, 3/1/2021		1,367,400
		Jones Energy Holdings, LLC
	2,650,000	6.750%, 4/1/2022		2,524,125
		Laredo Petroleum, Inc.
	4,330,000	5.625%, 1/15/2022f		4,286,700
	530,000	6.250%, 3/15/2023		539,275
		Linn Energy, LLC
	1,750,000	8.625%, 4/15/2020		1,435,367
	2,195,000	7.750%, 2/1/2021		1,706,612
		MarkWest Energy Partners, LP
	3,590,000	4.875%, 12/1/2024		3,509,225
		MEG Energy Corporation
	1,055,000	6.500%, 3/15/2021e		1,015,437
	3,160,000	6.375%, 1/30/2023e		2,923,000
		Memorial Production Partners, LP
	3,170,000	7.625%, 5/1/2021		3,019,425
		Offshore Group Investment, Ltd.
	4,230,000	7.125%, 4/1/2023f		2,580,300
		Pacific Drilling V, Ltd.
	4,908,000	7.250%, 12/1/2017e		4,220,880
		Precision Drilling Corporation
	2,450,000	6.625%, 11/15/2020		2,401,000
	1,060,000	6.500%, 12/15/2021		1,028,200
	1,350,000	5.250%, 11/15/2024		1,174,500
		Rice Energy, Inc.
	4,605,000	6.250%, 5/1/2022f		4,570,463
	1,060,000	7.250%, 5/1/2023e		1,086,500
		Rosetta Resources, Inc.
	2,650,000	5.875%, 6/1/2024		2,855,375
		Sabine Pass Liquefaction, LLC
	2,645,000	5.625%, 2/1/2021		2,697,900
	3,250,000	5.750%, 5/15/2024		3,237,813
	3,200,000	5.625%, 3/1/2025e		3,168,000
		Sunoco, LP
	1,330,000	6.375%, 4/1/2023e		1,383,200
		Tesoro Logistics, LP
	2,400,000	5.500%, 10/15/2019e		2,490,000
	2,130,000	6.250%, 10/15/2022e		2,204,550
		United Refining Company
	3,062,000	10.500%, 2/28/2018		3,215,100
		Total		98,648,310
	Financials (9.7%)
		AerCap Ireland Capital, Ltd.
	3,190,000	5.000%, 10/1/2021e		3,281,713
		Ally Financial, Inc.
	1,460,000	3.250%, 2/13/2018		1,450,875
	6,370,000	4.125%, 3/30/2020		6,358,024
	2,380,000	4.125%, 2/13/2022		2,284,800
		Argos Merger Sub, Inc.
	3,705,000	7.125%, 3/15/2023e		3,880,988
		Banco do Brasil SA/Cayman Islands
	1,750,000	6.250%, 12/31/2049e,h		1,231,562
		BBVA International Preferred SA Unipersonal
	1,585,000	5.919%, 12/29/2049h		1,624,625
		CIT Group, Inc.
	3,795,000	3.875%, 2/19/2019		3,766,537
		Corrections Corporation of America
	3,585,000	4.625%, 5/1/2023		3,513,300
		Credit Agricole SA
	1,065,000	6.625%, 9/29/2049e,f,h		1,039,440
		CyrusOne, LP
	4,540,000	6.375%, 11/15/2022		4,698,900
		DDR Corporation
	780,000	4.625%, 7/15/2022		819,027
		Denali Borrower, LLC
	6,680,000	5.625%, 10/15/2020e		7,022,350
		Developers Diversified Realty Corporation
	3,190,000	7.875%, 9/1/2020		3,905,019
		Drawbridge Special Opportunities Fund, LP
	3,785,000	5.000%, 8/1/2021e		3,785,000
		HSBC Holdings plc
	1,065,000	6.375%, 12/29/2049h		1,067,663
		Icahn Enterprises, LP
	5,500,000	4.875%, 3/15/2019		5,541,250
	8,235,000	6.000%, 8/1/2020		8,502,637
		ILFC E-Capital Trust II
	1,895,000	6.250%, 12/21/2065e,i		1,857,100
		International Lease Finance Corporation
	1,600,000	8.875%, 9/1/2017		1,788,000
		Jefferies Finance, LLC
	2,650,000	7.375%, 4/1/2020*		2,603,625
		Lloyds Banking Group plc
	1,080,000	6.657%, 1/29/2049e,h		1,210,950
		MPT Operating Partnership, LP
	1,192,000	6.375%, 2/15/2022		1,270,970
	3,010,000	5.500%, 5/1/2024		3,100,300
		Quicken Loans, Inc.
	4,255,000	5.750%, 5/1/2025e		4,074,163
		RHP Hotel Properties, LP
	790,000	5.000%, 4/15/2021		790,000
	960,000	5.000%, 4/15/2023e		940,800
		Royal Bank of Scotland Group plc
	2,115,000	7.640%, 3/29/2049h		2,259,877
		Total		83,669,495
	Technology (4.8%)
		AECOM
	2,660,000	5.750%, 10/15/2022e		2,693,250
	1,065,000	5.875%, 10/15/2024e		1,079,644

The accompanying Notes to Financial Statements are an integral part of this schedule.

146

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (88.6%)	Value
	Technology (4.8%) - continued
		Alliance Data Systems Corporation
	$6,880,000	5.375%, 8/1/2022e		$6,776,800
		Amkor Technology, Inc.
	3,130,000	6.625%, 6/1/2021		3,176,950
		Brocade Communications Systems, Inc.
	3,790,000	4.625%, 1/15/2023		3,666,825
		CommScope Technologies Finance, LLC
	3,515,000	6.000%, 6/15/2025e		3,501,819
		Equinix, Inc.
	3,185,000	5.750%, 1/1/2025		3,153,150
		First Data Corporation
	1,850,000	12.625%, 1/15/2021		2,136,750
	2,113,000	11.750%, 8/15/2021		2,377,125
		NXP Funding, LLC
	3,715,000	5.750%, 3/15/2023e		3,863,600
		Plantronics, Inc.
	2,390,000	5.500%, 5/31/2023e		2,419,875
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023e		4,809,125
		SS&C Technologies Holdings, Inc.
	1,590,000	5.875%, 7/15/2023c,e		1,605,900
		Total		41,260,813
	Transportation (4.6%)
		Air Medical Merger Sub Corporation
	3,190,000	6.375%, 5/15/2023e		2,998,600
		American Airlines Pass Through Trust
	3,804,209	5.600%, 7/15/2020e		3,918,335
		Avis Budget Car Rental, LLC
	3,670,000	5.125%, 6/1/2022e		3,578,250
	3,550,000	5.500%, 4/1/2023		3,505,625
		Continental Airlines, Inc.
	1,560,000	6.125%, 4/29/2018		1,618,500
		Delta Air Lines Pass Through Trust
	2,200,706	6.875%, 5/7/2019*		2,409,774
		Dynagas LNG Partners, LP
	2,130,000	6.250%, 10/30/2019		2,002,200
		Eletson Holdings, Inc.
	2,170,000	9.625%, 1/15/2022*		2,115,750
		Navios Maritime Holdings, Inc.
	2,220,000	8.125%, 2/15/2019f		1,742,700
	1,895,000	8.125%, 11/15/2021e		1,866,575
		Navios South American Logistics, Inc.
	1,900,000	7.250%, 5/1/2022e		1,819,250
		Teekay Offshore Partners, LP
	3,790,000	6.000%, 7/30/2019		3,425,212
		Ultrapetrol Bahamas, Ltd.
	3,720,000	8.875%, 6/15/2021		3,273,600
		United Airlines Pass Through Trust
	1,490,932	5.375%, 8/15/2021		1,535,660
		XPO Logistics, Inc.
	2,390,000	7.875%, 9/1/2019e		2,553,954
	1,600,000	6.500%, 6/15/2022e		1,566,000
		Total		39,929,985
	Utilities (4.7%)
		Access Midstream Partners, LP
	2,615,000	4.875%, 5/15/2023		2,579,462
		AES Corporation
	2,650,000	4.875%, 5/15/2023		2,491,000
	1,060,000	5.500%, 3/15/2024		1,020,250
		Calpine Corporation
	3,720,000	5.375%, 1/15/2023		3,654,900
		Chesapeake Midstream Partners, LP
	930,000	6.125%, 7/15/2022		988,125
		Covanta Holding Corporation
	2,600,000	7.250%, 12/1/2020		2,730,000
	1,850,000	6.375%, 10/1/2022		1,935,562
		Dynegy Finance I, Inc.
	1,065,000	6.750%, 11/1/2019e		1,108,133
	4,250,000	7.625%, 11/1/2024e		4,494,375
		Electricite de France SA
	2,500,000	5.250%, 12/29/2049e,h		2,503,125
		Energy Transfer Equity, LP
	4,245,000	5.500%, 6/1/2027		4,234,388
		Holly Energy Partners, LP
	1,640,000	6.500%, 3/1/2020		1,635,900
		MarkWest Energy Partners, LP
	1,860,000	4.875%, 6/1/2025		1,818,150
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,732,770
		Targa Resources Partners, LP
	4,720,000	5.250%, 5/1/2023		4,672,800
		Total		40,598,940
		Total Long-Term Fixed Income (cost $772,510,945)		765,695,104
Shares		Preferred Stock (1.0%)
	Financials (0.9%)
	62,331	Citigroup, Inc., 6.875%h		1,661,744
	48,000	Discover Financial Services, 6.500%h		1,222,560
	86,021	Goldman Sachs Group, Inc., 5.500%h		2,109,235
	20,016	Morgan Stanley, 6.875%h		534,027
	18,720	PNC Financial Services Group, Inc., 6.125%h		513,677
	1,560	Wells Fargo & Company, Convertible, 7.500%h		1,833,000
		Total		7,874,243
	Materials (0.1%)
	43,350	CHS, Inc., 7.100%h		1,135,336
		Total		1,135,336
		Total Preferred Stock (cost $9,184,908)		9,009,579
		Common Stock (<0.1%)
	Consumer Discretionary (<0.1%)
	473	Lear Corporation		53,099
	121,520	TVMAX Holdings, Inc.j,k		12
		Total		53,111

The accompanying Notes to Financial Statements are an integral part of this schedule.

147

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares	Common Stock (<0.1%)	Value
Financials (<0.1%)
10	New Cotai, LLC*,j,k	$	67,307
	Total		67,307
	Total Common Stock (cost $6,604,148)		120,418
	Collateral Held for Securities Loaned (6.8%)
58,556,630	Thrivent Cash Management Trust		58,556,630
	Total Collateral Held for Securities Loaned (cost $58,556,630)		58,556,630
Shares or Principal Amount	Short-Term Investments (4.9%)l
	Thrivent Cash Management Trust
41,554,982	0.070%		41,554,982
1,000,000	U.S. Treasury Bills 0.070%, 8/20/2015m		999,903
	Total Short-Term Investments (at amortized cost)		42,554,885
	Total Investments (cost $933,743,098) 106.4%	$	920,058,812
	Other Assets and Liabilities, Net (6.4%)		(55,334,066	)
	Total Net Assets 100.0%	$	864,724,746

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2015.

e Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $304,920,441 or 35.3% of total net assets.

f All or a portion of the security is on loan.

g Defaulted security. Interest is not being accrued.

h Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

i Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

j Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

k Non-income producing security.

l The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

m At June 30, 2015, $699,932 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities High Yield Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Bluescope Steel, Ltd., 5/1/2018		4/11/2013	$	1,590,000
Delta Air Lines Pass Through Trust, 5/7/2019		5/3/2013		2,312,630
Digicel, Ltd., 2/15/2020		2/7/2012		1,680,000
Eileme 2 AB, 1/31/2020		1/19/2012		4,179,060
Eldorado Resorts, LLC, 6/15/2019		5/19/2011		5,999,812
Eletson Holdings, Inc., 1/15/2022		12/12/2013		2,139,989
Jefferies Finance, LLC, 4/1/2020		3/19/2013		2,650,000
Midwest Vanadium, Pty. Ltd., 2/15/2018		2/9/2011		3,245,874
New Cotai, LLC		4/12/2013		308,750
New Cotai, LLC, 5/1/2019		4/12/2013		4,267,785
Seminole Indian Tribe of Florida, 10/1/2020		7/8/2010		3,585,930
Tunica-Biloxi Gaming Authority, 11/15/2015		11/8/2005		4,767,755

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	17,537,439
Gross unrealized depreciation		(31,323,004	)
Net unrealized appreciation (depreciation)	$	(13,785,565	)
Cost for federal income tax purposes	$	933,844,377

The accompanying Notes to Financial Statements are an integral part of this schedule.

148

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing High Yield Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Communications Services		22,027,217		—		17,820,502		4,206,715
Consumer Cyclical		10,388,256		—		10,388,256		—
Consumer Non-Cyclical		5,192,929		—		5,192,929		—
Technology		6,513,794		—		6,513,794		—
Long-Term Fixed Income
Asset-Backed Securities		2,591,621		—		2,591,621		—
Basic Materials		37,705,513		—		37,705,513		—
Capital Goods		64,739,608		—		64,739,608		—
Communications Services		140,282,315		—		140,282,315		—
Consumer Cyclical		110,351,281		—		110,351,281		—
Consumer Non-Cyclical		105,917,223		—		105,917,223		—
Energy		98,648,310		—		98,648,310		—
Financials		83,669,495		—		83,669,495		—
Technology		41,260,813		—		41,260,813		—
Transportation		39,929,985		—		39,929,985		—
Utilities		40,598,940		—		40,598,940		—
Preferred Stock
Financials		7,874,243		7,874,243		—		—
Materials		1,135,336		1,135,336		—		—
Common Stock
Consumer Discretionary		53,111		53,099		—		12
Financials		67,307		—		—		67,307
Collateral Held for Securities Loaned		58,556,630		58,556,630		—		—
Short-Term Investments		42,554,885		41,554,982		999,903		—
Total	$	920,058,812	$	109,174,290	$	806,610,488	$	4,274,034
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Credit Default Swaps		53,828		—		53,828		—
Total Asset Derivatives	$	53,828	$	—	$	53,828	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Credit Default Swaps and Counterparty	Buy/Sell Protection1		Termination Date		Notional Principal Amount2		Value3		Unrealized Gain/(Loss)
CDX HY 22, 5 Year, at 5.00%; CS First Boston Corporation		Buy		6/20/2020	$	15,840,000	$	53,828	$	53,828
Total Credit Default Swaps							$	53,828	$	53,828

1 As the buyer of protection, High Yield Portfolio pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, High Yield Portfolio collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2 The maximum potential amount of future payments High Yield Portfolio could be required to make as the seller or receive as the buyer of protection.

3 The values for credit indexes (CDX or LCDX) serve as an indicator of the current status of the payment/performance risk and represent the liability or profit for the credit default swap contract had the contract been closed as of the reporting date. When protection has been sold, the value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The accompanying Notes to Financial Statements are an integral part of this schedule.

149

High Yield Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for High Yield Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Credit Contracts
Credit Default Swaps	Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements	$	53,828
Total Credit Contracts			53,828
Total Asset Derivatives		$	53,828

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for High Yield Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		517,181
Total Credit Contracts			517,181
Total		$	517,181

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for High Yield Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(212,259	)
Total Credit Contracts			(212,259	)
Total		($	212,259	)

The following table presents High Yield Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Swaps (Notional)*		Swaps (Percentage of Average Net Assets)
Credit Contracts	$	606,093		0.1	%

* Notional amount represents long or short, or both, derivative positions held by the Portfolio.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in High Yield Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	55,520,434	$	122,493,107	$	119,456,911		58,556,630	$	58,556,630	$	143,018
Cash Management Trust-Short Term Investment		25,362,738		125,267,006		109,074,762		41,554,982		41,554,982		9,439
Total Value and Income Earned		80,883,172								100,111,612		152,457

The accompanying Notes to Financial Statements are an integral part of this schedule.

150

Income Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value		% of Net Assets
	Basic Materials (0.2%)
		Other Securities^	$	2,944,352		0.2	%
		Total		2,944,352
	Capital Goods (0.2%)
		Other Securities^		3,068,665		0.2	%
		Total		3,068,665
	Communications Services (1.3%)
		Other Securities^		17,479,649		1.3	%
		Total		17,479,649
	Consumer Cyclical (0.4%)
		Other Securities^		5,309,243		0.4	%
		Total		5,309,243
	Consumer Non-Cyclical (0.4%)
		Other Securities^		6,403,418		0.4	%
		Total		6,403,418
	Energy (0.1%)
		Other Securities^		1,957,198		0.1	%
		Total		1,957,198
	Financials (0.1%)
		Other Securities^		1,558,050		0.1	%
		Total		1,558,050
	Technology (0.5%)
		Other Securities^		6,674,338		0.5	%
		Total		6,674,338
	Transportation (0.3%)
		Other Securities^		3,903,490		0.3	%
		Total		3,903,490
	Utilities (0.2%)
		Other Securities^		2,509,242		0.2	%
		Total		2,509,242
		Total Bank Loans (cost $53,148,484)		51,807,645
		Long-Term Fixed Income (91.0%)
	Asset-Backed Securities (1.2%)
		Other Securities^		16,062,906		1.2	%
		Total		16,062,906
	Basic Materials (4.3%)
		Freeport-McMoRan, Inc.
	$4,470,000	3.550%, 3/1/2022		4,137,557		0.3	%
		Other Securities^		55,423,370		4.0	%
		Total		59,560,927
	Capital Goods (1.8%)
		BAE Systems plc
	3,880,000	4.750%, 10/11/2021b		4,250,784		0.3	%
		Other Securities^		20,020,237		1.5	%
		Total		24,271,021
	Collateralized Mortgage Obligations (1.2%)
		Bayview Opportunity Master Fund IIIb NPL Trust
	$4,300,000	3.721%, 7/28/2035b,c	$	4,300,000		0.3	%
		Wachovia Mortgage Loan Trust, LLC
	2,218,099	2.746%, 5/20/2036		1,939,135		0.2	%
		Other Securities^		10,902,823		0.7	%
		Total		17,141,958
	Commercial Mortgage-Backed Securities (0.6%)
		Other Securities^		8,470,789		0.6	%
		Total		8,470,789
	Communications Services (10.4%)
		America Movil SAB de CV
	4,100,000	1.288%, 9/12/2016d		4,108,823		0.3	%
		NBCUniversal Media, LLC
	4,510,000	4.375%, 4/1/2021		4,884,673		0.4	%
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,539,382		0.3	%
		Telefonica Emisiones SAU
	4,470,000	5.462%, 2/16/2021		4,942,689		0.4	%
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		3,923,291		0.3	%
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,500,091		0.3	%
		Verizon Communications, Inc.
	3,830,000	3.450%, 3/15/2021		3,904,022		0.3	%
	5,030,000	3.500%, 11/1/2024		4,892,475		0.4	%
	5,854,000	4.272%, 1/15/2036b		5,280,712		0.4	%
	5,070,000	6.550%, 9/15/2043		5,930,653		0.4	%
	4,587,000	4.522%, 9/15/2048b		4,029,757		0.3	%
	10,387,000	2.625% - 6.400%, 2/21/2020 - 3/15/2034		10,810,349		0.7	%
		Other Securities^		81,844,126		5.9	%
		Total		143,591,043
	Consumer Cyclical (6.1%)
		American Honda Finance Corporation
	4,400,000	3.875%, 9/21/2020b		4,684,513		0.3	%
		Ford Motor Credit Company, LLC
	11,775,000	1.529% - 6.625%, 5/9/2016 - 9/8/2024d		11,898,514		1.0	%
		Other Securities^		67,279,646		4.8	%
		Total		83,862,673
	Consumer Non-Cyclical (8.7%)
		Actavis Funding SCS
	9,445,000	3.450% - 3.850%, 3/15/2022 - 3/15/2025		9,323,260		0.7	%
		Bostan Scientific Corporation
	4,360,000	3.375%, 5/15/2022		4,268,854		0.3	%
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		4,005,644		0.3	%
		Forest Laboratories, Inc.
	2,550,000	5.000%, 12/15/2021b		2,767,087		0.2	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

151

Income Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value		% of Net Assets
	Consumer Non-Cyclical (8.7%) - continued
		H. J. Heinz Company
	$4,980,000	3.500% - 5.200%, 7/15/2022 - 7/15/2045b,e	$	5,033,487		0.3	%
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,400,764		0.3	%
		Mondelez International, Inc.
	3,850,000	4.000%, 2/1/2024		3,987,537		0.3	%
		SABMiller Holdings, Inc.
	5,040,000	3.750%, 1/15/2022b		5,207,605		0.4	%
		Watson Pharmaceuticals, Inc.
	3,180,000	3.250%, 10/1/2022		3,082,587		0.2	%
		Other Securities^		78,359,170		5.7	%
		Total		120,435,995
	Energy (8.9%)
		El Paso Pipeline Partners Operating Company, LLC
	3,850,000	5.000%, 10/1/2021		4,073,851		0.3	%
	5,080,000	4.300% - 4.700%, 5/1/2024 - 11/1/2042		4,819,195		0.4	%
		Energy Transfer Partners, LP
	5,325,000	4.650%, 6/1/2021		5,465,282		0.4	%
	5,450,000	4.050% - 6.125%, 3/15/2025 - 12/15/2045		5,285,753		0.4	%
		Kinder Morgan, Inc.
	2,520,000	4.300%, 6/1/2025		2,432,790		0.2	%
		MPLX, LP
	4,390,000	4.000%, 2/15/2025		4,283,196		0.3	%
		Noble Holding International, Ltd.
	4,430,000	3.950%, 3/15/2022f		4,082,001		0.3	%
		Occidental Petroleum Corporation
	4,390,000	4.100%, 2/1/2021		4,762,290		0.3	%
		Sunoco Logistics Partners Operations, LP
	3,200,000	3.450%, 1/15/2023		3,028,365		0.2	%
		Weatherford International, Ltd.
	4,500,000	6.000%, 3/15/2018		4,790,389		0.3	%
		Other Securities^		79,809,425		5.8	%
		Total		122,832,537
	Financials (28.8%)
		Bank of America Corporation
	3,880,000	7.625%, 6/1/2019		4,604,307		0.3	%
	3,830,000	4.125%, 1/22/2024		3,925,248		0.3	%
	16,760,000	1.351% - 6.500%, 3/22/2018 -10/23/2049d,g		17,025,629		1.2	%
		Capital One Bank USA NA
	5,425,000	2.250%, 2/13/2019		5,393,931		0.4	%
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,353,713		0.3	%
	3,805,000	5.500%, 9/13/2025		4,112,433		0.3	%
		CNA Financial Corporation
	3,775,000	7.350%, 11/15/2019		4,462,099		0.3	%
		GE Capital Trust I
	4,500,000	6.375%, 11/15/2067		4,806,000		0.4	%
		Goldman Sachs Group, Inc.
	4,450,000	3.850%, 7/8/2024		4,446,142		0.3	%
	$16,875,000	2.600% - 6.750%, 3/15/2020 - 5/22/2045	$	17,733,059		1.3	%
		HSBC Finance Capital Trust IX
	3,100,000	5.911%, 11/30/2035		3,117,205		0.2	%
		HSBC Finance Corporation
	3,210,000	6.676%, 1/15/2021		3,713,662		0.3	%
		HSBC Holdings plc
	8,820,000	4.875% - 6.375%, 1/14/2022 - 12/29/2049g		9,232,523		0.6	%
		J.P. Morgan Chase & Company
	14,290,000	3.375% - 6.750%, 5/1/2023 - 12/29/2049g		14,690,577		1.1	%
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,265,793		0.3	%
		Merrill Lynch & Company, Inc.
	3,050,000	6.875%, 4/25/2018		3,445,527		0.3	%
		Morgan Stanley
	3,730,000	6.625%, 4/1/2018		4,185,269		0.3	%
	19,610,000	2.125% - 5.625%, 4/25/2018 - 1/27/2045		20,579,640		1.5	%
		Reinsurance Group of America, Inc.
	3,815,000	4.700%, 9/15/2023		4,048,638		0.3	%
		SLM Corporation
	4,515,000	6.000%, 1/25/2017		4,695,600		0.3	%
		Swiss RE Capital I, LP
	4,200,000	6.854%, 5/29/2049b,g		4,317,600		0.3	%
		Wachovia Capital Trust III
	120,000	5.570%, 3/15/2042d,g		118,650		<0.1	%
		Wells Fargo & Company
	7,505,000	3.450% - 7.980%, 2/13/2023 - 12/31/2049g		7,787,990		0.6	%
		Other Securities^		242,649,699		17.6	%
		Total		397,710,934
	Foreign Government (1.0%)
		Other Securities^		14,184,279		1.0	%
		Total		14,184,279
	Mortgage-Backed Securities (4.1%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,700,000	3.500%, 7/1/2030e		2,847,530		0.2	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	28,600,000	3.500%, 7/1/2045e		29,473,641		2.1	%
	9,937,500	4.000%, 8/1/2045e		10,505,295		0.8	%
	7,250,000	4.500%, 8/1/2045e		7,826,602		0.6	%
		Other Securities^		5,048,807		0.4	%
		Total		55,701,875
	Technology (2.5%)
		Motorola Solutions, Inc.
	4,500,000	3.750%, 5/15/2022		4,428,814		0.3	%
		Other Securities^		29,857,495		2.2	%
		Total		34,286,309

The accompanying Notes to Financial Statements are an integral part of this schedule.

152

Income Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value			% of  Net Assets
	Transportation (3.1%)
		British Airways plc
	$4,288,952	4.625%, 6/20/2024b	$	4,492,677			0.3	%
		Burlington Northern Santa Fe, LLC
	3,120,000	3.000%, 4/1/2025		2,987,974			0.2	%
		Other Securities^		35,374,404			2.6	%
		Total		42,855,055
	U.S. Government and Agencies (2.0%)
		U.S. Treasury Bonds
	6,212,600	3.125% - 4.375%, 5/15/2041 - 11/15/2043		6,745,211			0.5	%
		U.S. Treasury Bonds, TIPS
	5,820,015	0.625%, 1/15/2024		5,919,136			0.4	%
		U.S. Treasury Notes
	10,023,000	1.000%, 6/30/2019		9,879,701			0.7	%
	2,670,000	2.500% - 2.875%, 3/31/2018 - 2/15/2045		2,593,146			0.2	%
		U.S. Treasury Notes, TIPS
	2,009,107	0.625%, 7/15/2021		2,073,776			0.2	%
		Total		27,210,970
	U.S. Municipals (0.2%)
		Other Securities^		2,952,492			0.2	%
		Total		2,952,492
	Utilities (6.1%)
		Energy Transfer Equity, LP
	1,870,000	5.500%, 6/1/2027		1,865,325			0.1	%
		FirstEnergy Transmission, LLC
	3,830,000	4.350%, 1/15/2025b		3,929,703			0.3	%
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,170,917			0.4	%
		Kinder Morgan Energy Partners, LP
	2,550,000	5.800%, 3/1/2021		2,823,686			0.2	%
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,554,335			0.3	%
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,681,171			0.3	%
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		4,050,630			0.3	%
		Other Securities^		58,132,097			4.2	%
		Total		84,207,864
		Total Long-Term Fixed Income (cost $1,244,198,662)		1,255,339,627
Shares		Preferred Stock (2.0%)
	Financials (1.9%)
	31,925	Countrywide Capital V, 7.000%		822,069			0.1	%
	95,940	Goldman Sachs Group, Inc., 5.500%g		2,352,449			0.2	%
	102,122	HSBC USA, Inc., 6.500%g		2,584,708			0.2	%
	88,200	Morgan Stanley, 7.125%g		2,465,190			0.2	%
	101,500	Wells Fargo & Company, 5.850%g		2,588,250			0.2	%
		Other Securities^		15,340,955			1.0	%
		Total		26,153,621
	Materials (0.1%)
		Other Securities^	$	2,005,525			0.1	%
		Total		2,005,525
		Total Preferred Stock (cost $27,768,928)		28,159,146
		Collateral Held for Securities Loaned (2.1%)
	28,475,080	Thrivent Cash Management Trust		28,475,080			2.1	%
		Total Collateral Held for Securities Loaned (cost $28,475,080)		28,475,080
Shares or Principal Amount		Short-Term Investments (6.6%)h
		Thrivent Cash Management Trust
	89,018,720	0.070%		89,018,720			6.5	%
		U.S. Treasury Bill
	400,000	0.017%, 8/27/2015		399,990			<0.1	%
		Other Securities^		1,299,870			0.1	%
		Total Short-Term Investments (at amortized cost)		90,718,580
		Total Investments (cost $1,444,309,734) 105.4%	$	1,454,500,078
		Other Assets and Liabilities, Net (5.4%)		(74,381,242	)
		Total Net Assets 100.0%	$	1,380,118,836

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $237,558,947 or 17.2% of total net assets.

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 June 30, 2015.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

e Denotes investments purchased on a when-issued or delayed delivery basis.

f All or a portion of the security is on loan.

g Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

h The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Income Portfolio owned as of June 30, 2015.

The accompanying Notes to Financial Statements are an integral part of this schedule.

153

Income Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	3,200,578
CAM Mortgage, LLC, 7/15/2064		6/24/2015		3,750,000
Glitnir Banki HF, 1/21/2016		5/1/2008		50,000
Great River Energy, 7/1/2017		4/13/2009		19,870
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		3,071,404

Definitions:

TIPS - Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	34,489,145
Gross unrealized depreciation		(23,902,134	)
Net unrealized appreciation (depreciation)	$	10,587,011
Cost for federal income tax purposes	$	1,443,913,067

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Income Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,944,352		—		2,944,352		—
Capital Goods		3,068,665		—		3,068,665		—
Communications Services		17,479,649		—		17,479,649		—
Consumer Cyclical		5,309,243		—		5,309,243		—
Consumer Non-Cyclical		6,403,418		—		6,403,418		—
Energy		1,957,198		—		1,957,198		—
Financials		1,558,050		—		1,558,050		—
Technology		6,674,338		—		6,674,338		—
Transportation		3,903,490		—		3,903,490		—
Utilities		2,509,242		—		2,509,242		—
Long-Term Fixed Income
Asset-Backed Securities		16,062,906		—		12,312,906		3,750,000
Basic Materials		59,560,927		—		59,560,927		—
Capital Goods		24,271,021		—		24,271,021		—
Collateralized Mortgage Obligations		17,141,958		—		17,141,958		—
Commercial Mortgage-Backed Securities		8,470,789		—		8,470,789		—
Communications Services		143,591,043		—		143,591,043		—
Consumer Cyclical		83,862,673		—		83,862,673		—
Consumer Non-Cyclical		120,435,995		—		120,435,995		—
Energy		122,832,537		—		122,832,537		—
Financials		397,710,934		—		397,710,934		—
Foreign Government		14,184,279		—		14,184,279		—
Mortgage-Backed Securities		55,701,875		—		55,701,875		—
Technology		34,286,309		—		34,286,309		—
Transportation		42,855,055		—		42,855,055		—
U.S. Government and Agencies		27,210,970		—		27,210,970		—
U.S. Municipals		2,952,492		—		2,952,492		—
Utilities		84,207,864		—		84,207,864		—
Preferred Stock
Financials		26,153,621		23,846,667		2,306,954		—
Materials		2,005,525		2,005,525		—		—
Collateral Held for Securities Loaned		28,475,080		28,475,080		—		—
Short-Term Investments		90,718,580		89,018,720		1,699,860		—
Total	$	1,454,500,078	$	143,345,992	$	1,307,404,086	$	3,750,000
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,522,048		1,522,048		—		—
Total Asset Derivatives	$	1,522,048	$	1,522,048	$	—	$	—
Liability Derivatives
Futures Contracts		2,108,557		2,108,557		—		—
Total Liability Derivatives	$	2,108,557	$	2,108,557	$	—	$	—

The accompanying Notes to Financial Statements are an integral part of this schedule.

154

Income Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
5-Yr. U.S. Treasury Bond Futures		(595	)		September 2015		($71,100,685	)		($70,958,397	)		$142,288
10-Yr. U.S. Treasury Bond Futures		(1,000	)		September 2015		(127,551,640	)		(126,171,880	)		1,379,760
30-Yr. U.S. Treasury Bond Futures		506			September 2015		78,435,495			76,326,938			(2,108,557	)
Total Futures Contracts													($586,509	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Income Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,522,048
Total Interest Rate Contracts			1,522,048
Total Asset Derivatives		$	1,522,048
Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,108,557
Total Interest Rate Contracts			2,108,557
Total Liability Derivatives		$	2,108,557

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Income Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(3,134,510	)
Total Interest Rate Contracts			(3,134,510	)
Total		($	3,134,510	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Income Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(2,077,270	)
Total Interest Rate Contracts			(2,077,270	)
Total		($	2,077,270	)

The following table presents Income Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of  Average Net Assets)
Interest Rate Contracts	$	283,301,801		20.2	%

* Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

155

Income Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Income Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	24,146,820	$	119,831,870	$	115,503,610		28,475,080	$	28,475,080	$	78,163
Cash Management Trust-Short Term Investment		70,366,639		187,049,307		168,397,226		89,018,720		89,018,720		25,040
Total Value and Income Earned		94,513,459								117,493,800		103,203

The accompanying Notes to Financial Statements are an integral part of this schedule.

156

Bond Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (100.3%)	Value
	Asset-Backed Securities (2.4%)
		Conseco Financial Corporation
$	7,053	6.330%, 11/1/2029	$	7,226
		Credit Based Asset Servicing and Securitization, LLC
	344,506	3.606%, 12/25/2036a		235,473
		First Horizon ABS Trust
	446,215	0.347%, 10/25/2034b,c		397,586
		GMAC Mortgage Corporation Loan Trust
	640,484	0.365%, 8/25/2035b,c		587,959
	875,387	0.365%, 12/25/2036b,c		772,197
		IndyMac Seconds Asset-Backed Trust
	350,876	0.527%, 10/25/2036b,c		222,035
		UBS Commercial Mortgage Trust
	750,000	3.400%, 5/10/2045		775,682
		Wachovia Asset Securitization, Inc.
	744,306	0.327%, 7/25/2037*,b,c		665,606
		Total		3,663,764
	Basic Materials (1.0%)
		Albemarle Corporation
	150,000	3.000%, 12/1/2019		150,291
		Dow Chemical Company
	27,000	7.375%, 11/1/2029		34,036
		Freeport-McMoRan, Inc.
	250,000	3.550%, 3/1/2022		231,407
		Georgia-Pacific, LLC
	360,000	2.539%, 11/15/2019d		359,659
	250,000	3.734%, 7/15/2023d		251,682
		Glencore Funding, LLC
	175,000	1.336%, 4/16/2018c,d		174,904
		Mosaic Company
	400,000	4.250%, 11/15/2023		411,292
		Total		1,613,271
	Capital Goods (0.4%)
		Roper Industries, Inc.
	300,000	1.850%, 11/15/2017		301,955
		Textron, Inc.
	250,000	3.875%, 3/1/2025		246,102
		Total		548,057
	Commercial Mortgage-Backed Securities (0.6%)
		Commercial Mortgage Pass-Through Certificates
	480,023	5.306%, 12/10/2046		498,907
		Morgan Stanley Capital I
	390,243	3.224%, 7/15/2049		398,263
		Total		897,170
	Communications Services (1.2%)
		America Movil SAB de CV
	300,000	1.288%, 9/12/2016c		300,646
		American Tower Corporation
	100,000	2.800%, 6/1/2020		98,610
		British Sky Broadcasting Group plc
	200,000	3.125%, 11/26/2022d		194,622
		Crown Castle Towers, LLC
	500,000	4.174%, 8/15/2017d		518,499
		DIRECTV Holdings, LLC
	250,000	1.750%, 1/15/2018		249,104
		NBC Universal Enterprise, Inc.
	250,000	1.662%, 4/15/2018d		250,512
		Verizon Communications, Inc.
	250,000	3.000%, 11/1/2021		246,637
		Total		1,858,630
	Consumer Cyclical (2.7%)
		Board of Trustees of The Leland Stanford Junior University
	550,000	3.563%, 6/1/2044		507,603
		California Institute of Technology
	325,000	4.700%, 11/1/2111		314,000
		CVS Health Corporation
	150,000	2.250%, 8/12/2019		149,319
		Daimler Finance North America, LLC
	27,000	8.500%, 1/18/2031		39,680
		Dartmouth College
	250,000	3.760%, 6/1/2043		234,917
		Ford Motor Credit Company, LLC
	350,000	3.000%, 6/12/2017		358,011
		Home Depot, Inc.
	320,000	2.250%, 9/10/2018		327,465
		Hyundai Capital America
	210,000	2.000%, 3/19/2018d		210,075
		Macy’s Retail Holdings, Inc.
	200,000	4.375%, 9/1/2023		210,909
		Massachusetts Institute of Technology
	500,000	4.678%, 7/1/2114		502,612
		President and Fellows of Harvard College
	500,000	3.619%, 10/1/2037		476,820
		Starbucks Corporation
	200,000	3.850%, 10/1/2023		210,274
		Wal-MartStores, Inc.
	327,000	7.550%, 2/15/2030		463,414
		Yale University
	200,000	2.086%, 4/15/2019		202,102
		Total		4,207,201
	Consumer Non-Cyclical (3.8%)
		AbbVie, Inc.
	200,000	1.800%, 5/14/2018		199,412
		Actavis Funding SCS
	350,000	1.543%, 3/12/2020c		353,878
		Altria Group, Inc.
	240,000	4.000%, 1/31/2024		243,715
		Amgen, Inc.
	250,000	2.125%, 5/1/2020		244,798
		BAT International Finance plc
	350,000	0.796%, 6/15/2018c,d		349,794
		Bayer U.S. Finance, LLC
	250,000	2.375%, 10/8/2019d		250,887
		Boston Scientific Corporation
	300,000	6.000%, 1/15/2020		339,713
		Cardinal Health, Inc.
	195,000	1.950%, 6/15/2018		195,328

The accompanying Notes to Financial Statements are an integral part of this schedule.

157

Bond Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (100.3%)	Value
	Consumer Non-Cyclical (3.8%) - continued
		Cargill, Inc.
$	325,000	4.100%, 11/1/2042d	$	305,955
		Church & Dwight Company, Inc.
	210,000	2.450%, 12/15/2019		211,124
		Dr Pepper Snapple Group, Inc.
	250,000	2.700%, 11/15/2022		238,663
		Edwards Lifesciences Corporation
	300,000	2.875%, 10/15/2018		306,972
		EMD Finance, LLC
	300,000	0.633%, 3/17/2017c,d		299,839
		Fomento Economico Mexicano SAB de CV
	200,000	2.875%, 5/10/2023		188,688
		Hospira, Inc.
	250,000	6.050%, 3/30/2017		268,990
		JM Smucker Company
	225,000	2.500%, 3/15/2020d		223,695
		Laboratory Corporation of America Holdings
	255,000	2.625%, 2/1/2020		253,024
		McKesson Corporation
	275,000	2.700%, 12/15/2022		263,811
		PepsiCo, Inc.
	200,000	1.850%, 4/30/2020		197,793
		Reynolds American, Inc.
	150,000	3.250%, 6/12/2020		151,935
		Sanofi
	250,000	1.250%, 4/10/2018		249,081
		Unilever Capital Corporation
	300,000	2.200%, 3/6/2019		302,750
		Zimmer Biomet Holdings, Inc.
	250,000	2.000%, 4/1/2018		250,090
		Total		5,889,935
	Energy (1.0%)
		Cameron International Corporation
	150,000	1.400%, 6/15/2017		149,020
		CNOOC Nexen Finance
	250,000	1.625%, 4/30/2017		250,356
		El Paso Pipeline Partners Operating Company, LLC
	325,000	4.700%, 11/1/2042		271,473
		Enterprise Products Operating, LLC
	100,000	1.650%, 5/7/2018		99,900
		Exxon Mobil Corporation
	250,000	0.649%, 3/6/2022c		250,480
		Petro-Canada
	150,000	6.800%, 5/15/2038		189,318
		Petroleos Mexicanos
	300,000	2.378%, 4/15/2025		302,799
		Total		1,513,346
	Financials (9.1%)
		ABN AMRO Bank NV
	300,000	2.450%, 6/4/2020d		298,251
		Aflac, Inc.
	250,000	2.400%, 3/16/2020		251,862
		American International Group, Inc.
	200,000	2.300%, 7/16/2019		199,643
		American Tower Trust I
	225,000	1.551%, 3/15/2018*		223,869
		AXA SA
	27,000	8.600%, 12/15/2030		36,184
		Bank Nederlandse Gemeenten NV
	500,000	1.750%, 3/24/2020d		498,225
		Bank of America Corporation
	250,000	1.700%, 8/25/2017		250,287
		Bank of England
	1,000,000	0.875%, 3/17/2017d		1,002,440
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	205,000	2.850%, 9/8/2021d		205,101
		Boston Properties, LP
	300,000	3.125%, 9/1/2023		291,626
		Chubb Corporation
	350,000	6.500%, 5/15/2038		458,071
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	50,000	4.625%, 12/1/2023		51,585
		DnB Boligkreditt AS
	200,000	1.450%, 3/21/2018d		200,098
		Duke Realty, LP
	250,000	3.875%, 10/15/2022		253,124
		European Investment Bank
	500,000	1.250%, 5/15/2018		501,403
	455,000	2.125%, 10/15/2021		454,306
		Fifth Third Bancorp
	200,000	2.875%, 10/1/2021		198,034
		Finnvera Oyj
	400,000	2.375%, 6/4/2025d		386,864
		HSBC Holdings plc
	300,000	6.800%, 6/1/2038		372,494
		ING Bank NV
	400,000	2.625%, 12/5/2022d		400,666
		J.P. Morgan Chase & Company
	250,000	1.177%, 1/25/2018c		251,646
	250,000	2.250%, 1/23/2020		245,671
		Liberty Mutual Group, Inc.
	150,000	4.950%, 5/1/2022d		161,251
	200,000	4.250%, 6/15/2023d		205,681
		Lloyds Bank plc
	365,000	0.806%, 3/16/2018c		364,893
		Marsh & McLennan Companies, Inc.
	400,000	2.550%, 10/15/2018		407,190
		MassMutual Global Funding II
	350,000	2.000%, 4/5/2017d		354,590
		MetLife, Inc.
	200,000	4.368%, 9/15/2023		212,735
		Morgan Stanley
	250,000	5.000%, 11/24/2025		261,715
		National Australia Bank, Ltd.
	325,000	2.000%, 6/20/2017d		330,462
		Nederlandse Waterschapsbank NV
	500,000	1.875%, 4/14/2022d		486,217
		Nordea Bank AB
	325,000	3.125%, 3/20/2017d		335,445
		North American Development Bank
	400,000	2.300%, 10/10/2018		407,084
		PNC Financial Services Group, Inc.
	325,000	2.854%, 11/9/2022		318,498

The accompanying Notes to Financial Statements are an integral part of this schedule.

158

Bond Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (100.3%)	Value
	Financials (9.1%) - continued
		Preferred Term Securities XXIII, Ltd.
$	658,158	0.486%, 12/22/2036*,c	$	501,754
		Prudential Financial, Inc.
	200,000	2.350%, 8/15/2019		200,062
		Realty Income Corporation
	300,000	2.000%, 1/31/2018		302,136
		Reliance Standard Life Global Funding II
	240,000	2.500%, 4/24/2019d		240,861
		Skandinaviska Enskilda Banken AB
	300,000	1.750%, 3/19/2018d		299,975
		Standard Chartered plc
	200,000	3.950%, 1/11/2023d		195,177
		Sumitomo Mitsui Financial Group, Inc.
	250,000	4.436%, 4/2/2024d		255,339
		Svenska Handelsbanken AB
	125,000	1.625%, 3/21/2018		125,227
		Swedbank AB
	300,000	1.750%, 3/12/2018d		300,421
		Synchrony Financial
	215,000	3.000%, 8/15/2019		216,530
		UBS AG
	250,000	0.981%, 3/26/2018c		249,925
		Ventas Realty, LP
	175,000	4.250%, 3/1/2022		181,195
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013e,f		0
		Wells Fargo & Company
	150,000	3.450%, 2/13/2023		149,188
		Total		14,095,001
	Foreign Government (3.9%)
		Chile Government International Bond
	350,000	3.875%, 8/5/2020		379,050
		Export Development Canada
	150,000	0.750%, 12/15/2017		149,182
		Export-Import Bank of Korea
	200,000	2.250%, 1/21/2020		198,064
		FMS Wertmanagement AoeR
	500,000	1.750%, 3/17/2020		499,982
		Hashemite Kingdom of Jordan
	500,000	2.503%, 10/30/2020		516,251
		Hydro-Quebec
	27,000	8.400%, 1/15/2022		35,662
		Inter-American Development Bank
	500,000	3.000%, 10/4/2023		528,606
	400,000	4.375%, 1/24/2044		463,425
		Kommunalbanken AS
	495,000	1.500%, 10/22/2019d		491,889
		Kommuninvest I Sverige AB
	300,000	1.000%, 10/24/2017d		299,877
		Mexico Government International Bond
	100,000	3.500%, 1/21/2021		102,000
	250,000	3.600%, 1/30/2025		246,500
		Poland Government International Bond
	250,000	4.000%, 1/22/2024		261,562
		Province of Manitoba
	600,000	1.300%, 4/3/2017		605,262
		Province of New Brunswick
	125,000	2.750%, 6/15/2018		130,299
		Province of Quebec
	400,000	7.500%, 7/15/2023		531,110
		Sweden Government International Bond
	500,000	1.625%, 3/24/2020d		498,612
		Total		5,937,333
	Mortgage-Backed Securities (29.1%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	269	6.500%, 3/1/2016		272
	1,224	6.000%, 6/1/2016		1,241
	1,128	6.000%, 9/1/2016		1,146
	27,707	7.000%, 6/1/2017		28,711
	28,865	5.500%, 12/1/2017		29,858
	2,087,500	3.000%, 7/1/2030g		2,161,084
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	5,922	8.500%, 11/1/2025		6,222
	604	8.000%, 1/1/2026		685
	2,087,500	4.000%, 7/1/2045g		2,207,572
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	5,500,000	3.500%, 7/1/2030g		5,800,523
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,475	10.500%, 8/1/2020		1,628
	1,112	8.000%, 12/1/2024		1,253
	161	8.500%, 12/1/2025		161
	1,231	8.000%, 9/1/2026		1,279
	1,995	8.000%, 4/1/2030		2,465
	13,245,000	3.500%, 7/1/2045g		13,649,594
	11,062,500	4.000%, 8/1/2045g		11,694,574
	8,400,000	4.500%, 8/1/2045g		9,068,063
		Government National Mortgage Association 30-Yr. Pass Through
	3,332	7.500%, 3/15/2023		3,345
	1,874	9.000%, 9/15/2024		2,150
	2,080	8.000%, 6/15/2025		2,150
	1,145	8.000%, 9/15/2026		1,307
	6,739	7.500%, 10/15/2027		6,934
	7,943	7.500%, 11/15/2028		8,028
	3,736	8.000%, 10/15/2030		4,301
	5,904	7.500%, 1/15/2031		6,849
		Total		44,691,395
	Technology (1.4%)
		Amphenol Corporation
	200,000	2.550%, 1/30/2019		202,594
		Apple, Inc.
	400,000	2.400%, 5/3/2023		382,648
		Cisco Systems, Inc.
	350,000	0.593%, 6/15/2018c		350,612
		Micron Semiconductor Asia Pte, Ltd.
	240,000	1.258%, 1/15/2019		240,100

The accompanying Notes to Financial Statements are an integral part of this schedule.

159

Bond Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (100.3%)	Value
	Technology (1.4%) - continued
		Motorola Solutions, Inc.
$	250,000	3.500%, 3/1/2023	$	235,792
		Oracle Corporation
	325,000	1.200%, 10/15/2017		325,001
	250,000	2.500%, 5/15/2022		242,752
		Texas Instruments, Inc.
	200,000	1.750%, 5/1/2020		196,520
		Total		2,176,019
	Transportation (0.7%)
		American Airlines Pass Through Trust
	180,081	5.600%, 7/15/2020d		185,483
		Continental Airlines, Inc.
	315,547	4.150%, 4/11/2024		322,252
		Delta Air Lines, Inc.
	189,193	4.950%, 5/23/2019		200,428
		TTX Company
	300,000	4.125%, 10/1/2023*		314,705
		Total		1,022,868
	U.S. Government and Agencies (39.2%)
		Federal Farm Credit Bank
	400,000	2.210%, 8/1/2024		391,138
		Federal Home Loan Mortgage Corporation
	1,000,000	1.250%, 8/1/2019		989,375
	325,000	1.250%, 10/2/2019		320,661
	350,000	6.750%, 3/15/2031		501,717
		Federal National Mortgage Association
	2,690,000	1.750%, 11/26/2019		2,704,125
	1,000,000	1.625%, 1/21/2020		998,614
	1,300,000	2.625%, 9/6/2024		1,300,502
	500,000	5.960%, 9/11/2028		658,618
	100,000	6.250%, 5/15/2029		136,603
		Resolution Funding Corporation
	200,000	8.125%, 10/15/2019		253,096
		Tennessee Valley Authority
	350,000	5.250%, 9/15/2039		425,848
		U.S. Treasury Bonds
	2,500,000	5.250%, 11/15/2028		3,258,595
	500,000	5.375%, 2/15/2031		672,148
	4,425,000	3.000%, 5/15/2042		4,335,465
		U.S. Treasury Notes
	4,750,000	0.625%, 10/15/2016		4,762,616
	17,625,000	0.875%, 11/15/2017		17,658,047
	8,000,000	1.875%, 6/30/2020		8,092,496
	1,500,000	2.000%, 7/31/2020		1,525,195
	1,000,000	2.250%, 7/31/2021		1,018,906
	1,000,000	2.125%, 9/30/2021		1,010,000
	1,870,000	1.625%, 8/15/2022		1,812,731
	3,650,000	2.250%, 11/15/2024		3,627,757
	3,450,000	3.625%, 2/15/2044		3,793,113
		Total		60,247,366
	Utilities (3.8%)
		American Electric Power Company, Inc.
	300,000	1.650%, 12/15/2017		300,348
		Berkshire Hathaway Energy Company
	200,000	2.400%, 2/1/2020		199,124
		CenterPoint Energy Houston Electric, LLC
	400,000	5.600%, 7/1/2023		462,864
		Commonwealth Edison Company
	275,000	5.900%, 3/15/2036		327,568
		Dayton Power and Light Company
	300,000	1.875%, 9/15/2016		301,624
		DTE Energy Company
	100,000	2.400%, 12/1/2019		99,992
		Eversource Energy
	230,000	1.600%, 1/15/2018		230,916
		Exelon Generation Company, LLC
	200,000	2.950%, 1/15/2020		200,692
		Kansas City Power & Light Company
	250,000	3.150%, 3/15/2023		245,270
		National Rural Utilities Cooperative Finance Corporation
	28,000	4.023%, 11/1/2032		27,585
		NextEra Energy Capital Holdings, Inc.
	100,000	1.586%, 6/1/2017		100,217
	350,000	2.400%, 9/15/2019		349,623
		NiSource Finance Corporation
	350,000	3.850%, 2/15/2023		360,145
		NSTAR Electric Company
	325,000	2.375%, 10/15/2022		309,313
		PPL Capital Funding, Inc.
	325,000	3.500%, 12/1/2022		328,876
		Public Service Company of Colorado
	350,000	3.600%, 9/15/2042		315,953
		Public Service Electric And Gas Company
	360,000	1.800%, 6/1/2019		355,412
		Sempra Energy
	325,000	2.300%, 4/1/2017		329,781
	265,000	2.400%, 3/15/2020		262,939
		Southern California Edison Company
	155,000	2.400%, 2/1/2022		150,756
		Southern California Gas Company
	325,000	3.750%, 9/15/2042		301,240
		Xcel Energy, Inc.
	250,000	1.200%, 6/1/2017		250,047
		Total		5,810,285
		Total Long-Term Fixed Income (cost $153,625,093)		154,171,641
Shares or Principal Amount		Short-Term Investments (28.8%)h
		Federal National Mortgage Association Discount Notes
	1,000,000	0.090%, 8/12/2015		999,895
		Thrivent Cash Management Trust
	43,289,281	0.070%		43,289,281
		Total Short-Term Investments (at amortized cost)		44,289,176
		Total Investments (cost $197,914,269) 129.1%	$	198,460,817
		Other Assets and Liabilities, Net (29.1%)		(44,722,535	)
		Total Net Assets 100.0%	$	153,738,282

The accompanying Notes to Financial Statements are an integral part of this schedule.

160

Bond Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a 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 June 30, 2015.

b All or a portion of the security is insured or guaranteed.

c Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

d Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $11,023,048 or 7.2% of total net assets.

e Defaulted security. Interest is not being accrued.

f Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

g Denotes investments purchased on a when-issued or delayed delivery basis.

h The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

* Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Bond Index Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	225,000
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		658,158
TTX Company, 10/1/2023		9/19/2013		299,997
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		744,306

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	2,396,647
Gross unrealized depreciation		(1,998,950	)
Net unrealized appreciation (depreciation)	$	397,697
Cost for federal income tax purposes	$	198,063,120

The accompanying Notes to Financial Statements are an integral part of this schedule.

161

Bond Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Bond Index Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Long-Term Fixed Income
Asset-Backed Securities		3,663,764		—		3,663,764		—
Basic Materials		1,613,271		—		1,613,271		—
Capital Goods		548,057		—		548,057		—
Commercial Mortgage-Backed Securities		897,170		—		897,170		—
Communications Services		1,858,630		—		1,858,630		—
Consumer Cyclical		4,207,201		—		4,207,201		—
Consumer Non-Cyclical		5,889,935		—		5,889,935		—
Energy		1,513,346		—		1,513,346		—
Financials^		14,095,001		—		14,095,001		0
Foreign Government		5,937,333		—		5,937,333		—
Mortgage-Backed Securities		44,691,395		—		44,691,395		—
Technology		2,176,019		—		2,176,019		—
Transportation		1,022,868		—		1,022,868		—
U.S. Government and Agencies		60,247,366		—		60,247,366		—
Utilities		5,810,285		—		5,810,285		—
Short-Term Investments		44,289,176		43,289,281		999,895		—
Total	$	198,460,817	$	43,289,281	$	155,171,536	$	0

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

^ Level 3 security in this section is fair valued at <$1.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Bond Index Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015  - June 30, 2015
Cash Management Trust-Short Term Investment	$	43,462,896	$	21,910,809	$	22,084,424		43,289,281	$	43,289,281	$	14,285
Total Value and Income Earned		43,462,896								43,289,281		14,285

The accompanying Notes to Financial Statements are an integral part of this schedule.

162

Limited Maturity Bond Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.0%)a	Value		% of Net Assets
	Basic Materials (0.1%)
		Other Securities^	$	928,989		0.1	%
		Total		928,989
	Capital Goods (0.3%)
		Other Securities^		2,723,757		0.3	%
		Total		2,723,757
	Communications Services (0.8%)
		Other Securities^		7,651,483		0.8	%
		Total		7,651,483
	Consumer Cyclical (0.7%)
		Other Securities^		7,056,506		0.7	%
		Total		7,056,506
	Consumer Non-Cyclical (0.4%)
		Other Securities^		4,046,902		0.4	%
		Total		4,046,902
	Energy (0.2%)
		Other Securities^		1,703,119		0.2	%
		Total		1,703,119
	Financials (0.1%)
		Other Securities^		1,530,786		0.1	%
		Total		1,530,786
	Technology (0.2%)
		Other Securities^		2,462,523		0.2	%
		Total		2,462,523
	Transportation (0.1%)
		Other Securities^		1,336,591		0.1	%
		Total		1,336,591
	Utilities (0.1%)
		Other Securities^		1,374,543		0.1	%
		Total		1,374,543
		Total Bank Loans (cost $31,965,350)		30,815,199
		Long-Term Fixed Income (94.6%)
	Asset-Backed Securities (14.1%)
		BA Credit Card Trust
$	4,800,000	0.566%, 6/15/2021b		4,797,130		0.5	%
		Chase Issuance Trust
	6,500,000	1.590%, 2/18/2020		6,534,047		0.6	%
		Citibank Credit Card Issuance Trust
	5,225,000	1.020%, 2/22/2019		5,222,581		0.5	%
		Golden Credit Card Trust
	7,200,000	0.436%, 2/15/2018b,c		7,196,731		0.7	%
		Master Credit Card Trust
	10,000,000	0.780%, 4/21/2017c		10,003,360		1.0	%
		Mortgage Equity Conversion Asset Trust
	4,433,200	0.690%, 2/25/2042*,b		3,899,842		0.4	%
		OZLM VIII, Ltd.
	3,760,000	1.714%, 10/17/2026*,b		3,753,137		0.4	%
		Penarth Master Issuer plc
	5,500,000	0.575%, 11/18/2017b,c		5,500,550		0.5	%
		SLM Student Loan Trust
	5,143,944	0.707%, 3/25/2026b		5,163,692		0.5	%
		World Financial Network Credit Card Master Trust
	4,000,000	0.910%, 3/16/2020		4,001,176		0.4	%
		World Omni Master Owner Trust
	5,400,000	0.536%, 2/15/2018b,c		5,400,000		0.5	%
		Other Securities^		81,309,306		8.1	%
		Total		142,781,552
	Basic Materials (0.8%)
		Other Securities^		7,544,059		0.8	%
		Total		7,544,059
	Capital Goods (0.3%)
		Other Securities^		2,658,428		0.3	%
		Total		2,658,428
	Collateralized Mortgage Obligations (9.7%)
		Alm Loan Funding CLO
	3,760,000	1.662%, 10/17/2026*,b		3,751,543		0.4	%
		Apidos CLO XVIII
	3,775,000	1.669%, 7/22/2026*,b		3,753,079		0.4	%
		Birchwood Park CLO, Ltd.
	3,760,000	1.693%, 7/15/2026*,b		3,753,155		0.4	%
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	1.752%, 10/15/2026*,b		3,753,179		0.4	%
		Countrywide Alternative Loan Trust
	631,649	5.500%, 11/25/2035		634,464		0.1	%
		Countrywide Home Loans, Inc.
	1,715,531	2.436%, 3/20/2036		1,543,606		0.2	%
		Dryden 34 Senior Loan Fund CLO
	3,760,000	1.705%, 10/15/2026*,b		3,751,535		0.4	%
		Madison Park Funding XIV CLO, Ltd.
	4,150,000	1.725%, 7/20/2026*,b		4,144,609		0.4	%
		MLCC Mortgage Investors, Inc.
	522,190	0.847%, 8/25/2029b		519,768		<0.1	%
		Octagon Investment Partners XX CLO, Ltd.
	3,760,000	1.720%, 8/12/2026*,b		3,753,315		0.4	%
		Other Securities^		69,556,630		6.6	%
		Total		98,914,883
	Commercial Mortgage-Backed Securities (5.3%)
		Commercial Mortgage Pass-Through Certificates
	5,000,000	1.234%, 6/8/2030b,c		4,990,640		0.5	%
		Credit Suisse First Boston Mortgage Securities
	4,460,000	5.542%, 1/15/2049		4,704,176		0.5	%
		Federal National Mortgage Association
	2,629,920	1.272%, 1/25/2017		2,643,187		0.3	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

163

Limited Maturity Bond Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value		% of Net Assets
	Commercial Mortgage-Backed Securities (5.3%) - continued
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
$	4,500,000	1.136%, 12/15/2028b,c	$	4,499,100		0.4	%
	6,193,845	5.429%, 12/12/2043		6,434,302		0.6	%
		NCUA Guaranteed Notes
	5,000,000	2.900%, 10/29/2020		5,130,120		0.5	%
		Other Securities^		25,382,096		2.5	%
		Total		53,783,621
	Communications Services (2.1%)
		Other Securities^		21,687,046		2.1	%
		Total		21,687,046
	Consumer Cyclical (1.3%)
		Other Securities^		13,573,117		1.3	%
		Total		13,573,117
	Consumer Non-Cyclical (4.5%)
		Other Securities^		45,097,429		4.5	%
		Total		45,097,429
	Energy (2.4%)
		Other Securities^		24,337,463		2.4	%
		Total		24,337,463
	Financials (19.0%)
		Bank of America Corporation
	8,200,000	1.144% - 6.100%, 8/25/2017 - 12/29/2049b,d		8,182,275		0.8	%
		Bank of America National Association
	2,000,000	5.300%, 3/15/2017		2,118,328		0.2	%
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,751,465		0.3	%
		DnB Boligkreditt AS
	4,900,000	1.450%, 3/21/2018c		4,902,401		0.5	%
		European Investment Bank
	6,000,000	1.750%, 3/15/2017		6,103,938		0.6	%
	5,435,000	1.250% - 2.125%, 5/15/2018 - 10/15/2021		5,436,240		0.5	%
		Inter-American Development Bank
	3,750,000	0.228%, 2/11/2016b		3,750,638		0.4	%
		J.P. Morgan Chase & Company
	4,000,000	1.177%, 1/25/2018b		4,026,332		0.4	%
	4,950,000	2.250% - 7.900% 1/23/2020 - 4/29/2049d		4,975,270		0.6	%
		J.P. Morgan Chase Bank NA
	1,800,000	5.875%, 6/13/2016		1,880,591		0.2	%
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		4,041,612		0.4	%
		Network Rail Infrastructure Finance plc
	6,000,000	0.875%, 5/15/2018c		5,952,534		0.6	%
		Royal Bank of Canada
	4,000,000	1.200%, 9/19/2017		3,993,760		0.4	%
		U.S. Bank National Association
	4,000,000	3.778%, 4/29/2020b		4,004,112		0.4	%
		Other Securities^		130,828,549		12.7	%
		Total		192,948,045
	Foreign Government (4.1%)
		Canada Government International Bond
	8,500,000	0.875%, 2/14/2017		8,530,600		0.8	%
	2,500,000	1.125%, 3/19/2018		2,504,695		0.3	%
		Province of Manitoba
	5,100,000	1.300%, 4/3/2017e		5,144,727		0.5	%
		Other Securities^		25,511,513		2.5	%
		Total		41,691,535
	Mortgage-Backed Securities (5.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,875,000	3.000%, 7/1/2030f		8,152,594		0.8	%
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	5,875,000	4.000%, 7/1/2045f		6,212,927		0.6	%
	672,854	6.500%, 9/1/2037		772,843		0.1	%
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	18,850,000	3.500%, 7/1/2030f		19,879,975		2.0	%
	3,491,015	2.250%, 6/25/2025		3,565,174		0.3	%
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,072,349	2.072%, 1/1/2043b		4,247,977		0.4	%
	6,669,165	2.054%, 3/1/2043b		6,926,492		0.7	%
	6,666,118	1.729%, 7/1/2043b		6,833,830		0.7	%
	1,429,154	5.196% - 5.688%, 9/1/2037 - 10/1/2037b		1,518,543		0.1	%
		Total		58,110,355
	Technology (1.2%)
		Other Securities^		12,558,617		1.2	%
		Total		12,558,617
	Transportation (1.3%)
		Other Securities^		13,182,326		1.3	%
		Total		13,182,326
	U.S. Government and Agencies (20.3%)
		Federal Home Loan Mortgage Corporation
	4,000,000	1.250%, 10/2/2019		3,946,596		0.4	%
	500,000	1.250%, 8/1/2019		494,688		<0.1	%
		Federal National Mortgage Association
	8,000,000	1.750%, 11/26/2019		8,042,008		0.8	%
	5,000,000	1.625%, 1/21/2020		4,993,070		0.5	%
		U.S. Treasury Bonds
	8,000,000	5.375%, 2/15/2031		10,754,376		1.1	%
	2,200,000	3.000%, 5/15/2042		2,155,485		0.2	%
		U.S. Treasury Bonds, TIPS
	21,707,690	0.125%, 4/15/2019		21,989,217		2.2	%
		U.S. Treasury Notes
	14,750,000	0.625%, 10/15/2016		14,789,176		1.5	%
	41,950,000	1.500%, 10/31/2019		41,972,947		4.1	%

The accompanying Notes to Financial Statements are an integral part of this schedule.

164

Limited Maturity Bond Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value			% of Net Assets
	U.S. Government and Agencies (20.3%) - continued
$	64,045,000	1.875%, 6/30/2020	$	64,785,488			6.4	%
	8,000,000	3.625%, 2/15/2044		8,795,624			0.9	%
	1,400,000	0.875%, 11/15/2017		1,402,625			0.1	%
		U.S. Treasury Notes, TIPS
	8,571,296	0.125%, 1/15/2022		8,494,292			0.8	%
	6,995,352	0.125%, 1/15/2023		6,871,842			0.7	%
	2,480,060	0.125% - 1.125%, 4/15/2018 - 1/15/2021		2,557,642			0.3	%
		Other Securities^		3,558,681			0.3	%
		Total		205,603,757
	Utilities (2.5%)
		Other Securities^		25,734,953			2.5	%
		Total		25,734,953
		Total Long-Term Fixed Income (cost $965,582,067)		960,207,186
Shares		Preferred Stock (0.7%)
	Financials (0.4%)
		Other Securities^		4,262,784			0.4	%
		Total		4,262,784
	Utilities (0.3%)
		Other Securities^		2,460,352			0.3	%
		Total		2,460,352
		Total Preferred Stock (cost $6,703,319)		6,723,136
		Collateral Held for Securities Loaned (0.2%)
	1,602,000	Thrivent Cash Management Trust		1,602,000			0.2	%
		Total Collateral Held for Securities Loaned (cost $1,602,000)		1,602,000
Shares or Principal Amount		Short-Term Investments (4.7%)g
		Thrivent Cash Management Trust
	45,740,650	0.070%h		45,740,650			4.5	%
		Federal National Mortgage Association Discount Notes
	1,000,000	0.060% - 0.065%, 7/15/2015 - 8/12/2015h		999,957			<0.1	%
		Federal Home Loan Mortgage Corporation Discount Notes
	1,000,000	0.070%, 7/20/2015h		999,963			0.1	%
		Other Securities^		399,982			0.1	%
		Total Short-Term Investments (at amortized cost)		48,140,552
		Total Investments (cost $1,053,993,288) 103.2%	$	1,047,488,073
		Other Assets and Liabilities, Net (3.2%)		(32,420,105	)
		Total Net Assets 100.0%	$	1,015,067,968

^ The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers and any holding that exceeds 1% of net assets as of the report date. The remaining securities held are grouped by category as “Other securities”.

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

c Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $191,780,061 or 18.9% of total net assets.

d Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

e All or a portion of the security is on loan.

f Denotes investments purchased on a when-issued or delayed delivery basis.

g The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

h At June 30, 2015, $1,949,931 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Limited Maturity Bond Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	3,758,120
American Tower Trust I, 3/15/2018		3/6/2013		1,650,000
Apidos CLO XVIII, 7/22/2026		6/25/2014		3,765,562
Babson CLO, Ltd., 10/17/2026		8/15/2014		3,758,120
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		6/27/2014		3,674,251
Betony CLO, Ltd., 4/15/2027		2/25/2015		3,425,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		3,760,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		3,756,202
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		3,750,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		3,750,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		3,760,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		3,750,000
CoBank ACB, 6/15/2022		10/18/2013		1,877,516
Commonbond Student Loan Trust, 6/25/2032		6/17/2015		1,649,581
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		3,760,000
Edlinc Student Loan Funding Trust, 10/1/2025		11/29/2012		2,357,941
First Franklin Mortgage Loan Asset-Backed Certificates, 3/25/2036		4/19/2006		214,738
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		3,746,250
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		4,145,020

The accompanying Notes to Financial Statements are an integral part of this schedule.

165

Limited Maturity Bond Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Mortgage Equity Conversion Asset Trust, 1/25/2042		1/18/2007	$	4,381,572
Mortgage Equity Conversion Asset Trust, 2/25/2042		2/14/2007		4,433,200
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		3,000,000
NextGear Floorplan Master Owner Trust, 10/15/2019		11/3/2014		2,999,466
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		3,760,000
OZLM VIII, Ltd., 10/17/2026		8/7/2014		3,738,568
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,500,000
Selene Non-Performing Loans, LLC, 5/25/2054		5/23/2014		1,634,397
Symphony CLO, Ltd., 1/9/2023		9/15/2014		3,722,503
TTX Company, 10/1/2023		9/19/2013		799,992
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		2,788,178
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		930,382

Definitions:

CLO	-	Collateralized Loan Obligation
TIPS	-	Treasury lnflation Protected Security.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

Gross unrealized appreciation	$	8,619,567
Gross unrealized depreciation		(15,031,885	)
Net unrealized appreciation (depreciation)	$	(6,412,318	)
Cost for federal income tax purposes	$	1,053,900,391

The accompanying Notes to Financial Statements are an integral part of this schedule.

166

Limited Maturity Bond Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Limited Maturity Bond Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		928,989		—		928,989		—
Capital Goods		2,723,757		—		2,723,757		—
Communications Services		7,651,483		—		7,059,899		591,584
Consumer Cyclical		7,056,506		—		7,056,506		—
Consumer Non-Cyclical		4,046,902		—		4,046,902		—
Energy		1,703,119		—		1,703,119		—
Financials		1,530,786		—		1,530,786		—
Technology		2,462,523		—		2,462,523		—
Transportation		1,336,591		—		1,336,591		—
Utilities		1,374,543		—		1,374,543		—
Long-Term Fixed Income
Asset-Backed Securities		142,781,552		—		140,412,598		2,368,954
Basic Materials		7,544,059		—		7,544,059		—
Capital Goods		2,658,428		—		2,658,428		—
Collateralized Mortgage Obligations		98,914,883		—		98,914,883		—
Commercial Mortgage-Backed Securities		53,783,621		—		53,783,621		—
Communications Services		21,687,046		—		21,687,046		—
Consumer Cyclical		13,573,117		—		13,573,117		—
Consumer Non-Cyclical		45,097,429		—		45,097,429		—
Energy		24,337,463		—		24,337,463		—
Financials		192,948,045		—		192,948,045		—
Foreign Government		41,691,535		—		41,691,535		—
Mortgage-Backed Securities		58,110,355		—		58,110,355		—
Technology		12,558,617		—		12,558,617		—
Transportation		13,182,326		—		13,182,326		—
U.S. Government and Agencies		205,603,757		—		205,603,757		—
Utilities		25,734,953		—		25,734,953		—
Preferred Stock
Financials		4,262,784		3,422,100		840,684		—
Utilities		2,460,352		—		2,460,352		—
Collateral Held for Securities Loaned		1,602,000		1,602,000		—		—
Short-Term Investments		48,140,552		45,740,650		2,399,902		—
Total	$	1,047,488,073	$	50,764,750	$	993,762,785	$	2,960,538
Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,251,338		1,251,338		—		—
Total Asset Derivatives	$	1,251,338	$	1,251,338	$	—	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
5-Yr. U.S. Treasury Bond Futures		(1,040	)		September 2015	($	124,276,828	)	($	124,028,122	)	$	248,706
10-Yr. U.S. Treasury Bond Futures		(350	)		September 2015		(44,643,074	)		(44,160,158	)		482,916
30-Yr. U.S. Treasury Bond Futures		(63	)		September 2015		(9,766,281	)		(9,503,156	)		263,125
Ultra Long Term U.S. Treasury Bond Futures		(52	)		September 2015		(8,267,841	)		(8,011,250	)		256,591
Total Futures Contracts												$	1,251,338

The accompanying Notes to Financial Statements are an integral part of this schedule.

167

Limited Maturity Bond Portfolio

Summary Schedule of Investments as of June 30, 2015

(unaudited)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of June 30, 2015, for Limited Maturity Bond Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,251,338
Total Interest Rate Contracts			1,251,338
Total Asset Derivatives		$	1,251,338

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended June 30, 2015, for Limited Maturity Bond Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Realized  Gains/(Losses) recognized in Income
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(1,649,716	)
Total Interest Rate Contracts			(1,649,716	)
Total		($	1,649,716	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended June 30, 2015, for Limited Maturity Bond Portfolio’s investments in financial derivative instruments by primary risk exposure.

Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		1,672,854
Total Interest Rate Contracts			1,672,854
Total		$	1,672,854

The following table presents Limited Maturity Bond Portfolio’s average volume of derivative activity during the period ended June 30, 2015.

Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Interest Rate Contracts	$	182,385,195		17.9	%

* Notional amount represents long or short, or both, derivative positions held by the Fund.

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Limited Maturity Bond Portfolio, is as follows:

Portfolio	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at June 30, 2015		Value June 30, 2015		Income Earned January 1, 2015 - June 30, 2015
Cash Management Trust-Collateral Investment	$	8,419,435	$	17,424,123	$	24,241,558		1,602,000	$	1,602,000	$	3,855
Cash Management Trust-Short Term Investment		40,223,834		146,889,029		141,372,213		45,740,650		45,740,650		17,564
Total Value and Income Earned		48,643,269								47,342,650		21,419

The accompanying Notes to Financial Statements are an integral part of this schedule.

168

Money Market Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Asset Backed Commercial Paper (16.5%)a	Value
		Barton Capital, LLC
$	3,100,000	0.120%, 7/1/2015b,c	$	3,100,000
		Chariot Funding, LLC
	1,310,000	0.170%, 8/18/2015b,c		1,309,703
		Dealers Capital Access Trust, LLC
	1,250,000	0.270%, 7/10/2015b		1,249,916
		Fairway Finance, LLC
	1,250,000	0.240%, 8/5/2015b,c		1,249,708
		Kells Funding, LLC
	1,240,000	0.281%, 11/4/2015b,c,d		1,239,948
		Liberty Street Funding, LLC
	1,500,000	0.080%, 7/1/2015b,c		1,500,000
	1,320,000	0.190%, 8/31/2015b,c		1,319,575
		Nieuw Amsterdam Receivables
	1,200,000	0.140%, 7/21/2015b,c		1,199,907
	1,340,000	0.200%, 8/14/2015b,c		1,339,672
		Old Line Funding, LLC
	1,250,000	0.265%, 8/19/2015b,c,d		1,250,000
	1,300,000	0.288%, 12/11/2015b,c,d		1,300,000
		Starbird Funding Corporation
	3,250,000	0.110%, 7/1/2015b,c		3,250,000
		Thunder Bay Funding, LLC
	1,230,000	0.266%, 10/14/2015b,c,d		1,230,000
	1,250,000	0.314%, 11/6/2015b,c,d		1,250,000
		Total		21,788,429
		Certificate of Deposit (4.9%)a
		Rabobank Nederland NY
	1,290,000	0.285%, 7/17/2015d		1,290,000
		Toronto-Dominion Bank of New York
	1,230,000	0.275%, 11/18/2015d		1,230,000
		US Bank NA
	1,245,000	0.246%, 7/27/2015d		1,245,000
	1,300,000	0.225%, 12/14/2015d		1,300,000
		Wells Fargo Bank NA
	1,270,000	0.309%, 9/4/2015d		1,270,000
		Total		6,335,000
		Financial Company Commercial Paper (8.3%)a
		AllianceBernstein, LP
	1,350,000	0.200%, 7/7/2015c		1,349,955
		Bank of Nova Scotia
	1,320,000	0.250%, 9/21/2015c		1,319,248
		Nederlandse Waterschapsbank NV
	1,000,000	0.100%, 7/9/2015c		999,978
		Nordea Bank AB
	1,250,000	0.170%, 7/6/2015c		1,249,971
		Skandinaviska Enskilda Banken AB
	1,200,000	0.180%, 7/22/2015c		1,199,874
	1,330,000	0.210%, 8/17/2015c		1,329,635
		US Bank NA
	3,500,000	0.100%, 7/1/2015		3,500,000
		Total		10,948,661
		Government Agency Debt (28.7%)a
		Federal Agricultural Mortgage Corporation
	1,500,000	0.390%, 7/1/2015d		1,500,000
		Federal Farm Credit Bank
	1,140,000	0.183%, 8/3/2015d		1,140,031
	1,800,000	0.340%, 8/3/2015d		1,800,396
	630,000	0.148%, 12/9/2015d		629,971
	1,320,000	0.210%, 12/18/2015d		1,320,467
	3,720,000	0.250%, 2/16/2016d		3,722,600
	1,250,000	0.167%, 3/31/2016d		1,249,970
	700,000	0.162%, 6/30/2016d		699,978
		Federal Home Loan Bank
	1,280,000	0.177%, 8/26/2015d		1,280,011
	900,000	0.202%, 11/20/2015d		900,088
	1,250,000	0.165%, 5/12/2016d		1,249,993
	1,310,000	0.137%, 6/23/2016d		1,310,000
		Federal Home Loan Mortgage Corporation
	650,000	0.175%, 7/17/2015d		650,009
		Federal National Mortgage Association
	1,250,000	0.205%, 8/16/2016d		1,250,223
		Overseas Private Investment Corporation
	689,653	0.110%, 7/1/2015d		689,653
	1,390,000	0.110%, 7/7/2015d		1,390,000
	1,300,000	0.110%, 7/7/2015d		1,300,000
	2,300,000	0.110%, 7/7/2015d		2,300,000
	1,420,000	0.110%, 7/7/2015d		1,420,000
	1,410,000	0.110%, 7/7/2015d		1,410,000
	632,873	0.256%, 7/12/2015		643,649
	2,540,000	0.430%, 7/12/2015		2,550,544
	1,697,760	0.110%, 7/14/2015d		1,697,760
	800,000	0.450%, 12/10/2015		802,002
	1,250,000	0.610%, 3/17/2016		1,252,207
	1,000,000	0.500%, 4/30/2016		1,044,511
	1,260,000	0.510%, 4/30/2016		1,261,088
	1,260,000	0.520%, 5/2/2016		1,261,040
		Total		37,726,191
Shares		Investment Company (9.8%)
		BlackRock Cash Funds
	5,203,000	0.130%		5,203,000
		Dreyfus Institutional Cash Advantage Fund
	3,128,000	0.080%		3,128,000
		Duetsche Money Market Series
	4,563,037	0.100%		4,563,037
		Total		12,894,037
Principal Amount		Other Commercial Paper (14.6%)a
		Anheuser-Busch InBev Worldwide, Inc.
	1,300,000	0.130%, 8/5/2015c		1,299,836
		Cargill, Inc.
	1,320,000	0.090%, 7/6/2015c		1,319,983
		Chevron Corporation
	1,075,000	0.090%, 8/10/2015c		1,074,893
		Emerson Electric Company
	2,650,000	0.060%, 7/1/2015c		2,650,000
	1,300,000	0.120%, 8/20/2015c		1,299,784
		Honeywell International, Inc.
	1,000,000	0.110%, 7/17/2015c		999,951
		Novartis Finance Corporation
	1,400,000	0.080%, 7/10/2015c		1,399,972

The accompanying Notes to Financial Statements are an integral part of this schedule.

169

Money Market Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Other Commercial Paper (14.6%)a	Value
		Reckitt Benckiser Treasury Services plc
$	1,000,000	0.100%, 7/23/2015c	$	999,939
		Roche Holdings, Inc.
	1,310,000	0.120%, 8/20/2015c		1,309,782
		Schlumberger Investment SA
	1,300,000	0.120%, 7/15/2015c		1,299,939
	1,240,000	0.150%, 8/4/2015c		1,239,824
		State of California
	785,000	0.190%, 7/30/2015		785,000
		Wal-Mart Stores, Inc.
	3,600,000	0.050%, 7/6/2015c		3,599,975
		Total		19,278,878
		Other Note (15.3%)a
		Bank of New York Mellon Corporation
	1,230,000	0.507%, 10/23/2015d		1,230,876
	670,000	0.509%, 3/4/2016d		670,906
		Bank of Nova Scotia
	650,000	0.750%, 10/9/2015		650,765
		Coca-Cola Company
	2,510,000	0.293%, 9/1/2015d		2,510,348
		General Electric Capital Corporation
	1,310,000	1.029%, 8/11/2015b,d		1,311,096
	1,240,000	0.886%, 12/11/2015b,d		1,243,024
	1,250,000	0.507%, 1/14/2016b,d		1,251,272
		International Bank for Reconstruction and Development
	1,320,000	0.184%, 8/7/2015d		1,320,031
		John Deere Capital Corporation
	620,000	0.402%, 12/10/2015d		620,363
		JP Morgan Chase Bank NA
	800,000	0.528%, 7/30/2015d		800,179
		KFW
	1,250,000	0.197%, 10/30/2015d		1,249,999
		Procter & Gamble Company
	840,000	3.150%, 9/1/2015		844,112
	800,000	4.850%, 12/15/2015		816,390
		Royal Bank of Canada
	700,000	0.361%, 7/6/2016c,d		700,000
		Toronto-Dominion Bank
	1,230,000	0.480%, 11/6/2015d		1,230,866
		Wells Fargo Bank NA
	1,370,000	0.406%, 7/14/2016d		1,370,000
		Westpac Banking Corporation
	1,250,000	1.074%, 7/17/2015c,d		1,250,432
	1,260,000	3.000%, 8/4/2015		1,263,093
		Total		20,333,752
		Total Investments (at amortized cost) 98.1%	$	129,304,948
		Other Assets and Liabilities, Net 1.9%		2,535,196
		Total Net Assets 100.0%	$	131,840,144

a The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

b Denotes investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution or government.

c Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $48,431,484 or 36.7% of total net assets.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

Cost for federal income tax purposes $ 129,304,948

The accompanying Notes to Financial Statements are an integral part of this schedule.

170

Money Market Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of June 30, 2015, in valuing Money Market Portfolio’s assets carried at fair value or amortized cost, which approximates fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Asset Backed Commercial Paper		21,788,429		—		21,788,429		—
Certificate of Deposit		6,335,000		—		6,335,000		—
Financial Company Commercial Paper		10,948,661		—		10,948,661		—
Government Agency Debt		37,726,191		—		37,726,191		—
Investment Company		12,894,037		12,894,037		—		—
Other Commercial Paper		19,278,878		—		19,278,878		—
Other Note		20,333,752		—		20,333,752		—
Total	$	129,304,948	$	12,894,037	$	116,410,911	$	—

There were no significant transfers between Levels during the period ended June 30, 2015. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

171

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

As of June 30, 2015 (unaudited)	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Assets
Investments at cost	$	878,892,327		$	4,783,058,234		$	9,236,057,963		$	4,314,698,234
Investments in securities at value		614,823,736			3,185,437,098			6,723,273,960			3,236,686,871
Investments in affiliates at value		360,344,771			2,057,952,315			3,073,344,779			1,261,299,695
Investments at Value		975,168,507			5,243,389,413			9,796,618,739			4,497,986,566
Cash		9,623,846			11,204,734	(a)		11,460,931	(b)		8,692,653
Dividends and interest receivable		541,881			4,600,291			11,362,621			7,148,227
Prepaid expenses		6,275			20,113			33,667			16,365
Receivable for investments sold		8,455,012			106,925,345			486,614,117			302,179,206
Receivable for fund shares sold		—			313,134			2,067,047			1,576,928
Receivable for expense reimbursements		—			—			—			—
Receivable for variation margin		602,094			2,295,787			3,240,399			868,160
Total Assets		994,397,615			5,368,748,817			10,311,397,521			4,818,468,105
Liabilities
Accrued expenses		34,564			83,023			105,579			54,540
Payable for investments purchased		21,032,815			307,215,309			1,373,389,529			843,701,041
Payable upon return of collateral for securities loaned		—			68,786,888			78,634,260			18,733,091
Payable for fund shares redeemed		203,061			381,501			339,371			608,966
Payable for variation margin		1,126,818			3,761,703			4,738,767			1,419,362
Payable for investment advisory fees		440,237			1,945,534			3,329,076			1,462,022
Payable for administrative fees		22,146			86,098			147,309			68,966
Payable for director fees		641			2,533			4,848			2,262
Payable for director deferred compensation		41,232			116,337			189,403			105,940
Mortgage dollar roll deferred revenue		20,661			256,217			1,216,639			746,373
Total Liabilities		22,922,175			382,635,143			1,462,094,781			866,902,563
Net Assets
Capital stock (beneficial interest)		831,899,704			4,319,966,894			8,010,414,781			3,687,485,951
Accumulated undistributed net investment income/(loss)		5,488,859			38,850,966			76,476,533			36,085,745
Accumulated undistributed net realized gain/(loss)		41,012,973			180,272,730			233,604,058			56,293,176
Net unrealized appreciation/ (depreciation) on:
Investments		76,249,711			232,806,225			274,906,369			92,020,127
Affiliated investments		20,026,469			227,524,954			285,654,407			91,268,205
Futures contracts		(3,230,435	)		(13,218,582	)		(31,920,197	)		(11,209,307	)
Foreign currency transactions		28,159			124,636			166,789			43,176
Swap agreements		—			(214,149	)		—			(421,531	)
Total Net Assets	$	971,475,440		$	4,986,113,674		$	8,849,302,740		$	3,951,565,542
Shares of beneficial interest outstanding		65,840,470			350,414,094			659,700,373			316,731,801
Net asset value per share	$	14.75		$	14.23		$	13.41		$	12.48

^(a)  Includes foreign currency holdings of $171,755 (cost $165,544).

^(b)  Includes foreign currency holdings of $226,637 (cost $218,516).

^(c)  Includes foreign currency holdings of $20,285 (cost $19,913).

^(d)  Includes foreign currency holdings of $38,521 (cost $37,505).

^(e)  Includes foreign currency holdings of $56,964 (cost $55,665).

The accompanying Notes to Financial Statements are an integral part of this statement.

172

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED

Growth and Income Plus Portfolio			Balanced Income Plus Portfolio			Diversified Income Plus Portfolio			Opportunity Income Plus Portfolio			Partner Technology Portfolio			Partner Healthcare Portfolio			Natural Resources Portfolio
	$84,868,408		$	330,990,824		$	486,431,501		$	102,512,021		$	47,983,476		$	140,469,349		$	49,465,959
	78,382,221			304,391,336			440,115,551			83,312,758			63,266,302			151,965,080			37,080,328
	4,889,884			33,771,868			45,211,010			18,341,873			936,399			12,963,169			4,885,414
	83,272,105			338,163,204			485,326,561			101,654,631			64,202,701			164,928,249			41,965,742
	34,373	(c)		107,747	(d)		64,189	(e)		68			—			—			—
	281,251			1,331,548			2,485,148			492,512			25,553			285,746			56,885
	3,265			4,072			4,564			3,259			3,199			3,438			3,108
	1,294,756			7,677,242			10,945,886			4,770,531			102,270			—			—
	1,335			244,957			370,409			34,429			3,570			348,952			—
	26,793			—			—			—			—			10,009			5,819
	1,141			10,206			24,716			4,649			—			—			—
	84,915,019			347,538,976			499,221,473			106,960,079			64,337,293			165,576,394			42,031,554
	22,532			28,992			33,404			19,607			15,323			18,901			13,599
	4,202,252			24,478,818			26,313,743			18,998,846			79,782			2,020,138			—
	—			6,207,658			1,140,295			—			—			—			4,558,622
	172,681			28,889			15,004			1,051			23,500			263			5,735
	1,322			10,559			75,831			3,415			—			—			—
	46,622			153,349			164,890			37,741			43,094			126,161			25,781
	7,958			11,685			14,087			8,025			7,701			9,146			7,286
	167			401			502			167			167			167			167
	14,676			89,110			44,082			19,456			19,908			13,749			13,749
	3,212			18,091			25,618			7,361			—			—			—
	4,471,422			31,027,552			27,827,456			19,095,669			189,475			2,188,525			4,624,939
	77,762,737			293,030,639			456,547,089			90,142,859			47,218,251			132,967,220			48,822,114
	1,019,617			4,508,342			9,051,101			(4,607	)		(118,370	)		250,054			108,582
	3,281,920			11,917,760			6,756,324			(1,375,716	)		828,712			5,711,777			(4,023,864	)
	(1,596,303	)		7,172,380			(1,104,940	)		(857,390	)		16,219,225			24,458,900			(7,500,217	)
	—			—			—			—			—			—			—
	(23,720	)		(120,744	)		145,594			(37,438	)		—			—			—
	(822	)		524			(1,151	)		—			—			(82	)		—
	168			2,523			—			(3,298	)		—			—			—
	$80,443,597		$	316,511,424		$	471,394,017		$	87,864,410		$	64,147,818		$	163,387,869		$	37,406,615
	7,862,778			22,097,503			61,522,933			8,689,312			6,078,552			7,803,605			6,199,819
	$10.23		$	14.32		$	7.66		$	10.11		$	10.55		$	20.94		$	6.03

The accompanying Notes to Financial Statements are an integral part of this statement.

173

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED

As of June 30, 2015 (unaudited)	Partner Emerging Markets Equity Portfolio			Real Estate Securities Portfolio			Partner Small Cap Growth Portfolio			Partner Small Cap Value Portfolio
Assets
Investments at cost	$	43,706,955		$	138,796,266		$	52,609,456		$	273,726,217
Investments in securities at value		48,461,896			142,174,377			52,173,452			376,185,473
Investments in affiliates at value		1,935,674			295,654			9,041,392			20,614,887
Investments at Value		50,397,570			142,470,031			61,214,844			396,800,360
Cash		38,361	(a)		584			—			—
Initial margin deposit on open futures contracts		—			—			—			—
Dividends and interest receivable		190,899			540,042			23,676			431,282
Prepaid expenses		3,156			3,521			3,159			4,337
Receivable for investments sold		—			234,530			48,865			3,112,970
Receivable for fund shares sold		4,737			29,069			—			—
Unrealized gain on forward contracts		—			—			—			—
Receivable for expense reimbursements		16,528			—			18,392			—
Receivable for variation margin		—			—			—			—
Total Assets		50,651,251			143,277,777			61,308,936			400,348,949
Liabilities
Accrued expenses		30,133			23,293			13,904			17,832
Cash overdraft		—			—			282			—
Payable for investments purchased		57,054			60,510			320,830			501,874
Payable upon return of collateral for securities loaned		561,031			—			8,046,635			14,679,400
Payable for fund shares redeemed		66,772			44,572			72,928			15,493
Unrealized loss on forward contracts		—			—			—			—
Payable for variation margin		—			—			—			—
Payable for investment advisory fees		52,521			102,883			46,018			272,461
Payable for administrative fees		7,455			8,981			7,495			12,797
Payable for director fees		167			167			167			471
Payable for director deferred compensation		13,749			49,950			41,681			51,881
Total Liabilities		788,882			290,356			8,549,940			15,552,209
Net Assets
Capital stock (beneficial interest)		44,343,478			137,798,854			25,505,154			252,364,025
Accumulated undistributed net investment income/(loss)		322,148			1,510,709			(130,428	)		1,847,980
Accumulated undistributed net realized gain/(loss)		(1,493,204	)		4,357			18,778,882			7,510,644
Net unrealized appreciation/(depreciation) on:
Investments		6,690,615			3,673,765			8,605,388			123,074,143
Futures contracts		—			—			—			—
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		(668	)		(264	)		—			(52	)
Total Net Assets	$	49,862,369		$	142,987,421		$	52,758,996		$	384,796,740
Shares of beneficial interest outstanding		4,135,959			7,086,790			3,124,835			14,834,072
Net asset value per share	$	12.06		$	20.18		$	16.88		$	25.94

^(a)  Includes foreign currency holdings of $38,361 (cost $38,275).

^(b)  Includes foreign currency holdings of $7,872,085 (cost $7,916,353).

The accompanying Notes to Financial Statements are an integral part of this statement.

174

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED

Small Cap Stock Portfolio			Small Cap Index Portfolio			Mid Cap Growth Portfolio		Partner Mid Cap Value Portfolio		Mid Cap Stock Portfolio		Mid Cap Index Portfolio			Partner Worldwide Allocation Portfolio
	$311,888,636		$	219,813,526		$	326,342,116	$	374,939,522	$	619,264,383	$	134,458,988		$	1,630,417,195
	313,811,515			274,865,047			423,488,888		397,589,184		706,163,050		164,714,418			1,642,308,425
	52,010,648			36,107,887			31,003,108		4,663,419		72,363,107		11,500,095			61,827,786
	365,822,163			310,972,934			454,491,996		402,252,603		778,526,157		176,214,513			1,704,136,211
	—			—			—		—		—		—			7,817,769	(b)
	—			—			—		—		—		—			770,672
	285,902			294,196			69,408		686,895		638,906		153,809			7,888,226
	4,075			3,955			4,525		4,408		5,659		3,538			8,781
	894,226			3,030,547			—		2,165,194		2,459,095		1,236,983			790,935
	6,193			205,641			222		—		79,995		165,275			91,076
	—			—			—		—		—		—			688,472
	—			—			—		—		—		—			—
	—			47,555			—		—		—		4,132			1,020,873
	367,012,559			314,554,828			454,566,151		405,109,100		781,709,812		177,778,250			1,723,213,015
	20,518			27,327			31,265		15,536		21,568		22,626			131,083
	2,310			—			—		—		—		—			—
	1,327,048			3,353,579			—		3,312,818		1,535,612		1,322,808			4,779,123
	40,360,914			23,935,556			13,749,175		—		18,565,385		6,400,412			14,629,592
	31,997			29,134			157,088		7,041		14,917		16,096			70,982
	—			—			—		—		—		—			379,909
	—			—			—		—		—		—			1,090,375
	193,716			50,439			156,317		261,892		450,261		29,827			1,256,402
	11,788			11,206			13,701		13,176		18,893		9,351			33,927
	409			377			510		485		742		167			1,478
	65,862			66,573			111,266		40,864		83,845		26,098			213,867
	42,014,562			27,474,191			14,219,322		3,651,812		20,691,223		7,827,385			22,586,738
	253,767,439			187,410,607			290,611,444		337,820,179		561,450,681		122,749,632			1,726,545,882
	548,721			1,533,624			441,204		1,239,100		1,769,226		816,760			21,308,624
	16,748,469			7,058,925			21,144,301		35,084,928		38,536,908		4,730,652			(120,770,873	)
	53,933,527			91,159,408			128,149,880		27,313,081		159,261,774		41,755,525			73,719,016
	—			(81,927	)		—		—		—		(101,704	)		(421,593	)
	—			—			—		—		—		—			308,563
	(159	)		—			—		—		—		—			(63,342	)
	$324,997,997		$	287,080,637		$	440,346,829	$	401,457,288	$	761,018,589	$	169,950,865		$	1,700,626,277
	18,981,197			17,101,852			17,863,027		25,257,593		45,049,130		10,532,700			178,115,599
$	17.12		$	16.79		$	24.65	$	15.89	$	16.89	$	16.14		$	9.55

The accompanying Notes to Financial Statements are an integral part of this statement.

175

THRIVENT SERIES FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES – CONTINUED

As of June 30, 2015 (unaudited)	Partner All Cap Portfolio		Large Cap Growth Portfolio			Partner Growth Stock Portfolio			Large Cap Value Portfolio
Assets
Investments at cost	$	72,808,744	$	827,078,728		$	57,273,964		$	942,307,642
Investments in securities at value		77,658,139		976,013,976			91,119,377			1,201,555,618
Investments in affiliates at value		4,184,334		60,192,162			3,447,732			20,435,846
Investments at Value		81,842,473		1,036,206,138			94,567,109			1,221,991,464
Cash		28,954		285,403			228	(a)		291,757
Dividends and interest receivable		65,067		441,720			25,343			2,246,384
Prepaid expenses		3,245		6,555			3,285			7,150
Receivable for investments sold		—		6,373,235			120,953			—
Receivable for fund shares sold		19,463		125,367			75,253			1,004
Receivable for expense reimbursements		20,324		—			16,548			—
Receivable for variation margin		—		107,684			—			—
Total Assets		81,979,526		1,043,546,102			94,808,719			1,224,537,759
Liabilities
Accrued expenses		16,226		44,309			17,690			28,006
Cash overdraft		—		—			—			—
Payable for investments purchased		2,366,167		6,350,139			761,049			—
Payable upon return of collateral for securities loaned		588,625		8,453,000			2,241,300			12,423,600
Payable for fund shares redeemed		3,160		583,654			1,309			83,712
Payable for variation margin		—		306,750			—			—
Payable for investment advisory fees		65,329		365,429			64,146			649,238
Payable for administrative fees		7,905		23,111			8,110			26,144
Payable for director fees		167		945			167			1,113
Payable for director deferred compensation		19,338		292,678			21,072			142,241
Mortgage dollar roll deferred revenue		—		—			—			—
Total Liabilities		3,066,917		16,420,015			3,114,843			13,354,054
Net Assets
Capital stock (beneficial interest)		66,345,404		779,865,440			52,125,309			864,538,318
Accumulated undistributed net investment income/(loss)		153,020		1,905,479			(90,435	)		8,227,890
Accumulated undistributed net realized gain/(loss)		3,380,456		36,563,097			2,365,960			58,733,675
Net unrealized appreciation/(depreciation) on:
Investments		9,033,729		209,127,410			37,293,145			279,683,822
Futures contracts		—		(345,679	)		—			—
Foreign currency transactions		—		10,340			(103	)		—
Swap agreements		—		—			—			—
Total Net Assets	$	78,912,609	$	1,027,126,087		$	91,693,876		$	1,211,183,705
Shares of beneficial interest outstanding		5,908,834		34,647,421			5,078,896			74,377,191
Net asset value per share	$	13.36	$	29.65		$	18.05		$	16.28

^(a)  Includes foreign currency holdings of $228 (cost $234).

^(b)  Includes foreign currency holdings of $322,270 (cost $317,069).

* Securities held by the Portfolio are valued on the basis of amortized cost, which approximates market value.

The accompanying Notes to Financial Statements are an integral part of this statement.

176

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STATEMENT OF ASSETS AND LIABILITIES – CONTINUED

Large Cap Stock Portfolio			Large Cap Index Portfolio			High Yield Portfolio			Income Portfolio			Bond Index Portfolio			Limited Maturity Bond Portfolio			Money Market Portfolio
$	751,250,315		$	302,344,375		$	933,743,098		$	1,444,309,734		$	197,914,269		$	1,053,993,288		$	129,304,948
	792,053,361			472,870,582			819,947,200			1,337,006,278			155,171,536			1,000,145,423			129,304,948
	87,426,179			20,702,666			100,111,612			117,493,800			43,289,281			47,342,650			—
	879,479,540			493,573,248			920,058,812			1,454,500,078			198,460,817			1,047,488,073			129,304,948	*
	566,432	(b)		183,454			—			1			—			6,836			2,179,072
	1,682,218			545,592			12,398,533			13,136,899			559,267			3,502,026			47,654
	5,979			4,618			5,988			7,885			3,518			6,506			3,409
	—			116,903			—			21,850,328			20,756,607			—			—
	91,091			455,700			60,101			166,706			—			456,243			777,285
	—			—			—			—			—			—			46,852
	357,979			31,305			—			54,497			—			58,758			—
	882,183,239			494,910,820			932,523,434			1,489,716,394			219,780,209			1,051,518,442			132,359,220
	38,761			30,558			38,999			36,628			20,924			24,665			20,426
	—			—			—			—			1			—			—
	—			188,807			8,431,609			80,052,613			65,585,179			34,180,352			—
	12,064,660			1,557,348			58,556,630			28,475,080			—			1,602,000			—
	65,760			19,990			207,855			215,445			284,682			74,579			443,462
	1,435,381			—			89,732			31,625			—			—			—
	474,562			87,080			305,371			485,200			47,071			355,608			46,272
	20,584			14,504			20,409			28,501			9,088			22,669			8,749
	787			527			840			1,249			167			936			167
	154,244			101,730			147,243			221,799			48,771			167,773			—
	—			—			—			49,418			46,044			21,892			—
	14,254,739			2,000,544			67,798,688			109,597,558			66,041,927			36,450,474			519,076
	707,860,807			311,964,935			952,038,025			1,367,191,316			153,067,742			1,026,529,186			131,837,876
	6,682,493			4,149,753			266,679			(117,333	)		(601	)		431,960			—
	27,272,926			(14,018,229	)		(73,949,500	)		3,441,018			124,593			(6,639,301	)		2,268
	128,229,225			191,228,873			(13,684,286	)		10,190,344			546,548			(6,505,215	)		—
	(2,161,418	)		(415,056	)		—			(586,509	)		—			1,251,338			—
	44,467			—			—			—			—			—			—
	—			—			53,828			—			—			—			—
	$867,928,500		$	492,910,276		$	864,724,746		$	1,380,118,836		$	153,738,282		$	1,015,067,968		$	131,840,144
	73,578,012			17,272,694			177,138,354			136,871,047			14,092,479			103,302,929			131,837,876
$	11.80		$	28.54		$	4.88		$	10.08		$	10.91		$	9.83		$	1.00

The accompanying Notes to Financial Statements are an integral part of this statement.

177

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS

For the six months ended June 30, 2015 (unaudited)	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Investment Income
Dividends	$	2,677,554		$	10,940,251		$	15,784,987		$	6,003,316
Interest		308,975			8,608,706			27,562,980			16,358,763
Income from mortgage dollar rolls		98,182			1,852,338			7,692,730			4,817,940
Income from securities loaned		1,547			237,707			309,366			63,762
Income from affiliated investments		5,011,946			28,903,643			45,209,783			17,499,456
Foreign tax withholding		(36,815	)		(219,683	)		(308,563	)		(67,716	)
Total Investment Income		8,061,389			50,322,962			96,251,283			44,675,521
Expenses
Adviser fees		2,401,906			10,792,962			18,651,077			8,019,200
Sub-Adviser fees		—			—			—			—
Administrative service fees		125,010			481,702			829,509			384,081
Audit and legal fees		13,710			22,973			32,180			20,336
Custody fees		31,137			102,626			139,223			68,025
Insurance expenses		4,220			13,548			22,169			10,934
Printing and postage expenses		14,741			39,489			47,832			22,034
Directors’ fees		11,266			42,604			79,938			37,990
Other expenses		8,954			37,511			42,106			29,512
Total Expenses Before Reimbursement		2,610,944			11,533,415			19,844,034			8,592,112
Less:
Reimbursement from adviser		—			—			—			—
Total Net Expenses		2,610,944			11,533,415			19,844,034			8,592,112
Net Investment Income/(Loss)		5,450,445			38,789,547			76,407,249			36,083,409
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		19,593,086			59,562,469			69,864,229			14,320,105
Affiliated investments		(4,182	)		(56,710	)		(147,290	)		(20,420	)
Distributions of realized capital gains from affiliated investments		19,149,968			98,677,148			105,251,087			30,240,109
Net increase from payments by affiliates		—			—			—			—
Futures contracts		5,733,620			54,356,882			126,495,326			31,100,777
Foreign currency and forward contract transactions		(13,305	)		(60,960	)		(53,364	)		(25,366	)
Swap agreements		—			250,863			315,147			356,742
Change in net unrealized appreciation/(depreciation) on:
Investments		845,974			(17,263,090	)		(32,278,697	)		(13,514,020	)
Affiliated investments		(13,192,954	)		(74,836,716	)		(90,176,648	)		(27,649,438	)
Futures contracts		(5,518,243	)		(38,184,872	)		(91,985,357	)		(26,396,020	)
Foreign currency transactions		25,952			115,126			146,929			36,121
Swap agreements		—			(214,149	)		—			(421,531	)
Net Realized and Unrealized Gains/(Losses)		26,619,916			82,345,991			87,431,362			8,027,059
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	32,070,361		$	121,135,538		$	163,838,611		$	44,110,468

The accompanying Notes to Financial Statements are an integral part of this statement.

178

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED

Growth and Income Plus Portfolio			Balanced Income Plus Portfolio			Diversified Income Plus Portfolio			Opportunity Income Plus Portfolio			Partner Technology Portfolio			Partner Healthcare Portfolio			Natural Resources Portfolio
$	950,093		$	2,769,320		$	3,494,849		$	195,936		$	206,746		$	1,019,746		$	314,775
	428,452			2,692,316			6,419,533			1,339,386			—			(51	)		—
	27,827			166,284			161,582			80,960			—			—			—
	—			16,706			31,269			—			—			—			7,165
	1,985			8,037			13,228			4,550			458			3,027			178
	(49,851	)		(99,601	)		(115,857	)		—			—			(100,378	)		(19,710	)
	1,358,506			5,553,062			10,004,604			1,620,832			207,204			922,344			302,408
	262,457			856,049			904,850			197,555			91,891			226,893			135,522
	—			—			—			—			137,836			374,385			—
	47,268			68,016			80,718			47,112			45,513			51,778			43,253
	11,739			12,270			12,592			11,715			12,743			11,787			12,685
	40,629			35,774			48,788			13,482			5,087			9,069			3,768
	2,234			2,778			3,070			2,206			2,182			2,282			2,134
	2,412			7,859			10,345			3,278			4,942			5,697			3,598
	3,146			9,681			9,344			3,356			3,366			3,108			3,108
	18,297			16,900			21,467			15,591			3,217			5,461			3,267
	388,182			1,009,327			1,091,174			294,295			306,777			690,460			207,335
	(65,158	)		—			—			—			—			(30,755	)		(23,025	)
	323,024			1,009,327			1,091,174			294,295			306,777			659,705			184,310
	1,035,482			4,543,735			8,913,430			1,326,537			(99,573	)		262,639			118,098
	3,256,905			13,207,443			7,226,184			(26,077	)		852,860			5,822,547			411,503
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			2,512			—			—			—
	227,273			246,097			485,915			(6,270	)		—			—			—
	(1,031	)		8,510			(1,748	)		—			—			(26,770	)		46
	357			5,355			—			(4,623	)		—			—			—
	(2,996,861	)		(11,649,280	)		(8,341,826	)		(265,324	)		1,252,676			8,462,814			(890,917	)
	—			—			—			—			—			—			—
	(147,929	)		(444,759	)		(303,350	)		(129,091	)		—			—			—
	136			524			709			—			—			8,809			—
	168			2,523			—			(3,298	)		—			—			—
	339,018			1,376,413			(934,116	)		(432,171	)		2,105,536			14,267,400			(479,368	)
$	1,374,500		$	5,920,148		$	7,979,314		$	894,366		$	2,005,963		$	14,530,039		$	(361,270	)

The accompanying Notes to Financial Statements are an integral part of this statement.

179

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED

For the six months ended June 30, 2015 (unaudited)	Partner Emerging Markets Equity Portfolio			Real Estate Securities Portfolio			Partner Small Cap Growth Portfolio			Partner Small Cap Value Portfolio
Investment Income
Dividends	$	822,277		$	2,224,877		$	104,452		$	4,069,506
Interest		—			—			—			—
Income from securities loaned		4,045			—			41,186			100,760
Income from affiliated investments		315			569			342			3,042
Foreign tax withholding		(76,753	)		(155	)		(564	)		(3,108	)
Total Investment Income		749,884			2,225,291			145,416			4,170,200
Expenses
Adviser fees		121,709			600,900			248,739			382,110
Sub-Adviser fees		177,630			—			—			1,147,402
Administrative service fees		44,497			53,520			44,478			74,414
Audit and legal fees		36,642			12,003			12,718			13,536
Custody fees		31,548			4,395			2,610			10,572
Insurance expenses		2,182			2,394			2,547			3,002
Printing and postage expenses		3,816			10,647			3,847			6,275
Directors’ fees		3,108			4,728			4,582			9,402
Other expenses		6,838			5,658			4,003			4,371
Total Expenses Before Reimbursement		427,970			694,245			323,524			1,651,084
Less:
Reimbursement from adviser		(78,197	)		—			(87,222	)		—
Total Net Expenses		349,773			694,245			236,302			1,651,084
Net Investment Income/(Loss)		400,111			1,531,046			(90,886	)		2,519,116
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		121,965			82,409			1,083,976			7,776,117
Futures contracts		—			—			—			—
Foreign currency and forward contract transactions		(3,176	)		—			—			94
Change in net unrealized appreciation/(depreciations) on:
Investments		(42,703	)		(10,883,755	)		4,709,102			(9,943,763	)
Futures contracts		—			—			—			—
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		763			(89	)		—			(52	)
Net Realized and Unrealized Gains/(Losses)		76,849			(10,801,435	)		5,793,078			(2,167,604	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	476,960		$	(9,270,389	)	$	5,702,192		$	351,512

The accompanying Notes to Financial Statements are an integral part of this statement.

180

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED

Small Cap Stock Portfolio			Small Cap Index Portfolio			Mid Cap Growth Portfolio			Partner Mid Cap Value Portfolio			Mid Cap Stock Portfolio			Mid Cap Index Portfolio			Partner Worldwide Allocation Portfolio
	$1,697,665		$	1,838,311		$	1,406,799		$	2,869,724		$	4,807,337		$	1,054,221		$	29,020,148
	—			194			—			—			—			329			5,181,434
	101,582			104,625			2,641			—			19,839			37,798			419,113
	3,239			4,691			6,140			4,340			16,261			5,375			12,636
	(29,069	)		(542	)		(9,875	)		—			—			—			(2,962,656	)
	1,773,417			1,947,279			1,405,705			2,874,064			4,843,437			1,097,723			31,670,675
	1,058,259			274,761			870,962			523,590			2,522,005			157,392			3,210,365
	—			—			—			948,577			—			—			3,763,456
	67,932			64,728			79,193			76,580			108,467			54,165			191,007
	13,340			12,186			13,627			13,570			14,408			11,890			50,292
	6,968			16,901			7,618			16,777			10,456			13,713			398,386
	2,871			2,713			3,101			2,997			3,857			2,400			6,222
	7,366			11,702			19,750			2,257			7,399			7,770			24,719
	9,037			8,499			12,485			9,078			14,885			3,639			31,765
	5,888			7,421			4,158			4,022			6,805			6,496			45,357
	1,171,661			398,911			1,010,894			1,597,448			2,688,282			257,465			7,721,569
	—			—			—			—			—			—			—
	1,171,661			398,911			1,010,894			1,597,448			2,688,282			257,465			7,721,569
	601,756			1,548,368			394,811			1,276,616			2,155,155			840,258			23,949,106
	16,779,245			9,881,002			21,730,333			36,143,777			38,864,446			6,141,224			1,668,910
	—			2,034,864			—			—			—			1,965,325			611,083
	(48	)		—			—			—			—			—			355,699
	3,384,150			(1,542,278	)		5,615,582			(37,522,480	)		(32,957,023	)		(2,419,377	)		57,450,987
	—			(805,429	)		—			—			—			(717,030	)		(341,294	)
	—			—			—			—			—			—			(318,768	)
	(171	)		—			—			—			—			—			177,629
	20,163,176			9,568,159			27,345,915			(1,378,703	)		5,907,423			4,970,142			59,604,246
	$20,764,932		$	11,116,527		$	27,740,726		$	(102,087	)	$	8,062,578		$	5,810,400		$	83,553,352

The accompanying Notes to Financial Statements are an integral part of this statement.

181

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED

For the six months ended June 30, 2015 (unaudited)	Partner All  Cap Portfolio			Large Cap Growth Portfolio			Partner Growth Stock Portfolio			Large Cap Value Portfolio
Investment Income
Dividends	$	451,493		$	4,485,152		$	306,852		$	12,456,837
Interest		3,075			(4,062	)		—			—
Income from mortgage dollar rolls		—			—			—			—
Income from securities loaned		9,662			8,082			2,943			35,647
Income from affiliated investments		467			17,944			388			5,722
Foreign tax withholding		—			(33,885	)		(536	)		(99,995	)
Total Investment Income		464,697			4,473,231			309,647			12,398,211
Expenses
Adviser fees		129,184			2,045,768			172,414			3,621,580
Sub-Adviser fees		222,262			—			173,039			—
Administrative service fees		46,659			132,060			47,773			148,647
Audit and legal fees		12,775			15,003			12,805			14,427
Custody fees		6,077			18,421			13,451			15,846
Insurance expenses		2,217			4,604			2,247			4,922
Printing and postage expenses		3,671			28,531			3,787			12,502
Directors’ fees		3,353			27,001			3,433			23,073
Other expenses		5,340			7,517			5,559			7,751
Total Expenses Before Reimbursement		431,538			2,278,905			434,508			3,848,748
Less:
Reimbursement from adviser		(86,595	)		—			(54,349	)		—
Total Net Expenses		344,943			2,278,905			380,159			3,848,748
Net Investment Income/(Loss)		119,754			2,194,326			(70,512	)		8,549,463
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		3,442,144			60,972,901			2,439,203			58,983,214
Futures contracts		—			4,849,570			—			—
Foreign currency and forward contract transactions		—			(6,945	)		(1,617	)		—
Swap agreements		—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		299,671			(10,475,173	)		3,301,601			(52,582,953	)
Futures contracts		—			(1,708,154	)		—			—
Foreign currency transactions		—			18,004			229			—
Swap agreements		—			—			—			—
Net Realized and Unrealized Gains/(Losses)		3,741,815			53,650,203			5,739,416			6,400,261
Net Increase/(Decrease) in Net Assets Resulting
From Operations	$	3,861,569		$	55,844,529		$	5,668,904		$	14,949,724

The accompanying Notes to Financial Statements are an integral part of this statement.

182

THRIVENT SERIES FUND, INC.

STATEMENT OF OPERATIONS – CONTINUED

Large Cap Stock Portfolio			Large Cap Index Portfolio			High Yield Portfolio			Income Portfolio			Bond Index Portfolio			Limited Maturity Bond Portfolio			Money Market Portfolio
$	10,253,096		$	4,672,056		$	280,449		$	897,928		$	—		$	240,450		$	4,573
	(12,577	)		(47	)		26,330,628			26,867,584			1,180,100			9,754,685			117,497
	—			—			—			551,670			495,281			338,440			—
	140,687			13,736			143,018			78,163			—			3,855			—
	27,331			8,070			9,439			25,040			14,285			17,564			—
	(485,469	)		(1,252	)		—			—			—			—			—
	9,923,068			4,692,563			26,763,534			28,420,385			1,689,666			10,354,994			122,070
	2,649,725			471,271			1,721,994			2,785,555			265,892			2,017,550			252,168
	—			—			—			—			—			—			—
	117,590			82,415			117,490			165,350			53,674			130,790			51,348
	14,609			12,620			13,605			14,888			11,904			13,991			11,597
	65,348			15,717			12,483			20,898			6,651			17,638			12,654
	4,116			3,109			4,272			5,549			2,418			4,619			2,361
	11,215			14,943			22,072			17,403			6,676			8,884			6,042
	18,754			12,115			19,327			28,764			4,650			21,887			2,915
	14,580			7,337			16,532			17,875			9,532			17,370			7,268
	2,895,937			619,527			1,927,775			3,056,282			361,397			2,232,729			346,353
	—			—			—			—			—			—			(224,283	)
	2,895,937			619,527			1,927,775			3,056,282			361,397			2,232,729			122,070
	7,027,131			4,073,036			24,835,759			25,364,103			1,328,269			8,122,265			—
	14,602,056			1,538,055			(2,833,661	)		12,217,941			962,134			1,380,420			3,027
	16,582,196			1,711,527			—			(3,134,510	)		—			(1,649,716	)		—
	253			—			—			—			—			—			—
	—			—			517,181			—			—			—			—
	4,957,827			(1,548,979	)		3,913,728			(32,172,482	)		(2,248,753	)		(226,133	)		—
	(4,788,471	)		(934,902	)		—			(2,077,270	)		—			1,672,854			—
	43,897			—			—			—			—			—			—
	—			—			(212,259	)		—			—			—			—
	31,397,758			765,701			1,384,989			(25,166,321	)		(1,286,619	)		1,177,425			3,027
$	38,424,889		$	4,838,737		$	26,220,748		$	197,782		$	41,650		$	9,299,690		$	3,027

The accompanying Notes to Financial Statements are an integral part of this statement.

183

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STATEMENT OF CHANGES IN NET ASSETS

	Aggressive Allocation Portfolio						Moderately Aggressive Allocation Portfolio
For the periods ended	6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
Operations
Net investment income/(loss)	$	5,450,445		$	5,935,859		$	38,789,547		$	52,262,052
Net realized gains/(losses)		44,459,187			67,371,022			212,729,692			216,157,609
Change in net unrealized appreciation/(depreciation)		(17,839,271	)		(23,347,857	)		(130,383,701	)		(1,625,428	)
Net Change in Net Assets Resulting From Operations		32,070,361			49,959,024			121,135,538			266,794,233
Distributions to Shareholders
From net investment income		(10,016,955	)		(3,726,768	)		(63,263,996	)		(38,731,043	)
From net realized gains		(64,276,808	)		(23,798,379	)		(221,020,955	)		(121,445,375	)
Total Distributions to Shareholders		(74,293,763	)		(27,525,147	)		(284,284,951	)		(160,176,418	)
Capital Stock Transactions
Sold		47,967,527			97,332,428			127,573,943			385,542,249
Distributions reinvested		74,293,763			27,525,147			284,284,951			160,176,418
Redeemed		(13,452,354	)		(41,801,258	)		(37,593,373	)		(101,884,966	)
Total Capital Stock Transactions		108,808,936			83,056,317			374,265,521			443,833,701
Net Increase/(Decrease) in Net Assets		66,585,534			105,490,194			211,116,108			550,451,516
Net Assets, Beginning of Period		904,889,906			799,399,712			4,774,997,566			4,224,546,050
Net Assets, End of Period	$	971,475,440		$	904,889,906		$	4,986,113,674		$	4,774,997,566
Accumulated Undistributed Net Investment Income/(Loss)	$	5,488,859		$	10,055,369		$	38,850,966		$	63,325,415
Capital Stock Share Transactions
Sold		3,016,622			6,398,050			8,440,107			26,564,398
Distributions reinvested		5,050,527			1,798,324			20,023,028			10,963,929
Redeemed		(843,537	)		(2,744,367	)		(2,494,848	)		(6,997,792	)
Total Capital Stock Share Transactions		7,223,612			5,452,007			25,968,287			30,530,535

The accompanying Notes to Financial Statements are an integral part of this statement.

184

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

Moderate Allocation Portfolio						Moderately Conservative Allocation Portfolio						Growth and Income Plus Portfolio						Balanced Income Plus Portfolio
6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
$	76,407,249		$	120,234,160		$	36,083,409		$	66,345,879		$	1,035,482		$	1,727,062		$	4,543,735		$	6,920,597
	301,725,135			309,289,567			75,971,947			99,499,840			3,483,504			3,154,489			13,467,405			10,752,484
	(214,293,773	)		21,486,822			(67,944,888	)		13,234,373			(3,144,486	)		(3,102,626	)		(12,090,992	)		(599,918	)
	163,838,611			451,010,549			44,110,468			179,080,092			1,374,500			1,778,925			5,920,148			17,073,163
	(131,649,086	)		(90,042,092	)		(69,007,378	)		(53,606,712	)		(1,713,253	)		(1,923,162	)		(6,723,615	)		(4,580,942	)
	(339,666,242	)		(208,433,582	)		(105,251,002	)		(73,822,403	)		(3,260,084	)		(5,890,712	)		(10,737,920	)		(51,313,269	)
	(471,315,328	)		(298,475,674	)		(174,258,380	)		(127,429,115	)		(4,973,337	)		(7,813,874	)		(17,461,535	)		(55,894,211	)
	136,317,910			1,118,066,502			252,492,576			277,291,740			4,391,292			21,627,230			18,546,587			43,001,414
	471,315,328			298,475,674			174,258,380			127,429,115			4,973,337			7,813,874			17,461,535			55,894,211
	(58,616,182	)		(142,438,450	)		(24,392,582	)		(129,995,621	)		(6,441,688	)		(7,738,160	)		(10,993,798	)		(32,053,287	)
	549,017,056			1,274,103,726			402,358,374			274,725,234			2,922,941			21,702,944			25,014,324			66,842,338
	241,540,339			1,426,638,601			272,210,462			326,376,211			(675,896	)		15,667,995			13,472,937			28,021,290
	8,607,762,401			7,181,123,800			3,679,355,080			3,352,978,869			81,119,493			65,451,498			303,038,487			275,017,197
$	8,849,302,740		$	8,607,762,401		$	3,951,565,542		$	3,679,355,080		$	80,443,597		$	81,119,493		$	316,511,424		$	303,038,487
$	76,476,533		$	131,718,370		$	36,085,745		$	69,009,714		$	1,019,617		$	1,697,388		$	4,508,342		$	6,688,222
	9,585,126			81,002,815			19,244,694			21,625,434			399,736			1,937,939			1,217,256			2,687,304
	35,190,381			21,694,542			13,980,711			9,975,741			486,571			723,420			1,220,233			3,813,482
	(4,119,230	)		(10,334,775	)		(1,862,193	)		(10,126,964	)		(592,439	)		(707,032	)		(722,236	)		(2,036,381	)
	40,656,277			92,362,582			31,363,212			21,474,211			293,868			1,954,327			1,715,253			4,464,405

The accompanying Notes to Financial Statements are an integral part of this statement.

185

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

	Diversified Income Plus Portfolio						Opportunity Income Plus Portfolio
For the periods ended	6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
Operations
Net investment income/(loss)	$	8,913,430		$	15,516,934		$	1,326,537		$	2,013,767
Net realized gains/(losses)		7,710,351			10,750,364			(34,458	)		381,889
Change in net unrealized appreciation/(depreciation)		(8,644,467	)		(9,938,310	)		(397,713	)		(627,259	)
Net Change in Net Assets Resulting From Operations		7,979,314			16,328,988			894,366			1,768,397
Distributions to Shareholders
From net investment income		(15,370,120	)		(11,945,610	)		(1,332,939	)		(2,013,133	)
From net realized gains		(9,166,017	)		—			—			—
Total Distributions to Shareholders		(24,536,137	)		(11,945,610	)		(1,332,939	)		(2,013,133	)
Capital Stock Transactions
Sold		33,107,381			78,367,852			18,588,168			34,935,161
Distributions reinvested		24,536,137			11,945,610			1,332,939			2,013,133
Redeemed		(7,028,310	)		(20,073,456	)		(3,379,309	)		(11,483,556	)
Total Capital Stock Transactions		50,615,208			70,240,006			16,541,798			25,464,738
Net Increase/(Decrease) in Net Assets		34,058,385			74,623,384			16,103,225			25,220,002
Net Assets, Beginning of Period		437,335,632			362,712,248			71,761,185			46,541,183
Net Assets, End of Period	$	471,394,017		$	437,335,632		$	87,864,410		$	71,761,185
Accumulated Undistributed Net Investment Income/(Loss)	$	9,051,101		$	15,507,791		$	(4,607	)	$	1,795
Capital Stock Share Transactions
Sold		4,084,866			9,878,425			1,818,784			3,408,417
Distributions reinvested		3,202,649			1,506,284			130,472			196,344
Redeemed		(869,190	)		(2,539,841	)		(329,911	)		(1,119,921	)
Total Capital Stock Share Transactions		6,418,325			8,844,868			1,619,345			2,484,840

The accompanying Notes to Financial Statements are an integral part of this statement.

186

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

Partner Technology Portfolio						Partner Healthcare Portfolio						Natural Resources Portfolio						Partner Emerging Markets Equity Portfolio
6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
$	(99,573	)	$	(119,813	)	$	262,639		$	24,225		$	118,098		$	158,739		$	400,111		$	620,449
	852,860			3,658,323			5,795,777			9,030,304			411,549			(1,555,500	)		118,789			(975,578	)
	1,252,676			1,598,968			8,471,623			6,278,632			(890,917	)		(5,723,995	)		(41,940	)		529,283
	2,005,963			5,137,478			14,530,039			15,333,161			(361,270	)		(7,120,756	)		476,960			174,154
	—			—			(9,026	)		—			(158,217	)		(164,907	)		(580,153	)		(625,090	)
	(2,996,373	)		—			(9,023,465	)		(4,267,782	)		—			—			—			—
	(2,996,373	)		—			(9,032,491	)		(4,267,782	)		(158,217	)		(164,907	)		(580,153	)		(625,090	)
	7,143,989			8,707,334			48,227,081			37,891,021			8,444,536			7,531,628			4,161,853			12,120,351
	2,996,373			—			9,032,491			4,267,782			158,217			164,907			580,153			625,090
	(1,676,299	)		(5,225,441	)		(1,490,836	)		(4,801,440	)		(1,968,887	)		(4,070,906	)		(3,238,066	)		(23,701,729	)
	8,464,063			3,481,893			55,768,736			37,357,363			6,633,866			3,625,629			1,503,940			(10,956,288	)
	7,473,653			8,619,371			61,266,284			48,422,742			6,114,379			(3,660,034	)		1,400,747			(11,407,224	)
	56,674,165			48,054,794			102,121,585			53,698,843			31,292,236			34,952,270			48,461,622			59,868,846
$	64,147,818		$	56,674,165		$	163,387,869		$	102,121,585		$	37,406,615		$	31,292,236		$	49,862,369		$	48,461,622
$	(118,370	)	$	(18,797	)	$	250,054		$	(3,559	)	$	108,582		$	148,701		$	322,148		$	502,190
	646,907			859,524			2,255,080			2,022,167			1,369,924			998,357			332,045			948,289
	285,622			—			434,112			234,644			26,320			19,823			48,589			46,995
	(151,609	)		(523,338	)		(69,717	)		(261,666	)		(314,587	)		(546,081	)		(257,595	)		(1,782,215	)
	780,920			336,186			2,619,475			1,995,145			1,081,657			472,099			123,039			(786,931	)

The accompanying Notes to Financial Statements are an integral part of this statement.

187

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

	Real Estate Securities Portfolio						Partner Small Cap Growth Portfolio
For the periods ended	6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
Operations
Net investment income/(loss)	$	1,531,046		$	2,213,068		$	(90,886	)	$	(1,481,325	)
Net realized gains/(losses)		82,409			6,262,880			1,083,976			73,622,815
Change in net unrealized appreciation/(depreciation)		(10,883,844	)		26,974,408			4,709,102			(87,421,150	)
Net Change in Net Assets Resulting From Operations		(9,270,389	)		35,450,356			5,702,192			(15,279,660	)
Distributions to Shareholders
From net investment income		(2,187,603	)		(2,006,084	)		—			—
From net realized gains		(6,314,500	)		(2,407,859	)		(6,975,370	)		(38,837,387	)
Total Distributions to Shareholders		(8,502,103	)		(4,413,943	)		(6,975,370	)		(38,837,387	)
Capital Stock Transactions
Sold		15,471,545			19,573,670			2,392,173			5,081,763
Distributions reinvested		8,502,103			4,413,943			6,975,370			38,837,387
Redeemed		(5,758,599	)		(32,545,004	)		(3,136,395	)		(7,558,351	)
In-kind redemptions		—			—			—			(278,767,780	)
Total Capital Stock Transactions		18,215,049			(8,557,391	)		6,231,148			(242,406,981	)
Net Increase/(Decrease) in Net Assets		442,557			22,479,022			4,957,970			(296,524,028	)
Net Assets, Beginning of Period		142,544,864			120,065,842			47,801,026			344,325,054
Net Assets, End of Period	$	142,987,421		$	142,544,864		$	52,758,996		$	47,801,026
Accumulated Undistributed Net Investment Income/(Loss)	$	1,510,709		$	2,167,266		$	(130,428	)	$	(39,542	)
Capital Stock Share Transactions
Sold		658,578			950,655			129,886			287,441
Distributions reinvested		422,209			217,660			416,525			2,345,324
Redeemed		(250,377	)		(1,588,870	)		(170,361	)		(431,301	)
In-kind redemptions		—			—			—			(17,355,030	)
Total Capital Stock Share Transactions		830,410			(420,555	)		376,050			(15,153,566	)

The accompanying Notes to Financial Statements are an integral part of this statement.

188

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

Partner Small Cap Value Portfolio						Small Cap Stock Portfolio						Small Cap Index Portfolio						Mid Cap Growth Portfolio
6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
$	2,519,116		$	3,358,608		$	601,756		$	1,378,508		$	1,548,368		$	2,226,236		$	394,811		$	1,028,986
	7,776,211			29,581,013			16,779,197			41,140,932			11,915,866			19,496,569			21,730,333			37,280,478
	(9,943,815	)		(22,136,591	)		3,383,979			(28,977,503	)		(2,347,707	)		(8,079,689	)		5,615,582			56,536
	351,512			10,803,030			20,764,932			13,541,937			11,116,527			13,643,116			27,740,726			38,366,000
	(3,734,066	)		(830,710	)		(1,376,310	)		(760,245	)		(2,182,237	)		(1,923,687	)		(882,038	)		(878,668	)
	(28,391,342	)		(9,885,913	)		(39,985,690	)		(3,810,915	)		(19,386,011	)		(17,451,260	)		(37,503,106	)		(37,294,754	)
	(32,125,408	)		(10,716,623	)		(41,362,000	)		(4,571,160	)		(21,568,248	)		(19,374,947	)		(38,385,144	)		(38,173,422	)
	1,036,561			6,442,106			2,198,513			6,694,325			15,975,468			19,450,966			5,093,287			11,623,294
	32,125,408			10,716,623			41,362,000			4,571,160			21,568,248			19,374,947			38,385,144			38,173,422
	(5,223,939	)		(13,288,687	)		(4,303,483	)		(68,471,873	)		(8,637,944	)		(27,229,344	)		(19,640,406	)		(47,155,406	)
	—			—			—			—			—			—			—			—
	27,938,030			3,870,042			39,257,030			(57,206,388	)		28,905,772			11,596,569			23,838,025			2,641,310
	(3,835,866	)		3,956,449			18,659,962			(48,235,611	)		18,454,051			5,864,738			13,193,607			2,833,888
	388,632,606			384,676,157			306,338,035			354,573,646			268,626,586			262,761,848			427,153,222			424,319,334
$	384,796,740		$	388,632,606		$	324,997,997		$	306,338,035		$	287,080,637		$	268,626,586		$	440,346,829		$	427,153,222
$	1,847,980		$	3,062,930		$	548,721		$	1,323,275		$	1,533,624		$	2,167,493		$	441,204		$	928,431
	36,766			233,340			114,995			380,860			894,666			1,139,106			194,507			475,776
	1,241,034			384,844			2,420,926			257,462			1,288,595			1,146,358			1,567,016			1,623,075
	(185,228	)		(484,226	)		(229,832	)		(3,920,354	)		(485,674	)		(1,589,636	)		(741,802	)		(1,925,665	)
	—			—			—			—			—			—			—			—
	1,092,572			133,958			2,306,089			(3,282,032	)		1,697,587			695,828			1,019,721			173,186

The accompanying Notes to Financial Statements are an integral part of this statement.

189

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STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

	Partner Mid Cap Value Portfolio						Mid Cap Stock Portfolio
For the periods ended	6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
Operations
Net investment income/(loss)	$	1,276,616		$	2,225,207		$	2,155,155		$	4,477,794
Net realized gains/(losses)		36,143,777			46,593,721			38,864,446			81,651,039
Change in net unrealized appreciation/(depreciation)		(37,522,480	)		(928,175	)		(32,957,023	)		(5,733,046	)
Net Change in Net Assets Resulting From Operations		(102,087	)		47,890,753			8,062,578			80,395,787
Distributions to Shareholders
From net investment income		(2,232,062	)		(2,382,909	)		(4,486,191	)		(2,238,163	)
From net realized gains		(47,169,906	)		(49,092,042	)		(81,601,370	)		(31,748,560	)
Total Distributions to Shareholders		(49,401,968	)		(51,474,951	)		(86,087,561	)		(33,986,723	)
Capital Stock Transactions
Sold		2,622,389			6,139,367			5,646,144			12,414,918
Distributions reinvested		49,401,968			51,474,951			86,087,561			33,986,723
Redeemed		(3,920,119	)		(4,118,963	)		(5,308,572	)		(15,614,364	)
Total Capital Stock Transactions		48,104,238			53,495,355			86,425,133			30,787,277
Net Increase/(Decrease) in Net Assets		(1,399,817	)		49,911,157			8,400,150			77,196,341
Net Assets, Beginning of Period		402,857,105			352,945,948			752,618,439			675,422,098
Net Assets, End of Period	$	401,457,288		$	402,857,105		$	761,018,589		$	752,618,439
Accumulated Undistributed Net Investment Income/(Loss)	$	1,239,100		$	2,194,546		$	1,769,226		$	4,100,262
Capital Stock Share Transactions
Sold		143,058			338,700			298,756			681,375
Distributions reinvested		3,114,407			2,975,792			5,111,268			1,849,557
Redeemed		(211,968	)		(231,539	)		(275,172	)		(855,258	)
Total Capital Stock Share Transactions		3,045,497			3,082,953			5,134,852			1,675,674

The accompanying Notes to Financial Statements are an integral part of this statement.

190

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

Mid Cap Index Portfolio						Partner Worldwide Allocation Portfolio						Partner All Cap Portfolio						Large Cap Growth Portfolio
6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
$	840,258		$	1,182,443		$	23,949,106		$	38,146,324		$	119,754		$	312,718		$	2,194,326		$	5,587,936
	8,106,549			6,974,875			2,635,692			69,845,647			3,442,144			8,714,041			65,815,526			163,556,942
	(3,136,407	)		3,812,395			56,968,554			(198,771,520	)		299,671			(1,331,941	)		(12,165,323	)		(59,632,233	)
	5,810,400			11,969,713			83,553,352			(90,779,549	)		3,861,569			7,694,818			55,844,529			109,512,645
	(1,183,197	)		(1,001,203	)		(41,262,492	)		(34,636,379	)		(263,625	)		(396,564	)		(324,353	)		(6,205,697	)
	(7,456,805	)		(6,112,967	)		—			—			(8,194,852	)		—			—			—
	(8,640,002	)		(7,114,170	)		(41,262,492	)		(34,636,379	)		(8,458,477	)		(396,564	)		(324,353	)		(6,205,697	)
	21,637,339			20,796,010			18,579,323			22,264,244			7,560,377			5,673,145			11,006,812			27,123,582
	8,640,002			7,114,170			41,262,492			34,636,379			8,458,477			396,564			324,353			6,205,697
	(2,560,362	)		(10,694,946	)		(8,797,184	)		(30,182,494	)		(2,007,729	)		(7,677,955	)		(44,232,998	)		(194,100,261	)
	27,716,979			17,215,234			51,044,631			26,718,129			14,011,125			(1,608,246	)		(32,901,833	)		(160,770,982	)
	24,887,377			22,070,777			93,335,491			(98,697,799	)		9,414,217			5,690,008			22,618,343			(57,464,034	)
	145,063,488			122,992,711			1,607,290,786			1,705,988,585			69,498,392			63,808,384			1,004,507,744			1,061,971,778
$	169,950,865		$	145,063,488		$	1,700,626,277		$	1,607,290,786		$	78,912,609		$	69,498,392		$	1,027,126,087		$	1,004,507,744
$	816,760		$	1,159,699		$	21,308,624		$	38,622,010		$	153,020		$	296,891		$	1,905,479		$	35,506
	1,272,756			1,310,042			1,886,058			2,250,484			508,587			431,176			375,470			1,017,440
	536,230			447,533			4,320,951			3,380,214			636,871			29,955			11,010			222,358
	(151,127	)		(674,553	)		(905,911	)		(3,045,127	)		(136,355	)		(581,464	)		(1,510,051	)		(7,186,682	)
	1,657,859			1,083,022			5,301,098			2,585,571			1,009,103			(120,333	)		(1,123,571	)		(5,946,884	)

The accompanying Notes to Financial Statements are an integral part of this statement.

191

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

	Partner Growth Stock Portfolio						Large Cap Value Portfolio
For the periods ended	6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
Operations
Net investment income/(loss)	$	(70,512	)	$	(143,988	)	$	8,549,463		$	15,485,509
Net realized gains/(losses)		2,437,586			9,097,342			58,983,214			61,684,298
Change in net unrealized appreciation/(depreciation)		3,301,830			(2,458,144	)		(52,582,953	)		23,223,019
Net Change in Net Assets Resulting From Operations		5,668,904			6,495,210			14,949,724			100,392,826
Distributions to Shareholders
From net investment income		—			—			(15,306,586	)		(14,210,465	)
From net realized gains		(8,951,938	)		(6,496,774	)		(35,220,436	)		—
Total Distributions to Shareholders		(8,951,938	)		(6,496,774	)		(50,527,022	)		(14,210,465	)
Capital Stock Transactions
Sold		7,503,370			9,628,170			3,772,521			13,682,320
Distributions reinvested		8,951,938			6,496,774			50,527,022			14,210,465
Redeemed		(3,200,384	)		(10,635,385	)		(12,540,995	)		(28,234,730	)
Total Capital Stock Transactions		13,254,924			5,489,559			41,758,548			(341,945	)
Net Increase/(Decrease) in Net Assets		9,971,890			5,487,995			6,181,250			85,840,416
Net Assets, Beginning of Period		81,721,986			76,233,991			1,205,002,455			1,119,162,039
Net Assets, End of Period	$	91,693,876		$	81,721,986		$	1,211,183,705		$	1,205,002,455
Accumulated Undistributed Net Investment Income/(Loss)	$	(90,435	)	$	(19,923	)	$	8,227,890		$	14,985,013
Capital Stock Share Transactions
Sold		374,993			519,716			222,120			851,800
Distributions reinvested		499,634			371,456			3,109,413			869,333
Redeemed		(162,344	)		(581,551	)		(735,128	)		(1,755,314	)
Total Capital Stock Share Transactions		712,283			309,621			2,596,405			(34,181	)

The accompanying Notes to Financial Statements are an integral part of this statement.

192

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

Large Cap Stock Portfolio						Large Cap Index Portfolio						High Yield Portfolio						Income Portfolio
6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
$	7,027,131		$	10,040,750		$	4,073,036		$	6,821,833		$	24,835,759		$	53,971,230		$	25,364,103		$	54,103,593
	31,184,505			69,110,961			3,249,582			2,664,831			(2,316,480	)		13,193,932			9,083,431			25,966,758
	213,253			(36,495,875	)		(2,483,881	)		42,486,523			3,701,469			(47,671,133	)		(34,249,752	)		12,917,898
	38,424,889			42,655,836			4,838,737			51,973,187			26,220,748			19,494,029			197,782			92,988,249
	(10,019,263	)		(7,274,387	)		(6,663,271	)		(5,820,275	)		(24,882,822	)		(54,199,192	)		(25,368,303	)		(53,952,988	)
	(63,898,912	)		—			(2,302,000	)		(927,955	)		—			—			(30,735,056	)		(17,510,205	)
	(73,918,175	)		(7,274,387	)		(8,965,271	)		(6,748,230	)		(24,882,822	)		(54,199,192	)		(56,103,359	)		(71,463,193	)
	6,544,412			9,307,227			48,544,426			40,918,587			8,713,236			27,735,059			12,934,063			16,327,597
	73,918,175			7,274,387			8,965,271			6,748,230			24,882,822			54,199,192			56,103,359			71,463,193
	(11,555,845	)		(29,323,725	)		(10,909,363	)		(35,085,339	)		(26,006,168	)		(113,316,667	)		(25,275,605	)		(134,662,331	)
	68,906,742			(12,742,111	)		46,600,334			12,581,478			7,589,890			(31,382,416	)		43,761,817			(46,871,541	)
	33,413,456			22,639,338			42,473,800			57,806,435			8,927,816			(66,087,579	)		(12,143,760	)		(25,346,485	)
	834,515,044			811,875,706			450,436,476			392,630,041			855,796,930			921,884,509			1,392,262,596			1,417,609,081
$	867,928,500		$	834,515,044		$	492,910,276		$	450,436,476		$	864,724,746		$	855,796,930		$	1,380,118,836		$	1,392,262,596
$	6,682,493		$	9,674,625		$	4,149,753		$	6,739,988		$	266,679		$	313,742		$	(117,333	)	$	(113,133	)
	502,928			763,018			1,663,057			1,510,271			1,764,433			5,446,151			1,229,443			1,547,161
	6,278,512			583,594			314,996			249,150			5,046,778			10,675,532			5,453,805			6,770,456
	(895,381	)		(2,403,756	)		(373,624	)		(1,307,336	)		(5,280,152	)		(22,365,303	)		(2,395,125	)		(12,771,102	)
	5,886,059			(1,057,144	)		1,604,429			452,085			1,531,059			(6,243,620	)		4,288,123			(4,453,485	)

The accompanying Notes to Financial Statements are an integral part of this statement.

193

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

	Bond Index Portfolio						Limited Maturity Bond Portfolio
For the periods ended	6/30/2015 (unaudited)			12/31/2014			6/30/2015 (unaudited)			12/31/2014
Operations
Net investment income/(loss)	$	1,328,269		$	3,314,697		$	8,122,265		$	18,619,779
Net realized gains/(losses)		962,134			1,450,014			(269,296	)		(1,138,898	)
Change in net unrealized appreciation/(depreciation)		(2,248,753	)		4,703,041			1,446,721			456,626
Net Change in Net Assets Resulting From Operations		41,650			9,467,752			9,299,690			17,937,507
Distributions to Shareholders
From net investment income		(1,328,268	)		(3,314,697	)		(8,115,582	)		(18,195,371	)
Total Distributions to Shareholders		(1,328,268	)		(3,314,697	)		(8,115,582	)		(18,195,371	)
Capital Stock Transactions
Sold		9,650,635			11,545,085			16,248,462			32,112,602
Distributions reinvested		1,328,268			3,314,697			8,115,582			18,195,371
Redeemed		(5,908,127	)		(23,075,491	)		(28,817,980	)		(114,240,511	)
Total Capital Stock Transactions		5,070,776			(8,215,709	)		(4,453,936	)		(63,932,538	)
Net Increase/(Decrease) in Net Assets		3,784,158			(2,062,654	)		(3,269,828	)		(64,190,402	)
Net Assets, Beginning of Period		149,954,124			152,016,778			1,018,337,796			1,082,528,198
Net Assets, End of Period	$	153,738,282		$	149,954,124		$	1,015,067,968		$	1,018,337,796
Accumulated Undistributed Net Investment Income/(Loss)	$	(601	)	$	(602	)	$	431,960		$	425,277
Capital Stock Share Transactions
Sold		874,059			1,063,905			1,649,238			3,257,533
Distributions reinvested		120,104			306,504			823,527			1,845,982
Redeemed		(535,009	)		(2,136,588	)		(2,923,818	)		(11,596,039	)
Total Capital Stock Share Transactions		459,154			(766,179	)		(451,053	)		(6,492,524	)

The accompanying Notes to Financial Statements are an integral part of this statement.

194

THRIVENT SERIES FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS – CONTINUED

Money Market Portfolio
6/30/2015 (unaudited)			12/31/2014
$	—		$	—
	3,027			(759	)
	—			—
	3,027			(759	)
	—			—
	—			—
	39,784,043			65,254,801
	—			—
	(34,361,714	)		(85,420,968	)
	5,422,329			(20,166,167	)
	5,425,356			(20,166,926	)
	126,414,788			146,581,714
$	131,840,144		$	126,414,788
$	—		$	—
	39,784,043			65,254,800
	—			—
	(34,361,714	)		(85,420,967	)
	5,422,329			(20,166,167	)

The accompanying Notes to Financial Statements are an integral part of this statement.

195

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2015

(unaudited)

(1) ORGANIZATION

Thrivent Series Fund, Inc. (the “Fund”), a corporation organized under the laws of Minnesota, is registered under the Investment Company Act of 1940 (the “1940 Act”). The Fund is divided into thirty-three separate series (each, a “Portfolio”), each with its own investment objective and policies. The Fund consists of four asset allocation Portfolios, four income plus Portfolios, twenty equity Portfolios, four fixed-income Portfolios, and one money market Portfolio. The assets of each Portfolio are segregated, and each has a separate class of capital stock.

Shares in the Fund are currently sold, without sales charges, only to retirement plans sponsored by Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”) or separate accounts of Thrivent Financial or Thrivent Life Insurance Company (“Thrivent Life”), which are used to fund benefits of variable life insurance and variable annuity contracts issued by Thrivent Financial and Thrivent Life.

The Portfolios are each investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 – Financial Services – Investment Companies.

Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with service providers and others that provide general damage clauses. The Fund’s maximum exposure under these contracts is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

Mergers – The Board of Directors of Thrivent Series Fund, Inc. have approved the mergers of the following:

Target Portfolio		Acquiring Portfolio
Partner Small Cap Growth	>	Small Cap Stock
Partner Small Cap Value	>	Small Cap Stock
Mid Cap Growth	>	Mid Cap Stock
Partner Mid Cap Value	>	Mid Cap Stock
Natural Resources	>	Large Cap Stock
Partner Technology	>	Large Cap Growth

The mergers were approved by the contractholders of the target portfolios at a special meeting of contractholders held on August 14, 2015. The mergers occurred on August 21, 2015.

(2) SIGNIFICANT ACCOUNTING POLICIES

(A) Valuation of Investments – Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. 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. Swap agreements are valued at the latest bid quotation of the contract as furnished by an independent pricing service. Security prices are based on quotes that are obtained from an independent pricing service approved by the 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 last quoted sales price. 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. Short-term securities are valued at amortized cost (which approximates market value) to the extent it is not materially different than market value.

Securities held by Money Market Portfolio are valued on the basis of amortized cost (which approximates market value), whereby a portfolio security is valued at its cost initially and thereafter valued to reflect a constant amortization to maturity of any discount or premium. Money Market Portfolio and the Adviser follow procedures necessary to maintain a constant net asset value of $1.00 per share.

The Board has delegated responsibility for daily valuation of the Portfolios’ securities to the Adviser. The Adviser has formed a Valuation Committee (“Committee”) that is responsible for overseeing the Portfolios’ valuation policies in accordance with Valuation Policies and Procedures. The Committee meets on a monthly and on an as-needed basis to review price challenges, price overrides, stale prices, shadow prices, manual prices, money market pricing, international fair valuation, and other securities requiring fair valuation.

The Committee monitors for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Portfolios. Examples of such events include trading halts, national news/events, and issuer-specific developments. If the Committee decides that such events warrant using fair value estimates, the Committee will take such events into consideration in determining the fair value of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

196

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2015

(unaudited)

Financial Accounting Standards Board (FASB) guidelines require increased fair value disclosure intended to improve the consistency and comparability of fair value measurements used in financial reporting. The guidelines define fair value, establish a framework for measuring fair value in U.S. Generally Accepted Accounting Principles (“GAAP”) and expand disclosures about fair value requirements. 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; and Level 3 includes significant unobservable inputs such as the Adviser’s own assumptions and broker evaluations in determining the fair value of investments. Of the Level 3 securities, those for which market values were not readily available or were deemed unreliable were fair valued as determined in good faith under procedures established by the Board. The valuation levels are not necessarily an indication of the risk associated with investing in these securities or other investments.

Valuation of International Securities – Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign market and the close of the U.S. markets that could have a material impact on the valuation of foreign securities. The Portfolios, under the supervision of the Board, evaluate the impacts of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the U.S. markets. The Board has authorized the Adviser to make fair valuation determinations pursuant to policies approved by the Board.

(B) 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.

(C) 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.

(D) Federal Income Taxes – No provision has been made for income taxes because each Portfolio’s policy is to qualify as a regulated investment company under the Internal Revenue Code and distribute substantially all investment company taxable income and net capital gain on a timely basis. It is also the intention of each Portfolio to distribute an amount sufficient to avoid imposition of any federal excise tax. The Portfolios, accordingly, anticipate paying no federal taxes and no federal tax provision was recorded. Each Portfolio is treated as a separate taxable entity for federal income tax purposes. Certain Portfolios may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction.

GAAP requires management of the Portfolios (i.e., the Adviser) to make additional tax disclosures with respect to the tax effects of certain income tax positions, whether those positions were taken on previously filed tax returns or are expected to be taken on future returns. These positions must meet a “more likely than not” standard that, based on the technical merits of the position, would have a greater than 50 percent likelihood of being sustained upon examination. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Adviser must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.

The Adviser analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for examination by taxing authorities. Major jurisdictions for the Portfolios include U.S. Federal, Minnesota, and Wisconsin, as well as certain foreign countries. As of June 30, 2015, open U.S. Federal, Minnesota, and Wisconsin tax years include the tax years ended December 31, 2011 through 2014. Additionally, as of June 30, 2015, the tax year ended December 31, 2010 is open for Wisconsin. The Portfolios have no examinations in progress and none are expected at this time.

As of June 30, 2015, the Adviser has reviewed all open tax years and major jurisdictions and concluded that there is no effect to the Portfolios’ tax liability, financial position

197

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2015

(unaudited)

or results of operations. There is no tax liability resulting from unrecognized tax benefits related to uncertain income tax positions taken or expected to be taken in future tax returns. The Portfolios are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

Foreign Income Taxes – Certain Portfolios are subject to foreign income taxes imposed by certain countries in which they invest. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. These amounts are shown as foreign dividend tax withholding in the Statement of Operations. The Portfolios pay tax on foreign capital gains, where applicable.

(E) Expenses and Income – Estimated expenses are accrued daily. The Portfolios are charged for those expenses that are directly attributable to them. Expenses that are not directly attributable to a Portfolio are allocated among all appropriate Portfolios in proportion to their respective net assets, number of shareholder accounts or other reasonable basis.

Interest income is recorded daily on all debt securities, as is accretion of market discount and original issue discount and amortization of premium. Paydown gains and losses on mortgage- and asset-backed securities are recorded as components of interest income. Dividend income is recorded on the ex-dividend date.

For certain securities, including real estate investment trusts, the Fund records distributions received in excess of income as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available. Actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions as adjustments to investment income, unrealized appreciation/depreciation and realized gain/ loss on investments as necessary, once the issuers provide information about the actual composition of the distributions.

(F) Distributions to Shareholders – Dividends and capital gain distributions are recorded on the ex-dividend date. With the exception of Money Market Portfolio, net realized gains from securities transactions, if any, are paid at least annually after the close of the fiscal year. Any Portfolio subject to excise tax would require an additional distribution prior to the close of the fiscal year.

Dividends are declared and reinvested daily for High Yield Portfolio, Income Portfolio, Bond Index Portfolio, Limited Maturity Bond Portfolio, and Opportunity Income Plus Portfolio; declared daily and reinvested monthly for Money Market Portfolio; and declared and reinvested at least annually for all other Portfolios.

(G) Derivative Financial Instruments – Each of the Portfolios, except Thrivent Money Market Portfolio, may invest in derivatives. Derivatives, a category that includes options, futures, swaps and hybrid instruments, are financial instruments whose value derives from another security, an index or a currency. Each 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 for hedging its positions in foreign securities. Each Portfolio may also use derivatives for replication of a certain asset class or speculation (investing for potential income or capital gain). These contracts may be transacted on an exchange or over-the-counter (OTC).

A derivative may incur a mark to market loss if the value of the derivative decreases due to an unfavorable change in the market rates or values of the underlying derivative. Losses can also occur if the counterparty does not perform under the derivative. A Portfolio’s risk of loss from the counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Portfolio. With exchange traded futures and centrally cleared swaps, there is minimal counterparty credit risk to the Portfolios because the exchange’s clearinghouse, as counterparty to such derivatives, guarantees against a possible default. The clearing house 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 the broker’s customers, potentially resulting in losses in 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 hedging 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 its 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

198

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2015

(unaudited)

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 derivative’s 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 clearing house for exchange traded and centrally cleared derivatives (futures, options, and centrally cleared swaps). Brokers can ask for margining in excess of the minimum in certain situations. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts, options, swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio and the counterparty. For financial reporting purposes, non-cash collateral that has been pledged to cover obligations of the Portfolio has been noted in the Schedule of Investments. To the extent amounts due to the 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 Money Market Portfolio, may buy put and call options and write put and covered call options. The Portfolios intend to use such derivative instruments as hedges to facilitate buying or selling securities or to provide protection against adverse movements in security prices or interest rates. The Portfolios may also enter into options contracts to protect against adverse foreign exchange rate fluctuations. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Portfolio will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds upon sale for a written call option or the cost of a security for purchased put and call options is adjusted by the amount of premium received or paid.

Buying put options tends to decrease a Portfolio’s exposure to the underlying security while buying call options tends to increase a Portfolio’s exposure to the underlying security. The risk associated with purchasing put and call options is limited 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.

Futures Contracts – All Portfolios, with the exception of Money Market Portfolio, may use futures contracts to manage the exposure to interest rate and market or currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required “initial margin deposit” are held on deposit with and pledged to the broker. Additional securities held by the Portfolios may be earmarked to cover open futures contracts. The 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.

Foreign Currency Forward Contracts – In connection with purchases and sales of securities denominated in foreign currencies all Portfolios, with the exception of Money Market Portfolio, may enter into foreign currency forward contracts. Additionally, the Portfolios may enter into such contracts to hedge certain other foreign-currency-denominated investments. These contracts are recorded at value and the related 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

199

THRIVENT SERIES FUND, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 2015

(unaudited)

a forward contract is closed. These contracts are over-the-counter and the Portfolio is exposed to counterparty risk equal to the discounted net amount of payments to the Portfolio. This risk is partially mitigated by the Portfolio’s collateral posting requirements.

Swap Agreements – All Portfolios, with the exception of Money Market Portfolio, may enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Portfolio is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Portfolio is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at fair value of the contract as provided 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 and the Portfolio is exposed to counterparty risk, which is the discounted net amount of payments owed to the Portfolio. This risk is partially mitigated by the Portfolio’s collateral posting requirements. As the swap increases in value to the Portfolio, the Portfolio receives collateral from

the counterparty. Certain interest rate and credit default index swaps must be cleared through a clearinghouse or central counterparty.

Credit Default Swaps – A credit default swap is a swap agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference entity. In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. The Portfolios may be either the protection buyer or the protection seller.

Certain Portfolios enter into credit default derivative contracts directly through credit default swaps (CDS) or through credit default swap indices (CDX Indices). CDX Indices are static pools of equally weighted credit default swaps referencing corporate bonds and/or loans designed to provide diversified credit exposure to these asset classes. Portfolios sell default protection and assume long-risk positions in individual credits or indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost-efficient and diversified structure. In the event that a position defaults, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract, the maximum potential amount of future payments would be the notional amount. 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 would include reduction in interest or principal, maturity extension and subordination to other obligations.

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.

The amounts presented in the tables below are offset first by financial instruments that have the right to offset under master netting or similar arrangements, then any remaining amount is reduced by cash and non-cash collateral received/pledged. The actual amounts of collateral may be greater than the amounts presented in the tables.

200

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Portfolio	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts of Recognized Assets		Financial Instruments		Cash Collateral Received		Non-Cash Collateral Received		Net Amount
Aggressive Allocation
Futures Contracts		602,094		—		602,094		602,094		—		—		—
Moderately Aggressive Allocation
Futures Contracts		2,295,787		—		2,295,787		2,295,787		—		—		—
Moderate Allocation
Futures Contracts		3,240,399		—		3,240,399		3,240,399		—		—		—
Moderately Conservative Allocation
Futures Contracts		791,169		—		791,169		791,169		—		—		—
Swap Credit Contracts		76,991		—		76,991		—		—		—		76,991	(*)
Growth and Income Plus
Futures Contracts		1,141		—		1,141		1,042		—		—		99	(†)
Balanced Income Plus
Futures Contracts		10,206		—		10,206		6,353		—		—		3,853	(†)
Diversified Income Plus
Futures Contracts		24,716		—		24,716		24,716		—		—		—
Opportunity Income Plus
Futures Contracts		3,688		—		3,688		3,415		—		—		273	(†)
Swap Credit Contracts		961		—		961		—		—		—		961	(*)
Small Cap Index
Futures Contracts		47,555		—		47,555		—		—		—		47,555	(†)
Mid Cap Index
Futures Contracts		4,132		—		4,132		—		—		—		4,132	(†)
Partner Worldwide Allocation
Futures Contracts		1,020,873		—		1,020,873		1,020,873		—		—		—
Exchange Contracts		688,472		—		688,472		169,080		—		—		519,392	(‡)
Large Cap Growth
Futures Contracts		107,684		—		107,684		107,684		—		—		—
Large Cap Stock
Futures Contracts		357,979		—		357,979		357,979		—		—		—
Large Cap Index
Futures Contracts		31,305		—		31,305		—		—		—		31,305	(†)
Income
Futures Contracts		54,497		—		54,497		31,625		—		—		22,872	(†)
Limited Maturity Bond
Futures Contracts		58,758		—		58,758		—		—		—		58,758	(†)

(†) Net futures amount represents the net amount receivable from the counterparty in the event of a default.

(*) Net swap credit contracts amount represents the net amount receivable from the counterparty in the event of a default.

(‡) Net exchange contract amount represents the net amount receivable from the counterparty in the event of a default.

201

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

The following table presents the gross and net information about liabilities subject to master netting arrangements, as presented in our Statement of Assets and Liabilities:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Portfolio	Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net  Amounts of Recognized Liabilities		Financial Instruments		Cash Collateral Pledged		Non-Cash Collateral Pledged**		Net Amount
Aggressive Allocation
Futures Contracts		1,126,818		—		1,126,818		602,094		—		524,724		—
Moderately Aggressive Allocation
Futures Contracts		3,531,276		—		3,531,276		2,295,787		—		1,235,489		—
Securities Lending		68,786,888		—		68,786,888		67,317,125		—		—		1,469,763	^
Swap Credit Contracts		230,427		—		230,427		—		—		230,427		—
Moderate Allocation
Futures Contracts		4,738,767		—		4,738,767		3,240,399		—		1,498,368		—
Securities Lending		78,634,260		—		78,634,260		77,002,324		—		—		1,631,936	^
Moderately Conservative Allocation
Futures Contracts		1,419,362		—		1,419,362		791,169		—		628,193		—
Securities Lending		18,733,091		—		18,733,091		18,248,546		—		—		484,545	^
Growth and Income Plus
Futures Contracts		1,042		—		1,042		1,042		—		—		—
Swap Credit Contracts		280		—		280		—		—		280		—
Balanced Income Plus
Futures Contracts		6,353		—		6,353		6,353		—		—		—
Securities Lending		6,207,658		—		6,207,658		6,039,151		—		—		168,507	^
Swap Credit Contracts		4,206		—		4,206		—		—		4,206		—
Diversified Income Plus
Futures Contracts		75,831		—		75,831		24,716		—		51,115		—
Securities Lending		1,140,295		—		1,140,295		1,064,718		—		—		75,577	^
Opportunity Income Plus
Futures Contracts		3,415		—		3,415		3,415		—		—		—
Natural Resources
Securities Lending		4,558,622		—		4,558,622		4,432,949		—		—		125,673	^
Partner Emerging Markets Equity
Securities Lending		561,031		—		561,031		524,307		—		—		36,724	^
Partner Small Cap Growth
Securities Lending		8,046,635		—		8,046,635		7,948,019		—		—		98,616	^
Partner Small Cap Value
Securities Lending		14,679,400		—		14,679,400		14,202,994		—		—		476,406	^
Small Cap Stock
Securities Lending		40,360,914		—		40,360,914		39,565,400		—		—		795,514	^
Small Cap Index
Securities Lending		23,935,556		—		23,935,556		23,370,492		—		—		565,064	^
Mid Cap Growth
Securities Lending		13,749,175		—		13,749,175		13,469,724		—		—		279,451	^
Mid Cap Stock
Securities Lending		18,565,385		—		18,565,385		18,069,398		—		—		495,987	^
Mid Cap Index
Securities Lending		6,400,412		—		6,400,412		6,162,318		—		—		238,094	^
Partner Worldwide Allocation
Futures Contracts		1,090,375		—		1,090,375		1,020,873		—		69,502		—
Exchange Contracts		379,909		—		379,909		169,080		—		—		210,829	#
Securities Lending		14,629,592		—		14,629,592		13,795,590		—		—		834,002	^
Partner All Cap
Securities Lending		588,625		—		588,625		588,625		—		—		—
Large Cap Growth
Futures Contracts		306,750		—		306,750		107,684		—		199,066		—

202

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

							Gross Amounts Not Offset in the
							Statement of Assets and Liabilities
Portfolio	Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net Amounts of Recognized Liabilities		Financial Instruments		Cash Collateral Pledged		Non-Cash Collateral Pledged**		Net Amount
Securities Lending		8,453,000		—		8,453,000		8,453,000		—		—		—
Partner Growth Stock
Securities Lending		2,241,300		—		2,241,300		2,241,300		—		—		—
Large Cap Value
Securities Lending		12,423,600		—		12,423,600		12,036,816		—		—		386,784	^
Large Cap Stock
Futures Contracts		1,435,381		—		1,435,381		357,979		—		1,077,402		—
Securities Lending		12,064,660		—		12,064,660		11,440,482		—		—		624,178	^
Large Cap Index
Securities Lending		1,557,348		—		1,557,348		1,522,773		—		—		34,575	^
High Yield
Securities Lending		58,556,630		—		58,556,630		55,947,264		—		—		2,609,366	^
Swap Credit Contracts		89,732		—		89,732		—		—		89,732		—
Income
Futures Contracts		31,625		—		31,625		31,625		—		—		—
Securities Lending		28,475,080		—		28,475,080		27,131,733		—		—		1,343,347	^
Limited Maturity Bond
Securities Lending		1,602,000		—		1,602,000		1,523,953		—		—		78,047	^

** Excess of collateral pledged to the counterparty may not be shown for financial reporting purposes.

^ Net securities lending amounts represent the net amount payable from the counterparty in the event of a default.

# Net exchange contract amounts represent the net amount payable from the counterparty in the event of a default.

(H) Mortgage Dollar Roll Transactions – Certain Portfolios enter into dollar roll transactions on securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, in which the Portfolios sell mortgage securities and simultaneously agree to repurchase similar (same type and coupon) securities at a later date at an agreed upon price. The Portfolios must maintain liquid securities having a value at least equal to the repurchase price (including accrued interest) for such dollar rolls. In addition, the Portfolios are required to post or receive margin – depending on market movements - on their mortgage dollar rolls. The value of the securities that the Portfolios are required to purchase may decline below the agreed upon repurchase price of those securities.

During the period between the sale and repurchase, the Portfolios forgo principal and interest paid on the mortgage securities sold. The Portfolios are compensated from negotiated fees paid by brokers offered as an inducement to the Portfolios to “roll over” their purchase commitments, thus enhancing the yield. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The fees received are recognized over the roll period and are included in Income from mortgage dollar rolls in the Statement of Operations.

(I) Securities Lending – The Fund has entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank AG (“Deutsche”). The Agreement authorizes Deutsche to lend securities to authorized borrowers on behalf of the Portfolios. Pursuant to the Agreement, all loaned securities are initially collateralized by cash equal to at least 102% of the value of the loaned securities. All cash collateral received is invested in Thrivent Cash Management Trust. The Portfolios receive dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Amounts earned on investments in Thrivent Cash Management Trust, net of rebates, fees paid to Deutsche for services provided and any other securities lending expenses, are included in Income from securities loaned in the Statement of Operations. By investing any cash collateral it receives in these transactions, a Portfolio could realize additional gains or losses. If the borrower fails to return the securities or the invested collateral has declined in value, the Portfolio could lose money.

As of June 30, 2015, the value of securities on loan is as follows:

Fund	Securities on Loan
Moderately Aggressive Allocation	$	67,317,125
Moderate Allocation		77,002,324

203

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

Fund	Securities on Loan
Moderately Conservative Allocation		18,248,546
Balanced Income Plus		6,039,151
Diversified Income Plus		1,064,718
Natural Resources		4,432,949
Partner Emerging Markets Equity		524,307
Partner Small Cap Growth		7,948,019
Partner Small Cap Value		14,202,994
Small Cap Stock		39,565,400
Small Cap Index		23,370,492
Mid Cap Growth		13,469,724
Mid Cap Stock		18,069,398
Mid Cap Index		6,162,318
Partner Worldwide Allocation		13,795,590
Partner All Cap		593,611
Large Cap Growth		8,477,016
Partner Growth Stock		2,247,083
Large Cap Value		12,036,816
Large Cap Stock		11,440,482
Large Cap Index		1,522,773
High Yield		55,947,264
Income		27,131,733
Limited Maturity Bond		1,523,953

(J) When Issued and Delayed Delivery Transactions – Each Portfolio may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, a Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Portfolio may dispose of a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Portfolio has sold a security on a delayed delivery basis, a Portfolio does not participate in future gains and losses with respect to the security.

(K) Treasury Inflation Protected Securities – Certain Portfolios may invest in treasury inflation protected securities (TIPS). These securities are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate is generally fixed at issuance. Interest is paid based on the principal value, which is adjusted for inflation. Any increase in the principal amount will be included as taxable interest in the Statement of Operations and received upon maturity or sale of the security.

(L) Repurchase Agreements – Each Portfolio may engage in repurchase agreement transactions in pursuit of its investment objective. A repurchase agreement consists of a purchase and a simultaneous agreement to resell an investment for later delivery at an agreed upon price and rate of interest. The Portfolio uses a third-party custodian to maintain the collateral. If the original seller of a security subject to a repurchase agreement fails to repurchase the security at the agreed upon time, the Portfolio could incur a loss due to a drop in the value of the security during the time it takes the Portfolio to either sell the security or take action to enforce the original seller’s agreement to repurchase the security. Also, if a defaulting original seller filed for bankruptcy or became insolvent, disposition of such security might be delayed by pending legal action. The Portfolio may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Adviser or subadviser to be creditworthy. During the six months ended June 30, 2015, no Portfolios engaged in this type of investment.

(M) Equity-Linked Structured Securities – Certain Portfolios may invest in equity-linked structured notes. Equity-linked structured notes are debt securities which combine the characteristics of common stock and the sale of an option. The return component is based upon the performance of a single equity security, a basket of equity securities, or an equity index and the sale of an option. There is no guaranteed return of principal with these securities. The appreciation potential of these securities may be limited by a maximum payment or call right and can be influenced by many unpredictable factors. In addition to the performance of the equity, the nature and credit of the issuer may also impact return.

(N) Stripped Securities – Certain Portfolios may invest in Interest Only and Principal Only stripped mortgage or asset backed securities. These securities represent a participation in securities that are structured in classes with rights to receive different portions of the interest and principal. Interest only securities receive all the interest and principal only securities receive all the principal. If the underlying pool of mortgages or assets experience greater than anticipated prepayments of principal, the Portfolio may not fully recoup its initial investment in an interest only security. Principal only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The market value of these securities is highly sensitive to changes in interest rates.

(O) Credit Risk – The Portfolios may be susceptible to credit risk to the extent the issuer or counterparty defaults on its payment obligation. The Portfolios’ policy is to monitor the creditworthiness of the issuers. Interest receivable on defaulted securities is monitored for the ability to collect payments in default and adjusted accordingly.

204

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

(P) Accounting Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

(Q) Loan Commitments – Certain Portfolios may enter into loan commitments, which generally have interest rates which are reset daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. Loan commitments often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the remaining maturity may be considerably less than the stated maturity shown in the Schedule of Investments.

All or a portion of these loan commitments may be unfunded. The 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 loan commitments, which are marked-to-market daily, are presented in the Schedule of Investments.

(R) Unfunded Bridge Loan Commitment

The following Portfolio entered into a loan commitment with Charter Communications Operating, LLC on June 25, 2015. Maturity of the commitment will be no later than May 23, 2016. The Portfolio will receive a fee of 0.375%.

Portfolio	Unfunded Commitment
High Yield	$	8,850,000

(S) Loss Contingencies – Thrivent High Yield Portfolio and Thrivent Income Portfolio are defendants in an adversary action filed on July 31, 2009 by the Official Committee of Unsecured Creditors of Motors Liquidation Company, formerly known as General Motors Corporation (GM), against prior and current holders of term loan debt of GM. The suit seeks to determine whether GM’s term loan facility was secured at the time it entered bankruptcy. Thrivent High Yield Portfolio at one time held term loans in an original principal amount of at least $4,627,531 and, if the plaintiffs are successful, it is reasonably possible that the Portfolio will be required to make payments in some amount. This loss contingency has not been accrued as a liability because the amount of potential damages and the likelihood of loss cannot be reasonably estimated. Thrivent Income Portfolio is named as a defendant in this action, but we do not expect that the Portfolio’s assets will be subject to a loss contingency.

Thrivent Balanced Income Plus Portfolio (formerly known as Thrivent Balanced Portfolio) and Thrivent Large Cap Index Portfolio are defendants in two separate adversary actions: One was filed in federal court on November 1, 2010 by the Official Committee of Unsecured Creditors of Tribune Company (“Tribune”) and the other was filed in the state of Minnesota on June 2, 2011 by the successor trustees of certain series of debt securities issued by Tribune. These actions have since been consolidated and moved to the United States District Court of the Southern District of New York as consolidated multi-district litigation. The actions seek to determine whether stock repurchases of Tribune stock in connection with a leveraged buyout of Tribune in 2007 (the “LBO Transaction”) were fraudulent transactions that can be voided requiring repurchase payments to be returned to the Tribune bankruptcy estate. Thrivent Balanced Income Plus Portfolio and Thrivent Large Cap Index Portfolio tendered Tribune stock in the LBO Transaction in exchange for $115,600 and $219,300 respectively. If the plaintiffs are successful, it is reasonably possible that these Portfolios would be required to return payments in some amount. Management does not believe it is possible at this time to predict with any reasonable certainty the amount or probability of any potential loss.

Thrivent Mid Cap Index Portfolio is a potential defendant in an adversary action filed on October 22, 2010 by the trustee of the LB Creditor Trust. The suit seeks to determine whether certain pre-bankruptcy distributions in December 2007 by Lyondell Chemical Company (“Lyondell”) to its shareholders were fraudulent transactions that can be voided and repaid to Lyondell’s creditors. Thrivent Mid Cap Index Portfolio owned shares of Lyondell stock before the merger. On December 21, 2007, Thrivent Mid Cap Index Portfolio tendered its shares of Lyondell for $1,542,720. Management does not believe it is possible at this time to predict with any reasonable certainty the amount or probability of any potential loss.

Thrivent Opportunity Income Plus Portfolio (formerly known as Mortgage Securities Portfolio) was obligated to pay $133,203 to Lehman Brothers as of October 14, 2008. Because of the collapse of Lehman Brothers, the securities and obligations remain involved in litigation and bankruptcy proceedings. At the conclusion of legal proceedings, it is reasonably possible that Thrivent Opportunity Income Plus Portfolio could be required to pay all or a portion of the $133,203. However, it is also reasonably possible that the Portfolio would be able to offset some of this liability because of amounts owed to the Portfolio by Lehman Brothers at the time of its bankruptcy. Management does not believe it is possible at this time to predict with any reasonable certainty the amount or probability of any potential loss.

(T) Litigation – Awards from class action litigation are recorded as realized gains on payment date.

205

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

(U) In-kind Redemptions – During the year ended December 31, 2014, the Thrivent Asset Allocation Portfolios, as the shareholders of underlying series of Thrivent Series Fund, Inc. (the “underlying portfolios”), redeemed their shares in-kind (“in-kind redemption”) of Thrivent Partner Small Cap Growth Portfolio. The underlying portfolio distributed portfolio securities and cash as payment for the redemption of these portfolio shares. For financial reporting purposes, the underlying portfolio recognizes gain on these transactions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; they recognize a loss if the cost exceeds the value. Gains or losses on in-kind redemptions are not recognized for tax purposes. The realized gains or losses below are included in the Statement of Operations of the underlying portfolio as net realized gains/losses on in-kind redemptions. The in-kind amounts and shares redeemed are included in the Capital Stock Transactions of the Statement of Changes in Net Assets of the underlying portfolio. These in-kind transactions were conducted at market value. The transactions were as follows:

	Underlying Portfolio	Underlying Shares Redeemed		Date		In-Kind Amount		Realized Gain/(Loss)
Aggressive Allocation Portfolio	Partner Small Cap Growth Portfolio		4,044,547		10/6/2014	$	64,802,142	$	12,593,308
Moderately Aggressive Allocation Portfolio	Partner Small Cap Growth Portfolio		5,844,908		10/6/2014	$	93,647,695	$	19,424,365
Moderate Allocation Portfolio	Partner Small Cap Growth Portfolio		6,587,309		10/6/2014	$	105,542,526	$	14,201,526

During the year ended December 31, 2014, Thrivent Defined Benefit Trust, as the shareholder of underlying series of Thrivent Series Fund, Inc. (the “underlying portfolios”), redeemed their shares in-kind (“in-kind redemption”) of Thrivent Partner Small Cap Growth Portfolio. The underlying portfolio distributed portfolio securities and cash as payment for the redemption of these portfolio shares. For financial reporting purposes, the underlying portfolio recognizes gain on these transactions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; they recognize a loss if the cost exceeds the value. Gains or losses on in-kind redemptions are not recognized for tax purposes. The realized gains or losses below are included in the Statement of Operations of the underlying portfolio as net realized gains/losses on in-kind redemptions. The in-kind amounts and shares redeemed are included in the Capital Stock Transactions of the Statement of Changes in Net Assets of the underlying portfolio. These in-kind transactions were conducted at market value. The transactions were as follows:

	Underlying Portfolio	Underlying Shares Redeemed		Date		In-Kind Amount		Realized Gain/(Loss)
Defined Benefit Trust	Partner Small Cap Growth Portfolio		878,266		11/6/2014	$	14,775,417	$	1,607,209

(V) Other – For financial statement purposes, investment security transactions are accounted for on the trade date. Realized gains and losses from investment transactions are determined on a specific cost identification basis, which is the same basis used for federal income tax purposes.

(3) FEES AND COMPENSATION PAID TO AFFILIATES

(A) Investment Advisory Fees – The Fund has entered into an Investment Advisory Agreement with Thrivent Financial, the Adviser. Under the Investment Advisory Agreement, each of the Portfolios pays a fee for investment advisory services. The fees are accrued daily and paid monthly.

The four Asset Allocation Portfolios – Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio and Moderately Conservative Allocation Portfolio – pay investment advisory fees for asset allocation services. In addition, for investments (other than underlying Thrivent Portfolios) held directly by the Asset Allocation Portfolios, each Asset

206

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

Allocation Portfolio will pay an additional advisory fee. The annual rates of fees as a percentage of average daily net assets under the Investment Advisory Agreement are as follows:

Portfolio (M – Millions)	$0 to $500M			Over $500 to $2,000M			Over $2,000 to $5,000M			Over $5,000 to $10,000M			Over $10,000M
Aggressive Allocation		0.150	%		0.125	%		0.100	%		0.075	%		0.050	%
Aggressive Allocation – Direct Holdings		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Moderately Aggressive Allocation		0.150	%		0.125	%		0.100	%		0.075	%		0.050	%
Moderately Aggressive Allocation – Direct Holdings		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%
Moderate Allocation		0.150	%		0.125	%		0.100	%		0.075	%		0.050	%
Moderate Allocation – Direct Holdings		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%
Moderately Conservative Allocation		0.150	%		0.125	%		0.100	%		0.075	%		0.050	%
Moderately Conservative Allocation – Direct Holdings		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%

For all other Portfolios, the annual rates of fees as a percent of average daily net assets under the Investment Advisory Agreement were as follows:

Portfolio (M – Millions)	$0 to $50M			Over $50 to $200M			Over $200 to $250M			Over $250 to $500M			Over $500 to $750M			Over $750 to $1,000M			Over $1,000 to $1,500M			Over $1,500 to $2,000M			Over $2,000 to $2,500M			Over $2,500 to $5,000M			Over $5,000M
Growth and Income Plus		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Balanced Income Plus		0.550	%		0.550	%		0.550	%		0.550	%		0.500	%		0.500	%		0.475	%		0.475	%		0.475	%		0.450	%		0.425	%
Diversified Income Plus		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Opportunity Income Plus		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%
Partner Technology		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%
Partner Healthcare		0.950	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%
Natural Resources		0.750	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%
Partner Emerging Markets Equity		1.200	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%
Real Estate Securities		0.800	%		0.800	%		0.800	%		0.800	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%
Partner Small Cap Growth		1.000	%		1.000	%		1.000	%		1.000	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%
Partner Small Cap Value		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%
Small Cap Stock		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.550	%		0.525	%
Small Cap Index		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
Mid Cap Growth		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Partner Mid Cap Value		0.750	%		0.750	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Mid Cap Stock		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.550	%		0.525	%
Mid Cap Index		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
Partner Worldwide Allocation		0.900	%		0.900	%		0.900	%		0.850	%		0.850	%		0.850	%		0.800	%		0.750	%		0.750	%		0.750	%		0.750	%
Partner All Cap		0.950	%		0.950	%		0.950	%		0.950	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%
Large Cap Growth		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Partner Growth Stock		0.800	%		0.800	%		0.800	%		0.800	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Large Cap Value		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Large Cap Stock		0.650	%		0.650	%		0.650	%		0.650	%		0.575	%		0.550	%		0.475	%		0.475	%		0.475	%		0.450	%		0.425	%
Large Cap Index		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
High Yield		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Income		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Bond Index		0.350	%		0.350	%		0.350	%		0.300	%		0.250	%		0.250	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
Limited Maturity Bond		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Money Market		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%

(B) Sub-Adviser Fees – The following subadvisory fees are charged as part of the total investment advisory fees stated in the table above. The subadvisory fees are borne directly by the Adviser and do not increase the overall fees paid by the Portfolio.

207

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

Partner Technology Portfolio

The Adviser has entered into a subadvisory agreement with Goldman Sachs Asset Management, LP (“GSAM”) for the performance of subadvisory services. The fee payable is equal to 0.45% of average daily net assets.

Partner Healthcare Portfolio

The Adviser has entered into a subadvisory agreement with Sectoral Asset Management, Inc. for the performance of subadvisory services. The fee payable is equal to 0.65% of the first $50 million of average daily net assets, 0.60% of the next $50 million, 0.40% of the next $150 million and 0.35% of average daily net assets over $250 million.

Partner Emerging Markets Equity Portfolio

The Adviser has entered into a subadvisory agreement with Aberdeen Asset Managers Limited (“Aberdeen”) for the performance of subadvisory services. The fee payable is equal to 0.85% of the first $50 million of average daily net assets, 0.72% of the next $50 million and 0.68% of average daily net assets over $100 million. Thrivent Partner Emerging Markets Equity Fund (as of February 27, 2015), Thrivent Partner Worldwide Allocation Portfolio and Thrivent Partner Worldwide Allocation Fund are included in determining breakpoints for the assets managed by Aberdeen.

Partner Small Cap Value Portfolio

The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. for the performance of subadvisory services. The fee payable is equal to 0.60% of average daily net assets.

Partner Mid Cap Value Portfolio

The Adviser has entered into a subadvisory agreement with GSAM for the performance of subadvisory services. The fee payable is equal to 0.50% of average daily net assets for the first $200 million and 0.45% for assets over $200 million. Thrivent Partner Mid Cap Value Fund is included in determining breakpoints for the assets managed by GSAM.

Partner Worldwide Allocation Portfolio

Effective February 26, 2015, the Adviser terminated the subadvisory agreements with DuPont Capital. The Adviser has entered into subadvisory agreements with Mercator Asset Management, LP (“Mercator”), Principal Global Investors, LLC (“Principal”), Aberdeen Asset Managers Limited (“Aberdeen”), and Goldman Sachs Asset Management, LP (“GSAM”) for the performance of subadvisory services.

The fee payable for Mercator is equal to 0.75% of the first $25 million of average daily net assets managed by Mercator, 0.60% of the next $25 million, 0.55% of the next $25 million, 0.50% of the next $225 million, 0.40% of the next $200 million and 0.20% of average daily net assets over $500 million. Thrivent Partner Worldwide Allocation Fund is included in determining breakpoints for the assets managed by Mercator.

The fee payable for Principal is equal to 0.35% of the first $500 million of average daily net assets managed by Principal, 0.30% of the next $500 million and 0.25% of average daily net assets over $1 billion. Thrivent Partner Worldwide Allocation Fund is included in determining breakpoints for the assets managed by Principal.

The fee payable for Aberdeen is equal to 0.85% of the first $50 million of average daily net assets managed by Aberdeen, 0.72% of the next $50 million and 0.68% of average daily net assets over $100 million. Thrivent Partner Emerging Markets Equity Portfolio, Partner Emerging Markets Equity Fund (as of February 27, 2015) and Partner Worldwide Allocation Fund are included in determining breakpoints for the assets managed by Aberdeen.

The fee payable for GSAM for managing the emerging markets debt portion is equal to 0.50% of the first $200 million of average daily net assets, 0.45% of the next $200 million and 0.40% of average daily net assets over $400 million. The fee payable for GSAM for managing the international small- and mid-cap equities portion is equal to 0.58% of the first $250 million of average daily net assets; and 0.54% of average daily net assets in excess of $250 million. Thrivent Partner Worldwide Allocation Fund is included in determining breakpoints for the assets managed by GSAM.

Until February 26, 2015, the fee payable for DuPont Capital is equal to 0.72% of the first $50 million of average daily net assets managed by DuPont Capital and 0.68% of average daily net assets over $50 million. Thrivent Partner Worldwide Allocation Fund and Thrivent Partner Emerging Markets Equity Fund is included in determining breakpoints for the assets managed by DuPont Capital.

Partner All Cap Portfolio

The Adviser has entered into a subadvisory agreement with Pyramis Global Advisors, LLC (“Pyramis Advisors”) for the performance of subadvisory services. Pyramis Advisors is a wholly owned subsidiary of Fidelity Management & Research Corporation. The fee payable is equal to 0.60% of average daily net assets for the first $100 million, 0.55% for the next $400 million, 0.50% for the next $250 million and 0.45% for assets over $750 million.

Partner Growth Stock Portfolio

The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. for the performance of subadvisory services. The fee payable is equal to 0.40% of average daily net assets for the first $500 million and 0.35% for assets over $500 million.

(C) Expense Reimbursements – As of June 30, 2015, the following voluntary expense reimbursement was in effect for Thrivent Money Market Portfolio; Thrivent Financial

208

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

for Lutherans has voluntarily agreed to reimburse certain portfolio level expenses to the extent necessary in order to maintain a minimum annualized net yield of 0.00%.

As of June 30, 2015, contractual expense reimbursements to limit expenses to the following percentages were in effect:

Portfolio	Expense Limit			Expiration Date
Growth and Income Plus		0.80	%		4/30/2016
Opportunity Income Plus		0.75	%		4/30/2016
Partner Healthcare1		1.10	%		4/30/2016
Natural Resources		1.02	%		4/30/2016
Partner Emerging Markets Equity		1.40	%		4/30/2016
Partner Small Cap Growth2		0.95	%		4/30/2016
Partner All Cap3		0.90	%		4/30/2016
Partner Growth Stock4		0.85	%		4/30/2016

¹  Prior contractual expense cap of 1.25% expired on December 31, 2014.

²  Prior voluntary expense cap of 0.95% became a contractual expense cap effective January 1, 2015.

³  Prior contractual expense cap of 0.95% expired on April 30, 2015.

⁴  Prior voluntary expense reimbursement of 0.10% became a contractual expense cap of 0.85% effective May 1, 2015.

Thrivent does not recoup amounts previously reimbursed or waived in prior fiscal years.

Each equity, hybrid and fixed income Portfolio may invest cash in High Yield Fund, Money Market Portfolio and Thrivent Cash Management Trust, subject to certain limitations. During the six months ended June 30, 2015, none of the Portfolios invested in High Yield Fund or Money Market Portfolio. During the six months ended June 30, 2015, all Portfolios, except Money Market Portfolio, invested in Thrivent Cash Management Trust. These related-party transactions are subject to the same terms as non-related party transactions except that, to avoid duplicate investment advisory fees, Thrivent Financial reimburses an amount equal to the advisory fee which is charged to the Portfolio for its investment in High Yield Fund or Money Market Portfolio.

(D) Other Expenses – The Fund has entered into an accounting and administrative services agreement with the Adviser to provide certain accounting and administrative personnel and services to the Portfolios. For the six months ended June 30, 2015, the Adviser received aggregate fees for accounting and administrative personnel and services of $4,156,735 from the Fund.

Each Director who is not affiliated with the Adviser receives an annual fee from the Fund for services as a Director and is eligible to participate in a deferred compensation plan with respect to these fees. Participants in the plan may designate their deferred Director’s fees as if invested in any one of the portfolios of Thrivent Mutual Funds. The value of each Director’s deferred compensation account will increase or decrease as if it were invested in shares of the selected portfolios of Thrivent Mutual Funds. Their fees as well as the change in value are included in Director’s fees in the Statement of Operations. The deferred fees remain in the appropriate fund until distribution in accordance with the plan. The deferred fee liability, included in accrued expenses in the Statement of Assets and Liabilities, is unsecured.

Those Directors not participating in the above plan received $208,712 in fees from the Fund for the six months ended June 30, 2015. In addition, the Fund reimbursed independent Directors for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

Certain officers and non-independent directors of the Fund are officers and directors of Thrivent Financial and Thrivent Life; however, they receive no compensation from the Fund.

(E) Indirect Expenses – Some Portfolios invest in other mutual funds. Fees and expenses of those underlying funds are not included in the Portfolios’ expense ratios. The Portfolios indirectly bear their proportionate share of the annualized weighted average expense ratio of the underlying funds in which they invest.

(4) TAX INFORMATION

Distributions are based on amounts calculated in accordance with applicable federal income tax regulations, which may differ from GAAP. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications. At fiscal year-end, the character and amount of distributions, on a tax basis and components of distributable earnings, are finalized. Therefore, as of June 30, 2015, the tax-basis balance has not yet been determined.

At December 31, 2014, the following Portfolios had accumulated net realized capital loss carryovers expiring as follows:

Portfolio	Capital Loss Carryover		Expiration Year
Opportunity Income Plus	$	1,225,370		Unlimited
Natural Resources	$	4,385,017		Unlimited
Partner Emerging Markets Equity	$	1,506,849		Unlimited
Partner Worldwide Allocation	$	119,995,485		2016
Large Cap Growth	$	27,862,025		2017
High Yield		24,454,205		2016
		46,838,004		2017
	$	71,292,209
Bond Index	$	688,692		Unlimited
Limited Maturity Bond		5,004,107		2017
		695,758		Unlimited
	$	5,699,865
Money Market	$	759		Unlimited

209

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

To the extent that these Portfolios realize future net capital gains, taxable distributions will be reduced by any unused capital loss carryovers as permitted by the Internal Revenue Code. Unlimited capital loss carryovers will be utilized before capital loss carryovers with expiration dates.

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities – For the six months ended June 30, 2015, the cost of purchases and the proceeds from sales of investment securities, other than U.S. Government and short-term securities, were as follows:

	In thousands
Portfolio	Purchases		Sales
Aggressive Allocation	$	190,017	$	152,656
Moderately Aggressive Allocation		813,456		648,287
Moderate Allocation		1,232,535		1,129,880
Moderately Conservative Allocation		513,511		551,279
Growth and Income Plus		82,825		79,856
Balanced Income Plus		164,619		152,202
Diversified Income Plus		262,171		223,691
Opportunity Income Plus		28,812		19,295
Partner Technology		16,392		9,881
Partner Healthcare		73,192		32,008
Natural Resources		17,524		10,942
Partner Emerging Markets Equity		2,166		938
Real Estate Securities		20,500		8,641
Partner Small Cap Growth		8,882		9,125
Partner Small Cap Value		40,539		36,241
Small Cap Stock		71,266		75,943
Small Cap Index		32,595		19,228
Mid Cap Growth		68,044		80,411
Partner Mid Cap Value		213,973		198,923
Mid Cap Stock		123,749		137,316
Mid Cap Index		47,514		15,164
Partner Worldwide Allocation		671,580		671,585
Partner All Cap		31,307		25,732
Large Cap Growth		371,587		397,666
Partner Growth Stock		20,615		15,911
Large Cap Value		177,133		164,605
Large Cap Stock		213,480		207,090
Large Cap Index		45,343		5,495
High Yield		191,507		188,790
Income		349,320		346,951
Bond Index		12,408		11,490
Limited Maturity Bond		160,506		165,607

Purchases and Sales of U.S. Government Securities were:

	In thousands
Portfolio	Purchases		Sales
Aggressive Allocation	$	65,687	$	61,612
Moderately Aggressive Allocation		1,136,425		1,102,513
Moderate Allocation		4,821,180		4,646,182
Moderately Conservative Allocation		3,012,476		2,902,119
Growth and Income Plus		16,212		16,368
Balanced Income Plus		98,894		98,829
Diversified Income Plus		95,709		103,544
Opportunity Income Plus		56,816		52,193
Partner Worldwide Allocation		33,727		34,494
Income		318,513		325,281
Bond Index		306,352		303,758
Limited Maturity Bond		236,704		236,095

(B) Investments in Restricted Securities – Certain Portfolios may own restricted securities that have been deemed illiquid and were purchased in private placement transactions without registration under the Securities Act of 1933. Unless such securities subsequently become registered, they generally may be resold only in privately negotiated transactions with a limited number of purchasers. As of June 30, 2015, the following Portfolios held restricted securities:

Portfolio	Number of Securities		Percent of Portfolio’s Net Assets
Moderately Aggressive Allocation		34		0.42	%
Moderate Allocation		40		1.07	%
Moderately Conservative Allocation		37		1.33	%
Balanced Income Plus		4		0.52	%
Diversified Income Plus		8		1.54	%
Opportunity Income Plus		4		0.90	%
Partner Worldwide Allocation		18		0.48	%
Partner Growth Stock		9		0.78	%
High Yield		12		3.69	%
Income		5		0.67	%
Bond Index		4		1.11	%
Limited Maturity Bond		32		9.47	%

The Portfolios have no right to require registration of unregistered securities.

(C) Investments in High-Yielding Securities – High Yield Portfolio invests primarily in high-yielding fixed income securities. Each of the other Portfolios, except Money Market Portfolio, may also invest in high-yielding securities. These securities will typically be in lower rated categories or will be non-rated and generally will involve more risk than securities in higher rated categories. Lower rated or unrated securities are more likely to react to developments affecting market risk and credit risk than are more highly rated securities, which react primarily to movements in the general level of interest rates.

(D) Investments in Options and Futures Contracts – The movement in the price of the security underlying an option or futures contract may not correlate perfectly with the movement in the prices of the portfolio securities being hedged. A lack of correlation could render the Portfolio’s hedging strategy unsuccessful and could result in a loss to the

210

Thrivent Series Fund, Inc.

Notes to Financial Statements

June 30, 2015

(unaudited)

Portfolio. In the event that a liquid secondary market would not exist, the Portfolio could be prevented from entering into a closing transaction which could result in additional losses to the Portfolio.

(E) Written Option Contracts – During the six months ended June 30, 2015, none of the Funds engaged in these types of investments.

(6) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Portfolios are permitted to purchase or sell securities from or to certain other Portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another portfolio or fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Directors and/ or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is executed at the current market price.

(7) SHARES OF BENEFICIAL INTEREST

The shares of each Portfolio have equal rights and privileges with all shares of that Portfolio. Shares in the Portfolio are currently sold only to separate accounts of Thrivent Financial, Thrivent Life and retirement plans sponsored by Thrivent Financial.

As of June 30, 2015, authorized capital stock consists of ten billion shares as follows:

Portfolio	Shares Authorized		Par Value
Aggressive Allocation		350,000,000	$	0.01
Moderately Aggressive Allocation		700,000,000		0.01
Moderate Allocation		1,200,000,000		0.01
Moderately Conservative Allocation		800,000,000		0.01
Growth and Income Plus		200,000,000		0.01
Balanced Income Plus		200,000,000		0.01
Diversified Income Plus		250,000,000		0.01
Opportunity Income Plus		50,000,000		0.01
Partner Technology		100,000,000		0.01
Partner Healthcare		50,000,000		0.01
Natural Resources		200,000,000		0.01
Partner Emerging Markets Equity		100,000,000		0.01
Real Estate Securities		100,000,000		0.01
Partner Small Cap Growth		50,000,000		0.01
Partner Small Cap Value		150,000,000		0.01
Small Cap Stock		200,000,000		0.01
Small Cap Index		200,000,000		0.01
Mid Cap Growth		200,000,000		0.01
Partner Mid Cap Value		50,000,000		0.01
Mid Cap Stock		200,000,000		0.01
Mid Cap Index		200,000,000		0.01
Partner Worldwide Allocation		700,000,000		0.01
Partner All Cap		100,000,000		0.01
Large Cap Growth		300,000,000		0.01
Partner Growth Stock		50,000,000		0.01
Large Cap Value		200,000,000		0.01
Large Cap Stock		400,000,000		0.01
Large Cap Index		200,000,000		0.01
High Yield		350,000,000		0.01
Income		300,000,000		0.01
Bond Index		200,000,000		0.01
Limited Maturity Bond		450,000,000		0.01
Money Market		1,200,000,000		0.01

(8) MONEY MARKET FUND REGULATORY REFORM

On July 23, 2014, the Securities and Exchange Commission adopted amendments to Rule 2a-7, which governs money market funds. The majority of the amendments, except for certain disclosure enhancements, will not take effect until 2016. The amendments are being made to address potential systemic risks associated with money markets and to improve transparency for money market fund investors. At this time, management is evaluating the impact of the amendments, including potential effects on the structure, operations and return potential of Thrivent Money Market Portfolio.

(9) SUBSEQUENT EVENTS

On July 22, 2015, the Thrivent Asset Allocation Portfolios and Thrivent Defined Benefit Trust, as the shareholders of underlying series of Thrivent Series Fund, Inc., (the “underlying portfolios”), redeemed their shares in-kind (“in-kind redemption”) of Thrivent Partner Small Cap Value Portfolio. The underlying portfolio distributed portfolio securities and cash as payment for the redemption of these portfolio shares. As a result of the in-kind redemption, net assets of Partner Small Cap Value Portfolio decreased approximately 77.90%.

On July 28, 2015, the Thrivent Asset Allocation Portfolios and Thrivent Defined Benefit Trust, as the shareholders of underlying series of Thrivent Series Fund, Inc., (the “underlying portfolios”), redeemed their shares in-kind (“in-kind redemption”) of Thrivent Partner Mid Cap Value Portfolio. The underlying portfolio distributed portfolio securities and cash as payment for the redemption of these portfolio shares. As a result of the in-kind redemption, net assets of Partner Mid Cap Value Portfolio decreased approximately 90.80%.

For financial reporting purposes, the underlying portfolio recognizes gain on these transactions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; they recognize a loss if the cost exceeds the value. Gains or losses on in-kind redemptions are not recognized for tax purposes.

211

Thrivent Series Fund, Inc.

Financial Highlights

	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income From Investment Operations								Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
AGGRESSIVE ALLOCATION PORTFOLIO
Period Ended 6/30/2015 (unaudited)	$	15.44	$	0.08	$	0.45		$	0.53		$	(0.16	)	$	(1.06	)
Year Ended 12/31/2014		15.04		0.10		0.80			0.90			(0.07	)		(0.43	)
Year Ended 12/31/2013		12.15		0.07		3.17			3.24			(0.17	)		(0.18	)
Year Ended 12/31/2012		11.40		0.17		1.18			1.35			(0.08	)		(0.52	)
Year Ended 12/31/2011		12.22		0.06		(0.52	)		(0.46	)		(0.16	)		(0.20	)
Year Ended 12/31/2010		10.66		0.10		1.72			1.82			(0.16	)		(0.10	)
MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO
Period Ended 6/30/2015 (unaudited)		14.72		0.11		0.26			0.37			(0.19	)		(0.67	)
Year Ended 12/31/2014		14.37		0.16		0.71			0.87			(0.13	)		(0.39	)
Year Ended 12/31/2013		12.31		0.12		2.44			2.56			(0.20	)		(0.30	)
Year Ended 12/31/2012		11.19		0.21		1.21			1.42			(0.14	)		(0.16	)
Year Ended 12/31/2011		11.89		0.12		(0.45	)		(0.33	)		(0.23	)		(0.14	)
Year Ended 12/31/2010		10.72		0.17		1.42			1.59			(0.25	)		(0.17	)
MODERATE ALLOCATION PORTFOLIO
Period Ended 6/30/2015 (unaudited)		13.90		0.11		0.16			0.27			(0.21	)		(0.55	)
Year Ended 12/31/2014		13.63		0.18		0.62			0.80			(0.16	)		(0.37	)
Year Ended 12/31/2013		12.28		0.16		1.66			1.82			(0.20	)		(0.27	)
Year Ended 12/31/2012		11.25		0.20		1.10			1.30			(0.19	)		(0.08	)
Year Ended 12/31/2011		11.79		0.17		(0.28	)		(0.11	)		(0.26	)		(0.17	)
Year Ended 12/31/2010		10.82		0.22		1.21			1.43			(0.29	)		(0.17	)
MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO
Period Ended 6/30/2015 (unaudited)		12.89		0.10		0.07			0.17			(0.23	)		(0.35	)
Year Ended 12/31/2014		12.71		0.23		0.43			0.66			(0.20	)		(0.28	)
Year Ended 12/31/2013		12.07		0.20		0.87			1.07			(0.19	)		(0.24	)
Year Ended 12/31/2012		11.28		0.18		0.89			1.07			(0.19	)		(0.09	)
Year Ended 12/31/2011		11.66		0.18		(0.16	)		0.02			(0.25	)		(0.15	)
Year Ended 12/31/2010		10.91		0.23		0.97			1.20			(0.28	)		(0.17	)
GROWTH AND INCOME PLUS PORTFOLIO
Period Ended 6/30/2015 (unaudited)		10.72		0.14		0.04			0.18			(0.23	)		(0.44	)
Year Ended 12/31/2014		11.66		0.18		0.09			0.27			(0.30	)		(0.91	)
Year Ended 12/31/2013		9.82		0.33		1.74			2.07			(0.23	)		—
Year Ended 12/31/2012		8.81		0.24		0.91			1.15			(0.14	)		—
Year Ended 12/31/2011		9.06		0.15		(0.37	)		(0.22	)		(0.03	)		—
Year Ended 12/31/2010		7.91		0.15		1.13			1.28			(0.13	)		—
BALANCED INCOME PLUS PORTFOLIO
Period Ended 6/30/2015 (unaudited)		14.87		0.20		0.09			0.29			(0.32	)		(0.52	)
Year Ended 12/31/2014		17.28		0.33		0.67			1.00			(0.28	)		(3.13	)
Year Ended 12/31/2013		15.42		0.30		2.42			2.72			(0.31	)		(0.55	)
Year Ended 12/31/2012		14.48		0.33		1.42			1.75			(0.34	)		(0.47	)
Year Ended 12/31/2011		14.72		0.34		0.26			0.60			(0.34	)		(0.50	)
Year Ended 12/31/2010		13.44		0.34		1.39			1.73			(0.36	)		(0.09	)
DIVERSIFIED INCOME PLUS PORTFOLIO
Period Ended 6/30/2015 (unaudited)		7.94		0.13		0.01			0.14			(0.26	)		(0.16	)
Year Ended 12/31/2014		7.84		0.26		0.08			0.34			(0.24	)		—
Year Ended 12/31/2013		7.23		0.21		0.59			0.80			(0.19	)		—
Year Ended 12/31/2012		6.56		0.19		0.74			0.93			(0.26	)		—
Year Ended 12/31/2011		6.75		0.29		(0.13	)		0.16			(0.35	)		—
Year Ended 12/31/2010		6.14		0.38		0.55			0.93			(0.32	)		—

^(a)  The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of portfolio shares.

^(b)  Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year. Total return shown does not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the return received by contract holders as compared to the return presented.

* All per share amounts have been rounded to the nearest cent.

** Computed on an annualized basis for periods less than one year

The accompanying Notes to Financial Statements are an integral part of this statement.

212

Thrivent Series Fund, Inc.

Financial Highlights – continued

				RATIOS/SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total  Return(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(1.22)	$	14.75		3.52	%	$	971.5		0.55	%		1.15	%		0.55	%		1.15	%		26	%
	(0.50)		15.44		6.02	%		904.9		0.50	%		0.70	%		0.50	%		0.70	%		58	%
	(0.35)		15.04		27.05	%		799.4		0.46	%		0.53	%		0.47	%		0.52	%		43	%
	(0.60)		12.15		12.25	%		608.2		0.49	%		1.45	%		0.49	%		1.45	%		69	%
	(0.36)		11.40		(3.93	)%		560.6		0.42	%		0.49	%		0.43	%		0.47	%		74	%
	(0.26)		12.22		17.53	%		587.1		0.34	%		0.95	%		0.39	%		0.90	%		68	%
	(0.86)		14.23		2.55	%		4,986.1		0.47	%		1.58	%		0.47	%		1.58	%		42	%
	(0.52)		14.72		6.05	%		4,775.0		0.45	%		1.15	%		0.45	%		1.15	%		88	%
	(0.50)		14.37		21.30	%		4,224.5		0.38	%		1.09	%		0.40	%		1.07	%		60	%
	(0.30)		12.31		12.87	%		3,056.0		0.40	%		1.83	%		0.40	%		1.83	%		93	%
	(0.37)		11.19		(2.86	)%		2,659.6		0.33	%		1.22	%		0.33	%		1.22	%		64	%
	(0.42)		11.89		15.43	%		2,505.6		0.28	%		1.83	%		0.28	%		1.83	%		39	%
	(0.76)		13.41		1.91	%		8,849.3		0.45	%		1.74	%		0.45	%		1.74	%		78	%
	(0.53)		13.90		5.88	%		8,607.8		0.44	%		1.50	%		0.44	%		1.50	%		134	%
	(0.47)		13.63		15.12	%		7,181.1		0.36	%		1.46	%		0.38	%		1.44	%		99	%
	(0.27)		12.28		11.72	%		5,337.9		0.38	%		1.98	%		0.38	%		1.98	%		121	%
	(0.43)		11.25		(1.02	)%		4,133.6		0.29	%		1.86	%		0.29	%		1.86	%		53	%
	(0.46)		11.79		13.68	%		3,569.4		0.26	%		2.51	%		0.26	%		2.51	%		30	%
	(0.58)		12.48		1.24	%		3,951.6		0.45	%		1.89	%		0.45	%		1.89	%		102	%
	(0.48)		12.89		5.32	%		3,679.4		0.44	%		1.91	%		0.44	%		1.91	%		182	%
	(0.43)		12.71		9.02	%		3,353.0		0.37	%		1.72	%		0.40	%		1.68	%		198	%
	(0.28)		12.07		9.59	%		2,920.3		0.41	%		1.95	%		0.41	%		1.95	%		190	%
	(0.40)		11.28		0.20	%		2,055.3		0.31	%		2.14	%		0.31	%		2.14	%		46	%
	(0.45)		11.66		11.41	%		1,591.3		0.28	%		2.81	%		0.28	%		2.81	%		30	%
	(0.67)		10.23		1.76	%		80.4		0.80	%		2.56	%		0.96	%		2.40	%		125	%
	(1.21)		10.72		2.21	%		81.1		0.80	%		2.30	%		0.94	%		2.16	%		176	%
	(0.23)		11.66		21.24	%		65.5		0.79	%		2.10	%		0.85	%		2.04	%		153	%
	(0.14)		9.82		13.17	%		102.1		0.81	%		2.56	%		0.81	%		2.56	%		160	%
	(0.03)		8.81		(2.46	)%		88.1		0.83	%		1.78	%		0.83	%		1.78	%		195	%
	(0.13)		9.06		16.23	%		76.3		0.85	%		2.06	%		0.89	%		2.02	%		362	%
	(0.84)		14.32		1.98	%		316.5		0.65	%		2.92	%		0.65	%		2.92	%		83	%
	(3.41)		14.87		6.07	%		303.0		0.64	%		2.38	%		0.64	%		2.38	%		111	%
	(0.86)		17.28		17.95	%		275.0		0.53	%		1.81	%		0.53	%		1.81	%		216	%
	(0.81)		15.42		12.42	%		239.3		0.45	%		1.93	%		0.45	%		1.93	%		142	%
	(0.84)		14.48		4.18	%		240.5		0.44	%		2.06	%		0.44	%		2.06	%		143	%
	(0.45)		14.72		13.30	%		270.6		0.44	%		2.13	%		0.44	%		2.13	%		136	%
	(0.42)		7.66		1.85	%		471.4		0.48	%		3.94	%		0.48	%		3.94	%		77	%
	(0.24)		7.94		4.27	%		437.3		0.48	%		3.84	%		0.48	%		3.84	%		136	%
	(0.19)		7.84		11.17	%		362.7		0.49	%		3.88	%		0.49	%		3.88	%		150	%
	(0.26)		7.23		14.48	%		229.7		0.52	%		4.58	%		0.52	%		4.58	%		155	%
	(0.35)		6.56		2.32	%		118.4		0.55	%		4.98	%		0.55	%		4.98	%		127	%
	(0.32)		6.75		15.85	%		106.0		0.57	%		6.28	%		0.57	%		6.28	%		116	%

The accompanying Notes to Financial Statements are an integral part of this statement.

213

Thrivent Series Fund, Inc.

Financial Highlights – continued

	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income From Investment Operations									Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
OPPORTUNITY INCOME PLUS PORTFOLIO
Period Ended 6/30/2015 (unaudited)	$	10.15	$	0.17		$	(0.04	)	$	0.13		$	(0.17	)	$	—
Year Ended 12/31/2014		10.15		0.35			—			0.35			(0.35	)		—
Year Ended 12/31/2013		10.64		0.26			(0.40	)		(0.14	)		(0.26	)		(0.09	)
Year Ended 12/31/2012		10.45		0.16			0.44			0.60			(0.16	)		(0.25	)
Year Ended 12/31/2011		10.32		0.30			0.17			0.47			(0.30	)		(0.04	)
Year Ended 12/31/2010		9.62		0.35			0.80			1.15			(0.35	)		(0.10	)
PARTNER TECHNOLOGY PORTFOLIO
Period Ended 6/30/2015 (unaudited)		10.70		(0.02	)		0.39			0.37			—			(0.52	)
Year Ended 12/31/2014		9.69		(0.02	)		1.03			1.01			—			—
Year Ended 12/31/2013		7.51		(0.02	)		2.20			2.18			—			—
Year Ended 12/31/2012		6.20		(0.03	)		1.34			1.31			—			—
Year Ended 12/31/2011		7.11		(0.01	)		(0.90	)		(0.91	)		—			—
Year Ended 12/31/2010		5.69		(0.04	)		1.46			1.42			—			—
PARTNER HEALTHCARE PORTFOLIO
Period Ended 6/30/2015 (unaudited)		19.70		0.03			2.44			2.47			—			(1.23	)
Year Ended 12/31/2014		16.84		0.01			3.98			3.99			—			(1.13	)
Year Ended 12/31/2013		13.39		(0.02	)		4.10			4.08			(0.05	)		(0.58	)
Year Ended 12/31/2012		11.26		0.03			2.29			2.32			(0.04	)		(0.15	)
Year Ended 12/31/2011		12.08		0.03			(0.46	)		(0.43	)		—			(0.39	)
Year Ended 12/31/2010		11.08		(0.02	)		1.22			1.20			(0.02	)		(0.18	)
NATURAL RESOURCES PORTFOLIO
Period Ended 6/30/2015 (unaudited)		6.11		0.01			(0.06	)		(0.05	)		(0.03	)		—
Year Ended 12/31/2014		7.52		0.03			(1.41	)		(1.38	)		(0.03	)		—
Year Ended 12/31/2013		6.91		0.04			0.62			0.66			(0.05	)		—
Year Ended 12/31/2012		8.33		0.05			(0.43	)		(0.38	)		(0.02	)		(1.02	)
Year Ended 12/31/2011		9.56		0.02			(1.24	)		(1.22	)		(0.01	)		—
Year Ended 12/31/2010		8.23		—			1.34			1.34			(0.01	)		—
PARTNER EMERGING MARKETS EQUITY PORTFOLIO
Period Ended 6/30/2015 (unaudited)		12.08		0.09			0.03			0.12			(0.14	)		—
Year Ended 12/31/2014		12.47		0.14			(0.41	)		(0.27	)		(0.12	)		—
Year Ended 12/31/2013		13.61		0.12			(1.13	)		(1.01	)		(0.13	)		—
Year Ended 12/31/2012		10.92		0.14			2.68			2.82			(0.07	)		(0.06	)
Year Ended 12/31/2011		12.38		0.15			(1.48	)		(1.33	)		(0.13	)		—
Year Ended 12/31/2010		9.72		0.06			2.60			2.66			—			—
REAL ESTATE SECURITIES PORTFOLIO
Period Ended 6/30/2015 (unaudited)		22.78		0.19			(1.51	)		(1.32	)		(0.33	)		(0.95	)
Year Ended 12/31/2014		17.98		0.35			5.11			5.46			(0.30	)		(0.36	)
Year Ended 12/31/2013		17.85		0.29			0.11			0.40			(0.27	)		—
Year Ended 12/31/2012		15.77		0.30			2.43			2.73			(0.65	)		—
Year Ended 12/31/2011(c)		14.49		0.22			1.06			1.28			—			—
Year Ended 12/31/2010		11.67		0.22			2.99			3.21			(0.39	)		—
PARTNER SMALL CAP GROWTH PORTFOLIO
Period Ended 6/30/2015 (unaudited)		17.39		(0.03	)		2.10			2.07			—			(2.58	)
Year Ended 12/31/2014		19.23		(0.57	)		0.91			0.34			—			(2.18	)
Year Ended 12/31/2013		13.87		(0.08	)		5.79			5.71			—			(0.35	)
Year Ended 12/31/2012		12.42		(0.01	)		1.46			1.45			—			—
Year Ended 12/31/2011		12.92		(0.08	)		(0.42	)		(0.50	)		—			—
Year Ended 12/31/2010		10.03		(0.07	)		2.96			2.89			—			—

^(a)  The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of portfolio shares.

^(b)  Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year. Total return shown does not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the return received by contract holders as compared to the return presented.

^(c) Per share amounts have been calculated using the average shares outstanding method.

* All per share amounts have been rounded to the nearest cent.

** Computed on an annualized basis for periods less than one year

The accompanying Notes to Financial Statements are an integral part of this statement.

214

Thrivent Series Fund, Inc.

Financial Highlights – continued

					RATIOS/SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total  Return(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(0.17	)	$	10.11		1.30	%	$	87.9		0.74	%		3.36	%		0.74	%		3.36	%		96	%
	(0.35	)		10.15		3.48	%		71.8		0.76	%		3.46	%		0.79	%		3.42	%		140	%
	(0.35	)		10.15		(1.39	)%		46.5		0.79	%		2.58	%		0.88	%		2.49	%		755	%
	(0.41	)		10.64		5.99	%		37.3		0.83	%		1.54	%		0.88	%		1.49	%		936	%
	(0.34	)		10.45		4.53	%		32.4		0.90	%		2.89	%		0.90	%		2.89	%		854	%
	(0.45	)		10.32		12.09	%		33.5		0.89	%		3.43	%		0.89	%		3.43	%		676	%
	(0.52	)		10.55		3.51	%		64.1		1.00	%		(0.33	)%		1.00	%		(0.33	)%		16	%
	—			10.70		10.45	%		56.7		1.02	%		(0.23	)%		1.02	%		(0.23	)%		31	%
	—			9.69		29.01	%		48.1		1.08	%		(0.21	)%		1.08	%		(0.21	)%		48	%
	—			7.51		21.09	%		35.5		1.13	%		(0.39	)%		1.13	%		(0.39	)%		45	%
	—			6.20		(12.83	)%		29.6		1.13	%		(0.21	)%		1.13	%		(0.21	)%		56	%
	—			7.11		25.00	%		36.3		1.15	%		(0.57	)%		1.15	%		(0.57	)%		54	%
	(1.23	)		20.94		12.59	%		163.4		1.01	%		0.40	%		1.06	%		0.35	%		26	%
	(1.13	)		19.70		24.23	%		102.1		1.13	%		0.03	%		1.13	%		0.03	%		63	%
	(0.63	)		16.84		31.09	%		53.7		1.25	%		(0.10	)%		1.31	%		(0.16	)%		61	%
	(0.19	)		13.39		20.68	%		25.2		1.25	%		0.26	%		1.54	%		(0.04	)%		40	%
	(0.39	)		11.26		(3.79	)%		18.0		1.30	%		0.24	%		1.64	%		(0.11	)%		66	%
	(0.20	)		12.08		11.13	%		17.9		1.39	%		(0.15	)%		1.71	%		(0.47	)%		45	%
	(0.03	)		6.03		(0.90	)%		37.4		1.02	%		0.65	%		1.15	%		0.53	%		31	%
	(0.03	)		6.11		(18.39	)%		31.3		1.02	%		0.43	%		1.11	%		0.34	%		61	%
	(0.05	)		7.52		9.55	%		35.0		1.02	%		0.50	%		1.13	%		0.39	%		37	%
	(1.04	)		6.91		(3.15	)%		31.6		1.06	%		0.70	%		1.14	%		0.62	%		28	%
	(0.01	)		8.33		(12.84	)%		31.6		1.12	%		0.17	%		1.12	%		0.17	%		118	%
	(0.01	)		9.56		16.33	%		28.7		1.20	%		(0.06	)%		1.28	%		(0.15	)%		2	%
	(0.14	)		12.06		1.02	%		49.9		1.40	%		1.60	%		1.71	%		1.29	%		2	%
	(0.12	)		12.08		(2.29	)%		48.5		1.40	%		1.07	%		1.52	%		0.95	%		14	%
	(0.13	)		12.47		(7.34	)%		59.9		1.40	%		1.07	%		1.54	%		0.92	%		5	%
	(0.13	)		13.61		25.98	%		54.7		1.40	%		1.27	%		1.62	%		1.05	%		4	%
	(0.13	)		10.92		(10.83	)%		38.9		1.43	%		1.27	%		1.66	%		1.04	%		6	%
	—			12.38		27.33	%		40.9		1.50	%		0.74	%		1.88	%		0.36	%		4	%
	(1.28	)		20.18		(5.83	)%		143.0		0.92	%		2.04	%		0.92	%		2.04	%		6	%
	(0.66	)		22.78		30.82	%		142.5		0.92	%		1.67	%		0.92	%		1.67	%		21	%
	(0.27	)		17.98		2.18	%		120.1		0.92	%		1.53	%		0.92	%		1.53	%		22	%
	(0.65	)		17.85		17.54	%		122.4		0.93	%		1.62	%		0.93	%		1.62	%		32	%
	—			15.77		8.83	%		108.0		0.87	%		1.47	%		0.87	%		1.47	%		16	%
	(0.39	)		14.49		27.56	%		329.5		0.87	%		1.62	%		0.87	%		1.62	%		15	%
	(2.58	)		16.88		12.02	%		52.8		0.95	%		(0.37	)%		1.30	%		(0.72	)%		18	%
	(2.18	)		17.39		2.31	%		47.8		0.97	%		(0.55	)%		1.08	%		(0.67	)%		88	%
	(0.35	)		19.23		41.64	%		344.3		0.98	%		(0.49	)%		1.08	%		(0.59	)%		85	%
	—			13.87		11.69	%		256.9		0.99	%		(0.12	)%		1.09	%		(0.22	)%		93	%
	—			12.42		(3.85	)%		197.5		1.00	%		(0.63	)%		1.10	%		(0.73	)%		101	%
	—			12.92		28.86	%		208.5		1.01	%		(0.62	)%		1.11	%		(0.72	)%		100	%

The accompanying Notes to Financial Statements are an integral part of this statement.

215

Thrivent Series Fund, Inc.

Financial Highlights – Continued

	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income From Investment Operations									Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
PARTNER SMALL CAP VALUE PORTFOLIO
Period Ended 6/30/2015 (unaudited)	$	28.28	$	0.18		$	(0.16	)	$	0.02		$	(0.27	)	$	(2.09	)
Year Ended 12/31/2014		28.27		0.25			0.55			0.80			(0.06	)		(0.73	)
Year Ended 12/31/2013		21.17		0.14			7.55			7.69			(0.47	)		(0.12	)
Year Ended 12/31/2012		18.64		0.38			2.28			2.66			(0.13	)		—
Year Ended 12/31/2011		19.06		0.10			(0.48	)		(0.38	)		(0.04	)		—
Year Ended 12/31/2010		15.58		0.13			3.52			3.65			(0.17	)		—
SMALL CAP STOCK PORTFOLIO
Period Ended 6/30/2015 (unaudited)		18.37		0.03			1.22			1.25			(0.08	)		(2.42	)
Year Ended 12/31/2014		17.77		0.08			0.75			0.83			(0.04	)		(0.19	)
Year Ended 12/31/2013		13.12		0.04			4.67			4.71			(0.06	)		—
Year Ended 12/31/2012		11.99		0.06			1.07			1.13			—			—
Year Ended 12/31/2011		12.66		(0.01	)		(0.66	)		(0.67	)		—			—
Year Ended 12/31/2010		10.13		(0.01	)		2.54			2.53			—			—
SMALL CAP INDEX PORTFOLIO
Period Ended 6/30/2015 (unaudited)		17.44		0.09			0.63			0.72			(0.14	)		(1.23	)
Year Ended 12/31/2014		17.86		0.15			0.77			0.92			(0.13	)		(1.21	)
Year Ended 12/31/2013		13.42		0.14			5.17			5.31			(0.20	)		(0.67	)
Year Ended 12/31/2012		12.77		0.20			1.68			1.88			(0.09	)		(1.14	)
Year Ended 12/31/2011		13.19		0.10			(0.02	)		0.08			(0.11	)		(0.39	)
Year Ended 12/31/2010		10.57		0.11			2.60			2.71			(0.09	)		—
MID CAP GROWTH PORTFOLIO
Period Ended 6/30/2015 (unaudited)		25.36		0.02			1.62			1.64			(0.05	)		(2.30	)
Year Ended 12/31/2014		25.45		0.06			2.23			2.29			(0.06	)		(2.32	)
Year Ended 12/31/2013		19.59		0.06			5.89			5.95			(0.08	)		(0.01	)
Year Ended 12/31/2012		17.50		0.07			2.06			2.13			(0.04	)		—
Year Ended 12/31/2011		18.56		0.04			(1.04	)		(1.00	)		(0.06	)		—
Year Ended 12/31/2010		14.42		0.06			4.12			4.18			(0.04	)		—
PARTNER MID CAP VALUE PORTFOLIO
Period Ended 6/30/2015 (unaudited)		18.14		0.05			(0.07	)		(0.02	)		(0.10	)		(2.13	)
Year Ended 12/31/2014		18.45		0.10			2.27			2.37			(0.12	)		(2.56	)
Year Ended 12/31/2013		14.67		0.12			4.57			4.69			(0.17	)		(0.74	)
Year Ended 12/31/2012		12.51		0.17			2.10			2.27			(0.11	)		—
Year Ended 12/31/2011		13.38		0.11			(0.95	)		(0.84	)		(0.03	)		—
Year Ended 12/31/2010		10.82		0.08			2.58			2.66			(0.10	)		—
MID CAP STOCK PORTFOLIO
Period Ended 6/30/2015 (unaudited)		18.86		0.05			0.14			0.19			(0.11	)		(2.05	)
Year Ended 12/31/2014		17.66		0.11			1.98			2.09			(0.06	)		(0.83	)
Year Ended 12/31/2013		13.09		0.06			4.57			4.63			(0.06	)		—
Year Ended 12/31/2012		11.48		0.06			1.58			1.64			(0.03	)		—
Year Ended 12/31/2011		12.25		0.03			(0.79	)		(0.76	)		(0.01	)		—
Year Ended 12/31/2010		9.80		0.05			2.45			2.50			(0.05	)		—
MID CAP INDEX PORTFOLIO
Period Ended 6/30/2015 (unaudited)		16.35		0.07			0.59			0.66			(0.12	)		(0.75	)
Year Ended 12/31/2014		15.78		0.13			1.32			1.45			(0.12	)		(0.76	)
Year Ended 12/31/2013		12.36		0.12			3.87			3.99			(0.13	)		(0.44	)
Year Ended 12/31/2012		11.79		0.14			1.74			1.88			(0.10	)		(1.21	)
Year Ended 12/31/2011		12.91		0.10			(0.33	)		(0.23	)		(0.11	)		(0.78	)
Year Ended 12/31/2010		10.37		0.11			2.55			2.66			(0.12	)		—

^(a)  The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of portfolio shares.

^(b)  Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year. Total return shown does not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the return received by contract holders as compared to the return presented.

* All per share amounts have been rounded to the nearest cent.

** Computed on an annualized basis for periods less than one year

The accompanying Notes to Financial Statements are an integral part of this statement.

216

Thrivent Series Fund, Inc.

Financial Highlights – continued

					RATIOS/SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total  Return(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(2.36	)	$	25.94		0.10	%	$	384.8		0.86	%		1.32	%		0.86	%		1.32	%		10	%
	(0.79	)		28.28		2.89	%		388.6		0.86	%		0.89	%		0.86	%		0.89	%		19	%
	(0.59	)		28.27		36.76	%		384.7		0.86	%		0.56	%		0.86	%		0.56	%		11	%
	(0.13	)		21.17		14.37	%		282.6		0.88	%		1.90	%		0.88	%		1.90	%		18	%
	(0.04	)		18.64		(1.99	)%		250.4		0.88	%		0.52	%		0.88	%		0.52	%		10	%
	(0.17	)		19.06		23.46	%		266.9		0.88	%		0.75	%		0.88	%		0.75	%		19	%
	(2.50	)		17.12		6.83	%		325.0		0.76	%		0.39	%		0.76	%		0.39	%		24	%
	(0.23	)		18.37		4.76	%		306.3		0.75	%		0.42	%		0.75	%		0.42	%		56	%
	(0.06	)		17.77		35.90	%		354.6		0.75	%		0.25	%		0.75	%		0.25	%		62	%
	—			13.12		9.42	%		269.5		0.76	%		0.49	%		0.76	%		0.49	%		96	%
	—			11.99		(5.31	)%		263.8		0.76	%		(0.10	)%		0.76	%		(0.10	)%		88	%
	—			12.66		25.09	%		303.2		0.77	%		(0.11	)%		0.77	%		(0.11	)%		208	%
	(1.37	)		16.79		4.12	%		287.1		0.29	%		1.13	%		0.29	%		1.13	%		7	%
	(1.34	)		17.44		5.36	%		268.6		0.43	%		0.87	%		0.43	%		0.87	%		12	%
	(0.87	)		17.86		40.83	%		262.8		0.44	%		0.84	%		0.44	%		0.84	%		12	%
	(1.23	)		13.42		15.95	%		193.7		0.46	%		1.44	%		0.46	%		1.44	%		9	%
	(0.50	)		12.77		0.53	%		189.0		0.45	%		0.63	%		0.45	%		0.63	%		13	%
	(0.09	)		13.19		25.88	%		220.1		0.46	%		0.86	%		0.46	%		0.86	%		11	%
	(2.35	)		24.65		6.55	%		440.3		0.46	%		0.18	%		0.46	%		0.18	%		16	%
	(2.38	)		25.36		9.71	%		427.2		0.46	%		0.25	%		0.46	%		0.25	%		40	%
	(0.09	)		25.45		30.45	%		424.3		0.46	%		0.22	%		0.46	%		0.22	%		38	%
	(0.04	)		19.59		12.22	%		361.5		0.46	%		0.39	%		0.46	%		0.39	%		39	%
	(0.06	)		17.50		(5.43	)%		348.8		0.46	%		0.21	%		0.46	%		0.21	%		67	%
	(0.04	)		18.56		29.11	%		419.9		0.46	%		0.34	%		0.46	%		0.34	%		48	%
	(2.23	)		15.89		(0.04	)%		401.5		0.79	%		0.63	%		0.79	%		0.63	%		51	%
	(2.68	)		18.14		13.52	%		402.9		0.79	%		0.59	%		0.79	%		0.59	%		90	%
	(0.91	)		18.45		32.74	%		352.9		0.79	%		0.76	%		0.81	%		0.75	%		108	%
	(0.11	)		14.67		18.27	%		261.5		0.84	%		1.26	%		0.84	%		1.26	%		80	%
	(0.03	)		12.51		(6.33	)%		215.8		0.84	%		0.84	%		0.84	%		0.84	%		76	%
	(0.10	)		13.38		24.73	%		232.2		0.85	%		0.72	%		0.85	%		0.72	%		91	%
	(2.16	)		16.89		1.07	%		761.0		0.71	%		0.57	%		0.71	%		0.57	%		17	%
	(0.89	)		18.86		11.93	%		752.6		0.71	%		0.63	%		0.71	%		0.63	%		37	%
	(0.06	)		17.66		35.50	%		675.4		0.72	%		0.38	%		0.72	%		0.38	%		39	%
	(0.03	)		13.09		14.29	%		506.7		0.73	%		0.51	%		0.73	%		0.51	%		47	%
	(0.01	)		11.48		(6.29	)%		457.0		0.72	%		0.24	%		0.72	%		0.24	%		35	%
	(0.05	)		12.25		25.60	%		511.5		0.73	%		0.45	%		0.73	%		0.45	%		78	%
	(0.87	)		16.14		4.03	%		170.0		0.33	%		1.07	%		0.33	%		1.07	%		11	%
	(0.88	)		16.35		9.28	%		145.1		0.47	%		0.89	%		0.47	%		0.89	%		13	%
	(0.57	)		15.78		32.92	%		123.0		0.50	%		0.95	%		0.50	%		0.95	%		12	%
	(1.31	)		12.36		17.38	%		85.1		0.53	%		1.11	%		0.53	%		1.11	%		8	%
	(0.89	)		11.79		(2.23	)%		78.1		0.53	%		0.72	%		0.53	%		0.72	%		16	%
	(0.12	)		12.91		25.91	%		94.2		0.54	%		0.81	%		0.54	%		0.81	%		13	%

The accompanying Notes to Financial Statements are an integral part of this statement.

217

Thrivent Series Fund, Inc.

Financial Highlights – continued

	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income From Investment Operations									Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
PARTNER WORLDWIDE ALLOCATION PORTFOLIO
Period Ended 6/30/2015 (unaudited)	$	9.30	$	0.13		$	0.36		$	0.49		$	(0.24	)	$	—
Year Ended 12/31/2014		10.02		0.22			(0.74	)		(0.52	)		(0.20	)		—
Year Ended 12/31/2013		8.62		0.18			1.22			1.40			—			—
Year Ended 12/31/2012		7.39		0.12			1.26			1.38			(0.12	)		(0.03	)
Year Ended 12/31/2011		8.77		0.19			(1.26	)		(1.07	)		(0.17	)		(0.14	)
Year Ended 12/31/2010		7.84		0.11			0.93			1.04			(0.11	)		—
PARTNER ALL CAP PORTFOLIO
Period Ended 6/30/2015 (unaudited)		14.18		0.02			0.77			0.79			(0.05	)		(1.56	)
Year Ended 12/31/2014		12.71		0.06			1.49			1.55			(0.08	)		—
Year Ended 12/31/2013		9.64		0.08			3.07			3.15			(0.08	)		—
Year Ended 12/31/2012		8.44		0.08			1.16			1.24			(0.04	)		—
Year Ended 12/31/2011		8.93		0.06			(0.49	)		(0.43	)		(0.06	)		—
Year Ended 12/31/2010		7.73		0.04			1.22			1.26			(0.06	)		—
LARGE CAP GROWTH PORTFOLIO
Period Ended 6/30/2015 (unaudited)		28.08		0.06			1.52			1.58			(0.01	)		—
Year Ended 12/31/2014		25.46		0.16			2.63			2.79			(0.17	)		—
Year Ended 12/31/2013		18.81		0.15			6.64			6.79			(0.14	)		—
Year Ended 12/31/2012		15.96		0.22			2.85			3.07			(0.22	)		—
Year Ended 12/31/2011		16.98		0.10			(1.02	)		(0.92	)		(0.10	)		—
Year Ended 12/31/2010		15.40		0.09			1.58			1.67			(0.09	)		—
PARTNER GROWTH STOCK PORTFOLIO
Period Ended 6/30/2015 (unaudited)		18.72		(0.01	)		1.30			1.29			—			(1.96	)
Year Ended 12/31/2014		18.79		(0.03	)		1.53			1.50			—			(1.57	)
Year Ended 12/31/2013		13.54		(0.04	)		5.29			5.25			—			—
Year Ended 12/31/2012		11.41		—			2.13			2.13			—			—
Year Ended 12/31/2011		11.58		(0.03	)		(0.14	)		(0.17	)		—			—
Year Ended 12/31/2010		9.93		(0.02	)		1.67			1.65			—			—
LARGE CAP VALUE PORTFOLIO
Period Ended 6/30/2015 (unaudited)		16.79		0.12			0.08			0.20			(0.22	)		(0.49	)
Year Ended 12/31/2014		15.58		0.22			1.19			1.41			(0.20	)		—
Year Ended 12/31/2013		12.00		0.20			3.59			3.79			(0.21	)		—
Year Ended 12/31/2012		10.39		0.21			1.59			1.80			(0.19	)		—
Year Ended 12/31/2011		10.73		0.18			(0.52	)		(0.34	)		—			—
Year Ended 12/31/2010		9.65		0.14			1.08			1.22			(0.14	)		—
LARGE CAP STOCK PORTFOLIO
Period Ended 6/30/2015 (unaudited)		12.33		0.10			0.47			0.57			(0.15	)		(0.95	)
Year Ended 12/31/2014		11.81		0.15			0.48			0.63			(0.11	)		—
Year Ended 12/31/2013		9.22		0.11			2.60			2.71			(0.12	)		—
Year Ended 12/31/2012		8.11		0.12			1.08			1.20			(0.09	)		—
Year Ended 12/31/2011		8.50		0.09			(0.48	)		(0.39	)		—			—
Year Ended 12/31/2010		7.72		0.06			0.78			0.84			(0.06	)		—
LARGE CAP INDEX PORTFOLIO
Period Ended 6/30/2015 (unaudited)		28.75		0.20			0.12			0.32			(0.39	)		(0.14	)
Year Ended 12/31/2014		25.80		0.44			2.96			3.40			(0.39	)		(0.06	)
Year Ended 12/31/2013		20.11		0.40			5.91			6.31			(0.39	)		(0.23	)
Year Ended 12/31/2012		17.71		0.40			2.33			2.73			(0.33	)		—
Year Ended 12/31/2011		17.71		0.34			(0.04	)		0.30			(0.30	)		—
Year Ended 12/31/2010		15.76		0.30			1.95			2.25			(0.30	)		—

^(a)  The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of portfolio shares.

^(b)  Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year. Total return shown does not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the return received by contract holders as compared to the return presented.

* All per share amounts have been rounded to the nearest cent.

** Computed on an annualized basis for periods less than one year

The accompanying Notes to Financial Statements are an integral part of this statement.

218

Thrivent Series Fund, Inc.

Financial Highlights – continued

					RATIOS/SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total  Return(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(0.24	)	$	9.55		5.21	%	$	1,700.6		0.92	%		2.85	%		0.92	%		2.85	%		43	%
	(0.20	)		9.30		(5.35	)%		1,607.3		0.91	%		2.24	%		0.91	%		2.24	%		78	%
	—			10.02		16.31	%		1,706.0		0.91	%		1.97	%		0.91	%		1.97	%		80	%
	(0.15	)		8.62		18.67	%		1,520.3		0.95	%		2.10	%		0.95	%		2.10	%		93	%
	(0.31	)		7.39		(12.13	)%		495.6		0.99	%		2.25	%		0.99	%		2.25	%		64	%
	(0.11	)		8.77		13.43	%		522.6		1.00	%		1.73	%		1.05	%		1.68	%		84	%
	(1.61	)		13.36		5.53	%		78.9		0.93	%		0.32	%		1.17	%		0.09	%		35	%
	(0.08	)		14.18		12.26	%		69.5		0.95	%		0.48	%		1.18	%		0.25	%		105	%
	(0.08	)		12.71		32.85	%		63.8		0.98	%		0.69	%		1.23	%		0.45	%		133	%
	(0.04	)		9.64		14.74	%		51.5		1.04	%		0.81	%		1.24	%		0.61	%		116	%
	(0.06	)		8.44		(4.83	)%		51.4		1.03	%		0.56	%		1.23	%		0.36	%		124	%
	(0.06	)		8.93		16.34	%		62.4		1.02	%		0.47	%		1.22	%		0.27	%		180	%
	(0.01	)		29.65		5.60	%		1,027.1		0.45	%		0.43	%		0.45	%		0.43	%		38	%
	(0.17	)		28.08		10.99	%		1,004.5		0.44	%		0.54	%		0.44	%		0.54	%		43	%
	(0.14	)		25.46		36.14	%		1,062.0		0.44	%		0.66	%		0.44	%		0.66	%		62	%
	(0.22	)		18.81		19.18	%		859.9		0.45	%		1.16	%		0.45	%		1.16	%		87	%
	(0.10	)		15.96		(5.42	)%		805.3		0.44	%		0.55	%		0.44	%		0.55	%		216	%
	(0.09	)		16.98		10.90	%		983.3		0.45	%		0.56	%		0.45	%		0.56	%		231	%
	(1.96	)		18.05		7.02	%		91.7		0.88	%		(0.16	)%		1.01	%		(0.29	)%		19	%
	(1.57	)		18.72		8.51	%		81.7		0.91	%		(0.18	)%		1.01	%		(0.28	)%		38	%
	—			18.79		38.84	%		76.2		0.94	%		(0.24	)%		1.04	%		(0.34	)%		34	%
	—			13.54		18.66	%		58.0		0.96	%		0.02	%		1.06	%		(0.08	)%		32	%
	—			11.41		(1.49	)%		51.1		0.96	%		(0.20	)%		1.06	%		(0.30	)%		26	%
	—			11.58		16.62	%		61.4		0.95	%		(0.19	)%		1.05	%		(0.29	)%		36	%
	(0.71	)		16.28		1.23	%		1,211.2		0.64	%		1.42	%		0.64	%		1.42	%		14	%
	(0.20	)		16.79		9.03	%		1,205.0		0.64	%		1.34	%		0.64	%		1.34	%		20	%
	(0.21	)		15.58		31.82	%		1,119.2		0.64	%		1.42	%		0.64	%		1.42	%		32	%
	(0.19	)		12.00		17.57	%		852.6		0.64	%		1.84	%		0.64	%		1.84	%		90	%
	—			10.39		(3.08	)%		752.1		0.64	%		1.70	%		0.64	%		1.70	%		73	%
	(0.14	)		10.73		12.61	%		811.3		0.65	%		1.39	%		0.65	%		1.39	%		109	%
	(1.10	)		11.80		4.61	%		867.9		0.67	%		1.63	%		0.67	%		1.63	%		27	%
	(0.11	)		12.33		5.29	%		834.5		0.67	%		1.21	%		0.67	%		1.21	%		64	%
	(0.12	)		11.81		29.60	%		811.9		0.67	%		1.02	%		0.67	%		1.02	%		73	%
	(0.09	)		9.22		14.90	%		622.5		0.69	%		1.35	%		0.69	%		1.35	%		121	%
	—			8.11		(4.58	)%		565.8		0.69	%		1.00	%		0.69	%		1.00	%		139	%
	(0.06	)		8.50		10.82	%		628.3		0.69	%		0.74	%		0.69	%		0.74	%		181	%
	(0.53	)		28.54		1.11	%		492.9		0.26	%		1.73	%		0.26	%		1.73	%		1	%
	(0.45	)		28.75		13.25	%		450.4		0.39	%		1.65	%		0.39	%		1.65	%		3	%
	(0.62	)		25.80		31.81	%		392.6		0.40	%		1.71	%		0.40	%		1.71	%		4	%
	(0.33	)		20.11		15.54	%		304.0		0.42	%		1.89	%		0.42	%		1.89	%		4	%
	(0.30	)		17.71		1.71	%		291.3		0.42	%		1.67	%		0.42	%		1.67	%		4	%
	(0.30	)		17.71		14.63	%		331.5		0.42	%		1.64	%		0.42	%		1.64	%		6	%

The accompanying Notes to Financial Statements are an integral part of this statement.

219

Thrivent Series Fund, Inc.

Financial Highlights – continued

	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income From Investment Operations								Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
HIGH YIELD PORTFOLIO
Period Ended 6/30/2015 (unaudited)	$	4.87	$	0.14	$	0.01		$	0.15		$	(0.14	)	$	—
Year Ended 12/31/2014		5.07		0.30		(0.20	)		0.10			(0.30	)		—
Year Ended 12/31/2013		5.05		0.32		0.02			0.34			(0.32	)		—
Year Ended 12/31/2012		4.66		0.35		0.39			0.74			(0.35	)		—
Year Ended 12/31/2011		4.81		0.37		(0.15	)		0.22			(0.37	)		—
Year Ended 12/31/2010		4.56		0.38		0.25			0.63			(0.38	)		—
INCOME PORTFOLIO
Period Ended 6/30/2015 (unaudited)		10.50		0.19		(0.19	)		—			(0.19	)		(0.23	)
Year Ended 12/31/2014		10.34		0.40		0.29			0.69			(0.40	)		(0.13	)
Year Ended 12/31/2013		10.77		0.40		(0.41	)		(0.01	)		(0.40	)		(0.02	)
Year Ended 12/31/2012		10.09		0.40		0.68			1.08			(0.40	)		—
Year Ended 12/31/2011		9.96		0.46		0.12			0.58			(0.45	)		—
Year Ended 12/31/2010		9.39		0.49		0.57			1.06			(0.49	)		—
BOND INDEX PORTFOLIO
Period Ended 6/30/2015 (unaudited)		11.00		0.10		(0.09	)		0.01			(0.10	)		—
Year Ended 12/31/2014		10.56		0.24		0.44			0.68			(0.24	)		—
Year Ended 12/31/2013		11.39		0.21		(0.48	)		(0.27	)		(0.21	)		(0.35	)
Year Ended 12/31/2012		11.21		0.23		0.32			0.55			(0.23	)		(0.14	)
Year Ended 12/31/2011		10.73		0.31		0.55			0.86			(0.31	)		(0.07	)
Year Ended 12/31/2010		10.13		0.33		0.60			0.93			(0.33	)		—
LIMITED MATURITY BOND PORTFOLIO
Period Ended 6/30/2015 (unaudited)		9.81		0.08		0.02			0.10			(0.08	)		—
Year Ended 12/31/2014		9.82		0.17		(0.01	)		0.16			(0.17	)		—
Year Ended 12/31/2013		9.92		0.15		(0.10	)		0.05			(0.15	)		—
Year Ended 12/31/2012		9.67		0.17		0.24			0.41			(0.16	)		—
Year Ended 12/31/2011		9.80		0.23		(0.14	)		0.09			(0.22	)		—
Year Ended 12/31/2010		9.62		0.32		0.18			0.50			(0.32	)		—
MONEY MARKET PORTFOLIO
Period Ended 6/30/2015 (unaudited)		1.00		—		—			—			—			—
Year Ended 12/31/2014		1.00		—		—			—			—			—
Year Ended 12/31/2013		1.00		—		—			—			—			—
Year Ended 12/31/2012		1.00		—		—			—			—			—
Year Ended 12/31/2011		1.00		—		—			—			—			—
Year Ended 12/31/2010		1.00		—		—			—			—			—

^(a)  The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of portfolio shares.

^(b)  Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year. Total return shown does not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the return received by contract holders as compared to the return presented.

* All per share amounts have been rounded to the nearest cent.

** Computed on an annualized basis for periods less than one year

The accompanying Notes to Financial Statements are an integral part of this statement.

220

Thrivent Series Fund, Inc.

Financial Highlights – continued

					RATIOS/SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratio to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total  Return(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(0.14	)	$	4.88		3.08	%	$	864.7		0.45	%		5.77	%		0.45	%		5.77	%		23	%
	(0.30	)		4.87		1.96	%		855.8		0.44	%		5.86	%		0.44	%		5.86	%		42	%
	(0.32	)		5.07		6.91	%		921.9		0.44	%		6.31	%		0.44	%		6.31	%		53	%
	(0.35	)		5.05		16.28	%		904.9		0.44	%		7.11	%		0.44	%		7.11	%		57	%
	(0.37	)		4.66		4.71	%		778.5		0.45	%		7.81	%		0.45	%		7.81	%		58	%
	(0.38	)		4.81		14.58	%		783.0		0.45	%		8.20	%		0.45	%		8.20	%		82	%
	(0.42	)		10.08		0.00	%		1,380.1		0.44	%		3.64	%		0.44	%		3.64	%		49	%
	(0.53	)		10.50		6.68	%		1,392.3		0.44	%		3.77	%		0.44	%		3.77	%		87	%
	(0.42	)		10.34		(0.07	)%		1,417.6		0.44	%		3.78	%		0.44	%		3.78	%		115	%
	(0.40	)		10.77		10.98	%		1,575.9		0.44	%		3.84	%		0.44	%		3.84	%		132	%
	(0.45	)		10.09		5.96	%		1,463.1		0.44	%		4.53	%		0.44	%		4.53	%		142	%
	(0.49	)		9.96		11.55	%		1,322.2		0.44	%		5.06	%		0.44	%		5.05	%		146	%
	(0.10	)		10.91		0.05	%		153.7		0.48	%		1.75	%		0.48	%		1.75	%		205	%
	(0.24	)		11.00		6.52	%		150.0		0.47	%		2.22	%		0.47	%		2.22	%		407	%
	(0.56	)		10.56		(2.47	)%		152.0		0.46	%		1.94	%		0.46	%		1.94	%		384	%
	(0.37	)		11.39		4.94	%		185.5		0.46	%		2.00	%		0.46	%		2.00	%		401	%
	(0.38	)		11.21		8.23	%		164.5		0.46	%		2.83	%		0.46	%		2.83	%		415	%
	(0.33	)		10.73		9.24	%		161.4		0.46	%		3.12	%		0.46	%		3.12	%		387	%
	(0.08	)		9.83		0.92	%		1,015.1		0.44	%		1.61	%		0.44	%		1.61	%		40	%
	(0.17	)		9.81		1.68	%		1,018.3		0.44	%		1.75	%		0.44	%		1.75	%		102	%
	(0.15	)		9.82		0.45	%		1,082.5		0.44	%		1.56	%		0.44	%		1.56	%		114	%
	(0.16	)		9.92		4.32	%		1,200.0		0.43	%		1.72	%		0.44	%		1.71	%		107	%
	(0.22	)		9.67		0.90	%		1,497.8		0.43	%		2.31	%		0.44	%		2.30	%		91	%
	(0.32	)		9.80		5.25	%		1,318.7		0.43	%		3.27	%		0.44	%		3.27	%		102	%
	—			1.00		0.00	%		131.8		0.19	%		0.00	%		0.55	%		(0.36	)%		N/A
	—			1.00		0.00	%		126.4		0.18	%		0.00	%		0.53	%		(0.35	)%		N/A
	—			1.00		0.00	%		146.6		0.22	%		0.00	%		0.52	%		(0.30	)%		N/A
	—			1.00		0.00	%		148.3		0.29	%		0.00	%		0.51	%		(0.23	)%		N/A
	—			1.00		0.00	%		170.5		0.30	%		0.00	%		0.51	%		(0.21	)%		N/A
	—			1.00		0.00	%		171.8		0.31	%		(0.01	)%		0.50	%		(0.19	)%		N/A

The accompanying Notes to Financial Statements are an integral part of this statement.

221

Additional Information

(unaudited)

Proxy Voting

The policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities are attached to the Fund’s Statement of Additional Information. You may request a free copy of the Statement of Additional Information by calling 1-800-847-4836. You also may review the Statement of Additional Information or the report of how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 at Thrivent.com or www.sec. gov.

Quarterly Schedule of Portfolio Holdings

The Fund files its Schedule of Portfolio Holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. You may request a free copy of the Fund’s Forms N-Q by calling 1-800-847-4836. The Fund’s most recent Form N-Q Schedule of Investments also is available at Thrivent.com or www.sec.gov. You also may review and copy the Forms N-Q for the Fund at the SEC’s Public Reference Room in Washington, DC. You may get information about the operation of the Public Reference Room by calling 1-800-SEC-0330.

Summary Schedule of Investments

The summary schedule of investments is designed to streamline the report and help investors better focus on a fund’s principal holdings. A complete listing of holdings for a fund in which the summary is included in the shareholder report is available free of charge by calling 1-800-847-4836. It is also available at www.thrivent.com or www.sec.gov where it is part of form N-CSRS.

222

Thrivent Series Fund, Inc.

Supplement to Prospectus

dated April 30, 2015

Shareholders of Thrivent Series Fund, Inc. (the “Fund”) approved the changes described below at a meeting held on August 14, 2015.

1. The following mergers of series of the Fund will take place after the close of business on August 21, 2015:

Target Portfolio		Acquiring Portfolio
Thrivent Partner Small Cap Growth Portfolio	into	Thrivent Small Cap Stock Portfolio
Thrivent Partner Small Cap Value Portfolio	into	Thrivent Small Cap Stock Portfolio
Thrivent Mid Cap Growth Portfolio	into	Thrivent Mid Cap Stock Portfolio
Thrivent Partner Mid Cap Value Portfolio	into	Thrivent Mid Cap Stock Portfolio
Thrivent Natural Resources Portfolio	into	Thrivent Large Cap Stock Portfolio
Thrivent Partner Technology Portfolio	into	Thrivent Large Cap Growth Portfolio

In connection with the mergers, each investment in a Target Portfolio will automatically be transferred into the corresponding Acquiring Portfolio listed above and the Target Portfolios will dissolve. Following the closing of each merger, the Target Portfolios will be deleted from the Fund’s prospectus.

2. Effective September 1, 2015, the “Annual Portfolio Operating Expenses” and “Example” tables under “Summary Section – Fees and Expenses” for Thrivent Aggressive Allocation Portfolio will be deleted and replaced with the following:

ANNUAL PORTFOLIO OPERATING EXPENSES AS A PERCENTAGE OF AVERAGE NET ASSETS

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.74%
Other Expenses	0.05%
Acquired Portfolio (Underlying Portfolio) Fees and Expenses	0.38%
Total Annual Portfolio Operating Expenses	1.17%
Less Expense Reimbursement1	(0.35)%
Net Annual Portfolio Operating Expenses	0.82%

¹  The Adviser has contractually agreed, for as long as the proposed fee structure is in place, to waive an amount equal to any investment advisory fees indirectly incurred by the Portfolio as a result of its investment in any other mutual fund for which the Adviser serves as investment adviser. This contractual provision may be terminated upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser.

EXAMPLE

	1 Year		3 Year		5 Year		10 Years
Thrivent Aggressive Allocation Portfolio	$	84	$	262	$	455	$	1,014

3. Effective September 1, 2015, the “Annual Portfolio Operating Expenses” and “Example” tables under “Summary Section – Fees and Expenses” for Thrivent Moderately Aggressive Allocation Portfolio will be deleted and replaced with the following:

ANNUAL PORTFOLIO OPERATING EXPENSES AS A PERCENTAGE OF AVERAGE NET ASSETS

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.66%
Other Expenses	0.03%
Acquired Portfolio (Underlying Portfolio) Fees and Expenses	0.32%
Total Annual Portfolio Operating Expenses	1.01%
Less Expense Reimbursement1	(0.29)%
Net Annual Portfolio Operating Expenses	0.72%

¹  The Adviser has contractually agreed, for as long as the proposed fee structure is in place, to waive an amount equal to any investment advisory fees indirectly incurred by the Portfolio as a result of its investment in any other mutual fund for which the Adviser serves as investment adviser. This contractual provision may be terminated upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser.

EXAMPLE

	1 Year		3 Year		5 Year		10 Years
Thrivent Moderately Aggressive Allocation Portfolio	$	74	$	230	$	401	$	894

223

4. Effective September 1, 2015, the “Annual Portfolio Operating Expenses” and “Example” tables under “Summary Section – Fees and Expenses” for Thrivent Moderate Allocation Portfolio will be deleted and replaced with the following:

ANNUAL PORTFOLIO OPERATING EXPENSES AS A PERCENTAGE OF AVERAGE NET ASSETS

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.60%
Other Expenses	0.02%
Acquired Portfolio (Underlying Portfolio) Fees and Expenses	0.25%
Total Annual Portfolio Operating Expenses	0.87%
Less Expense Reimbursement1	(0.23)%
Net Annual Portfolio Operating Expenses	0.64%

¹  The Adviser has contractually agreed, for as long as the proposed fee structure is in place, to waive an amount equal to any investment advisory fees indirectly incurred by the Portfolio as a result of its investment in any other mutual fund for which the Adviser serves as investment adviser. This contractual provision may be terminated upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser.

EXAMPLE

	1 Year		3 Year		5 Year		10 Years
Thrivent Moderate Allocation Portfolio	$	65	$	205	$	357	$	798

5. Effective September 1, 2015, the “Annual Portfolio Operating Expenses” and “Example” tables under “Summary Section – Fees and Expenses” for Thrivent Moderately Conservative Allocation Portfolio will be deleted and replaced with the following:

ANNUAL PORTFOLIO OPERATING EXPENSES AS A PERCENTAGE OF AVERAGE NET ASSETS

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.57%
Other Expenses	0.03%
Acquired Portfolio (Underlying Portfolio) Fees and Expenses	0.20%
Total Annual Portfolio Operating Expenses	0.80%
Less Expense Reimbursement1	(0.19)%
Net Annual Portfolio Operating Expenses	0.61%

¹  The Adviser has contractually agreed, for as long as the proposed fee structure is in place, to waive an amount equal to any investment advisory fees indirectly incurred by the Portfolio as a result of its investment in any other mutual fund for which the Adviser serves as investment adviser. This contractual provision may be terminated upon the mutual agreement between the Independent Directors of the Portfolio and the Adviser.

EXAMPLE

	1 Year		3 Year		5 Year		10 Years
Thrivent Moderately Conservative Allocation Portfolio	$	62	$	195	$	340	$	762

6. The following individuals were elected to the Board of Directors of the Fund: Janice B. Case, Richard L. Gady, Richard A. Hauser, Marc S. Joseph, Paul R. Laubscher, James A. Nussle, Douglas D. Sims, Constance L. Souders, Russell W. Swansen, and David S. Royal.

The date of this Supplement is August 19, 2015.

Please include this Supplement with your Prospectus.

224

Thrivent Series Fund, Inc.

Supplement to Prospectus

dated April 30, 2015

with respect to

Thrivent Growth and Income Plus Portfolio

Thrivent Balanced Income Plus Portfolio

Thrivent Diversified Income Plus Portfolio

Thrivent Opportunity Income Plus Portfolio

1. The following is hereby added to “Principal Strategies” in the “Summary Section” of the prospectus for Thrivent Growth and Income Plus Portfolio, Thrivent Balanced Income Plus Portfolio, Thrivent Diversified Income Plus Portfolio, and Thrivent Opportunity Income Plus Portfolio (collectively, the “Portfolios”):

The Portfolio may invest in exchange-traded funds (“ETFs”), which are investment companies generally designed to track the performance of a securities or other index, including industry, sector, country and region indexes.

2. The following risk is hereby added to “Principal Risks” in the “Summary Section” of the prospectus for the Portfolios:

ETF Risk. An ETF is subject to the risks of the underlying investments that it holds. In addition, for index-based ETFs, the performance of an ETF may diverge from the performance of such index (commonly known as tracking error). ETFs are subject to fees and expenses (like management fees and operating expenses) that do not apply to an index and the Portfolio will indirectly bear its proportionate share of any such fees and expenses paid by the ETFs in which it invests.

3. The disclosure in “Exchange Traded Funds (ETFs)” under “More about Investment Strategies and Risks – Other Securities and Investment Practices” of the prospectus for the Portfolios is hereby deleted and replaced with the following:

Each of the Portfolios, except Thrivent Money Market Portfolio, may invest in ETFs. An ETF is an investment company that holds a portfolio of investments generally designed to track the performance of an index, including industry, sector, country and region indexes. An ETF trades on a securities exchange.

Generally, investments in other investment companies (including ETFs) are subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended. These limitations include a prohibition on a Portfolio acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of the Portfolio’s total assets in the securities of any one investment company or more than 10% of its total assets, in the aggregate, in investment company securities. Many ETFs, however, have obtained exemptive relief from the Securities and Exchange Commission to permit unaffiliated funds to invest in the ETFs’ shares beyond these statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the ETFs and the investing Portfolio. The Portfolios may rely on these exemptive orders in order to invest in certain ETFs beyond the foregoing statutory limitations.

4. The following is hereby added under “More about Investment Strategies and Risks—Glossary of Principal Risks” in the prospectus of the Portfolios:

ETF Risk. An ETF is subject to the risks of the underlying investments that it holds. For index-based ETFs, while such ETFs seek to achieve the same returns as a particular market index, the performance of an ETF may diverge from the performance of such index (commonly known as tracking error). ETFs are subject to fees and expenses (like management fees and operating expenses) and a Portfolio will indirectly bear its proportionate share of any such fees and expenses paid by the ETFs in which it invests. In addition, ETF shares may trade at a premium or discount to their net asset value. As ETFs trade on an exchange, they are subject to the risks of any exchange-traded instrument, including: (i) an active trading market for its shares may not develop or be maintained, (ii) trading of its shares may be halted by the exchange, and (iii) its shares may be delisted from the exchange.

The date of this Supplement is June 25, 2015.

Please include this Supplement with your Prospectus.

225

THRIVENT VARIABLE LIFE ACCOUNT I

THRIVENT VARIABLE INSURANCE ACCOUNT A

TLIC VARIABLE INSURANCE ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT II

THRIVENT VARIABLE ANNUITY ACCOUNT A

THRIVENT VARIABLE ANNUITY ACCOUNT B

TLIC VARIABLE ANNUITY ACCOUNT A

Supplement to Prospectuses

dated April 30, 2015

A Special Meeting of shareholders of the Thrivent Partner Small Cap Growth Portfolio, Thrivent Partner Small Cap Value Portfolio, Thrivent Mid Cap Growth Portfolio, Thrivent Partner Mid Cap Value Portfolio, Thrivent Natural Resources Portfolio and Thrivent Partner Technology Portfolio, each of which is a separate series of Thrivent Series Fund, Inc. (the “Fund”), was held on August 14, 2015, and the shareholders of each voted in favor of merging the Portfolios listed below effective August 21, 2015.

Target Portfolio		Acquiring Portfolio
Thrivent Partner Small Cap Growth Portfolio	into	Thrivent Small Cap Stock Portfolio
Thrivent Partner Small Cap Value Portfolio	into	Thrivent Small Cap Stock Portfolio
Thrivent Mid Cap Growth Portfolio	into	Thrivent Mid Cap Stock Portfolio
Thrivent Partner Mid Cap Value Portfolio	into	Thrivent Mid Cap Stock Portfolio
Thrivent Natural Resources Portfolio	into	Thrivent Large Cap Stock Portfolio
Thrivent Partner Technology Portfolio	into	Thrivent Large Cap Growth Portfolio

As described in the prospectuses for Contracts offered by the Variable Accounts listed above, we allocate premiums based on your designation to one or more Subaccounts of the Variable Account associated with your Contract. The assets of each Subaccount are invested in a corresponding Portfolio of the Fund. At the close of business on August 21, 2015, the portion of any purchase payment or other transaction allocated to a Subaccount that invests in the Thrivent Partner Small Cap Growth Portfolio, Thrivent Partner Small Cap Value Portfolio, Thrivent Mid Cap Growth Portfolio, Thrivent Partner Mid Cap Value Portfolio, Thrivent Natural Resources Portfolio, and Thrivent Partner Technology Portfolio will be automatically reallocated to the corresponding Subaccount that invests in the applicable Portfolio. As a result of these mergers, the shares of each of the above Portfolio’s that fund benefits under your variable contract automatically will be exchanged for an equal dollar value of shares of the corresponding Portfolio.

The date of this Supplement is August 19, 2015.

Please include this Supplement with your Prospectus.

Thrivent Financial for Lutherans

Service Center

4321 North Ballard Road

Appleton, WI 54919-0001

Toll-Free Telephone Number

800-847-4836

226

THRIVENT VARIABLE ANNUITY ACCOUNT I

Supplement to Prospectuses

dated April 30, 2015

1. A Special Meeting of shareholders of the Thrivent Partner Small Cap Growth Portfolio, Thrivent Partner Small Cap Value Portfolio, Thrivent Mid Cap Growth Portfolio, Thrivent Partner Mid Cap Value Portfolio, Thrivent Natural Resources Portfolio and Thrivent Partner Technology Portfolio, each of which is a separate series of Thrivent Series Fund, Inc. (the “Fund”), was held on August 14, 2015, and the shareholders of each voted in favor of merging the Portfolios listed below effective August 21, 2015.

Target Portfolio		Acquiring Portfolio
Thrivent Partner Small Cap Growth Portfolio	into	Thrivent Small Cap Stock Portfolio
Thrivent Partner Small Cap Value Portfolio	into	Thrivent Small Cap Stock Portfolio
Thrivent Mid Cap Growth Portfolio	into	Thrivent Mid Cap Stock Portfolio
Thrivent Partner Mid Cap Value Portfolio	into	Thrivent Mid Cap Stock Portfolio
Thrivent Natural Resources Portfolio	into	Thrivent Large Cap Stock Portfolio
Thrivent Partner Technology Portfolio	into	Thrivent Large Cap Growth Portfolio

As described in the prospectus for Contracts offered by the Thrivent Variable Annuity Account I listed above, we allocate premiums based on your designation to one or more Subaccounts of the Variable Account associated with your Contract. The assets of each Subaccount are invested in a corresponding Portfolio of the Fund. At the close of business on August 21, 2015, the portion of any purchase payment or other transaction allocated to a Subaccount that invests in the Thrivent Partner Small Cap Growth Portfolio, Thrivent Partner Small Cap Value Portfolio, Thrivent Mid Cap Growth Portfolio, Thrivent Partner Mid Cap Value Portfolio, Thrivent Natural Resources Portfolio, and Thrivent Partner Technology Portfolio will be automatically reallocated to the corresponding Subaccount that invests in the applicable Portfolio. As a result of these mergers, the shares of each of the above Portfolio’s that fund benefits under your variable contract automatically will be exchanged for an equal dollar value of shares of the corresponding Portfolio.

2. Replace footnote number 11 in Notes to Fee and Expense Tables on page 8 with the following:

¹¹ For this example, the following assumptions are used: 1.25% optional benefit charge, 1.25% mortality and expense risk charge (1.15% for years 8 through 10), and portfolio operating expenses ranging from 1.01% to 0.80%.

3. Replace Example 2: Contract with the GLWB Rider on page 8 with the following:

	1 Year		3 Year		5 Year		10 Years
If you surrender your Contract at the end of the applicable time period with
Maximum Portfolio Expenses:	$	993	$	1,577	$	2,202	$	3,991
Minimum Portfolio Expenses:	$	974	$	1,519	$	2,105	$	3,802
If you annuitize your Contract at the end of the applicable time period with
Maximum Portfolio Expenses:	$	993	$	1,577	$	2,202	$	3,991
Minimum Portfolio Expenses:	$	974	$	1,519	$	2,105	$	3,802
If you do not surrender your Contract at end of the applicable time period with
Maximum Portfolio Expenses:	$	354	$	1,137	$	1,942	$	4,021
Minimum Portfolio Expenses:	$	333	$	1,075	$	1,842	$	3,832

4. Replace footnote number 10 in Notes to Fee and Expense Tables on page 84 with the following:

¹⁰ For this example, the following assumptions are used: 0.85% optional benefit charge, 1.25% mortality and expense risk charge, and portfolio operating expenses ranging from 1.01% to 0.80%.

227

5. Replace Example 2: Contract with the MADB plus the RPA on page 84 with the following:

	1 Year		3 Year		5 Year		10 Years
If you surrender your Contract at the end of the applicable time period with
Maximum Portfolio Expenses:	$	864	$	1,341	$	1,828	$	3,420
Minimum Portfolio Expenses:	$	844	$	1,281	$	1,728	$	3,223
If you annuitize your Contract at the end of the applicable time period with
Maximum Portfolio Expenses:	$	864	$	1,341	$	1,630	$	3,420
Minimum Portfolio Expenses:	$	844	$	1,281	$	1,528	$	3,223
If you do not surrender your Contract at end of the applicable time period with
Maximum Portfolio Expenses:	$	314	$	950	$	1,630	$	3,420
Minimum Portfolio Expenses:	$	293	$	898	$	1,528	$	3,223

The date of this Supplement is August 19, 2015.

Please include this Supplement with your Prospectus.

Thrivent Financial for Lutherans

Service Center

4321 North Ballard Road

Appleton, WI 54919-0001

Toll-Free Telephone Number

800-847-4836

228

Register on Thrivent.com

to access your accounts, member benefits and more

It only takes 5 steps

Step 1: Visit Thrivent.com and click “Register.”   Step 2: Enter your Member ID and Birth Date.   Step 3: Enter your email address.   Step 4: Create a User ID, password and security questions. Your password should be something that only you would know and one that is not easily guessed by others.   Step 5: Log in to Thrivent.com using your new user ID and password. A selection of popular links will appear, ready for you to explore.   That’s it! Now you’re ready to enjoy all the features and benefits of Thrivent.com, anytime and from anywhere.

This page is not part of the semiannual report.

We’re listening to you!

In response to concerns regarding multiple mailings, we send one copy of a shareholder report and one copy of a prospectus for Thrivent Series Fund, Inc. to each household. This process is known as householding. This consolidation helps reduce printing and postage costs, thereby saving money. If you wish to receive an additional copy of this report, call us toll-free at 800-847-4836. If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Road, Appleton, WI, 54919-0001 or by calling us at 800-847-4836. We will begin to mail separate regulatory mailings within 30 days of receiving your request.

It’s your choice—email, U.S. mail or some of each?   Paperless delivery of documents provides faster access to important information. An email is sent to you when new documents are available.   Paperless delivery options:   •    Prospectuses   •    Annual and semiannual reports   •    Most billing and contribution notices   •    Most contract and account statements   •    Most life insurance statements   •    Confirmation activity statements   •    Annual privacy notice   •    Thrivent magazine   Go to the link (or scan the code) to learn more and access a “How to enroll” PDF.  

23572SAR  R8-15

Item 2. Code of Ethics

Not applicable to semiannual report

Item 3. Audit Committee Financial Expert

Not applicable to semiannual report

Item 4. Principal Accountant Fees and Services

Not applicable to semiannual report

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

(a) The summary schedule of investments for these portfolios; Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Growth and Income Plus Portfolio, Balanced Income Plus Portfolio, Diversified Income Plus Portfolio, Opportunity Income Plus Portfolio, Small Cap Index Portfolio, Mid Cap Index Portfolio, Partner Worldwide Allocation Portfolio, Large Cap Index Portfolio, Income Portfolio and Limited Maturity Bond Portfolio, are included as part of the report to shareholders filed under Item 1 of this Form. The schedule of investments for said portfolios are filed under this Item.

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (46.3%)	Value
	Consumer Discretionary (7.2%)
	24,160	Aaron’s, Inc.	$	874,834
	14,126	Amazon.com, Inc.a,b		6,131,955
	2,710	AutoZone, Inc.a		1,807,299
	7,200	Barnes & Noble, Inc.a		186,912
	7,300	Bed Bath & Beyond, Inc.a		503,554
	1,450	Big Lots, Inc.		65,235
	7,550	Brinker International, Inc.		435,257
	19,637	Brunswick Corporation		998,738
	21,056	Burlington Stores, Inc.a		1,078,067
	5,130	CBS Corporation		284,715
	10,186	Cedar Fair, LP		555,035
	5,500	Cheesecake Factory, Inc.		299,942
	2,500	Columbia Sportswear Company		151,150
	96,388	Comcast Corporationb		5,796,774
	16,288	Core-Mark Holding Company, Inc.		965,064
	19,428	Del Frisco’s Restaurant Group, Inc.a		361,944
	11,087	Delphi Automotive plc		943,393
	1,900	DeVry Education Group, Inc.		56,962
	9,000	DISH Network Corporationa		609,390
	7,901	Dollar Tree, Inc.a		624,100
	2,150	Domino’s Pizza, Inc.		243,810
	25,450	Ford Motor Company		382,004
	4,900	Gap, Inc.		187,033
	48,394	G-III Apparel Group, Ltd.a		3,404,518
	8,750	Harley-Davidson, Inc.		493,062
	6,951	Harman International Industries, Inc.		826,752
	30,310	Home Depot, Inc.		3,368,350
	24,070	Houghton Mifflin Harcourt Companya		606,564
	1,100	Jack in the Box, Inc.		96,976
	20,153	Jarden Corporationa		1,042,918
	20,327	Kate Spade & Companya		437,844
	23,340	Las Vegas Sands Corporation		1,226,984
	7,150	Liberty Interactive Corporationa		198,413
	7,406	Limited Brands, Inc.		634,916
	4,562	Lithia Motors, Inc.		516,236
	13,420	Lowe’s Companies, Inc.		898,737
	11,900	Macy’s, Inc.		802,893
	8,774	Marriott International, Inc.		652,698
	1,000	Marriott Vacations Worldwide Corporation		91,750
	20,995	MDC Partners, Inc.		413,602
	1,900	Murphy USA, Inc.a		106,058
	5,850	Nautilus, Inc.a		125,833
	2,500	Newell Rubbermaid, Inc.		102,775
	42,110	NIKE, Inc.		4,548,722
	27,221	Nord Anglia Education, Inc.a		667,459
	34,270	Nutrisystem, Inc.		852,638
	4,114	O’Reilly Automotive, Inc.a		929,682
	31,470	Oxford Industries, Inc.		2,752,051
	8,410	Papa John’s International, Inc.		635,880
	11,800	Papa Murphy’s Holdings, Inc.a		244,496
	80	Priceline Group, Inc.a		92,110
	6,199	PVH Corporation		714,125
	1,859	Ralph Lauren Corporation		246,057
	12,391	Red Robin Gourmet Burgers, Inc.a		1,063,396
	4,427	Restoration Hardware Holdings, Inc.a		432,208
	17,246	Ross Stores, Inc.		838,328
	4,950	Scripps Networks Interactive, Inc.		323,582
	82,100	Sirius XM Holdings, Inc.a		306,233
	6,910	Skechers USA, Inc.a		758,649
	86,190	Starbucks Corporation		4,621,077
	8,441	Starwood Hotels & Resorts Worldwide, Inc.		684,481
	18,700	Target Corporation		1,526,481
	13,105	Tenneco, Inc.a		752,751
	3,700	Tesla Motors, Inc.a		992,562
	13,300	Time, Inc.		306,033
	17,426	Toll Brothers, Inc.a		665,499
	2,850	Tower International, Inc.a		74,243
	5,088	Tractor Supply Company		457,615
	65,760	Tuesday Morning Corporationa		740,786
	1,939	Ulta Salon Cosmetics & Fragrance, Inc.a		299,479
	5,740	Under Armour, Inc.a		478,946
	7,835	Vail Resorts, Inc.		855,582
	3,599	VF Corporation		250,994
	6,150	Wyndham Worldwide Corporation		503,746
	16,700	Yum! Brands, Inc.		1,504,336
	16,820	Zoe’s Kitchen, Inc.a		688,611
		Total		70,399,884
	Consumer Staples (1.4%)
	32,200	Altria Group, Inc.		1,574,902
	2,000	Archer-Daniels-Midland Company		96,440
	9,700	Avon Products, Inc.		60,722
	6,363	B&G Foods, Inc.		181,536
	2,191	Boston Beer Company, Inc.a		508,290
	12,500	Campbell Soup Company		595,625
	6,700	Coca-Cola Company		262,841
	1,300	Coca-Cola Enterprises, Inc.		56,472
	9,600	CVS Health Corporation		1,006,848
	2,900	Estee Lauder Companies, Inc.		251,314
	12,976	Hain Celestial Group, Inc.a		854,599
	4,000	Ingredion, Inc.		319,240
	4,450	Keurig Green Mountain, Inc.		341,004
	2,600	Kimberly-Clark Corporation		275,522
	3,600	Molson Coors Brewing Company		251,316
	9,470	Mondelez International, Inc.		389,596
	5,519	Monster Beverage Corporationa		739,656
	5,491	Philip Morris International, Inc.		440,214
	2,000	Pilgrim’s Pride Corporation		45,940
	5,600	Pinnacle Foods, Inc.		255,024
	9,200	Reynolds American, Inc.		686,872
	9,600	Sysco Corporation		346,560
	6,380	TreeHouse Foods, Inc.a		516,972
	4,300	Tyson Foods, Inc.		183,309
	18,549	United Natural Foods, Inc.a		1,181,200
	20,600	Wal-Mart Stores, Inc.		1,461,158
	13,980	WhiteWave Foods Companya		683,342
	2,433	Whole Foods Market, Inc.		95,958
		Total		13,662,472
	Energy (6.4%)
	7,900	Atwood Oceanics, Inc.		208,876
	52,300	Baker Hughes, Inc.		3,226,910
	60,250	Cameron International Corporationa		3,155,293
	67,550	Canadian Natural Resources, Ltd.		1,834,658
	16,260	Chevron Corporation		1,568,602
	730	Cimarex Energy Company		80,526
	264,746	Cobalt International Energy, Inc.a		2,570,684
	17,587	Concho Resources, Inc.a		2,002,456
	1,250	ConocoPhillips		76,762
	4,420	Denbury Resources, Inc.		28,111
	4,896	Diamondback Energy, Inc.a		369,060
	600	Dril-Quip, Inc.a		45,150
	550	Energen Corporation		37,565
	1,000	Ensco plc		22,270
	64,066	EOG Resources, Inc.		5,608,978
	69,981	EQT Corporation		5,692,255
	34,050	Exxon Mobil Corporation		2,832,960
	3,400	FMC Technologies, Inc.a		141,066

The accompanying Notes to Financial Statements are an integral part of this schedule.

1

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (46.3%)	Value
	Energy (6.4%) - continued
	4,900	Frank’s International NV	$	92,316
	2,650	Green Plains, Inc.		73,008
	1,500	Gulfmark Offshore, Inc.		17,400
	650	Gulfport Energy Corporationa		26,163
	9,200	Halliburton Company		396,244
	2,600	Helix Energy Solutions Group, Inc.a		32,838
	6,540	Helmerich & Payne, Inc.		460,547
	5,179	HollyFrontier Corporation		221,092
	7,700	Kinder Morgan, Inc.		295,603
	21,420	Laredo Petroleum Holdings, Inc.a		269,464
	91,718	Marathon Oil Corporation		2,434,196
	75,500	Marathon Petroleum Corporation		3,949,405
	880	National Oilwell Varco, Inc.		42,486
	1,500	Newfield Exploration Companya		54,180
	1,380	Noble Energy, Inc.		58,898
	110,434	Oasis Petroleum, Inc.a		1,750,379
	1,075	Oceaneering International, Inc.		50,084
	990	Oil States International, Inc.a		36,858
	23,810	Patterson-UTI Energy, Inc.		447,985
	153,100	Petroleo Brasileiro SA ADRa		1,385,555
	45,025	Rex Energy Corporationa		251,690
	12,770	Rice Energy, Inc.a		265,999
	98,700	Rowan Companies plc		2,083,557
	21,950	Schlumberger, Ltd.		1,891,870
	7,262	SemGroup Corporation		577,184
	4,654	SM Energy Company		214,642
	77,125	Southwestern Energy Companya		1,753,051
	109,010	Suncor Energy, Inc. ADR		2,999,955
	7,420	Superior Energy Services, Inc.		156,117
	430	Tesoro Corporation		36,296
	74,900	Total SA ADR		3,682,833
	63,252	Trinidad Drilling, Ltd.		204,594
	21,316	U.S. Silica Holdings, Inc.		625,838
	461,786	Weatherford International, Ltd.a		5,666,114
	4,400	Western Refining, Inc.		191,928
	7,332	Whiting Petroleum Corporationa		246,355
	1,300	World Fuel Services Corporation		62,335
		Total		62,507,241
	Financials (5.5%)
	2,730	ACE, Ltd.		277,586
	9,903	Affiliated Managers Group, Inc.a		2,164,796
	8,100	Allied World Assurance Company Holdings AG		350,082
	4,658	Allstate Corporation		302,164
	11,480	American Assets Trust, Inc.		450,131
	10,100	American Campus Communities, Inc.		380,669
	11,700	American International Group, Inc.		723,294
	9,086	Argo Group International Holdings, Ltd.		506,090
	44,570	Assured Guaranty, Ltd.		1,069,234
	48,220	Bank of America Corporation		820,704
	21,322	Bank of the Ozarks, Inc.		975,482
	29,700	BBCN Bancorp, Inc.		439,263
	13,400	Berkshire Hathaway, Inc.a		1,823,874
	8,700	Blackstone Group, LP		355,569
	4,800	Boston Private Financial Holdings, Inc.		64,368
	10,900	Brixmor Property Group, Inc.		252,117
	3,550	Camden Property Trust		263,694
	7,850	Capital One Financial Corporation		690,565
	5,600	CBL & Associates Properties, Inc.		90,720
	4,500	CBRE Group, Inc.a		166,500
	9,900	Chambers Street Properties		78,705
	9,500	Charles Schwab Corporation		310,175
	55,431	Citigroup, Inc.		3,062,008
	1,772	CNA Financial Corporation		67,708
	52,380	CNO Financial Group, Inc.		961,173
	9,200	Comerica, Inc.		472,144
	10,250	Corporate Office Properties Trust		241,285
	3,850	Digital Realty Trust, Inc.		256,718
	5,100	Discover Financial Services		293,862
	16,400	Duke Realty Corporation		304,548
	21,900	Encore Capital Group, Inc.a		936,006
	30,499	Essent Group, Ltd.a		834,148
	19,883	Evercore Partners, Inc.		1,072,887
	4,690	Extra Space Storage, Inc.		305,882
	3,471	FelCor Lodging Trust, Inc.		34,293
	12,300	First American Financial Corporation		457,683
	21,918	First Republic Bank		1,381,492
	18,100	Franklin Resources, Inc.		887,443
	2,500	General Growth Properties, Inc.		64,150
	3,850	Government Properties Income Trust		71,418
	4,550	Green Dot Corporationa		86,996
	63,182	Hanmi Financial Corporation		1,569,441
	10,020	HCC Insurance Holdings, Inc.		769,937
	7,600	Highwoods Properties, Inc.		303,620
	7,300	Hospitality Properties Trust		210,386
	45,598	Host Hotels & Resorts, Inc.		904,208
	114,600	Huntington Bancshares, Inc.		1,296,126
	13,269	Intercontinental Exchange, Inc.		2,967,081
	12,930	Invesco, Ltd.		484,746
	34,423	J.P. Morgan Chase & Company		2,332,502
	27,142	Kennedy-Wilson Holdings, Inc.		667,422
	26,200	KeyCorp		393,524
	3,415	Lazard, Ltd.		192,060
	14,500	Lexington Realty Trust		122,960
	3,300	M&T Bank Corporation		412,269
	7,900	MBIA, Inc.a		47,479
	15,230	MetLife, Inc.		852,728
	4,200	Mid-America Apartment Communities, Inc.		305,802
	32,640	Morgan Stanley		1,266,106
	6,300	MSCI, Inc.		387,765
	10,600	NASDAQ OMX Group, Inc.		517,386
	7,250	Northern Trust Corporation		554,335
	31,519	PacWest Bancorp		1,473,828
	17,910	Parkway Properties, Inc.		312,350
	28,681	Pebblebrook Hotel Trust		1,229,841
	16,230	Primerica, Inc.		741,549
	4,800	Progressive Corporation		133,584
	12,000	Ramco-Gershenson Properties Trust		195,840
	6,350	Raymond James Financial, Inc.		378,333
	10,430	Renasant Corporation		340,018
	5,100	Retail Properties of America, Inc.		71,043
	2,600	RLJ Lodging Trust		77,428
	91,020	SLM Corporationa		898,367
	750	Sovran Self Storage, Inc.		65,183
	1,300	StanCorp Financial Group, Inc.		98,293
	4,800	Store Capital Corporation		96,480
	20,600	Summit Hotel Properties, Inc.		268,006
	4,386	Sunstone Hotel Investors, Inc.		65,834
	4,342	SVB Financial Groupa		625,161
	47,320	Synovus Financial Corporation		1,458,402
	20,000	Talmer Bancorp, Inc.		335,000
	11,809	TD Ameritrade Holding Corporation		434,807
	26,073	Terreno Realty Corporation		513,638
	4,550	Wells Fargo & Company		255,892
	45,388	Western Alliance Bancorpa		1,532,299
	8,900	Western Asset Mortgage Capital Corporation		131,453
	2,200	Weyerhaeuser Company		69,300

The accompanying Notes to Financial Statements are an integral part of this schedule.

2

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (46.3%)	Value
	Financials (5.5%) - continued
	34,379	Zions Bancorporation	$	1,091,018
		Total		53,798,456
	Health Care (7.5%)
	1,200	Abaxis, Inc.		61,776
	71,920	Abbott Laboratories		3,529,834
	6,000	ABIOMED, Inc.a		394,380
	19,669	Acadia Healthcare Company, Inc.a		1,540,673
	1,900	Acceleron Pharma, Inc.a		60,116
	34,090	Acorda Therapeutics, Inc.a		1,136,220
	16,397	Actavis, Inc.a		4,975,834
	13,000	Aetna, Inc.		1,656,980
	19,350	Affymetrix, Inc.a		211,302
	39,124	Akorn, Inc.a		1,708,154
	20,680	Alexion Pharmaceuticals, Inc.a		3,738,324
	21,978	Align Technology, Inc.a		1,378,240
	21,300	Allscripts Healthcare Solutions, Inc.a		291,384
	7,107	AmerisourceBergen Corporation		755,758
	5,600	Amgen, Inc.		859,712
	43,083	AMN Healthcare Services, Inc.a		1,360,992
	1,000	AmSurg Corporationa		69,950
	2,858	Anacor Pharmaceuticals, Inc.a		221,295
	7,810	Baxter International, Inc.		546,153
	8,082	BioMarin Pharmaceutical, Inc.a		1,105,456
	3,500	Bruker Corporationa		71,435
	2,958	C.R. Bard, Inc.		504,931
	14,950	Cambrex Corporationa		656,903
	3,300	Cardinal Health, Inc.		276,045
	21,401	Cardiovascular Systems, Inc.a		566,056
	22,422	Centene Corporationa		1,802,729
	54,118	Cerner Corporationa		3,737,389
	2,387	Cooper Companies, Inc.		424,814
	10,126	Cyberonics, Inc.a		602,092
	89,763	Depomed, Inc.a		1,926,314
	1,900	Edwards Lifesciences Corporationa		270,617
	16,141	Envision Healthcare Holdings, Inc.a		637,247
	8,000	EXACT Sciences Corporationa		237,920
	73,912	ExamWorks Group, Inc.a		2,889,959
	3,900	Express Scripts Holding Companya		346,866
	46,350	Gilead Sciences, Inc.		5,426,658
	1,200	Greatbatch, Inc.a		64,704
	10,150	HCA Holdings, Inc.a		920,808
	3,300	Hill-Rom Holdings, Inc.		179,289
	15,100	Hologic, Inc.a		574,706
	2,650	Illumina, Inc.a		578,654
	24,761	Impax Laboratories, Inc.a		1,137,025
	16,200	Inogen, Inc.a		722,520
	45,428	Ironwood Pharmaceuticals, Inc.a		547,862
	1,752	Johnson & Johnson		170,750
	4,200	Magellan Health Services, Inc.a		294,294
	2,000	Medivation, Inc.a		228,400
	6,454	Medtronic, Inc.		478,241
	17,480	Merck & Company, Inc.		995,136
	1,548	Mettler-Toledo International, Inc.a		528,580
	10,165	Mylan NVa		689,797
	17,122	Neurocrine Biosciences, Inc.a		817,747
	37,571	NuVasive, Inc.a		1,780,114
	4,390	Perrigo Company plc		811,404
	44,400	Pfizer, Inc.		1,488,732
	2,750	PharMerica Corporationa		91,575
	1,550	Providence Service Corporationa		68,634
	1,887	Puma Biotechnology, Inc.a		220,307
	9,000	Quest Diagnostics, Inc.		652,680
	1,650	Quintiles Transnational Holdings, Inc.a		119,807
	8,600	Spectrum Pharmaceuticals, Inc.a		58,824
	28,868	Team Health Holdings, Inc.a		1,885,946
	29,607	Teleflex, Inc.		4,010,268
	600	Thermo Fisher Scientific, Inc.		77,856
	14,063	UnitedHealth Group, Inc.		1,715,686
	9,154	Universal Health Services, Inc.		1,300,783
	36,700	Veeva Systems, Inc.a		1,028,701
	18,309	Vertex Pharmaceuticals, Inc.a		2,260,795
	3,250	Waters Corporationa		417,235
		Total		72,898,368
	Industrials (5.2%)
	4,100	A.O. Smith Corporation		295,118
	2,150	AAR Corporation		68,520
	17,050	ADT Corporation		572,369
	9,700	Allison Transmission Holdings, Inc.		283,822
	9,400	AMETEK, Inc.		514,932
	5,700	Applied Industrial Technologies, Inc.		226,005
	2,700	Argan, Inc.		108,891
	5,626	B/E Aerospace, Inc.		308,867
	8,700	Boeing Company		1,206,864
	3,307	Briggs & Stratton Corporation		63,693
	9,550	Caterpillar, Inc.		810,031
	19,160	CLARCOR, Inc.		1,192,518
	8,800	Con-way, Inc.		337,656
	17,300	CSX Corporation		564,845
	12,630	Curtiss-Wright Corporation		914,917
	86,070	Delta Air Lines, Inc.		3,535,756
	29,304	EMCOR Group, Inc.		1,399,852
	10,330	Esterline Technologies Corporationa		984,862
	13,000	Expeditors International of Washington, Inc.		599,365
	3,048	Fastenal Company		128,565
	7,750	Federal Signal Corporation		115,552
	9,600	Flowserve Corporation		505,536
	4,300	Fluor Corporation		227,943
	11,777	Fortune Brands Home and Security, Inc.		539,622
	7,564	Generac Holdings, Inc.a		300,669
	4,860	Graco, Inc.		345,206
	31,478	Granite Construction, Inc.		1,117,784
	13,134	H&E Equipment Services, Inc.		262,286
	35,110	Healthcare Services Group, Inc.		1,160,386
	11,050	Heico Corporation		644,215
	19,698	HNI Corporation		1,007,553
	4,965	Honeywell International, Inc.		506,281
	4,050	Huntington Ingalls Industries, Inc.		455,990
	35,387	Huron Consulting Group, Inc.a		2,480,275
	40,800	Ingersoll-Rand plc		2,750,736
	7,120	Jacobs Engineering Group, Inc.a		289,214
	5,954	JB Hunt Transport Services, Inc.		488,764
	9,600	KAR Auction Services, Inc.		359,040
	39,180	Korn/Ferry International		1,362,289
	7,240	Manpower, Inc.		647,111
	4,650	Meritor, Inc.a		61,008
	12,333	Middleby Corporationa		1,384,133
	4,300	Mistras Group, Inc.a		81,614
	7,183	Nielsen NV		321,583
	6,120	Old Dominion Freight Line, Inc.a		419,863
	36,737	On Assignment, Inc.a		1,443,029
	13,075	Oshkosh Corporation		554,118
	11,570	Pentair, Ltd.		795,437
	23,835	PGT, Inc.a		345,846
	7,200	PowerSecure International, Inc.a		106,272
	39,180	Progressive Waste Solutions, Ltd.		1,051,983
	18,280	Proto Labs, Inc.a		1,233,534
	11,550	Raven Industries, Inc.		234,812

The accompanying Notes to Financial Statements are an integral part of this schedule.

3

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (46.3%)	Value
	Industrials (5.2%) - continued
	40,783	Ritchie Brothers Auctioneers, Inc.	$	1,138,661
	15,542	Robert Half International, Inc.		862,581
	2,798	Roper Industries, Inc.		482,543
	16,390	Saia, Inc.a		643,963
	31,321	Southwest Airlines Company		1,036,412
	1,750	Spirit Aerosystems Holdings, Inc.a		96,443
	13,541	Spirit Airlines, Inc.a		840,896
	8,356	Stericycle, Inc.a		1,118,952
	23,876	Swift Transportation Companya		541,269
	11,876	Tennant Company		775,978
	1,800	Toro Company		122,004
	32,260	Union Pacific Corporation		3,076,636
	4,792	United Rentals, Inc.a		419,875
	2,200	Verisk Analytics, Inc.a		160,072
	3,250	WABCO Holdings, Inc.a		402,090
	18,796	WageWorks, Inc.a		760,298
	4,602	Watsco, Inc.		569,451
		Total		50,765,256
	Information Technology (10.6%)
	21,619	A10 Networks, Inc.a		139,226
	10,919	Agilent Technologies, Inc.		421,255
	32,380	Alibaba Group Holding, Ltd. ADRa		2,663,903
	3,200	Alliance Data Systems Corporationa		934,208
	7,602	Ambarella, Inc.a		780,649
	17,005	Amphenol Corporation		985,780
	6,048	ANSYS, Inc.a		551,820
	69,394	Apple, Inc.b		8,703,742
	33,684	Applied Materials, Inc.		647,406
	60,524	Applied Micro Circuits Corporationa		408,537
	11,116	Applied Optoelectronics, Inc.a		192,974
	13,790	Arista Networks, Inc.a		1,127,195
	49,900	ARM Holdings plc ADR		2,458,573
	19,623	Aspen Technology, Inc.a		893,828
	70,200	Atmel Corporation		691,821
	3,400	AVG Technologies NVa		92,514
	2,585	Blackhawk Network Holdings, Inc.a		106,502
	5,950	Booz Allen Hamilton Holding Corporation		150,178
	22,730	Broadridge Financial Solutions, Inc.		1,136,727
	31,550	Brocade Communications Systems, Inc.		374,814
	16,879	Cardtronics, Inc.a		625,367
	10,099	Cavium, Inc.a		694,912
	5,950	CDW Corporation		203,966
	13,980	Ciena Corporationa		331,046
	87,150	Cisco Systems, Inc.		2,393,139
	18,630	Cognex Corporation		896,103
	4,500	Cognizant Technology Solutions Corporationa		274,905
	6,400	Coherent, Inc.a		406,272
	2,900	Comtech Telecommunications Corporation		84,245
	16,279	Constant Contact, Inc.a		468,184
	7,910	Cornerstone OnDemand, Inc.a		275,268
	47,150	Corning, Inc.		930,270
	4,860	Criteo SAa		231,676
	15,885	Dealertrack Technologies, Inc.a		997,419
	17,601	Demandware, Inc.a		1,251,079
	10,930	DST Systems, Inc.		1,376,961
	31,824	eBay, Inc.a		1,917,078
	7,700	Electronic Arts, Inc.a		512,050
	127,670	EMC Corporation		3,369,211
	20,180	Envestnet, Inc.a		815,877
	2,772	F5 Networks, Inc.a		333,610
	84,300	Facebook, Inc.a		7,229,990
	23,225	FARO Technologies, Inc.a		1,084,608
	13,960	FEI Company		1,157,703
	2,100	FleetCor Technologies, Inc.a		327,726
	23,072	Fortinet, Inc.a		953,566
	6,990	Gartner, Inc.a		599,602
	6,123	Google, Inc., Class Aa		3,306,665
	6,267	Google, Inc., Class Ca		3,262,036
	42,954	Guidewire Software, Inc.a		2,273,555
	31,619	HomeAway, Inc.a		983,983
	6,947	IAC/InterActiveCorporation		553,398
	6,108	Imperva, Inc.a		413,512
	15,310	Juniper Networks, Inc.		397,601
	5,426	Keysight Technologies, Inc.a		169,237
	14,280	LinkedIn Corporationa		2,950,676
	8,474	Manhattan Associates, Inc.a		505,474
	16,800	MasterCard, Inc.		1,570,464
	38,177	MaxLinear, Inc.a		461,942
	18,660	Microsemi Corporationa		652,167
	12,320	Microsoft Corporation		543,928
	11,159	Monolithic Power Systems, Inc.		565,873
	29,370	National Instruments Corporation		865,240
	21,900	NetApp, Inc.		691,164
	3,527	Newport Corporationa		66,872
	4,781	Nice Systems, Ltd. ADR		304,024
	73,349	NVIDIA Corporation		1,475,048
	11,150	NXP Semiconductors NVa		1,094,930
	15,150	Oracle Corporation		610,545
	2,170	Palo Alto Networks, Inc.a		379,099
	11,826	Plantronics, Inc.		665,922
	5,050	Polycom, Inc.a		57,772
	10,050	Progress Software Corporationa		276,375
	25,416	Proofpoint, Inc.a		1,618,237
	21,116	QLIK Technologies, Inc.a		738,215
	11,150	QUALCOMM, Inc.b		698,325
	7,950	Red Hat, Inc.a		603,644
	45,820	Salesforce.com, Inc.a		3,190,447
	3,594	Samsung Electronics Company, Ltd. GDR		2,050,377
	7,941	ServiceNow, Inc.a		590,096
	4,329	Skyworks Solutions, Inc.		450,649
	5,469	Sonus Networks, Inc.a		37,845
	8,050	Symantec Corporation		187,163
	5,392	Synopsys, Inc.a		273,105
	8,800	Teradata Corporationa		325,600
	20,301	Teradyne, Inc.		391,606
	9,730	Texas Instruments, Inc.		501,192
	12,674	Textura Corporationa		352,717
	1,900	Total System Services, Inc.		79,363
	4,322	Tyler Technologies, Inc.a		559,180
	7,086	Ultimate Software Group, Inc.a		1,164,513
	6,800	Vantiv, Inc.a		259,692
	20,220	Veeco Instruments, Inc.a		581,123
	66,098	Virtusa Corporationa		3,397,437
	87,960	Visa, Inc.		5,906,514
	2,500	WebMD Health Corporationa		110,700
	56,650	Xerox Corporation		602,756
		Total		102,971,483
	Materials (1.7%)
	5,950	Agnico Eagle Mines, Ltd.		168,802
	4,710	Airgas, Inc.		498,224
	36,450	Alcoa, Inc.		406,417
	9,400	Avery Dennison Corporation		572,836
	3,080	Balchem Corporation		171,618
	5,900	Ball Corporation		413,885
	35,600	Barrick Gold Corporation		379,496

The accompanying Notes to Financial Statements are an integral part of this schedule.

4

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (46.3%)	Value
	Materials (1.7%) - continued
	8,900	Berry Plastics Group, Inc.a	$	288,360
	7,617	Celanese Corporation		547,510
	38,694	Chemtura Corporationa		1,095,427
	850	Compass Minerals International, Inc.		69,819
	9,200	Crown Holdings, Inc.a		486,772
	6,590	Dow Chemical Company		337,210
	7,320	Eagle Materials, Inc.		558,736
	4,100	Eastman Chemical Company		335,462
	20,300	Eldorado Gold Corporation		84,042
	6,150	Ferro Corporationa		103,197
	9,055	FMC Corporation		475,840
	4,600	Franco-Nevada Corporation		219,190
	30,650	Freeport-McMoRan, Inc.		570,703
	24,750	Goldcorp, Inc.		400,950
	50,318	Graphic Packaging Holding Company		700,930
	41,480	Horsehead Holding Corporationa		486,146
	1,550	Innophos Holdings, Inc.		81,592
	17,750	International Paper Company		844,722
	33,600	Kinross Gold Corporationa		77,952
	850	LyondellBasell Industries NV		87,992
	1,750	Martin Marietta Materials, Inc.		247,642
	6,300	MeadWestvaco Corporation		297,297
	15,050	Newmont Mining Corporation		351,568
	6,280	Nucor Corporation		276,760
	19,050	Owens-Illinois, Inc.a		437,007
	4,000	Packaging Corporation of America		249,960
	22,343	PolyOne Corporation		875,175
	5,700	Rock-Tenn Company		343,140
	2,050	Royal Gold, Inc.		126,260
	7,700	Sealed Air Corporation		395,626
	1,200	Silgan Holdings, Inc.		63,312
	19,318	Silver Wheaton Corporation		334,974
	1,450	Sonoco Products Company		62,147
	2,600	Southern Copper Corporation		76,466
	24,220	Steel Dynamics, Inc.		501,717
	20,550	Teck Resources, Ltd.		203,651
	3,750	Vulcan Materials Company		314,737
	4,500	Westlake Chemical Corporation		308,655
	27,100	Yamana Gold, Inc.		81,300
		Total		16,011,224
	Telecommunications Services (0.2%)
	3,175	Level 3 Communications, Inc.a		167,227
	6,254	SBA Communications Corporationa		719,022
	10,658	Verizon Communications, Inc.		496,770
	17,350	Vonage Holdings Corporationa		85,189
		Total		1,468,208
	Utilities (0.6%)
	2,800	AGL Resources, Inc.		130,368
	2,400	Atmos Energy Corporation		123,072
	10,800	Dynegy, Inc.a		315,900
	6,050	Edison International, Inc.		336,259
	4,400	Entergy Corporation		310,200
	9,320	Laclede Group, Inc.		485,199
	5,290	NiSource, Inc.		241,171
	9,150	NorthWestern Corporation		446,063
	8,900	NRG Energy, Inc.		203,632
	2,400	OGE Energy Corporation		68,568
	14,290	PG&E Corporation		701,639
	9,000	Portland General Electric Company		298,440
	9,400	Public Service Enterprise Group, Inc.		369,232
	13,700	Southern Company		574,030
	3,800	Westar Energy, Inc.		130,036
	13,250	Wisconsin Energy Corporation		595,852
		Total		5,329,661
		Total Common Stock (cost $375,361,455)		449,812,253
		Mutual Funds (38.7%)
	Affiliated Equity Mutual Funds (34.6%)
	773,662	Thrivent Partner Small Cap Value Portfolio		20,068,865
	1,990,971	Thrivent Small Cap Stock Portfolio		34,089,610
	1,931,714	Thrivent Partner Mid Cap Value Portfolio		30,703,430
	2,971,037	Thrivent Mid Cap Stock Portfolio		50,190,019
	11,767,231	Thrivent Partner Worldwide Allocation Portfolio		112,352,343
	2,929,577	Thrivent Large Cap Value Portfolio		47,706,108
	3,449,494	Thrivent Large Cap Stock Portfolio		40,690,227
		Total		335,800,602
	Affiliated Fixed Income Mutual Funds (2.5%)
	1,455,207	Thrivent High Yield Portfolio		7,103,882
	455,080	Thrivent Opportunity Income Plus Portfolio		4,601,678
	443,652	Thrivent Income Portfolio		4,473,520
	851,313	Thrivent Limited Maturity Bond Portfolio		8,365,089
		Total		24,544,169
	Equity Mutual Funds (1.6%)
	26,990	Materials Select Sector SPDR Fund		1,306,046
	17,860	Market Vectors Oil Service ETF		623,314
	86,500	SPDR Euro Stoxx 50 ETF		3,237,695
	21,132	SPDR S&P 500 ETF Trust		4,350,022
	32,465	iShares Russell 2000 Growth Index Fund		5,018,440
	7,500	iShares Russell 2000 Index Fund		936,450
		Total		15,471,967
		Total Mutual Funds (cost $354,179,186)		375,816,738
Principal Amount		Long-Term Fixed Income (2.4%)
	Asset-Backed Securities (0.1%)
		Renaissance Home Equity Loan Trust
	$  650,000	6.011%, 5/25/2036c		456,962
		Total		456,962
	Collateralized Mortgage Obligations (<0.1%)
		MASTR Alternative Loans Trust
	34,867	0.637%, 12/25/2035d		18,259
		Residential Asset Securitization Trust
	48,251	0.567%, 8/25/2037d		16,803
		Sequoia Mortgage Trust
	139,082	2.770%, 9/20/2046		110,855
		WaMu Mortgage Pass Through Certificates
	64,390	2.246%, 9/25/2036		57,968
	93,665	2.281%, 10/25/2036		83,516
		Total		287,401

The accompanying Notes to Financial Statements are an integral part of this schedule.

5

Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015 (unaudited)

(unaudited)

Principal Amount		Long-Term Fixed Income (2.4%)	Value
	Commercial Mortgage-Backed Securities (<0.1%)
		Government National Mortgage Association
	$47	3.214%, 1/16/2040	$	47
		Total		47
	Mortgage-Backed Securities (1.2%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	875,000	3.000%, 7/1/2030e		905,844
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	875,000	4.000%, 7/1/2045e		925,330
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	900,000	3.500%, 7/1/2030e		949,176
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,825,000	3.500%, 7/1/2045e		1,880,748
	3,800,000	3.500%, 8/1/2045e		3,905,984
	1,675,000	4.000%, 8/1/2045e		1,770,704
	1,575,000	4.500%, 8/1/2045e		1,700,262
		Total		12,038,048
	U.S. Government and Agencies (1.1%)
		Federal National Mortgage Association
	665,000	0.875%, 5/21/2018		661,020
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		200,757
		U.S. Treasury Notes
	225,000	0.625%, 10/15/2016		225,597
	400,000	0.875%, 11/15/2017		400,750
	825,000	1.500%, 10/31/2019		825,451
	1,425,000	1.875%, 6/30/2020		1,441,476
	250,000	2.125%, 9/30/2021		252,500
	250,000	1.625%, 8/15/2022		242,344
	2,100,000	2.250%, 11/15/2024		2,087,203
	2,800,000	3.625%, 2/15/2044		3,078,468
		U.S. Treasury Notes, TIPS
	1,330,498	0.125%, 4/15/2018		1,351,391
		Total		10,766,957
		Total Long-Term Fixed Income (cost $23,361,585)		23,549,415
Shares or Principal Amount		Short-Term Investments (13.0%)f
		Federal Home Loan Bank Discount Notes
	2,000,000	0.080%, 7/6/2015	$	1,999,978
	9,000,000	0.080%, 7/8/2015		8,999,861
	3,000,000	0.065%, 7/10/2015		2,999,951
	9,500,000	0.070%, 7/15/2015		9,499,741
	8,000,000	0.078%, 7/17/2015		7,999,724
	5,000,000	0.080%, 7/22/2015		4,999,767
	3,000,000	0.070%, 7/24/2015		2,999,866
	10,500,000	0.077%, 7/29/2015		10,499,370
	9,500,000	0.082%, 7/31/2015		9,499,351
	1,000,000	0.065%, 8/5/2015		999,937
	4,000,000	0.050%, 8/7/2015		3,999,795
	12,500,000	0.093%, 8/12/2015		12,498,638
	29,000,000	0.075%, 8/21/2015b		28,996,933
	6,000,000	0.065%, 8/26/2015		5,999,393
	9,000,000	0.085%, 9/4/2015		8,998,619
	3,000,000	0.090%, 9/9/2015		2,999,475
		Federal National Mortgage Association Discount Notes
	2,000,000	0.128%, 8/12/2015b		1,999,702
		Total Short-Term Investments (at amortized cost)		125,990,101
		Total Investments (cost $878,892,327) 100.4%	$	975,168,507
		Other Assets and Liabilities, Net (0.4%)		(3,693,067	)
		Total Net Assets 100.0%	$	971,475,440

a Non-income producing security.

b At June 30, 2015, $17,252,334 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 June 30, 2015.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

e Denotes investments purchased on a when-issued or delayed delivery basis.

f The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
TIPS	-	Treasury Inflation Protected Security.

The accompanying Notes to Financial Statements are an integral part of this schedule.

6

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (1.8%)a	Value
	Basic Materials (0.1%)
		Axalta Coating Systems US Holdings, Inc., Term Loan
	$   805,409	3.750%, 2/1/2020	$	803,999
		Fortescue Metals Group, Ltd., Term Loan
	1,021,309	3.750%, 6/30/2019		904,788
		Ineos US Finance, LLC, Term Loan
	1,354,704	3.750%, 12/15/2020		1,344,828
		NewPage Corporation, Term Loan
	1,371,009	9.500%, 2/11/2021		1,099,549
		Tronox Pigments BV, Term Loan
	329,160	0.000%, 3/19/2020b,c		328,956
		Wausau Paper Corporation, Term Loan
	790,100	6.500%, 7/30/2020		786,150
		Total		5,268,270
	Capital Goods (0.1%)
		ADS Waste Holdings, Inc., Term Loan
	1,073,333	3.750%, 10/9/2019		1,059,112
		Berry Plastics Group, Inc., Term Loan
	1,793,713	3.500%, 2/8/2020		1,784,134
		Silver II Borrower, Term Loan
	448,533	4.000%, 12/13/2019		432,161
		Total		3,275,407
	Communications Services (0.6%)
		Atlantic Broadband Penn, LLC, Term Loan
	562,842	3.250%, 11/30/2019		560,090
		Birch Communication, Inc., Term Loan
	1,408,715	7.750%, 7/17/2020		1,408,715
		Cable & Wireless Communications plc, Term Loan
	217,044	5.500%, 4/28/2017		216,772
		Cengage Learning Acquisitions, Term Loan
	2,520,396	7.000%, 3/31/2020		2,520,396
		Charter Communications Operating, LLC, Term Loan
	240,100	3.000%, 7/1/2020		237,200
		Clear Channel Communications, Inc., Term Loan
	449,628	7.687%, 7/30/2019		419,589
		Fairpoint Communications, Term Loan
	1,197,438	7.500%, 2/14/2019		1,206,047
		Grande Communications Networks, LLC, Term Loan
	730,112	4.500%, 5/29/2020		725,096
		Hargray Communications Group, Inc., Term Loan
	1,436,210	5.250%, 6/26/2019		1,442,041
		iHeartCommunications, Inc., Term Loan
	1,398,024	6.937%, 1/30/2019		1,289,048
		IMG Worldwide, Inc., Term Loan
	478,791	Zero Coupon, 5/6/2021b,c		477,355
		Integra Telecom Holdings, Inc., Term Loan
	220,520	9.750%, 2/21/2020		218,683
	728,275	5.250%, 8/14/2020		722,631
		Intelsat Jackson Holdings SA, Term Loan
	1,097,851	3.750%, 6/30/2019		1,088,475
		Level 3 Communications, Inc., Term Loan
	1,555,000	4.000%, 1/15/2020		1,554,518
		Level 3 Financing, Inc., Term Loan
	640,000	3.500%, 5/31/2022		635,066
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	935,000	4.500%, 1/7/2022		925,650
	1,830,000	4.500%, 1/7/2022		1,823,906
		LTS Buyer, LLC, Term Loan
	543,900	4.000%, 4/13/2020		540,332
	39,215	8.000%, 4/12/2021		38,953
		Mediacom Broadband, LLC, Term Loan
	622,400	4.000%, 1/20/2020		620,844
		NEP Broadcasting, LLC, Term Loan
	68,571	10.000%, 7/22/2020		67,714
		NEP/NCP Holdco, Inc., Term Loan
	1,798,876	4.250%, 1/22/2020		1,769,644
		NTelos, Inc., Term Loan
	359,825	5.750%, 11/9/2019		314,847
		SBA Senior Finance II, LLC, Term Loan
	540,000	3.250%, 6/10/2022		533,590
		Syniverse Holdings, Inc., Term Loan
	950,131	4.000%, 4/23/2019		893,522
		TNS, Inc., Term Loan
	644,920	5.000%, 2/14/2020		644,649
		Univision Communications, Inc., Term Loan
	1,663,080	4.000%, 3/1/2020		1,648,229
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,013,348	3.500%, 6/30/2023		1,002,374
		WideOpenWest Finance, LLC, Term Loan
	1,593,407	4.500%, 4/1/2019		1,589,200
		XO Communications, LLC, Term Loan
	296,250	4.250%, 3/20/2021		295,572
		Yankee Cable Acquisition, LLC, Term Loan
	912,377	4.250%, 3/1/2020		912,377
		Zayo Group, LLC, Term Loan
	1,454,615	3.750%, 7/2/2019		1,441,073
		Total		29,784,198
	Consumer Cyclical (0.3%)
		Amaya Gaming Group, Inc., Term Loan
	1,027,238	5.000%, 8/1/2021		1,025,440
		Burlington Coat Factory Warehouse Corporation, Term Loan
	838,516	4.250%, 8/13/2021		837,854
		Ceridian HCM Holding, Inc., Term Loan
	347,253	4.500%, 9/15/2020		343,565
		Chrysler Group, LLC, Term Loan
	815,878	3.500%, 5/24/2017		813,748
		Golden Nugget, Inc., Delayed Draw
	146,198	5.500%, 11/21/2019		147,294

The accompanying Notes to Financial Statements are an integral part of this schedule.

7

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (1.8%)a	Value
	Consumer Cyclical (0.3%) - continued
		Golden Nugget, Inc., Term Loan
	$  341,128	5.500%, 11/21/2019	$	343,686
		Hilton Worldwide Finance, LLC, Term Loan
	746,360	3.500%, 10/26/2020		746,479
		J.C. Penney Corporation, Inc., Term Loan
	362,600	6.000%, 5/22/2018		361,563
		Las Vegas Sands, LLC, Term Loan
	4,629,500	3.250%, 12/19/2020		4,604,593
		Marina District Finance Company, Inc., Term Loan
	2,508,767	6.500%, 8/15/2018		2,529,163
		MGM Resorts International, Term Loan
	760,500	3.500%, 12/20/2019		754,606
		Mohegan Tribal Gaming Authority, Term Loan
	1,477,500	5.500%, 11/19/2019		1,468,960
		Rite Aid Corporation, Term Loan
	365,000	5.750%, 8/21/2020		368,424
		ROC Finance, LLC, Term Loan
	1,331,287	5.000%, 6/20/2019		1,304,103
		Scientific Games International, Inc., Term Loan
	409,799	6.000%, 10/18/2020		409,521
	279,749	Zero Coupon, 10/1/2021b,c		279,436
		Seminole Indian Tribe of Florida, Term Loan
	387,550	3.000%, 4/29/2020		386,969
		Total		16,725,404
	Consumer Non-Cyclical (0.2%)
		Albertsons, Inc., Term Loan
	1,076,436	5.375%, 3/21/2019		1,079,935
		Catalina Marketing Corporation, Term Loan
	301,950	4.500%, 4/9/2021		265,716
		CHS/Community Health Systems, Inc., Term Loan
	215,538	3.534%, 12/31/2018		215,351
	202,279	3.750%, 1/27/2021		202,220
	372,188	4.000%, 1/27/2021		372,568
		Endo Luxembourg Finance I Co Sarl, Term Loan
	735,000	0.000%, 6/24/2022b,c		736,382
		JBS USA, LLC, Term Loan
	804,656	3.750%, 5/25/2018		801,638
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,107,718	4.750%, 3/22/2019		1,109,567
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,991,100	4.750%, 6/30/2021b,c		1,949,864
		Roundy’s Supermarkets, Inc., Term Loan
	1,495,632	5.750%, 3/3/2021		1,443,285
		Supervalu, Inc., Term Loan
	1,098,274	4.500%, 3/21/2019		1,099,526
		Visant Corporation, Term Loan
	1,964,799	7.000%, 9/23/2021		1,892,750
		Total		11,168,802
	Energy (0.1%)
		Altice US Finance I Corporation, Term Loan
	569,622	4.250%, 6/8/2022		564,462
		Arch Coal, Inc., Term Loan
	3,170,480	6.250%, 5/16/2018		2,157,924
		Energy Solutions, LLC, Term Loan
	567,404	6.750%, 5/29/2020		568,351
		Expro Holdings UK 2, Ltd., Term Loan
	446,625	5.750%, 9/2/2021		392,052
		Fieldwood Energy, LLC, Term Loan
	96,059	8.375%, 9/30/2020		73,365
		Houston Fuel Oil Terminal, LLC, Term Loan
	947,838	4.250%, 8/19/2021		900,446
		McJunkin Red Man Corporation, Term Loan
	413,813	5.000%, 11/8/2019		410,192
		Offshore Group Investment, Ltd., Term Loan
	982,387	5.750%, 3/28/2019		595,572
		Pacific Drilling SA, Term Loan
	485,100	4.500%, 6/3/2018		389,293
		Targa Resources Partners, LP, Term Loan
	111,628	5.750%, 2/27/2022		112,465
		Total		6,164,122
	Financials (0.1%)
		DJO Finance, LLC, Term Loan
	550,000	4.250%, 6/7/2020		549,659
		GEO Group, Inc., Term Loan
	241,080	3.250%, 4/3/2020		240,677
		Harland Clarke Holdings Corporation, Term Loan
	721,875	6.000%, 8/4/2019		722,777
		MoneyGram International, Inc., Term Loan
	957,950	4.250%, 3/27/2020		909,258
		WaveDivision Holdings, LLC, Term Loan
	1,447,875	4.000%, 10/15/2019		1,446,065
		Total		3,868,436
	Technology (0.2%)
		First Data Corporation, Term Loan
	1,540,000	3.687%, 3/23/2018		1,533,670
	640,000	3.687%, 9/24/2018		637,715
		Freescale Semiconductor, Inc., Term Loan
	870,075	4.250%, 2/28/2020		870,319
	591,465	5.000%, 1/15/2021		593,068
		Infor US, Inc., Term Loan
	1,192,478	3.750%, 6/3/2020		1,175,092
		Merrill Communications, LLC, Term Loan
	4,060,000	6.250%, 6/1/2022		4,039,700
		SS&C European Holdings SARL, Term Loan
	306,054	0.000%, 6/29/2022b,c		305,864
	68,946	0.000%, 6/29/2022b,c		68,904
		Total		9,224,332

The accompanying Notes to Financial Statements are an integral part of this schedule.

8

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (1.8%)a	Value
	Transportation (0.1%)
		American Airlines, Inc., Term Loan
	$    1,031,625	3.500%, 6/27/2020	$	1,020,669
		Delta Air Lines, Inc., Term Loan
	1,216,774	3.250%, 4/20/2017		1,213,221
		OSG Bulk Ships, Inc., Term Loan
	742,500	5.250%, 8/5/2019		742,040
		United Airlines, Inc., Term Loan
	601,163	3.250%, 4/1/2019		598,908
	129,025	3.750%, 9/15/2021		128,945
		Total		3,703,783
	Utilities (<0.1%)
		Calpine Corporation, Term Loan
	1,244,800	4.000%, 10/9/2019		1,243,244
	180,763	3.500%, 5/27/2022		179,001
		Intergen NV, Term Loan
	480,200	5.500%, 6/15/2020		459,191
		Total		1,881,436
		Total Bank Loans (cost $93,415,332)		91,064,190
Shares		Mutual Funds (41.5%)
	Affiliated Equity Mutual Funds (34.0%)
	3,801,388	Thrivent Partner Small Cap Value Portfolio		98,608,392
	5,277,294	Thrivent Small Cap Stock Portfolio		90,358,355
	8,634,885	Thrivent Partner Mid Cap Value Portfolio		137,246,322
	16,750,392	Thrivent Mid Cap Stock Portfolio		282,966,044
	48,917,066	Thrivent Partner Worldwide Allocation Portfolio		467,055,258
	20,124,267	Thrivent Large Cap Value Portfolio		327,709,608
	24,425,365	Thrivent Large Cap Stock Portfolio		288,121,608
		Total		1,692,065,587
	Affiliated Fixed Income Mutual Funds (6.0%)
	25,048,658	Thrivent High Yield Portfolio		122,280,033
	13,604,578	Thrivent Income Portfolio		137,180,402
	3,830,554	Thrivent Limited Maturity Bond Portfolio		37,639,405
		Total		297,099,840
	Equity Mutual Funds (0.9%)
	14,850	iShares Russell 2000 Index Fundd		1,854,171
	6,700	iShares MSCI EAFE Index Fund		425,383
	35,380	Market Vectors Oil Service ETFd		1,234,762
	53,460	Materials Select Sector SPDR Fund		2,586,929
	95,854	SPDR S&P 500 ETF Trust		19,731,546
	51,506	iShares Russell 2000 Growth Index Fundd		7,961,798
	325,000	SPDR Euro Stoxx 50 ETF		12,164,750
		Total		45,959,339
	Fixed Income Mutual Funds (0.6%)
	33,500	iShares Intermediate Credit Bond ETF		3,646,810
	35,000	iShares Barclays 1-3 Year Credit Bond Fund		3,686,550
	186,600	iShares iBoxx $ Investment Grade Corporate Bond ETF		21,593,352
		Total		28,926,712
		Total Mutual Funds (cost $1,831,584,800)		2,064,051,478
		Common Stock (29.4%)
	Consumer Discretionary (4.4%)
	51,710	Aaron’s, Inc.		1,872,419
	600	ABC-MART, Inc.		36,721
	3,600	Aisin Seiki Company, Ltd.		153,069
	53,072	Amazon.com, Inc.e		23,038,024
	10,160	AutoZone, Inc.e		6,775,704
	25,250	Barnes & Noble, Inc.e		655,490
	800	Bayerische Motoren Werke AG		67,739
	26,200	Bed Bath & Beyond, Inc.e		1,807,276
	4,000	Berkeley Group Holdings plc		210,194
	5,200	Big Lots, Inc.		233,948
	1,000	Brembo SPA		42,660
	1,200	Bridgestone Corporation		44,355
	26,750	Brinker International, Inc.		1,542,137
	28,378	Brunswick Corporation		1,443,305
	30,371	Burlington Stores, Inc.e		1,554,995
	31,450	CBS Corporation		1,745,475
	20,175	Cedar Fair, LP		1,099,336
	16,500	Cheesecake Factory, Inc.		899,827
	1,600	Chiyoda Company, Ltd.		37,553
	9,000	Columbia Sportswear Company		544,140
	393,326	Comcast Corporation		23,654,626
	23,546	Core-Mark Holding Company, Inc.		1,395,101
	15,500	Crown Resorts, Ltd.		145,638
	700	Daiichikosho Company, Ltd.		24,636
	27,958	Del Frisco’s Restaurant Group, Inc.e		520,858
	47,244	Delphi Automotive plc		4,019,992
	6,800	DeVry Education Group, Inc.		203,864
	26,650	DISH Network Corporatione		1,804,471
	24,290	Dollar Tree, Inc.e		1,918,667
	6,620	Domino’s Pizza, Inc.		750,708
	17,800	EDION Corporationd		126,019
	4,600	Electrolux AB		144,132
	102,680	Enterprise Inns plce		200,149
	90,450	Ford Motor Company		1,357,654
	17,400	Gap, Inc.		664,158
	79,824	G-III Apparel Group, Ltd.e		5,615,618
	12,000	Gunze, Ltd.		32,823
	10,900	Hakuhodo Dy Holdings, Inc.		116,569
	54,950	Harley-Davidson, Inc.		3,096,432
	21,346	Harman International Industries, Inc.		2,538,893
	6,700	Haseko Corporation		78,920
	6,100	Heiwa Corporation		121,427
	113,620	Home Depot, Inc.		12,626,591
	11,300	Honda Motor Company, Ltd.		365,214
	47,670	Houghton Mifflin Harcourt Companye		1,201,284
	300	Hugo Boss AG		33,539
	5,900	Informa plc		50,672
	4,000	Jack in the Box, Inc.		352,640
	61,699	Jarden Corporatione		3,192,923
	6,800	JM AB		185,332
	29,329	Kate Spade & Companye		631,747
	48,914	Kongsberg Automotive ASAe		33,977
	87,567	Las Vegas Sands Corporation		4,603,397
	25,400	Liberty Interactive Corporatione		704,850
	22,559	Limited Brands, Inc.		1,933,983
	6,512	Lithia Motors, Inc.		736,898
	84,210	Lowe’s Companies, Inc.		5,639,544

The accompanying Notes to Financial Statements are an integral part of this schedule.

9

Moderately Aggresive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value
	Consumer Discretionary (4.4%) - continued
	9,000	Luk Fook Holdings International, Ltd.	$	26,503
	42,200	Macy’s, Inc.		2,847,234
	26,981	Marriott International, Inc.		2,007,117
	3,500	Marriott Vacations Worldwide Corporation		321,125
	34,900	Marston’s plc		88,121
	41,582	MDC Partners, Inc.		819,165
	6,700	Murphy USA, Inc.e		373,994
	20,900	Nautilus, Inc.e		449,559
	8,800	Newell Rubbermaid, Inc.		361,768
	158,170	NIKE, Inc.		17,085,523
	7,500	NOK Corporation		232,379
	39,349	Nord Anglia Education, Inc.e		964,837
	67,880	Nutrisystem, Inc.		1,688,854
	12,827	O’Reilly Automotive, Inc.e		2,898,645
	52,340	Oxford Industries, Inc.		4,577,133
	16,660	Papa John’s International, Inc.		1,259,663
	17,100	Papa Murphy’s Holdings, Inc.d,e		354,312
	10,200	Persimmon plc		316,463
	3,500	Premier Investments, Ltd.		34,414
	200	Priceline Group, Inc.e		230,274
	18,954	PVH Corporation		2,183,501
	5,832	Ralph Lauren Corporation		771,924
	17,958	Red Robin Gourmet Burgers, Inc.e		1,541,156
	6,398	Restoration Hardware Holdings, Inc.d,e		624,637
	52,884	Ross Stores, Inc.		2,570,691
	14,850	Scripps Networks Interactive, Inc.		970,745
	3,200	SES SA		107,578
	3,300	SHOWA Corporation		32,838
	291,400	Sirius XM Holdings, Inc.e		1,086,922
	9,956	Skechers USA, Inc.e		1,093,069
	5,118	Slater & Gordon, Ltd.		13,964
	323,780	Starbucks Corporation		17,359,465
	25,880	Starwood Hotels & Resorts Worldwide, Inc.		2,098,609
	11,400	Sumitomo Forestry Company, Ltd.		140,586
	2,500	Sumitomo Rubber Industries, Ltd.		38,726
	66,400	Target Corporation		5,420,232
	18,938	Tenneco, Inc.e		1,087,799
	14,400	Tesla Motors, Inc.d,e		3,862,944
	39,700	Time, Inc.		913,497
	52,467	Toll Brothers, Inc.e		2,003,715
	10,250	Tower International, Inc.e		267,013
	15,615	Tractor Supply Company		1,404,413
	130,259	Tuesday Morning Corporatione		1,467,368
	12,000	UBM plc		100,827
	5,922	Ulta Salon Cosmetics & Fragrance, Inc.e		914,653
	17,572	Under Armour, Inc.e		1,466,208
	11,354	Vail Resorts, Inc.		1,239,857
	806	Valora Holding AG		158,352
	10,866	VF Corporation		757,795
	6,000	Wacoal Holdings Corporation		70,120
	6,400	WH Smith plc		153,483
	7,800	WPP plc		175,079
	22,050	Wyndham Worldwide Corporation		1,806,116
	59,300	Yum! Brands, Inc.		5,341,744
	26,860	Zoe’s Kitchen, Inc.d,e		1,099,648
		Total		221,910,670
	Consumer Staples (1.0%)
	1,800	AarhusKarlshamn AB		106,611
	114,400	Altria Group, Inc.		5,595,304
	7,000	Archer-Daniels-Midland Company		337,540
	34,600	Avon Products, Inc.d		216,596
	4,900	Axfood AB		78,223
	9,196	B&G Foods, Inc.		262,362
	1,573	Bakkafrost PF		41,946
	3,189	Boston Beer Company, Inc.e		739,816
	10,473	Britvic plc		117,995
	44,600	Campbell Soup Company		2,125,190
	400	Carlsberg AS		36,242
	400	Casino Guichard Perrachon SA		30,361
	24,100	Coca-Cola Company		945,443
	4,600	Coca-Cola Enterprises, Inc.		199,824
	2,200	Coca-Cola HBC AGe		47,214
	855	Cranswick plc		21,441
	60,400	CVS Health Corporation		6,334,752
	10,400	Estee Lauder Companies, Inc.		901,264
	21	Greencore Group plc		104
	39,866	Hain Celestial Group, Inc.e		2,625,575
	1,500	Henkel AG & Company KGaA		143,034
	11,900	Ingredion, Inc.		949,739
	8,664	J Sainsbury plc		36,066
	13,350	Keurig Green Mountain, Inc.		1,023,011
	16,170	Kimberly-Clark Corporation		1,713,535
	19,700	Koninklijke Ahold NV		369,822
	900	KOSE Corporation		74,019
	200	Milbon Company, Ltd.		6,364
	10,650	Molson Coors Brewing Company		743,477
	59,060	Mondelez International, Inc.		2,429,728
	16,988	Monster Beverage Corporatione		2,276,732
	8,600	Nestle SA		620,495
	27,416	Philip Morris International, Inc.		2,197,941
	7,300	Pilgrim’s Pride Corporationd		167,681
	19,950	Pinnacle Foods, Inc.		908,523
	670	Reckitt Benckiser Group plc		57,777
	32,600	Reynolds American, Inc.		2,433,916
	1,000	Royal Unibrew AS		34,179
	8,138	SalMar ASA		119,357
	5,500	Suedzucker AG		91,608
	8,100	Swedish Match AB		230,288
	34,000	Sysco Corporation		1,227,400
	10,434	Tate & Lyle plc		85,168
	12,640	TreeHouse Foods, Inc.e		1,024,219
	15,300	Tyson Foods, Inc.		652,239
	38,678	United Natural Foods, Inc.e		2,463,015
	73,100	Wal-Mart Stores, Inc.		5,184,983
	27,710	WhiteWave Foods Companye		1,354,465
	7,584	Whole Foods Market, Inc.		299,113
		Total		49,681,697
	Energy (4.8%)
	28,000	Atwood Oceanics, Inc.d		740,320
	204,100	Baker Hughes, Inc.		12,592,970
	4,869	BW LPG, Ltd.		41,632
	47,518	BW Offshore, Ltd.		30,633
	248,200	Cameron International Corporatione		12,998,234
	263,350	Canadian Natural Resources, Ltd.		7,152,586
	71,070	Chevron Corporation		6,856,123
	2,170	Cimarex Energy Company		239,373
	1,013,374	Cobalt International Energy, Inc.e		9,839,862
	65,404	Concho Resources, Inc.e		7,446,899
	4,500	ConocoPhillips		276,345
	13,150	Denbury Resources, Inc.d		83,634
	7,073	Diamondback Energy, Inc.e		533,163
	1,850	Dril-Quip, Inc.e		139,212
	1,650	Energen Corporation		112,695
	3,080	Ensco plc		68,592
	257,842	EOG Resources, Inc.		22,574,067
	280,936	EQT Corporation		22,851,334

The accompanying Notes to Financial Statements are an integral part of this schedule.

10

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value
	Energy (4.8%) - continued
	14,600	ERG SPA	$	175,139
	120,750	Exxon Mobil Corporation		10,046,400
	12,100	FMC Technologies, Inc.e		502,029
	17,400	Frank’s International NV		327,816
	9,500	Green Plains, Inc.		261,725
	5,400	Gulfmark Offshore, Inc.d		62,640
	1,800	Gulfport Energy Corporatione		72,450
	32,800	Halliburton Company		1,412,696
	7,850	Helix Energy Solutions Group, Inc.e		99,145
	20,190	Helmerich & Payne, Inc.		1,421,780
	15,864	HollyFrontier Corporation		677,234
	27,300	Kinder Morgan, Inc.		1,048,047
	42,430	Laredo Petroleum Holdings, Inc.d,e		533,769
	397,998	Marathon Oil Corporation		10,562,867
	294,900	Marathon Petroleum Corporation		15,426,219
	2,710	National Oilwell Varco, Inc.		130,839
	4,500	Newfield Exploration Companye		162,540
	4,300	Noble Energy, Inc.		183,524
	338,903	Oasis Petroleum, Inc.d,e		5,371,613
	3,330	Oceaneering International, Inc.		155,145
	2,965	Oil States International, Inc.e		110,387
	73,130	Patterson-UTI Energy, Inc.		1,375,941
	597,200	Petroleo Brasileiro SA ADRd,e		5,404,660
	73,752	Rex Energy Corporationd,e		412,274
	25,300	Rice Energy, Inc.e		526,999
	383,750	Rowan Companies plc		8,100,962
	3,444	Royal Dutch Shell plc		97,947
	17,027	Royal Dutch Shell plc, Class B		484,765
	85,530	Schlumberger, Ltd.		7,371,831
	10,495	SemGroup Corporation		834,143
	6,900	Showa Shell Sekiyu KK		60,289
	14,444	SM Energy Company		666,157
	288,452	Southwestern Energy Companye		6,556,514
	4,649	Statoil ASA		83,138
	425,210	Suncor Energy, Inc. ADR		11,701,779
	24,400	Superior Energy Services, Inc.		513,376
	1,350	Tesoro Corporation		113,953
	3,200	Total SA		156,963
	319,350	Total SA ADRd		15,702,440
	125,296	Trinidad Drilling, Ltd.d		405,281
	30,808	U.S. Silica Holdings, Inc.d		904,523
	1,849,360	Weatherford International, Ltd.e		22,691,647
	15,250	Western Refining, Inc.		665,205
	12,182	Whiting Petroleum Corporatione		409,315
	4,400	Woodside Petroleum, Ltd.		116,102
	3,950	World Fuel Services Corporation		189,403
	10,600	WorleyParsons, Ltd.		85,105
		Total		238,952,390
	Financials (3.6%)
	17,150	ACE, Ltd.		1,743,812
	24,912	Affiliated Managers Group, Inc.e		5,445,763
	6,900	Allianz SE		1,076,065
	16,050	Allied World Assurance Company Holdings AG		693,681
	29,291	Allstate Corporation		1,900,107
	22,740	American Assets Trust, Inc.		891,635
	35,900	American Campus Communities, Inc.		1,353,071
	41,500	American International Group, Inc.		2,565,530
	34,724	Amlin plc		259,806
	18,003	Argo Group International Holdings, Ltd.		1,002,767
	104,440	Assured Guaranty, Ltd.		2,505,516
	10,100	Bank Hapoalim, Ltd.		54,358
	303,440	Bank of America Corporation		5,164,549
	12,124	Bank of Queensland, Ltd.		119,294
	30,813	Bank of the Ozarks, Inc.		1,409,695
	31,000	Bank of Yokohama, Ltd.		189,843
	58,840	BBCN Bancorp, Inc.		870,244
	5,300	Bendigo and Adelaide Bank, Ltd.		50,115
	47,600	Berkshire Hathaway, Inc.e		6,478,836
	18,900	BinckBank NV		180,363
	54,200	Blackstone Group, LP		2,215,154
	800	Bolsas y Mercados Espanoles SA		32,426
	17,000	Boston Private Financial Holdings, Inc.		227,970
	32,450	Brixmor Property Group, Inc.		750,568
	10,550	Camden Property Trust		783,654
	49,600	Capital One Financial Corporation		4,363,312
	8,415	Capital Shopping Centres Group plc		40,650
	25,900	Capitaland Commercial Truste		29,976
	25,200	CapitaMall Truste		40,196
	20,100	CBL & Associates Properties, Inc.		325,620
	16,000	CBRE Group, Inc.e		592,000
	35,200	Chambers Street Properties		279,840
	59,300	Charles Schwab Corporation		1,936,145
	7,000	Chiba Bank, Ltd.		53,304
	258,497	Citigroup, Inc.		14,279,374
	6,365	CNA Financial Corporation		243,207
	103,760	CNO Financial Group, Inc.		1,903,996
	8,000	CNP Assurances		133,894
	57,300	Comerica, Inc.		2,940,636
	1,180	Commonwealth Bank of Australia		77,381
	36,600	Corporate Office Properties Trust		861,564
	2,600	Daito Trust Construction Company, Ltd.		269,088
	14	Daiwa House Residential Investment Corporation		31,733
	10,000	Daiwa Securities Group, Inc.		74,807
	1,535	Delta Lloyd NV		25,199
	16,300	DEXUS Property Group		91,720
	11,500	Digital Realty Trust, Inc.		766,820
	30,708	Direct Line Insurance Group plc		162,093
	18,150	Discover Financial Services		1,045,803
	8,084	DnB ASA		134,628
	48,850	Duke Realty Corporation		907,144
	43,380	Encore Capital Group, Inc.d,e		1,854,061
	53,983	Essent Group, Ltd.e		1,476,435
	700	Eurocommercial Properties NV		29,305
	28,784	Evercore Partners, Inc.		1,553,185
	9,300	Extra Space Storage, Inc.		606,546
	12,407	FelCor Lodging Trust, Inc.		122,581
	43,700	First American Financial Corporation		1,626,077
	67,381	First Republic Bank		4,247,024
	19,200	FlexiGroup, Ltd.		43,062
	64,200	Franklin Resources, Inc.		3,147,726
	23,000	Frasers Centrepoint Trust		35,168
	49,000	Fukuoka Financial Group, Inc.		253,972
	8,950	General Growth Properties, Inc.		229,657
	13,900	Government Properties Income Trust		257,845
	16,450	Green Dot Corporatione		314,524
	3,099	Hamborner REIT AG		30,110
	3,099	Hamborner REIT AG Rightse		193
	117,214	Hanmi Financial Corporation		2,911,596
	3,100	Hannover Rueckversicherung SE		300,039
	19,860	HCC Insurance Holdings, Inc.		1,526,042
	11,000	Henderson Land Development Company, Ltd.		75,195
	27,000	Highwoods Properties, Inc.		1,078,650
	26,200	Hospitality Properties Trust		755,084
	150,345	Host Hotels & Resorts, Inc.		2,981,341
	154,200	HSBC Holdings plc		1,380,762

The accompanying Notes to Financial Statements are an integral part of this schedule.

11

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value
	Financials (3.6%) - continued
	7,000	Hufvudstaden AB	$	85,155
	373,000	Huntington Bancshares, Inc.		4,218,630
	53,000	Hysan Development Company, Ltd.		229,515
	1,879	IG Group Holdings plc		22,024
	51,129	Intercontinental Exchange, Inc.		11,432,956
	29,950	Intermediate Capital Group plc		258,729
	81,610	Invesco, Ltd.		3,059,559
	33,900	Investec plc		304,589
	129,310	J.P. Morgan Chase & Company		8,762,046
	9	Japan Prime Realty Investment Corporation		27,944
	700	Julius Baer Group, Ltd.		39,280
	39,224	Kennedy-Wilson Holdings, Inc.		964,518
	78,050	KeyCorp		1,172,311
	10,469	Lazard, Ltd.		588,777
	51,600	Lexington Realty Trust		437,568
	40,500	Link REIT		237,003
	9,750	M&T Bank Corporation		1,218,067
	28,200	MBIA, Inc.e		169,482
	91,740	MetLife, Inc.		5,136,523
	14,900	Mid-America Apartment Communities, Inc.		1,084,869
	164,300	Morgan Stanley		6,373,197
	22,300	MSCI, Inc.		1,372,565
	1,800	Muenchener Rueckversicherungs-Gesellschaft AG		319,131
	31,675	NASDAQ OMX Group, Inc.		1,546,057
	244,000	New World Development Company, Ltd.		318,822
	21,550	Northern Trust Corporation		1,647,713
	54,010	PacWest Bancorp		2,525,508
	35,490	Parkway Properties, Inc.		618,946
	49,472	Pebblebrook Hotel Trust		2,121,359
	32,160	Primerica, Inc.		1,469,390
	16,800	Progressive Corporation		467,544
	42,600	Ramco-Gershenson Properties Trust		695,232
	18,950	Raymond James Financial, Inc.		1,129,041
	20,670	Renasant Corporation		673,842
	11,900	Resona Holdings, Inc.		64,904
	18,100	Retail Properties of America, Inc.		252,133
	9,450	RLJ Lodging Trust		281,421
	700	Sampo Oyj		32,989
	1,300	Schroders plc		64,865
	9,202	SEGRO plc		58,629
	30,800	Skandinaviska Enskilda Banken AB		393,973
	215,170	SLM Corporatione		2,123,728
	2,650	Sovran Self Storage, Inc.		230,311
	4,600	StanCorp Financial Group, Inc.		347,806
	69,920	Stockland		220,788
	17,100	Store Capital Corporation		343,710
	36,000	Sumitomo Mitsui Trust Holdings, Inc.		164,686
	73,334	Summit Hotel Properties, Inc.		954,075
	15,608	Sunstone Hotel Investors, Inc.		234,276
	10,762	SVB Financial Groupe		1,549,513
	200	Swiss Life Holding AG		45,796
	7,600	Swiss Re AG		672,773
	93,730	Synovus Financial Corporation		2,888,759
	1,000	Talanx AG		30,693
	39,620	Talmer Bancorp, Inc.		663,635
	36,274	TD Ameritrade Holding Corporation		1,335,609
	51,651	Terreno Realty Corporation		1,017,525
	1,500	TRYG AS		31,275
	16,800	UNIQA Insurance Group AG		151,568
	20,314	United Overseas Bank, Ltd.		347,552
	3,800	Wallenstam AB		27,005
	16,100	Wells Fargo & Company		905,464
	78,904	Western Alliance Bancorpe		2,663,799
	31,700	Western Asset Mortgage Capital Corporationd		468,209
	7,950	Weyerhaeuser Company		250,425
	126,252	Zions Bancorporation		4,006,607
	1,000	Zurich Insurance Group AG		304,430
		Total		180,267,955
	Health Care (4.5%)
	4,300	Abaxis, Inc.		221,364
	269,740	Abbott Laboratories		13,238,839
	8,670	ABIOMED, Inc.e		569,879
	28,420	Acadia Healthcare Company, Inc.e		2,226,139
	6,850	Acceleron Pharma, Inc.e		216,734
	69,660	Acorda Therapeutics, Inc.e		2,321,768
	60,657	Actavis, Inc.e		18,406,973
	500	Actelion, Ltd.		73,226
	46,150	Aetna, Inc.		5,882,279
	68,600	Affymetrix, Inc.d,e		749,112
	63,197	Akorn, Inc.d,e		2,759,181
	77,700	Alexion Pharmaceuticals, Inc.e		14,045,829
	36,914	Align Technology, Inc.e		2,314,877
	63,300	Allscripts Healthcare Solutions, Inc.e		865,944
	21,941	AmerisourceBergen Corporation		2,333,206
	27,750	Amgen, Inc.		4,260,180
	90,263	AMN Healthcare Services, Inc.e		2,851,408
	3,800	AmSurg Corporatione		265,810
	4,131	Anacor Pharmaceuticals, Inc.e		319,863
	10,500	AstraZeneca plc		664,543
	48,980	Baxter International, Inc.		3,425,171
	400	Bayer AG		56,016
	24,854	BioMarin Pharmaceutical, Inc.e		3,399,530
	12,650	Bruker Corporatione		258,187
	8,887	C.R. Bard, Inc.		1,517,011
	53,350	Cambrex Corporatione		2,344,199
	11,800	Cardinal Health, Inc.		987,070
	30,873	Cardiovascular Systems, Inc.e		816,591
	48,212	Centene Corporatione		3,876,245
	199,953	Cerner Corporatione		13,808,754
	7,343	Cooper Companies, Inc.		1,306,834
	2,700	CSL, Ltd.		180,000
	14,603	Cyberonics, Inc.e		868,294
	146,470	Depomed, Inc.e		3,143,246
	5,850	Edwards Lifesciences Corporatione		833,216
	49,455	Envision Healthcare Holdings, Inc.e		1,952,483
	4,900	Essilor International SA		587,024
	11,700	EXACT Sciences Corporationd,e		347,958
	126,523	ExamWorks Group, Inc.e		4,947,049
	24,600	Express Scripts Holding Companye		2,187,924
	1,000	Fresenius Medical Care AG & Company		82,786
	800	Gerresheimer AG		49,841
	174,070	Gilead Sciences, Inc.		20,380,116
	13,689	GlaxoSmithKline plc		284,619
	4,350	Greatbatch, Inc.e		234,552
	35,900	HCA Holdings, Inc.e		3,256,848
	5,600	Hikma Pharmaceuticals plc		170,103
	11,900	Hill-Rom Holdings, Inc.		646,527
	700	Hogy Medical Company, Ltd.		35,909
	44,850	Hologic, Inc.e		1,706,991
	1,560	ICON plce		104,988
	8,000	Illumina, Inc.e		1,746,880
	35,874	Impax Laboratories, Inc.e		1,647,334
	23,500	Inogen, Inc.e		1,048,100
	65,650	Ironwood Pharmaceuticals, Inc.e		791,739
	10,766	Johnson & Johnson		1,049,254

The accompanying Notes to Financial Statements are an integral part of this schedule.

12

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value
	Health Care (4.5%) - continued
	3,000	Kaken Pharmaceutical Company, Ltd.	$	104,734
	4,800	KYORIN Holdings, Inc.		97,864
	700	Lonza Group AG		93,566
	14,900	Magellan Health Services, Inc.e		1,044,043
	6,100	Medivation, Inc.e		696,620
	40,328	Medtronic, Inc.		2,988,305
	109,840	Merck & Company, Inc.		6,253,191
	4,918	Mettler-Toledo International, Inc.e		1,679,300
	31,320	Mylan NVd,e		2,125,375
	29,012	Neurocrine Biosciences, Inc.e		1,385,613
	4,100	Novartis AG		403,278
	63,158	NuVasive, Inc.e		2,992,426
	900	Orpea		63,026
	700	Paramount Bed Holdings Company, Ltd.		20,668
	13,310	Perrigo Company plc		2,460,087
	195,300	Pfizer, Inc.		6,548,409
	9,900	PharMerica Corporatione		329,670
	5,600	Providence Service Corporatione		247,968
	2,705	Puma Biotechnology, Inc.d,e		315,809
	32,000	Quest Diagnostics, Inc.		2,320,640
	5,950	Quintiles Transnational Holdings, Inc.e		432,030
	700	Sanofi		69,251
	30,800	Spectrum Pharmaceuticals, Inc.d,e		210,672
	64,028	Team Health Holdings, Inc.e		4,182,949
	57,476	Teleflex, Inc.		7,785,124
	2,050	Thermo Fisher Scientific, Inc.		266,008
	64,286	UnitedHealth Group, Inc.		7,842,892
	27,917	Universal Health Services, Inc.		3,967,006
	53,000	Veeva Systems, Inc.d,e		1,485,590
	67,372	Vertex Pharmaceuticals, Inc.e		8,319,095
	9,650	Waters Corporatione		1,238,867
		Total		222,636,619
	Industrials (2.9%)
	14,800	A.O. Smith Corporation		1,065,304
	1,600	Aalberts Industries NV		47,576
	7,850	AAR Corporation		250,179
	50,850	ADT Corporationd		1,707,035
	3,000	Aida Engineering, Ltd.		32,888
	38,213	Air New Zealand, Ltd.		66,023
	1,000	Airbus Group NV		65,137
	34,500	Allison Transmission Holdings, Inc.		1,009,470
	36,300	ALS, Ltd.d		163,583
	33,500	AMETEK, Inc.		1,835,130
	20,400	Applied Industrial Technologies, Inc.		808,860
	9,600	Argan, Inc.		387,168
	17,000	Asahi Glass Company, Ltd.		102,060
	17,206	B/E Aerospace, Inc.		944,609
	37,400	Boeing Company		5,188,128
	11,930	Briggs & Stratton Corporation		229,772
	300	Bucher Industries AG		74,634
	33,900	Caterpillar, Inc.		2,875,398
	37,970	CLARCOR, Inc.		2,363,253
	2,500	COMSYS Holdings Corporation		37,188
	31,200	Con-way, Inc.		1,197,144
	108,800	CSX Corporation		3,552,320
	7,100	CTT-Correios de Portugal SA		73,286
	25,030	Curtiss-Wright Corporation		1,813,173
	4,000	Dai Nippon Printing Company, Ltd.		41,275
	318,340	Delta Air Lines, Inc.		13,077,407
	6,900	Deutsche Post AG		201,614
	58,064	EMCOR Group, Inc.		2,773,717
	20,470	Esterline Technologies Corporatione		1,951,610
	46,300	Expeditors International of Washington, Inc.		2,134,661
	9,428	Fastenal Companyd		397,673
	27,450	Federal Signal Corporation		409,280
	10,200	Fenner plc		33,212
	30,700	Flowserve Corporation		1,616,662
	100	Flughafen Zuerich AG		77,411
	27,100	Fluor Corporation		1,436,571
	36,700	Fortune Brands Home and Security, Inc.		1,681,594
	700	Fraport AG Frankfurt Airport Services Worldwide		43,969
	10,931	Generac Holdings, Inc.d,e		434,507
	1,500	Go-Ahead Group plc		62,084
	14,917	Graco, Inc.		1,059,555
	57,584	Granite Construction, Inc.		2,044,808
	18,981	H&E Equipment Services, Inc.		379,051
	2,500	Hamburger Hafen und Logistik AG		50,546
	50,726	Healthcare Services Group, Inc.d		1,676,494
	15,969	Heico Corporationd		930,993
	39,014	HNI Corporation		1,995,566
	31,122	Honeywell International, Inc.		3,173,510
	500	Hoshizaki Electric Company, Ltd.		29,410
	12,400	Huntington Ingalls Industries, Inc.		1,396,116
	59,625	Huron Consulting Group, Inc.e		4,179,116
	2,100	Inaba Denki Sangyo Company, Ltd.		73,054
	168,160	Ingersoll-Rand plc		11,337,347
	8,200	Intrum Justitia AB		248,321
	18,700	ITOCHU Corporation		246,975
	38,940	Jacobs Engineering Group, Inc.e		1,581,743
	807	Jardine Matheson Holdings, Ltd.		45,751
	18,383	JB Hunt Transport Services, Inc.		1,509,060
	500	Jungheinrich AG		33,887
	800	Kanamoto Company, Ltd.		20,281
	34,250	KAR Auction Services, Inc.		1,280,950
	10,000	KITZ Corporation		49,971
	10,700	Komatsu, Ltd.		214,677
	3,400	KONE Oyjd		138,006
	2,200	Koninklijke Boskalis Westminster NV		107,993
	81,760	Korn/Ferry International		2,842,795
	21,790	Manpower, Inc.		1,947,590
	16,600	Meritor, Inc.e		217,792
	17,833	Middleby Corporatione		2,001,398
	3,900	MIRAIT Holdings Corporation		45,448
	15,450	Mistras Group, Inc.e		293,241
	4,000	Mitsuboshi Belting, Ltd.		31,693
	900	NCC AB		27,487
	22,124	Nielsen NV		990,491
	4,200	Nippon Konpo Unyu Soko Company, Ltd.		73,219
	3,000	Nisshinbo Holdings, Inc.		33,530
	7,000	Nitto Kogyo Corporation		157,539
	19,467	Old Dominion Freight Line, Inc.e		1,335,534
	53,139	On Assignment, Inc.e		2,087,300
	39,016	Oshkosh Corporation		1,653,498
	52,690	Pentair, Ltd.		3,622,437
	34,445	PGT, Inc.e		499,797
	25,500	PowerSecure International, Inc.e		376,380
	77,610	Progressive Waste Solutions, Ltd.		2,083,829
	28,001	Proto Labs, Inc.d,e		1,889,507
	22,890	Raven Industries, Inc.		465,354
	13,500	Rentokil Initial plc		31,353
	774	Rieter Holding AG		122,353
	70,262	Ritchie Brothers Auctioneers, Inc.d		1,961,715
	47,552	Robert Half International, Inc.		2,639,136
	8,722	Roper Industries, Inc.		1,504,196

The accompanying Notes to Financial Statements are an integral part of this schedule.

13

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value
	Industrials (2.9%) - continued
	23,777	Saia, Inc.e	$	934,198
	16,300	Sandvik AB		180,201
	4,800	Siemens AG		485,624
	94,251	Southwest Airlines Company		3,118,766
	6,250	Spirit Aerosystems Holdings, Inc.e		344,438
	19,569	Spirit Airlines, Inc.e		1,215,235
	25,328	Stericycle, Inc.e		3,391,672
	34,505	Swift Transportation Companye		782,228
	2,200	Teleperformance SA		155,426
	23,540	Tennant Company		1,538,104
	1,200	TKH Group NV		50,410
	7,000	Toppan Printing Company, Ltd.		58,520
	6,700	Toro Company		454,126
	2,600	Tsubakimoto Chain Company		25,398
	120,950	Union Pacific Corporation		11,535,002
	14,509	United Rentals, Inc.e		1,271,279
	8,100	Verisk Analytics, Inc.e		589,356
	9,650	WABCO Holdings, Inc.e		1,193,898
	27,218	WageWorks, Inc.e		1,100,968
	6,640	Watsco, Inc.		821,634
		Total		144,246,841
	Information Technology (6.5%)
	31,243	A10 Networks, Inc.d,e		201,205
	33,340	Agilent Technologies, Inc.		1,286,257
	121,830	Alibaba Group Holding, Ltd. ADRe		10,022,954
	9,550	Alliance Data Systems Corporatione		2,788,027
	2,700	Alps Electric Company, Ltd.		83,267
	10,975	Ambarella, Inc.d,e		1,127,023
	52,274	Amphenol Corporation		3,030,324
	18,511	ANSYS, Inc.e		1,688,944
	260,076	Apple, Inc.f		32,620,032
	100,452	Applied Materials, Inc.		1,930,687
	87,451	Applied Micro Circuits Corporationd,e		590,294
	16,065	Applied Optoelectronics, Inc.e		278,888
	23,260	Arista Networks, Inc.d,e		1,901,272
	181,570	ARM Holdings plc ADR		8,945,954
	39,325	Aspen Technology, Inc.e		1,791,254
	139,060	Atmel Corporation		1,370,436
	12,250	AVG Technologies NVe		333,323
	9,100	Blackhawk Network Holdings, Inc.e		374,920
	21,150	Booz Allen Hamilton Holding Corporation		533,826
	45,030	Broadridge Financial Solutions, Inc.		2,251,950
	111,850	Brocade Communications Systems, Inc.		1,328,778
	7,600	Brother Industries, Ltd.		107,514
	14,800	Canon, Inc.		480,088
	800	Cap Gemini SA		70,973
	24,392	Cardtronics, Inc.e		903,724
	11,500	Carsales.com, Ltd.		90,234
	14,653	Cavium, Inc.e		1,008,273
	21,250	CDW Corporation		728,450
	42,771	Ciena Corporationd,e		1,012,817
	424,690	Cisco Systems, Inc.		11,661,987
	26,974	Cognex Corporation		1,297,449
	15,900	Cognizant Technology Solutions Corporatione		971,331
	9,248	Coherent, Inc.e		587,063
	10,500	Comtech Telecommunications Corporation		305,025
	23,526	Constant Contact, Inc.e		676,608
	11,384	Cornerstone OnDemand, Inc.e		396,163
	167,300	Corning, Inc.		3,300,829
	14,970	Criteo SAe		713,620
	22,942	Dealertrack Technologies, Inc.e		1,440,528
	32,125	Demandware, Inc.e		2,283,445
	3,000	Dialog Semiconductor plce		162,225
	17,773	DST Systems, Inc.		2,239,043
	109,598	eBay, Inc.e		6,602,184
	27,400	Electronic Arts, Inc.e		1,822,100
	506,890	EMC Corporation		13,376,827
	32,840	Envestnet, Inc.e		1,327,721
	8,500	F5 Networks, Inc.e		1,022,975
	313,790	Facebook, Inc.e		26,912,199
	39,939	FARO Technologies, Inc.e		1,865,151
	25,160	FEI Company		2,086,519
	7,600	FleetCor Technologies, Inc.e		1,186,056
	70,521	Fortinet, Inc.e		2,914,633
	14,500	FUJIFILM Holdings NPV		517,476
	21,416	Gartner, Inc.e		1,837,065
	23,213	Google, Inc., Class Ae		12,535,949
	25,407	Google, Inc., Class Ce		13,224,598
	70,466	Guidewire Software, Inc.e		3,729,765
	4,000	Hitachi Kokusai Electric, Inc.		60,765
	60,860	HomeAway, Inc.e		1,893,963
	23,770	IAC/InterActiveCorporation		1,893,518
	18,919	Imperva, Inc.e		1,280,816
	1,700	IT Holdings Corporation		36,102
	1,600	ITOCHU Techno-Solutions Corporation		39,846
	45,477	Juniper Networks, Inc.		1,181,038
	16,602	Keysight Technologies, Inc.e		517,816
	53,940	LinkedIn Corporatione		11,145,622
	12,247	Manhattan Associates, Inc.e		730,534
	63,080	MasterCard, Inc.		5,896,718
	55,205	MaxLinear, Inc.e		667,981
	36,960	Microsemi Corporatione		1,291,752
	54,620	Microsoft Corporation		2,411,473
	16,017	Monolithic Power Systems, Inc.		812,222
	58,190	National Instruments Corporation		1,714,277
	5,500	NEC Networks & System Integration Corporation		120,014
	71,200	NetApp, Inc.		2,247,072
	12,698	Newport Corporatione		240,754
	14,716	Nice Systems, Ltd. ADR		935,790
	1,000	NS Solutions Corporation		33,066
	236,616	NVIDIA Corporation		4,758,348
	34,176	NXP Semiconductors NVe		3,356,083
	7,900	Optimal Payments plce		29,044
	95,150	Oracle Corporation		3,834,545
	700	Oracle Corporation Japan		29,264
	900	Otsuka Corporation		42,013
	6,710	Palo Alto Networks, Inc.e		1,172,237
	23,434	Plantronics, Inc.		1,319,569
	18,050	Polycom, Inc.e		206,492
	29,950	Progress Software Corporatione		823,625
	36,709	Proofpoint, Inc.e		2,337,262
	64,627	QLIK Technologies, Inc.e		2,259,360
	39,500	QUALCOMM, Inc.		2,473,885
	23,700	Red Hat, Inc.e		1,799,541
	172,040	Salesforce.com, Inc.e		11,979,145
	15,703	Samsung Electronics Company, Ltd. GDR		8,958,562
	3,600	SAP SE		252,275
	24,368	ServiceNow, Inc.e		1,810,786
	13,490	Skyworks Solutions, Inc.		1,404,309
	19,497	Sonus Networks, Inc.e		134,919
	28,650	Symantec Corporation		666,113
	16,704	Synopsys, Inc.e		846,058
	55,400	Teradata Corporatione		2,049,800
	60,354	Teradyne, Inc.		1,164,229

The accompanying Notes to Financial Statements are an integral part of this schedule.

14

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value
	Information Technology (6.5%) - continued
	61,000	Texas Instruments, Inc.	$	3,142,110
	25,113	Textura Corporationd,e		698,895
	1,800	Tokyo Electron, Ltd.		114,403
	6,400	Total System Services, Inc.		267,328
	1,100	Trend Micro, Inc.		37,627
	6,256	Tyler Technologies, Inc.e		809,401
	14,108	Ultimate Software Group, Inc.e		2,318,509
	24,100	Vantiv, Inc.e		920,379
	40,070	Veeco Instruments, Inc.e		1,151,612
	113,389	Virtusa Corporatione		5,828,195
	330,380	Visa, Inc.		22,185,017
	8,800	WebMD Health Corporatione		389,664
	200,950	Xerox Corporation		2,138,108
		Total		324,738,073
	Materials (1.1%)
	23,200	Agnico Eagle Mines, Ltd.		658,184
	14,371	Airgas, Inc.		1,520,164
	141,850	Alcoa, Inc.		1,581,627
	2,200	APERAMe		89,067
	5,000	Asahi Kasei Corporation		41,013
	35,000	Avery Dennison Corporation		2,132,900
	6,110	Balchem Corporation		340,449
	22,650	Ball Corporation		1,588,897
	138,700	Barrick Gold Corporation		1,478,542
	31,700	Berry Plastics Group, Inc.e		1,027,080
	13,300	BillerudKorsnas AB		208,960
	12,900	Boral, Ltd.		58,113
	5,700	Buzzi Unicem SPA		81,202
	37,197	Celanese Corporation		2,673,720
	66,045	Chemtura Corporatione		1,869,734
	3,050	Compass Minerals International, Inc.		250,527
	35,050	Crown Holdings, Inc.e		1,854,495
	14,400	Daicel Corporation		184,784
	41,180	Dow Chemical Company		2,107,181
	5,000	DOWA Holdings Company, Ltd.		47,251
	17,270	Eagle Materials, Inc.		1,318,219
	14,700	Eastman Chemical Company		1,202,754
	79,450	Eldorado Gold Corporation		328,923
	22,000	Ferro Corporatione		369,160
	27,533	FMC Corporation		1,446,859
	18,050	Franco-Nevada Corporationd		860,083
	118,820	Freeport-McMoRan, Inc.		2,212,428
	100	Givaudan SA		173,131
	96,500	Goldcorp, Inc.		1,563,300
	72,716	Graphic Packaging Holding Company		1,012,934
	1,500	Holmen AB		43,775
	82,160	Horsehead Holding Corporationd,e		962,915
	5,550	Innophos Holdings, Inc.		292,152
	69,450	International Paper Company		3,305,125
	130,850	Kinross Gold Corporatione		303,572
	7,000	Kureha Corporation		27,507
	3,000	LyondellBasell Industries NV		310,560
	7,000	Martin Marietta Materials, Inc.		990,570
	24,750	MeadWestvaco Corporation		1,167,952
	4,700	Mondi plc		101,187
	58,400	Newmont Mining Corporation		1,364,224
	13,000	Nippon Steel & Sumitomo Metal Corporation		33,707
	65,448	Norsk Hydro ASAd		274,681
	1,600	Novozymes AS		76,017
	39,600	Nucor Corporation		1,745,172
	17,758	OceanaGold Corporation		43,933
	3,700	Outokumpu Oyje		18,641
	65,100	Owens-Illinois, Inc.e		1,493,394
	15,750	Packaging Corporation of America		984,218
	32,309	PolyOne Corporation		1,265,544
	22,050	Rock-Tenn Company		1,327,410
	8,150	Royal Gold, Inc.		501,959
	29,950	Sealed Air Corporation		1,538,831
	4,300	Silgan Holdings, Inc.		226,868
	69,205	Silver Wheaton Corporation		1,200,015
	5,200	Sonoco Products Company		222,872
	9,250	Southern Copper Corporationd		272,043
	72,220	Steel Dynamics, Inc.		1,496,037
	13,000	Sumitomo Metal Mining Company, Ltd.		197,717
	5,000	Sumitomo Seika Chemicals Company, Ltd.		32,838
	80,300	Teck Resources, Ltd.d		795,773
	9,900	UPM-Kymmene Oyj		175,190
	4,800	Vedanta Resources plc		39,200
	14,750	Vulcan Materials Company		1,237,968
	16,100	Westlake Chemical Corporation		1,104,299
	105,800	Yamana Gold, Inc.		317,400
	7,471	Yara International ASA		389,300
		Total		56,162,247
	Telecommunications Services (0.2%)
	50,100	Bezeq Israel Telecommunication Corporation, Ltd.		85,319
	29,161	BT Group plc		206,498
	7,800	Elisa Oyj		247,128
	7,000	Freenet AG		235,787
	113,096	KCOM Group plc		166,150
	9,897	Level 3 Communications, Inc.e		521,275
	8,200	Nippon Telegraph & Telephone Corporation		296,969
	17,200	Orange SA		265,815
	4,100	Proximus SA		145,087
	19,206	SBA Communications Corporatione		2,208,114
	4,500	Tele2 AB		52,404
	142,200	Telstra Corporation, Ltd.		672,970
	67,079	Verizon Communications, Inc.		3,126,552
	61,550	Vonage Holdings Corporatione		302,211
		Total		8,532,279
	Utilities (0.4%)
	129,500	A2A SPA		154,559
	10,100	AGL Resources, Inc.		470,256
	8,650	Atmos Energy Corporation		443,572
	6,000	CLP Holdings, Ltd.		50,994
	21,390	Dynegy, Inc.e		625,658
	5,600	E.ON SE		74,673
	21,650	Edison International, Inc.		1,203,307
	88,500	Electricidade de Portugal SA		337,185
	6,900	Enagas SAd		187,835
	51,500	Enel SPAd		233,414
	15,700	Entergy Corporation		1,106,850
	3,200	Hokuriku Electric Power Company		47,666
	21,310	Laclede Group, Inc.		1,109,399
	2,336	National Grid plc		30,066
	33,460	NiSource, Inc.		1,525,441
	18,120	NorthWestern Corporation		883,350
	31,600	NRG Energy, Inc.		723,008
	8,500	OGE Energy Corporation		242,845
	11,000	Osaka Gas Company, Ltd.		43,415
	89,340	PG&E Corporation		4,386,594
	17,840	Portland General Electric Company		591,574
	27,900	Public Service Enterprise Group, Inc.		1,095,912

The accompanying Notes to Financial Statements are an integral part of this schedule.

15

Moderate Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.4%)	Value
	Utilities (0.4%) - continued
	32,600	Redes Energeticas Nacionais SGPS SA	$	91,260
	3,016	Severn Trent plc		98,551
	48,800	Southern Company		2,044,720
	5,000	Toho Gas Company, Ltd.		29,601
	17,600	United Utilities Group plc		246,511
	13,600	Westar Energy, Inc.		465,392
	47,250	Wisconsin Energy Corporationd		2,124,833
		Total		20,668,441
		Total Common Stock (cost $1,238,094,573)		1,467,797,212
Principal Amount		Long-Term Fixed Income (12.3%)
	Asset-Backed Securities (0.6%)
		Access Group, Inc.
	446,328	0.687%, 2/25/2036g,h		441,263
		Ally Auto Receivables Trust
	43,859	0.720%, 5/20/2016		43,862
		Ares CLO, Ltd.
	1,275,000	1.564%, 10/12/2023g,h		1,272,152
	750,000	1.754%, 11/15/2025*,h		749,965
		BA Credit Card Trust
	650,000	0.566%, 6/15/2021h		649,611
		Barclays Dryrock Issuance Trust
	1,300,000	0.546%, 12/16/2019h		1,300,004
		Betony CLO, Ltd.
	350,000	1.779%, 4/15/2027*,h		349,893
		Capital One Multi-Asset Execution Trust
	800,000	0.554%, 1/18/2022h		800,894
		Chase Issuance Trust
	875,000	1.590%, 2/18/2020		879,583
		Chesapeake Funding, LLC
	323,159	0.634%, 1/7/2025g,h		323,309
		Countrywide Asset-Backed Certificates
	682,476	5.530%, 4/25/2047		720,372
		Edlinc Student Loan Funding Trust
	356,155	3.190%, 10/1/2025*,h		360,607
		Enterprise Fleet Financing, LLC
	124,950	1.060%, 3/20/2019g		125,119
	756,104	0.870%, 9/20/2019g		755,491
		FirstEnergy Ohio PIRB Special Purpose Trust
	284,587	0.679%, 1/15/2019		284,554
		Ford Credit Auto Owner Trust
	485,000	2.260%, 11/15/2025g		490,999
		Golden Credit Card Trust
	250,000	0.616%, 9/15/2018g,h		250,188
		GoldenTree Loan Opportunities IX, Ltd.
	400,000	1.789%, 10/29/2026*,h		399,240
		Golub Capital Partners CLO 23M, Ltd.
	350,000	1.485%, 5/5/2027*,h		349,568
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,425,000	3.176%, 8/15/2045		1,448,551
	1,425,000	3.246%, 12/15/2047		1,425,440
		Morgan Stanley Capital, Inc.
	993,426	0.337%, 2/25/2037h		599,537
		OZLM VIII, Ltd.
	385,000	1.714%, 10/17/2026*,h		384,297
		Race Point IX CLO, Ltd.
	900,000	1.768%, 4/15/2027*,h		898,722
		Renaissance Home Equity Loan Trust
	1,277,851	5.746%, 5/25/2036i		899,912
	2,800,000	6.011%, 5/25/2036i		1,968,453
	1,220,073	5.580%, 11/25/2036i		729,831
		SLM Student Loan Trust
	632,978	0.786%, 7/15/2022g,h		633,865
	983,880	0.786%, 8/15/2022g,h		984,776
	713,217	0.677%, 4/25/2023g,h		713,458
	450,000	1.236%, 5/17/2027g,h		453,308
		U.S. Small Business Administration
	560,788	3.191%, 3/10/2024		580,295
		UBS Commercial Mortgage Trust
	2,150,000	3.400%, 5/10/2045		2,223,623
		Vericrest Opportunity Loan Transferee
	562,584	3.500%, 2/25/2055*,i		561,821
		Volvo Financial Equipment, LLC
	378,564	0.740%, 3/15/2017g		378,568
	1,000,000	0.820%, 4/16/2018g		998,504
		World Financial Network Credit Card Master Trust
	650,000	0.910%, 3/16/2020		650,191
		World Omni Master Owner Trust
	540,000	0.536%, 2/15/2018g,h		540,000
		Total		27,619,826
	Basic Materials (0.1%)
		Albemarle Corporation
	105,000	3.000%, 12/1/2019		105,204
		ArcelorMittal
	670,000	6.250%, 3/1/2021		701,825
		First Quantum Minerals, Ltd.
	355,000	6.750%, 2/15/2020g		343,462
	355,000	7.000%, 2/15/2021g		339,469
		Freeport-McMoRan, Inc.
	614,000	2.375%, 3/15/2018		609,300
		Georgia-Pacific, LLC
	245,000	2.539%, 11/15/2019g		244,768
		Glencore Funding, LLC
	180,000	1.336%, 4/16/2018g,h		179,901
	368,000	2.875%, 4/16/2020g		360,703
		Hexion US Finance Corporation
	630,000	8.875%, 2/1/2018		568,575
		LyondellBasell Industries NV
	392,000	6.000%, 11/15/2021		448,705
		Packaging Corporation of America
	370,000	4.500%, 11/1/2023		381,580
		Sappi Papier Holding GmbH
	375,000	6.625%, 4/15/2021g		389,063
		Yamana Gold, Inc.
	325,000	4.950%, 7/15/2024		313,050
		Total		4,985,605
	Capital Goods (0.1%)
		Boeing Company
	265,000	3.500%, 3/1/2045		234,380

The accompanying Notes to Financial Statements are an integral part of this schedule.

16

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	Capital Goods (0.1%) - continued
		CNH Capital, LLC
	$630,000	3.625%, 4/15/2018	$	630,000
		Crown Americas Capital Corporation IV
	670,000	4.500%, 1/15/2023		632,735
		Harsco Corporation
	349,000	2.700%, 10/15/2015		349,000
		L-3 Communications Corporation
	384,000	1.500%, 5/28/2017		381,363
		Lockheed Martin Corporation
	355,000	3.800%, 3/1/2045		316,469
		Martin Marietta Materials, Inc.
	230,000	1.382%, 6/30/2017h		229,037
		Northrop Grumman Corporation
	350,000	3.850%, 4/15/2045		307,957
		Owens-Brockway Glass Container, Inc.
	450,000	5.000%, 1/15/2022g		444,375
		Reynolds Group Issuer, Inc.
	629,634	5.750%, 10/15/2020		645,375
		Roper Industries, Inc.
	376,000	2.050%, 10/1/2018		375,048
		Textron, Inc.
	150,000	5.600%, 12/1/2017		163,028
	185,000	5.950%, 9/21/2021		211,836
		Waste Management, Inc.
	90,000	3.125%, 3/1/2025		87,314
		Total		5,007,917
	Collateralized Mortgage Obligations (0.6%)
		Alm Loan Funding CLO
	385,000	1.662%, 10/17/2026*,h		384,134
		Apidos CLO XVIII
	375,000	1.669%, 7/22/2026*,h		372,823
		Babson CLO, Ltd.
	385,000	1.656%, 10/17/2026*,h		383,451
		Birchwood Park CLO, Ltd.
	385,000	1.693%, 7/15/2026*,h		384,299
		BlueMountain CLO, Ltd.
	385,000	1.750%, 10/15/2026*,h		383,821
		Carlyle Global Market Strategies CLO, Ltd.
	385,000	1.575%, 7/20/2023*,h		383,445
	400,000	1.752%, 10/15/2026*,h		400,339
		Cent CLO 16, LP
	385,000	1.528%, 8/1/2024*,h		382,652
		Cent CLO 22, Ltd.
	400,000	1.756%, 11/7/2026*,h		398,742
		Citigroup Mortgage Loan Trust, Inc.
	462,352	5.500%, 11/25/2035		427,179
		CitiMortgage Alternative Loan Trust
	1,555,870	5.750%, 4/25/2037		1,332,526
		Countrywide Alternative Loan Trust
	664,766	5.071%, 10/25/2035		603,920
	424,848	6.500%, 8/25/2036		345,443
	298,259	6.000%, 1/25/2037		274,497
	1,418,188	5.500%, 5/25/2037		1,194,125
	1,215,506	7.000%, 10/25/2037		867,912
		Countrywide Home Loans, Inc.
	572,102	5.750%, 4/25/2037		522,142
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	165,469	5.500%, 10/25/2021		159,312
	446,095	6.000%, 10/25/2021		393,162
		Dryden 34 Senior Loan Fund CLO
	385,000	1.705%, 10/15/2026*,h		384,133
		Federal Home Loan Mortgage Corporation
	1,561,650	3.000%, 2/15/2033j		219,893
		Federal National Mortgage Association
	3,203,872	3.500%, 1/25/2033j		410,991
		Galaxy XX CLO, Ltd.
	1,200,000	1.731%, 7/20/2027*,h		1,199,995
		Golub Capital Partners CLO 22B, Ltd.
	725,000	1.745%, 2/20/2027*,h		723,885
		HomeBanc Mortgage Trust
	2,345,744	2.205%, 4/25/2037		1,749,336
		J.P. Morgan Mortgage Trust
	143,713	2.555%, 10/25/2036		129,284
	1,403,018	0.567%, 1/25/2037h		903,759
	1,577,254	6.250%, 8/25/2037		1,250,589
		Limerock CLO III, LLC
	1,150,000	1.759%, 10/20/2026*,h		1,148,609
		Madison Park Funding XIV CLO, Ltd.
	425,000	1.725%, 7/20/2026*,h		424,448
		Madison Park Funding, Ltd.
	1,100,000	1.570%, 8/15/2022*,h		1,095,194
		Magnetite XII, Ltd.
	1,200,000	1.817%, 4/15/2027*,h		1,199,304
		MASTR Alternative Loans Trust
	337,627	6.500%, 7/25/2034		345,786
	854,234	0.637%, 12/25/2035h		447,349
		Merrill Lynch Alternative Note Asset Trust
	348,968	6.000%, 3/25/2037		319,252
		Mountain View CLO, Ltd.
	1,200,000	1.739%, 7/15/2027*,h		1,196,887
		Neuberger Berman CLO, Ltd.
	300,000	1.749%, 8/4/2025*,h		298,986
		NZCG Funding CLO, Ltd.
	1,200,000	1.812%, 4/27/2027*,h		1,200,691
		Octagon Investment Partners XX CLO, Ltd.
	385,000	1.720%, 8/12/2026*,h		384,316
		OHA Loan Funding, Ltd.
	1,150,000	1.762%, 10/20/2026*,h		1,148,581
		Residential Asset Securitization Trust
	1,206,273	0.567%, 8/25/2037h		420,062
		Sequoia Mortgage Trust
	834,495	2.770%, 9/20/2046		665,128
		Shackleton VII CLO, Ltd.
	1,200,000	1.797%, 4/15/2027*,h		1,200,008
		Symphony CLO XV, Ltd.
	1,150,000	1.724%, 10/17/2026*,h		1,149,487
		Symphony CLO, Ltd.
	381,161	1.374%, 1/9/2023*,h		380,058
		Voya CLO 3, Ltd.
	385,000	1.697%, 7/25/2026*,h		382,378

The accompanying Notes to Financial Statements are an integral part of this schedule.

17

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	Collateralized Mortgage Obligations (0.6%) - continued
		WaMu Mortgage Pass Through Certificates
	$234,145	2.246%, 9/25/2036	$	210,794
	458,957	2.281%, 10/25/2036		409,230
	3,194,675	1.969%, 11/25/2036		2,821,534
		Total		33,413,871
	Commercial Mortgage-Backed Securities (0.3%)
		Commercial Mortgage Pass-Through Certificates
	780,000	1.234%, 6/8/2030g,h		778,540
		Credit Suisse First Boston Mortgage Securities
	2,800,000	5.542%, 1/15/2049		2,953,294
		Credit Suisse Mortgage Capital Certificates
	1,700,000	5.509%, 9/15/2039		1,773,277
		Federal Home Loan Mortgage Corporation Multi Family Structured Pass Thru Certificates
	342,672	0.727%, 12/25/2016		343,104
		Federal National Mortgage Association
	507,528	1.272%, 1/25/2017		510,089
		Government National Mortgage Association
	107	3.214%, 1/16/2040		107
		Greenwich Capital Commercial Funding Corporation
	1,750,000	5.867%, 12/10/2049		1,877,137
		GS Mortgage Securities Trust
	2,450,000	3.666%, 9/10/2047		2,519,943
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	850,000	1.136%, 12/15/2028g,h		849,830
	1,300,000	5.885%, 2/12/2049		1,377,784
		JPMBB Commercial Mortgage Securities Trust
	1,175,000	3.231%, 1/15/2048		1,172,028
		LSTAR Commercial Mortgage Trust
	308,262	1.519%, 1/20/2041g		308,393
		Morgan Stanley Capital, Inc.
	900,000	5.406%, 3/15/2044		949,740
		SCG Trust
	425,000	1.586%, 11/15/2026g,h		424,566
		Total		15,837,832
	Communications Services (0.4%)
		21st Century Fox America, Inc.
	350,000	6.900%, 3/1/2019		406,395
		AMC Networks, Inc.
	630,000	4.750%, 12/15/2022		630,000
		America Movil SAB de CV
	425,000	1.288%, 9/12/2016h		425,915
	288,000	5.000%, 10/16/2019		317,013
		American Tower Corporation
	50,000	2.800%, 6/1/2020		49,305
	345,000	3.450%, 9/15/2021		343,337
		AT&T, Inc.
	165,000	1.212%, 6/30/2020h		165,639
	349,000	3.875%, 8/15/2021		359,978
	275,000	3.000%, 6/30/2022		265,530
	355,000	5.550%, 8/15/2041		363,722
	275,000	4.750%, 5/15/2046		250,243
		British Sky Broadcasting Group plc
	320,000	2.625%, 9/16/2019g		317,834
		CCO Holdings, LLC
	630,000	7.375%, 6/1/2020		665,437
		CenturyLink, Inc.
	500,000	6.450%, 6/15/2021		503,750
		Columbus International, Inc.
	355,000	7.375%, 3/30/2021g		381,625
		Comcast Corporation
	460,000	4.400%, 8/15/2035		456,767
	140,000	4.650%, 7/15/2042		140,354
	252,000	4.750%, 3/1/2044		255,816
		Cox Communications, Inc.
	184,000	9.375%, 1/15/2019g		224,633
		Crown Castle International Corporation
	595,000	5.250%, 1/15/2023		599,314
		Crown Castle Towers, LLC
	100,000	4.174%, 8/15/2017g		103,700
		Digicel, Ltd.
	670,000	6.000%, 4/15/2021g		645,960
		DIRECTV Holdings, LLC
	212,000	5.875%, 10/1/2019		239,308
	141,000	4.450%, 4/1/2024		144,287
	355,000	6.350%, 3/15/2040		383,686
		FairPoint Communications, Inc.
	600,000	8.750%, 8/15/2019g		624,000
		Hughes Satellite Systems Corporation
	567,000	6.500%, 6/15/2019		615,195
		Intelsat Jackson Holdings SA
	630,000	7.250%, 4/1/2019		639,450
		Level 3 Financing, Inc.
	630,000	8.625%, 7/15/2020		673,281
		McGraw Hill Financial, Inc.
	220,000	4.000%, 6/15/2025g		219,782
		Numericable-SFR
	670,000	6.000%, 5/15/2022g		660,369
		Scripps Networks Interactive, Inc.
	370,000	2.800%, 6/15/2020		364,497
		SES Global Americas Holdings GP
	365,000	2.500%, 3/25/2019g		363,683
		Sprint Corporation
	640,000	7.625%, 2/15/2025		603,200
		Telefonica Emisiones SAU
	319,000	3.192%, 4/27/2018		327,690
	175,000	7.045%, 6/20/2036		214,925
		Time Warner Entertainment Company, LP
	459,000	8.375%, 3/15/2023		570,592
		Time Warner, Inc.
	368,000	3.600%, 7/15/2025		357,947
	265,000	6.250%, 3/29/2041		303,237
		T-Mobile USA, Inc.
	670,000	6.125%, 1/15/2022		691,775
		Unitymedia Hessen GmbH & Company KG
	385,000	5.500%, 1/15/2023g		392,459

The accompanying Notes to Financial Statements are an integral part of this schedule.

18

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	Communications Services (0.4%) - continued
		UPCB Finance V, Ltd.
	$567,000	7.250%, 11/15/2021g	$	612,360
		Verizon Communications, Inc.
	350,000	1.053%, 6/17/2019h		347,802
	70,000	2.625%, 2/21/2020		69,843
	525,000	3.000%, 11/1/2021		517,937
	664,000	5.150%, 9/15/2023		726,974
	26,000	6.400%, 9/15/2033		29,794
	188,000	5.050%, 3/15/2034		189,265
	319,000	4.272%, 1/15/2036g		287,760
	66,000	6.550%, 9/15/2043		77,204
	423,000	4.522%, 9/15/2048g		371,613
		Wind Acquisition Finance SA
	425,000	4.750%, 7/15/2020g		418,625
		Total		19,910,807
	Consumer Cyclical (0.2%)
		Cinemark USA, Inc.
	630,000	4.875%, 6/1/2023		605,587
		CVS Health Corporation
	110,000	2.250%, 8/12/2019		109,500
	188,000	6.125%, 9/15/2039		222,100
		Ford Motor Company
	205,000	7.450%, 7/16/2031		261,950
		Ford Motor Credit Company, LLC
	241,000	5.000%, 5/15/2018		259,096
	350,000	2.597%, 11/4/2019		347,446
		General Motors Company
	314,000	6.250%, 10/2/2043		350,284
		General Motors Financial Company, Inc.
	630,000	3.250%, 5/15/2018		644,329
	264,000	4.000%, 1/15/2025		259,045
		Hilton Worldwide Finance, LLC
	670,000	5.625%, 10/15/2021		695,929
		Home Depot, Inc.
	184,000	2.625%, 6/1/2022		180,966
		Hyundai Capital America
	130,000	2.000%, 3/19/2018g		130,046
		Jaguar Land Rover Automotive plc
	630,000	5.625%, 2/1/2023g		652,050
		KB Home
	328,000	4.750%, 5/15/2019		325,540
		L Brands, Inc.
	630,000	5.625%, 2/15/2022		663,075
		Lennar Corporation
	630,000	4.125%, 12/1/2018		636,300
		Macy’s Retail Holdings, Inc.
	102,000	4.375%, 9/1/2023		107,564
	275,000	3.625%, 6/1/2024		274,237
		MGM Resorts International
	670,000	6.000%, 3/15/2023d		678,375
		Six Flags Entertainment Corporation
	200,000	5.250%, 1/15/2021g		204,000
		Toll Brothers Finance Corporation
	100,000	8.910%, 10/15/2017		113,500
	186,000	4.000%, 12/31/2018		189,720
		United Rentals, Inc.
	670,000	5.500%, 7/15/2025		647,388
		Walgreens Boots Alliance, Inc.
	220,000	2.700%, 11/18/2019		220,294
		Total		8,778,321
	Consumer Non-Cyclical (0.3%)
		AbbVie, Inc.
	120,000	1.800%, 5/14/2018		119,647
	315,000	2.500%, 5/14/2020		311,768
	220,000	3.600%, 5/14/2025		217,447
		Actavis Funding SCS
	265,000	4.550%, 3/15/2035		251,955
	352,000	4.850%, 6/15/2044		339,608
		Amgen, Inc.
	150,000	2.125%, 5/1/2020		146,879
	370,000	2.700%, 5/1/2022		357,702
	190,000	3.125%, 5/1/2025		179,767
		B&G Foods, Inc.
	480,000	4.625%, 6/1/2021		472,800
		BAT International Finance plc
	220,000	0.796%, 6/15/2018g,h		219,870
		Becton, Dickinson and Company
	288,000	6.375%, 8/1/2019		331,832
		Boston Scientific Corporation
	200,000	6.000%, 1/15/2020		226,476
	350,000	4.125%, 10/1/2023		355,320
		Bunge Limited Finance Corporation
	282,000	8.500%, 6/15/2019		340,901
		Cardinal Health, Inc.
	120,000	1.950%, 6/15/2018		120,202
	138,000	4.900%, 9/15/2045		137,502
		CHS/Community Health Systems, Inc.
	630,000	7.125%, 7/15/2020		667,485
		Church & Dwight Company, Inc.
	140,000	2.450%, 12/15/2019		140,749
		Cigna Corporation
	265,000	5.375%, 2/15/2042		284,502
		EMD Finance, LLC
	235,000	0.633%, 3/17/2017g,h		234,874
	344,000	2.950%, 3/19/2022g		336,702
		Endo Finance LLC & Endo Finco, Inc.
	630,000	7.000%, 7/15/2019g		653,310
		Forest Laboratories, Inc.
	425,000	4.375%, 2/1/2019g		449,797
		Fresenius Medical Care US Finance II, Inc.
	630,000	5.875%, 1/31/2022g		667,800
		H. J. Heinz Company
	350,000	3.500%, 7/15/2022g		350,821
		HCA, Inc.
	670,000	3.750%, 3/15/2019		675,025
		Hospira, Inc.
	150,000	6.050%, 3/30/2017		161,394
	270,000	5.800%, 8/12/2023		314,258
	275,000	5.600%, 9/15/2040		311,370
		IMS Health, Inc.
	863,000	6.000%, 11/1/2020g		888,890
		JBS USA, LLC
	670,000	5.750%, 6/15/2025g		662,262
		Kraft Foods Group, Inc.
	360,000	5.000%, 6/4/2042		358,748

The accompanying Notes to Financial Statements are an integral part of this schedule.

19

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	Consumer Non-Cyclical (0.3%) - continued
		Laboratory Corporation of America Holdings
	$165,000	2.625%, 2/1/2020	$	163,721
	350,000	4.700%, 2/1/2045		320,585
		Lorillard Tobacco Company
	235,000	2.300%, 8/21/2017d		235,825
		McKesson Corporation
	175,000	3.796%, 3/15/2024		177,012
	225,000	4.883%, 3/15/2044		223,595
		Medco Health Solutions, Inc.
	176,000	7.125%, 3/15/2018		200,340
		Medtronic, Inc.
	375,000	4.375%, 3/15/2035g		372,122
		Merck & Company, Inc.
	175,000	0.654%, 2/10/2020h		174,084
	88,000	3.700%, 2/10/2045		78,616
		Mondelez International, Inc.
	247,000	0.798%, 2/1/2019h		244,224
		Mylan, Inc.
	235,000	7.875%, 7/15/2020g		244,805
		Ortho-Clinical Diagnostics, Inc.
	450,000	6.625%, 5/15/2022g		394,875
		Pernod Ricard SA
	112,000	2.950%, 1/15/2017g		114,448
	188,000	5.750%, 4/7/2021g		211,665
		Reynolds American, Inc.
	342,000	5.700%, 8/15/2035		354,609
		Roche Holdings, Inc.
	370,000	4.000%, 11/28/2044g		356,748
		SABMiller Holdings, Inc.
	184,000	3.750%, 1/15/2022g		190,119
	184,000	4.950%, 1/15/2042g		187,463
		Safeway, Inc.
	10,000	3.400%, 12/1/2016		10,003
		Spectrum Brands Escrow Corporation
	300,000	6.375%, 11/15/2020		317,250
		Spectrum Brands, Inc.
	300,000	5.750%, 7/15/2025g		304,500
		Tenet Healthcare Corporation
	670,000	8.125%, 4/1/2022		732,645
		WM Wrigley Jr. Company
	165,000	2.000%, 10/20/2017g		166,441
		Zimmer Holdings, Inc.
	258,000	4.450%, 8/15/2045		236,652
		Total		17,300,010
	Energy (0.2%)
		Boardwalk Pipelines, Ltd.
	310,000	5.875%, 11/15/2016		321,523
		BP Capital Markets plc
	172,000	3.062%, 3/17/2022		171,552
		Buckeye Partners, LP
	288,000	2.650%, 11/15/2018		286,948
		CNOOC Nexen Finance
	345,000	1.625%, 4/30/2017		345,492
		CNPC General Capital, Ltd.
	192,000	2.750%, 4/19/2017g		195,207
		Columbia Pipeline Group, Inc.
	125,000	2.450%, 6/1/2018g		125,965
		Concho Resources, Inc.
	629,634	5.500%, 10/1/2022		626,486
		Crestwood Midstream Partners, LP
	400,000	6.125%, 3/1/2022		408,000
		El Paso, LLC
	230,000	7.800%, 8/1/2031		262,680
		Enbridge, Inc.
	245,000	0.734%, 6/2/2017h		242,067
		Energy Transfer Partners, LP
	308,000	4.650%, 6/1/2021		316,114
	265,000	4.900%, 3/15/2035		239,112
		Enterprise Products Operating, LLC
	50,000	1.650%, 5/7/2018		49,950
	352,000	2.550%, 10/15/2019		351,899
	252,000	5.100%, 2/15/2045		245,106
	180,000	7.034%, 1/15/2068		193,500
		EQT Corporation
	162,000	5.150%, 3/1/2018		170,237
	118,000	8.125%, 6/1/2019		138,123
		Hess Corporation
	322,000	8.125%, 2/15/2019		381,215
		Kinder Morgan, Inc.
	220,000	5.000%, 2/15/2021g		232,743
	242,000	5.300%, 12/1/2034		224,986
		Linn Energy, LLC
	629,634	6.250%, 11/1/2019		492,689
		Magellan Midstream Partners, LP
	90,000	4.200%, 3/15/2045		79,985
		Marathon Oil Corporation
	460,000	2.700%, 6/1/2020		456,306
		Marathon Petroleum Corporation
	88,000	3.625%, 9/15/2024		86,399
	176,000	4.750%, 9/15/2044		160,634
		MarkWest Energy Partners, LP
	665,000	4.875%, 12/1/2024		650,037
		MEG Energy Corporation
	630,000	6.500%, 3/15/2021g		606,375
		NiSource Finance Corporation
	180,000	4.800%, 2/15/2044		183,537
	265,000	5.650%, 2/1/2045		299,491
		Offshore Group Investment, Ltd.
	630,000	7.500%, 11/1/2019		387,450
		Petroleos Mexicanos
	175,000	3.500%, 1/30/2023		166,022
	210,000	2.378%, 4/15/2025		211,959
		Regency Energy Partners, LP
	670,000	5.000%, 10/1/2022		680,584
		Sabine Pass Liquefaction, LLC
	670,000	5.625%, 3/1/2025g		663,300
		Shell International Finance BV
	165,000	0.729%, 5/11/2020h		164,291
		Southwestern Energy Company
	220,000	7.500%, 2/1/2018		245,480
		Spectra Energy Partners, LP
	172,000	4.500%, 3/15/2045		152,375
		Suncor Energy, Inc.
	270,000	3.600%, 12/1/2024		268,683
		Valero Energy Corporation
	258,000	4.900%, 3/15/2045		241,772

The accompanying Notes to Financial Statements are an integral part of this schedule.

20

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	Energy (0.2%) - continued
		Williams Companies, Inc.
	$192,000	7.875%, 9/1/2021	$	225,385
	157,000	3.700%, 1/15/2023		146,184
	185,000	4.550%, 6/24/2024		179,281
		Total		12,277,124
	Financials (0.8%)
		Abbey National Treasury Services plc
	132,000	3.050%, 8/23/2018		136,567
		Air Lease Corporation
	220,000	2.125%, 1/15/2018		217,800
		Ally Financial, Inc.
	440,000	3.750%, 11/18/2019		436,700
		American Express Credit Corporation
	350,000	0.836%, 3/18/2019h		348,687
		American International Group, Inc.
	145,000	2.300%, 7/16/2019		144,741
	350,000	3.875%, 1/15/2035		316,132
		Aviation Capital Group Corporation
	132,000	3.875%, 9/27/2016g		134,335
		Banco Santander Chile
	435,000	1.176%, 4/11/2017g,h		433,851
		Bank of America Corporation
	370,000	1.351%, 3/22/2018h		373,368
	295,000	1.144%, 4/1/2019h		295,540
	345,000	3.300%, 1/11/2023		339,769
	150,000	4.000%, 4/1/2024		152,636
	250,000	4.000%, 1/22/2025		243,574
	201,000	5.875%, 2/7/2042		231,806
	323,000	8.000%, 12/29/2049k		340,765
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	145,000	2.850%, 9/8/2021g		145,072
		Barclays Bank plc
	280,000	10.179%, 6/12/2021g		370,972
		Barclays plc
	264,000	2.750%, 11/8/2019		262,098
		BB&T Corporation
	150,000	0.990%, 1/15/2020h		149,622
		BBVA Banco Continental SA
	350,000	2.250%, 7/29/2016g		351,050
		BioMed Realty, LP
	282,000	2.625%, 5/1/2019		280,807
		BNP Paribas SA
	386,000	2.375%, 9/14/2017		391,782
		BPCE SA
	258,000	5.700%, 10/22/2023g		271,962
		Caisse Centrale Desjardins du Quebec
	210,000	0.944%, 1/29/2018g,h		210,877
		Capital One Financial Corporation
	379,000	6.150%, 9/1/2016		400,029
	235,000	2.450%, 4/24/2019		235,024
		Citigroup, Inc.
	230,000	6.000%, 8/15/2017		250,168
	245,000	1.044%, 4/8/2019h		244,457
	335,000	8.500%, 5/22/2019		408,598
	244,000	4.050%, 7/30/2022		249,851
	685,000	4.400%, 6/10/2025		682,447
		CoBank ACB
	120,000	0.886%, 6/15/2022*,h		113,095
		Compass Bank
	264,000	2.750%, 9/29/2019		263,348
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	228,000	3.950%, 11/9/2022		227,969
		Credit Agricole SA
	290,000	1.075%, 4/15/2019g,h		292,072
	360,000	2.750%, 6/10/2020g		359,766
		Credit Suisse AG
	231,000	5.400%, 1/14/2020		255,409
		CyrusOne, LP
	630,000	6.375%, 11/15/2022		652,050
		Denali Borrower, LLC
	670,000	5.625%, 10/15/2020g		704,338
		Deutsche Bank AG
	315,000	1.350%, 5/30/2017		312,889
		Discover Bank
	235,000	8.700%, 11/18/2019		285,836
		Discover Financial Services
	188,000	6.450%, 6/12/2017		204,183
		DnB Boligkreditt AS
	605,000	1.450%, 3/21/2018g		605,296
		Duke Realty, LP
	88,000	3.875%, 2/15/2021		91,340
	264,000	4.375%, 6/15/2022		275,851
		ERP Operating, LP
	90,000	3.375%, 6/1/2025		88,127
		European Investment Bank
	445,000	1.875%, 3/15/2019		451,868
	330,000	2.125%, 10/15/2021		329,497
		Fifth Third Bancorp
	286,000	5.450%, 1/15/2017		303,179
	145,000	2.875%, 10/1/2021		143,574
		General Electric Capital Corporation
	610,000	3.100%, 1/9/2023		608,319
	350,000	6.750%, 3/15/2032		454,387
		Genworth Financial, Inc.
	248,000	7.700%, 6/15/2020		268,455
		Goldman Sachs Group, Inc.
	390,000	1.478%, 4/30/2018h		394,114
	205,000	1.374%, 11/15/2018h		206,816
	310,000	2.550%, 10/23/2019		310,727
	374,000	5.375%, 3/15/2020		416,456
	210,000	1.437%, 4/23/2020h		212,051
	336,000	5.250%, 7/27/2021		373,134
	450,000	3.500%, 1/23/2025		436,407
	184,000	5.150%, 5/22/2045		177,510
		Hartford Financial Services Group, Inc.
	249,000	5.125%, 4/15/2022		276,148
		HBOS plc
	288,000	6.750%, 5/21/2018g		319,321
		HCP, Inc.
	176,000	3.400%, 2/1/2025		165,240
		Health Care REIT, Inc.
	58,000	2.250%, 3/15/2018		58,429
	185,000	3.750%, 3/15/2023		183,146
	135,000	4.000%, 6/1/2025		133,240
		HSBC Bank plc
	495,000	0.914%, 5/15/2018g,h		497,095

The accompanying Notes to Financial Statements are an integral part of this schedule.

21

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	Financials (0.8%) - continued
		HSBC Holdings plc
	$176,000	5.250%, 3/14/2044	$	182,560
	270,000	6.375%, 3/29/2049k		271,350
		Huntington Bancshares, Inc.
	66,000	2.600%, 8/2/2018		66,829
		Hutchison Whampoa International 14, Ltd.
	275,000	3.625%, 10/31/2024g		270,535
		Icahn Enterprises, LP
	500,000	6.000%, 8/1/2020		516,250
		ING Bank NV
	282,000	4.125%, 11/21/2023		289,666
		ING Capital Funding Trust III
	265,000	3.882%, 12/29/2049h,k		263,012
		International Lease Finance Corporation
	383,000	2.236%, 6/15/2016h		382,521
		Intesa Sanpaolo SPA
	141,000	3.875%, 1/16/2018		145,559
		J.P. Morgan Chase & Company
	200,000	1.800%, 1/25/2018		200,617
	326,000	6.300%, 4/23/2019		373,473
	165,000	2.250%, 1/23/2020		162,143
	50,000	3.200%, 1/25/2023		49,039
	352,000	3.625%, 5/13/2024		349,447
	166,000	3.875%, 9/10/2024		163,328
	690,000	3.125%, 1/23/2025		658,782
	332,000	7.900%, 4/29/2049k		351,173
		Liberty Mutual Group, Inc.
	60,000	4.950%, 5/1/2022g		64,500
	56,000	6.500%, 5/1/2042g		65,347
		Liberty Property, LP
	258,000	3.750%, 4/1/2025		249,759
		Lloyds Bank plc
	235,000	0.806%, 3/16/2018h		234,931
		Lloyds Banking Group plc
	288,000	5.920%, 9/29/2049g,k		286,560
		Merrill Lynch & Company, Inc.
	610,000	6.050%, 5/16/2016		633,422
	225,000	6.400%, 8/28/2017		246,699
		MetLife, Inc.
	355,000	4.050%, 3/1/2045		326,064
		Mizuho Bank, Ltd.
	282,000	1.850%, 3/21/2018g		282,408
		Morgan Stanley
	498,000	6.625%, 4/1/2018		558,784
	260,000	1.557%, 4/25/2018h		263,740
	210,000	1.417%, 1/27/2020h		212,890
	155,000	4.875%, 11/1/2022		164,875
	329,000	4.100%, 5/22/2023		329,615
	220,000	4.300%, 1/27/2045		205,567
	215,000	5.550%, 12/29/2049k		213,441
		MPT Operating Partnership, LP
	450,000	5.500%, 5/1/2024		463,500
		National City Corporation
	288,000	6.875%, 5/15/2019		334,001
		Prologis, LP
	370,000	7.375%, 10/30/2019		438,002
		Prudential Financial, Inc.
	145,000	2.350%, 8/15/2019		145,045
		Quicken Loans, Inc.
	450,000	5.750%, 5/1/2025g		430,875
		Realty Income Corporation
	58,000	2.000%, 1/31/2018		58,413
		Regions Bank
	250,000	7.500%, 5/15/2018		286,957
		Reinsurance Group of America, Inc.
	105,000	5.625%, 3/15/2017		111,907
	252,000	5.000%, 6/1/2021		276,201
		Reliance Standard Life Global Funding II
	230,000	2.500%, 4/24/2019g		230,825
		Royal Bank of Scotland Group plc
	295,000	1.222%, 3/31/2017h		295,203
		Santander Holdings USA, Inc.
	276,000	2.650%, 4/17/2020		271,338
		Simon Property Group, LP
	100,000	10.350%, 4/1/2019		127,026
	400,000	2.750%, 2/1/2023		385,327
		Skandinaviska Enskilda Banken AB
	365,000	2.375%, 3/25/2019g		368,577
		SLM Corporation
	75,000	3.875%, 9/10/2015		75,094
		SpareBank 1 Boligkreditt AS
	605,000	1.250%, 5/2/2018g		600,957
		Sumitomo Mitsui Banking Corporation
	485,000	1.300%, 1/10/2017		485,400
	250,000	0.856%, 1/16/2018h		249,995
		Svenska Handelsbanken AB
	252,000	1.625%, 3/21/2018		252,458
	330,000	0.773%, 6/17/2019h		329,836
		Swiss RE Capital I, LP
	125,000	6.854%, 5/29/2049g,k		128,500
		Synchrony Financial
	155,000	3.000%, 8/15/2019		156,103
	140,000	1.509%, 2/3/2020h		140,616
	160,000	3.750%, 8/15/2021		161,217
		UBS AG/Stamford, Connecticut
	116,000	5.875%, 12/20/2017		127,614
		USB Realty Corporation
	140,000	1.422%, 12/29/2049g,h,k		127,925
		Voya Financial, Inc.
	344,000	2.900%, 2/15/2018		353,011
		Wells Fargo & Company
	210,000	0.958%, 1/30/2020h		208,964
	345,000	3.450%, 2/13/2023		343,132
	350,000	3.000%, 2/19/2025		335,209
		Total		37,835,883
	Foreign Government (<0.1%)
		Eksportfinans ASA
	111,000	5.500%, 5/25/2016		114,191
		Export-Import Bank of Korea
	205,000	2.250%, 1/21/2020		203,016
		Kommunalbanken AS
	335,000	1.500%, 10/22/2019g		332,895
		Total		650,102

The accompanying Notes to Financial Statements are an integral part of this schedule.

22

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	Mortgage-Backed Securities (4.0%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	$13,300,000	3.000%, 7/1/2030c	$	13,768,825
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	378,907	1.960%, 6/1/2043h		390,305
	12,300,000	4.000%, 7/1/2045c		13,007,490
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	17,775,000	3.500%, 7/1/2030c		18,746,237
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	2,305,390	2.054%, 3/1/2043h		2,394,343
	2,286,634	1.729%, 7/1/2043h		2,344,163
	577,500	2.013%, 7/1/2043h		595,544
	561,849	2.067%, 8/1/2043h		580,515
	46,675,000	3.500%, 7/1/2045c		48,100,776
	30,000,000	3.500%, 8/1/2045c		30,836,719
	36,000,000	4.000%, 8/1/2045c		38,056,919
	28,714,000	4.500%, 8/1/2045c		30,997,662
		Total		199,819,498
	Technology (0.2%)
		Amphenol Corporation
	188,000	2.550%, 1/30/2019		190,439
		Apple, Inc.
	165,000	0.577%, 5/6/2020h		164,526
	365,000	3.200%, 5/13/2025		363,113
	350,000	3.450%, 2/9/2045		296,633
		Baidu, Inc.
	250,000	2.750%, 6/9/2019		250,125
		Cisco Systems, Inc.
	220,000	0.593%, 6/15/2018h		220,385
		CommScope Technologies Finance, LLC
	465,000	6.000%, 6/15/2025g		463,256
		Equinix, Inc.
	450,000	5.750%, 1/1/2025		445,500
		Fidelity National Information Services, Inc.
	336,000	1.450%, 6/5/2017		335,242
		First Data Corporation
	630,000	7.375%, 6/15/2019g		654,885
		Freescale Semiconductor, Inc.
	670,000	6.000%, 1/15/2022g		710,200
		Hewlett-Packard Company
	329,000	5.400%, 3/1/2017		350,261
		Iron Mountain, Inc.
	630,000	6.000%, 8/15/2023		658,350
		Micron Semiconductor Asia Pte, Ltd.
	180,000	1.258%, 1/15/2019		180,075
		Oracle Corporation
	150,000	2.500%, 5/15/2022		145,651
	460,000	2.950%, 5/15/2025		442,713
		Plantronics, Inc.
	670,000	5.500%, 5/31/2023g		678,375
		Qualcomm, Inc.
	275,000	3.000%, 5/20/2022		273,136
		Seagate HDD Cayman
	368,000	4.875%, 6/1/2027g		357,720
		Tyco Electronics Group SA
	368,000	6.550%, 10/1/2017		408,326
		Total		7,588,911
	Transportation (0.1%)
		Air Canada Pass Through Trust
	140,000	3.875%, 3/15/2023g		137,382
		American Airlines Pass Through Trust
	445,000	3.375%, 5/1/2027		434,987
		Avis Budget Car Rental, LLC
	365,000	5.125%, 6/1/2022g		355,875
		Burlington Northern Santa Fe, LLC
	350,000	5.050%, 3/1/2041		368,212
		Canadian Pacific Railway Company
	65,000	7.125%, 10/15/2031		83,101
		Continental Airlines, Inc.
	148,758	4.150%, 4/11/2024		151,919
		CSX Corporation
	115,000	3.700%, 11/1/2023		118,058
		Delta Air Lines, Inc.
	204,000	6.750%, 5/23/2017		207,407
	88,290	4.950%, 5/23/2019		93,533
	24,951	4.750%, 5/7/2020		26,386
		ERAC USA Finance, LLC
	67,000	2.800%, 11/1/2018g		68,342
	265,000	4.500%, 2/15/2045g		243,541
		FedEx Corporation
	450,000	3.900%, 2/1/2035		416,018
		Southwest Airlines Company
	285,000	2.750%, 11/6/2019		289,161
		Union Pacific Corporation
	100,000	3.875%, 2/1/2055		87,938
		Virgin Australia Holdings, Ltd.
	90,486	5.000%, 10/23/2023g		93,879
		XPO Logistics, Inc.
	225,000	6.500%, 6/15/2022g		220,219
		Total		3,395,958
	U.S. Government and Agencies (4.2%)
		Federal National Mortgage Association
	1,535,000	0.875%, 5/21/2018		1,525,813
	2,830,000	1.625%, 1/21/2020		2,826,078
	2,835,000	2.625%, 9/6/2024		2,836,094
	405,000	6.250%, 5/15/2029		553,243
		Tennessee Valley Authority
	390,000	5.250%, 9/15/2039		474,517
		U.S. Treasury Bonds
	4,150,000	6.500%, 11/15/2026		5,837,232
	2,900,000	5.250%, 11/15/2028		3,779,970
	2,050,000	4.375%, 5/15/2040		2,524,222
	39,845,000	3.000%, 5/15/2042		39,038,776
		U.S. Treasury Bonds, TIPS
	1,716,422	0.125%, 4/15/2019		1,738,682
	100,408	2.375%, 1/15/2025		118,121
	65,675	2.125%, 2/15/2040		80,878
	575,855	0.750%, 2/15/2042		529,202

The accompanying Notes to Financial Statements are an integral part of this schedule.

23

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015 (unaudited)

(unaudited)

Principal Amount		Long-Term Fixed Income (12.3%)	Value
	U.S. Government and Agencies (4.2%) - continued
		U.S. Treasury Notes
	$4,385,000	0.875%, 11/15/2017	$	4,393,222
	19,915,000	1.500%, 10/31/2019		19,925,894
	2,000,000	1.625%, 6/30/2020		1,999,844
	29,565,000	1.875%, 6/30/2020		29,906,831
	685,000	1.625%, 8/15/2022		664,022
	9,850,000	2.250%, 11/15/2024		9,789,974
	14,300,000	3.625%, 2/15/2044		15,722,178
		U.S. Treasury Notes, TIPS
	29,680,340	0.125%, 4/15/2018		30,146,410
	611,489	0.125%, 1/15/2022		605,995
	36,104,216	0.125%, 1/15/2023		35,466,760
		Total		210,483,958
	Utilities (0.2%)
		AES Corporation
	630,000	7.375%, 7/1/2021		691,425
		American Electric Power Company, Inc.
	368,000	2.950%, 12/15/2022		357,153
		Arizona Public Service Company
	180,000	2.200%, 1/15/2020		178,490
		Berkshire Hathaway Energy Company
	132,000	2.400%, 2/1/2020		131,422
		Calpine Corporation
	670,000	5.375%, 1/15/2023		658,275
		Commonwealth Edison Company
	355,000	3.700%, 3/1/2045		318,743
		Consolidated Edison Company of New York, Inc.
	220,000	4.450%, 3/15/2044		217,058
		DCP Midstream Operating, LP
	185,000	3.875%, 3/15/2023		170,925
		DCP Midstream, LLC
	298,000	4.750%, 9/30/2021g		294,455
		DTE Electric Company
	265,000	3.700%, 3/15/2045		239,561
		DTE Energy Company
	70,000	2.400%, 12/1/2019		69,994
		Duke Energy Carolinas, LLC
	172,000	3.750%, 6/1/2045		156,854
		Duke Energy Corporation
	168,000	2.100%, 6/15/2018		169,652
		Dynegy Finance I, Inc.
	430,000	6.750%, 11/1/2019g		447,415
		EDP Finance BV
	262,000	4.125%, 1/15/2020g		264,543
		Enel Finance International NV
	84,000	6.250%, 9/15/2017g		91,967
		Energy Transfer Equity, LP
	670,000	5.500%, 6/1/2027		668,325
		Eversource Energy
	150,000	1.600%, 1/15/2018		150,597
		Exelon Generation Company, LLC
	300,000	5.200%, 10/1/2019		329,942
	135,000	2.950%, 1/15/2020		135,467
		ITC Holdings Corporation
	67,000	4.050%, 7/1/2023		68,199
	265,000	5.300%, 7/1/2043		283,168
		MidAmerican Energy Holdings Company
	205,000	6.500%, 9/15/2037		251,494
		Monongahela Power Company
	275,000	5.400%, 12/15/2043g		303,695
		NextEra Energy Capital Holdings, Inc.
	50,000	1.586%, 6/1/2017		50,109
		Northern States Power Company
	410,000	4.125%, 5/15/2044		402,617
		NRG Energy, Inc.
	630,000	6.625%, 3/15/2023		648,900
		Oncor Electric Delivery Company, LLC
	258,000	3.750%, 4/1/2045g		230,578
		Pacific Gas & Electric Company
	347,000	5.625%, 11/30/2017		378,757
		PG&E Corporation
	140,000	2.400%, 3/1/2019		140,182
		PPL Capital Funding, Inc.
	144,000	3.500%, 12/1/2022		145,717
	265,000	5.000%, 3/15/2044		278,466
		Sempra Energy
	440,000	6.150%, 6/15/2018		493,916
	170,000	2.400%, 3/15/2020		168,678
		Southern California Edison Company
	100,000	2.400%, 2/1/2022		97,262
		Southwestern Electric Power Company
	180,000	3.900%, 4/1/2045		156,699
		TransAlta Corporation
	336,000	1.900%, 6/3/2017		334,310
		Xcel Energy, Inc.
	155,000	1.200%, 6/1/2017		155,029
		Total		10,330,039
		Total Long-Term Fixed Income (cost $614,722,658)		615,235,662
Shares		Collateral Held for Securities Loaned (1.4%)
	68,786,888	Thrivent Cash Management Trust		68,786,888
		Total Collateral Held for Securities Loaned (cost $68,786,888)		68,786,888

The accompanying Notes to Financial Statements are an integral part of this schedule.

24

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares or Principal Amount		Short-Term Investments (18.8%)l	Value
		Federal Home Loan Bank Discount Notes
	30,333,000	0.071%, 7/1/2015	$	30,333,000
	77,000,000	0.076%, 7/6/2015f		76,999,192
	3,000,000	0.060%, 7/7/2015		2,999,970
	52,425,000	0.079%, 7/8/2015f		52,424,190
	21,550,000	0.044%, 7/10/2015		21,549,765
	10,000,000	0.060%, 7/13/2015		9,999,800
	39,500,000	0.070%, 7/15/2015		39,498,925
	18,000,000	0.075%, 7/16/2015		17,999,437
	54,500,000	0.075%, 7/17/2015		54,498,188
	64,400,000	0.078%, 7/22/2015		64,397,079
	23,000,000	0.073%, 7/24/2015		22,998,927
	75,293,000	0.077%, 7/29/2015f		75,288,505
	44,500,000	0.082%, 7/31/2015		44,496,961
	32,300,000	0.079%, 8/5/2015		32,297,510
	33,000,000	0.073%, 8/7/2015		32,997,520
	61,000,000	0.087%, 8/12/2015		60,993,838
	7,100,000	0.070%, 8/14/2015		7,099,393
	15,000,000	0.060%, 8/17/2015		14,998,825
	50,500,000	0.063%, 8/19/2015		50,495,669
	64,000,000	0.072%, 8/21/2015f		63,993,448
	1,000,000	0.080%, 8/24/2015		999,880
	43,905,000	0.064%, 8/26/2015		43,900,653
	3,000,000	0.081%, 9/2/2015		2,999,575
	53,808,000	0.084%, 9/4/2015		53,799,809
	4,000,000	0.085%, 9/8/2015		3,999,348
	13,000,000	0.088%, 9/9/2015		12,997,764
	4,600,000	0.085%, 9/11/2015		4,599,218
	7,000,000	0.080%, 9/18/2015		6,998,771
		Federal National Mortgage Association Discount Notes
	23,000,000	0.065%, 7/15/2015f		22,999,419
	4,000,000	0.125%, 8/12/2015f		3,999,417
		U.S. Treasury Bills
	2,300,000	0.001%, 8/20/2015m		2,299,997
	500,000	0.011%, 9/3/2015		499,990
		Total Short-Term Investments (at amortized cost)		936,453,983
		Total Investments (cost $4,783,058,234) 105.2%	$	5,243,389,413
		Other Assets and Liabilities, Net (5.2%)		(257,275,739	)
		Total Net Assets 100.0%	$	4,986,113,674

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d All or a portion of the security is on loan.

e Non-income producing security.

f At June 30, 2015, $56,668,380 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

g Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $41,967,909 or 0.8% of total net assets.

h Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

i Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2015.

j Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

k Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

l The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

m At June 30, 2015, $2,299,997 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Moderately Aggressive Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	384,807
Apidos CLO XVIII, 7/22/2026		6/25/2014		374,062
Ares CLO, Ltd., 11/15/2025		11/26/2014		750,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		384,808
Betony CLO, Ltd., 4/15/2027		2/25/2015		350,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		385,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		384,611
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		385,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		385,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		400,000
CoBank ACB, 6/15/2022		10/18/2013		114,657
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		385,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		358,787
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		1,200,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		399,600
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		721,303
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		349,125
Limerock CLO III, LLC, 10/20/2026		10/16/2014		1,150,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		424,490
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		1,100,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		1,200,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		1,196,892
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		300,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		1,200,000
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		385,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		1,147,125
OZLM VIII, Ltd., 10/17/2026		8/7/2014		382,805

The accompanying Notes to Financial Statements are an integral part of this schedule.

25

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015	$	900,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		1,200,000
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		1,141,375
Symphony CLO, Ltd., 1/9/2023		9/15/2014		381,161
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		561,991
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		384,422

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
CLO	-	Collateralized Loan Obligation
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
TIPS	-	Treasury Inflation Protected Security.

The accompanying Notes to Financial Statements are an integral part of this schedule.

26

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (4.0%)a	Value
	Basic Materials (0.3%)
		Alpha Natural Resources, Inc., Term Loan
	$  4,204,724	3.500%, 5/22/2020	$	3,012,516
		Axalta Coating Systems US Holdings, Inc., Term Loan
	2,809,565	3.750%, 2/1/2020		2,804,648
		Fortescue Metals Group, Ltd., Term Loan
	2,159,338	3.750%, 6/30/2019		1,912,980
		Ineos US Finance, LLC, Term Loan
	3,822,396	3.750%, 12/15/2020		3,794,531
		NewPage Corporation, Term Loan
	7,834,334	9.500%, 2/11/2021		6,283,136
		Tronox Pigments BV, Term Loan
	5,146,657	4.250%, 3/19/2020b,c		5,143,466
		Wausau Paper Corporation, Term Loan
	5,333,178	6.500%, 7/30/2020		5,306,512
		Total		28,257,789
	Capital Goods (0.1%)
		ADS Waste Holdings, Inc., Term Loan
	2,276,042	3.750%, 10/9/2019		2,245,884
		Berry Plastics Group, Inc., Term Loan
	6,275,550	3.500%, 2/8/2020		6,242,039
		Silver II Borrower, Term Loan
	1,565,288	4.000%, 12/13/2019		1,508,155
		Sterigenics-Nordion Holdings, LLC, Term Loan
	915,000	4.250%, 5/15/2022		912,712
		Total		10,908,790
	Communications Services (1.3%)
		Atlantic Broadband Penn, LLC, Term Loan
	1,191,643	3.250%, 11/30/2019		1,185,816
		Birch Communication, Inc., Term Loan
	7,893,663	7.750%, 7/17/2020		7,893,663
		Cable & Wireless Communications plc, Term Loan
	542,609	5.500%, 4/28/2017		541,930
		Cengage Learning Acquisitions, Term Loan
	5,810,378	7.000%, 3/31/2020		5,810,378
		Charter Communications Operating, LLC, Term Loan
	842,800	3.000%, 7/1/2020		832,619
	4,410,000	3.000%, 1/3/2021		4,351,744
		Clear Channel Communications, Inc., Term Loan
	1,172,348	7.687%, 7/30/2019		1,094,024
		Fairpoint Communications, Term Loan
	4,183,700	7.500%, 2/14/2019		4,213,781
		Grande Communications Networks, LLC, Term Loan
	2,557,843	4.500%, 5/29/2020		2,540,271
		Hargray Communications Group, Inc., Term Loan
	4,682,753	5.250%, 6/26/2019		4,701,765
		iHeartCommunications, Inc., Term Loan
	3,645,169	6.937%, 1/30/2019		3,361,029
		IMG Worldwide, Inc., Term Loan
	3,171,990	0.000%, 5/6/2021b,c		3,162,474
		Integra Telecom Holdings, Inc., Term Loan
	890,900	9.750%, 2/21/2020		883,479
	3,388,059	5.250%, 8/14/2020		3,361,801
		Intelsat Jackson Holdings SA, Term Loan
	2,274,236	3.750%, 6/30/2019		2,254,814
		Level 3 Communications, Inc., Term Loan
	3,305,000	4.000%, 1/15/2020		3,303,975
		Level 3 Financing, Inc., Term Loan
	1,680,000	3.500%, 5/31/2022		1,667,047
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,090,000	4.500%, 1/7/2022		2,069,100
	2,290,000	4.500%, 1/7/2022		2,282,374
	1,000,000	7.750%, 7/7/2023		1,000,000
		LTS Buyer, LLC, Term Loan
	3,173,481	4.000%, 4/13/2020		3,152,663
	135,988	8.000%, 4/12/2021		135,081
		Mediacom Broadband, LLC, Term Loan
	1,317,738	4.000%, 1/20/2020		1,314,443
		NEP Broadcasting, LLC, Term Loan
	242,857	10.000%, 7/22/2020		239,821
		NEP/NCP Holdco, Inc., Term Loan
	9,229,014	4.250%, 1/22/2020		9,079,042
		NTelos, Inc., Term Loan
	1,239,938	5.750%, 11/9/2019		1,084,945
		SBA Senior Finance II, LLC, Term Loan
	4,700,000	3.250%, 6/10/2022		4,644,211
		Syniverse Holdings, Inc., Term Loan
	3,315,763	4.000%, 4/23/2019		3,118,210
		TNS, Inc., Term Loan
	4,999,184	5.000%, 2/14/2020		4,997,085
		Univision Communications, Inc., Term Loan
	3,745,394	4.000%, 3/1/2020		3,711,948
		Virgin Media Investment Holdings, Ltd., Term Loan
	5,049,909	3.500%, 6/30/2023		4,995,219
		WideOpenWest Finance, LLC, Term Loan
	5,572,035	4.500%, 4/1/2019		5,557,325
		XO Communications, LLC, Term Loan
	3,851,250	4.250%, 3/20/2021		3,842,431
		Yankee Cable Acquisition, LLC, Term Loan
	3,663,472	4.250%, 3/1/2020		3,663,472
		Zayo Group, LLC, Term Loan
	9,428,295	3.750%, 7/2/2019		9,340,518
		Total		115,388,498
	Consumer Cyclical (0.7%)
		Amaya Gaming Group, Inc., Term Loan
	4,639,938	5.000%, 8/1/2021		4,631,818

The accompanying Notes to Financial Statements are an integral part of this schedule.

27

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (4.0%)a	Value
	Consumer Cyclical (0.7%) - continued
		Burlington Coat Factory Warehouse Corporation, Term Loan
	$  1,754,092	4.250%, 8/13/2021	$	1,752,706
		Ceridian HCM Holding, Inc., Term Loan
	2,481,568	4.500%, 9/15/2020		2,455,214
		Chrysler Group, LLC, Term Loan
	2,877,557	3.500%, 5/24/2017		2,870,047
		Golden Nugget, Inc., Delayed Draw
	512,415	5.500%, 11/21/2019		516,258
		Golden Nugget, Inc., Term Loan
	1,195,635	5.500%, 11/21/2019		1,204,602
		Hilton Worldwide Finance, LLC, Term Loan
	9,249,528	3.500%, 10/26/2020		9,251,008
		J.C. Penney Corporation, Inc., Term Loan
	3,900,400	6.000%, 5/22/2018		3,889,245
		Las Vegas Sands, LLC, Term Loan
	2,117,750	3.250%, 12/19/2020		2,106,356
		Marina District Finance Company, Inc., Term Loan
	2,150,934	6.500%, 8/15/2018		2,168,421
		MGM Resorts International, Term Loan
	2,603,250	3.500%, 12/20/2019		2,583,075
		Mohegan Tribal Gaming Authority, Term Loan
	6,698,000	5.500%, 11/19/2019		6,659,285
		Rite Aid Corporation, Term Loan
	1,285,000	5.750%, 8/21/2020		1,297,053
		ROC Finance, LLC, Term Loan
	6,120,975	5.000%, 6/20/2019		5,995,985
		Scientific Games International, Inc., Term Loan
	7,915,302	6.000%, 10/18/2020		7,909,920
	1,853,358	0.000%, 10/1/2021b,c		1,851,283
		Seminole Indian Tribe of Florida, Term Loan
	1,360,638	3.000%, 4/29/2020		1,358,596
		Total		58,500,872
	Consumer Non-Cyclical (0.6%)
		Albertsons, Inc., Term Loan
	6,894,705	5.375%, 3/21/2019		6,917,113
		Catalina Marketing Corporation, Term Loan
	3,861,000	4.500%, 4/9/2021		3,397,680
		CHS/Community Health Systems, Inc., Term Loan
	456,672	3.534%, 12/31/2018		456,275
	428,579	3.750%, 1/27/2021		428,454
	788,573	4.000%, 1/27/2021		789,378
		Endo Luxembourg Finance I Co Sarl, Term Loan
	4,690,000	0.000%, 6/24/2022b,c		4,698,817
		HCA, Inc., Term Loan
	1,473,750	2.937%, 3/31/2017		1,472,468
		JBS USA, LLC, Term Loan
	2,816,296	3.750%, 5/25/2018		2,805,735
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	3,478,695	4.750%, 3/22/2019		3,484,504
		Ortho-Clinical Diagnostics, Inc., Term Loan
	10,363,350	4.750%, 6/30/2021b,c		10,148,725
		Roundy’s Supermarkets, Inc., Term Loan
	3,387,446	5.750%, 3/3/2021		3,268,885
		Supervalu, Inc., Term Loan
	8,050,007	4.500%, 3/21/2019		8,059,184
		Visant Corporation, Term Loan
	5,197,443	7.000%, 9/23/2021		5,006,853
		Total		50,934,071
	Energy (0.3%)
		Altice US Finance I Corporation, Term Loan
	1,995,993	4.250%, 6/8/2022		1,977,910
		Arch Coal, Inc., Term Loan
	3,433,499	6.250%, 5/16/2018		2,336,942
		Energy Solutions, LLC, Term Loan
	6,213,304	6.750%, 5/29/2020		6,223,680
		Expro Holdings UK 2, Ltd., Term Loan
	2,977,500	5.750%, 9/2/2021		2,613,679
		Fieldwood Energy, LLC, Term Loan
	2,063,268	3.875%, 10/1/2018		1,962,043
	660,000	8.375%, 9/30/2020		504,075
		Houston Fuel Oil Terminal, LLC, Term Loan
	3,702,025	4.250%, 8/19/2021		3,516,924
		McJunkin Red Man Corporation, Term Loan
	1,445,008	5.000%, 11/8/2019		1,432,364
		Offshore Group Investment, Ltd., Term Loan
	3,308,838	5.750%, 3/28/2019		2,005,983
		Pacific Drilling SA, Term Loan
	2,376,500	4.500%, 6/3/2018		1,907,141
		Targa Resources Partners, LP, Term Loan
	269,767	5.750%, 2/27/2022		271,791
		Total		24,752,532
	Financials (0.3%)
		DJO Finance, LLC, Term Loan
	1,455,000	4.250%, 6/7/2020		1,454,098
		GEO Group, Inc., Term Loan
	843,780	3.250%, 4/3/2020		842,371
		Harland Clarke Holdings Corporation, Term Loan
	4,436,500	7.000%, 5/22/2018		4,447,591
	481,250	6.000%, 8/4/2019		481,852
		MoneyGram International, Inc., Term Loan
	3,367,487	4.250%, 3/27/2020		3,196,318
		MPH Acquisition Holdings, LLC, Term Loan
	2,102,273	3.750%, 3/31/2021		2,087,998
		TransUnion, LLC, Term Loan
	7,751,875	3.750%, 4/9/2021		7,678,000

The accompanying Notes to Financial Statements are an integral part of this schedule.

28

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (4.0%)a	Value
	Financials (0.3%) - continued
		WaveDivision Holdings, LLC, Term Loan
	$  3,568,500	4.000%, 10/15/2019	$	3,564,039
		Total		23,752,267
	Technology (0.2%)
		Avago Technologies, Ltd., Term Loan
	2,583,050	3.750%, 5/6/2021		2,585,349
		First Data Corporation, Term Loan
	7,025,000	3.687%, 3/23/2018		6,996,127
	1,355,000	3.687%, 9/24/2018		1,350,163
		Freescale Semiconductor, Inc., Term Loan
	3,035,487	4.250%, 2/28/2020		3,036,337
	3,094,875	5.000%, 1/15/2021		3,103,262
		Infor US, Inc., Term Loan
	1,774,846	3.750%, 6/3/2020		1,748,968
		Merrill Communications, LLC, Term Loan
	1,040,000	6.250%, 6/1/2022		1,034,800
		SS&C European Holdings SARL, Term Loan
	2,019,954	0.000%, 6/29/2022b,c		2,018,702
	455,046	0.000%, 6/29/2022b,c		454,764
		Total		22,328,472
	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	3,645,075	3.500%, 6/27/2020		3,606,365
		Delta Air Lines, Inc., Term Loan
	2,972,426	3.250%, 4/20/2017		2,963,746
		OSG Bulk Ships, Inc., Term Loan
	4,885,650	5.250%, 8/5/2019		4,882,621
		United Airlines, Inc., Term Loan
	2,106,512	3.250%, 4/1/2019		2,098,613
	893,250	3.750%, 9/15/2021		892,696
		Total		14,444,041
	Utilities (<0.1%)
		Calpine Corporation, Term Loan
	2,635,475	4.000%, 10/9/2019		2,632,181
	625,343	3.500%, 5/27/2022		619,246
		Intergen NV, Term Loan
	1,685,600	5.500%, 6/15/2020		1,611,855
		Total		4,863,282
		Total Bank Loans (cost $362,418,240)		354,130,614
Shares		Mutual Funds (34.8%)
	Affiliated Equity Mutual Funds (20.6%)
	4,903,115	Thrivent Partner Small Cap Value Portfolio		127,187,284
	4,191,815	Thrivent Small Cap Stock Portfolio		71,772,669
	8,207,190	Thrivent Partner Mid Cap Value Portfolio		130,448,368
	13,836,768	Thrivent Mid Cap Stock Portfolio		233,745,905
	55,766,496	Thrivent Partner Worldwide Allocation Portfolio		532,452,927
	27,999,217	Thrivent Large Cap Value Portfolio		455,947,653
	22,633,380	Thrivent Large Cap Stock Portfolio		266,983,346
		Total		1,818,538,152
	Affiliated Fixed Income Mutual Funds (13.3%)
	39,319,547	Thrivent High Yield Portfolio		191,946,231
	61,091,708	Thrivent Income Portfolio		616,012,128
	37,473,057	Thrivent Limited Maturity Bond Portfolio		368,214,008
		Total		1,176,172,367
	Equity Mutual Funds (0.6%)
	9,000	iShares MSCI EAFE Index Fund		571,410
	54,910	Materials Select Sector SPDR Fund		2,657,095
	36,340	Market Vectors Oil Service ETFd		1,268,266
	15,260	iShares Russell 2000 Index Fundd		1,905,364
	446,700	SPDR Euro Stoxx 50 ETFd		16,719,981
	115,675	SPDR S&P 500 ETF Trust		23,811,699
	53,197	iShares Russell 2000 Growth Index Fundd		8,223,192
		Total		55,157,007
	Fixed Income Mutual Funds (0.3%)
	123,000	iShares Barclays 1-3 Year Credit Bond Fund		12,955,590
	144,000	iShares iBoxx $ Investment Grade Corporate Bond ETF		16,663,680
		Total		29,619,270
		Total Mutual Funds (cost $2,787,590,981)		3,079,486,796
Principal Amount		Long-Term Fixed Income (24.3%)
	Asset-Backed Securities (1.1%)
		Access Group, Inc.
	961,322	0.687%, 2/25/2036e,f		950,412
		Ally Auto Receivables Trust
	94,465	0.720%, 5/20/2016		94,471
		Ares CLO, Ltd.
	4,400,000	1.564%, 10/12/2023e,f		4,390,170
	2,750,000	1.754%, 11/15/2025*,f		2,749,870
		BA Credit Card Trust
	1,750,000	0.566%, 6/15/2021f		1,748,954
		Barclays Dryrock Issuance Trust
	3,500,000	0.546%, 12/16/2019f		3,500,011
		Bayview Opportunity Master Fund Trust
	2,787,504	3.721%, 2/28/2035*		2,793,171
		Bayview Opportunity Master Fund Trust IIB, LP
	1,875,744	3.228%, 7/28/2034*,g		1,880,213
		Betony CLO, Ltd.
	1,260,000	1.779%, 4/15/2027*,f		1,259,616
		CAM Mortgage, LLC
	3,750,000	3.500%, 7/15/2064*		3,750,000
		Capital One Multi-Asset Execution Trust
	2,250,000	0.554%, 1/18/2022f		2,252,513
		Chase Issuance Trust
	2,400,000	1.590%, 2/18/2020		2,412,571
		Chesapeake Funding, LLC
	1,938,953	0.634%, 1/7/2025e,f		1,939,854

The accompanying Notes to Financial Statements are an integral part of this schedule.

29

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Asset-Backed Securities (1.1%) - continued
		Countrywide Asset-Backed Certificates
	$  1,364,951	5.530%, 4/25/2047	$	1,440,744
		Edlinc Student Loan Funding Trust
	98,788	3.190%, 10/1/2025*,f		100,022
		Enterprise Fleet Financing, LLC
	1,949,217	1.060%, 3/20/2019e		1,951,855
	1,134,156	0.870%, 9/20/2019e		1,133,237
		FirstEnergy Ohio PIRB Special Purpose Trust
	612,958	0.679%, 1/15/2019		612,886
		Ford Credit Auto Owner Trust
	1,350,000	2.260%, 11/15/2025e		1,366,698
		Golden Credit Card Trust
	2,000,000	0.616%, 9/15/2018e,f		2,001,500
		GoldenTree Loan Opportunities IX, Ltd.
	1,400,000	1.789%, 10/29/2026*,f		1,397,340
		Lehman XS Trust
	6,400,114	5.440%, 8/25/2035g		5,839,925
		Morgan Stanley Bank of America Merrill Lynch Trust
	5,400,000	3.176%, 8/15/2045		5,489,246
	5,400,000	3.246%, 12/15/2047		5,401,669
		Morgan Stanley Capital, Inc.
	2,888,106	0.337%, 2/25/2037f		1,742,984
		OZLM VIII, Ltd.
	1,400,000	1.714%, 10/17/2026*,f		1,397,445
		Race Point IX CLO, Ltd.
	3,260,000	1.768%, 4/15/2027*,f		3,255,369
		Renaissance Home Equity Loan Trust
	6,500,000	6.011%, 5/25/2036g		4,569,624
	3,660,219	5.580%, 11/25/2036g		2,189,492
		SLM Student Loan Trust
	2,215,422	0.786%, 7/15/2022e,f		2,218,528
	383,461	0.786%, 8/15/2022e,f		383,810
	1,783,042	0.677%, 4/25/2023e,f		1,783,645
	125,000	1.236%, 5/17/2027e,f		125,919
		U.S. Residential Opportunity Fund III Trust
	2,206,507	3.721%, 1/27/2035*		2,206,952
		U.S. Small Business Administration
	983,839	3.191%, 3/10/2024		1,018,061
		UBS Commercial Mortgage Trust
	8,150,000	3.400%, 5/10/2045		8,429,080
		Vericrest Opportunity Loan Transferee
	2,740,557	3.375%, 10/25/2058*,g		2,734,714
	5,000,000	3.500%, 6/26/2045e		4,995,000
	4,650,000	3.500%, 6/26/2045e		4,644,885
	2,212,832	3.500%, 2/25/2055*,g		2,209,830
		Volvo Financial Equipment, LLC
	815,368	0.740%, 3/15/2017e		815,378
	2,000,000	0.820%, 4/16/2018e		1,997,008
		World Financial Network Credit Card Master Trust
	1,400,000	0.910%, 3/16/2020		1,400,412
		World Omni Master Owner Trust
	150,000	0.536%, 2/15/2018e,f		150,000
		Total		104,725,084
	Basic Materials (0.2%)
		Albemarle Corporation
	395,000	3.000%, 12/1/2019		395,767
		ArcelorMittal
	1,425,000	6.250%, 3/1/2021		1,492,687
		First Quantum Minerals, Ltd.
	621,000	6.750%, 2/15/2020e		600,818
	621,000	7.000%, 2/15/2021e		593,831
		Freeport-McMoRan, Inc.
	1,580,000	2.375%, 3/15/2018		1,567,905
	960,000	3.550%, 3/1/2022		888,603
		Georgia-Pacific, LLC
	920,000	2.539%, 11/15/2019e		919,128
		Glencore Funding, LLC
	680,000	1.336%, 4/16/2018e,f		679,627
	1,352,000	2.875%, 4/16/2020e		1,325,193
		Hexion US Finance Corporation
	1,100,000	8.875%, 2/1/2018		992,750
		LyondellBasell Industries NV
	1,280,000	6.000%, 11/15/2021		1,465,160
		Packaging Corporation of America
	1,350,000	4.500%, 11/1/2023		1,392,250
		Sappi Papier Holding GmbH
	700,000	6.625%, 4/15/2021e		726,250
		Yamana Gold, Inc.
	1,285,000	4.950%, 7/15/2024		1,237,753
		Total		14,277,722
	Capital Goods (0.2%)
		Boeing Company
	965,000	3.500%, 3/1/2045		853,497
		Brand Energy & Infrastructure Services, Inc.
	625,000	8.500%, 12/1/2021e		581,250
		CNH Capital, LLC
	1,100,000	3.625%, 4/15/2018		1,100,000
		Crown Americas Capital Corporation IV
	1,470,000	4.500%, 1/15/2023		1,388,239
		Harsco Corporation
	1,197,000	2.700%, 10/15/2015		1,197,000
		L-3 Communications Corporation
	1,336,000	1.500%, 5/28/2017		1,326,827
		Lockheed Martin Corporation
	1,305,000	3.800%, 3/1/2045		1,163,357
		Martin Marietta Materials, Inc.
	960,000	1.382%, 6/30/2017f		955,979
		Northrop Grumman Corporation
	1,310,000	3.850%, 4/15/2045		1,152,637
		Owens-Brockway Glass Container, Inc.
	960,000	5.000%, 1/15/2022e		948,000
		Reynolds Group Issuer, Inc.
	1,101,432	5.750%, 10/15/2020		1,128,968
		Roper Industries, Inc.
	1,280,000	2.050%, 10/1/2018		1,276,760
		Textron, Inc.
	785,000	5.600%, 12/1/2017		853,181
	685,000	5.950%, 9/21/2021		784,367

The accompanying Notes to Financial Statements are an integral part of this schedule.

30

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Capital Goods (0.2%) - continued
		Waste Management, Inc.
	$  310,000	3.125%, 3/1/2025	$	300,749
		Total		15,010,811
	Collateralized Mortgage Obligations (1.4%)
		Alm Loan Funding CLO
	1,400,000	1.662%, 10/17/2026*,f		1,396,851
		Alternative Loan Trust
	1,540,180	6.000%, 6/25/2036		1,405,384
		Apidos CLO XVIII
	1,400,000	1.669%, 7/22/2026*,f		1,391,870
		Babson CLO, Ltd.
	1,400,000	1.656%, 10/17/2026*,f		1,394,367
		Bayview Opportunity Master Fund IIIb NPL Trust
	2,150,000	3.721%, 7/28/2035e,g		2,150,000
		Birchwood Park CLO, Ltd.
	1,400,000	1.693%, 7/15/2026*,f		1,397,451
		BlueMountain CLO, Ltd.
	1,400,000	1.750%, 10/15/2026*,f		1,395,712
		Carlyle Global Market Strategies CLO, Ltd.
	1,400,000	1.575%, 7/20/2023*,f		1,394,346
	1,400,000	1.752%, 10/15/2026*,f		1,401,187
		Cent CLO 16, LP
	1,400,000	1.528%, 8/1/2024*,f		1,391,463
		Cent CLO 22, Ltd.
	1,400,000	1.756%, 11/7/2026*,f		1,395,597
		Citigroup Mortgage Loan Trust, Inc.
	1,078,823	5.500%, 11/25/2035		996,752
		CitiMortgage Alternative Loan Trust
	3,556,273	5.750%, 4/25/2037		3,045,773
		Countrywide Alternative Loan Trust
	2,514,549	5.071%, 10/25/2035		2,284,395
	1,482,390	6.000%, 4/25/2036		1,322,245
	695,937	6.000%, 1/25/2037		640,494
	4,113,138	5.500%, 5/25/2037		3,463,295
	3,521,394	7.000%, 10/25/2037		2,514,391
		Countrywide Home Loans, Inc.
	1,287,231	5.750%, 4/25/2037		1,174,821
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	386,094	5.500%, 10/25/2021		371,727
	1,025,736	6.000%, 10/25/2021		904,023
		Dryden 34 Senior Loan Fund CLO
	1,400,000	1.705%, 10/15/2026*,f		1,396,848
		Federal Home Loan Mortgage Corporation
	5,260,294	3.000%, 2/15/2033h		740,692
		Federal National Mortgage Association
	10,885,443	3.500%, 1/25/2033h		1,396,378
		First Horizon Alternative Mortgage Securities Trust
	3,192,817	6.000%, 8/25/2036f		2,631,555
		Galaxy XX CLO, Ltd.
	4,500,000	1.731%, 7/20/2027*,f		4,499,982
		Golub Capital Partners CLO 22B, Ltd.
	2,700,000	1.745%, 2/20/2027*,f		2,695,847
		Golub Capital Partners CLO 23M, Ltd.
	1,350,000	1.485%, 5/5/2027*,f		1,348,333
		GSR Mortgage Loan Trust
	1,053,401	0.377%, 8/25/2046f		1,019,802
		HomeBanc Mortgage Trust
	1,948,481	2.205%, 4/25/2037		1,453,078
		IndyMac INDX Mortgage Loan Trust
	4,192,022	0.827%, 7/25/2045f		3,620,515
		J.P. Morgan Alternative Loan Trust
	2,128,400	6.500%, 3/25/2036		1,865,128
		J.P. Morgan Mortgage Trust
	743,913	2.806%, 6/25/2036		631,828
	335,330	2.555%, 10/25/2036		301,662
	3,883,355	0.567%, 1/25/2037f		2,501,475
	4,233,682	6.250%, 8/25/2037		3,356,844
		Limerock CLO III, LLC
	4,500,000	1.759%, 10/20/2026*,f		4,494,558
		Madison Park Funding XIV CLO, Ltd.
	1,525,000	1.725%, 7/20/2026*,f		1,523,019
		Madison Park Funding, Ltd.
	4,250,000	1.570%, 8/15/2022*,f		4,231,432
		Magnetite XII, Ltd.
	4,425,000	1.817%, 4/15/2027*,f		4,422,434
		MASTR Alternative Loans Trust
	784,166	6.500%, 7/25/2034		803,116
	2,545,269	0.637%, 12/25/2035f		1,332,917
		Merrill Lynch Alternative Note Asset Trust
	814,258	6.000%, 3/25/2037		744,923
		Mountain View CLO, Ltd.
	4,525,000	1.739%, 7/15/2027*,f		4,513,262
		Neuberger Berman CLO, Ltd.
	1,100,000	1.749%, 8/4/2025*,f		1,096,282
		NZCG Funding CLO, Ltd.
	4,500,000	1.812%, 4/27/2027*,f		4,502,591
		Oak Hill Advisors Residential Loan Trust
	3,176,312	3.475%, 1/25/2055*,g		3,177,535
		Octagon Investment Partners XX CLO, Ltd.
	1,400,000	1.720%, 8/12/2026*,f		1,397,511
		OHA Loan Funding, Ltd.
	4,500,000	1.762%, 10/20/2026*,f		4,494,447
		RALI Trust
	9,000,110	0.367%, 11/25/2036f		6,508,745
		Residential Asset Securitization Trust
	3,642,944	0.567%, 8/25/2037f		1,268,586
		Sequoia Mortgage Trust
	3,337,982	2.770%, 9/20/2046		2,660,512
		Shackleton VII CLO, Ltd.
	4,500,000	1.797%, 4/15/2027*,f		4,500,029
		Symphony CLO XV, Ltd.
	4,500,000	1.724%, 10/17/2026*,f		4,497,994
		Symphony CLO, Ltd.
	1,386,038	1.374%, 1/9/2023*,f		1,382,030
		Voya CLO 3, Ltd.
	1,400,000	1.697%, 7/25/2026*,f		1,390,465
		WaMu Mortgage Pass Through Certificates
	327,803	2.246%, 9/25/2036		295,112
	1,142,708	2.281%, 10/25/2036		1,018,899
	3,194,675	1.969%, 11/25/2036		2,821,534

The accompanying Notes to Financial Statements are an integral part of this schedule.

31

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Collateralized Mortgage Obligations (1.4%) - continued
	$  3,659,066	1.797%, 1/25/2037	$	3,106,035
		Total		128,476,079
	Commercial Mortgage-Backed Securities (0.5%)
		Commercial Mortgage Pass-Through Certificates
	1,680,000	1.234%, 6/8/2030e,f		1,676,855
		Credit Suisse First Boston Mortgage Securities
	7,200,000	5.542%, 1/15/2049		7,594,186
		Credit Suisse Mortgage Capital Certificates
	5,368,000	5.509%, 9/15/2039		5,599,382
		Federal Home Loan Mortgage Corporation Multi Family Structured Pass Thru Certificates
	95,187	0.727%, 12/25/2016		95,306
		Federal National Mortgage Association
	1,153,473	1.272%, 1/25/2017		1,159,293
		Government National Mortgage Association
	141	3.214%, 1/16/2040		140
		Greenwich Capital Commercial Funding Corporation
	4,650,000	5.867%, 12/10/2049		4,987,822
		GS Mortgage Securities Trust
	6,600,000	3.666%, 9/10/2047		6,788,417
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,300,000	1.136%, 12/15/2028e,f		2,299,540
	3,650,000	5.885%, 2/12/2049		3,868,394
		JPMBB Commercial Mortgage Securities Trust
	4,500,000	3.231%, 1/15/2048		4,488,619
		LSTAR Commercial Mortgage Trust
	795,315	1.519%, 1/20/2041e		795,653
		Morgan Stanley Capital, Inc.
	2,650,000	5.406%, 3/15/2044		2,796,458
		SCG Trust
	1,150,000	1.586%, 11/15/2026e,f		1,148,825
		Total		43,298,890
	Communications Services (0.7%)
		21st Century Fox America, Inc.
	1,250,000	6.900%, 3/1/2019		1,451,412
		AMC Networks, Inc.
	1,100,000	4.750%, 12/15/2022		1,100,000
		America Movil SAB de CV
	1,125,000	1.288%, 9/12/2016f		1,127,421
	1,039,000	5.000%, 10/16/2019		1,143,669
		American Tower Corporation
	180,000	2.800%, 6/1/2020		177,499
	1,240,000	3.450%, 9/15/2021		1,234,022
		AT&T, Inc.
	615,000	1.212%, 6/30/2020f		617,383
	1,212,000	3.875%, 8/15/2021		1,250,126
	1,015,000	3.000%, 6/30/2022		980,047
	1,300,000	5.550%, 8/15/2041		1,331,941
	1,015,000	4.750%, 5/15/2046		923,624
		British Sky Broadcasting Group plc
	1,130,000	2.625%, 9/16/2019e		1,122,350
		CCO Holdings, LLC
	1,100,000	7.375%, 6/1/2020		1,161,875
		CenturyLink, Inc.
	1,000,000	6.450%, 6/15/2021		1,007,500
		Cequel Communications Holdings I, LLC
	1,440,000	6.375%, 9/15/2020e		1,430,280
		Columbus International, Inc.
	1,470,000	7.375%, 3/30/2021e		1,580,250
		Comcast Corporation
	1,690,000	4.400%, 8/15/2035		1,678,123
	539,000	4.650%, 7/15/2042		540,364
	878,000	4.750%, 3/1/2044		891,296
		Cox Communications, Inc.
	672,000	9.375%, 1/15/2019e		820,398
		Crown Castle International Corporation
	1,265,000	5.250%, 1/15/2023		1,274,171
		Crown Castle Towers, LLC
	540,000	4.174%, 8/15/2017e		559,979
		Digicel, Ltd.
	1,490,000	6.000%, 4/15/2021e		1,436,539
		DIRECTV Holdings, LLC
	707,000	5.875%, 10/1/2019		798,069
	480,000	4.450%, 4/1/2024		491,189
	1,300,000	6.350%, 3/15/2040		1,405,048
		Hughes Satellite Systems Corporation
	990,000	6.500%, 6/15/2019		1,074,150
		Intelsat Jackson Holdings SA
	1,100,000	7.250%, 4/1/2019		1,116,500
		Level 3 Financing, Inc.
	1,100,000	8.625%, 7/15/2020		1,175,570
		McGraw Hill Financial, Inc.
	800,000	4.000%, 6/15/2025e		799,209
		Numericable-SFR
	1,470,000	6.000%, 5/15/2022e		1,448,869
		Scripps Networks Interactive, Inc.
	1,350,000	2.800%, 6/15/2020		1,329,920
		SES Global Americas Holdings GP
	1,035,000	2.500%, 3/25/2019e		1,031,267
		Sprint Corporation
	1,400,000	7.625%, 2/15/2025		1,319,500
		Telefonica Emisiones SAU
	1,110,000	3.192%, 4/27/2018		1,140,236
	660,000	7.045%, 6/20/2036		810,574
		Time Warner Entertainment Company, LP
	1,691,000	8.375%, 3/15/2023		2,102,114
		Time Warner, Inc.
	1,352,000	3.600%, 7/15/2025		1,315,065
	975,000	6.250%, 3/29/2041		1,115,682
		T-Mobile USA, Inc.
	1,470,000	6.125%, 1/15/2022		1,517,775
		Unitymedia Hessen GmbH & Company KG
	725,000	5.500%, 1/15/2023e		739,047
		UPCB Finance V, Ltd.
	990,000	7.250%, 11/15/2021e		1,069,200

The accompanying Notes to Financial Statements are an integral part of this schedule.

32

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Communications Services (0.7%) - continued
		Verizon Communications, Inc.
	$    945,000	1.053%, 6/17/2019f	$	939,065
	326,000	2.625%, 2/21/2020		325,267
	1,985,000	3.000%, 11/1/2021		1,958,294
	2,465,000	5.150%, 9/15/2023		2,698,783
	89,000	6.400%, 9/15/2033		101,989
	650,000	5.050%, 3/15/2034		654,373
	1,165,000	4.272%, 1/15/2036e		1,050,910
	304,000	6.550%, 9/15/2043		355,605
	1,455,000	4.522%, 9/15/2048e		1,278,242
		West Corporation
	1,470,000	5.375%, 7/15/2022e		1,374,450
		Wind Acquisition Finance SA
	925,000	4.750%, 7/15/2020e		911,125
		Total		58,287,356
	Consumer Cyclical (0.3%)
		Cinemark USA, Inc.
	1,100,000	4.875%, 6/1/2023		1,057,375
		CVS Health Corporation
	400,000	2.250%, 8/12/2019		398,183
	652,000	6.125%, 9/15/2039		770,260
		Ford Motor Company
	625,000	7.450%, 7/16/2031		798,629
		Ford Motor Credit Company, LLC
	874,000	5.000%, 5/15/2018		939,627
	1,350,000	2.597%, 11/4/2019		1,340,148
		General Motors Company
	1,236,000	6.250%, 10/2/2043		1,378,826
		General Motors Financial Company, Inc.
	1,100,000	3.250%, 5/15/2018		1,125,018
	990,000	4.000%, 1/15/2025		971,418
		GLP Capital, LP
	1,465,000	4.875%, 11/1/2020		1,490,637
		Hilton Worldwide Finance, LLC
	1,465,000	5.625%, 10/15/2021		1,521,695
		Home Depot, Inc.
	676,000	2.625%, 6/1/2022		664,855
		Hyundai Capital America
	500,000	2.000%, 3/19/2018e		500,179
		Jaguar Land Rover Automotive plc
	1,100,000	5.625%, 2/1/2023e		1,138,500
		KB Home
	615,000	4.750%, 5/15/2019		610,388
		L Brands, Inc.
	1,100,000	5.625%, 2/15/2022		1,157,750
		Lennar Corporation
	1,100,000	4.125%, 12/1/2018		1,111,000
		Macy’s Retail Holdings, Inc.
	419,000	4.375%, 9/1/2023		441,855
	1,075,000	3.625%, 6/1/2024		1,072,017
		MGM Resorts International
	1,470,000	6.000%, 3/15/2023		1,488,375
		Royal Caribbean Cruises, Ltd.
	1,450,000	5.250%, 11/15/2022		1,499,745
		Six Flags Entertainment Corporation
	400,000	5.250%, 1/15/2021e		408,000
		Toll Brothers Finance Corporation
	620,000	8.910%, 10/15/2017		703,700
	609,000	4.000%, 12/31/2018		621,180
		United Rentals, Inc.
	1,470,000	5.500%, 7/15/2025		1,420,388
		Walgreens Boots Alliance, Inc.
	825,000	2.700%, 11/18/2019		826,102
		Total		25,455,850
	Consumer Non-Cyclical (0.6%)
		AbbVie, Inc.
	450,000	1.800%, 5/14/2018		448,677
	1,150,000	2.500%, 5/14/2020		1,138,202
	825,000	3.600%, 5/14/2025		815,426
		Actavis Funding SCS
	960,000	4.550%, 3/15/2035		912,741
	1,320,000	4.850%, 6/15/2044		1,273,528
		Amgen, Inc.
	565,000	2.125%, 5/1/2020		553,244
	1,360,000	2.700%, 5/1/2022		1,314,798
	680,000	3.125%, 5/1/2025		643,376
		B&G Foods, Inc.
	1,050,000	4.625%, 6/1/2021		1,034,250
		BAT International Finance plc
	825,000	0.796%, 6/15/2018e,f		824,514
		Becton, Dickinson and Company
	1,002,000	6.375%, 8/1/2019		1,154,497
		Boston Scientific Corporation
	740,000	6.000%, 1/15/2020		837,960
	1,300,000	4.125%, 10/1/2023		1,319,759
		Bunge Limited Finance Corporation
	960,000	8.500%, 6/15/2019		1,160,513
		Cardinal Health, Inc.
	450,000	1.950%, 6/15/2018		450,757
	507,000	4.900%, 9/15/2045		505,172
		CHS/Community Health Systems, Inc.
	1,100,000	7.125%, 7/15/2020		1,165,450
		Church & Dwight Company, Inc.
	530,000	2.450%, 12/15/2019		532,837
		Cigna Corporation
	980,000	5.375%, 2/15/2042		1,052,119
		Cott Beverages, Inc.
	1,470,000	5.375%, 7/1/2022e		1,425,900
		EMD Finance, LLC
	880,000	0.633%, 3/17/2017e,f		879,528
	1,280,000	2.950%, 3/19/2022e		1,252,846
		Endo Finance LLC & Endo Finco, Inc.
	1,100,000	7.000%, 7/15/2019e		1,140,700
		Envision Healthcare Corporation
	1,450,000	5.125%, 7/1/2022e		1,460,875
		Forest Laboratories, Inc.
	1,500,000	4.375%, 2/1/2019e		1,587,520
		Fresenius Medical Care US Finance II, Inc.
	1,100,000	5.875%, 1/31/2022e		1,166,000
		H. J. Heinz Company
	1,250,000	3.500%, 7/15/2022e		1,252,932
		HCA, Inc.
	1,470,000	3.750%, 3/15/2019		1,481,025
		Hospira, Inc.
	580,000	6.050%, 3/30/2017		624,056
	1,000,000	5.800%, 8/12/2023		1,163,918
	1,015,000	5.600%, 9/15/2040		1,149,239

The accompanying Notes to Financial Statements are an integral part of this schedule.

33

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Consumer Non-Cyclical (0.6%) - continued
		IMS Health, Inc.
	$  1,497,000	6.000%, 11/1/2020e	$	1,541,910
		JBS USA, LLC
	1,470,000	5.750%, 6/15/2025e		1,453,021
		Kraft Foods Group, Inc.
	1,330,000	5.000%, 6/4/2042		1,325,374
		Laboratory Corporation of America Holdings
	620,000	2.625%, 2/1/2020		615,195
	1,350,000	4.700%, 2/1/2045		1,236,541
		Lorillard Tobacco Company
	800,000	2.300%, 8/21/2017d		802,810
		McKesson Corporation
	650,000	3.796%, 3/15/2024		657,474
	825,000	4.883%, 3/15/2044		819,849
		Medco Health Solutions, Inc.
	700,000	7.125%, 3/15/2018		796,809
		Medtronic, Inc.
	1,475,000	4.375%, 3/15/2035e		1,463,679
		Merck & Company, Inc.
	660,000	0.654%, 2/10/2020f		656,545
	330,000	3.700%, 2/10/2045		294,811
		Mondelez International, Inc.
	672,000	0.798%, 2/1/2019f		664,447
		Mylan, Inc.
	800,000	7.875%, 7/15/2020e		833,380
		Ortho-Clinical Diagnostics, Inc.
	1,500,000	6.625%, 5/15/2022e		1,316,250
		Pernod Ricard SA
	632,000	2.950%, 1/15/2017e		645,815
	640,000	5.750%, 4/7/2021e		720,561
		Reynolds American, Inc.
	1,338,000	5.700%, 8/15/2035		1,387,328
		Roche Holdings, Inc.
	1,350,000	4.000%, 11/28/2044e		1,301,650
		SABMiller Holdings, Inc.
	676,000	3.750%, 1/15/2022e		698,480
	676,000	4.950%, 1/15/2042e		688,722
		Safeway, Inc.
	62,000	3.400%, 12/1/2016		62,019
		Spectrum Brands Escrow Corporation
	640,000	6.375%, 11/15/2020		676,800
		Spectrum Brands, Inc.
	640,000	5.750%, 7/15/2025e		649,600
		Tenet Healthcare Corporation
	1,470,000	8.125%, 4/1/2022		1,607,445
		WM Wrigley Jr. Company
	760,000	2.000%, 10/20/2017e		766,639
		Zimmer Holdings, Inc.
	960,000	4.450%, 8/15/2045		880,566
		Total		56,286,079
	Energy (0.4%)
		Boardwalk Pipelines, Ltd.
	1,140,000	5.875%, 11/15/2016		1,182,376
		BP Capital Markets plc
	640,000	3.062%, 3/17/2022		638,331
		Buckeye Partners, LP
	1,182,000	2.650%, 11/15/2018		1,177,684
		CNOOC Nexen Finance
	983,000	1.625%, 4/30/2017		984,402
		CNPC General Capital, Ltd.
	668,000	2.750%, 4/19/2017e		679,158
		Columbia Pipeline Group, Inc.
	410,000	2.450%, 6/1/2018e		413,166
		Concho Resources, Inc.
	1,101,432	5.500%, 10/1/2022		1,095,925
		Crestwood Midstream Partners, LP
	775,000	6.125%, 3/1/2022		790,500
		El Paso, LLC
	870,000	7.800%, 8/1/2031		993,617
		Enbridge, Inc.
	700,000	0.734%, 6/2/2017f		691,620
		Energy Transfer Partners, LP
	1,324,000	4.650%, 6/1/2021		1,358,879
	970,000	4.900%, 3/15/2035		875,240
		Enterprise Products Operating, LLC
	180,000	1.650%, 5/7/2018		179,820
	1,280,000	2.550%, 10/15/2019		1,279,633
	990,000	5.100%, 2/15/2045		962,916
	650,000	7.034%, 1/15/2068		698,750
		EQT Corporation
	659,000	5.150%, 3/1/2018		692,506
	770,000	8.125%, 6/1/2019		901,310
		Hess Corporation
	1,210,000	8.125%, 2/15/2019		1,432,515
		Kinder Morgan, Inc.
	800,000	5.000%, 2/15/2021e		846,339
	908,000	5.300%, 12/1/2034		844,161
		Linn Energy, LLC
	1,101,432	6.250%, 11/1/2019		861,870
		Magellan Midstream Partners, LP
	320,000	4.200%, 3/15/2045		284,389
		Marathon Oil Corporation
	1,700,000	2.700%, 6/1/2020		1,686,347
		Marathon Petroleum Corporation
	320,000	3.625%, 9/15/2024		314,179
	640,000	4.750%, 9/15/2044		584,125
		MarkWest Energy Partners, LP
	1,450,000	4.875%, 12/1/2024		1,417,375
		MEG Energy Corporation
	1,100,000	6.500%, 3/15/2021e		1,058,750
		NiSource Finance Corporation
	660,000	4.800%, 2/15/2044		672,968
	975,000	5.650%, 2/1/2045		1,101,902
		Offshore Group Investment, Ltd.
	1,100,000	7.500%, 11/1/2019		676,500
		Petroleos Mexicanos
	650,000	3.500%, 1/30/2023		616,655
	800,000	2.378%, 4/15/2025		807,463
		Regency Energy Partners, LP
	1,470,000	5.000%, 10/1/2022		1,493,222
		Sabine Pass Liquefaction, LLC
	1,430,000	5.625%, 3/1/2025e		1,415,700
		Shell International Finance BV
	615,000	0.729%, 5/11/2020f		612,359
		Southwestern Energy Company
	825,000	7.500%, 2/1/2018		920,551

The accompanying Notes to Financial Statements are an integral part of this schedule.

34

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Energy (0.4%) - continued
		Spectra Energy Partners, LP
	$    640,000	4.500%, 3/15/2045	$	566,977
		Suncor Energy, Inc.
	990,000	3.600%, 12/1/2024		985,171
		Valero Energy Corporation
	960,000	4.900%, 3/15/2045		899,615
		Williams Companies, Inc.
	664,000	7.875%, 9/1/2021		779,455
	633,000	3.700%, 1/15/2023		589,393
	675,000	4.550%, 6/24/2024		654,132
		Total		37,717,946
	Financials (1.4%)
		Abbey National Treasury Services plc
	608,000	3.050%, 8/23/2018		629,034
		Air Lease Corporation
	800,000	2.125%, 1/15/2018		792,000
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		952,800
		American Express Credit Corporation
	945,000	0.836%, 3/18/2019f		941,455
		American International Group, Inc.
	525,000	2.300%, 7/16/2019		524,062
	1,310,000	3.875%, 1/15/2035		1,183,235
		Aviation Capital Group Corporation
	608,000	3.875%, 9/27/2016e		618,757
		Banco Santander Chile
	1,200,000	1.176%, 4/11/2017e,f		1,196,831
		Bank of America Corporation
	1,325,000	1.351%, 3/22/2018f		1,337,060
	840,000	1.144%, 4/1/2019f		841,539
	1,280,000	3.300%, 1/11/2023		1,260,591
	640,000	4.000%, 4/1/2024		651,248
	965,000	4.000%, 1/22/2025		940,194
	718,000	5.875%, 2/7/2042		828,044
	1,236,000	8.000%, 12/29/2049i		1,303,980
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	530,000	2.850%, 9/8/2021e		530,262
		Barclays Bank plc
	970,000	10.179%, 6/12/2021e		1,285,152
		Barclays plc
	990,000	2.750%, 11/8/2019		982,868
		BB&T Corporation
	560,000	0.990%, 1/15/2020f		558,590
		BBVA Banco Continental SA
	1,185,000	2.250%, 7/29/2016e		1,188,555
		BioMed Realty, LP
	960,000	2.625%, 5/1/2019		955,940
		BNP Paribas SA
	1,294,000	2.375%, 9/14/2017		1,313,382
		BPCE SA
	960,000	5.700%, 10/22/2023e		1,011,951
		Caisse Centrale Desjardins du Quebec
	780,000	0.944%, 1/29/2018e,f		783,258
		Capital One Financial Corporation
	1,228,000	6.150%, 9/1/2016		1,296,137
	820,000	2.450%, 4/24/2019		820,085
		Citigroup, Inc.
	798,000	6.000%, 8/15/2017		867,975
	700,000	1.044%, 4/8/2019f		698,449
	1,216,000	8.500%, 5/22/2019		1,483,152
	850,000	4.050%, 7/30/2022		870,382
	2,515,000	4.400%, 6/10/2025		2,505,627
		CoBank ACB
	495,000	0.886%, 6/15/2022*,f		466,516
		Compass Bank
	920,000	2.750%, 9/29/2019		917,727
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	795,000	3.950%, 11/9/2022		794,893
		Credit Agricole SA
	820,000	1.075%, 4/15/2019e,f		825,860
	1,300,000	2.750%, 6/10/2020e		1,299,154
		Credit Suisse AG
	808,000	5.400%, 1/14/2020		893,377
		CyrusOne, LP
	1,100,000	6.375%, 11/15/2022		1,138,500
		Denali Borrower, LLC
	1,470,000	5.625%, 10/15/2020e		1,545,337
		Deutsche Bank AG
	1,110,000	1.350%, 5/30/2017		1,102,562
		Discover Bank
	800,000	8.700%, 11/18/2019		973,058
		Discover Financial Services
	640,000	6.450%, 6/12/2017		695,091
		DnB Boligkreditt AS
	1,644,000	1.450%, 3/21/2018e		1,644,806
		Duke Realty, LP
	330,000	3.875%, 2/15/2021		342,527
	990,000	4.375%, 6/15/2022		1,034,441
		ERP Operating, LP
	337,000	3.375%, 6/1/2025		329,986
		European Investment Bank
	1,215,000	1.875%, 3/15/2019		1,233,752
	1,195,000	2.125%, 10/15/2021		1,193,178
		Fifth Third Bancorp
	991,000	5.450%, 1/15/2017		1,050,524
	530,000	2.875%, 10/1/2021		524,789
		General Electric Capital Corporation
	2,240,000	3.100%, 1/9/2023		2,233,827
	1,319,000	6.750%, 3/15/2032		1,712,392
		Genworth Financial, Inc.
	890,000	7.700%, 6/15/2020		963,407
		Goldman Sachs Group, Inc.
	840,000	1.478%, 4/30/2018f		848,861
	620,000	1.374%, 11/15/2018f		625,492
	1,150,000	2.550%, 10/23/2019		1,152,696
	1,220,000	5.375%, 3/15/2020		1,358,494
	780,000	1.437%, 4/23/2020f		787,617
	1,250,000	5.250%, 7/27/2021		1,388,147
	1,625,000	3.500%, 1/23/2025		1,575,915
	676,000	5.150%, 5/22/2045		652,156
		Hartford Financial Services Group, Inc.
	760,000	5.125%, 4/15/2022		842,861
		HBOS plc
	1,002,000	6.750%, 5/21/2018e		1,110,970
		HCP, Inc.
	660,000	3.400%, 2/1/2025		619,650
		Health Care REIT, Inc.
	300,000	2.250%, 3/15/2018		302,220

The accompanying Notes to Financial Statements are an integral part of this schedule.

35

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Financials (1.4%) - continued
	$  655,000	3.750%, 3/15/2023	$	648,434
	500,000	4.000%, 6/1/2025		493,481
		HSBC Bank plc
	1,765,000	0.914%, 5/15/2018e,f		1,772,471
		HSBC Holdings plc
	665,000	5.250%, 3/14/2044		689,785
	995,000	6.375%, 3/29/2049i		999,975
		Huntington Bancshares, Inc.
	304,000	2.600%, 8/2/2018		307,820
		Hutchison Whampoa International 14, Ltd.
	1,014,000	3.625%, 10/31/2024e		997,536
		Icahn Enterprises, LP
	1,430,000	6.000%, 8/1/2020		1,476,475
		ING Bank NV
	960,000	4.125%, 11/21/2023		986,097
		ING Capital Funding Trust III
	1,015,000	3.882%, 12/29/2049f,i		1,007,387
		International Lease Finance Corporation
	1,060,000	2.236%, 6/15/2016f		1,058,675
		Intesa Sanpaolo SPA
	480,000	3.875%, 1/16/2018		495,520
		J.P. Morgan Chase & Company
	687,000	1.800%, 1/25/2018		689,119
	1,215,000	6.300%, 4/23/2019		1,391,932
	625,000	2.250%, 1/23/2020		614,177
	320,000	3.200%, 1/25/2023		313,851
	1,320,000	3.625%, 5/13/2024		1,310,425
	610,000	3.875%, 9/10/2024		600,183
	2,585,000	3.125%, 1/23/2025		2,468,044
	1,215,000	7.900%, 4/29/2049i		1,285,166
		Liberty Mutual Group, Inc.
	292,000	4.950%, 5/1/2022e		313,902
	316,000	6.500%, 5/1/2042e		368,744
		Liberty Property, LP
	960,000	3.750%, 4/1/2025		929,338
		Lloyds Bank plc
	885,000	0.806%, 3/16/2018f		884,740
		Lloyds Banking Group plc
	1,002,000	5.920%, 9/29/2049e,i		996,990
		Merrill Lynch & Company, Inc.
	2,240,000	6.050%, 5/16/2016		2,326,007
	895,000	6.400%, 8/28/2017		981,312
		MetLife, Inc.
	1,300,000	4.050%, 3/1/2045		1,194,038
		Mizuho Bank, Ltd.
	960,000	1.850%, 3/21/2018e		961,388
		Morgan Stanley
	1,865,000	6.625%, 4/1/2018		2,092,634
	560,000	1.557%, 4/25/2018f		568,055
	780,000	1.417%, 1/27/2020f		790,734
	670,000	4.875%, 11/1/2022		712,684
	1,120,000	4.100%, 5/22/2023		1,122,093
	815,000	4.300%, 1/27/2045		761,534
	800,000	5.550%, 12/29/2049i		794,200
		MPT Operating Partnership, LP
	970,000	5.500%, 5/1/2024		999,100
		National City Corporation
	975,000	6.875%, 5/15/2019		1,130,733
		Prologis, LP
	1,216,000	7.375%, 10/30/2019		1,439,486
		Prudential Financial, Inc.
	530,000	2.350%, 8/15/2019		530,165
		Quicken Loans, Inc.
	950,000	5.750%, 5/1/2025e		909,625
		Realty Income Corporation
	302,000	2.000%, 1/31/2018		304,151
		Regions Bank
	344,000	7.500%, 5/15/2018		394,853
		Reinsurance Group of America, Inc.
	500,000	5.625%, 3/15/2017		532,890
	990,000	5.000%, 6/1/2021		1,085,077
		Reliance Standard Life Global Funding II
	660,000	2.500%, 4/24/2019e		662,367
		Royal Bank of Scotland Group plc
	835,000	1.222%, 3/31/2017f		835,574
		Santander Holdings USA, Inc.
	1,014,000	2.650%, 4/17/2020		996,874
		Simon Property Group, LP
	620,000	10.350%, 4/1/2019		787,562
	1,400,000	2.750%, 2/1/2023		1,348,644
		Skandinaviska Enskilda Banken AB
	1,025,000	2.375%, 3/25/2019e		1,035,045
		SLM Corporation
	480,000	3.875%, 9/10/2015		480,600
		SpareBank 1 Boligkreditt AS
	1,644,000	1.250%, 5/2/2018e		1,633,015
		Sumitomo Mitsui Banking Corporation
	1,755,000	1.300%, 1/10/2017		1,756,448
	930,000	0.856%, 1/16/2018f		929,980
		Svenska Handelsbanken AB
	890,000	1.625%, 3/21/2018		891,617
	1,190,000	0.773%, 6/17/2019f		1,189,407
		Swiss RE Capital I, LP
	750,000	6.854%, 5/29/2049e,i		771,000
		Synchrony Financial
	560,000	3.000%, 8/15/2019		563,986
	520,000	1.509%, 2/3/2020f		522,290
	600,000	3.750%, 8/15/2021		604,565
		UBS AG/Stamford, Connecticut
	351,000	5.875%, 12/20/2017		386,141
		USB Realty Corporation
	535,000	1.422%, 12/29/2049e,f,i		488,856
		Voya Financial, Inc.
	1,185,000	2.900%, 2/15/2018		1,216,042
		Wells Fargo & Company
	780,000	0.958%, 1/30/2020f		776,153
	1,280,000	3.450%, 2/13/2023		1,273,069
	1,320,000	3.000%, 2/19/2025		1,264,215
		Total		128,477,854
	Foreign Government (<0.1%)
		Eksportfinans ASA
	548,000	5.500%, 5/25/2016		563,755
		Export-Import Bank of Korea
	765,000	2.250%, 1/21/2020		757,596

The accompanying Notes to Financial Statements are an integral part of this schedule.

36

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	Foreign Government (<0.1%) - continued
		Kommunalbanken AS
	$    1,270,000	1.500%, 10/22/2019e	$	1,262,018
		Total		2,583,369
	Mortgage-Backed Securities (9.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	50,495,000	3.000%, 7/1/2030c		52,274,949
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	5,937,445	1.960%, 6/1/2043f		6,116,043
	48,845,000	4.000%, 7/1/2045c		51,654,540
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	48,225,000	3.500%, 7/1/2030c		50,860,043
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	9,033,023	2.054%, 3/1/2043f		9,381,559
	8,974,357	1.729%, 7/1/2043f		9,200,141
	8,995,334	2.013%, 7/1/2043f		9,276,377
	8,781,313	2.067%, 8/1/2043f		9,073,053
	230,900,000	3.500%, 7/1/2045c		237,953,279
	117,000,000	3.500%, 8/1/2045c		120,263,206
	163,932,500	4.000%, 8/1/2045c		173,299,054
	116,194,000	4.500%, 8/1/2045c		125,435,060
		Total		854,787,304
	Technology (0.2%)
		Amphenol Corporation
	511,000	2.550%, 1/30/2019		517,628
		Apple, Inc.
	615,000	0.577%, 5/6/2020f		613,233
	1,340,000	3.200%, 5/13/2025		1,333,071
	1,350,000	3.450%, 2/9/2045		1,144,157
		Baidu, Inc.
	1,000,000	2.750%, 6/9/2019		1,000,499
		Cisco Systems, Inc.
	825,000	0.593%, 6/15/2018f		826,443
		CommScope Technologies Finance, LLC
	1,020,000	6.000%, 6/15/2025e		1,016,175
		Equinix, Inc.
	970,000	5.750%, 1/1/2025		960,300
		Fidelity National Information Services, Inc.
	1,169,000	1.450%, 6/5/2017		1,166,363
		First Data Corporation
	1,100,000	7.375%, 6/15/2019e		1,143,450
		Freescale Semiconductor, Inc.
	1,470,000	6.000%, 1/15/2022e		1,558,200
		Hewlett-Packard Company
	1,120,000	5.400%, 3/1/2017		1,192,378
		Iron Mountain, Inc.
	1,100,000	6.000%, 8/15/2023		1,149,500
		Micron Semiconductor Asia Pte, Ltd.
	480,000	1.258%, 1/15/2019		480,199
		Oracle Corporation
	565,000	2.500%, 5/15/2022		548,619
	1,690,000	2.950%, 5/15/2025		1,626,490
		Plantronics, Inc.
	1,470,000	5.500%, 5/31/2023e		1,488,375
		Qualcomm, Inc.
	1,000,000	3.000%, 5/20/2022		993,222
		Seagate HDD Cayman
	1,352,000	4.875%, 6/1/2027e		1,314,233
		Tyco Electronics Group SA
	1,254,000	6.550%, 10/1/2017		1,391,416
		Total		21,463,951
	Transportation (0.2%)
		Air Canada Pass Through Trust
	530,000	3.875%, 3/15/2023e		520,089
		American Airlines Pass Through Trust
	1,635,000	3.375%, 5/1/2027		1,598,212
		Avis Budget Car Rental, LLC
	1,475,000	5.125%, 6/1/2022e		1,438,125
		Burlington Northern Santa Fe, LLC
	1,320,000	5.050%, 3/1/2041		1,388,686
		Canadian Pacific Railway Company
	405,000	7.125%, 10/15/2031		517,783
		Continental Airlines, Inc.
	725,758	4.150%, 4/11/2024		741,180
		CSX Corporation
	532,000	3.700%, 11/1/2023		546,150
		Delta Air Lines, Inc.
	1,082,000	6.750%, 5/23/2017		1,100,069
	378,386	4.950%, 5/23/2019		400,855
	124,756	4.750%, 5/7/2020		131,930
		ERAC USA Finance, LLC
	294,000	2.800%, 11/1/2018e		299,887
	985,000	4.500%, 2/15/2045e		905,237
		FedEx Corporation
	1,665,000	3.900%, 2/1/2035		1,539,266
		Southwest Airlines Company
	1,075,000	2.750%, 11/6/2019		1,090,696
		Union Pacific Corporation
	1,335,000	3.875%, 2/1/2055		1,173,976
		Virgin Australia Holdings, Ltd.
	366,055	5.000%, 10/23/2023e		379,782
		Total		13,771,923
	U.S. Government and Agencies (7.0%)
		Federal National Mortgage Association
	2,290,000	0.875%, 5/21/2018		2,276,294
	3,640,000	1.625%, 1/21/2020		3,634,955
	3,535,000	2.625%, 9/6/2024		3,536,365
	540,000	6.250%, 5/15/2029		737,658
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		632,689
		U.S. Treasury Bonds
	4,750,000	5.250%, 11/15/2028		6,191,331
	2,975,000	4.375%, 5/15/2040		3,663,201
	66,460,000	3.000%, 5/15/2042		65,115,248
		U.S. Treasury Bonds, TIPS
	4,341,538	0.125%, 4/15/2019		4,397,843
	131,785	2.375%, 1/15/2025		155,033
	93,039	2.125%, 2/15/2040		114,576

The accompanying Notes to Financial Statements are an integral part of this schedule.

37

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (24.3%)	Value
	U.S. Government and Agencies (7.0%) - continued
	$       994,660	0.750%, 2/15/2042	$	914,076
		U.S. Treasury Notes
	30,000,000	0.625%, 10/15/2016		30,079,680
	97,665,000	0.875%, 11/15/2017		97,848,122
	110,820,000	1.500%, 10/31/2019		110,880,619
	50,000,000	1.625%, 6/30/2020		49,996,100
	43,230,000	1.875%, 6/30/2020		43,729,825
	1,000,000	2.125%, 9/30/2021		1,010,000
	6,910,000	1.625%, 8/15/2022		6,698,381
	64,600,000	2.250%, 11/15/2024		64,206,328
	50,250,000	3.625%, 2/15/2044		55,247,513
		U.S. Treasury Notes, TIPS
	31,113,184	0.125%, 4/15/2018		31,601,754
	804,866	0.125%, 1/15/2022		797,635
	34,751,269	0.125%, 1/15/2023		34,137,700
		Total		617,602,926
	Utilities (0.4%)
		AES Corporation
	1,100,000	7.375%, 7/1/2021		1,207,250
		American Electric Power Company, Inc.
	1,352,000	2.950%, 12/15/2022		1,312,150
		Arizona Public Service Company
	675,000	2.200%, 1/15/2020		669,338
		Berkshire Hathaway Energy Company
	495,000	2.400%, 2/1/2020		492,833
		Calpine Corporation
	1,470,000	5.375%, 1/15/2023		1,444,275
		Commonwealth Edison Company
	1,300,000	3.700%, 3/1/2045		1,167,230
		Consolidated Edison Company of New York, Inc.
	815,000	4.450%, 3/15/2044		804,101
		DCP Midstream Operating, LP
	675,000	3.875%, 3/15/2023		623,645
		DCP Midstream, LLC
	1,100,000	4.750%, 9/30/2021e		1,086,913
		DTE Electric Company
	965,000	3.700%, 3/15/2045		872,362
		DTE Energy Company
	265,000	2.400%, 12/1/2019		264,978
		Duke Energy Carolinas, LLC
	640,000	3.750%, 6/1/2045		583,642
		Duke Energy Corporation
	948,000	2.100%, 6/15/2018		957,321
		Dynegy Finance I, Inc.
	800,000	6.750%, 11/1/2019e		832,400
		EDP Finance BV
	992,000	4.125%, 1/15/2020e		1,001,628
		Enel Finance International NV
	474,000	6.250%, 9/15/2017e		518,958
		Energy Transfer Equity, LP
	1,470,000	5.500%, 6/1/2027		1,466,325
		Eversource Energy
	565,000	1.600%, 1/15/2018		567,250
		Exelon Generation Company, LLC
	1,077,000	5.200%, 10/1/2019		1,184,491
	505,000	2.950%, 1/15/2020		506,747
		ITC Holdings Corporation
	294,000	4.050%, 7/1/2023		299,262
	975,000	5.300%, 7/1/2043		1,041,843
		MidAmerican Energy Holdings Company
	700,000	6.500%, 9/15/2037		858,759
		Monongahela Power Company
	990,000	5.400%, 12/15/2043e		1,093,303
		NextEra Energy Capital Holdings, Inc.
	180,000	1.586%, 6/1/2017		180,391
		Northern States Power Company
	1,670,000	4.125%, 5/15/2044d		1,639,928
		NRG Energy, Inc.
	1,100,000	6.625%, 3/15/2023		1,133,000
		Oncor Electric Delivery Company, LLC
	960,000	3.750%, 4/1/2045e		857,966
		Pacific Gas & Electric Company
	1,301,000	5.625%, 11/30/2017		1,420,066
		PG&E Corporation
	485,000	2.400%, 3/1/2019		485,630
		PPL Capital Funding, Inc.
	508,000	3.500%, 12/1/2022		514,058
	975,000	5.000%, 3/15/2044		1,024,545
		Sempra Energy
	1,640,000	6.150%, 6/15/2018		1,840,961
	630,000	2.400%, 3/15/2020		625,100
		Southern California Edison Company
	375,000	2.400%, 2/1/2022		364,732
		Southwestern Electric Power Company
	670,000	3.900%, 4/1/2045		583,268
		TransAlta Corporation
	1,213,000	1.900%, 6/3/2017		1,206,897
		Xcel Energy, Inc.
	570,000	1.200%, 6/1/2017		570,108
		Total		33,303,654
		Total Long-Term Fixed Income (cost $2,150,375,794)		2,155,526,798
Shares		Common Stock (21.2%)
	Consumer Discretionary (3.1%)
	56,080	Aaron’s, Inc.		2,030,657
	800	ABC-MART, Inc.		48,962
	4,800	Aisin Seiki Company, Ltd.		204,092
	72,962	Amazon.com, Inc.j		31,672,075
	13,960	AutoZone, Inc.j		9,309,924
	34,800	Barnes & Noble, Inc.j		903,408
	1,100	Bayerische Motoren Werke AG		93,141
	36,200	Bed Bath & Beyond, Inc.j		2,497,076
	5,400	Berkeley Group Holdings plc		283,762
	7,200	Big Lots, Inc.		323,928
	1,300	Brembo SPA		55,458
	1,600	Bridgestone Corporation		59,140
	37,000	Brinker International, Inc.		2,133,050
	29,383	Brunswick Corporation		1,494,419
	31,494	Burlington Stores, Inc.j		1,612,493
	61,550	CBS Corporation		3,416,025
	20,719	Cedar Fair, LP		1,128,978
	13,550	Cheesecake Factory, Inc.		738,949
	2,100	Chiyoda Company, Ltd.		49,288
	12,500	Columbia Sportswear Company		755,750
	589,474	Comcast Corporation		35,450,966
	24,408	Core-Mark Holding Company, Inc.		1,446,174

The accompanying Notes to Financial Statements are an integral part of this schedule.

38

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value
	Consumer Discretionary (3.1%) - continued
	20,700	Crown Resorts, Ltd.	$	194,497
	900	Daiichikosho Company, Ltd.		31,675
	28,989	Del Frisco’s Restaurant Group, Inc.j		540,065
	63,381	Delphi Automotive plc		5,393,089
	9,450	DeVry Education Group, Inc.		283,311
	21,850	DISH Network Corporationj		1,479,464
	14,153	Dollar Tree, Inc.j		1,117,945
	3,840	Domino’s Pizza, Inc.		435,456
	23,800	EDION Corporationd		168,497
	6,100	Electrolux AB		191,132
	136,931	Enterprise Inns plcj		266,913
	124,950	Ford Motor Company		1,875,499
	24,000	Gap, Inc.		916,080
	82,446	G-III Apparel Group, Ltd.j		5,800,076
	16,000	Gunze, Ltd.		43,764
	14,600	Hakuhodo Dy Holdings, Inc.		156,139
	107,250	Harley-Davidson, Inc.		6,043,538
	14,541	Harman International Industries, Inc.		1,729,507
	9,000	Haseko Corporation		106,012
	8,200	Heiwa Corporation		163,230
	156,200	Home Depot, Inc.		17,358,506
	15,100	Honda Motor Company, Ltd.		488,030
	48,960	Houghton Mifflin Harcourt Companyj		1,233,792
	400	Hugo Boss AG		44,719
	7,900	Informa plc		67,849
	5,600	Jack in the Box, Inc.		493,696
	35,896	Jarden Corporationj		1,857,618
	9,000	JM AB		245,292
	30,311	Kate Spade & Companyj		652,899
	65,236	Kongsberg Automotive ASAj		45,315
	120,375	Las Vegas Sands Corporation		6,328,114
	35,000	Liberty Interactive Corporationj		971,250
	13,078	Limited Brands, Inc.		1,121,177
	6,781	Lithia Motors, Inc.		767,338
	164,470	Lowe’s Companies, Inc.		11,014,556
	11,000	Luk Fook Holdings International, Ltd.		32,392
	58,300	Macy’s, Inc.		3,933,501
	15,747	Marriott International, Inc.		1,171,419
	4,800	Marriott Vacations Worldwide Corporation		440,400
	46,500	Marston’s plc		117,411
	42,707	MDC Partners, Inc.		841,328
	9,200	Murphy USA, Inc.j		513,544
	28,900	Nautilus, Inc.j		621,639
	12,200	Newell Rubbermaid, Inc.		501,542
	217,420	NIKE, Inc.		23,485,708
	10,100	NOK Corporation		312,936
	40,758	Nord Anglia Education, Inc.j		999,386
	69,710	Nutrisystem, Inc.		1,734,385
	7,461	O’Reilly Automotive, Inc.j		1,686,037
	54,037	Oxford Industries, Inc.		4,725,536
	17,110	Papa John’s International, Inc.		1,293,687
	17,800	Papa Murphy’s Holdings, Inc.d,j		368,816
	13,600	Persimmon plc		421,950
	4,700	Premier Investments, Ltd.		46,213
	300	Priceline Group, Inc.j		345,411
	10,998	PVH Corporation		1,266,970
	3,372	Ralph Lauren Corporation		446,318
	18,633	Red Robin Gourmet Burgers, Inc.j		1,599,084
	6,611	Restoration Hardware Holdings, Inc.d,j		645,432
	30,658	Ross Stores, Inc.		1,490,285
	12,200	Scripps Networks Interactive, Inc.		797,514
	4,200	SES SA		141,196
	4,400	SHOWA Corporation		43,784
	402,400	Sirius XM Holdings, Inc.j		1,500,952
	10,295	Skechers USA, Inc.j		1,130,288
	6,791	Slater & Gordon, Ltd.		18,529
	445,070	Starbucks Corporation		23,862,428
	15,065	Starwood Hotels & Resorts Worldwide, Inc.		1,221,621
	15,200	Sumitomo Forestry Company, Ltd.		187,448
	3,400	Sumitomo Rubber Industries, Ltd.		52,667
	91,700	Target Corporation		7,485,471
	19,644	Tenneco, Inc.j		1,128,351
	19,700	Tesla Motors, Inc.d,j		5,284,722
	32,600	Time, Inc.		750,126
	38,034	Toll Brothers, Inc.j		1,452,518
	14,150	Tower International, Inc.j		368,608
	9,047	Tractor Supply Company		813,687
	133,786	Tuesday Morning Corporationj		1,507,099
	16,100	UBM plc		135,276
	3,412	Ulta Salon Cosmetics & Fragrance, Inc.j		526,983
	10,213	Under Armour, Inc.j		852,173
	11,751	Vail Resorts, Inc.		1,283,209
	1,153	Valora Holding AG		226,526
	6,392	VF Corporation		445,778
	8,000	Wacoal Holdings Corporation		93,494
	8,500	WH Smith plc		203,844
	10,400	WPP plc		233,439
	30,550	Wyndham Worldwide Corporation		2,502,351
	81,900	Yum! Brands, Inc.		7,377,552
	27,700	Zoe’s Kitchen, Inc.d,j		1,134,038
		Total		277,136,757
	Consumer Staples (0.8%)
	2,500	AarhusKarlshamn AB		148,071
	158,000	Altria Group, Inc.		7,727,780
	9,750	Archer-Daniels-Midland Company		470,145
	47,800	Avon Products, Inc.d		299,228
	6,600	Axfood AB		105,362
	9,564	B&G Foods, Inc.		272,861
	2,098	Bakkafrost PF		55,946
	3,348	Boston Beer Company, Inc.j		776,703
	13,998	Britvic plc		157,710
	61,700	Campbell Soup Company		2,940,005
	500	Carlsberg AS		45,303
	500	Casino Guichard Perrachon SA		37,951
	33,200	Coca-Cola Company		1,302,436
	6,350	Coca-Cola Enterprises, Inc.		275,844
	3,000	Coca-Cola HBC AGj		64,383
	1,175	Cranswick plc		29,465
	118,260	CVS Health Corporation		12,403,109
	14,400	Estee Lauder Companies, Inc.		1,247,904
	29	Greencore Group plc		143
	23,300	Hain Celestial Group, Inc.j		1,534,538
	2,000	Henkel AG & Company KGaA		190,712
	9,750	Ingredion, Inc.		778,147
	11,521	J Sainsbury plc		47,958
	10,900	Keurig Green Mountain, Inc.		835,267
	31,570	Kimberly-Clark Corporation		3,345,473
	26,300	Koninklijke Ahold NV		493,722
	1,200	KOSE Corporation		98,692
	300	Milbon Company, Ltd.		9,546
	8,750	Molson Coors Brewing Company		610,837
	115,562	Mondelez International, Inc.		4,754,221
	9,850	Monster Beverage Corporationj		1,320,097
	11,500	Nestle SA		829,732
	48,216	Philip Morris International, Inc.		3,865,477
	10,050	Pilgrim’s Pride Corporationd		230,849
	27,550	Pinnacle Foods, Inc.		1,254,627
	893	Reckitt Benckiser Group plc		77,007

The accompanying Notes to Financial Statements are an integral part of this schedule.

39

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value
	Consumer Staples (0.8%) - continued
	45,100	Reynolds American, Inc.	$	3,367,166
	1,000	Royal Unibrew AS		34,179
	10,854	SalMar ASA		159,192
	7,300	Suedzucker AGd		121,588
	10,900	Swedish Match AB		309,894
	47,000	Sysco Corporation		1,696,700
	13,979	Tate & Lyle plc		114,105
	12,980	TreeHouse Foods, Inc.j		1,051,769
	21,150	Tyson Foods, Inc.		901,624
	29,973	United Natural Foods, Inc.j		1,908,681
	100,900	Wal-Mart Stores, Inc.		7,156,837
	28,460	WhiteWave Foods Companyj		1,391,125
	4,383	Whole Foods Market, Inc.		172,866
		Total		67,022,977
	Energy (3.5%)
	38,700	Atwood Oceanics, Inc.d		1,023,228
	258,600	Baker Hughes, Inc.		15,955,620
	6,494	BW LPG, Ltd.		55,527
	63,374	BW Offshore, Ltd.		40,855
	339,000	Cameron International Corporationj		17,753,430
	331,050	Canadian Natural Resources, Ltd.		8,991,318
	104,200	Chevron Corporation		10,052,174
	1,770	Cimarex Energy Company		195,249
	1,253,391	Cobalt International Energy, Inc.j		12,170,427
	74,752	Concho Resources, Inc.j		8,511,263
	6,250	ConocoPhillips		383,812
	10,750	Denbury Resources, Inc.d		68,370
	7,376	Diamondback Energy, Inc.j		556,003
	1,500	Dril-Quip, Inc.j		112,875
	1,350	Energen Corporation		92,205
	2,480	Ensco plc		55,230
	357,594	EOG Resources, Inc.		31,307,355
	388,261	EQT Corporation		31,581,150
	19,400	ERG SPA		232,719
	166,750	Exxon Mobil Corporation		13,873,600
	16,800	FMC Technologies, Inc.j		697,032
	24,100	Frank’s International NV		454,044
	13,100	Green Plains, Inc.		360,905
	7,500	Gulfmark Offshore, Inc.d		87,000
	1,500	Gulfport Energy Corporationj		60,375
	45,300	Halliburton Company		1,951,071
	6,450	Helix Energy Solutions Group, Inc.j		81,463
	11,730	Helmerich & Payne, Inc.		826,027
	10,507	HollyFrontier Corporation		448,544
	37,700	Kinder Morgan, Inc.		1,447,303
	43,580	Laredo Petroleum Holdings, Inc.d,j		548,236
	578,721	Marathon Oil Corporation		15,359,255
	370,700	Marathon Petroleum Corporation		19,391,317
	2,220	National Oilwell Varco, Inc.		107,182
	3,650	Newfield Exploration Companyj		131,838
	3,480	Noble Energy, Inc.		148,526
	409,554	Oasis Petroleum, Inc.d,j		6,491,431
	2,720	Oceaneering International, Inc.		126,725
	2,400	Oil States International, Inc.j		89,352
	44,060	Patterson-UTI Energy, Inc.		828,989
	784,278	Petroleo Brasileiro SA ADRd,j		7,097,716
	76,101	Rex Energy Corporationd,j		425,405
	25,980	Rice Energy, Inc.j		541,163
	480,290	Rowan Companies plc		10,138,922
	4,659	Royal Dutch Shell plc		132,502
	21,972	Royal Dutch Shell plc, Class B		625,550
	106,840	Schlumberger, Ltd.		9,208,540
	10,828	SemGroup Corporation		860,609
	9,200	Showa Shell Sekiyu KK		80,385
	9,001	SM Energy Company		415,126
	354,846	Southwestern Energy Companyj		8,065,650
	6,200	Statoil ASA		110,875
	534,280	Suncor Energy, Inc. ADR		14,703,386
	27,300	Superior Energy Services, Inc.		574,392
	1,100	Tesoro Corporation		92,851
	4,300	Total SA		210,919
	451,050	Total SA ADRd		22,178,128
	128,685	Trinidad Drilling, Ltd.d		416,243
	31,902	U.S. Silica Holdings, Inc.d		936,643
	2,578,116	Weatherford International, Ltd.j		31,633,483
	19,450	Western Refining, Inc.		848,409
	11,944	Whiting Petroleum Corporationj		401,318
	5,800	Woodside Petroleum, Ltd.		153,043
	3,250	World Fuel Services Corporation		155,837
	14,200	WorleyParsons, Ltd.		114,009
		Total		312,770,129
	Financials (2.7%)
	33,450	ACE, Ltd.		3,401,196
	19,021	Affiliated Managers Group, Inc.j		4,157,991
	9,200	Allianz SE		1,434,753
	16,490	Allied World Assurance Company Holdings AG		712,698
	57,317	Allstate Corporation		3,718,154
	23,360	American Assets Trust, Inc.		915,946
	49,600	American Campus Communities, Inc.		1,869,424
	57,300	American International Group, Inc.		3,542,286
	46,365	Amlin plc		346,904
	18,485	Argo Group International Holdings, Ltd.		1,029,615
	97,270	Assured Guaranty, Ltd.		2,333,507
	13,500	Bank Hapoalim, Ltd.		72,656
	593,220	Bank of America Corporation		10,096,604
	16,164	Bank of Queensland, Ltd.		159,045
	31,927	Bank of the Ozarks, Inc.		1,460,660
	42,000	Bank of Yokohama, Ltd.		257,207
	60,470	BBCN Bancorp, Inc.		894,351
	7,100	Bendigo and Adelaide Bank, Ltd.		67,135
	65,750	Berkshire Hathaway, Inc.j		8,949,232
	25,200	BinckBank NV		240,484
	105,700	Blackstone Group, LP		4,319,959
	1,100	Bolsas y Mercados Espanoles SA		44,585
	23,550	Boston Private Financial Holdings, Inc.		315,805
	26,600	Brixmor Property Group, Inc.		615,258
	8,650	Camden Property Trust		642,522
	97,000	Capital One Financial Corporation		8,533,090
	11,186	Capital Shopping Centres Group plc		54,035
	34,500	Capitaland Commercial Trustj		39,930
	33,600	CapitaMall Trustj		53,595
	27,800	CBL & Associates Properties, Inc.		450,360
	22,050	CBRE Group, Inc.j		815,850
	48,600	Chambers Street Properties		386,370
	115,700	Charles Schwab Corporation		3,777,605
	10,000	Chiba Bank, Ltd.		76,148
	427,537	Citigroup, Inc.		23,617,144
	8,789	CNA Financial Corporation		335,828
	106,570	CNO Financial Group, Inc.		1,955,560
	10,600	CNP Assurances		177,410
	111,900	Comerica, Inc.		5,742,708
	1,506	Commonwealth Bank of Australia		98,759
	50,550	Corporate Office Properties Trust		1,189,947
	3,500	Daito Trust Construction Company, Ltd.		362,234
	18	Daiwa House Residential Investment Corporation		40,799

The accompanying Notes to Financial Statements are an integral part of this schedule.

40

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value
	Financials (2.7%) - continued
	13,000	Daiwa Securities Group, Inc.	$	97,249
	2,047	Delta Lloyd NV		33,604
	21,700	DEXUS Property Group		122,106
	9,450	Digital Realty Trust, Inc.		630,126
	40,975	Direct Line Insurance Group plc		216,287
	25,000	Discover Financial Services		1,440,500
	10,782	DnB ASA		179,559
	40,050	Duke Realty Corporation		743,728
	44,550	Encore Capital Group, Inc.d,j		1,904,067
	61,619	Essent Group, Ltd.j		1,685,280
	900	Eurocommercial Properties NV		37,678
	29,728	Evercore Partners, Inc.		1,604,123
	9,550	Extra Space Storage, Inc.		622,851
	17,102	FelCor Lodging Trust, Inc.		168,968
	60,400	First American Financial Corporation		2,247,484
	49,765	First Republic Bank		3,136,688
	25,700	FlexiGroup, Ltd.		57,641
	88,600	Franklin Resources, Inc.		4,344,058
	30,700	Frasers Centrepoint Trust		46,942
	65,000	Fukuoka Financial Group, Inc.		336,902
	12,350	General Growth Properties, Inc.		316,901
	19,250	Government Properties Income Trust		357,088
	22,650	Green Dot Corporationj		433,068
	4,233	Hamborner REIT AG		41,128
	4,233	Hamborner REIT AG Rightsj		264
	120,526	Hanmi Financial Corporation		2,993,866
	4,200	Hannover Rueckversicherung SE		406,505
	20,400	HCC Insurance Holdings, Inc.		1,567,536
	15,400	Henderson Land Development Company, Ltd.		105,273
	37,400	Highwoods Properties, Inc.		1,494,130
	36,100	Hospitality Properties Trust		1,040,402
	174,296	Host Hotels & Resorts, Inc.		3,456,290
	205,600	HSBC Holdings plc		1,841,016
	9,400	Hufvudstaden AB		114,351
	417,200	Huntington Bancshares, Inc.		4,718,532
	71,000	Hysan Development Company, Ltd.		307,464
	2,407	IG Group Holdings plc		28,213
	68,513	Intercontinental Exchange, Inc.		15,320,192
	39,932	Intermediate Capital Group plc		344,960
	159,480	Invesco, Ltd.		5,978,905
	45,200	Investec plc		406,119
	177,758	J.P. Morgan Chase & Company		12,044,882
	12	Japan Prime Realty Investment Corporation		37,258
	900	Julius Baer Group, Ltd.		50,503
	40,606	Kennedy-Wilson Holdings, Inc.		998,502
	64,000	KeyCorp		961,280
	6,621	Lazard, Ltd.		372,365
	71,300	Lexington Realty Trust		604,624
	54,000	Link REIT		316,005
	7,900	M&T Bank Corporation		986,947
	39,000	MBIA, Inc.j		234,390
	176,420	MetLife, Inc.		9,877,756
	20,650	Mid-America Apartment Communities, Inc.		1,503,526
	290,650	Morgan Stanley		11,274,313
	30,900	MSCI, Inc.		1,901,895
	2,300	Muenchener Rueckversicherungs-Gesellschaft AG		407,778
	25,975	NASDAQ OMX Group, Inc.		1,267,840
	325,000	New World Development Company, Ltd.		424,660
	17,700	Northern Trust Corporation		1,353,342
	55,647	PacWest Bancorp		2,602,054
	36,450	Parkway Properties, Inc.		635,688
	50,970	Pebblebrook Hotel Trust		2,185,594
	33,030	Primerica, Inc.		1,509,141
	23,250	Progressive Corporation		647,047
	58,900	Ramco-Gershenson Properties Trust		961,248
	15,550	Raymond James Financial, Inc.		926,469
	21,220	Renasant Corporationd		691,772
	15,800	Resona Holdings, Inc.		86,175
	25,000	Retail Properties of America, Inc.		348,250
	13,050	RLJ Lodging Trust		388,629
	1,000	Sampo Oyj		47,127
	1,800	Schroders plc		89,814
	12,305	SEGRO plc		78,400
	41,200	Skandinaviska Enskilda Banken AB		527,003
	151,070	SLM Corporationj		1,491,061
	3,650	Sovran Self Storage, Inc.		317,221
	100	St. Galler Kantonalbank AG		36,847
	6,300	StanCorp Financial Group, Inc.		476,343
	93,327	Stockland		294,701
	23,600	Store Capital Corporation		474,360
	48,000	Sumitomo Mitsui Trust Holdings, Inc.		219,581
	101,319	Summit Hotel Properties, Inc.		1,318,160
	21,575	Sunstone Hotel Investors, Inc.		323,841
	8,440	SVB Financial Groupj		1,215,191
	300	Swiss Life Holding AG		68,694
	10,100	Swiss Re AG		894,080
	96,260	Synovus Financial Corporation		2,966,733
	1,400	Talanx AG		42,971
	40,690	Talmer Bancorp, Inc.		681,558
	21,064	TD Ameritrade Holding Corporation		775,576
	53,046	Terreno Realty Corporation		1,045,006
	2,000	TRYG AS		41,700
	22,400	UNIQA Insurance Group AG		202,090
	27,119	United Overseas Bank, Ltd.		463,978
	5,200	Wallenstam AB		36,954
	22,300	Wells Fargo & Company		1,254,152
	81,306	Western Alliance Bancorpj		2,744,891
	43,800	Western Asset Mortgage Capital Corporationd		646,926
	10,950	Weyerhaeuser Company		344,925
	145,807	Zions Bancorporation		4,627,185
	1,300	Zurich Insurance Group AG		395,759
		Total		239,976,154
	Health Care (3.2%)
	5,900	Abaxis, Inc.		303,732
	370,780	Abbott Laboratories		18,197,882
	8,980	ABIOMED, Inc.j		590,255
	29,440	Acadia Healthcare Company, Inc.j		2,306,035
	9,500	Acceleron Pharma, Inc.j		300,580
	66,060	Acorda Therapeutics, Inc.j		2,201,780
	77,717	Actavis, Inc.j		23,584,001
	600	Actelion, Ltd.		87,871
	63,750	Aetna, Inc.		8,125,575
	94,750	Affymetrix, Inc.d,j		1,034,670
	65,240	Akorn, Inc.d,j		2,848,378
	106,830	Alexion Pharmaceuticals, Inc.j		19,311,659
	38,071	Align Technology, Inc.j		2,387,432
	51,900	Allscripts Healthcare Solutions, Inc.j		709,992
	12,798	AmerisourceBergen Corporation		1,360,939
	48,700	Amgen, Inc.		7,476,424
	99,695	AMN Healthcare Services, Inc.j		3,149,365
	5,300	AmSurg Corporationj		370,735
	4,277	Anacor Pharmaceuticals, Inc.j		331,168
	14,000	AstraZeneca plc		886,058
	96,350	Baxter International, Inc.		6,737,755
	600	Bayer AG		84,024

The accompanying Notes to Financial Statements are an integral part of this schedule.

41

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value
	Health Care (3.2%) - continued
	14,426	BioMarin Pharmaceutical, Inc.j	$	1,973,188
	17,450	Bruker Corporationj		356,155
	7,251	C.R. Bard, Inc.		1,237,746
	73,700	Cambrex Corporationj		3,238,378
	16,300	Cardinal Health, Inc.		1,363,495
	32,075	Cardiovascular Systems, Inc.j		848,384
	54,236	Centene Corporationj		4,360,574
	262,430	Cerner Corporationj		18,123,416
	4,213	Cooper Companies, Inc.		749,788
	3,600	CSL, Ltd.		239,999
	15,167	Cyberonics, Inc.j		901,830
	151,147	Depomed, Inc.d,j		3,243,615
	4,800	Edwards Lifesciences Corporationj		683,664
	28,774	Envision Healthcare Holdings, Inc.j		1,135,998
	6,500	Essilor International SA		778,705
	12,100	EXACT Sciences Corporationd,j		359,854
	130,458	ExamWorks Group, Inc.j		5,100,908
	47,900	Express Scripts Holding Companyj		4,260,226
	1,300	Fresenius Medical Care AG & Company		107,622
	1,100	Gerresheimer AG		68,532
	239,270	Gilead Sciences, Inc.		28,013,732
	18,188	GlaxoSmithKline plc		378,162
	6,000	Greatbatch, Inc.j		323,520
	49,550	HCA Holdings, Inc.j		4,495,176
	7,500	Hikma Pharmaceuticals plc		227,816
	16,500	Hill-Rom Holdings, Inc.		896,445
	900	Hogy Medical Company, Ltd.		46,168
	36,850	Hologic, Inc.j		1,402,511
	2,033	ICON plcj		136,821
	6,550	Illumina, Inc.j		1,430,258
	37,151	Impax Laboratories, Inc.j		1,705,974
	24,300	Inogen, Inc.j		1,083,780
	67,988	Ironwood Pharmaceuticals, Inc.j		819,935
	24,353	Johnson & Johnson		2,373,443
	4,000	Kaken Pharmaceutical Company, Ltd.		139,646
	6,500	KYORIN Holdings, Inc.		132,524
	1,000	Lonza Group AG		133,665
	20,500	Magellan Health Services, Inc.j		1,436,435
	5,000	Medivation, Inc.j		571,000
	78,944	Medtronic, Inc.		5,849,750
	214,920	Merck & Company, Inc.		12,235,396
	2,793	Mettler-Toledo International, Inc.j		953,698
	18,172	Mylan NVd,j		1,233,152
	29,854	Neurocrine Biosciences, Inc.j		1,425,827
	5,500	Novartis AG		540,983
	65,863	NuVasive, Inc.j		3,120,589
	1,200	Orpea		84,035
	1,000	Paramount Bed Holdings Company, Ltd.		29,525
	7,778	Perrigo Company plc		1,437,608
	322,950	Pfizer, Inc.		10,828,513
	13,650	PharMerica Corporationj		454,545
	7,750	Providence Service Corporationj		343,170
	2,890	Puma Biotechnology, Inc.d,j		337,408
	44,200	Quest Diagnostics, Inc.		3,205,384
	8,200	Quintiles Transnational Holdings, Inc.j		595,402
	900	Sanofi		89,037
	42,550	Spectrum Pharmaceuticals, Inc.d,j		291,042
	64,061	Team Health Holdings, Inc.j		4,185,105
	52,826	Teleflex, Inc.		7,155,282
	2,850	Thermo Fisher Scientific, Inc.		369,816
	107,576	UnitedHealth Group, Inc.		13,124,272
	19,447	Universal Health Services, Inc.		2,763,419
	54,900	Veeva Systems, Inc.d,j		1,538,847
	88,339	Vertex Pharmaceuticals, Inc.j		10,908,100
	7,800	Waters Corporationj		1,001,364
		Total		281,366,667
	Industrials (2.0%)
	20,400	A.O. Smith Corporation		1,468,392
	2,100	Aalberts Industries NV		62,444
	10,800	AAR Corporation		344,196
	41,750	ADT Corporationd		1,401,548
	4,000	Aida Engineering, Ltd.		43,851
	51,039	Air New Zealand, Ltd.		88,183
	1,300	Airbus Group NV		84,679
	47,600	Allison Transmission Holdings, Inc.		1,392,776
	48,400	ALS, Ltd.d		218,111
	46,300	AMETEK, Inc.		2,536,314
	28,200	Applied Industrial Technologies, Inc.		1,118,130
	13,250	Argan, Inc.		534,373
	23,000	Asahi Glass Company, Ltd.		138,081
	9,953	B/E Aerospace, Inc.		546,420
	59,700	Boeing Company		8,281,584
	16,578	Briggs & Stratton Corporation		319,292
	400	Bucher Industries AG		99,512
	46,800	Caterpillar, Inc.		3,969,576
	38,990	CLARCOR, Inc.		2,426,738
	3,300	COMSYS Holdings Corporation		49,089
	43,150	Con-way, Inc.		1,655,666
	212,700	CSX Corporation		6,944,655
	9,500	CTT-Correios de Portugal SA		98,058
	25,710	Curtiss-Wright Corporation		1,862,432
	6,000	Dai Nippon Printing Company, Ltd.		61,913
	438,100	Delta Air Lines, Inc.		17,997,148
	9,200	Deutsche Post AG		268,818
	59,631	EMCOR Group, Inc.		2,848,573
	21,020	Esterline Technologies Corporationj		2,004,047
	64,000	Expeditors International of Washington, Inc.		2,950,720
	5,491	Fastenal Companyd		231,610
	37,950	Federal Signal Corporation		565,835
	13,600	Fenner plc		44,282
	32,500	Flowserve Corporation		1,711,450
	100	Flughafen Zuerich AG		77,411
	52,800	Fluor Corporation		2,798,928
	21,379	Fortune Brands Home and Security, Inc.		979,586
	1,000	Fraport AG Frankfurt Airport Services Worldwide		62,812
	11,319	Generac Holdings, Inc.d,j		449,930
	100	Georg Fischer AG		68,746
	2,000	Go-Ahead Group plc		82,778
	8,656	Graco, Inc.		614,836
	59,228	Granite Construction, Inc.		2,103,186
	19,692	H&E Equipment Services, Inc.		393,249
	3,400	Hamburger Hafen und Logistik AG		68,743
	52,566	Healthcare Services Group, Inc.d		1,737,306
	16,497	Heico Corporationd		961,775
	40,069	HNI Corporation		2,049,529
	61,072	Honeywell International, Inc.		6,227,512
	700	Hoshizaki Electric Company, Ltd.		41,174
	11,550	Huntington Ingalls Industries, Inc.		1,300,415
	61,482	Huron Consulting Group, Inc.j		4,309,273
	2,800	Inaba Denki Sangyo Company, Ltd.		97,405
	253,250	Ingersoll-Rand plc		17,074,115
	11,000	Intrum Justitia AB		333,114
	24,900	ITOCHU Corporation		328,860
	71,370	Jacobs Engineering Group, Inc.j		2,899,049

The accompanying Notes to Financial Statements are an integral part of this schedule.

42

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value
	Industrials (2.0%) - continued
	1,209	Jardine Matheson Holdings, Ltd.	$	68,541
	10,654	JB Hunt Transport Services, Inc.		874,587
	700	Jungheinrich AG		47,442
	1,100	Kanamoto Company, Ltd.		27,886
	47,250	KAR Auction Services, Inc.		1,767,150
	13,300	KITZ Corporation		66,461
	14,200	Komatsu, Ltd.		284,899
	4,600	KONE Oyjd		186,715
	2,900	Koninklijke Boskalis Westminster NV		142,355
	87,270	Korn/Ferry International		3,034,378
	14,830	Manpower, Inc.		1,325,505
	22,900	Meritor, Inc.j		300,448
	18,464	Middleby Corporationj		2,072,215
	5,200	MIRAIT Holdings Corporation		60,598
	21,350	Mistras Group, Inc.j		405,223
	6,000	Mitsuboshi Belting, Ltd.		47,539
	1,300	NCC AB		39,704
	12,902	Nielsen NV		577,623
	5,700	Nippon Konpo Unyu Soko Company, Ltd.		99,369
	4,000	Nisshinbo Holdings, Inc.		44,707
	9,300	Nitto Kogyo Corporation		209,301
	14,290	Old Dominion Freight Line, Inc.j		980,365
	55,012	On Assignment, Inc.j		2,160,871
	31,958	Oshkosh Corporation		1,354,380
	87,840	Pentair, Ltd.		6,039,000
	35,720	PGT, Inc.j		518,297
	35,300	PowerSecure International, Inc.j		521,028
	79,700	Progressive Waste Solutions, Ltd.		2,139,945
	28,880	Proto Labs, Inc.d,j		1,948,822
	23,510	Raven Industries, Inc.		477,958
	18,100	Rentokil Initial plc		42,036
	1,055	Rieter Holding AG		166,773
	72,399	Ritchie Brothers Auctioneers, Inc.d		2,021,380
	27,620	Robert Half International, Inc.		1,532,910
	5,086	Roper Industries, Inc.		877,132
	24,652	Saia, Inc.j		968,577
	21,700	Sandvik AB		239,900
	6,300	Siemens AG		637,381
	68,460	Southwest Airlines Company		2,265,341
	8,650	Spirit Aerosystems Holdings, Inc.j		476,702
	20,254	Spirit Airlines, Inc.j		1,257,773
	14,736	Stericycle, Inc.j		1,973,298
	35,787	Swift Transportation Companyj		811,291
	3,000	Teleperformance SA		211,945
	24,175	Tennant Company		1,579,595
	1,600	TKH Group NV		67,213
	9,000	Toppan Printing Company, Ltd.		75,240
	9,300	Toro Company		630,354
	3,700	Tsubakimoto Chain Company		36,143
	166,160	Union Pacific Corporation		15,846,679
	8,464	United Rentals, Inc.j		741,616
	11,200	Verisk Analytics, Inc.j		814,912
	7,850	WABCO Holdings, Inc.j		971,202
	28,140	WageWorks, Inc.j		1,138,263
	6,787	Watsco, Inc.		839,823
		Total		173,475,019
	Information Technology (4.7%)
	32,411	A10 Networks, Inc.d,j		208,727
	19,420	Agilent Technologies, Inc.		749,224
	167,560	Alibaba Group Holding, Ltd. ADRj		13,785,161
	7,750	Alliance Data Systems Corporationj		2,262,535
	3,700	Alps Electric Company, Ltd.		114,106
	11,342	Ambarella, Inc.d,j		1,164,710
	30,367	Amphenol Corporation		1,760,375
	10,701	ANSYS, Inc.j		976,359
	357,569	Apple, Inc.		44,848,092
	82,431	Applied Materials, Inc.		1,584,324
	90,516	Applied Micro Circuits Corporationd,j		610,983
	16,605	Applied Optoelectronics, Inc.d,j		288,263
	23,990	Arista Networks, Inc.d,j		1,960,943
	228,910	ARM Holdings plc ADR		11,278,396
	47,122	Aspen Technology, Inc.j		2,146,407
	142,820	Atmel Corporation		1,407,491
	16,950	AVG Technologies NVj		461,210
	12,500	Blackhawk Network Holdings, Inc.j		515,000
	29,250	Booz Allen Hamilton Holding Corporation		738,270
	46,240	Broadridge Financial Solutions, Inc.		2,312,462
	154,550	Brocade Communications Systems, Inc.		1,836,054
	10,100	Brother Industries, Ltd.		142,880
	19,100	Canon, Inc.		619,573
	1,000	Cap Gemini SA		88,717
	25,290	Cardtronics, Inc.j		936,994
	15,300	Carsales.com, Ltd.		120,051
	15,180	Cavium, Inc.j		1,044,536
	29,450	CDW Corporation		1,009,546
	24,937	Ciena Corporationd,j		590,508
	738,420	Cisco Systems, Inc.		20,277,013
	27,919	Cognex Corporation		1,342,904
	22,000	Cognizant Technology Solutions Corporationj		1,343,980
	9,623	Coherent, Inc.j		610,868
	14,500	Comtech Telecommunications Corporation		421,225
	24,414	Constant Contact, Inc.j		702,147
	11,802	Cornerstone OnDemand, Inc.j		410,710
	231,100	Corning, Inc.		4,559,603
	8,690	Criteo SAj		414,252
	23,768	Dealertrack Technologies, Inc.j		1,492,393
	27,515	Demandware, Inc.j		1,955,766
	4,000	Dialog Semiconductor plcj		216,300
	18,378	DST Systems, Inc.		2,315,260
	140,974	eBay, Inc.j		8,492,274
	37,800	Electronic Arts, Inc.j		2,513,700
	747,070	EMC Corporation		19,715,177
	33,910	Envestnet, Inc.j		1,370,981
	4,950	F5 Networks, Inc.j		595,732
	431,800	Facebook, Inc.j		37,033,327
	41,170	FARO Technologies, Inc.j		1,922,639
	25,840	FEI Company		2,142,911
	10,500	FleetCor Technologies, Inc.j		1,638,630
	41,069	Fortinet, Inc.j		1,697,382
	19,400	FUJIFILM Holdings NPV		692,348
	12,424	Gartner, Inc.j		1,065,731
	31,914	Google, Inc., Class Aj		17,234,837
	36,629	Google, Inc., Class Cj		19,065,761
	72,688	Guidewire Software, Inc.j		3,847,376
	5,000	Hitachi Kokusai Electric, Inc.		75,956
	50,068	HomeAway, Inc.j		1,558,116
	27,621	IAC/InterActiveCorporation		2,200,289
	11,000	Imperva, Inc.j		744,700
	2,400	IT Holdings Corporation		50,968
	2,100	ITOCHU Techno-Solutions Corporation		52,298
	37,324	Juniper Networks, Inc.		969,304
	9,670	Keysight Technologies, Inc.j		301,607
	74,140	LinkedIn Corporationj		15,319,548
	12,702	Manhattan Associates, Inc.j		757,674
	86,710	MasterCard, Inc.		8,105,651

The accompanying Notes to Financial Statements are an integral part of this schedule.

43

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value
	Information Technology (4.7%) - continued
	57,243	MaxLinear, Inc.j	$	692,640
	37,960	Microsemi Corporationj		1,326,702
	82,590	Microsoft Corporation		3,646,348
	16,632	Monolithic Power Systems, Inc.		843,409
	59,760	National Instruments Corporation		1,760,530
	7,400	NEC Networks & System Integration Corporation		161,474
	79,200	NetApp, Inc.		2,499,552
	17,538	Newport Corporationj		332,520
	8,596	Nice Systems, Ltd. ADR		546,620
	1,400	NS Solutions Corporation		46,292
	257,924	NVIDIA Corporation		5,186,852
	19,855	NXP Semiconductors NVj		1,949,761
	10,600	Optimal Payments plcj		38,970
	185,800	Oracle Corporation		7,487,740
	1,000	Oracle Corporation Japan		41,806
	1,200	Otsuka Corporation		56,018
	3,920	Palo Alto Networks, Inc.j		684,824
	24,076	Plantronics, Inc.		1,355,720
	24,900	Polycom, Inc.j		284,856
	24,600	Progress Software Corporationj		676,500
	38,043	Proofpoint, Inc.d,j		2,422,198
	37,579	QLIK Technologies, Inc.j		1,313,762
	54,550	QUALCOMM, Inc.		3,416,466
	19,450	Red Hat, Inc.j		1,476,838
	236,450	Salesforce.com, Inc.j		16,464,013
	24,460	Samsung Electronics Company, Ltd. GDR		13,954,430
	4,900	SAP SE		343,375
	14,195	ServiceNow, Inc.j		1,054,830
	7,787	Skyworks Solutions, Inc.		810,627
	26,873	Sonus Networks, Inc.j		185,961
	39,600	Symantec Corporation		920,700
	9,668	Synopsys, Inc.j		489,684
	108,400	Teradata Corporationj		4,010,800
	49,577	Teradyne, Inc.		956,340
	118,920	Texas Instruments, Inc.		6,125,569
	25,795	Textura Corporationd,j		717,875
	2,400	Tokyo Electron, Ltd.		152,537
	8,900	Total System Services, Inc.		371,753
	1,400	Trend Micro, Inc.		47,889
	6,582	Tyler Technologies, Inc.j		851,579
	11,215	Ultimate Software Group, Inc.j		1,843,073
	33,400	Vantiv, Inc.j		1,275,546
	41,150	Veeco Instruments, Inc.j		1,182,651
	116,939	Virtusa Corporationj		6,010,665
	454,130	Visa, Inc.		30,494,829
	12,200	WebMD Health Corporationj		540,216
	277,450	Xerox Corporation		2,952,068
		Total		410,794,643
	Materials (0.8%)
	29,250	Agnico Eagle Mines, Ltd.		829,823
	8,314	Airgas, Inc.		879,455
	178,400	Alcoa, Inc.		1,989,160
	3,000	APERAMj		121,455
	7,000	Asahi Kasei Corporation		57,418
	46,400	Avery Dennison Corporation		2,827,616
	6,270	Balchem Corporation		349,364
	28,450	Ball Corporation		1,995,767
	174,350	Barrick Gold Corporation		1,858,571
	43,800	Berry Plastics Group, Inc.j		1,419,120
	17,700	BillerudKorsnas AB		278,090
	17,200	Boral, Ltd.		77,484
	7,600	Buzzi Unicem SPA		108,270
	59,067	Celanese Corporation		4,245,736
	68,098	Chemtura Corporationj		1,927,854
	4,200	Compass Minerals International, Inc.		344,988
	45,150	Crown Holdings, Inc.j		2,388,886
	19,200	Daicel Corporation		246,378
	80,400	Dow Chemical Company		4,114,068
	7,000	DOWA Holdings Company, Ltd.		66,152
	18,990	Eagle Materials, Inc.		1,449,507
	20,350	Eastman Chemical Company		1,665,037
	99,750	Eldorado Gold Corporationd		412,965
	100	EMS-CHEMIE Holding AG		42,249
	30,350	Ferro Corporationj		509,273
	16,026	FMC Corporation		842,166
	22,650	Franco-Nevada Corporationd		1,079,273
	172,600	Freeport-McMoRan, Inc.		3,213,812
	100	Givaudan SA		173,131
	121,350	Goldcorp, Inc.		1,965,870
	75,352	Graphic Packaging Holding Company		1,049,653
	2,000	Holmen AB		58,366
	84,380	Horsehead Holding Corporationd,j		988,934
	7,650	Innophos Holdings, Inc.		402,696
	87,400	International Paper Company		4,159,366
	164,500	Kinross Gold Corporationj		381,640
	10,000	Kureha Corporation		39,296
	4,150	LyondellBasell Industries NV		429,608
	8,750	Martin Marietta Materials, Inc.		1,238,212
	31,050	MeadWestvaco Corporation		1,465,249
	6,200	Mondi plc		133,481
	73,500	Newmont Mining Corporation		1,716,960
	17,000	Nippon Steel & Sumitomo Metal Corporation		44,079
	87,287	Norsk Hydro ASAd		366,338
	2,100	Novozymes AS		99,772
	77,620	Nucor Corporation		3,420,713
	23,682	OceanaGold Corporation		58,589
	4,900	Outokumpu Oyjj		24,687
	68,250	Owens-Illinois, Inc.j		1,565,655
	19,700	Packaging Corporation of America		1,231,053
	33,541	PolyOne Corporation		1,313,801
	27,800	Rock-Tenn Company		1,673,560
	10,200	Royal Gold, Inc.		628,218
	37,650	Sealed Air Corporation		1,934,457
	5,950	Silgan Holdings, Inc.		313,922
	71,261	Silver Wheaton Corporation		1,235,666
	7,200	Sonoco Products Company		308,592
	12,850	Southern Copper Corporationd		377,919
	59,230	Steel Dynamics, Inc.		1,226,949
	18,000	Sumitomo Metal Mining Company, Ltd.		273,762
	7,000	Sumitomo Seika Chemicals Company, Ltd.		45,973
	100,850	Teck Resources, Ltd.d		999,424
	13,300	UPM-Kymmene Oyj		235,356
	6,400	Vedanta Resources plc		52,267
	18,600	Vulcan Materials Company		1,561,098
	22,300	Westlake Chemical Corporation		1,529,557
	133,000	Yamana Gold, Inc.		399,000
	9,964	Yara International ASA		519,205
		Total		70,982,011
	Telecommunications Services (0.1%)
	66,800	Bezeq Israel Telecommunication Corporation, Ltd.		113,759
	38,911	BT Group plc		275,540
	10,400	Elisa Oyj		329,505
	9,300	Freenet AG		313,259
	150,849	KCOM Group plc		221,614

The accompanying Notes to Financial Statements are an integral part of this schedule.

44

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (21.2%)	Value
	Telecommunications Services (0.1%) - continued
	5,687	Level 3 Communications, Inc.j	$	299,534
	11,000	Nippon Telegraph & Telephone Corporation		398,373
	22,900	Orange SA		353,905
	5,500	Proximus SA		194,629
	11,182	SBA Communications Corporationj		1,285,595
	6,000	Tele2 AB		69,872
	189,600	Telstra Corporation, Ltd.		897,293
	130,806	Verizon Communications, Inc.		6,096,868
	85,050	Vonage Holdings Corporationj		417,595
		Total		11,267,341
	Utilities (0.3%)
	172,700	A2A SPA		206,118
	13,900	AGL Resources, Inc.		647,184
	12,050	Atmos Energy Corporation		617,924
	8,000	CLP Holdings, Ltd.		67,992
	21,970	Dynegy, Inc.j		642,622
	7,500	E.ON SE		100,009
	30,000	Edison International, Inc.		1,667,400
	118,000	Electricidade de Portugal SA		449,580
	9,200	Enagas SAd		250,447
	68,600	Enel SPAd		310,916
	21,700	Entergy Corporation		1,529,850
	4,200	Hokuriku Electric Power Company		62,562
	24,210	Laclede Group, Inc.		1,260,373
	3,148	National Grid plc		40,517
	65,640	NiSource, Inc.		2,992,528
	18,610	NorthWestern Corporation		907,237
	43,600	NRG Energy, Inc.		997,568
	11,700	OGE Energy Corporation		334,269
	15,000	Osaka Gas Company, Ltd.		59,202
	174,400	PG&E Corporation		8,563,040
	18,320	Portland General Electric Company		607,491
	22,900	Public Service Enterprise Group, Inc.		899,512
	43,500	Redes Energeticas Nacionais SGPS SA		121,774
	4,022	Severn Trent plc		131,424
	67,400	Southern Company		2,824,060
	7,000	Toho Gas Company, Ltd.		41,441
	23,500	United Utilities Group plc		329,148
	18,800	Westar Energy, Inc.		643,336
	65,300	Wisconsin Energy Corporationd		2,936,541
		Total		30,242,065
		Total Common Stock (cost $1,603,232,180)		1,875,033,763
Shares		Collateral Held for Securities Loaned (0.9%)
	78,634,260	Thrivent Cash Management Trust		78,634,260
		Total Collateral Held for Securities Loaned (cost $78,634,260)		78,634,260
Shares or Principal Amount		Short-Term Investments (25.5%)k
		Federal Home Loan Bank Discount Notes
	76,000,000	0.075%, 7/1/2015l		76,000,000
	46,384,000	0.055%, 7/6/2015		46,383,685
	17,200,000	0.060%, 7/7/2015		17,199,828
	99,700,000	0.084%, 7/8/2015l		99,698,377
	54,300,000	0.056%, 7/10/2015		54,299,239
	119,400,000	0.069%, 7/15/2015l		119,396,773
	91,200,000	0.075%, 7/17/2015		91,196,942
	81,556,000	0.077%, 7/22/2015		81,552,336
	136,700,000	0.071%, 7/24/2015l		136,693,776
	137,600,000	0.065%, 7/29/2015		137,593,020
	107,360,000	0.076%, 7/31/2015		107,353,213
	98,130,000	0.070%, 8/5/2015		98,123,303
	127,700,000	0.073%, 8/7/2015		127,690,422
	10,000,000	0.080%, 8/10/2015		9,999,111
	104,330,000	0.089%, 8/12/2015		104,319,198
	57,200,000	0.068%, 8/14/2015		57,195,230
	71,500,000	0.077%, 8/17/2015		71,492,821
	145,915,000	0.069%, 8/19/2015		145,901,396
	188,000,000	0.069%, 8/21/2015		187,981,534
	104,700,000	0.064%, 8/26/2015		104,689,620
	35,000,000	0.064%, 8/28/2015		34,996,415
	49,500,000	0.082%, 9/2/2015		49,492,854
	76,150,000	0.084%, 9/4/2015		76,138,456
	5,460,000	0.085%, 9/8/2015		5,459,110
	65,150,000	0.088%, 9/9/2015		65,138,916
	14,225,000	0.087%, 9/11/2015		14,222,522
	2,300,000	0.085%, 9/15/2015		2,299,587
	75,500,000	0.082%, 9/18/2015l		75,486,334
		Federal Home Loan Mortgage Corporation Discount Notes
	7,700,000	0.070%, 7/20/2015		7,699,715
	4,400,000	0.045%, 7/21/2015		4,399,890
	18,500,000	0.065%, 8/7/2015		18,498,764
		Federal National Mortgage Association Discount Notes
	14,000,000	0.065%, 7/15/2015		13,999,646
	11,216,000	0.117%, 8/12/2015l		11,214,475
		Total Short-Term Investments (at amortized cost)		2,253,806,508
		Total Investments (cost $9,236,057,963) 110.7%	$	9,796,618,739
		Other Assets and Liabilities, Net (10.7%)		(947,315,999	)
		Total Net Assets 100.0%	$	8,849,302,740

The accompanying Notes to Financial Statements are an integral part of this schedule.

45

Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d All or a portion of the security is on loan.

e Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $132,143,869 or 1.5% of total net assets.

f Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

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 June 30, 2015.

h Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

i Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

j Non-income producing security.

k The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

l At June 30, 2015, $85,366,145 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Moderate Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	1,399,300
Apidos CLO XVIII, 7/22/2026		6/25/2014		1,396,500
Ares CLO, Ltd., 11/15/2025		11/26/2014		2,750,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		1,399,300
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		2,787,504
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		3/19/2015		1,871,054
Betony CLO, Ltd., 4/15/2027		2/25/2015		1,260,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		1,400,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		1,398,586
CAM Mortgage, LLC, 7/15/2064		6/24/2015		3,750,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		1,400,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		1,400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		1,400,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		1,400,000
CoBank ACB, 6/15/2022		10/18/2013		472,962
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		1,400,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		99,518
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		4,500,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		1,398,600
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		2,686,230
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		1,346,625
Limerock CLO III, LLC, 10/20/2026		10/16/2014		4,500,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		1,523,170
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		4,250,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		4,425,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		4,513,280
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		1,100,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		4,500,000
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		3,176,312
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		1,400,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		4,488,750
OZLM VIII, Ltd., 10/17/2026		8/7/2014		1,392,020
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		3,260,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		4,500,000
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		4,466,250
Symphony CLO, Ltd., 1/9/2023		9/15/2014		1,386,039
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		2,206,507
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		2,210,499
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		2,737,597
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		1,397,900

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
CLO	-	Collateralized Loan Obligation
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
TIPS	-	Treasury Inflation Protected Security.

The accompanying Notes to Financial Statements are an integral part of this schedule.

46

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value
	Basic Materials (0.2%)
		Alpha Natural Resources, Inc., Term Loan
	$  1,908,336	3.500%, 5/22/2020	$	1,367,246
		Axalta Coating Systems US Holdings, Inc.,Term Loan
	1,512,483	3.750%, 2/1/2020		1,509,836
		Fortescue Metals Group, Ltd., Term Loan
	1,444,422	3.750%, 6/30/2019		1,279,628
		Ineos US Finance, LLC, Term Loan
	2,277,443	3.750%, 12/15/2020		2,260,840
		NewPage Corporation, Term Loan
	1,028,256	9.500%, 2/11/2021		824,661
		Tronox Pigments BV, Term Loan
	743,104	Zero Coupon, 3/19/2020b,c		742,644
		Wausau Paper Corporation, Term Loan
	1,283,913	6.500%, 7/30/2020		1,277,494
		Total		9,262,349
	Capital Goods (0.2%)
		ADS Waste Holdings, Inc., Term Loan
	1,744,167	3.750%, 10/9/2019		1,721,056
		Berry Plastics Group, Inc., Term Loan
	3,391,925	3.500%, 2/8/2020		3,373,812
		Silver II Borrower, Term Loan
	846,720	4.000%, 12/13/2019		815,815
		Sterigenics-Nordion Holdings, LLC, Term Loan
	585,000	4.250%, 5/15/2022		583,538
		Total		6,494,221
	Communications Services (1.3%)
		Atlantic Broadband Penn, LLC, Term Loan
	914,619	3.250%, 11/30/2019		910,146
		Birch Communication, Inc., Term Loan
	1,943,056	7.750%, 7/17/2020		1,943,056
		Cable & Wireless Communications plc, Term Loan
	284,870	5.500%, 4/28/2017		284,514
		Cengage Learning Acquisitions, Term Loan
	3,775,784	7.000%, 3/31/2020		3,775,784
		Charter Communications Operating, LLC, Term Loan
	450,800	3.000%, 7/1/2020		445,354
	2,205,000	3.000%, 1/3/2021		2,175,872
		Clear Channel Communications, Inc., Term Loan
	640,816	7.687%, 7/30/2019		598,004
		Fairpoint Communications, Term Loan
	2,258,025	7.500%, 2/14/2019		2,274,260
		Grande Communications Networks, LLC, Term Loan
	1,332,822	4.500%, 5/29/2020		1,323,666
		Hargray Communications Group, Inc., Term Loan
	2,394,796	5.250%, 6/26/2019		2,404,519
		iHeartCommunications, Inc., Term Loan
	1,992,484	6.937%, 1/30/2019		1,837,170
		IMG Worldwide, Inc., Term Loan
	1,077,280	Zero Coupon, 5/6/2021b,c		1,074,048
		Integra Telecom Holdings, Inc., Term Loan
	405,757	9.750%, 2/21/2020		402,377
	1,869,265	5.250%, 8/14/2020		1,854,778
		Intelsat Jackson Holdings SA, Term Loan
	1,255,968	3.750%, 6/30/2019		1,245,242
		Level 3 Communications, Inc., Term Loan
	2,540,000	4.000%, 1/15/2020		2,539,213
		Level 3 Financing, Inc., Term Loan
	840,000	3.500%, 5/31/2022		833,524
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	1,210,000	4.500%, 1/7/2022		1,197,900
	875,000	4.500%, 1/7/2022		872,086
		LTS Buyer, LLC, Term Loan
	1,456,405	4.000%, 4/13/2020		1,446,851
	72,737	8.000%, 4/12/2021		72,252
		Mediacom Broadband, LLC, Term Loan
	1,011,400	4.000%, 1/20/2020		1,008,872
		NEP Broadcasting, LLC, Term Loan
	134,286	10.000%, 7/22/2020		132,607
		NEP/NCP Holdco, Inc., Term Loan
	3,372,892	4.250%, 1/22/2020		3,318,082
		NTelos, Inc., Term Loan
	666,162	5.750%, 11/9/2019		582,892
		SBA Senior Finance II, LLC, Term Loan
	1,840,000	3.250%, 6/10/2022		1,818,159
		Syniverse Holdings, Inc., Term Loan
	1,793,615	4.000%, 4/23/2019		1,686,751
		TNS, Inc., Term Loan
	1,213,967	5.000%, 2/14/2020		1,213,457
		Univision Communications, Inc., Term Loan
	2,977,381	4.000%, 3/1/2020		2,950,793
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,902,132	3.500%, 6/30/2023		1,881,532
		WideOpenWest Finance, LLC, Term Loan
	2,976,640	4.500%, 4/1/2019		2,968,781
		XO Communications, LLC, Term Loan
	587,562	4.250%, 3/20/2021		586,217
		Yankee Cable Acquisition, LLC, Term Loan
	1,722,344	4.250%, 3/1/2020		1,722,344
		Zayo Group, LLC, Term Loan
	2,659,912	3.750%, 7/2/2019		2,635,148
		Total		52,016,251
	Consumer Cyclical (0.6%)
		Amaya Gaming Group, Inc., Term Loan
	1,528,450	5.000%, 8/1/2021		1,525,775

The accompanying Notes to Financial Statements are an integral part of this schedule.

47

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value
	Consumer Cyclical (0.6%) - continued
		Burlington Coat Factory Warehouse Corporation, Term Loan
	$  1,094,626	4.250%, 8/13/2021	$	1,093,761
		Ceridian HCM Holding, Inc., Term Loan
	578,755	4.500%, 9/15/2020		572,609
		Chrysler Group, LLC, Term Loan
	1,499,847	3.500%, 5/24/2017		1,495,933
		Golden Nugget, Inc., Delayed Draw
	256,208	5.500%, 11/21/2019		258,129
		Golden Nugget, Inc., Term Loan
	597,818	5.500%, 11/21/2019		602,301
		Hilton Worldwide Finance, LLC, Term Loan
	1,761,327	3.500%, 10/26/2020		1,761,609
		J.C. Penney Corporation, Inc., Term Loan
	1,974,700	6.000%, 5/22/2018		1,969,052
		Las Vegas Sands, LLC, Term Loan
	1,970,000	3.250%, 12/19/2020		1,959,401
		Marina District Finance Company, Inc., Term Loan
	1,521,776	6.500%, 8/15/2018		1,534,148
		MGM Resorts International, Term Loan
	1,399,125	3.500%, 12/20/2019		1,388,282
		Mohegan Tribal Gaming Authority, Term Loan
	3,349,000	5.500%, 11/19/2019		3,329,643
		Rite Aid Corporation, Term Loan
	695,000	5.750%, 8/21/2020		701,519
		ROC Finance, LLC, Term Loan
	2,485,725	5.000%, 6/20/2019		2,434,967
		Scientific Games International, Inc., Term Loan
	3,064,115	6.000%, 10/18/2020		3,062,032
	659,411	Zero Coupon, 10/1/2021b,c		658,672
		Seminole Indian Tribe of Florida, Term Loan
	728,762	3.000%, 4/29/2020		727,669
		Total		25,075,502
	Consumer Non-Cyclical (0.5%)
		Albertsons, Inc., Term Loan
	3,494,758	5.375%, 3/21/2019		3,506,116
		Catalina Marketing Corporation, Term Loan
	475,200	4.500%, 4/9/2021		418,176
		CHS/Community Health Systems, Inc., Term Loan
	350,250	3.534%, 12/31/2018		349,945
	328,703	3.750%, 1/27/2021		328,608
	604,805	4.000%, 1/27/2021		605,422
		Endo Luxembourg Finance I Co Sarl, Term Loan
	1,655,000	0.000%, 6/24/2022b,c		1,658,111
		JBS USA, LLC, Term Loan
	1,508,730	3.750%, 5/25/2018		1,503,072
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,941,195	4.750%, 3/22/2019		1,944,437
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,656,000	4.750%, 6/30/2021b,c		1,621,704
		Roundy’s Supermarkets, Inc., Term Loan
	2,005,549	5.750%, 3/3/2021		1,935,355
		Supervalu, Inc., Term Loan
	4,204,838	4.500%, 3/21/2019		4,209,632
		Visant Corporation, Term Loan
	2,529,291	7.000%, 9/23/2021		2,436,542
		Total		20,517,120
	Energy (0.2%)
		Altice US Finance I Corporation, Term Loan
	1,065,147	4.250%, 6/8/2022		1,055,497
		Arch Coal, Inc., Term Loan
	2,631,823	6.250%, 5/16/2018		1,791,298
		Energy Solutions, LLC, Term Loan
	515,821	6.750%, 5/29/2020		516,683
		Expro Holdings UK 2, Ltd., Term Loan
	744,375	5.750%, 9/2/2021		653,420
		Fieldwood Energy, LLC, Term Loan
	884,258	3.875%, 10/1/2018		840,876
	389,261	8.375%, 9/30/2020		297,298
		Houston Fuel Oil Terminal, LLC, Term Loan
	1,359,725	4.250%, 8/19/2021		1,291,739
		McJunkin Red Man Corporation, Term Loan
	724,173	5.000%, 11/8/2019		717,836
		Offshore Group Investment, Ltd., Term Loan
	1,808,375	5.750%, 3/28/2019		1,096,327
		Pacific Drilling SA, Term Loan
	1,254,400	4.500%, 6/3/2018		1,006,656
		Targa Resources Partners, LP, Term Loan
	158,140	5.750%, 2/27/2022		159,325
		Total		9,426,955
	Financials (0.2%)
		DJO Finance, LLC, Term Loan
	950,000	4.250%, 6/7/2020		949,411
		GEO Group, Inc., Term Loan
	450,800	3.250%, 4/3/2020		450,047
		Harland Clarke Holdings Corporation, Term Loan
	2,213,500	7.000%, 5/22/2018		2,219,034
	240,625	6.000%, 8/4/2019		240,926
		MoneyGram International, Inc., Term Loan
	1,798,600	4.250%, 3/27/2020		1,707,177
		WaveDivision Holdings, LLC, Term Loan
	2,452,125	4.000%, 10/15/2019		2,449,060
		Total		8,015,655
	Technology (0.2%)
		First Data Corporation, Term Loan
	2,090,000	3.687%, 3/23/2018		2,081,410
	1,040,000	3.687%, 9/24/2018		1,036,287

The accompanying Notes to Financial Statements are an integral part of this schedule.

48

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value
	Technology (0.2%) - continued
		Freescale Semiconductor, Inc., Term Loan
	$  1,632,613	4.250%, 2/28/2020	$	1,633,070
		Infor US, Inc., Term Loan
	1,054,162	3.750%, 6/3/2020		1,038,792
		Merrill Communications, LLC, Term Loan
	1,470,000	6.250%, 6/1/2022		1,462,650
		SS&C European Holdings SARL, Term Loan
	681,479	0.000%, 6/29/2022b,c		681,057
	153,521	0.000%, 6/29/2022b,c		153,426
		Total		8,086,692
	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,901,138	3.500%, 6/27/2020		1,880,947
		Delta Air Lines, Inc., Term Loan
	1,537,271	3.250%, 4/20/2017		1,532,782
		OSG Bulk Ships, Inc., Term Loan
	1,188,000	5.250%, 8/5/2019		1,187,264
		United Airlines, Inc., Term Loan
	1,124,125	3.250%, 4/1/2019		1,119,910
	223,312	3.750%, 9/15/2021		223,174
		Total		5,944,077
	Utilities (0.1%)
		Calpine Corporation, Term Loan
	2,027,663	4.000%, 10/9/2019		2,025,128
	337,099	3.500%, 5/27/2022		333,812
		Intergen NV, Term Loan
	877,100	5.500%, 6/15/2020		838,727
		Total		3,197,667
		Total Bank Loans (cost $151,674,240)		148,036,489
		Long-Term Fixed Income (34.4%)
	Asset-Backed Securities (1.7%)
		Access Group, Inc.
	1,338,984	0.687%, 2/25/2036d,e		1,323,788
		Ally Auto Receivables Trust
	131,577	0.720%, 5/20/2016		131,585
		Ares CLO, Ltd.
	2,800,000	1.564%, 10/12/2023d,e		2,793,745
	1,500,000	1.754%, 11/15/2025*,e		1,499,929
		BA Credit Card Trust
	1,100,000	0.566%, 6/15/2021e		1,099,342
		Barclays Dryrock Issuance Trust
	1,000,000	0.546%, 12/16/2019e		1,000,003
		Bayview Opportunity Master Fund Trust
	1,746,388	3.721%, 2/28/2035*		1,749,939
		Betony CLO, Ltd.
	750,000	1.779%, 4/15/2027*,e		749,772
		CAM Mortgage, LLC
	2,250,000	3.500%, 7/15/2064*		2,250,000
		Capital One Multi-Asset Execution Trust
	1,350,000	0.554%, 1/18/2022e		1,351,508
		Chase Issuance Trust
	1,475,000	1.590%, 2/18/2020		1,482,726
		Chesapeake Funding, LLC
	1,486,530	0.634%, 1/7/2025d,e		1,487,222
		Countrywide Asset-Backed Certificates
	1,364,951	5.530%, 4/25/2047		1,440,744
		Edlinc Student Loan Funding Trust
	1,074,705	3.190%, 10/1/2025*,e		1,088,139
		FirstEnergy Ohio PIRB Special Purpose Trust
	853,762	0.679%, 1/15/2019		853,663
		Ford Credit Auto Owner Trust
	810,000	2.260%, 11/15/2025d		820,019
		Golden Credit Card Trust
	1,000,000	0.616%, 9/15/2018d,e		1,000,750
		GoldenTree Loan Opportunities IX, Ltd.
	825,000	1.789%, 10/29/2026*,e		823,432
		Golub Capital Partners CLO 23M, Ltd.
	800,000	1.485%, 5/5/2027*,e		799,012
		Lehman XS Trust
	3,786,734	5.440%, 8/25/2035f		3,455,289
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,400,000	3.176%, 8/15/2045		3,456,192
	3,400,000	3.246%, 12/15/2047		3,401,051
		Morgan Stanley Capital, Inc.
	1,915,163	0.337%, 2/25/2037e		1,155,808
		OZLM VIII, Ltd.
	825,000	1.714%, 10/17/2026*,e		823,494
		Race Point IX CLO, Ltd.
	1,925,000	1.768%, 4/15/2027*,e		1,922,265
		Renaissance Home Equity Loan Trust
	5,500,000	6.011%, 5/25/2036f		3,866,605
	2,440,146	5.580%, 11/25/2036f		1,459,661
		SLM Student Loan Trust
	2,295,721	0.786%, 8/15/2022d,e		2,297,810
	1,188,695	0.677%, 4/25/2023d,e		1,189,097
	1,350,000	1.236%, 5/17/2027d,e		1,359,925
		U.S. Small Business Administration
	423,051	3.191%, 3/10/2024		437,766
		UBS Commercial Mortgage Trust
	5,100,000	3.400%, 5/10/2045		5,274,639
		Vericrest Opportunity Loan Transferee
	1,827,038	3.375%, 10/25/2058*,f		1,823,143
	3,000,000	3.500%, 6/26/2045d		2,997,000
	3,000,000	3.500%, 6/26/2045d		2,996,700
	1,350,203	3.500%, 2/25/2055*,f		1,348,371
		Volvo Financial Equipment, LLC
	1,135,691	0.740%, 3/15/2017d		1,135,705
		World Financial Network Credit Card Master Trust
	1,950,000	0.910%, 3/16/2020		1,950,573
		World Omni Master Owner Trust
	1,620,000	0.536%, 2/15/2018d,e		1,620,000
		Total		67,716,412

The accompanying Notes to Financial Statements are an integral part of this schedule.

49

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Basic Materials (0.3%)
		Albemarle Corporation
	$   230,000	3.000%, 12/1/2019	$	230,447
		ArcelorMittal
	1,300,000	6.250%, 3/1/2021		1,361,750
		First Quantum Minerals, Ltd.
	847,000	6.750%, 2/15/2020d		819,472
	847,000	7.000%, 2/15/2021d		809,944
		Freeport-McMoRan, Inc.
	1,759,000	2.375%, 3/15/2018		1,745,535
		Georgia-Pacific, LLC
	535,000	2.539%, 11/15/2019d		534,493
		Glencore Funding, LLC
	395,000	1.336%, 4/16/2018d,e		394,784
	1,072,000	2.875%, 4/16/2020d		1,050,744
		Hexion US Finance Corporation
	1,500,000	8.875%, 2/1/2018		1,353,750
		LyondellBasell Industries NV
	1,020,000	6.000%, 11/15/2021		1,167,549
		Packaging Corporation of America
	1,075,000	4.500%, 11/1/2023		1,108,643
		Sappi Papier Holding GmbH
	845,000	6.625%, 4/15/2021d		876,688
		Yamana Gold, Inc.
	890,000	4.950%, 7/15/2024		857,276
		Total		12,311,075
	Capital Goods (0.3%)
		Boeing Company
	780,000	3.500%, 3/1/2045		689,873
		CNH Capital, LLC
	1,500,000	3.625%, 4/15/2018		1,500,000
		Crown Americas Capital Corporation IV
	1,450,000	4.500%, 1/15/2023		1,369,351
		Harsco Corporation
	978,000	2.700%, 10/15/2015		978,000
		L-3 Communications Corporation
	992,000	1.500%, 5/28/2017		985,189
		Lockheed Martin Corporation
	1,030,000	3.800%, 3/1/2045		918,205
		Martin Marietta Materials, Inc.
	750,000	1.382%, 6/30/2017e		746,859
		Northrop Grumman Corporation
	1,010,000	3.850%, 4/15/2045		888,675
		Owens-Brockway Glass Container, Inc.
	970,000	5.000%, 1/15/2022d		957,875
		Reynolds Group Issuer, Inc.
	1,412,019	5.750%, 10/15/2020		1,447,319
		Roper Industries, Inc.
	1,016,000	2.050%, 10/1/2018		1,013,429
		Textron, Inc.
	680,000	5.600%, 12/1/2017		739,061
	545,000	5.950%, 9/21/2021		624,058
		Waste Management, Inc.
	260,000	3.125%, 3/1/2025		252,241
		Total		13,110,135
	Collateralized Mortgage Obligations (1.9%)
		Alm Loan Funding CLO
	825,000	1.662%, 10/17/2026*,e		823,144
		Alternative Loan Trust
	1,837,408	6.000%, 6/25/2036		1,676,598
		Apidos CLO XVIII
	825,000	1.669%, 7/22/2026*,e		820,209
		Babson CLO, Ltd.
	825,000	1.656%, 10/17/2026*,e		821,681
		Bayview Opportunity Master Fund IIIb NPL Trust
	1,300,000	3.721%, 7/28/2035d,f		1,300,000
		Birchwood Park CLO, Ltd.
	825,000	1.693%, 7/15/2026*,e		823,498
		BlueMountain CLO, Ltd.
	825,000	1.750%, 10/15/2026*,e		822,473
		Carlyle Global Market Strategies CLO, Ltd.
	825,000	1.575%, 7/20/2023*,e		821,668
	825,000	1.752%, 10/15/2026*,e		825,699
		Cent CLO 16, LP
	825,000	1.528%, 8/1/2024*,e		819,969
		Cent CLO 22, Ltd.
	825,000	1.756%, 11/7/2026*,e		822,405
		Citigroup Mortgage Loan Trust, Inc.
	585,647	5.500%, 11/25/2035		541,094
		CitiMortgage Alternative Loan Trust
	1,955,950	5.750%, 4/25/2037		1,675,175
		Countrywide Alternative Loan Trust
	2,644,612	5.071%, 10/25/2035		2,402,553
	1,132,929	6.500%, 8/25/2036		921,183
	377,795	6.000%, 1/25/2037		347,697
	3,824,374	5.500%, 5/25/2037		3,220,153
	2,288,012	7.000%, 10/25/2037		1,633,716
		Countrywide Home Loans, Inc.
	715,128	5.750%, 4/25/2037		652,678
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	209,594	5.500%, 10/25/2021		201,795
	563,149	6.000%, 10/25/2021		496,327
		Dryden 34 Senior Loan Fund CLO
	825,000	1.705%, 10/15/2026*,e		823,143
		Federal Home Loan Mortgage Corporation
	8,730,048	3.000%, 4/15/2028g		957,834
	5,926,486	3.000%, 2/15/2033g		834,497
		Federal National Mortgage Association
	12,211,328	3.500%, 1/25/2033g		1,566,462
		Galaxy XX CLO, Ltd.
	2,650,000	1.731%, 7/20/2027*,e		2,649,989
		Golub Capital Partners CLO 22B, Ltd.
	1,575,000	1.745%, 2/20/2027*,e		1,572,578
		Greenpoint Mortgage Funding Trust
	1,343,907	0.387%, 10/25/2045e		1,036,159
		HomeBanc Mortgage Trust
	1,095,311	2.205%, 4/25/2037		816,827
		IndyMac INDX Mortgage Loan Trust
	2,592,533	0.827%, 7/25/2045e		2,239,088
		J.P. Morgan Mortgage Trust
	182,036	2.555%, 10/25/2036		163,759
	2,856,145	0.567%, 1/25/2037e		1,839,794
	3,029,988	6.250%, 8/25/2037		2,402,447

The accompanying Notes to Financial Statements are an integral part of this schedule.

50

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Collateralized Mortgage Obligations (1.9%) - continued
		Limerock CLO III, LLC
	$  2,500,000	1.759%, 10/20/2026*,e	$	2,496,977
		Madison Park Funding XIV CLO, Ltd.
	900,000	1.725%, 7/20/2026*,e		898,831
		Madison Park Funding, Ltd.
	2,975,000	1.570%, 8/15/2022*,e		2,962,003
		Magnetite XII, Ltd.
	2,600,000	1.817%, 4/15/2027*,e		2,598,492
		MASTR Alternative Loans Trust
	446,539	6.500%, 7/25/2034		457,330
	2,092,002	0.637%, 12/25/2035e		1,095,548
		Merrill Lynch Alternative Note Asset Trust
	442,026	6.000%, 3/25/2037		404,387
		Mountain View CLO, Ltd.
	2,625,000	1.739%, 7/15/2027*,e		2,618,191
		Neuberger Berman CLO, Ltd.
	700,000	1.749%, 8/4/2025*,e		697,634
		NZCG Funding CLO, Ltd.
	2,650,000	1.812%, 4/27/2027*,e		2,651,526
		Octagon Investment Partners XX CLO, Ltd.
	825,000	1.720%, 8/12/2026*,e		823,533
		OHA Loan Funding, Ltd.
	2,500,000	1.762%, 10/20/2026*,e		2,496,915
		RALI Trust
	4,580,894	0.367%, 11/25/2036e		3,312,834
		Residential Accredit Loans, Inc.
	834,104	5.750%, 9/25/2035		753,220
		Residential Asset Securitization Trust
	2,991,556	0.567%, 8/25/2037e		1,041,753
		Sequoia Mortgage Trust
	2,920,734	2.770%, 9/20/2046		2,327,948
		Shackleton VII CLO, Ltd.
	2,650,000	1.797%, 4/15/2027*,e		2,650,017
		Symphony CLO XV, Ltd.
	2,500,000	1.724%, 10/17/2026*,e		2,498,886
		Symphony CLO, Ltd.
	816,773	1.374%, 1/9/2023*,e		814,410
		Voya CLO 3, Ltd.
	825,000	1.697%, 7/25/2026*,e		819,381
		WaMu Mortgage Pass Through Certificates
	450,729	2.246%, 9/25/2036		405,779
	424,613	2.281%, 10/25/2036		378,607
	1,390,879	1.969%, 11/25/2036		1,228,423
	2,095,120	1.797%, 1/25/2037		1,778,464
		Total		77,583,381
	Commercial Mortgage-Backed Securities (0.8%)
		Commercial Mortgage Pass-Through Certificates
	2,340,000	1.234%, 6/8/2030d,e		2,335,620
		Credit Suisse First Boston Mortgage Securities
	4,600,000	5.542%, 1/15/2049		4,851,841
		Credit Suisse Mortgage Capital Certificates
	3,300,000	5.509%, 9/15/2039		3,442,243
		Federal Home Loan Mortgage Corporation Multi Family Structured Pass Thru Certificates
	1,028,017	0.727%, 12/25/2016		1,029,311
		Federal National Mortgage Association
	1,568,724	1.272%, 1/25/2017		1,576,638
		Government National Mortgage Association
	51	3.214%, 1/16/2040		51
		Greenwich Capital Commercial Funding Corporation
	3,100,000	5.867%, 12/10/2049		3,325,215
		GS Mortgage Securities Trust
	4,000,000	3.666%, 9/10/2047		4,114,192
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,450,000	1.136%, 12/15/2028d,e		1,449,710
	2,300,000	5.885%, 2/12/2049		2,437,618
		JPMBB Commercial Mortgage Securities Trust
	2,850,000	3.231%, 1/15/2048		2,842,792
		LSTAR Commercial Mortgage Trust
	493,218	1.519%, 1/20/2041d		493,428
		Morgan Stanley Capital, Inc.
	1,750,000	5.406%, 3/15/2044		1,846,717
		SCG Trust
	700,000	1.586%, 11/15/2026d,e		699,285
		Total		30,444,661
	Communications Services (1.3%)
		21st Century Fox America, Inc.
	960,000	6.900%, 3/1/2019		1,114,685
		AMC Networks, Inc.
	1,500,000	4.750%, 12/15/2022		1,500,000
		America Movil SAB de CV
	750,000	1.288%, 9/12/2016e		751,614
	829,000	5.000%, 10/16/2019		912,513
		American Tower Corporation
	105,000	2.800%, 6/1/2020		103,541
	950,000	3.450%, 9/15/2021		945,420
		AT&T, Inc.
	360,000	1.212%, 6/30/2020e		361,395
	963,000	3.875%, 8/15/2021		993,293
	805,000	3.000%, 6/30/2022		777,279
	1,025,000	5.550%, 8/15/2041		1,050,184
	805,000	4.750%, 5/15/2046		732,529
		British Sky Broadcasting Group plc
	880,000	2.625%, 9/16/2019d		874,042
		CCO Holdings, LLC
	1,500,000	7.375%, 6/1/2020		1,584,375
		CenturyLink, Inc.
	1,150,000	6.450%, 6/15/2021		1,158,625
		Columbus International, Inc.
	1,175,000	7.375%, 3/30/2021d		1,263,125
		Comcast Corporation
	1,340,000	4.400%, 8/15/2035		1,330,582
	418,000	4.650%, 7/15/2042		419,058
	702,000	4.750%, 3/1/2044		712,631
		Cox Communications, Inc.
	496,000	9.375%, 1/15/2019d		605,532

The accompanying Notes to Financial Statements are an integral part of this schedule.

51

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Communications Services (1.3%) - continued
		Crown Castle International Corporation
	$  1,270,000	5.250%, 1/15/2023	$	1,279,208
		Crown Castle Towers, LLC
	480,000	4.174%, 8/15/2017d		497,760
		Digicel, Ltd.
	650,000	6.000%, 4/15/2021d		626,678
		DIRECTV Holdings, LLC
	600,000	5.875%, 10/1/2019		677,286
	381,000	4.450%, 4/1/2024		389,881
	1,040,000	6.350%, 3/15/2040		1,124,038
		FairPoint Communications, Inc.
	970,000	8.750%, 8/15/2019d		1,008,800
		Hughes Satellite Systems Corporation
	1,350,000	6.500%, 6/15/2019		1,464,750
		Intelsat Jackson Holdings SA
	1,500,000	7.250%, 4/1/2019		1,522,500
		Level 3 Financing, Inc.
	1,500,000	8.625%, 7/15/2020		1,603,050
		McGraw Hill Financial, Inc.
	630,000	4.000%, 6/15/2025d		629,377
		Numericable-SFR
	1,450,000	6.000%, 5/15/2022d		1,429,156
		Scripps Networks Interactive, Inc.
	1,075,000	2.800%, 6/15/2020		1,059,010
		SES Global Americas Holdings GP
	620,000	2.500%, 3/25/2019d		617,764
		Sprint Corporation
	1,405,000	7.625%, 2/15/2025		1,324,213
		Telefonica Emisiones SAU
	858,000	3.192%, 4/27/2018		881,372
	515,000	7.045%, 6/20/2036		632,493
		Time Warner Entertainment Company, LP
	1,341,000	8.375%, 3/15/2023		1,667,023
		Time Warner, Inc.
	1,072,000	3.600%, 7/15/2025		1,042,714
	780,000	6.250%, 3/29/2041		892,545
		T-Mobile USA, Inc.
	1,450,000	6.125%, 1/15/2022		1,497,125
		Unitymedia Hessen GmbH & Company KG
	875,000	5.500%, 1/15/2023d		891,953
		UPCB Finance V, Ltd.
	1,350,000	7.250%, 11/15/2021d		1,458,000
		Verizon Communications, Inc.
	590,000	1.053%, 6/17/2019e		586,295
	302,000	2.625%, 2/21/2020		301,321
	1,405,000	3.000%, 11/1/2021		1,386,097
	1,956,000	5.150%, 9/15/2023		2,141,509
	73,000	6.400%, 9/15/2033		83,654
	508,000	5.050%, 3/15/2034		511,418
	859,000	4.272%, 1/15/2036d		774,877
	282,000	6.550%, 9/15/2043		329,871
	1,196,000	4.522%, 9/15/2048d		1,050,706
		Wind Acquisition Finance SA
	925,000	4.750%, 7/15/2020d		911,125
		Total		49,483,992
	Consumer Cyclical (0.6%)
		Cinemark USA, Inc.
	1,500,000	4.875%, 6/1/2023		1,441,875
		CVS Health Corporation
	235,000	2.250%, 8/12/2019		233,933
	508,000	6.125%, 9/15/2039		600,142
		Ford Motor Company
	515,000	7.450%, 7/16/2031		658,071
		Ford Motor Credit Company, LLC
	680,000	5.000%, 5/15/2018		731,060
	1,050,000	2.597%, 11/4/2019		1,042,337
		General Motors Company
	992,000	6.250%, 10/2/2043		1,106,631
		General Motors Financial Company, Inc.
	1,500,000	3.250%, 5/15/2018		1,534,116
	780,000	4.000%, 1/15/2025		765,359
		Hilton Worldwide Finance, LLC
	1,450,000	5.625%, 10/15/2021		1,506,115
		Home Depot, Inc.
	536,000	2.625%, 6/1/2022		527,163
		Hyundai Capital America
	290,000	2.000%, 3/19/2018d		290,104
		Jaguar Land Rover Automotive plc
	1,500,000	5.625%, 2/1/2023d		1,552,500
		KB Home
	729,000	4.750%, 5/15/2019		723,532
		L Brands, Inc.
	1,500,000	5.625%, 2/15/2022		1,578,750
		Lennar Corporation
	1,500,000	4.125%, 12/1/2018		1,515,000
		Macy’s Retail Holdings, Inc.
	375,000	4.375%, 9/1/2023		395,455
	820,000	3.625%, 6/1/2024		817,724
		MGM Resorts International
	1,450,000	6.000%, 3/15/2023h		1,468,125
		Six Flags Entertainment Corporation
	400,000	5.250%, 1/15/2021d		408,000
		Toll Brothers Finance Corporation
	580,000	8.910%, 10/15/2017		658,300
	462,000	4.000%, 12/31/2018		471,240
		United Rentals, Inc.
	1,450,000	5.500%, 7/15/2025		1,401,062
		Walgreens Boots Alliance, Inc.
	650,000	2.700%, 11/18/2019		650,868
		Total		22,077,462
	Consumer Non-Cyclical (1.1%)
		AbbVie, Inc.
	265,000	1.800%, 5/14/2018		264,221
	920,000	2.500%, 5/14/2020		910,562
	650,000	3.600%, 5/14/2025		642,457
		Actavis Funding SCS
	760,000	4.550%, 3/15/2035		722,587
	1,040,000	4.850%, 6/15/2044		1,003,386
		Amgen, Inc.
	330,000	2.125%, 5/1/2020		323,134
	1,075,000	2.700%, 5/1/2022		1,039,270
	540,000	3.125%, 5/1/2025		510,916
		B&G Foods, Inc.
	1,055,000	4.625%, 6/1/2021		1,039,175

The accompanying Notes to Financial Statements are an integral part of this schedule.

52

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Consumer Non-Cyclical (1.1%) - continued
		BAT International Finance plc
	$  480,000	0.796%, 6/15/2018d,e	$	479,717
		Becton, Dickinson and Company
	744,000	6.375%, 8/1/2019		857,232
		Boston Scientific Corporation
	435,000	6.000%, 1/15/2020		492,584
	1,030,000	4.125%, 10/1/2023		1,045,655
		Bunge Limited Finance Corporation
	762,000	8.500%, 6/15/2019		921,157
		Cardinal Health, Inc.
	260,000	1.950%, 6/15/2018		260,437
	402,000	4.900%, 9/15/2045		400,550
		CHS/Community Health Systems, Inc.
	1,500,000	7.125%, 7/15/2020		1,589,250
		Church & Dwight Company, Inc.
	310,000	2.450%, 12/15/2019		311,659
		Cigna Corporation
	775,000	5.375%, 2/15/2042		832,033
		EMD Finance, LLC
	515,000	0.633%, 3/17/2017d,e		514,724
	1,016,000	2.950%, 3/19/2022d		994,447
		Endo Finance LLC & Endo Finco, Inc.
	1,500,000	7.000%, 7/15/2019d		1,555,500
		Forest Laboratories, Inc.
	1,000,000	4.375%, 2/1/2019d		1,058,347
		Fresenius Medical Care US Finance II, Inc.
	1,500,000	5.875%, 1/31/2022d		1,590,000
		H. J. Heinz Company
	1,000,000	3.500%, 7/15/2022d		1,002,346
		HCA, Inc.
	1,450,000	3.750%, 3/15/2019		1,460,875
		Hospira, Inc.
	330,000	6.050%, 3/30/2017		355,066
	800,000	5.800%, 8/12/2023		931,134
	805,000	5.600%, 9/15/2040		911,465
		IMS Health, Inc.
	859,000	6.000%, 11/1/2020d		884,770
		JBS USA, LLC
	1,450,000	5.750%, 6/15/2025d		1,433,253
		Kraft Foods Group, Inc.
	1,070,000	5.000%, 6/4/2042		1,066,279
		Laboratory Corporation of America Holdings
	360,000	2.625%, 2/1/2020		357,210
	1,025,000	4.700%, 2/1/2045		938,855
		Lorillard Tobacco Company
	604,000	2.300%, 8/21/2017h		606,121
		McKesson Corporation
	515,000	3.796%, 3/15/2024		520,922
	650,000	4.883%, 3/15/2044		645,941
		Medco Health Solutions, Inc.
	550,000	7.125%, 3/15/2018		626,064
		Medtronic, Inc.
	1,170,000	4.375%, 3/15/2035d		1,161,020
		Merck & Company, Inc.
	385,000	0.654%, 2/10/2020e		382,985
	260,000	3.700%, 2/10/2045		232,276
		Mondelez International, Inc.
	418,000	0.798%, 2/1/2019e		413,302
		Mylan, Inc.
	626,000	7.875%, 7/15/2020d		652,120
		Ortho-Clinical Diagnostics, Inc.
	830,000	6.625%, 5/15/2022d		728,325
		Pernod Ricard SA
	600,000	2.950%, 1/15/2017d		613,115
	508,000	5.750%, 4/7/2021d		571,945
		Reynolds American, Inc.
	1,068,000	5.700%, 8/15/2035		1,107,374
		Roche Holdings, Inc.
	1,075,000	4.000%, 11/28/2044d		1,036,499
		SABMiller Holdings, Inc.
	536,000	3.750%, 1/15/2022d		553,825
	536,000	4.950%, 1/15/2042d		546,087
		Safeway, Inc.
	58,000	3.400%, 12/1/2016		58,017
		Spectrum Brands Escrow Corporation
	640,000	6.375%, 11/15/2020		676,800
		Spectrum Brands, Inc.
	640,000	5.750%, 7/15/2025d		649,600
		Tenet Healthcare Corporation
	1,450,000	8.125%, 4/1/2022		1,585,575
		WM Wrigley Jr. Company
	705,000	2.000%, 10/20/2017d		711,159
		Zimmer Holdings, Inc.
	762,000	4.450%, 8/15/2045		698,949
		Total		43,478,274
	Energy (0.8%)
		Boardwalk Pipelines, Ltd.
	888,000	5.875%, 11/15/2016		921,009
		BP Capital Markets plc
	508,000	3.062%, 3/17/2022		506,676
		Buckeye Partners, LP
	846,000	2.650%, 11/15/2018		842,911
		CNOOC Nexen Finance
	762,000	1.625%, 4/30/2017		763,087
		CNPC General Capital, Ltd.
	496,000	2.750%, 4/19/2017d		504,285
		Columbia Pipeline Group, Inc.
	350,000	2.450%, 6/1/2018d		352,703
		Concho Resources, Inc.
	1,412,019	5.500%, 10/1/2022		1,404,959
		Crestwood Midstream Partners, LP
	850,000	6.125%, 3/1/2022		867,000
		El Paso, LLC
	630,000	7.800%, 8/1/2031		719,516
		Enbridge, Inc.
	400,000	0.734%, 6/2/2017e		395,211
		Energy Transfer Partners, LP
	979,000	4.650%, 6/1/2021		1,004,791
	765,000	4.900%, 3/15/2035		690,266
		Enterprise Products Operating, LLC
	105,000	1.650%, 5/7/2018		104,895
	1,000,000	2.550%, 10/15/2019		999,713
	792,000	5.100%, 2/15/2045		770,332
	390,000	7.034%, 1/15/2068		419,250
		EQT Corporation
	500,000	5.150%, 3/1/2018		525,421

The accompanying Notes to Financial Statements are an integral part of this schedule.

53

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Energy (0.8%) - continued
	$  754,000	8.125%, 6/1/2019	$	882,581
		Hess Corporation
	1,005,000	8.125%, 2/15/2019		1,189,816
		Kinder Morgan, Inc.
	625,000	5.000%, 2/15/2021d		661,203
	714,000	5.300%, 12/1/2034		663,801
		Linn Energy, LLC
	1,412,019	6.250%, 11/1/2019		1,104,905
		Magellan Midstream Partners, LP
	255,000	4.200%, 3/15/2045		226,623
		Marathon Oil Corporation
	1,350,000	2.700%, 6/1/2020		1,339,158
		Marathon Petroleum Corporation
	250,000	3.625%, 9/15/2024		245,452
	500,000	4.750%, 9/15/2044		456,348
		MarkWest Energy Partners, LP
	1,445,000	4.875%, 12/1/2024		1,412,488
		MEG Energy Corporation
	1,500,000	6.500%, 3/15/2021d		1,443,750
		NiSource Finance Corporation
	520,000	4.800%, 2/15/2044		530,217
	775,000	5.650%, 2/1/2045		875,871
		Offshore Group Investment, Ltd.
	1,500,000	7.500%, 11/1/2019		922,500
		Petroleos Mexicanos
	515,000	3.500%, 1/30/2023		488,581
	460,000	2.378%, 4/15/2025		464,291
		Regency Energy Partners, LP
	1,450,000	5.000%, 10/1/2022		1,472,906
		Sabine Pass Liquefaction, LLC
	1,440,000	5.625%, 3/1/2025d		1,425,600
		Shell International Finance BV
	360,000	0.729%, 5/11/2020e		358,454
		Southwestern Energy Company
	650,000	7.500%, 2/1/2018		725,282
		Spectra Energy Partners, LP
	508,000	4.500%, 3/15/2045		450,038
		Suncor Energy, Inc.
	780,000	3.600%, 12/1/2024		776,195
		Valero Energy Corporation
	762,000	4.900%, 3/15/2045		714,069
		Williams Companies, Inc.
	496,000	7.875%, 9/1/2021		582,243
	446,000	3.700%, 1/15/2023		415,275
	535,000	4.550%, 6/24/2024		518,460
		Total		32,138,132
	Financials (2.5%)
		Abbey National Treasury Services plc
	564,000	3.050%, 8/23/2018		583,512
		Air Lease Corporation
	625,000	2.125%, 1/15/2018		618,750
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		952,800
		American Express Credit Corporation
	590,000	0.836%, 3/18/2019e		587,787
		American International Group, Inc.
	315,000	2.300%, 7/16/2019		314,437
	1,040,000	3.875%, 1/15/2035		939,362
		Aviation Capital Group Corporation
	564,000	3.875%, 9/27/2016d		573,978
		Banco Santander Chile
	710,000	1.176%, 4/11/2017d,e		708,125
		Bank of America Corporation
	800,000	1.351%, 3/22/2018e		807,282
	500,000	1.144%, 4/1/2019e		500,916
	1,015,000	3.300%, 1/11/2023		999,610
	508,000	4.000%, 4/1/2024		516,928
	760,000	4.000%, 1/22/2025		740,463
	552,000	5.875%, 2/7/2042		636,602
	992,000	8.000%, 12/29/2049i		1,046,560
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	315,000	2.850%, 9/8/2021d		315,156
		Barclays Bank plc
	770,000	10.179%, 6/12/2021d		1,020,172
		Barclays plc
	780,000	2.750%, 11/8/2019		774,381
		BB&T Corporation
	325,000	0.990%, 1/15/2020e		324,182
		BBVA Banco Continental SA
	930,000	2.250%, 7/29/2016d		932,790
		BioMed Realty, LP
	762,000	2.625%, 5/1/2019		758,777
		BNP Paribas SA
	1,031,000	2.375%, 9/14/2017		1,046,442
		BPCE SA
	762,000	5.700%, 10/22/2023d		803,236
		Caisse Centrale Desjardins du Quebec
	455,000	0.944%, 1/29/2018d,e		456,901
		Capital One Financial Corporation
	1,149,000	6.150%, 9/1/2016		1,212,753
	635,000	2.450%, 4/24/2019		635,066
		Citigroup, Inc.
	571,000	6.000%, 8/15/2017		621,070
	415,000	1.044%, 4/8/2019e		414,080
	970,000	8.500%, 5/22/2019		1,183,106
	690,000	4.050%, 7/30/2022		706,545
	1,990,000	4.400%, 6/10/2025		1,982,583
		CoBank ACB
	395,000	0.886%, 6/15/2022*,e		372,271
		Compass Bank
	750,000	2.750%, 9/29/2019		748,147
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	650,000	3.950%, 11/9/2022		649,913
		Credit Agricole SA
	485,000	1.075%, 4/15/2019d,e		488,466
	1,000,000	2.750%, 6/10/2020d		999,349
		Credit Suisse AG
	652,000	5.400%, 1/14/2020		720,894
		CyrusOne, LP
	1,500,000	6.375%, 11/15/2022		1,552,500
		Denali Borrower, LLC
	1,450,000	5.625%, 10/15/2020d		1,524,312
		Deutsche Bank AG
	745,000	1.350%, 5/30/2017		740,008
		Discover Bank
	635,000	8.700%, 11/18/2019		772,364

The accompanying Notes to Financial Statements are an integral part of this schedule.

54

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Financials (2.5%) - continued
		Discover Financial Services
	$  526,000	6.450%, 6/12/2017	$	571,278
		DnB Boligkreditt AS
	1,024,000	1.450%, 3/21/2018d		1,024,502
		Duke Realty, LP
	260,000	3.875%, 2/15/2021		269,870
	780,000	4.375%, 6/15/2022		815,014
		ERP Operating, LP
	267,000	3.375%, 6/1/2025		261,443
		European Investment Bank
	755,000	1.875%, 3/15/2019		766,653
	705,000	2.125%, 10/15/2021		703,925
		Fifth Third Bancorp
	755,000	5.450%, 1/15/2017		800,349
	310,000	2.875%, 10/1/2021		306,952
		General Electric Capital Corporation
	1,775,000	3.100%, 1/9/2023		1,770,108
	1,040,000	6.750%, 3/15/2032		1,350,180
		Genworth Financial, Inc.
	710,000	7.700%, 6/15/2020		768,561
		Goldman Sachs Group, Inc.
	1,170,000	1.478%, 4/30/2018e		1,182,342
	430,000	1.374%, 11/15/2018e		433,809
	900,000	2.550%, 10/23/2019		902,110
	950,000	5.375%, 3/15/2020		1,057,844
	460,000	1.437%, 4/23/2020e		464,492
	865,000	5.250%, 7/27/2021		960,598
	1,300,000	3.500%, 1/23/2025		1,260,732
	536,000	5.150%, 5/22/2045		517,094
		Hartford Financial Services Group, Inc.
	615,000	5.125%, 4/15/2022		682,052
		HBOS plc
	744,000	6.750%, 5/21/2018d		824,912
		HCP, Inc.
	520,000	3.400%, 2/1/2025		488,209
		Health Care REIT, Inc.
	268,000	2.250%, 3/15/2018		269,983
	520,000	3.750%, 3/15/2023		514,788
	400,000	4.000%, 6/1/2025		394,785
		HSBC Bank plc
	1,065,000	0.914%, 5/15/2018d,e		1,069,508
		HSBC Holdings plc
	526,000	5.250%, 3/14/2044		545,604
	780,000	6.375%, 3/29/2049i		783,900
		Huntington Bancshares, Inc.
	282,000	2.600%, 8/2/2018		285,544
		Hutchison Whampoa International 14, Ltd.
	804,000	3.625%, 10/31/2024d		790,945
		Icahn Enterprises, LP
	1,100,000	6.000%, 8/1/2020		1,135,750
		ING Bank NV
	762,000	4.125%, 11/21/2023		782,714
		ING Capital Funding Trust III
	825,000	3.882%, 12/29/2049e,i		818,812
		International Lease Finance Corporation
	1,093,000	2.236%, 6/15/2016e		1,091,634
		Intesa Sanpaolo SPA
	381,000	3.875%, 1/16/2018		393,319
		J.P. Morgan Chase & Company
	475,000	1.800%, 1/25/2018		476,465
	980,000	6.300%, 4/23/2019		1,122,711
	365,000	2.250%, 1/23/2020		358,680
	310,000	3.200%, 1/25/2023		304,043
	1,040,000	3.625%, 5/13/2024		1,032,456
	480,000	3.875%, 9/10/2024		472,275
	2,040,000	3.125%, 1/23/2025		1,947,702
	980,000	7.900%, 4/29/2049i		1,036,595
		Liberty Mutual Group, Inc.
	252,000	4.950%, 5/1/2022d		270,902
	300,000	6.500%, 5/1/2042d		350,074
		Liberty Property, LP
	762,000	3.750%, 4/1/2025		737,662
		Lloyds Bank plc
	515,000	0.806%, 3/16/2018e		514,849
		Lloyds Banking Group plc
	744,000	5.920%, 9/29/2049d,i		740,280
		Merrill Lynch & Company, Inc.
	1,750,000	6.050%, 5/16/2016		1,817,193
	705,000	6.400%, 8/28/2017		772,989
		MetLife, Inc.
	1,025,000	4.050%, 3/1/2045		941,453
		Mizuho Bank, Ltd.
	762,000	1.850%, 3/21/2018d		763,102
		Morgan Stanley
	1,455,000	6.625%, 4/1/2018		1,632,591
	780,000	1.557%, 4/25/2018e		791,219
	460,000	1.417%, 1/27/2020e		466,330
	660,000	4.875%, 11/1/2022		702,047
	889,000	4.100%, 5/22/2023		890,662
	640,000	4.300%, 1/27/2045		598,014
	635,000	5.550%, 12/29/2049i		630,396
		MPT Operating Partnership, LP
	970,000	5.500%, 5/1/2024		999,100
		National City Corporation
	776,000	6.875%, 5/15/2019		899,947
		Prologis, LP
	950,000	7.375%, 10/30/2019		1,124,599
		Prudential Financial, Inc.
	315,000	2.350%, 8/15/2019		315,098
		Quicken Loans, Inc.
	970,000	5.750%, 5/1/2025d		928,775
		Realty Income Corporation
	265,000	2.000%, 1/31/2018		266,887
		Regions Bank
	261,000	7.500%, 5/15/2018		299,583
		Reinsurance Group of America, Inc.
	400,000	5.625%, 3/15/2017		426,312
	792,000	5.000%, 6/1/2021		868,061
		Reliance Standard Life Global Funding II
	395,000	2.500%, 4/24/2019d		396,416
		Royal Bank of Scotland Group plc
	500,000	1.222%, 3/31/2017e		500,344
		Santander Holdings USA, Inc.
	804,000	2.650%, 4/17/2020		790,420
		Simon Property Group, LP
	580,000	10.350%, 4/1/2019		736,751
	1,115,000	2.750%, 2/1/2023		1,074,098

The accompanying Notes to Financial Statements are an integral part of this schedule.

55

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Financials (2.5%) - continued
		Skandinaviska Enskilda Banken AB
	$    615,000	2.375%, 3/25/2019d	$	621,027
		SLM Corporation
	465,000	3.875%, 9/10/2015		465,581
		SpareBank 1 Boligkreditt AS
	1,024,000	1.250%, 5/2/2018d		1,017,158
		Sumitomo Mitsui Banking Corporation
	1,390,000	1.300%, 1/10/2017		1,391,147
	545,000	0.856%, 1/16/2018e		544,989
		Svenska Handelsbanken AB
	707,000	1.625%, 3/21/2018		708,285
	715,000	0.773%, 6/17/2019e		714,644
		Swiss RE Capital I, LP
	725,000	6.854%, 5/29/2049d,i		745,300
		Synchrony Financial
	330,000	3.000%, 8/15/2019		332,349
	305,000	1.509%, 2/3/2020e		306,343
	480,000	3.750%, 8/15/2021		483,652
		UBS AG/Stamford, Connecticut
	308,000	5.875%, 12/20/2017		338,836
		USB Realty Corporation
	310,000	1.422%, 12/29/2049d,e,i		283,262
		Voya Financial, Inc.
	948,000	2.900%, 2/15/2018		972,834
		Wells Fargo & Company
	455,000	0.958%, 1/30/2020e		452,756
	1,015,000	3.450%, 2/13/2023		1,009,504
	1,040,000	3.000%, 2/19/2025		996,049
		Total		99,723,688
	Foreign Government (<0.1%)
		Eksportfinans ASA
	465,000	5.500%, 5/25/2016		478,369
		Export-Import Bank of Korea
	450,000	2.250%, 1/21/2020		445,644
		Kommunalbanken AS
	735,000	1.500%, 10/22/2019d		730,381
		Total		1,654,394
	Mortgage-Backed Securities (13.0%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	26,100,000	3.000%, 7/1/2030c		27,020,025
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	33,600,000	4.000%, 7/1/2045c		35,532,655
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	26,325,000	3.500%, 7/1/2030c		27,763,414
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	6,567,618	2.054%, 3/1/2043e		6,821,027
	6,511,092	1.729%, 7/1/2043e		6,674,904
	142,450,000	3.500%, 7/1/2045c		146,801,406
	68,000,000	3.500%, 8/1/2045c		69,896,564
	106,250,000	4.000%, 8/1/2045c		112,320,769
	74,396,000	4.500%, 8/1/2045c		80,312,811
		Total		513,143,575
	Technology (0.5%)
		Amphenol Corporation
	318,000	2.550%, 1/30/2019		322,125
		Apple, Inc.
	360,000	0.577%, 5/6/2020e		358,966
	1,055,000	3.200%, 5/13/2025		1,049,545
	1,000,000	3.450%, 2/9/2045		847,524
		Baidu, Inc.
	700,000	2.750%, 6/9/2019		700,349
		Cisco Systems, Inc.
	480,000	0.593%, 6/15/2018e		480,839
		CommScope Technologies Finance, LLC
	1,020,000	6.000%, 6/15/2025d		1,016,175
		Equinix, Inc.
	970,000	5.750%, 1/1/2025		960,300
		Fidelity National Information Services, Inc.
	868,000	1.450%, 6/5/2017		866,042
		First Data Corporation
	1,500,000	7.375%, 6/15/2019d		1,559,250
		Freescale Semiconductor, Inc.
	1,450,000	6.000%, 1/15/2022d		1,537,000
		Hewlett-Packard Company
	858,000	5.400%, 3/1/2017		913,446
		Iron Mountain, Inc.
	1,410,000	6.000%, 8/15/2023		1,473,450
		Micron Semiconductor Asia Pte, Ltd.
	300,000	1.258%, 1/15/2019		300,124
		Oracle Corporation
	330,000	2.500%, 5/15/2022		320,433
	1,340,000	2.950%, 5/15/2025		1,289,643
		Plantronics, Inc.
	1,450,000	5.500%, 5/31/2023d		1,468,125
		Qualcomm, Inc.
	800,000	3.000%, 5/20/2022		794,578
		Seagate HDD Cayman
	1,072,000	4.875%, 6/1/2027d		1,042,055
		Tyco Electronics Group SA
	994,000	6.550%, 10/1/2017		1,102,924
		Total		18,402,893
	Transportation (0.3%)
		Air Canada Pass Through Trust
	310,000	3.875%, 3/15/2023d		304,203
		American Airlines Pass Through Trust
	1,300,000	3.375%, 5/1/2027		1,270,750
		Avis Budget Car Rental, LLC
	865,000	5.125%, 6/1/2022d		843,375
		Burlington Northern Santa Fe, LLC
	1,040,000	5.050%, 3/1/2041		1,094,116
		Canadian Pacific Railway Company
	400,000	7.125%, 10/15/2031		511,391
		Continental Airlines, Inc.
	658,141	4.150%, 4/11/2024		672,126
		CSX Corporation
	494,000	3.700%, 11/1/2023		507,139

The accompanying Notes to Financial Statements are an integral part of this schedule.

56

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Transportation (0.3%) - continued
		Delta Air Lines, Inc.
	$  885,000	6.750%, 5/23/2017	$	899,780
	359,467	4.950%, 5/23/2019		380,812
	108,122	4.750%, 5/7/2020		114,339
		ERAC USA Finance, LLC
	284,000	2.800%, 11/1/2018d		289,687
	775,000	4.500%, 2/15/2045d		712,242
		FedEx Corporation
	1,320,000	3.900%, 2/1/2035		1,220,319
		Southwest Airlines Company
	845,000	2.750%, 11/6/2019		857,338
		Union Pacific Corporation
	1,040,000	3.875%, 2/1/2055		914,558
		Virgin Australia Holdings, Ltd.
	292,021	5.000%, 10/23/2023d		302,972
		XPO Logistics, Inc.
	475,000	6.500%, 6/15/2022d		464,906
		Total		11,360,053
	U.S. Government and Agencies (8.6%)
		Federal National Mortgage Association
	870,000	0.875%, 5/21/2018		864,793
	1,355,000	1.625%, 1/21/2020		1,353,122
	1,330,000	2.625%, 9/6/2024		1,330,513
	205,000	6.250%, 5/15/2029		280,037
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		243,342
		U.S. Treasury Bonds
	1,075,000	4.375%, 5/15/2040		1,323,678
		U.S. Treasury Bonds, TIPS
	2,019,320	0.125%, 4/15/2019		2,045,508
	50,204	2.375%, 1/15/2025		59,060
	32,837	2.125%, 2/15/2040		40,439
	444,979	0.750%, 2/15/2042		408,929
		U.S. Treasury Notes
	23,000,000	0.625%, 10/15/2016		23,061,088
	23,970,000	0.875%, 11/15/2017		24,014,944
	40,910,000	1.500%, 10/31/2019		40,932,378
	30,000,000	1.625%, 6/30/2020		29,997,660
	59,425,000	1.875%, 6/30/2020		60,112,072
	10,060,000	1.625%, 8/15/2022		9,751,912
	48,300,000	2.250%, 11/15/2024		48,005,660
	56,100,000	3.625%, 2/15/2044		61,679,313
		U.S. Treasury Notes, TIPS
	28,452,188	0.125%, 4/15/2018		28,898,973
	282,226	0.125%, 1/15/2022		279,690
	7,277,216	0.125%, 1/15/2023		7,148,729
		Total		341,831,840
	Utilities (0.7%)
		AES Corporation
	1,500,000	7.375%, 7/1/2021		1,646,250
		American Electric Power Company, Inc.
	1,072,000	2.950%, 12/15/2022		1,040,403
		Arizona Public Service Company
	395,000	2.200%, 1/15/2020		391,687
		Berkshire Hathaway Energy Company
	390,000	2.400%, 2/1/2020		388,293
		Calpine Corporation
	1,450,000	5.375%, 1/15/2023		1,424,625
		Commonwealth Edison Company
	1,025,000	3.700%, 3/1/2045		920,316
		Consolidated Edison Company of New York, Inc.
	645,000	4.450%, 3/15/2044		636,374
		DCP Midstream Operating, LP
	535,000	3.875%, 3/15/2023		494,296
		DCP Midstream, LLC
	872,000	4.750%, 9/30/2021d		861,626
		DTE Electric Company
	760,000	3.700%, 3/15/2045		687,041
		DTE Energy Company
	155,000	2.400%, 12/1/2019		154,987
		Duke Energy Carolinas, LLC
	508,000	3.750%, 6/1/2045		463,266
		Duke Energy Corporation
	900,000	2.100%, 6/15/2018		908,849
		Dynegy Finance I, Inc.
	940,000	6.750%, 11/1/2019d		978,070
		EDP Finance BV
	780,000	4.125%, 1/15/2020d		787,571
		Enel Finance International NV
	450,000	6.250%, 9/15/2017d		492,682
		Energy Transfer Equity, LP
	1,450,000	5.500%, 6/1/2027		1,446,375
		Eversource Energy
	330,000	1.600%, 1/15/2018		331,314
		Exelon Generation Company, LLC
	870,000	5.200%, 10/1/2019		956,831
	295,000	2.950%, 1/15/2020		296,021
		ITC Holdings Corporation
	284,000	4.050%, 7/1/2023		289,083
	770,000	5.300%, 7/1/2043		822,789
		MidAmerican Energy Holdings Company
	560,000	6.500%, 9/15/2037		687,007
		Monongahela Power Company
	780,000	5.400%, 12/15/2043d		861,390
		NextEra Energy Capital Holdings, Inc.
	105,000	1.586%, 6/1/2017		105,228
		Northern States Power Company
	1,240,000	4.125%, 5/15/2044		1,217,671
		NRG Energy, Inc.
	1,500,000	6.625%, 3/15/2023		1,545,000
		Oncor Electric Delivery Company, LLC
	760,000	3.750%, 4/1/2045d		679,223
		Pacific Gas & Electric Company
	1,015,000	5.625%, 11/30/2017		1,107,892
		PG&E Corporation
	375,000	2.400%, 3/1/2019		375,487
		PPL Capital Funding, Inc.
	372,000	3.500%, 12/1/2022		376,436
	775,000	5.000%, 3/15/2044		814,382
		Sempra Energy
	1,285,000	6.150%, 6/15/2018		1,442,460
	370,000	2.400%, 3/15/2020		367,122
		Southern California Edison Company
	220,000	2.400%, 2/1/2022		213,976

The accompanying Notes to Financial Statements are an integral part of this schedule.

57

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (34.4%)	Value
	Utilities (0.7%) - continued
		Southwestern Electric Power Company
	$  530,000	3.900%, 4/1/2045	$	461,391
		TransAlta Corporation
	825,000	1.900%, 6/3/2017		820,849
		Xcel Energy, Inc.
	340,000	1.200%, 6/1/2017		340,065
		Total		27,834,328
		Total Long-Term Fixed Income (cost $1,360,769,104)		1,362,294,295
Shares		Mutual Funds (32.4%)
	Affiliated Equity Mutual Funds (12.6%)
	1,464,533	Thrivent Partner Small Cap Value Portfolio		37,990,130
	1,881,929	Thrivent Small Cap Stock Portfolio		32,222,584
	2,991,137	Thrivent Partner Mid Cap Value Portfolio		47,542,321
	3,484,569	Thrivent Mid Cap Stock Portfolio		58,865,171
	16,564,901	Thrivent Partner Worldwide
		Allocation Portfolio		158,160,018
	8,148,101	Thrivent Large Cap Value Portfolio		132,686,129
	2,552,346	Thrivent Large Cap Stock Portfolio		30,107,468
		Total		497,573,821
	Affiliated Fixed Income Mutual Funds (18.9%)
	20,211,262	Thrivent High Yield Portfolio		98,665,319
	24,485,346	Thrivent Income Portfolio		246,895,534
	40,650,098	Thrivent Limited Maturity Bond Portfolio		399,431,930
		Total		744,992,783
	Equity Mutual Funds (0.4%)
	10,880	Materials Select Sector SPDR Fund		526,483
	7,200	Market Vectors Oil Service ETFh		251,280
	5,000	iShares North American Natural Resources ETF		181,400
	3,400	iShares Russell 2000 Growth Index Fundh		525,572
	41,656	SPDR S&P 500 ETF Trust		8,574,888
	135,750	SPDR Euro Stoxx 50 ETF		5,081,122
	3,030	iShares Russell 2000 Index Fundh		378,326
		Total		15,519,071
	Fixed Income Mutual Funds (0.5%)
	108,500	iShares iBoxx $ Investment Grade Corporate Bond ETF		12,555,620
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,583,760
		Total		20,139,380
		Total Mutual Funds (cost $1,185,290,214)		1,278,225,055
		Common Stock (14.7%)
	Consumer Discretionary (2.1%)
	12,840	Aaron’s, Inc.		464,936
	22,236	Amazon.com, Inc.j		9,652,425
	4,260	AutoZone, Inc.j		2,840,994
	12,300	Barnes & Noble, Inc.j		319,308
	12,700	Bed Bath & Beyond, Inc.j		876,046
	2,500	Big Lots, Inc.		112,475
	13,050	Brinker International, Inc.		752,333
	35,100	CBS Corporation		1,948,050
	4,103	Cedar Fair, LP		223,572
	5,400	Cheesecake Factory, Inc.		294,489
	4,400	Columbia Sportswear Company		266,024
	225,583	Comcast Corporation		13,566,562
	28,969	Delphi Automotive plc		2,464,972
	3,300	DeVry Education Group, Inc.		98,934
	8,850	DISH Network Corporationj		599,234
	44,100	Ford Motor Company		661,941
	8,400	Gap, Inc.		320,628
	7,420	G-III Apparel Group, Ltd.j		521,997
	60,900	Harley-Davidson, Inc.		3,431,715
	2,925	Harman International Industries, Inc.		347,899
	47,760	Home Depot, Inc.		5,307,569
	9,710	Houghton Mifflin Harcourt Companyj		244,692
	1,900	Jack in the Box, Inc.		167,504
	36,916	Las Vegas Sands Corporation		1,940,674
	12,300	Liberty Interactive Corporationj		341,325
	93,730	Lowe’s Companies, Inc.		6,277,098
	20,600	Macy’s, Inc.		1,389,882
	1,700	Marriott Vacations Worldwide Corporation		155,975
	8,467	MDC Partners, Inc.		166,800
	3,300	Murphy USA, Inc.j		184,206
	10,200	Nautilus, Inc.j		219,402
	4,300	Newell Rubbermaid, Inc.		176,773
	66,260	NIKE, Inc.		7,157,405
	13,820	Nutrisystem, Inc.		343,842
	5,120	Oxford Industries, Inc.		447,744
	3,400	Papa John’s International, Inc.		257,074
	100	Priceline Group, Inc.j		115,137
	4,900	Scripps Networks Interactive, Inc.		320,313
	142,100	Sirius XM Holdings, Inc.j		530,033
	135,510	Starbucks Corporation		7,265,369
	32,400	Target Corporation		2,644,812
	5,900	Tesla Motors, Inc.h,j		1,582,734
	13,100	Time, Inc.		301,431
	10,400	Toll Brothers, Inc.j		397,176
	5,000	Tower International, Inc.j		130,250
	26,518	Tuesday Morning Corporationj		298,725
	10,700	Wyndham Worldwide Corporation		876,437
	28,900	Yum! Brands, Inc.		2,603,312
	1,860	Zoe’s Kitchen, Inc.h,j		76,149
		Total		81,684,377
	Consumer Staples (0.6%)
	55,800	Altria Group, Inc.		2,729,178
	3,450	Archer-Daniels-Midland Company		166,359
	16,900	Avon Products, Inc.h		105,794
	21,700	Campbell Soup Company		1,034,005
	11,700	Coca-Cola Company		458,991
	2,250	Coca-Cola Enterprises, Inc.		97,740
	67,270	CVS Health Corporation		7,055,278
	5,000	Estee Lauder Companies, Inc.		433,300
	3,950	Ingredion, Inc.		315,249
	4,400	Keurig Green Mountain, Inc.		337,172
	17,950	Kimberly-Clark Corporation		1,902,161
	3,500	Molson Coors Brewing Company		244,335
	65,689	Mondelez International, Inc.		2,702,445
	24,658	Philip Morris International, Inc.		1,976,832
	3,550	Pilgrim’s Pride Corporationh		81,544
	9,700	Pinnacle Foods, Inc.		441,738
	15,900	Reynolds American, Inc.		1,187,094
	16,600	Sysco Corporation		599,260

The accompanying Notes to Financial Statements are an integral part of this schedule.

58

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (14.7%)	Value
	Consumer Staples (0.6%) - continued
	2,580	TreeHouse Foods, Inc.j	$	209,057
	7,400	Tyson Foods, Inc.		315,462
	35,650	Wal-Mart Stores, Inc.		2,528,655
	5,640	WhiteWave Foods Companyj		275,683
		Total		25,197,332
	Energy (2.3%)
	13,600	Atwood Oceanics, Inc.h		359,584
	63,200	Baker Hughes, Inc.		3,899,440
	107,985	Cameron International Corporationj		5,655,174
	81,100	Canadian Natural Resources, Ltd.		2,202,676
	38,750	Chevron Corporation		3,738,212
	720	Cimarex Energy Company		79,423
	313,902	Cobalt International Energy, Inc.j		3,047,988
	16,250	Concho Resources, Inc.j		1,850,225
	2,200	ConocoPhillips		135,102
	4,320	Denbury Resources, Inc.h		27,475
	575	Dril-Quip, Inc.j		43,269
	550	Energen Corporation		37,565
	1,000	Ensco plc		22,270
	115,502	EOG Resources, Inc.		10,112,200
	125,215	EQT Corporation		10,184,988
	58,900	Exxon Mobil Corporation		4,900,480
	5,900	FMC Technologies, Inc.j		244,791
	8,500	Frank’s International NV		160,140
	4,600	Green Plains, Inc.		126,730
	2,600	Gulfmark Offshore, Inc.		30,160
	575	Gulfport Energy Corporationj		23,144
	16,000	Halliburton Company		689,120
	2,550	Helix Energy Solutions Group, Inc.j		32,207
	1,635	HollyFrontier Corporation		69,798
	13,300	Kinder Morgan, Inc.		510,587
	8,630	Laredo Petroleum Holdings, Inc.h,j		108,565
	210,713	Marathon Oil Corporation		5,592,323
	90,700	Marathon Petroleum Corporation		4,744,517
	850	National Oilwell Varco, Inc.		41,038
	1,450	Newfield Exploration Companyj		52,374
	1,400	Noble Energy, Inc.		59,752
	88,390	Oasis Petroleum, Inc.h,j		1,400,982
	1,090	Oceaneering International, Inc.		50,783
	980	Oil States International, Inc.j		36,485
	2,100	Patterson-UTI Energy, Inc.		39,512
	188,450	Petroleo Brasileiro SA ADRh,j		1,705,473
	6,530	Rex Energy Corporationh,j		36,503
	5,150	Rice Energy, Inc.j		107,275
	118,000	Rowan Companies plc		2,490,980
	26,380	Schlumberger, Ltd.		2,273,692
	910	SM Energy Company		41,969
	79,750	Southwestern Energy Companyj		1,812,718
	131,010	Suncor Energy, Inc. ADR		3,605,395
	10,130	Superior Energy Services, Inc.		213,135
	420	Tesoro Corporation		35,452
	155,700	Total SA ADRh		7,655,769
	25,505	Trinidad Drilling, Ltd.		82,498
	845,721	Weatherford International, Ltd.j		10,376,997
	7,000	Western Refining, Inc.		305,340
	950	Whiting Petroleum Corporationj		31,920
	1,300	World Fuel Services Corporation		62,335
		Total		91,146,530
	Financials (2.2%)
	19,050	ACE, Ltd.		1,937,004
	2,063	Affiliated Managers Group, Inc.j		450,972
	3,260	Allied World Assurance Company Holdings AG		140,897
	32,563	Allstate Corporation		2,112,362
	4,630	American Assets Trust, Inc.		181,542
	17,500	American Campus Communities, Inc.		659,575
	20,250	American International Group, Inc.		1,251,855
	3,663	Argo Group International Holdings, Ltd.		204,029
	27,270	Assured Guaranty, Ltd.		654,207
	337,550	Bank of America Corporation		5,745,101
	11,970	BBCN Bancorp, Inc.		177,036
	23,200	Berkshire Hathaway, Inc.j		3,157,752
	60,000	Blackstone Group, LP		2,452,200
	8,250	Boston Private Financial Holdings, Inc.		110,633
	10,700	Brixmor Property Group, Inc.		247,491
	3,500	Camden Property Trust		259,980
	55,000	Capital One Financial Corporation		4,838,350
	9,800	CBL & Associates Properties, Inc.		158,760
	7,800	CBRE Group, Inc.j		288,600
	17,100	Chambers Street Properties		135,945
	65,750	Charles Schwab Corporation		2,146,737
	194,678	Citigroup, Inc.		10,754,013
	3,062	CNA Financial Corporation		116,999
	21,120	CNO Financial Group, Inc.		387,552
	63,500	Comerica, Inc.		3,258,820
	17,850	Corporate Office Properties Trust		420,189
	3,800	Digital Realty Trust, Inc.		253,384
	8,850	Discover Financial Services		509,937
	16,150	Duke Realty Corporation		299,905
	8,830	Encore Capital Group, Inc.h,j		377,394
	8,100	Essent Group, Ltd.j		221,535
	1,890	Extra Space Storage, Inc.		123,266
	5,979	FelCor Lodging Trust, Inc.		59,073
	21,300	First American Financial Corporation		792,573
	11,000	First Republic Bank		693,330
	31,300	Franklin Resources, Inc.		1,534,639
	4,350	General Growth Properties, Inc.		111,621
	6,800	Government Properties Income Trust		126,140
	7,950	Green Dot Corporationj		152,004
	19,500	Hanmi Financial Corporation		484,380
	4,040	HCC Insurance Holdings, Inc.		310,434
	13,200	Highwoods Properties, Inc.		527,340
	12,700	Hospitality Properties Trust		366,014
	63,898	Host Hotels & Resorts, Inc.		1,267,097
	154,350	Huntington Bancshares, Inc.		1,745,698
	23,670	Intercontinental Exchange, Inc.		5,292,849
	90,650	Invesco, Ltd.		3,398,469
	54,174	J.P. Morgan Chase & Company		3,670,830
	25,750	KeyCorp		386,765
	688	Lazard, Ltd.		38,693
	25,100	Lexington Realty Trust		212,848
	3,200	M&T Bank Corporation		399,776
	13,750	MBIA, Inc.j		82,637
	98,670	MetLife, Inc.		5,524,533
	7,300	Mid-America Apartment Communities, Inc.		531,513
	149,510	Morgan Stanley		5,799,493
	10,900	MSCI, Inc.		670,895
	10,450	NASDAQ OMX Group, Inc.		510,065
	7,150	Northern Trust Corporation		546,689
	6,370	PacWest Bancorp		297,861
	7,220	Parkway Properties, Inc.		125,917
	5,997	Pebblebrook Hotel Trust		257,151
	6,540	Primerica, Inc.		298,813
	8,200	Progressive Corporation		228,206
	20,800	Ramco-Gershenson Properties Trust		339,456
	6,250	Raymond James Financial, Inc.		372,375

The accompanying Notes to Financial Statements are an integral part of this schedule.

59

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (14.7%)	Value
	Financials (2.2%) - continued
	4,200	Renasant Corporation	$	136,920
	8,800	Retail Properties of America, Inc.		122,584
	4,550	RLJ Lodging Trust		135,499
	1,300	Sovran Self Storage, Inc.		112,983
	2,200	StanCorp Financial Group, Inc.		166,342
	8,300	Store Capital Corporation		166,830
	35,749	Summit Hotel Properties, Inc.		465,094
	7,550	Sunstone Hotel Investors, Inc.		113,326
	1,020	SVB Financial Groupj		146,860
	19,080	Synovus Financial Corporation		588,046
	8,060	Talmer Bancorp, Inc.		135,005
	12,852	Terreno Realty Corporation		253,184
	7,800	Wells Fargo & Company		438,672
	10,010	Western Alliance Bancorpj		337,938
	15,400	Western Asset Mortgage Capital Corporationh		227,458
	3,800	Weyerhaeuser Company		119,700
	65,500	Zions Bancorporation		2,078,642
		Total		86,935,282
	Health Care (2.2%)
	2,050	Abaxis, Inc.		105,534
	113,550	Abbott Laboratories		5,573,034
	3,350	Acceleron Pharma, Inc.j		105,994
	13,890	Acorda Therapeutics, Inc.j		462,954
	22,390	Actavis, Inc.j		6,794,469
	22,450	Aetna, Inc.		2,861,477
	33,450	Affymetrix, Inc.h,j		365,274
	5,150	Akorn, Inc.j		224,849
	32,420	Alexion Pharmaceuticals, Inc.j		5,860,563
	3,860	Align Technology, Inc.j		242,061
	20,950	Allscripts Healthcare Solutions, Inc.j		286,596
	24,750	Amgen, Inc.		3,799,620
	21,724	AMN Healthcare Services, Inc.j		686,261
	1,900	AmSurg Corporationj		132,905
	54,830	Baxter International, Inc.		3,834,262
	6,150	Bruker Corporationj		125,522
	2,922	C.R. Bard, Inc.		498,785
	26,000	Cambrex Corporationj		1,142,440
	5,700	Cardinal Health, Inc.		476,805
	12,150	Centene Corporationj		976,860
	77,070	Cerner Corporationj		5,322,454
	12,520	Depomed, Inc.j		268,679
	1,900	Edwards Lifesciences Corporationj		270,617
	14,800	ExamWorks Group, Inc.j		578,680
	27,200	Express Scripts Holding Companyj		2,419,168
	72,930	Gilead Sciences, Inc.		8,538,644
	2,100	Greatbatch, Inc.j		113,232
	17,550	HCA Holdings, Inc.j		1,592,136
	5,800	Hill-Rom Holdings, Inc.		315,114
	14,850	Hologic, Inc.j		565,191
	2,600	Illumina, Inc.j		567,736
	11,976	Johnson & Johnson		1,167,181
	7,200	Magellan Health Services, Inc.j		504,504
	1,950	Medivation, Inc.j		222,690
	44,879	Medtronic, Inc.		3,325,534
	122,220	Merck & Company, Inc.		6,957,985
	3,200	Neurocrine Biosciences, Inc.j		152,832
	6,703	NuVasive, Inc.j		317,588
	153,300	Pfizer, Inc.		5,140,149
	4,800	PharMerica Corporationj		159,840
	2,750	Providence Service Corporationj		121,770
	15,600	Quest Diagnostics, Inc.		1,131,312
	2,900	Quintiles Transnational Holdings, Inc.j		210,569
	15,000	Spectrum Pharmaceuticals, Inc.h,j		102,600
	9,600	Team Health Holdings, Inc.j		627,168
	5,330	Teleflex, Inc.		721,949
	950	Thermo Fisher Scientific, Inc.		123,272
	51,908	UnitedHealth Group, Inc.		6,332,776
	4,500	Universal Health Services, Inc.		639,450
	25,970	Vertex Pharmaceuticals, Inc.j		3,206,776
	3,200	Waters Corporationj		410,816
		Total		86,684,677
	Industrials (1.3%)
	7,200	A.O. Smith Corporation		518,256
	3,800	AAR Corporation		121,106
	16,800	ADT Corporationh		563,976
	16,800	Allison Transmission Holdings, Inc.		491,568
	16,300	AMETEK, Inc.		892,914
	9,900	Applied Industrial Technologies, Inc.		392,535
	4,650	Argan, Inc.		187,535
	27,000	Boeing Company		3,745,440
	5,849	Briggs & Stratton Corporation		112,652
	16,500	Caterpillar, Inc.		1,399,530
	7,730	CLARCOR, Inc.		481,115
	15,200	Con-way, Inc.		583,224
	121,000	CSX Corporation		3,950,650
	5,090	Curtiss-Wright Corporation		368,720
	139,070	Delta Air Lines, Inc.		5,712,996
	11,820	EMCOR Group, Inc.		564,641
	4,160	Esterline Technologies Corporationj		396,614
	22,600	Expeditors International of Washington, Inc.		1,041,973
	13,400	Federal Signal Corporation		199,794
	12,200	Flowserve Corporation		642,452
	30,000	Fluor Corporation		1,590,300
	9,103	Granite Construction, Inc.		323,248
	7,947	HNI Corporation		406,489
	34,761	Honeywell International, Inc.		3,544,579
	4,500	Huntington Ingalls Industries, Inc.		506,655
	6,360	Huron Consulting Group, Inc.j		445,772
	97,040	Ingersoll-Rand plc		6,542,437
	38,450	Jacobs Engineering Group, Inc.j		1,561,839
	16,650	KAR Auction Services, Inc.		622,710
	19,220	Korn/Ferry International		668,279
	3,000	Manpower, Inc.		268,140
	8,100	Meritor, Inc.j		106,272
	7,550	Mistras Group, Inc.j		143,299
	1,850	Old Dominion Freight Line, Inc.j		126,919
	12,867	Oshkosh Corporation		545,303
	42,040	Pentair, Ltd.		2,890,250
	12,400	PowerSecure International, Inc.j		183,024
	15,800	Progressive Waste Solutions, Ltd.		424,230
	1,150	Proto Labs, Inc.j		77,602
	4,660	Raven Industries, Inc.		94,738
	8,530	Ritchie Brothers Auctioneers, Inc.h		238,158
	18,750	Southwest Airlines Company		620,437
	3,000	Spirit Aerosystems Holdings, Inc.j		165,330
	4,790	Tennant Company		312,979
	3,200	Toro Company		216,896
	50,670	Union Pacific Corporation		4,832,398
	3,900	Verisk Analytics, Inc.j		283,764
	3,200	WABCO Holdings, Inc.j		395,904
		Total		50,505,642
	Information Technology (3.1%)
	51,090	Alibaba Group Holding, Ltd. ADRj		4,203,174
	3,150	Alliance Data Systems Corporationj		919,611
	109,814	Apple, Inc.		13,773,421

The accompanying Notes to Financial Statements are an integral part of this schedule.

60

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (14.7%)	Value
	Information Technology (3.1%) - continued
	33,155	Applied Materials, Inc.	$	637,239
	2,490	Arista Networks, Inc.h,j		203,533
	65,160	ARM Holdings plc ADR		3,210,433
	9,100	Aspen Technology, Inc.j		414,505
	28,320	Atmel Corporation		279,094
	5,900	AVG Technologies NVj		160,539
	4,400	Blackhawk Network Holdings, Inc.j		181,280
	10,350	Booz Allen Hamilton Holding Corporation		261,234
	9,160	Broadridge Financial Solutions, Inc.		458,092
	54,550	Brocade Communications Systems, Inc.		648,054
	10,400	CDW Corporation		356,512
	372,010	Cisco Systems, Inc.		10,215,395
	7,800	Cognizant Technology Solutions Corporationj		476,502
	5,100	Comtech Telecommunications Corporation		148,155
	81,550	Corning, Inc.		1,608,981
	1,550	DST Systems, Inc.		195,269
	50,550	eBay, Inc.j		3,045,132
	13,300	Electronic Arts, Inc.j		884,450
	279,860	EMC Corporation		7,385,505
	2,770	Envestnet, Inc.j		111,991
	134,940	Facebook, Inc.j		11,573,129
	4,812	FARO Technologies, Inc.j		224,720
	3,650	FEI Company		302,695
	3,700	FleetCor Technologies, Inc.j		577,422
	9,679	Google, Inc., Class Aj		5,227,047
	12,811	Google, Inc., Class Cj		6,668,254
	6,310	Guidewire Software, Inc.j		333,988
	8,400	IAC/InterActiveCorporation		669,144
	15,057	Juniper Networks, Inc.		391,030
	22,510	LinkedIn Corporationj		4,651,241
	26,430	MasterCard, Inc.		2,470,676
	7,520	Microsemi Corporationj		262,824
	39,480	Microsoft Corporation		1,743,042
	11,840	National Instruments Corporation		348,806
	29,300	NetApp, Inc.		924,708
	6,172	Newport Corporationj		117,021
	96,056	NVIDIA Corporation		1,931,686
	105,500	Oracle Corporation		4,251,650
	4,767	Plantronics, Inc.		268,430
	8,800	Polycom, Inc.j		100,672
	9,900	Progress Software Corporationj		272,250
	19,250	QUALCOMM, Inc.		1,205,627
	7,850	Red Hat, Inc.j		596,051
	72,000	Salesforce.com, Inc.j		5,013,360
	10,082	Samsung Electronics Company, Ltd. GDR		5,751,781
	9,503	Sonus Networks, Inc.j		65,761
	14,000	Symantec Corporation		325,500
	61,500	Teradata Corporationj		2,275,500
	19,903	Teradyne, Inc.		383,929
	67,880	Texas Instruments, Inc.		3,496,499
	5,108	Textura Corporationh,j		142,156
	3,200	Total System Services, Inc.		133,664
	11,800	Vantiv, Inc.j		450,642
	8,150	Veeco Instruments, Inc.j		234,231
	13,439	Virtusa Corporationj		690,765
	138,400	Visa, Inc.		9,293,560
	4,300	WebMD Health Corporationj		190,404
	98,000	Xerox Corporation		1,042,720
		Total		124,380,686
	Materials (0.5%)
	7,000	Agnico Eagle Mines, Ltd.		198,590
	42,450	Alcoa, Inc.		473,317
	13,950	Avery Dennison Corporation		850,113
	1,240	Balchem Corporation		69,093
	6,800	Ball Corporation		477,020
	41,450	Barrick Gold Corporation		441,857
	15,400	Berry Plastics Group, Inc.j		498,960
	30,400	Celanese Corporation		2,185,152
	7,620	Chemtura Corporationj		215,722
	1,450	Compass Minerals International, Inc.		119,103
	12,250	Crown Holdings, Inc.j		648,147
	45,610	Dow Chemical Company		2,333,864
	4,030	Eagle Materials, Inc.		307,610
	7,200	Eastman Chemical Company		589,104
	23,700	Eldorado Gold Corporation		98,118
	10,650	Ferro Corporationj		178,707
	5,400	Franco-Nevada Corporationh		257,310
	42,450	Freeport-McMoRan, Inc.		790,419
	28,850	Goldcorp, Inc.		467,370
	16,720	Horsehead Holding Corporationh,j		195,958
	2,700	Innophos Holdings, Inc.		142,128
	20,800	International Paper Company		989,872
	39,100	Kinross Gold Corporationj		90,712
	1,450	LyondellBasell Industries NV		150,104
	2,050	Martin Marietta Materials, Inc.		290,096
	7,400	MeadWestvaco Corporation		349,206
	17,450	Newmont Mining Corporation		407,632
	44,170	Nucor Corporation		1,946,572
	20,450	Owens-Illinois, Inc.j		469,123
	4,650	Packaging Corporation of America		290,579
	6,600	Rock-Tenn Company		397,320
	2,400	Royal Gold, Inc.		147,816
	9,000	Sealed Air Corporation		462,420
	2,100	Silgan Holdings, Inc.		110,796
	13,750	Silver Wheaton Corporation		238,425
	2,500	Sonoco Products Company		107,150
	4,500	Southern Copper Corporationh		132,345
	23,830	Steel Dynamics, Inc.		493,638
	24,000	Teck Resources, Ltd.h		237,840
	4,400	Vulcan Materials Company		369,292
	7,800	Westlake Chemical Corporation		535,002
	31,650	Yamana Gold, Inc.		94,950
		Total		19,848,552
	Telecommunications Services (0.1%)
	74,389	Verizon Communications, Inc.		3,467,271
	30,050	Vonage Holdings Corporationj		147,546
		Total		3,614,817
	Utilities (0.3%)
	4,900	AGL Resources, Inc.		228,144
	4,200	Atmos Energy Corporation		215,376
	4,350	Dynegy, Inc.j		127,238
	10,600	Edison International, Inc.		589,148
	7,600	Entergy Corporation		535,800
	6,130	Laclede Group, Inc.		319,128
	37,490	NiSource, Inc.		1,709,169
	3,690	NorthWestern Corporation		179,887
	15,400	NRG Energy, Inc.		352,352
	4,100	OGE Energy Corporation		117,137
	99,150	PG&E Corporation		4,868,265
	3,630	Portland General Electric Company		120,371
	9,250	Public Service Enterprise Group, Inc.		363,340
	23,750	Southern Company		995,125
	6,600	Westar Energy, Inc.		225,852

The accompanying Notes to Financial Statements are an integral part of this schedule.

61

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (14.7%)	Value
	Utilities (0.3%) - continued
	23,000	Wisconsin Energy Corporationh	$	1,034,310
		Total		11,980,642
		Total Common Stock (cost $489,512,486)		581,978,537
		Collateral Held for Securities Loaned (0.5%)
	18,733,091	Thrivent Cash Management Trust		18,733,091
		Total Collateral Held for Securities Loaned (cost $18,733,091)		18,733,091
Shares or Principal Amount		Short-Term Investments (28.1%)k
		Federal Home Loan Bank Discount Notes
	14,000,000	0.075%, 7/1/2015		14,000,000
	39,011,000	0.065%, 7/6/2015		39,010,648
	2,000,000	0.060%, 7/7/2015		1,999,980
	62,000,000	0.082%, 7/8/2015l		61,999,014
	18,700,000	0.037%, 7/10/2015		18,699,829
	15,000,000	0.060%, 7/13/2015		14,999,700
	56,000,000	0.070%, 7/15/2015l,m		55,998,476
	2,000,000	0.075%, 7/16/2015		1,999,937
	48,000,000	0.076%, 7/17/2015		47,998,384
	87,000,000	0.078%, 7/22/2015		86,996,058
	76,833,000	0.076%, 7/24/2015		76,829,259
	68,823,000	0.064%, 7/29/2015		68,819,555
	48,786,000	0.079%, 7/31/2015		48,782,805
	40,000,000	0.071%, 8/5/2015		39,997,249
	52,044,000	0.073%, 8/7/2015		52,040,115
	57,100,000	0.086%, 8/12/2015l		57,094,304
	14,850,000	0.073%, 8/14/2015		14,848,676
	48,500,000	0.081%, 8/17/2015		48,494,894
	100,000,000	0.068%, 8/19/2015		99,990,768
	95,000,000	0.070%, 8/21/2015		94,990,622
	4,000,000	0.080%, 8/24/2015		3,999,520
	22,000,000	0.065%, 8/26/2015		21,997,775
	12,500,000	0.070%, 8/28/2015		12,498,590
	6,150,000	0.080%, 9/2/2015		6,149,135
	27,500,000	0.084%, 9/4/2015		27,495,825
	6,000,000	0.090%, 9/9/2015		5,998,950
	14,900,000	0.081%, 9/11/2015		14,897,601
	7,000,000	0.085%, 9/15/2015		6,998,744
	27,500,000	0.082%, 9/18/2015		27,495,035
		Federal Home Loan Mortgage Corporation Discount Notes
	600,000	0.060%, 7/6/2015		599,995
		Federal National Mortgage Association Discount Notes
	18,000,000	0.065%, 7/15/2015l		17,999,545
	13,000,000	0.121%, 8/12/2015l,m		12,998,162
		U.S. Treasury Bills
	1,000,000	0.048%, 8/6/2015m		999,953
	3,000,000	0.001%, 8/20/2015n		2,999,996
		Total Short-Term Investments (at amortized cost)		1,108,719,099
		Total Investments (cost $4,314,698,234) 113.8%	$	4,497,986,566
		Other Assets and Liabilities, Net (13.8%)		(546,421,024	)
		Total Net Assets 100.0%	$	3,951,565,542

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $101,337,224 or 2.6% of total net assets.

e Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

f Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2015.

g Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

h All or a portion of the security is on loan.

i Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

j Non-income producing security.

k The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

l At June 30, 2015, $33,698,610 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

m At June 30, 2015, $2,438,763 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

n At June 30, 2015, $2,999,996 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Moderately Conservative Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	824,587
Apidos CLO XVIII, 7/22/2026		6/25/2014		822,937
Ares CLO, Ltd., 11/15/2025		11/26/2014		1,500,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		824,588
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		1,746,388
Betony CLO, Ltd., 4/15/2027		2/25/2015		750,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		825,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		824,167
CAM Mortgage, LLC, 7/15/2064		6/24/2015		2,250,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		825,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		825,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		825,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		825,000
CoBank ACB, 6/15/2022		10/18/2013		377,414

The accompanying Notes to Financial Statements are an integral part of this schedule.

62

Moderately Conservative Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014	$	825,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		1,082,647
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		2,650,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		824,175
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		1,566,968
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		798,000
Limerock CLO III, LLC, 10/20/2026		10/16/2014		2,500,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		898,920
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		2,975,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		2,600,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		2,618,201
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		700,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		2,650,000
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		825,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		2,493,750
OZLM VIII, Ltd., 10/17/2026		8/7/2014		820,297
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,925,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		2,650,000
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		2,481,250
Symphony CLO, Ltd., 1/9/2023		9/15/2014		816,773
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		1,348,779
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,825,065
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		823,762

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
CLO	-	Collateralized Loan Obligation
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
TIPS	-	Treasury Inflation Protected Security.

The accompanying Notes to Financial Statements are an integral part of this schedule.

63

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (10.6%)a	Value
	Basic Materials (0.7%)
		Alpha Natural Resources, Inc., Term Loan
	$  59,093	3.500%, 5/22/2020	$	42,338
		Fortescue Metals Group, Ltd., Term Loan
	118,712	3.750%, 6/30/2019		105,168
		Ineos US Finance, LLC, Term Loan
	105,334	3.750%, 12/15/2020		104,566
		NewPage Corporation, Term Loan
	132,204	9.500%, 2/11/2021		106,028
		Tronox Pigments BV, Term Loan
	113,361	4.250%, 3/19/2020		113,291
		Wausau Paper Corporation, Term Loan
	74,072	6.500%, 7/30/2020		73,701
		Total		545,092
	Capital Goods (0.5%)
		ADS Waste Holdings, Inc., Term Loan
	104,020	3.750%, 10/9/2019		102,642
		Berry Plastics Group, Inc., Term Loan
	77,664	3.500%, 2/8/2020		77,249
		Rexnord, LLC, Term Loan
	106,110	4.000%, 8/21/2020		105,712
		Silver II Borrower, Term Loan
	99,357	4.000%, 12/13/2019		95,731
		Total		381,334
	Communications Services (3.3%)
		Altice Financing SA, Term Loan
	87,500	5.250%, 2/4/2022		87,646
		Atlantic Broadband Penn, LLC, Term Loan
	48,903	3.250%, 11/30/2019		48,664
		Birch Communication, Inc., Term Loan
	106,868	7.750%, 7/17/2020		106,868
		Cengage Learning Acquisitions, Term Loan
	86,578	7.000%, 3/31/2020		86,579
		Charter Communications Operating, LLC, Term Loan
	25,737	3.000%, 7/1/2020		25,426
	52,920	3.000%, 1/3/2021		52,221
		Cincinnati Bell, Inc., Term Loan
	106,110	4.000%, 9/10/2020		106,022
		CommScope, Inc., Term Loan
	90,000	0.000%, 5/28/2022b,c		89,813
		Fairpoint Communications, Term Loan
	105,835	7.500%, 2/14/2019		106,596
		Grande Communications Networks, LLC, Term Loan
	105,842	4.500%, 5/29/2020		105,115
		Gray Television, Inc., Term Loan
	66,772	3.750%, 6/13/2021		66,706
		Hargray Communications Group, Inc., Term Loan
	49,463	5.250%, 6/26/2019		49,663
		iHeartCommunications, Inc., Term Loan
	108,000	6.937%, 1/30/2019		99,581
		IMG Worldwide, Inc., Term Loan
	114,037	5.250%, 5/6/2021b,c		113,695
		Integra Telecom Holdings, Inc., Term Loan
	105,840	5.250%, 8/14/2020		105,020
		Intelsat Jackson Holdings SA, Term Loan
	77,173	3.750%, 6/30/2019		76,514
		Level 3 Communications, Inc., Term Loan
	79,000	4.000%, 8/1/2019		79,000
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	25,000	4.500%, 1/7/2022		24,750
	120,000	4.500%, 1/7/2022		119,600
		LTS Buyer, LLC, Term Loan
	89,279	4.000%, 4/13/2020		88,693
		MCC Georgia, LLC, Term Loan
	79,200	3.750%, 6/30/2021		78,953
		NEP/NCP Holdco, Inc., Term Loan
	106,117	4.250%, 1/22/2020		104,392
		NTelos, Inc., Term Loan
	105,824	5.750%, 11/9/2019		92,596
		SBA Senior Finance II, LLC, Term Loan
	99,000	3.250%, 3/24/2021		97,965
		TNS, Inc., Term Loan
	73,603	5.000%, 2/14/2020		73,572
		Univision Communications, Inc., Term Loan
	105,817	4.000%, 3/1/2020		104,872
		Virgin Media Investment Holdings, Ltd., Term Loan
	54,539	3.500%, 6/30/2023		53,948
		WideOpenWest Finance, LLC, Term Loan
	92,610	4.500%, 4/1/2019		92,366
		XO Communications, LLC, Term Loan
	98,775	4.250%, 3/20/2021		98,549
		Yankee Cable Acquisition, LLC, Term Loan
	102,452	4.250%, 3/1/2020		102,452
		Zayo Group, LLC, Term Loan
	92,599	3.750%, 7/2/2019		91,737
		Total		2,629,574
	Consumer Cyclical (1.7%)
		Amaya Gaming Group, Inc., Term Loan
	86,844	5.000%, 8/1/2021		86,692
		Burlington Coat Factory Warehouse Corporation, Term Loan
	86,036	4.250%, 8/13/2021		85,967
		Ceridian HCM Holding, Inc., Term Loan
	52,045	4.500%, 9/15/2020		51,492
		Dollar Tree, Inc., Term Loan
	62,500	3.500%, 3/9/2022		62,448
		FCA US, LLC, Term Loan
	88,875	3.250%, 12/31/2018		88,567
		Golden Nugget, Inc., Delayed Draw
	18,528	5.500%, 11/21/2019		18,667

The accompanying Notes to Financial Statements are an integral part of this schedule.

64

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (10.6%)a	Value
	Consumer Cyclical (1.7%) - continued
		Golden Nugget, Inc., Term Loan
	$  43,232	5.500%, 11/21/2019	$	43,556
		Hilton Worldwide Finance, LLC, Term Loan
	78,372	3.500%, 10/26/2020		78,385
		J.C. Penney Corporation, Inc., Term Loan
	105,840	6.000%, 5/22/2018		105,537
		Las Vegas Sands, LLC, Term Loan
	78,800	3.250%, 12/19/2020		78,376
		Marina District Finance Company, Inc., Term Loan
	70,780	6.500%, 8/15/2018		71,356
		MGM Resorts International, Term Loan
	69,381	3.500%, 12/20/2019		68,844
		Michaels Stores, Inc., Term Loan
	89,325	4.000%, 1/28/2020		89,344
		Mohegan Tribal Gaming Authority, Term Loan
	94,560	5.500%, 11/19/2019		94,013
		Pinnacle Entertainment, Inc., Term Loan
	41,588	3.750%, 8/13/2020		41,558
		ROC Finance, LLC, Term Loan
	106,110	5.000%, 6/20/2019		103,943
		Scientific Games International, Inc., Term Loan
	106,380	6.000%, 10/18/2020		106,308
		Seminole Hard Rock Entertainment, Inc., Term Loan
	49,495	3.500%, 5/14/2020		49,289
		Seminole Indian Tribe of Florida, Term Loan
	81,532	3.000%, 4/29/2020		81,410
		Total		1,405,752
	Consumer Non-Cyclical (1.5%)
		Albertsons, Inc., Term Loan
	156,549	5.375%, 3/21/2019		157,058
		Catalina Marketing Corporation, Term Loan
	89,100	4.500%, 4/9/2021		78,408
		CHS/Community Health Systems, Inc., Term Loan
	14,549	3.534%, 12/31/2018		14,536
	48,425	3.750%, 1/27/2021		48,411
	89,101	4.000%, 1/27/2021		89,192
		Endo Luxembourg Finance I Co Sarl, Term Loan
	100,000	0.000%, 6/24/2022b,c		100,188
		JBS USA, LLC, Term Loan
	71,201	3.750%, 5/25/2018		70,934
	9,899	3.750%, 9/18/2020		9,866
		Libbey Glass, Inc., Term Loan
	74,250	3.750%, 4/9/2021		74,157
		LTF Merger Sub, Inc., Term Loan
	75,000	0.000%, 6/10/2022b,c		74,400
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	90,577	4.750%, 3/22/2019		90,728
		Ortho-Clinical Diagnostics, Inc., Term Loan
	133,775	4.750%, 6/30/2021		131,004
		Roundy’s Supermarkets, Inc., Term Loan
	80,961	5.750%, 3/3/2021		78,128
		Supervalu, Inc., Term Loan
	164,781	4.500%, 3/21/2019		164,969
		Visant Corporation, Term Loan
	66,007	7.000%, 9/23/2021		63,586
		Total		1,245,565
	Energy (0.7%)
		Arch Coal, Inc., Term Loan
	154,939	6.250%, 5/16/2018		105,456
		Aria Energy Operating, LLC, Term Loan
	34,980	5.000%, 5/27/2022		35,024
		Energy Solutions, LLC, Term Loan
	103,164	6.750%, 5/29/2020		103,336
		Exgen Renewables I, LLC, Term Loan
	53,547	5.250%, 2/6/2021		54,083
		McJunkin Red Man Corporation, Term Loan
	76,806	5.000%, 11/8/2019		76,134
		MEG Energy Corporation, Term Loan
	74,614	3.750%, 3/31/2020		73,015
		Offshore Group Investment, Ltd., Term Loan
	98,762	5.750%, 3/28/2019		59,875
		Pacific Drilling SA, Term Loan
	79,380	4.500%, 6/3/2018		63,702
		Total		570,625
	Financials (0.6%)
		Delos Finance Sarl, Term Loan
	100,000	3.500%, 3/6/2021		99,675
		DJO Finance, LLC, Term Loan
	40,000	4.250%, 6/7/2020		39,975
		Harland Clarke Holdings Corporation, Term Loan
	102,600	7.000%, 5/22/2018		102,856
		MPH Acquisition Holdings, LLC, Term Loan
	43,224	3.750%, 3/31/2021		42,931
		TransUnion, LLC, Term Loan
	88,875	3.750%, 4/9/2021		88,028
		WaveDivision Holdings, LLC, Term Loan
	85,940	4.000%, 10/15/2019		85,833
		Total		459,298
	Technology (0.9%)
		Avago Technologies, Ltd., Term Loan
	129,152	3.750%, 5/6/2021		129,267
		BMC Software, Inc., Term Loan
	102,630	5.000%, 9/10/2020		96,424
		First Data Corporation, Term Loan
	108,000	3.687%, 3/23/2018		107,556
	50,000	0.000%, 9/24/2018b,c		49,822

The accompanying Notes to Financial Statements are an integral part of this schedule.

65

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (10.6%)a	Value
	Technology (0.9%) - continued
		Freescale Semiconductor, Inc., Term Loan
	$  105,847	4.250%, 2/28/2020	$	105,876
		Infor US, Inc., Term Loan
	48,293	3.750%, 6/3/2020		47,589
	62,187	3.750%, 6/3/2020		61,195
		Merrill Communications, LLC, Term Loan
	45,000	6.250%, 6/1/2022		44,775
		SS&C European Holdings SARL, Term Loan
	10,112	0.000%, 6/29/2022b,c		10,106
	44,888	0.000%, 6/29/2022b,c		44,860
		Total		697,470
	Transportation (0.4%)
		American Airlines, Inc., Term Loan
	106,110	3.500%, 6/27/2020		104,983
		Delta Air Lines, Inc., Term Loan
	118,458	3.250%, 4/20/2017		118,112
		OSG Bulk Ships, Inc., Term Loan
	103,950	5.250%, 8/5/2019		103,885
		Total		326,980
	Utilities (0.3%)
		Calpine Corporation, Term Loan
	68,950	4.000%, 10/31/2020		68,815
	84,775	3.500%, 5/27/2022		83,948
		Intergen NV, Term Loan
	105,840	5.500%, 6/15/2020		101,210
		Total		253,973
		Total Bank Loans (cost $8,725,249)		8,515,663
Shares		Common Stock (65.3%)
	Consumer Discretionary (10.4%)
	300	ABC-MART, Inc.		18,361
	1,800	Aisin Seiki Company, Ltd.		76,535
	1,780	Amazon.com, Inc.d		772,680
	1,200	AutoZone, Inc.d		800,280
	400	Bayerische Motoren Werke AG		33,869
	2,000	Berkeley Group Holdings plc		105,097
	6,080	Best Buy Company, Inc.		198,269
	3,210	BorgWarner, Inc.		182,456
	500	Brembo SPA		21,330
	600	Bridgestone Corporation		22,178
	3,475	Cedar Fair, LP		189,353
	800	Chiyoda Company, Ltd.		18,776
	16,446	Comcast Corporation		989,062
	7,600	Crown Resorts, Ltd.		71,410
	300	Daiichikosho Company, Ltd.		10,558
	8,800	EDION Corporation		62,301
	2,300	Electrolux AB		72,066
	51,000	Enterprise Inns plcd		99,412
	5,360	Ford Motor Company		80,454
	1,820	General Motors Company		60,661
	6,000	Gunze, Ltd.		16,411
	5,400	Hakuhodo Dy Holdings, Inc.		57,750
	1,640	Harman International Industries, Inc.		195,062
	3,400	Haseko Corporation		40,049
	3,100	Heiwa Corporation		61,709
	5,600	Honda Motor Company, Ltd.		180,991
	200	Hugo Boss AG		22,359
	2,900	Informa plc		24,906
	4,340	Jarden Corporationd		224,595
	3,400	JM AB		92,666
	24,297	Kongsberg Automotive ASAd		16,877
	6,147	Las Vegas Sands Corporation		323,148
	4,000	Luk Fook Holdings International, Ltd.		11,779
	2,030	Marriott International, Inc.		151,012
	17,200	Marston’s plc		43,429
	7,383	MDC Partners, Inc.		145,445
	3,800	NOK Corporation		117,739
	2,400	Oxford Industries, Inc.		209,880
	5,100	Persimmon plc		158,231
	1,700	Premier Investments, Ltd.		16,715
	1,500	SES SA		50,427
	1,700	SHOWA Corporation		16,917
	2,500	Slater & Gordon, Ltd.		6,821
	14,230	Starbucks Corporation		762,942
	5,700	Sumitomo Forestry Company, Ltd.		70,293
	1,300	Sumitomo Rubber Industries, Ltd.		20,137
	9,280	Target Corporation		757,526
	5,300	Toll Brothers, Inc.d		202,407
	11,070	Tuesday Morning Corporationd		124,704
	6,000	UBM plc		50,414
	400	Valora Holding AG		78,587
	3,000	Wacoal Holdings Corporation		35,060
	3,200	WH Smith plc		76,741
	3,800	WPP plc		85,295
		Total		8,334,132
	Consumer Staples (3.2%)
	900	AarhusKarlshamn AB		53,306
	5,169	Anheuser-Busch InBev NV ADR		623,743
	2,400	Axfood AB		38,313
	781	Bakkafrost PF		20,826
	5,200	Britvic plc		58,586
	200	Carlsberg AS		18,121
	200	Casino Guichard Perrachon SA		15,181
	1,100	Coca-Cola HBC AGd		23,607
	400	Cranswick plc		10,031
	700	Henkel AG & Company KGaA		66,749
	4,300	J Sainsbury plc		17,900
	10,100	Koninklijke Ahold NV		189,604
	400	KOSE Corporation		32,897
	200	Milbon Company, Ltd.		6,364
	4,200	Nestle SA		303,033
	6,870	Philip Morris International, Inc.		550,768
	400	Reckitt Benckiser Group plc		34,493
	28,800	Rite Aid Corporationd		240,480
	400	Royal Unibrew AS		13,672
	4,042	SalMar ASA		59,283
	2,700	Suedzucker AG		44,971
	4,100	Swedish Match AB		116,566
	5,200	Tate & Lyle plc		42,445
		Total		2,580,939
	Energy (3.8%)
	2,419	BW LPG, Ltd.		20,684
	23,603	BW Offshore, Ltd.		15,216
	7,580	Cameron International Corporationd		396,964
	18,180	Cobalt International Energy, Inc.d		176,528
	1,510	Concho Resources, Inc.d		171,929
	5,230	EOG Resources, Inc.		457,886
	4,760	EQT Corporation		387,178

The accompanying Notes to Financial Statements are an integral part of this schedule.

66

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (65.3%)	Value
	Energy (3.8%) - continued
	7,200	ERG SPA	$	86,370
	1,800	Royal Dutch Shell plc		51,192
	8,448	Royal Dutch Shell plc, Class B		240,517
	3,400	Showa Shell Sekiyu KK		29,708
	2,309	Statoil ASA		41,292
	1,600	Total SA		78,482
	6,826	Total SA ADR		335,634
	36,670	Weatherford International, Ltd.d		449,941
	2,200	Woodside Petroleum, Ltd.		58,051
	5,300	WorleyParsons, Ltd.		42,553
		Total		3,040,125
	Financials (19.9%)
	500	Acadia Realty Trust		14,555
	980	Affiliated Managers Group, Inc.d		214,228
	500	Agree Realty Corporation		14,585
	3,881	Alexandria Real Estate Equities, Inc.		339,432
	3,400	Allianz SE		530,235
	1,500	American Realty Capital Properties, Inc.		12,195
	17,300	Amlin plc		129,439
	2,100	Apartment Investment & Management Company		77,553
	8,600	Apollo Investment Corporation		60,888
	3,950	Ares Capital Corporation		65,017
	9,950	Assured Guaranty, Ltd.		238,700
	1,300	AvalonBay Communities, Inc.		207,831
	5,000	Bank Hapoalim, Ltd.		26,910
	6,012	Bank of Queensland, Ltd.		59,155
	16,000	Bank of Yokohama, Ltd.		97,984
	2,700	Bendigo and Adelaide Bank, Ltd.		25,530
	9,300	BinckBank NV		88,750
	2,100	BioMed Realty Trust, Inc.		40,614
	8,394	Blackstone Group, LP		343,063
	400	Bluerock Residential Growth REIT, Inc.		5,064
	400	Bolsas y Mercados Espanoles SA		16,213
	2,615	Boston Properties, Inc.		316,520
	10,004	Brixmor Property Group, Inc.		231,393
	3,840	Camden Property Trust		285,235
	6,110	Capital One Financial Corporation		537,497
	4,207	Capital Shopping Centres Group plc		20,322
	12,900	Capitaland Commercial Trustd		14,930
	12,500	CapitaMall Trustd		19,939
	13,150	Charles Schwab Corporation		429,347
	50	Chatham Lodging Trust		1,323
	356	Chesapeake Lodging Trust		10,851
	4,000	Chiba Bank, Ltd.		30,459
	13,450	Citigroup, Inc.		742,978
	4,000	CNP Assurances		66,947
	600	Commonwealth Bank of Australia		39,346
	150	CoreSite Realty Corporation		6,816
	2,300	CubeSmart		53,268
	600	CyrusOne, Inc.		17,670
	1,300	Daito Trust Construction Company, Ltd.		134,544
	7	Daiwa House Residential Investment Corporation		15,866
	5,000	Daiwa Securities Group, Inc.		37,404
	11,570	DDR Corporation		178,872
	800	Delta Lloyd NV		13,133
	8,100	DEXUS Property Group		45,579
	500	Digital Realty Trust, Inc.		33,340
	15,308	Direct Line Insurance Group plc		80,804
	4,016	DnB ASA		66,881
	8,300	Duke Realty Corporation		154,131
	500	DuPont Fabros Technology, Inc.		14,725
	4,150	E*TRADE Financial Corporationd		124,292
	3,650	Encore Capital Group, Inc.d		156,001
	700	EPR Properties		38,346
	1,000	Equity Lifestyle Properties, Inc.		52,580
	3,910	Equity Residential		274,365
	500	Essex Property Trust, Inc.		106,250
	400	Eurocommercial Properties NV		16,746
	450	Extra Space Storage, Inc.		29,349
	200	Federal Realty Investment Trust		25,618
	9,600	FlexiGroup, Ltd.		21,531
	11,400	Frasers Centrepoint Trust		17,431
	24,000	Fukuoka Financial Group, Inc.		124,395
	6,239	General Growth Properties, Inc.		160,093
	500	Geo Group, Inc.		17,080
	1,600	Hamborner REIT AG		15,545
	1,600	Hamborner REIT AG Rightsd		100
	1,600	Hannover Rueckversicherung SE		154,859
	2,700	HCP, Inc.		98,469
	2,457	Health Care REIT, Inc.		161,253
	3,400	Healthcare Trust of America, Inc.		81,430
	5,500	Henderson Land Development Company, Ltd.		37,598
	1,800	Highwoods Properties, Inc.		71,910
	1,000	Hospitality Properties Trust		28,820
	10,990	Host Hotels & Resorts, Inc.		217,932
	76,697	HSBC Holdings plc		686,772
	200	Hudson Pacific Properties, Inc.		5,674
	3,500	Hufvudstaden AB		42,577
	27,000	Hysan Development Company, Ltd.		116,923
	900	IG Group Holdings plc		10,549
	14,800	Intermediate Capital Group plc		127,852
	12,727	Invesco, Ltd.		477,135
	16,700	Investec plc		150,048
	1,100	Iron Mountain, Inc.		34,100
	5	Japan Prime Realty Investment Corporation		15,524
	400	Julius Baer Group, Ltd.		22,446
	38,310	KeyCorp		575,416
	500	Kilroy Realty Corporation		33,575
	7,200	Kimco Realty Corporation		162,288
	700	LaSalle Hotel Properties		24,822
	20,000	Link REIT		117,039
	1,175	Macerich Company		87,655
	1,300	Medical Properties Trust, Inc.		17,043
	8,830	MetLife, Inc.		494,392
	800	Mid-America Apartment Communities, Inc.		58,248
	900	Muenchener Rueckversicherungs-Gesellschaft AG		159,565
	700	National Health Investors, Inc.		43,610
	1,800	National Retail Properties, Inc.		63,018
	121,000	New World Development Company, Ltd.		158,104
	3,200	NorthStar Realty Finance Corporation		50,880
	1,000	Omega Healthcare Investors, Inc.		34,330
	500	Outfront Media, Inc.		12,620
	5,146	PacWest Bancorp		240,627
	1,200	Parkway Properties, Inc.		20,928
	1,300	Physicians Realty Trust		19,968
	8,040	Prologis, Inc.		298,284
	1,568	Public Storage, Inc.		289,092
	700	Realty Income Corporation		31,073
	700	Regency Centers Corporation		41,286
	5,900	Resona Holdings, Inc.		32,179

The accompanying Notes to Financial Statements are an integral part of this schedule.

67

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (65.3%)	Value
	Financials (19.9%) - continued
	3,100	RLJ Lodging Trust	$	92,318
	150	Sabra Healthcare REIT, Inc.		3,861
	300	Sampo Oyj		14,138
	600	Schroders plc		29,938
	4,600	SEGRO plc		29,308
	200	Senior Housing Property Trust		3,510
	2,940	Simon Property Group, Inc.		508,679
	15,300	Skandinaviska Enskilda Banken AB		195,708
	500	SL Green Realty Corporation		54,945
	3,375	Solar Capital, Ltd.		60,750
	367	Sovran Self Storage, Inc.		31,896
	8,700	Spirit Realty Captial, Inc.		84,129
	34,800	Stockland		109,889
	396	Store Capital Corporation		7,960
	2,000	Strategic Hotels & Resorts, Inc.d		24,240
	18,000	Sumitomo Mitsui Trust Holdings, Inc.		82,343
	1,500	Summit Hotel Properties, Inc.		19,515
	100	Swiss Life Holding AG		22,898
	3,700	Swiss Re AG		327,534
	500	Talanx AG		15,347
	1,933	Tanger Factory Outlet Centers, Inc.		61,276
	200	Taubman Centers, Inc.		13,900
	500	TRYG AS		10,425
	2,200	UDR, Inc.		70,466
	8,300	UNIQA Insurance Group AG		74,882
	10,100	United Overseas Bank, Ltd.		172,801
	1,410	Urban Edge Properties		29,314
	2,600	Ventas, Inc.		161,434
	2,640	Vornado Realty Trust		250,615
	2,000	Wallenstam AB		14,213
	600	WP Carey, Inc.		35,364
	7,310	Zions Bancorporation		231,983
	500	Zurich Insurance Group AG		152,215
		Total		15,993,490
	Health Care (7.6%)
	18,830	Abbott Laboratories		924,176
	580	Actavis, Inc.d		176,007
	200	Actelion, Ltd.		29,290
	2,790	Akorn, Inc.d		121,811
	2,410	Alexion Pharmaceuticals, Inc.d		435,656
	2,770	Amgen, Inc.		425,250
	5,200	AstraZeneca plc		329,107
	200	Bayer AG		28,008
	4,780	Cerner Corporationd		330,107
	1,300	CSL, Ltd.		86,666
	2,400	Essilor International SA		287,522
	500	Fresenius Medical Care AG & Company		41,393
	400	Gerresheimer AG		24,921
	2,260	Gilead Sciences, Inc.		264,601
	6,851	GlaxoSmithKline plc		142,445
	2,800	Hikma Pharmaceuticals plc		85,051
	300	Hogy Medical Company, Ltd.		15,390
	5,960	Hologic, Inc.d		226,838
	747	ICON plcd		50,273
	1,010	Illumina, Inc.d		220,544
	2,000	Kaken Pharmaceutical Company, Ltd.		69,823
	2,400	KYORIN Holdings, Inc.		48,932
	300	Lonza Group AG		40,100
	9,540	Merck & Company, Inc.		543,112
	2,100	Novartis AG		206,557
	400	Orpea		28,012
	400	Paramount Bed Holdings Company, Ltd.		11,810
	21,962	Pfizer, Inc.		736,386
	300	Sanofi		29,679
	1,430	Waters Corporationd		183,583
		Total		6,143,050
	Industrials (6.4%)
	800	Aalberts Industries NV		23,788
	5,340	ADT Corporation		179,264
	1,500	Aida Engineering, Ltd.		16,444
	19,000	Air New Zealand, Ltd.		32,827
	500	Airbus Group NV		32,569
	17,900	ALS, Ltd.		80,665
	8,000	Asahi Glass Company, Ltd.		48,028
	1,770	Boeing Company		245,534
	100	Bucher Industries AG		24,878
	1,200	COMSYS Holdings Corporation		17,850
	3,500	CTT-Correios de Portugal SA		36,127
	2,000	Dai Nippon Printing Company, Ltd.		20,638
	3,400	Deutsche Post AG		99,346
	3,920	EMCOR Group, Inc.		187,258
	2,930	FedEx Corporation		499,272
	5,100	Fenner plc		16,606
	2,910	Flowserve Corporation		153,241
	400	Fraport AG Frankfurt Airport Services Worldwide		25,125
	800	Go-Ahead Group plc		33,111
	1,300	Hamburger Hafen und Logistik AG		26,284
	3,750	HNI Corporation		191,812
	200	Hoshizaki Electric Company, Ltd.		11,764
	6,244	Illinois Tool Works, Inc.		573,137
	1,100	Inaba Denki Sangyo Company, Ltd.		38,266
	8,990	Ingersoll-Rand plc		606,106
	4,100	Intrum Justitia AB		124,161
	9,300	ITOCHU Corporation		122,827
	400	Jardine Matheson Holdings, Ltd.		22,677
	200	Jungheinrich AG		13,555
	400	Kanamoto Company, Ltd.		10,141
	5,000	KITZ Corporation		24,985
	5,300	Komatsu, Ltd.		106,336
	1,700	KONE Oyj		69,003
	1,100	Koninklijke Boskalis Westminster NV		53,997
	2,000	MIRAIT Holdings Corporation		23,307
	2,000	Mitsuboshi Belting, Ltd.		15,847
	500	NCC AB		15,271
	2,100	Nippon Konpo Unyu Soko Company, Ltd.		36,610
	2,000	Nisshinbo Holdings, Inc.		22,353
	3,500	Nitto Kogyo Corporation		78,769
	6,700	Rentokil Initial plc		15,560
	400	Rieter Holding AG		63,231
	8,100	Sandvik AB		89,548
	2,400	Siemens AG		242,812
	1,100	Teleperformance SA		77,713
	600	TKH Group NV		25,205
	3,000	Toppan Printing Company, Ltd.		25,080
	1,100	Tsubakimoto Chain Company		10,745
	4,628	Union Pacific Corporation		441,372
	1,630	WABCO Holdings, Inc.d		201,664
		Total		5,152,709
	Information Technology (8.9%)
	2,220	Alibaba Group Holding, Ltd. ADRd		182,639
	1,300	Alps Electric Company, Ltd.		40,091
	6,990	Apple, Inc.		876,721
	1,620	Autodesk, Inc.d		81,122

The accompanying Notes to Financial Statements are an integral part of this schedule.

68

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (65.3%)	Value
	Information Technology (8.9%) - continued
	3,800	Brother Industries, Ltd.	$	53,757
	7,300	Canon, Inc.		236,800
	300	Cap Gemini SA		26,615
	5,600	Carsales.com, Ltd.		43,940
	8,630	Cisco Systems, Inc.		236,980
	1,500	Dialog Semiconductor plcd		81,112
	14,219	EMC Corporation		375,239
	400	Equinix, Inc.		101,600
	8,540	Facebook, Inc.d		732,433
	7,200	FUJIFILM Holdings NPV		256,954
	990	Google, Inc., Class Ad		534,640
	741	Google, Inc., Class Cd		385,698
	2,000	Hitachi Kokusai Electric, Inc.		30,382
	800	IT Holdings Corporation		16,989
	800	ITOCHU Techno-Solutions Corporation		19,923
	7,240	Juniper Networks, Inc.		188,023
	1,430	LinkedIn Corporationd		295,481
	4,670	MasterCard, Inc.		436,552
	15,090	MaxLinear, Inc.d		182,589
	2,700	NEC Networks & System Integration Corporation		58,916
	500	NS Solutions Corporation		16,533
	4,000	Optimal Payments plcd		14,706
	400	Oracle Corporation Japan		16,722
	500	Otsuka Corporation		23,341
	3,580	Plantronics, Inc.		201,590
	6,100	Progress Software Corporationd		167,750
	6,800	QLIK Technologies, Inc.d		237,728
	1,000	Samsung Electronics Company, Ltd. GDR		570,500
	1,800	SAP SE		126,138
	900	Tokyo Electron, Ltd.		57,201
	600	Trend Micro, Inc.		20,524
	1,560	Ultimate Software Group, Inc.d		256,370
		Total		7,184,299
	Materials (2.0%)
	600	Airgas, Inc.		63,468
	1,100	APERAMd		44,534
	3,000	Asahi Kasei Corporation		24,608
	570	Ashland, Inc.		69,483
	6,600	BillerudKorsnas AB		103,695
	6,400	Boral, Ltd.		28,831
	2,800	Buzzi Unicem SPA		39,889
	1,430	Crown Holdings, Inc.d		75,661
	7,200	Daicel Corporation		92,392
	1,761	Domtar Corporation		72,905
	2,000	DOWA Holdings Company, Ltd.		18,900
	1,150	FMC Corporation		60,433
	800	Holmen AB		23,346
	4,000	Kureha Corporation		15,718
	2,300	Mondi plc		49,517
	6,000	Nippon Steel & Sumitomo Metal Corporation		15,557
	32,509	Norsk Hydro ASA		136,438
	800	Novozymes AS		38,009
	8,753	OceanaGold Corporation		21,655
	1,900	Outokumpu Oyjd		9,572
	2,760	Owens-Illinois, Inc.d		63,314
	600	PPG Industries, Inc.		68,832
	3,810	Steel Dynamics, Inc.		78,924
	7,000	Sumitomo Metal Mining Company, Ltd.		106,463
	3,000	Sumitomo Seika Chemicals Company, Ltd.		19,703
	5,000	UPM-Kymmene Oyj		88,480
	2,400	Vedanta Resources plc		19,600
	3,711	Yara International ASA		193,373
		Total		1,643,300
	Telecommunications Services (1.7%)
	24,900	Bezeq Israel Telecommunication Corporation, Ltd.		42,404
	14,511	BT Group plc		102,757
	3,900	Elisa Oyj		123,564
	3,500	Freenet AG		117,893
	56,200	KCOM Group plc		82,564
	4,000	Nippon Telegraph & Telephone Corporation		144,863
	8,500	Orange SA		131,362
	2,000	Proximus SA		70,774
	2,300	Tele2 AB		26,785
	70,700	Telstra Corporation, Ltd.		334,592
	7,400	Zayo Group Holdings, Inc.d		190,328
		Total		1,367,886
	Utilities (1.4%)
	64,300	A2A SPA		76,742
	3,000	CLP Holdings, Ltd.		25,497
	2,800	E.ON SE		37,337
	44,000	Electricidade de Portugal SA		167,640
	3,400	Enagas SA		92,557
	25,500	Enel SPA		115,574
	1,600	Hokuriku Electric Power Company		23,833
	9,201	MDU Resources Group, Inc.		179,696
	1,200	National Grid plc		15,445
	3,124	NorthWestern Corporation		152,295
	5,000	Osaka Gas Company, Ltd.		19,734
	16,200	Redes Energeticas Nacionais SGPS SA		45,350
	1,500	Severn Trent plc		49,014
	2,000	Toho Gas Company, Ltd.		11,840
	8,700	United Utilities Group plc		121,855
		Total		1,134,409
		Total Common Stock (cost $53,828,398)		52,574,339
Principal Amount		Long-Term Fixed Income (15.6%)
	Asset-Backed Securities (0.1%)
		Countrywide Asset-Backed Certificates
	43,678	5.530%, 4/25/2047		46,104
		Total		46,104
	Basic Materials (0.3%)
		Albemarle Corporation
	14,000	3.000%, 12/1/2019		14,027
		Anglo American Capital plc
	9,000	1.225%, 4/15/2016e,f		8,979
		ArcelorMittal
	50,000	6.250%, 3/1/2021		52,375
		Dow Chemical Company
	10,000	8.550%, 5/15/2019		12,192
		First Quantum Minerals, Ltd.
	55,000	7.000%, 2/15/2021e		52,594

The accompanying Notes to Financial Statements are an integral part of this schedule.

69

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Basic Materials (0.3%) - continued
		Freeport-McMoRan, Inc.
	$    7,000	2.300%, 11/14/2017	$	6,978
	12,000	2.375%, 3/15/2018		11,908
		Glencore Funding, LLC
	10,000	1.336%, 4/16/2018e,f		9,995
		Hexion US Finance Corporation
	26,748	8.875%, 2/1/2018		24,140
		LyondellBasell Industries NV
	10,000	5.000%, 4/15/2019		10,833
		NOVA Chemicals Corporation
	40,122	5.250%, 8/1/2023e		40,724
		Sappi Papier Holding GmbH
	35,000	6.625%, 4/15/2021e		36,312
		Total		281,057
	Capital Goods (0.4%)
		Brand Energy & Infrastructure Services, Inc.
	25,000	8.500%, 12/1/2021e		23,250
		Cemex SAB de CV
	55,000	5.700%, 1/11/2025e		52,454
		CNH Capital, LLC
	26,748	3.625%, 4/15/2018		26,748
		Crown Americas Capital Corporation IV
	50,000	4.500%, 1/15/2023		47,219
		Harsco Corporation
	12,000	2.700%, 10/15/2015		12,000
		L-3 Communications Corporation
	13,000	1.500%, 5/28/2017		12,911
		Martin Marietta Materials, Inc.
	16,000	1.382%, 6/30/2017f		15,933
		Nortek, Inc.
	26,748	8.500%, 4/15/2021		28,553
		Owens-Brockway Glass Container, Inc.
	55,000	5.000%, 1/15/2022e		54,313
		Reynolds Group Issuer, Inc.
	26,748	9.875%, 8/15/2019		28,085
		Roper Industries, Inc.
	11,000	2.050%, 10/1/2018		10,972
		Total		312,438
	Collateralized Mortgage Obligations (2.7%)
		Alternative Loan Trust
	148,347	5.500%, 10/25/2035		135,093
		Banc of America Alternative Loan Trust
	67,236	6.000%, 11/25/2035		59,999
		CHL Mortgage Pass-Through Trust
	103,826	4.882%, 1/25/2036		96,430
		Citigroup Mortgage Loan Trust, Inc.
	23,732	2.776%, 3/25/2037		18,596
		CitiMortgage Alternative Loan Trust
	100,020	5.750%, 4/25/2037		85,662
		Countrywide Alternative Loan Trust
	84,970	6.500%, 8/25/2036		69,089
	258,031	6.000%, 4/25/2037		189,836
		Credit Suisse First Boston Mortgage Securities Corporation
	63,876	5.250%, 10/25/2035		63,881
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	67,379	5.500%, 11/25/2035		63,906
		HomeBanc Mortgage Trust
	49,185	2.205%, 4/25/2037		36,680
		J.P. Morgan Alternative Loan Trust
	158,727	6.500%, 3/25/2036		139,093
		J.P. Morgan Mortgage Trust
	89,773	2.256%, 6/25/2035		89,491
	97,352	2.664%, 6/25/2035		98,389
	74,208	2.661%, 8/25/2035		73,703
	92,795	2.559%, 1/25/2037		85,122
		MortgageIT Trust
	78,357	0.447%, 12/25/2035f		70,869
		New York Mortgage Trust
	82,222	2.603%, 5/25/2036		74,244
		Residential Accredit Loans, Inc.
	81,075	5.750%, 9/25/2035		73,213
		Residential Funding Mortgage Security I Trust
	92,837	6.000%, 7/25/2037		83,968
		Structured Adjustable Rate Mortgage Loan Trust
	95,126	2.654%, 9/25/2035		80,347
		Structured Asset Mortgage Investments, Inc.
	141,435	0.497%, 12/25/2035f		107,705
		WaMu Mortgage Pass Through Certificates
	74,932	2.281%, 10/25/2036		66,813
	136,169	0.898%, 1/25/2047f		110,462
		Wells Fargo Mortgage Backed Securities Trust
	76,014	2.621%, 3/25/2036		75,648
	69,189	2.683%, 7/25/2036		67,608
	61,532	6.000%, 7/25/2037		62,223
		Total		2,178,070
	Communications Services (1.0%)
		21st Century Fox America, Inc.
	14,000	6.900%, 3/1/2019		16,256
		AMC Networks, Inc.
	46,748	7.750%, 7/15/2021		50,488
		America Movil SAB de CV
	10,000	5.000%, 10/16/2019		11,007
		American Tower Corporation
	10,000	2.800%, 6/1/2020		9,861
		AT&T, Inc.
	10,000	1.212%, 6/30/2020f		10,039
		British Sky Broadcasting Group plc
	14,000	2.625%, 9/16/2019e		13,905
		CC Holdings GS V, LLC
	21,000	2.381%, 12/15/2017		21,243
		CenturyLink, Inc.
	35,000	6.450%, 6/15/2021		35,262
		Cequel Communications Holdings I, LLC
	50,000	6.375%, 9/15/2020e		49,663

The accompanying Notes to Financial Statements are an integral part of this schedule.

70

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Communications Services (1.0%) - continued
		Columbus International, Inc.
	$  50,000	7.375%, 3/30/2021e	$	53,750
		Digicel, Ltd.
	56,748	6.000%, 4/15/2021e		54,712
		DIRECTV Holdings, LLC
	10,000	5.875%, 10/1/2019		11,288
		Hughes Satellite Systems Corporation
	30,000	6.500%, 6/15/2019		32,550
		Intelsat Jackson Holdings SA
	26,748	7.250%, 10/15/2020		26,447
		Level 3 Financing, Inc.
	33,000	8.625%, 7/15/2020		35,267
		Numericable-SFR
	50,000	6.000%, 5/15/2022e		49,281
		SBA Tower Trust
	16,000	5.101%, 4/17/2017e		16,567
		Sprint Corporation
	55,000	7.625%, 2/15/2025		51,838
		Telefonica Emisiones SAU
	12,000	3.192%, 4/27/2018		12,327
		T-Mobile USA, Inc.
	40,000	6.633%, 4/28/2021		41,500
		Univision Communications, Inc.
	40,000	5.125%, 5/15/2023e		38,800
		UPCB Finance V, Ltd.
	36,000	7.250%, 11/15/2021e		38,880
		Verizon Communications, Inc.
	37,000	2.625%, 2/21/2020		36,917
	16,000	4.500%, 9/15/2020		17,260
		West Corporation
	50,000	5.375%, 7/15/2022e		46,750
		Wind Acquisition Finance SA
	40,000	4.750%, 7/15/2020e		39,400
		Total		821,258
	Consumer Cyclical (1.0%)
		Alibaba Group Holding, Ltd.
	15,000	2.500%, 11/28/2019e		14,836
		AMC Entertainment, Inc.
	32,000	5.875%, 2/15/2022		32,480
		Brookfield Residential Properties, Inc.
	30,000	6.125%, 7/1/2022e		29,550
		Chrysler Group, LLC
	26,748	8.250%, 6/15/2021		29,155
		Cinemark USA, Inc.
	31,000	4.875%, 6/1/2023		29,799
		Daimler Finance North America, LLC
	9,000	1.875%, 1/11/2018e		9,020
		ERAC USA Finance, LLC
	16,000	2.350%, 10/15/2019e		15,895
		Ford Motor Credit Company, LLC
	16,000	5.000%, 5/15/2018		17,201
	14,000	2.597%, 11/4/2019		13,898
		General Motors Financial Company, Inc.
	26,748	3.250%, 5/15/2018		27,356
	21,000	4.375%, 9/25/2021		21,796
		GLP Capital, LP
	60,000	4.875%, 11/1/2020		61,050
		Hilton Worldwide Finance, LLC
	50,000	5.625%, 10/15/2021		51,935
		Home Depot, Inc.
	10,000	2.625%, 6/1/2022		9,835
		Hyundai Capital America
	12,000	1.450%, 2/6/2017e		11,962
	5,000	2.000%, 3/19/2018e		5,002
		Jaguar Land Rover Automotive plc
	30,000	4.250%, 11/15/2019e		30,450
	33,000	5.625%, 2/1/2023e		34,155
		KB Home
	29,000	4.750%, 5/15/2019		28,782
		L Brands, Inc.
	33,000	6.625%, 4/1/2021		36,280
		Lennar Corporation
	50,000	4.750%, 11/15/2022		49,125
		Macy’s Retail Holdings, Inc.
	14,000	7.450%, 7/15/2017		15,607
		MGM Resorts International
	55,000	6.000%, 3/15/2023		55,688
		Royal Caribbean Cruises, Ltd.
	51,748	5.250%, 11/15/2022		53,523
		Six Flags Entertainment Corporation
	20,000	5.250%, 1/15/2021e		20,400
		Toll Brothers Finance Corporation
	20,000	4.000%, 12/31/2018		20,400
		United Rentals, Inc.
	55,000	5.500%, 7/15/2025		53,144
		Volkswagen Group of America Finance, LLC
	14,000	0.716%, 11/20/2017e,f		14,022
		Total		792,346
	Consumer Non-Cyclical (1.0%)
		AbbVie, Inc.
	10,000	1.800%, 5/14/2018		9,971
		Actavis Funding SCS
	7,000	1.543%, 3/12/2020f		7,077
		Amgen, Inc.
	10,000	2.125%, 5/1/2020		9,792
		B&G Foods, Inc.
	40,000	4.625%, 6/1/2021		39,400
		BAT International Finance plc
	10,000	0.796%, 6/15/2018e,f		9,994
		Becton, Dickinson and Company
	13,000	1.450%, 5/15/2017		12,990
		Boston Scientific Corporation
	5,000	6.000%, 1/15/2020		5,662
		Cardinal Health, Inc.
	10,000	1.950%, 6/15/2018		10,017
		CHS/Community Health Systems, Inc.
	33,000	7.125%, 7/15/2020		34,963
		Cott Beverages, Inc.
	55,000	5.375%, 7/1/2022e		53,350
		CVS Health Corporation
	10,000	2.250%, 12/5/2018		10,123

The accompanying Notes to Financial Statements are an integral part of this schedule.

71

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Consumer Non-Cyclical (1.0%) - continued
		EMD Finance, LLC
	$  6,000	0.633%, 3/17/2017e,f	$	5,997
		Envision Healthcare Corporation
	50,000	5.125%, 7/1/2022e		50,375
		Forest Laboratories, Inc.
	15,000	4.375%, 2/1/2019e		15,875
		Fresenius Medical Care US Finance, Inc.
	26,748	5.750%, 2/15/2021e		28,487
		Grifols Worldwide Operations, Ltd.
	40,000	5.250%, 4/1/2022		40,100
		HCA, Inc.
	26,748	4.750%, 5/1/2023		27,082
		Hospira, Inc.
	10,000	6.050%, 3/30/2017		10,760
		IMS Health, Inc.
	30,000	6.000%, 11/1/2020e		30,900
		JBS USA, LLC
	55,000	5.750%, 6/15/2025e		54,365
		Laboratory Corporation of America Holdings
	5,000	2.625%, 2/1/2020		4,961
		Merck & Company, Inc.
	5,000	0.654%, 2/10/2020f		4,974
		Mondelez International, Inc.
	8,000	2.250%, 2/1/2019		8,013
		Ortho-Clinical Diagnostics, Inc.
	50,000	6.625%, 5/15/2022e		43,875
		PepsiCo, Inc.
	10,000	1.850%, 4/30/2020		9,890
		Pernod Ricard SA
	10,000	5.750%, 4/7/2021e		11,259
		Revlon Consumer Products Corporation
	26,748	5.750%, 2/15/2021		26,213
		Reynolds American, Inc.
	10,000	3.250%, 6/12/2020		10,129
		SABMiller plc
	12,000	6.500%, 7/15/2018e		13,545
		Safeway, Inc.
	3,000	3.400%, 12/1/2016		3,001
		Spectrum Brands Escrow Corporation
	33,000	6.375%, 11/15/2020		34,897
		Sysco Corporation
	21,000	2.350%, 10/2/2019		21,210
		Tenet Healthcare Corporation
	50,000	8.125%, 4/1/2022		54,675
		Valeant Pharmaceuticals International
	26,748	7.250%, 7/15/2022e		28,420
		VPII Escrow Corporation
	25,000	7.500%, 7/15/2021e		26,906
		Total		769,248
	Energy (0.9%)
		Boardwalk Pipelines, Ltd.
	11,000	5.875%, 11/15/2016		11,409
		Buckeye Partners, LP
	17,000	2.650%, 11/15/2018		16,938
		CNOOC Nexen Finance
	10,000	1.625%, 4/30/2017		10,014
		CNPC General Capital, Ltd.
	13,000	2.750%, 4/19/2017e		13,217
		Concho Resources, Inc.
	51,748	6.500%, 1/15/2022		53,947
		Crestwood Midstream Partners, LP
	40,000	6.250%, 4/1/2023e		41,600
		Enbridge, Inc.
	8,000	0.734%, 6/2/2017f		7,904
		Enterprise Products Operating, LLC
	10,000	1.650%, 5/7/2018		9,990
		EQT Corporation
	10,000	8.125%, 6/1/2019		11,705
		Hess Corporation
	8,000	8.125%, 2/15/2019		9,471
		Kinder Morgan, Inc.
	14,000	5.000%, 2/15/2021e		14,811
		Linn Energy, LLC
	25,000	6.250%, 11/1/2019		19,563
	26,748	8.625%, 4/15/2020		21,939
		MarkWest Energy Partners, LP
	55,000	4.875%, 12/1/2024		53,763
		MEG Energy Corporation
	33,000	6.375%, 1/30/2023e		30,525
		Offshore Group Investment, Ltd.
	40,000	7.500%, 11/1/2019		24,600
		Pacific Drilling V, Ltd.
	40,000	7.250%, 12/1/2017e		34,400
		Petrobras International Finance Company
	60,000	5.750%, 1/20/2020		59,450
		Petroleos Mexicanos
	70,000	5.625%, 1/23/2046e		65,359
		Regency Energy Partners, LP
	50,000	5.000%, 10/1/2022		50,790
		Rosetta Resources, Inc.
	55,000	5.875%, 6/1/2022		58,713
		Sabine Pass Liquefaction, LLC
	55,000	5.625%, 3/1/2025e		54,450
		Shell International Finance BV
	10,000	0.729%, 5/11/2020f		9,957
		Southwestern Energy Company
	14,000	7.500%, 2/1/2018		15,621
		Suncor Energy, Inc.
	8,000	6.100%, 6/1/2018		8,921
		Weatherford International, Ltd.
	11,000	6.000%, 3/15/2018		11,710
		Williams Companies, Inc.
	16,000	7.875%, 9/1/2021		18,782
		Total		739,549
	Financials (1.4%)
		Abbey National Treasury Services plc
	14,000	0.692%, 9/29/2017f		13,958
		Air Lease Corporation
	14,000	2.125%, 1/15/2018		13,860
		Ally Financial, Inc.
	40,000	4.750%, 9/10/2018		41,250

The accompanying Notes to Financial Statements are an integral part of this schedule.

72

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.4%) - continued
		Aviation Capital Group Corporation
	$  8,000	3.875%, 9/27/2016e	$	8,142
		Bank of America Corporation
	18,000	5.700%, 5/2/2017		19,204
	16,000	1.700%, 8/25/2017		16,018
	31,000	1.351%, 3/22/2018f		31,282
	25,000	5.650%, 5/1/2018		27,463
	15,000	8.000%, 12/29/2049g		15,825
		BB&T Corporation
	16,000	2.050%, 6/19/2018		16,175
		Bear Stearns Companies, LLC
	20,000	6.400%, 10/2/2017		22,012
		BNP Paribas SA
	12,000	2.375%, 9/14/2017		12,180
		Caisse Centrale Desjardins du Quebec
	7,000	0.944%, 1/29/2018e,f		7,029
		Capital One Financial Corporation
	14,000	6.150%, 9/1/2016		14,777
		CIT Group, Inc.
	30,000	3.875%, 2/19/2019		29,775
		Citigroup, Inc.
	21,000	5.500%, 2/15/2017		22,311
	15,000	6.000%, 8/15/2017		16,315
	21,000	1.850%, 11/24/2017		21,051
	12,000	8.500%, 5/22/2019		14,636
		Credit Agricole SA
	8,000	1.252%, 6/10/2020e,f		7,989
		CyrusOne, LP
	26,748	6.375%, 11/15/2022		27,684
		DDR Corporation
	8,000	9.625%, 3/15/2016		8,440
		Denali Borrower, LLC
	52,000	5.625%, 10/15/2020e		54,665
		Deutsche Bank AG
	15,000	1.350%, 5/30/2017		14,899
		Discover Bank
	4,000	8.700%, 11/18/2019		4,865
		Discover Financial Services
	8,000	6.450%, 6/12/2017		8,689
		Duke Realty, LP
	14,000	8.250%, 8/15/2019		16,971
		Fifth Third Bancorp
	20,000	5.450%, 1/15/2017		21,201
		Goldman Sachs Group, Inc.
	8,000	2.625%, 1/31/2019		8,099
	12,000	7.500%, 2/15/2019		14,095
	5,000	1.437%, 4/23/2020f		5,049
	10,000	1.884%, 11/29/2023f		10,164
		Hartford Financial Services Group, Inc.
	17,000	6.000%, 1/15/2019		18,996
		HCP, Inc.
	10,000	3.750%, 2/1/2019		10,402
		Health Care REIT, Inc.
	10,000	4.700%, 9/15/2017		10,639
		HSBC Holdings plc
	8,000	6.375%, 3/29/2049g		8,040
		Hutchison Whampoa International 14, Ltd.
	15,000	1.625%, 10/31/2017e		14,955
		Icahn Enterprises, LP
	50,000	6.000%, 8/1/2020		51,625
		ING Capital Funding Trust III
	10,000	3.882%, 12/29/2049f,g		9,925
		International Lease Finance Corporation
	10,000	2.236%, 6/15/2016f		9,988
	30,000	5.875%, 4/1/2019		31,986
		Intesa Sanpaolo SPA
	4,000	3.875%, 1/16/2018		4,129
	15,000	3.875%, 1/15/2019		15,432
		J.P. Morgan Chase & Company
	8,000	6.300%, 4/23/2019		9,165
	5,000	2.250%, 1/23/2020		4,913
	16,000	7.900%, 4/29/2049g		16,924
		KeyCorp
	12,000	2.300%, 12/13/2018		12,106
		Liberty Mutual Group, Inc.
	4,000	5.000%, 6/1/2021e		4,365
		Lloyds Bank plc
	7,000	0.806%, 3/16/2018f		6,998
		MetLife, Inc.
	14,000	1.903%, 12/15/2017		14,062
		Mizuho Corporate Bank, Ltd.
	14,000	1.550%, 10/17/2017e		13,955
		Morgan Stanley
	16,000	6.625%, 4/1/2018		17,953
	10,000	1.417%, 1/27/2020f		10,138
	10,000	4.875%, 11/1/2022		10,637
		MPT Operating Partnership, LP
	40,000	5.500%, 5/1/2024		41,200
		Murray Street Investment Trust I
	24,000	4.647%, 3/9/2017		25,210
		National City Corporation
	8,000	6.875%, 5/15/2019		9,278
		Nomura Holdings, Inc.
	8,000	2.750%, 3/19/2019		8,074
		Quicken Loans, Inc.
	50,000	5.750%, 5/1/2025e		47,875
		Realty Income Corporation
	12,000	2.000%, 1/31/2018		12,085
		Regions Bank
	7,000	7.500%, 5/15/2018		8,035
		Reinsurance Group of America, Inc.
	16,000	5.625%, 3/15/2017		17,053
		Royal Bank of Scotland Group plc
	9,000	1.222%, 3/31/2017f		9,006
		Societe Generale SA
	12,000	5.750%, 4/20/2016e		12,377
		Sumitomo Mitsui Banking Corporation
	24,000	1.300%, 1/10/2017		24,020
		Swiss RE Capital I, LP
	12,000	6.854%, 5/29/2049e,g		12,336
		Synchrony Financial
	22,000	1.875%, 8/15/2017		21,991
	5,000	1.509%, 2/3/2020f		5,022
		USB Realty Corporation
	5,000	1.422%, 12/29/2049e,f,g		4,569
		Ventas Realty, LP
	9,000	1.250%, 4/17/2017		8,978

The accompanying Notes to Financial Statements are an integral part of this schedule.

73

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.4%) - continued
		Voya Financial, Inc.
	$  12,000	2.900%, 2/15/2018	$	12,314
		Wells Fargo & Company
	7,000	0.958%, 1/30/2020f		6,965
		Total		1,159,794
	Foreign Government (2.2%)
		Brazil Government International Bond
	40,000	4.875%, 1/22/2021		41,800
	123,000	2.625%, 1/5/2023		109,163
	100,000	5.000%, 1/27/2045		86,500
		Colombia Government International Bond
	40,000	4.000%, 2/26/2024		39,800
	25,000	5.000%, 6/15/2045		23,125
		Croatia Government International Bond
	55,000	6.625%, 7/14/2020e		60,147
		Hungary Government International Bond
	70,000	5.750%, 11/22/2023		77,525
	80,000	5.375%, 3/25/2024		86,700
		Indonesia Government International Bond
	65,000	3.375%, 4/15/2023e		61,262
	60,000	4.125%, 1/15/2025e		58,875
	120,000	5.125%, 1/15/2045e		114,450
		Mexico Government International Bond
	50,000	3.625%, 3/15/2022		50,600
	50,000	4.000%, 10/2/2023		51,375
	50,000	4.750%, 3/8/2044		47,500
		Panama Government International Bond
	32,000	4.000%, 9/22/2024		32,160
		Peru Government International Bond
	32,000	5.625%, 11/18/2050		35,680
		Philippines Government International Bond
	40,000	7.750%, 1/14/2031		57,700
		Romania Government International Bond
	42,000	4.375%, 8/22/2023e		43,046
		Russian Government International Bond
	200,000	5.000%, 4/29/2020e		205,260
	85,000	4.875%, 9/16/2023e		84,065
		South Africa Government International Bond
	50,000	5.500%, 3/9/2020		54,400
		Turkey Government International Bond
	125,000	7.000%, 6/5/2020		142,683
	85,000	5.125%, 3/25/2022		89,037
	67,000	4.250%, 4/14/2026		63,862
	32,000	4.875%, 4/16/2043		29,119
		Venezuela Government International Bond
	125,000	7.650%, 4/21/2025		45,625
		Total		1,791,459
	Mortgage-Backed Securities (3.1%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	350,000	3.000%, 7/1/2030c		362,337
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	250,000	4.000%, 7/1/2045c		264,380
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	800,000	3.500%, 7/1/2045c		824,438
	550,000	4.000%, 8/1/2045c		581,425
	425,000	4.500%, 8/1/2045c		458,801
		Total		2,491,381
	Technology (0.4%)
		Alliance Data Systems Corporation
	30,000	5.375%, 8/1/2022e		29,550
		Amkor Technology, Inc.
	25,000	6.625%, 6/1/2021		25,375
		Apple, Inc.
	10,000	0.577%, 5/6/2020f		9,971
		Cisco Systems, Inc.
	10,000	0.593%, 6/15/2018f		10,018
		EMC Corporation
	8,000	2.650%, 6/1/2020		8,082
		Equinix, Inc.
	40,000	5.750%, 1/1/2025		39,600
		Fidelity National Information Services, Inc.
	15,000	1.450%, 6/5/2017		14,966
		First Data Corporation
	26,748	7.375%, 6/15/2019e		27,805
		Freescale Semiconductor, Inc.
	40,000	6.000%, 1/15/2022e		42,400
		Iron Mountain, Inc.
	26,748	6.000%, 8/15/2023		27,952
		Oracle Corporation
	10,000	2.500%, 5/15/2022		9,710
		Sensata Technologies BV
	50,000	4.875%, 10/15/2023e		49,375
		Texas Instruments, Inc.
	10,000	1.750%, 5/1/2020		9,826
		Tyco Electronics Group SA
	16,000	6.550%, 10/1/2017		17,753
		Total		322,383
	Transportation (0.2%)
		Air Canada Pass Through Trust
	5,000	3.875%, 3/15/2023e		4,907
		American Airlines Pass Through Trust
	7,327	4.950%, 1/15/2023		7,757
		Avis Budget Car Rental, LLC
	50,000	5.125%, 6/1/2022e		48,750
		Continental Airlines, Inc.
	21,326	6.250%, 4/11/2020		22,446
		Delta Air Lines, Inc.
	15,000	6.750%, 5/23/2017		15,251
	9,459	4.950%, 5/23/2019		10,021
	8,317	4.750%, 5/7/2020		8,795

The accompanying Notes to Financial Statements are an integral part of this schedule.

74

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Transportation (0.2%) - continued
		Korea Expressway Corporation
	$     13,000	1.625%, 4/28/2017e	$	12,995
		Total		130,922
	U.S. Government and Agencies (0.4%)
		U.S. Treasury Notes
	310,000	1.875%, 6/30/2020		313,584
		Total		313,584
	Utilities (0.5%)
		Access Midstream Partners, LP
	40,000	4.875%, 5/15/2023		39,456
		AES Corporation
	26,748	7.375%, 7/1/2021		29,356
		Arizona Public Service Company
	5,000	2.200%, 1/15/2020		4,958
		Berkshire Hathaway Energy Company
	14,000	2.400%, 2/1/2020		13,939
		Calpine Corporation
	50,000	5.375%, 1/15/2023		49,125
		DTE Energy Company
	14,000	2.400%, 12/1/2019		13,999
		Dynegy Finance I, Inc.
	55,000	7.375%, 11/1/2022e		57,613
		EDP Finance BV
	14,000	4.125%, 1/15/2020e		14,136
		El Paso Corporation
	7,000	7.000%, 6/15/2017		7,612
		Energy Transfer Equity, LP
	55,000	5.500%, 6/1/2027		54,863
		Eversource Energy
	5,000	1.600%, 1/15/2018		5,020
		Exelon Generation Company, LLC
	8,000	5.200%, 10/1/2019		8,798
	5,000	2.950%, 1/15/2020		5,017
		NextEra Energy Capital Holdings, Inc.
	10,000	1.586%, 6/1/2017		10,022
		NiSource Finance Corporation
	7,000	6.400%, 3/15/2018		7,845
		NRG Energy, Inc.
	26,748	6.625%, 3/15/2023		27,550
		Pacific Gas & Electric Company
	10,000	5.625%, 11/30/2017		10,915
		PG&E Corporation
	8,000	2.400%, 3/1/2019		8,010
		Sempra Energy
	14,000	6.150%, 6/15/2018		15,716
	5,000	2.400%, 3/15/2020		4,961
		Southern California Edison Company
	5,000	2.400%, 2/1/2022		4,863
		Xcel Energy, Inc.
	10,000	1.200%, 6/1/2017		10,002
		Total		403,776
		Total Long-Term Fixed Income (cost $12,562,497)		12,553,369
Shares		Mutual Funds (5.4%)
	Equity Mutual Funds (3.0%)
	2,075	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		31,374
	5,200	iShares MSCI EAFE Index Fund		330,148
	1,025	Guggenheim Multi-Asset Income ETF		21,525
	2,300	BlackRock Resources & Commodities Strategy Trust		20,976
	2,200	Cohen & Steers REIT and Preferred Income Fund, Inc.		38,478
	17,080	Materials Select Sector SPDR Fund		826,501
	13,473	iShares S&P U.S. Preferred Stock Index Fund		527,738
	15,490	Utilities Select Sector SPDR Fund		642,215
		Total		2,438,955
	Fixed Income Mutual Funds (2.4%)
	18,944	PowerShares Preferred Portfolio		275,256
	3,250	Doubleline Income Solutions Fund		64,253
	4,377	PIMCO Dynamic Credit Income Fund		88,328
	1,895	First Trust High Income Long/Short Fund		29,638
	6,718	Western Asset High Income Opportunity Fund, Inc.		34,598
	1,645	Vanguard Short-Term Corporate Bond ETF		130,909
	9,283	Templeton Global Income Fund		65,259
	4,775	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		50,519
	4,234	Western Asset Emerging Markets Debt Fund, Inc.		63,341
	8,425	iShares J.P. Morgan USD Emerging Markets Bond ETF		926,076
	6,968	Nuveen Quality Preferred Income Fund II		59,019
	12,047	Aberdeen Asia-Pacific Income Fund, Inc.		59,753
	11,462	MFS Intermediate Income Trust		52,954
		Total		1,899,903
		Total Mutual Funds (cost $4,462,388)		4,338,858
Shares or Principal Amount		Short-Term Investments (6.6%)h
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.060%, 7/6/2015i		99,999
	200,000	0.070%, 7/20/2015i		199,993
		Thrivent Cash Management Trust
	4,889,884	0.070%		4,889,884
		U.S. Treasury Bills
	100,000	0.001%, 8/20/2015j		100,000
		Total Short-Term Investments (at amortized cost)		5,289,876
		Total Investments (cost $84,868,408) 103.5%	$	83,272,105
		Other Assets and Liabilities, Net (3.5%)		(2,828,508	)
		Total Net Assets 100.0%	$	80,443,597

The accompanying Notes to Financial Statements are an integral part of this schedule.

75

Growth and Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Non-income producing security.

e Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $2,596,224 or 3.2% of total net assets.

f Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

g Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

h The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

i At June 30, 2015, $299,992 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

j At June 30, 2015, $100,000 of investments were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

The accompanying Notes to Financial Statements are an integral part of this schedule.

76

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (16.4%)a	Value
	Basic Materials (1.0%)
		Alpha Natural Resources, Inc., Term Loan
	$   487,519	3.500%, 5/22/2020	$	349,288
		Fortescue Metals Group, Ltd., Term Loan
	583,412	3.750%, 6/30/2019		516,851
		Ineos US Finance, LLC, Term Loan
	624,200	3.750%, 12/15/2020		619,650
		NewPage Corporation, Term Loan
	1,077,221	9.500%, 2/11/2021		863,931
		Tronox Pigments BV, Term Loan
	813,241	4.250%, 3/19/2020		812,737
		Total		3,162,457
	Capital Goods (0.8%)
		ADS Waste Holdings, Inc., Term Loan
	558,626	3.750%, 10/9/2019		551,225
		Berry Plastics Group, Inc., Term Loan
	646,767	3.500%, 2/8/2020		643,313
		Rexnord, LLC, Term Loan
	628,800	4.000%, 8/21/2020		626,442
		Silver II Borrower, Term Loan
	574,983	4.000%, 12/13/2019		553,996
		Sterigenics-Nordion Holdings, LLC, Term Loan
	137,500	4.250%, 5/15/2022		137,156
		Total		2,512,132
	Communications Services (5.5%)
		Altice Financing SA, Term Loan
	675,000	5.250%, 2/4/2022		676,127
		Atlantic Broadband Penn, LLC, Term Loan
	44,013	3.250%, 11/30/2019		43,798
		Birch Communication, Inc., Term Loan
	544,056	7.750%, 7/17/2020		544,055
		Cengage Learning Acquisitions, Term Loan
	649,339	7.000%, 3/31/2020		649,339
		Charter Communications Operating, LLC, Term Loan
	735,000	3.000%, 1/3/2021		725,291
		Cincinnati Bell, Inc., Term Loan
	564,937	4.000%, 9/10/2020		564,469
		Fairpoint Communications, Term Loan
	627,168	7.500%, 2/14/2019		631,677
		Grande Communications Networks, LLC, Term Loan
	627,211	4.500%, 5/29/2020		622,902
		Gray Television, Inc., Term Loan
	378,377	3.750%, 6/13/2021		377,999
		Hargray Communications Group, Inc., Term Loan
	641,531	5.250%, 6/26/2019		644,135
		iHeartCommunications, Inc., Term Loan
	600,000	6.937%, 1/30/2019		553,230
		IMG Worldwide, Inc., Term Loan
	832,647	0.000%, 5/6/2021b,c		830,149
		Integra Telecom Holdings, Inc., Term Loan
	651,678	5.250%, 8/14/2020		646,628
		Intelsat Jackson Holdings SA, Term Loan
	724,628	3.750%, 6/30/2019		718,440
		Level 3 Communications, Inc., Term Loan
	610,000	4.000%, 8/1/2019		610,000
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	330,000	4.500%, 1/7/2022		326,700
	415,000	4.500%, 1/7/2022		413,618
		LTS Buyer, LLC, Term Loan
	686,000	4.000%, 4/13/2020		681,500
		MCC Georgia, LLC, Term Loan
	465,300	3.750%, 6/30/2021		463,848
		NEP/NCP Holdco, Inc., Term Loan
	648,491	4.250%, 1/22/2020		637,953
		NTelos, Inc., Term Loan
	979,849	5.750%, 11/9/2019		857,368
		SBA Senior Finance II, LLC, Term Loan
	693,000	3.250%, 3/24/2021		685,758
		TNS, Inc., Term Loan
	640,776	5.000%, 2/14/2020		640,507
		Univision Communications, Inc., Term Loan
	582,971	4.000%, 3/1/2020		577,765
		Virgin Media Investment Holdings, Ltd., Term Loan
	390,526	3.500%, 6/30/2023		386,297
		WideOpenWest Finance, LLC, Term Loan
	597,800	4.500%, 4/1/2019		596,222
		WMG Acquisition Corporation, Term Loan
	589,500	3.750%, 7/1/2020		580,015
		XO Communications, LLC, Term Loan
	543,125	4.250%, 3/20/2021		541,881
		Yankee Cable Acquisition, LLC, Term Loan
	578,665	4.250%, 3/1/2020		578,665
		Zayo Group, LLC, Term Loan
	652,034	3.750%, 7/2/2019		645,963
		Total		17,452,299
	Consumer Cyclical (2.1%)
		Amaya Gaming Group, Inc., Term Loan
	188,575	5.000%, 8/1/2021		188,245
		Burlington Coat Factory Warehouse Corporation, Term Loan
	542,772	4.250%, 8/13/2021		542,343
		Ceridian HCM Holding, Inc., Term Loan
	308,416	4.500%, 9/15/2020		305,141
		Golden Nugget, Inc., Delayed Draw
	75,270	5.500%, 11/21/2019		75,835
		Golden Nugget, Inc., Term Loan
	175,630	5.500%, 11/21/2019		176,947

The accompanying Notes to Financial Statements are an integral part of this schedule.

77

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (16.4%)a	Value
	Consumer Cyclical (2.1%) - continued
		Hilton Worldwide Finance, LLC, Term Loan
	$  340,373	3.500%, 10/26/2020	$	340,427
		J.C. Penney Corporation, Inc., Term Loan
	597,800	6.000%, 5/22/2018		596,090
		Marina District Finance Company, Inc., Term Loan
	432,546	6.500%, 8/15/2018		436,063
		MGM Resorts International, Term Loan
	538,945	3.500%, 12/20/2019		534,768
		Michaels Stores, Inc., Term Loan
	660,012	4.000%, 1/28/2020		660,151
		Mohegan Tribal Gaming Authority, Term Loan
	910,180	5.500%, 11/19/2019		904,919
		Pinnacle Entertainment, Inc., Term Loan
	37,429	3.750%, 8/13/2020		37,402
		ROC Finance, LLC, Term Loan
	736,875	5.000%, 6/20/2019		721,828
		Scientific Games International, Inc., Term Loan
	600,850	6.000%, 10/18/2020		600,441
	139,875	0.000%, 10/1/2021b,c		139,718
		Seminole Hard Rock Entertainment, Inc., Term Loan
	44,545	3.500%, 5/14/2020		44,360
		Seminole Indian Tribe of Florida, Term Loan
	512,706	3.000%, 4/29/2020		511,937
		Total		6,816,615
	Consumer Non-Cyclical (2.6%)
		Albertsons, Inc., Term Loan
	832,124	5.375%, 3/21/2019		834,828
		Catalina Marketing Corporation, Term Loan
	683,100	4.500%, 4/9/2021		601,128
		CHS/Community Health Systems, Inc., Term Loan
	202,067	3.534%, 12/31/2018		201,891
	189,637	3.750%, 1/27/2021		189,582
	348,926	4.000%, 1/27/2021		349,282
		Endo Luxembourg Finance I Co Sarl, Term Loan
	485,000	0.000%, 6/24/2022b,c		485,912
		HCA, Inc., Term Loan
	648,450	2.937%, 3/31/2017		647,886
		JBS USA, LLC, Term Loan
	659,266	3.750%, 5/25/2018		656,794
		Libbey Glass, Inc., Term Loan
	341,550	3.750%, 4/9/2021		341,123
		LTF Merger Sub, Inc., Term Loan
	625,000	0.000%, 6/10/2022b,c		620,000
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	593,433	4.750%, 3/22/2019		594,424
		Ortho-Clinical Diagnostics, Inc., Term Loan
	823,217	4.750%, 6/30/2021		806,168
		Roundy’s Supermarkets, Inc., Term Loan
	639,283	5.750%, 3/3/2021		616,908
		Supervalu, Inc., Term Loan
	516,820	4.500%, 3/21/2019		517,409
		Visant Corporation, Term Loan
	733,409	7.000%, 9/23/2021		706,515
		Total		8,169,850
	Energy (1.3%)
		Arch Coal, Inc., Term Loan
	612,399	6.250%, 5/16/2018		416,817
		Aria Energy Operating, LLC, Term Loan
	404,125	5.000%, 5/27/2022		404,630
		Energy Solutions, LLC, Term Loan
	773,732	6.750%, 5/29/2020		775,024
		Exgen Renewables I, LLC, Term Loan
	406,069	5.250%, 2/6/2021		410,129
		McJunkin Red Man Corporation, Term Loan
	353,743	5.000%, 11/8/2019		350,648
		MEG Energy Corporation, Term Loan
	683,958	0.000%, 3/31/2020b,c		669,301
		Offshore Group Investment, Ltd., Term Loan
	311,110	5.750%, 3/28/2019		188,611
		Pacific Drilling SA, Term Loan
	583,100	4.500%, 6/3/2018		467,938
		Targa Resources Partners, LP, Term Loan
	306,977	5.750%, 2/27/2022		309,279
		Total		3,992,377
	Financials (0.7%)
		DJO Finance, LLC, Term Loan
	325,000	4.250%, 6/7/2020		324,799
		Harland Clarke Holdings Corporation, Term Loan
	565,250	7.000%, 5/22/2018		566,663
		MPH Acquisition Holdings, LLC, Term Loan
	73,481	3.750%, 3/31/2021		72,982
		TransUnion, LLC, Term Loan
	691,250	3.750%, 4/9/2021		684,662
		WaveDivision Holdings, LLC, Term Loan
	734,925	4.000%, 10/15/2019		734,006
		Total		2,383,112
	Technology (1.4%)
		Avago Technologies, Ltd., Term Loan
	904,068	3.750%, 5/6/2021		904,872
		BMC Software, Inc., Term Loan
	522,653	5.000%, 9/10/2020		491,048
		First Data Corporation, Term Loan
	670,000	3.687%, 3/23/2018		667,246
	140,000	0.000%, 9/24/2018 b,c		139,500
		Freescale Semiconductor, Inc., Term Loan
	627,240	4.250%, 2/28/2020		627,416

The accompanying Notes to Financial Statements are an integral part of this schedule.

78

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (16.4%)a	Value
	Technology (1.4%) - continued
		Infor US, Inc., Term Loan
	$   726,241	3.750%, 6/3/2020	$	714,665
		Merrill Communications, LLC, Term Loan
	427,500	6.250%, 6/1/2022		425,363
		SS&C European Holdings SARL, Term Loan
	71,704	0.000%, 6/29/2022b,c		71,660
	318,296	0.000%, 6/29/2022b,c		318,098
		Total		4,359,868
	Transportation (0.6%)
		American Airlines, Inc., Term Loan
	1,051,275	3.500%, 6/27/2020		1,040,111
		Delta Air Lines, Inc., Term Loan
	681,131	3.250%, 4/20/2017		679,142
		OSG Bulk Ships, Inc., Term Loan
	267,300	5.250%, 8/5/2019		267,134
		Total		1,986,387
	Utilities (0.4%)
		Calpine Corporation, Term Loan
	705,184	3.500%, 5/27/2022		698,309
		Intergen NV, Term Loan
	583,100	5.500%, 6/15/2020		557,589
		Total		1,255,898
		Total Bank Loans (cost $53,352,321)		52,090,995
Shares		Common Stock (47.3%)
	Consumer Discretionary (7.5%)
	800	ABC-MART, Inc.		48,962
	5,000	Aisin Seiki Company, Ltd.		212,596
	5,290	Amazon.com, Inc.d		2,296,336
	3,380	AutoZone, Inc.d		2,254,122
	1,200	Bayerische Motoren Werke AG		101,608
	5,600	Berkeley Group Holdings plc		294,272
	16,900	Best Buy Company, Inc.		551,109
	8,800	BorgWarner, Inc.		500,192
	1,400	Brembo SPA		59,724
	1,600	Bridgestone Corporation		59,140
	9,860	Cedar Fair, LP		537,271
	2,200	Chiyoda Company, Ltd.		51,635
	47,655	Comcast Corporation		2,865,972
	21,200	Crown Resorts, Ltd.		199,195
	1,000	Daiichikosho Company, Ltd.		35,195
	24,500	EDION Corporation		173,453
	6,400	Electrolux AB		200,532
	141,300	Enterprise Inns plcd		275,429
	15,450	Ford Motor Company		231,904
	5,280	General Motors Company		175,982
	17,000	Gunze, Ltd.		46,499
	15,100	Hakuhodo Dy Holdings, Inc.		161,486
	4,500	Harman International Industries, Inc.		535,230
	9,300	Haseko Corporation		109,546
	8,500	Heiwa Corporation		169,202
	15,600	Honda Motor Company, Ltd.		504,190
	500	Hugo Boss AG		55,898
	8,200	Informa plc		70,425
	12,020	Jarden Corporationd		622,035
	9,400	JM AB		256,194
	67,292	Kongsberg Automotive ASAd		46,743
	17,750	Las Vegas Sands Corporation		933,118
	12,000	Luk Fook Holdings International, Ltd.		35,337
	5,650	Marriott International, Inc.		420,303
	47,500	Marston’s plc		119,936
	20,210	MDC Partners, Inc.		398,137
	10,400	NOK Corporation		322,232
	6,800	Oxford Industries, Inc.		594,660
	14,100	Persimmon plc		437,463
	4,800	Premier Investments, Ltd.		47,196
	4,300	SES SA		144,558
	4,600	SHOWA Corporation		45,774
	6,900	Slater & Gordon, Ltd.		18,826
	41,100	Starbucks Corporation		2,203,577
	15,800	Sumitomo Forestry Company, Ltd.		194,847
	3,600	Sumitomo Rubber Industries, Ltd.		55,765
	26,700	Target Corporation		2,179,521
	14,680	Toll Brothers, Inc.d		560,629
	30,710	Tuesday Morning Corporationd		345,948
	16,600	UBM plc		139,478
	1,200	Valora Holding AG		235,760
	8,000	Wacoal Holdings Corporation		93,494
	8,800	WH Smith plc		211,038
	10,700	WPP plc		240,173
		Total		23,679,847
	Consumer Staples (2.3%)
	2,600	AarhusKarlshamn AB		153,994
	14,660	Anheuser-Busch InBev NV ADR		1,769,022
	6,700	Axfood AB		106,958
	2,164	Bakkafrost PF		57,706
	14,400	Britvic plc		162,239
	500	Carlsberg AS		45,303
	600	Casino Guichard Perrachon SA		45,542
	3,100	Coca-Cola HBC AGd		66,529
	1,200	Cranswick plc		30,092
	2,100	Henkel AG & Company KGaA		200,248
	11,900	J Sainsbury plc		49,536
	28,000	Koninklijke Ahold NV		525,636
	1,200	KOSE Corporation		98,692
	400	Milbon Company, Ltd.		12,728
	11,800	Nestle SA		851,377
	19,850	Philip Morris International, Inc.		1,591,375
	900	Reckitt Benckiser Group plc		77,610
	82,900	Rite Aid Corporationd		692,215
	1,500	Royal Unibrew AS		51,269
	11,196	SalMar ASA		164,208
	7,600	Suedzucker AG		126,585
	11,300	Swedish Match AB		321,266
	14,500	Tate & Lyle plc		118,358
		Total		7,318,488
	Energy (2.7%)
	6,699	BW LPG, Ltd.		57,280
	65,371	BW Offshore, Ltd.		42,142
	21,900	Cameron International Corporationd		1,146,903
	49,760	Cobalt International Energy, Inc.d		483,170
	4,160	Concho Resources, Inc.d		473,658
	15,150	EOG Resources, Inc.		1,326,382
	13,700	EQT Corporation		1,114,358
	20,000	ERG SPA		239,916
	4,900	Royal Dutch Shell plc		139,356
	22,700	Royal Dutch Shell plc, Class B		646,277
	9,500	Showa Shell Sekiyu KK		83,007
	6,396	Statoil ASA		114,380

The accompanying Notes to Financial Statements are an integral part of this schedule.

79

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (47.3%)	Value
	Energy (2.7%) - continued
	4,500	Total SA	$	220,730
	19,700	Total SA ADRe		968,649
	105,690	Weatherford International, Ltd.d		1,296,816
	6,000	Woodside Petroleum, Ltd.		158,320
	14,700	WorleyParsons, Ltd.		118,023
		Total		8,629,367
	Financials (14.4%)
	1,550	Acadia Realty Trust		45,121
	2,790	Affiliated Managers Group, Inc.d		609,894
	1,400	Agree Realty Corporation		40,838
	10,740	Alexandria Real Estate Equities, Inc.		939,320
	9,500	Allianz SE		1,481,538
	4,300	American Realty Capital Properties, Inc.		34,959
	47,800	Amlin plc		357,641
	5,650	Apartment Investment & Management Company		208,654
	51,650	Apollo Investment Corporation		365,682
	23,800	Ares Capital Corporation		391,748
	27,240	Assured Guaranty, Ltd.		653,488
	3,700	AvalonBay Communities, Inc.		591,519
	13,900	Bank Hapoalim, Ltd.		74,809
	16,684	Bank of Queensland, Ltd.		164,162
	44,000	Bank of Yokohama, Ltd.		269,455
	7,400	Bendigo and Adelaide Bank, Ltd.		69,972
	25,700	BinckBank NV		245,255
	5,900	BioMed Realty Trust, Inc.		114,106
	24,220	Blackstone Group, LP		989,871
	1,200	Bluerock Residential Growth REIT, Inc.		15,192
	1,200	Bolsas y Mercados Espanoles SA		48,639
	7,250	Boston Properties, Inc.		877,540
	27,218	Brixmor Property Group, Inc.		629,552
	10,290	Camden Property Trust		764,341
	17,700	Capital One Financial Corporation		1,557,069
	11,596	Capital Shopping Centres Group plc		56,016
	35,700	Capitaland Commercial Trustd		41,318
	34,600	CapitaMall Trustd		55,190
	37,900	Charles Schwab Corporation		1,237,435
	200	Chatham Lodging Trust		5,294
	1,024	Chesapeake Lodging Trust		31,212
	11,000	Chiba Bank, Ltd.		83,763
	38,798	Citigroup, Inc.		2,143,202
	11,000	CNP Assurances		184,105
	1,600	Commonwealth Bank of Australia		104,923
	450	CoreSite Realty Corporation		20,448
	6,900	CubeSmart		159,804
	1,850	CyrusOne, Inc.		54,483
	3,600	Daito Trust Construction Company, Ltd.		372,583
	19	Daiwa House Residential Investment Corporation		43,066
	14,000	Daiwa Securities Group, Inc.		104,730
	33,410	DDR Corporation		516,519
	2,200	Delta Lloyd NV		36,116
	22,500	DEXUS Property Group		126,608
	1,800	Digital Realty Trust, Inc.		120,024
	42,258	Direct Line Insurance Group plc		223,060
	11,123	DnB ASA		185,238
	23,300	Duke Realty Corporation		432,681
	700	DuPont Fabros Technology, Inc.		20,615
	11,830	E*TRADE Financial Corporationd		354,308
	10,540	Encore Capital Group, Inc.d,e		450,480
	2,400	EPR Properties		131,472
	3,000	Equity Lifestyle Properties, Inc.		157,740
	10,350	Equity Residential		726,259
	1,600	Essex Property Trust, Inc.		340,000
	1,000	Eurocommercial Properties NV		41,865
	1,400	Extra Space Storage, Inc.		91,308
	600	Federal Realty Investment Trust		76,854
	26,500	FlexiGroup, Ltd.		59,435
	31,700	Frasers Centrepoint Trust		48,471
	67,000	Fukuoka Financial Group, Inc.		347,268
	15,486	General Growth Properties, Inc.		397,371
	1,900	Geo Group, Inc.		64,904
	4,400	Hamborner REIT AG		42,750
	4,400	Hamborner REIT AG Rightsd		275
	4,400	Hannover Rueckversicherung SE		425,862
	7,800	HCP, Inc.		284,466
	6,673	Health Care REIT, Inc.		437,949
	9,100	Healthcare Trust of America, Inc.		217,945
	16,500	Henderson Land Development Company, Ltd.		112,793
	5,300	Highwoods Properties, Inc.		211,735
	3,000	Hospitality Properties Trust		86,460
	31,000	Host Hotels & Resorts, Inc.		614,730
	211,800	HSBC Holdings plc		1,896,533
	300	Hudson Pacific Properties, Inc.		8,511
	9,700	Hufvudstaden AB		118,000
	73,000	Hysan Development Company, Ltd.		316,125
	2,500	IG Group Holdings plc		29,303
	41,100	Intermediate Capital Group plc		355,050
	35,850	Invesco, Ltd.		1,344,017
	46,200	Investec plc		415,104
	3,300	Iron Mountain, Inc.		102,300
	13	Japan Prime Realty Investment Corporation		40,363
	1,000	Julius Baer Group, Ltd.		56,114
	110,500	KeyCorp		1,659,710
	1,500	Kilroy Realty Corporation		100,725
	18,800	Kimco Realty Corporation		423,752
	2,400	LaSalle Hotel Properties		85,104
	55,500	Link REIT		324,783
	3,450	Macerich Company		257,370
	3,700	Medical Properties Trust, Inc.		48,507
	25,450	MetLife, Inc.		1,424,945
	2,400	Mid-America Apartment Communities, Inc.		174,744
	2,400	Muenchener Rueckversicherungs- Gesellschaft AG		425,507
	2,200	National Health Investors, Inc.		137,060
	5,500	National Retail Properties, Inc.		192,555
	335,000	New World Development Company, Ltd.		437,727
	9,100	NorthStar Realty Finance Corporation		144,690
	3,050	Omega Healthcare Investors, Inc.		104,707
	1,600	Outfront Media, Inc.		40,384
	13,900	PacWest Bancorp		649,964
	3,400	Parkway Properties, Inc.		59,296
	3,700	Physicians Realty Trust		56,832
	21,600	Prologis, Inc.		801,360
	4,300	Public Storage, Inc.		792,791
	2,400	Realty Income Corporation		106,536
	2,200	Regency Centers Corporation		129,756
	16,300	Resona Holdings, Inc.		88,902
	8,100	RLJ Lodging Trust		241,218
	400	Sabra Healthcare REIT, Inc.		10,296
	1,000	Sampo Oyj		47,127
	1,800	Schroders plc		89,814
	12,700	SEGRO plc		80,916

The accompanying Notes to Financial Statements are an integral part of this schedule.

80

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (47.3%)	Value
	Financials (14.4%) - continued
	450	Senior Housing Property Trust	$	7,897
	8,403	Simon Property Group, Inc.		1,453,887
	42,500	Skandinaviska Enskilda Banken AB		543,632
	1,900	SL Green Realty Corporation		208,791
	20,250	Solar Capital, Ltd.		364,500
	1,177	Sovran Self Storage, Inc.		102,293
	17,200	Spirit Realty Captial, Inc.		166,324
	100	St. Galler Kantonalbank AG		36,847
	96,300	Stockland		304,089
	1,110	Store Capital Corporation		22,311
	5,800	Strategic Hotels & Resorts, Inc.d		70,296
	50,000	Sumitomo Mitsui Trust Holdings, Inc.		228,730
	4,500	Summit Hotel Properties, Inc.		58,545
	300	Swiss Life Holding AG		68,694
	10,400	Swiss Re AG		920,637
	1,500	Talanx AG		46,040
	5,332	Tanger Factory Outlet Centers, Inc.		169,024
	800	Taubman Centers, Inc.		55,600
	2,000	TRYG AS		41,700
	6,100	UDR, Inc.		195,383
	23,000	UNIQA Insurance Group AG		207,503
	28,000	United Overseas Bank, Ltd.		479,051
	4,100	Urban Edge Properties		85,239
	7,200	Ventas, Inc.		447,048
	7,300	Vornado Realty Trust		692,989
	5,400	Wallenstam AB		38,375
	1,700	WP Carey, Inc.		100,198
	20,750	Zions Bancorporation		658,501
	1,300	Zurich Insurance Group AG		395,759
		Total		45,609,879
	Health Care (5.5%)
	54,310	Abbott Laboratories		2,665,535
	1,590	Actavis, Inc.d		482,501
	700	Actelion, Ltd.		102,516
	7,990	Akorn, Inc.d		348,843
	6,960	Alexion Pharmaceuticals, Inc.d		1,258,159
	7,990	Amgen, Inc.		1,226,625
	14,400	AstraZeneca plc		911,374
	600	Bayer AG		84,024
	13,750	Cerner Corporationd		949,575
	3,700	CSL, Ltd.		246,666
	6,700	Essilor International SA		802,665
	1,300	Fresenius Medical Care AG & Company		107,622
	1,100	Gerresheimer AG		68,532
	6,600	Gilead Sciences, Inc.		772,728
	18,500	GlaxoSmithKline plc		384,649
	7,700	Hikma Pharmaceuticals plc		233,891
	900	Hogy Medical Company, Ltd.		46,168
	16,090	Hologic, Inc.d		612,385
	2,060	ICON plcd		138,638
	2,760	Illumina, Inc.d		602,674
	5,000	Kaken Pharmaceutical Company, Ltd.		174,558
	6,600	KYORIN Holdings, Inc.		134,563
	1,000	Lonza Group AG		133,665
	27,590	Merck & Company, Inc.		1,570,699
	5,700	Novartis AG		560,655
	1,200	Orpea		84,035
	1,000	Paramount Bed Holdings Company, Ltd.		29,525
	63,170	Pfizer, Inc.		2,118,090
	900	Sanofi		89,037
	3,970	Waters Corporationd		509,669
		Total		17,450,266
	Industrials (4.7%)
	2,200	Aalberts Industries NV		65,417
	14,760	ADT Corporatione		495,493
	4,100	Aida Engineering, Ltd.		44,948
	52,600	Air New Zealand, Ltd.		90,880
	1,400	Airbus Group NV		91,192
	49,500	ALS, Ltd.		223,068
	24,000	Asahi Glass Company, Ltd.		144,085
	5,100	Boeing Company		707,472
	400	Bucher Industries AG		99,512
	3,300	COMSYS Holdings Corporation		49,089
	9,800	CTT-Correios de Portugal SA		101,155
	6,000	Dai Nippon Printing Company, Ltd.		61,913
	9,500	Deutsche Post AG		277,584
	10,730	EMCOR Group, Inc.		512,572
	8,450	FedEx Corporation		1,439,880
	14,100	Fenner plc		45,910
	7,970	Flowserve Corporation		419,700
	100	Flughafen Zuerich AG		77,411
	1,100	Fraport AG Frankfurt Airport Services Worldwide		69,094
	100	Georg Fischer AG		68,746
	2,100	Go-Ahead Group plc		86,917
	3,500	Hamburger Hafen und Logistik AG		70,765
	10,300	HNI Corporation		526,845
	700	Hoshizaki Electric Company, Ltd.		41,174
	18,000	Illinois Tool Works, Inc.		1,652,220
	2,900	Inaba Denki Sangyo Company, Ltd.		100,884
	25,910	Ingersoll-Rand plc		1,746,852
	11,400	Intrum Justitia AB		345,227
	25,800	ITOCHU Corporation		340,746
	1,100	Jardine Matheson Holdings, Ltd.		62,362
	700	Jungheinrich AG		47,442
	1,200	Kanamoto Company, Ltd.		30,421
	13,800	KITZ Corporation		68,960
	14,700	Komatsu, Ltd.		294,931
	4,800	KONE Oyj		194,833
	3,000	Koninklijke Boskalis Westminster NV		147,263
	5,400	MIRAIT Holdings Corporation		62,928
	6,000	Mitsuboshi Belting, Ltd.		47,539
	1,300	NCC AB		39,704
	5,800	Nippon Konpo Unyu Soko Company, Ltd.		101,112
	5,000	Nisshinbo Holdings, Inc.		55,883
	9,600	Nitto Kogyo Corporation		216,053
	18,600	Rentokil Initial plc		43,197
	1,100	Rieter Holding AG		173,887
	22,400	Sandvik AB		247,639
	6,500	Siemens AG		657,616
	3,100	Teleperformance SA		219,009
	1,600	TKH Group NV		67,213
	9,000	Toppan Printing Company, Ltd.		75,240
	3,700	Tsubakimoto Chain Company		36,143
	13,270	Union Pacific Corporation		1,265,560
	4,460	WABCO Holdings, Inc.d		551,791
		Total		14,703,477
	Information Technology (6.5%)
	6,260	Alibaba Group Holding, Ltd. ADRd		515,010
	3,800	Alps Electric Company, Ltd.		117,190
	20,210	Apple, Inc.		2,534,839
	4,450	Autodesk, Inc.d		222,834

The accompanying Notes to Financial Statements are an integral part of this schedule.

81

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (47.3%)	Value
	Information Technology (6.5%) - continued
	10,500	Brother Industries, Ltd.	$	148,539
	20,300	Canon, Inc.		658,499
	1,000	Cap Gemini SA		88,717
	15,700	Carsales.com, Ltd.		123,189
	24,820	Cisco Systems, Inc.		681,557
	4,200	Dialog Semiconductor plcd		227,115
	40,900	EMC Corporation		1,079,351
	1,200	Equinix, Inc.		304,800
	24,610	Facebook, Inc.d		2,110,677
	20,000	FUJIFILM Holdings NPV		713,761
	2,890	Google, Inc., Class Ad		1,560,716
	2,305	Google, Inc., Class Cd		1,199,776
	5,000	Hitachi Kokusai Electric, Inc.		75,956
	2,400	IT Holdings Corporation		50,968
	2,200	ITOCHU Techno-Solutions Corporation		54,788
	19,690	Juniper Networks, Inc.		511,349
	4,140	LinkedIn Corporationd		855,448
	13,500	MasterCard, Inc.		1,261,980
	42,030	MaxLinear, Inc.d		508,563
	7,600	NEC Networks & System Integration Corporation		165,838
	1,400	NS Solutions Corporation		46,292
	11,000	Optimal Payments plcd		40,441
	1,100	Oracle Corporation Japan		45,986
	1,300	Otsuka Corporation		60,686
	9,940	Plantronics, Inc.		559,721
	17,470	Progress Software Corporationd		480,425
	18,493	QLIK Technologies, Inc.d		646,515
	3,000	Samsung Electronics Company, Ltd. GDR		1,711,500
	5,000	SAP SE		350,382
	2,500	Tokyo Electron, Ltd.		158,893
	1,500	Trend Micro, Inc.		51,310
	4,310	Ultimate Software Group, Inc.d		708,305
		Total		20,631,916
	Materials (1.5%)
	1,620	Airgas, Inc.		171,364
	3,100	APERAMd		125,504
	8,000	Asahi Kasei Corporation		65,621
	1,550	Ashland, Inc.		188,945
	18,300	BillerudKorsnas AB		287,517
	17,700	Boral, Ltd.		79,736
	7,800	Buzzi Unicem SPA		111,119
	3,930	Crown Holdings, Inc.d		207,936
	19,800	Daicel Corporation		254,077
	4,840	Domtar Corporation		200,376
	7,000	DOWA Holdings Company, Ltd.		66,152
	100	EMS-CHEMIE Holding AG		42,249
	3,140	FMC Corporation		165,007
	100	Givaudan SA		173,131
	2,100	Holmen AB		61,284
	11,000	Kureha Corporation		43,226
	6,400	Mondi plc		137,786
	18,000	Nippon Steel & Sumitomo Metal Corporation		46,671
	90,037	Norsk Hydro ASA		377,879
	2,200	Novozymes AS		104,523
	24,220	OceanaGold Corporation		59,920
	5,100	Outokumpu Oyjd		25,694
	7,560	Owens-Illinois, Inc.d		173,426
	1,580	PPG Industries, Inc.		181,258
	10,470	Steel Dynamics, Inc.		216,886
	18,000	Sumitomo Metal Mining Company, Ltd.		273,762
	8,000	Sumitomo Seika Chemicals Company, Ltd.		52,541
	13,700	UPM-Kymmene Oyj		242,434
	6,700	Vedanta Resources plc		54,717
	10,279	Yara International ASA		535,620
		Total		4,726,361
	Telecommunications Services (1.2%)
	69,000	Bezeq Israel Telecommunication Corporation, Ltd.		117,505
	40,100	BT Group plc		283,960
	10,700	Elisa Oyj		339,010
	9,700	Freenet AG		326,733
	155,600	KCOM Group plc		228,593
	11,400	Nippon Telegraph & Telephone Corporation		412,860
	23,600	Orange SA		364,724
	5,600	Proximus SA		198,167
	6,200	Tele2 AB		72,201
	195,300	Telstra Corporation, Ltd.		924,268
	21,160	Zayo Group Holdings, Inc.d,e		544,235
		Total		3,812,256
	Utilities (1.0%)
	178,200	A2A SPA		212,682
	8,500	CLP Holdings, Ltd.		72,242
	7,800	E.ON SE		104,009
	121,800	Electricidade de Portugal SA		464,058
	9,500	Enagas SA		258,614
	70,800	Enel SPA		320,887
	4,300	Hokuriku Electric Power Company		64,052
	26,050	MDU Resources Group, Inc.		508,757
	3,300	National Grid plc		42,474
	8,820	NorthWestern Corporation		429,975
	15,000	Osaka Gas Company, Ltd.		59,202
	44,900	Redes Energeticas Nacionais SGPS SA		125,693
	4,100	Severn Trent plc		133,972
	7,000	Toho Gas Company, Ltd.		41,441
	24,200	United Utilities Group plc		338,952
		Total		3,177,010
		Total Common Stock (cost $140,443,955)		149,738,867
Principal Amount		Long-Term Fixed Income (26.8%)
	Asset-Backed Securities (1.3%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	402,051	0.327%, 7/25/2036f		360,457
		Bayview Opportunity Master Fund Trust IIB, LP
	331,013	3.228%, 7/28/2034*,g		331,802
		Bayview Opportunity Master Fund Trust IIIB, LP
	210,386	3.623%, 4/28/2030h		210,834
		Credit Based Asset Servicing and Securitization, LLC
	275,605	3.606%, 12/25/2036g		188,378
		First Horizon ABS Trust
	356,972	0.347%, 10/25/2034f,i		318,069

The accompanying Notes to Financial Statements are an integral part of this schedule.

82

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (26.8%)	Value
	Asset-Backed Securities (1.3%) - continued
		GMAC Mortgage Corporation Loan Trust
	$  640,485	0.365%, 8/25/2035f,i	$	587,959
	437,693	0.365%, 12/25/2036f,i		386,099
		IndyMac INDX Mortgage Loan Trust
	485,454	0.397%, 4/25/2046f		381,854
		IndyMac Seconds Asset-Backed Trust
	263,157	0.527%, 10/25/2036f,i		166,526
		J.P. Morgan Mortgage Acquisition Trust
	200,000	6.472%, 3/25/2047g		154,751
		Lehman XS Trust
	213,337	5.440%, 8/25/2035g		194,664
		U.S. Residential Opportunity Fund III Trust
	312,468	3.721%, 1/27/2035*		312,531
		Wachovia Asset Securitization, Inc.
	558,229	0.327%, 7/25/2037*,f,i		499,205
		Total		4,093,129
	Basic Materials (0.4%)
		Albemarle Corporation
	96,000	3.000%, 12/1/2019		96,187
		Anglo American Capital plc
	65,000	1.225%, 4/15/2016f,h		64,847
		ArcelorMittal
	190,000	6.250%, 3/1/2021		199,025
		Dow Chemical Company
	86,000	8.550%, 5/15/2019		104,854
		Freeport-McMoRan, Inc.
	48,000	2.300%, 11/14/2017		47,852
	80,000	2.375%, 3/15/2018		79,388
		Glencore Funding, LLC
	65,000	1.336%, 4/16/2018f,h		64,964
		Hexion US Finance Corporation
	227,936	8.875%, 2/1/2018		205,712
		LyondellBasell Industries NV
	80,000	5.000%, 4/15/2019		86,661
		NOVA Chemicals Corporation
	341,904	5.250%, 8/1/2023h		347,033
		Total		1,296,523
	Capital Goods (0.5%)
		Brand Energy & Infrastructure Services, Inc.
	145,000	8.500%, 12/1/2021h		134,850
		Cemex SAB de CV
	300,000	5.700%, 1/11/2025h		286,110
		CNH Capital, LLC
	227,936	3.625%, 4/15/2018		227,936
		Crown Americas Capital Corporation IV
	190,000	4.500%, 1/15/2023		179,432
		Harsco Corporation
	78,000	2.700%, 10/15/2015		78,000
		L-3 Communications Corporation
	90,000	1.500%, 5/28/2017		89,382
		Martin Marietta Materials, Inc.
	106,000	1.382%, 6/30/2017f		105,556
		Nortek, Inc.
	227,936	8.500%, 4/15/2021		243,322
		Reynolds Group Issuer, Inc.
	227,936	9.875%, 8/15/2019		239,333
		Roper Industries, Inc.
	71,000	2.050%, 10/1/2018		70,820
		Total		1,654,741
	Collateralized Mortgage Obligations (3.9%)
		Alternative Loan Trust
	281,323	5.500%, 5/25/2035		282,882
		Banc of America Alternative Loan Trust
	629,668	6.000%, 11/25/2035		561,895
		Banc of America Mortgage Securities, Inc.
	223,681	2.687%, 9/25/2035		204,644
		Countrywide Alternative Loan Trust
	509,818	6.500%, 8/25/2036		414,532
		Countrywide Home Loan Mortgage Pass Through Trust
	434,643	2.458%, 11/25/2035		368,300
		Credit Suisse First Boston Mortgage Securities Corporation
	383,255	5.250%, 10/25/2035		383,288
		Deutsche Alt-A Securities Mortgage Loan Trust
	390,859	0.928%, 4/25/2047f		335,687
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	673,790	5.500%, 11/25/2035		639,057
		GMAC Mortgage Corporation Loan Trust
	285,490	3.174%, 5/25/2035		273,009
		HarborView Mortgage Loan Trust
	325,694	2.670%, 7/19/2035		290,537
	271,230	2.651%, 12/19/2035		239,385
		J.P. Morgan Alternative Loan Trust
	721,193	6.500%, 3/25/2036		631,985
		J.P. Morgan Mortgage Trust
	593,665	2.661%, 8/25/2035		589,620
	556,771	2.559%, 1/25/2037		510,735
		Merrill Lynch Mortgage Investors Trust
	512,254	6.250%, 8/25/2036		421,421
		MortgageIT Trust
	783,569	0.447%, 12/25/2035f		708,690
	811,408	0.387%, 4/25/2036f		611,567
		New York Mortgage Trust
	219,257	2.603%, 5/25/2036		197,985
		Residential Accredit Loans, Inc.
	433,734	5.750%, 9/25/2035		391,675
		Residential Funding Mortgage Security I Trust
	742,700	6.000%, 7/25/2037		671,742
		Structured Adjustable Rate Mortgage Loan Trust
	377,744	2.559%, 1/25/2035		316,099
	321,102	4.127%, 7/25/2035		276,931
	416,991	2.654%, 9/25/2035		352,207
		Structured Asset Mortgage Investments, Inc.
	919,328	0.497%, 12/25/2035f		700,082

The accompanying Notes to Financial Statements are an integral part of this schedule.

83

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (26.8%)	Value
	Collateralized Mortgage Obligations (3.9%) - continued
		WaMu Mortgage Pass Through Certificates
	$  121,969	1.797%, 1/25/2037	$	103,534
	342,757	0.898%, 1/25/2047f		278,048
		Washington Mutual Mortgage Pass Through Certificates
	495,906	0.908%, 2/25/2047f		348,761
		Wells Fargo Mortgage Backed Securities Trust
	202,703	2.621%, 3/25/2036		201,727
	662,445	2.683%, 7/25/2036		647,313
	410,217	6.000%, 7/25/2037		414,822
		Total		12,368,160
	Communications Services (1.4%)
		21st Century Fox America, Inc.
	95,000	6.900%, 3/1/2019		110,307
		AMC Networks, Inc.
	227,936	7.750%, 7/15/2021		246,171
		America Movil SAB de CV
	71,000	5.000%, 10/16/2019		78,152
		American Tower Corporation
	65,000	2.800%, 6/1/2020		64,097
		AT&T, Inc.
	65,000	1.212%, 6/30/2020f		65,252
		British Sky Broadcasting Group plc
	102,000	2.625%, 9/16/2019h		101,309
		CC Holdings GS V, LLC
	198,000	2.381%, 12/15/2017		200,288
		CenturyLink, Inc.
	230,000	6.450%, 6/15/2021		231,725
		Columbus International, Inc.
	205,000	7.375%, 3/30/2021h		220,375
		Digicel, Ltd.
	257,936	6.000%, 4/15/2021h		248,681
		DIRECTV Holdings, LLC
	86,000	5.875%, 10/1/2019		97,078
		Hughes Satellite Systems Corporation
	246,000	6.500%, 6/15/2019		266,910
		Intelsat Jackson Holdings SA
	227,936	7.250%, 10/15/2020		225,372
		Level 3 Financing, Inc.
	273,000	8.625%, 7/15/2020		291,755
		SBA Tower Trust
	84,000	5.101%, 4/17/2017h		86,979
		Sprint Corporation
	290,000	7.625%, 2/15/2025		273,325
		Telefonica Emisiones SAU
	78,000	3.192%, 4/27/2018		80,125
		T-Mobile USA, Inc.
	250,000	6.633%, 4/28/2021		259,375
		Univision Communications, Inc.
	200,000	5.125%, 5/15/2023h		194,000
		UPCB Finance V, Ltd.
	292,500	7.250%, 11/15/2021h		315,900
		Verizon Communications, Inc.
	237,000	2.625%, 2/21/2020		236,467
	106,000	4.500%, 9/15/2020		114,346
		West Corporation
	210,000	5.375%, 7/15/2022h		196,350
		Wind Acquisition Finance SA
	200,000	4.750%, 7/15/2020h		197,000
		Total		4,401,339
	Consumer Cyclical (1.3%)
		Alibaba Group Holding, Ltd.
	86,000	2.500%, 11/28/2019h		85,061
		AMC Entertainment, Inc.
	227,000	5.875%, 2/15/2022		230,405
		Chrysler Group, LLC
	227,936	8.250%, 6/15/2021		248,450
		Cinemark USA, Inc.
	263,000	4.875%, 6/1/2023		252,809
		Daimler Finance North America, LLC
	55,000	1.875%, 1/11/2018h		55,120
		ERAC USA Finance, LLC
	106,000	2.350%, 10/15/2019h		105,307
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		139,761
	87,000	2.597%, 11/4/2019		86,365
		General Motors Financial Company, Inc.
	227,936	3.250%, 5/15/2018		233,120
	150,000	4.375%, 9/25/2021		155,685
		Home Depot, Inc.
	65,000	2.625%, 6/1/2022		63,928
		Hyundai Capital America
	84,000	1.450%, 2/6/2017h		83,732
	20,000	2.000%, 3/19/2018h		20,007
		Jaguar Land Rover Automotive plc
	273,000	5.625%, 2/1/2023h		282,555
		KB Home
	189,000	4.750%, 5/15/2019		187,582
		L Brands, Inc.
	273,000	6.625%, 4/1/2021		300,131
		Lennar Corporation
	225,000	4.500%, 11/15/2019		227,813
		Macy’s Retail Holdings, Inc.
	66,000	7.450%, 7/15/2017		73,575
		MGM Resorts International
	300,000	6.000%, 3/15/2023e		303,750
		Royal Caribbean Cruises, Ltd.
	517,936	5.250%, 11/15/2022		535,705
		Six Flags Entertainment Corporation
	80,000	5.250%, 1/15/2021h		81,600
		Toll Brothers Finance Corporation
	76,000	4.000%, 12/31/2018		77,520
		United Rentals, Inc.
	290,000	5.500%, 7/15/2025		280,213
		Volkswagen Group of America Finance, LLC
	96,000	0.716%, 11/20/2017f,h		96,152
		Total		4,206,346
	Consumer Non-Cyclical (1.4%)
		AbbVie, Inc.
	65,000	1.800%, 5/14/2018		64,809

The accompanying Notes to Financial Statements are an integral part of this schedule.

84

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (26.8%)	Value
	Consumer Non-Cyclical (1.4%) - continued
		Actavis Funding SCS
	$    40,000	1.543%, 3/12/2020f	$	40,443
		Amgen, Inc.
	65,000	2.125%, 5/1/2020		63,648
		B&G Foods, Inc.
	120,000	4.625%, 6/1/2021		118,200
		BAT International Finance plc
	65,000	0.796%, 6/15/2018f,h		64,962
		Becton, Dickinson and Company
	80,000	1.450%, 5/15/2017		79,941
		Boston Scientific Corporation
	40,000	6.000%, 1/15/2020		45,295
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		65,109
		CHS/Community Health Systems, Inc.
	273,000	7.125%, 7/15/2020		289,243
		Cott Beverages, Inc.
	200,000	5.375%, 7/1/2022h		194,000
		CVS Health Corporation
	86,000	2.250%, 12/5/2018		87,062
		EMD Finance, LLC
	39,000	0.633%, 3/17/2017f,h		38,979
		Envision Healthcare Corporation
	295,000	5.125%, 7/1/2022h		297,213
		Forest Laboratories, Inc.
	109,000	4.375%, 2/1/2019h		115,360
		Fresenius Medical Care US Finance, Inc.
	227,936	5.750%, 2/15/2021h		242,752
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		200,500
		HCA, Inc.
	227,936	4.750%, 5/1/2023		230,785
		Hospira, Inc.
	65,000	6.050%, 3/30/2017		69,937
		IMS Health, Inc.
	250,000	6.000%, 11/1/2020h		257,500
		JBS USA, LLC
	290,000	5.750%, 6/15/2025h		286,651
		Laboratory Corporation of America Holdings
	35,000	2.625%, 2/1/2020		34,729
		Merck & Company, Inc.
	40,000	0.654%, 2/10/2020f		39,791
		Mondelez International, Inc.
	56,000	2.250%, 2/1/2019		56,090
		PepsiCo, Inc.
	65,000	1.850%, 4/30/2020		64,283
		Pernod Ricard SA
	80,000	5.750%, 4/7/2021h		90,070
		Revlon Consumer Products Corporation
	227,936	5.750%, 2/15/2021		223,377
		Reynolds American, Inc.
	65,000	3.250%, 6/12/2020		65,839
		SABMiller plc
	78,000	6.500%, 7/15/2018h		88,042
		Safeway, Inc.
	17,000	3.400%, 12/1/2016		17,005
		Spectrum Brands Escrow Corporation
	183,000	6.375%, 11/15/2020		193,522
		Spectrum Brands, Inc.
	130,000	5.750%, 7/15/2025h		131,950
		Sysco Corporation
	150,000	2.350%, 10/2/2019		151,500
		Valeant Pharmaceuticals International
	227,936	7.250%, 7/15/2022h		242,182
		WM Wrigley Jr. Company
	48,000	2.000%, 10/20/2017h		48,419
		Total		4,299,188
	Energy (1.3%)
		Boardwalk Pipelines, Ltd.
	79,000	5.875%, 11/15/2016		81,937
		Buckeye Partners, LP
	100,000	2.650%, 11/15/2018		99,635
		CNOOC Nexen Finance
	62,000	1.625%, 4/30/2017		62,088
		CNPC General Capital, Ltd.
	90,000	2.750%, 4/19/2017h		91,503
		Concho Resources, Inc.
	277,936	6.500%, 1/15/2022		289,748
		Crestwood Midstream Partners, LP
	200,000	6.250%, 4/1/2023h		208,000
		Enbridge, Inc.
	54,000	0.734%, 6/2/2017f		53,354
		Enterprise Products Operating, LLC
	65,000	1.650%, 5/7/2018		64,935
		EQT Corporation
	88,000	8.125%, 6/1/2019		103,007
		Hess Corporation
	42,000	8.125%, 2/15/2019		49,724
		Kinder Morgan, Inc.
	100,000	5.000%, 2/15/2021h		105,792
		Linn Energy, LLC
	227,936	8.625%, 4/15/2020		186,955
		MarkWest Energy Partners, LP
	300,000	4.875%, 12/1/2024		293,250
		MEG Energy Corporation
	273,000	6.375%, 1/30/2023h		252,525
		Offshore Group Investment, Ltd.
	325,000	7.500%, 11/1/2019		199,875
		Pacific Drilling V, Ltd.
	200,000	7.250%, 12/1/2017h		172,000
		Petrobras International Finance Company
	415,000	5.750%, 1/20/2020		411,199
		Petroleos Mexicanos
	550,000	5.625%, 1/23/2046h		513,535
		Sabine Pass Liquefaction, LLC
	300,000	5.625%, 3/1/2025h		297,000
		Shell International Finance BV
	65,000	0.729%, 5/11/2020f		64,721
		Southwestern Energy Company
	100,000	7.500%, 2/1/2018		111,582
		Suncor Energy, Inc.
	56,000	6.100%, 6/1/2018		62,449

The accompanying Notes to Financial Statements are an integral part of this schedule.

85

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (26.8%)	Value
	Energy (1.3%) - continued
		Weatherford International, Ltd.
	$    80,000	6.000%, 3/15/2018	$	85,163
		Williams Companies, Inc.
	106,000	7.875%, 9/1/2021		124,431
		Total		3,984,408
	Financials (3.5%)
		Abbey National Treasury Services plc
	100,000	0.692%, 9/29/2017f		99,699
		Air Lease Corporation
	100,000	2.125%, 1/15/2018		99,000
		Ally Financial, Inc.
	325,000	4.750%, 9/10/2018		335,156
		Aviation Capital Group Corporation
	51,000	3.875%, 9/27/2016h		51,902
		Bank of America Corporation
	120,000	5.700%, 5/2/2017		128,026
	102,000	1.700%, 8/25/2017		102,117
	209,000	1.351%, 3/22/2018f		210,902
	80,000	5.650%, 5/1/2018		87,881
	104,000	8.000%, 12/29/2049j		109,720
		BB&T Corporation
	130,000	2.050%, 6/19/2018		131,425
		BBVA International Preferred SA Unipersonal
	640,000	5.919%, 12/29/2049j		656,000
		Bear Stearns Companies, LLC
	122,000	6.400%, 10/2/2017		134,271
		BNP Paribas SA
	84,000	2.375%, 9/14/2017		85,258
		BPCE SA
	320,000	5.150%, 7/21/2024h		325,108
		Caisse Centrale Desjardins du Quebec
	45,000	0.944%, 1/29/2018f,h		45,188
		Capital One Financial Corporation
	97,000	6.150%, 9/1/2016		102,382
		CIT Group, Inc.
	225,000	3.875%, 2/19/2019		223,313
		Citigroup, Inc.
	150,000	5.500%, 2/15/2017		159,365
	8,000	6.000%, 8/15/2017		8,702
	144,000	1.850%, 11/24/2017		144,351
	63,000	8.500%, 5/22/2019		76,841
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	120,000	4.625%, 12/1/2023		123,805
		Credit Agricole SA
	45,000	1.252%, 6/10/2020f,h		44,938
		Credit Suisse Group AG
	320,000	7.500%, 12/11/2049h,j		333,184
		CyrusOne, LP
	227,936	6.375%, 11/15/2022		235,914
		DDR Corporation
	56,000	9.625%, 3/15/2016		59,079
		Denali Borrower, LLC
	425,000	5.625%, 10/15/2020h		446,781
		Deutsche Bank AG
	109,000	1.350%, 5/30/2017		108,270
		Discover Bank
	28,000	8.700%, 11/18/2019		34,057
		Discover Financial Services
	47,000	6.450%, 6/12/2017		51,046
		Duke Realty, LP
	96,000	8.250%, 8/15/2019		116,372
		Fifth Third Bancorp
	167,000	5.450%, 1/15/2017		177,031
		Goldman Sachs Group, Inc.
	52,000	2.625%, 1/31/2019		52,644
	78,000	7.500%, 2/15/2019		91,620
	45,000	1.437%, 4/23/2020f		45,439
	65,000	1.884%, 11/29/2023f		66,064
		Hartford Financial Services Group, Inc.
	120,000	6.000%, 1/15/2019		134,089
		HCP, Inc.
	88,000	3.750%, 2/1/2019		91,539
		Health Care REIT, Inc.
	88,000	4.700%, 9/15/2017		93,622
		HSBC Holdings plc
	47,000	6.375%, 3/29/2049j		47,235
		Hutchison Whampoa International 14, Ltd.
	99,000	1.625%, 10/31/2017h		98,703
		Icahn Enterprises, LP
	300,000	6.000%, 8/1/2020		309,750
		ING Bank NV
	320,000	5.800%, 9/25/2023h		349,409
		ING Capital Funding Trust III
	68,000	3.882%, 12/29/2049f,j		67,490
		International Lease Finance Corporation
	80,000	2.236%, 6/15/2016f		79,900
	250,000	5.875%, 8/15/2022		270,000
		Intesa Sanpaolo SPA
	30,000	3.875%, 1/16/2018		30,970
	132,000	3.875%, 1/15/2019		135,806
		J.P. Morgan Chase & Company
	52,000	6.300%, 4/23/2019		59,572
	25,000	2.250%, 1/23/2020		24,567
	104,000	7.900%, 4/29/2049j		110,006
	325,000	6.750%, 8/29/2049j		347,240
		KeyCorp
	68,000	2.300%, 12/13/2018		68,601
		Liberty Mutual Group, Inc.
	35,000	5.000%, 6/1/2021h		38,194
		Lloyds Bank plc
	40,000	0.806%, 3/16/2018f		39,988
		MetLife, Inc.
	100,000	1.903%, 12/15/2017		100,439
		Mizuho Corporate Bank, Ltd.
	59,000	1.550%, 10/17/2017h		58,809
		Morgan Stanley
	106,000	6.625%, 4/1/2018		118,938
	45,000	1.417%, 1/27/2020f		45,619
	75,000	4.875%, 11/1/2022		79,778
		MPT Operating Partnership, LP
	200,000	5.500%, 5/1/2024		206,000
		Murray Street Investment Trust I
	173,000	4.647%, 3/9/2017		181,724
		National City Corporation
	56,000	6.875%, 5/15/2019		64,945

The accompanying Notes to Financial Statements are an integral part of this schedule.

86

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (26.8%)	Value
	Financials (3.5%) - continued
		Nomura Holdings, Inc.
	$     56,000	2.750%, 3/19/2019	$	56,518
		Preferred Term Securities XXIII, Ltd.
	658,158	0.486%, 12/22/2036*,f		501,753
		Quicken Loans, Inc.
	200,000	5.750%, 5/1/2025h		191,500
		Realty Income Corporation
	95,000	2.000%, 1/31/2018		95,677
		Regions Bank
	43,000	7.500%, 5/15/2018		49,357
		Reinsurance Group of America, Inc.
	104,000	5.625%, 3/15/2017		110,841
		Royal Bank of Scotland Group plc
	60,000	1.222%, 3/31/2017f		60,041
	320,000	7.640%, 3/29/2049j		341,920
	320,000	7.648%, 8/29/2049j		398,400
		Societe Generale SA
	70,000	5.750%, 4/20/2016h		72,197
		State Bank of India
	170,000	3.622%, 4/17/2019h		173,707
		Sumitomo Mitsui Banking Corporation
	156,000	1.300%, 1/10/2017		156,129
	55,000	0.856%, 1/16/2018f		54,999
		Swiss RE Capital I, LP
	80,000	6.854%, 5/29/2049h,j		82,240
		Synchrony Financial
	159,000	1.875%, 8/15/2017		158,934
	30,000	1.509%, 2/3/2020f		30,132
		USB Realty Corporation
	25,000	1.422%, 12/29/2049f,h,j		22,844
		Ventas Realty, LP
	56,000	1.250%, 4/17/2017		55,862
		Voya Financial, Inc.
	84,000	2.900%, 2/15/2018		86,200
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013k,l		0
		Wells Fargo & Company
	45,000	0.958%, 1/30/2020f		44,778
		Total		11,299,813
	Foreign Government (4.9%)
		Brazil Government International Bond
	275,000	4.875%, 1/22/2021		287,375
	830,000	2.625%, 1/5/2023e		736,625
	785,000	5.000%, 1/27/2045		679,025
		Colombia Government International Bond
	105,000	2.625%, 3/15/2023		96,180
	350,000	4.000%, 2/26/2024		348,250
	210,000	5.000%, 6/15/2045		194,250
		Costa Rica Government International Bond
	700,000	7.158%, 3/12/2045h		682,500
		Croatia Government International Bond
	490,000	6.625%, 7/14/2020h		535,859
		Export-Import Bank of Korea
	45,000	2.250%, 1/21/2020		44,564
		Hungary Government International Bond
	240,000	4.000%, 3/25/2019		247,752
	562,000	5.750%, 11/22/2023		622,415
	700,000	5.375%, 3/25/2024		758,625
		Indonesia Government International Bond
	415,000	3.375%, 4/15/2023h		391,138
	360,000	4.125%, 1/15/2025e,h		353,250
	760,000	5.125%, 1/15/2045h		724,850
		Mexico Government International Bond
	344,000	3.625%, 3/15/2022		348,128
	420,000	4.000%, 10/2/2023		431,550
	300,000	3.600%, 1/30/2025		295,800
	344,000	4.750%, 3/8/2044		326,800
	450,000	4.600%, 1/23/2046		416,250
		Panama Government International Bond
	280,000	4.000%, 9/22/2024		281,400
	280,000	3.750%, 3/16/2025		275,800
		Peru Government International Bond
	280,000	5.625%, 11/18/2050		312,200
		Philippines Government International Bond
	265,000	7.750%, 1/14/2031		382,263
		Romania Government International Bond
	276,000	4.375%, 8/22/2023h		282,872
		Russian Government International Bond
	1,000,000	5.000%, 4/29/2020h		1,026,300
	700,000	4.875%, 9/16/2023h		692,300
		Slovenia Government International Bond
	195,000	4.125%, 2/18/2019h		202,800
		South Africa Government International Bond
	340,000	5.500%, 3/9/2020		369,920
	295,000	5.875%, 5/30/2022		326,786
	160,000	5.375%, 7/24/2044		159,564
		Turkey Government International Bond
	800,000	7.000%, 6/5/2020		913,171
	565,000	5.125%, 3/25/2022e		591,837
	563,000	4.250%, 4/14/2026		536,629
	280,000	4.875%, 4/16/2043		254,789
		Venezuela Government International Bond
	820,000	7.650%, 4/21/2025		299,300
		Total		15,429,117
	Mortgage-Backed Securities (4.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	57,729	5.500%, 12/1/2017		59,716
	630,000	3.000%, 7/1/2030c		652,208
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	12,689	9.000%, 11/1/2024		14,490
	730	9.000%, 4/1/2025		843
	716	8.500%, 9/1/2025		751
	5,100	8.000%, 6/1/2027		6,272

The accompanying Notes to Financial Statements are an integral part of this schedule.

87

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (26.8%)	Value
	Mortgage-Backed Securities (4.6%) - continued
	$          959	8.500%, 7/1/2027	$	1,086
	3,439	8.000%, 10/1/2027		4,013
	2,228	8.000%, 8/1/2030		2,681
	680,000	4.000%, 7/1/2045c		719,113
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	800,000	3.500%, 7/1/2030c		843,712
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,475	10.500%, 8/1/2020		1,628
	4,108	9.500%, 4/1/2025		4,129
	829	8.500%, 11/1/2025		932
	1,243	8.500%, 5/1/2026		1,301
	295	8.000%, 8/1/2026		295
	933	8.000%, 11/1/2026		1,138
	12,924	8.000%, 9/1/2027		15,148
	3,322	8.000%, 12/1/2027		3,369
	5,626	8.500%, 4/1/2030		6,854
	5,025,000	3.500%, 7/1/2045c		5,178,498
	3,775,000	4.000%, 8/1/2045c		3,990,691
	2,600,000	4.500%, 8/1/2045c		2,806,781
		Government National Mortgage Association 30-Yr. Pass Through
	1,804	9.500%, 1/15/2025		2,074
	6,458	6.000%, 5/15/2026		7,316
	5,407	8.500%, 6/15/2026		5,501
	1,623	8.500%, 7/15/2026		1,844
	6,544	8.000%, 9/15/2026		7,558
	2,749	7.500%, 10/15/2026		3,054
	537	8.000%, 11/15/2026		539
	240	8.500%, 11/15/2026		241
	1,315	9.000%, 12/15/2026		1,613
	10,480	7.500%, 4/15/2027		11,845
	2,593	8.000%, 6/20/2027		3,103
	218	8.000%, 8/15/2027		219
	13,939	7.500%, 7/15/2028		14,553
	25,672	6.000%, 12/15/2028		29,461
	28,749	6.000%, 6/15/2029		33,052
	9,368	8.000%, 5/15/2030		9,522
		Total		14,447,144
	Technology (0.6%)
		Alliance Data Systems Corporation
	195,000	5.375%, 8/1/2022h		192,075
		Apple, Inc.
	65,000	0.577%, 5/6/2020f		64,813
		Cisco Systems, Inc.
	65,000	0.593%, 6/15/2018f		65,114
		EMC Corporation
	56,000	2.650%, 6/1/2020		56,574
		Equinix, Inc.
	200,000	5.750%, 1/1/2025		198,000
		Fidelity National Information Services, Inc.
	109,000	1.450%, 6/5/2017		108,754
		First Data Corporation
	227,936	7.375%, 6/15/2019h		236,939
		Freescale Semiconductor, Inc.
	245,000	6.000%, 1/15/2022h		259,700
		Iron Mountain, Inc.
	227,936	6.000%, 8/15/2023		238,193
		Oracle Corporation
	65,000	2.500%, 5/15/2022		63,116
		Sensata Technologies BV
	280,000	4.875%, 10/15/2023h		276,500
		Texas Instruments, Inc.
	65,000	1.750%, 5/1/2020		63,869
		Tyco Electronics Group SA
	130,000	6.550%, 10/1/2017		144,246
		Total		1,967,893
	Transportation (0.3%)
		Air Canada Pass Through Trust
	25,000	3.875%, 3/15/2023h		24,532
		American Airlines Pass Through Trust
	51,287	4.950%, 1/15/2023		54,300
		Avis Budget Car Rental, LLC
	130,000	5.125%, 6/1/2022h		126,750
		Continental Airlines, Inc.
	181,732	6.250%, 4/11/2020		191,273
		Delta Air Lines, Inc.
	107,000	6.750%, 5/23/2017		108,787
	83,245	4.950%, 5/23/2019		88,188
	73,191	4.750%, 5/7/2020		77,399
		Korea Expressway Corporation
	93,000	1.625%, 4/28/2017h		92,967
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022h		195,750
		Total		959,946
	U.S. Government and Agencies (0.5%)
		U.S. Treasury Notes
	1,540,000	1.875%, 6/30/2020		1,557,806
		Total		1,557,806
	Utilities (0.9%)
		Access Midstream Partners, LP
	325,000	4.875%, 5/15/2023		320,583
		AES Corporation
	227,936	7.375%, 7/1/2021		250,160
		Arizona Public Service Company
	40,000	2.200%, 1/15/2020		39,664
		Berkshire Hathaway Energy Company
	96,000	2.400%, 2/1/2020		95,580
		Calpine Corporation
	210,000	5.375%, 1/15/2023		206,325
		DTE Energy Company
	96,000	2.400%, 12/1/2019		95,992
		Dynegy Finance I, Inc.
	160,000	7.375%, 11/1/2022h		167,600
		EDP Finance BV
	96,000	4.125%, 1/15/2020h		96,932
		El Paso Corporation
	50,000	7.000%, 6/15/2017		54,373
		Electricite de France SA
	320,000	5.625%, 12/29/2049h,j		325,440
		Energy Transfer Equity, LP
	290,000	5.500%, 6/1/2027		289,275
		Eversource Energy
	30,000	1.600%, 1/15/2018		30,119

The accompanying Notes to Financial Statements are an integral part of this schedule.

88

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (26.8%)	Value
	Utilities (0.9%) - continued
		Exelon Generation Company, LLC
	$        52,000	5.200%, 10/1/2019	$	57,190
	30,000	2.950%, 1/15/2020		30,104
		NextEra Energy Capital Holdings, Inc.
	65,000	1.586%, 6/1/2017		65,141
		NiSource Finance Corporation
	41,000	6.400%, 3/15/2018		45,949
		NRG Energy, Inc.
	227,936	6.625%, 3/15/2023		234,774
		Pacific Gas & Electric Company
	65,000	5.625%, 11/30/2017		70,949
		PG&E Corporation
	57,000	2.400%, 3/1/2019		57,074
		Sempra Energy
	100,000	6.150%, 6/15/2018		112,254
	25,000	2.400%, 3/15/2020		24,806
		Southern California Edison Company
	20,000	2.400%, 2/1/2022		19,452
		Transelec SA
	160,000	4.250%, 1/14/2025h		160,229
		Xcel Energy, Inc.
	65,000	1.200%, 6/1/2017		65,012
		Total		2,914,977
		Total Long-Term Fixed Income (cost $85,924,664)		84,880,530
Shares		Mutual Funds (3.6%)
	Equity Mutual Funds (1.7%)
	49,300	Materials Select Sector SPDR Fund		2,385,627
	15,400	BlackRock Resources & Commodities Strategy Trust		140,448
	6,800	Guggenheim Multi-Asset Income ETF		142,800
	13,850	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		209,412
	44,750	Utilities Select Sector SPDR Fund		1,855,335
	7,200	iShares MSCI EAFE Index Fund		457,128
	15,800	Cohen & Steers REIT and Preferred Income Fund, Inc.		276,342
		Total		5,467,092
	Fixed Income Mutual Funds (1.9%)
	13,042	First Trust High Income Long/Short Fund		203,977
	5,430	Vanguard Short-Term Corporate Bond ETF		432,119
	46,185	Western Asset High Income Opportunity Fund, Inc.		237,853
	25,714	PIMCO Dynamic Credit Income Fund		518,909
	63,832	Templeton Global Income Fund		448,739
	21,125	Doubleline Income Solutions Fund		417,641
	31,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		336,444
	29,063	Western Asset Emerging Markets Debt Fund, Inc.		434,782
	15,880	iShares J.P. Morgan USD Emerging Markets Bond ETFe		1,745,530
	48,381	Nuveen Quality Preferred Income Fund II		409,787
	82,771	Aberdeen Asia-Pacific Income Fund, Inc.		410,544
	79,271	MFS Intermediate Income Trust		366,232
		Total		5,962,557
		Total Mutual Funds (cost $11,394,647)		11,429,649
		Preferred Stock (1.8%)
	Financials (1.5%)
	16,000	Affiliated Managers Group, Inc., 5.250%		403,680
	4,800	Agribank FCB, 6.875%j		505,200
	288	Bank of America Corporation, Convertible, 7.250%j		320,256
	25,915	Citigroup, Inc., 6.875%j		690,894
	6,250	Farm Credit Bank of Texas, 6.750%h,j		646,680
	13,000	Goldman Sachs Group, Inc., 5.500%j		318,760
	17,350	HSBC USA, Inc., 6.500%j		439,128
	520	M&T Bank Corporation, 6.375%j		529,425
	12,800	Morgan Stanley, 7.125%j		357,760
	8,640	U.S. Bancorp 6.500%j		243,821
	320	Wells Fargo & Company, Convertible, 7.500%j		376,000
		Total		4,831,604
	Materials (0.1%)
	12,800	CHS, Inc., 7.100%j		335,232
		Total		335,232
	Utilities (0.2%)
	4,800	Southern California Edison Company, 4.130%j		484,500
		Total		484,500
		Total Preferred Stock (cost $5,503,410)		5,651,336
		Collateral Held for Securities Loaned (2.0%)
	6,207,658	Thrivent Cash Management Trust		6,207,658
		Total Collateral Held for Securities Loaned (cost $6,207,658)		6,207,658
Shares or Principal Amount		Short-Term Investments (8.9%)m
		Federal Home Loan Bank Discount Notes
	200,000	0.065%, 7/7/2015n		199,998
	200,000	0.090%, 9/9/2015n		199,965
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.070%, 7/20/2015n		99,996
		Thrivent Cash Management Trust
	27,564,210	0.070%		27,564,210

The accompanying Notes to Financial Statements are an integral part of this schedule.

89

Balanced Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares or Principal Amount		Short-Term Investments (8.9%)m	Value
		U.S. Treasury Bills
	100,000	0.001%, 8/20/2015o	$	100,000
		Total Short-Term Investments (at amortized cost)		28,164,169
		Total Investments (cost $330,990,824) 106.8%	$	338,163,204
		Other Assets and Liabilities, Net (6.8%)		(21,651,780	)
		Total Net Assets 100.0%	$	316,511,424

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Non-income producing security.

e All or a portion of the security is on loan.

f Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

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 June 30, 2015.

h Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $17,245,868 or 5.4% of total net assets.

i All or a portion of the security is insured or guaranteed.

j Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

k Defaulted security. Interest is not being accrued.

l Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable.

Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

m The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

n At June 30, 2015, $499,959 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

o At June 30, 2015, $100,000 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Balanced Income Plus Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		11/12/2014	$	330,186
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		658,158
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		312,468
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		558,229

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

The accompanying Notes to Financial Statements are an integral part of this schedule.

90

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (12.7%)a	Value
	Basic Materials (1.0%)
		Alpha Natural Resources, Inc., Term Loan
	$   324,196	3.500%, 5/22/2020	$	232,273
		Fortescue Metals Group, Ltd., Term Loan
	926,246	3.750%, 6/30/2019		820,571
		Ineos US Finance, LLC, Term Loan
	854,820	3.750%, 12/15/2020		848,588
		NewPage Corporation, Term Loan
	954,810	9.500%, 2/11/2021		765,757
		Tronox Pigments BV, Term Loan
	1,290,912	4.250%, 3/19/2020		1,290,112
		Wausau Paper Corporation, Term Loan
	592,575	6.500%, 7/30/2020		589,613
		Total		4,546,914
	Capital Goods (0.5%)
		ADS Waste Holdings, Inc., Term Loan
	575,000	3.750%, 10/9/2019		567,381
		Berry Plastics Group, Inc., Term Loan
	586,500	3.500%, 2/8/2020		583,368
		Rexnord, LLC, Term Loan
	589,500	4.000%, 8/21/2020		587,289
		Silver II Borrower, Term Loan
	551,984	4.000%, 12/13/2019		531,837
		Total		2,269,875
	Communications Services (4.0%)
		Altice Financing SA, Term Loan
	300,000	5.250%, 2/4/2022		300,501
		Atlantic Broadband Penn, LLC, Term Loan
	107,587	3.250%, 11/30/2019		107,061
		Birch Communication, Inc., Term Loan
	680,069	7.750%, 7/17/2020		680,069
		Block Communications, Inc., Term Loan
	471,438	4.000%, 11/7/2021		472,913
		Cable & Wireless Communications plc, Term Loan
	257,739	5.500%, 4/28/2017		257,417
		Cengage Learning Acquisitions, Term Loan
	606,049	7.000%, 3/31/2020		606,049
		Charter Communications Operating, LLC, Term Loan
	59,394	3.000%, 7/1/2020		58,676
	588,000	3.000%, 1/3/2021		580,233
		Cincinnati Bell, Inc., Term Loan
	676,669	4.000%, 9/10/2020		676,107
		Clear Channel Communications, Inc., Term Loan
	132,102	7.687%, 7/30/2019		123,277
		CommScope, Inc., Term Loan
	880,000	0.000%, 5/28/2022b,c		878,170
		Fairpoint Communications, Term Loan
	526,405	7.500%, 2/14/2019		530,190
		Grande Communications Networks, LLC, Term Loan
	784,013	4.500%, 5/29/2020		778,627
		Gray Television, Inc., Term Loan
	431,796	3.750%, 6/13/2021		431,364
		Hargray Communications Group, Inc., Term Loan
	665,273	5.250%, 6/26/2019		667,974
		iHeartCommunications, Inc., Term Loan
	570,744	6.937%, 1/30/2019		526,255
		IMG Worldwide, Inc., Term Loan
	768,185	5.250%, 5/6/2021b,c		765,881
		Integra Telecom Holdings, Inc., Term Loan
	825,930	5.250%, 8/14/2020		819,529
		Intelsat Jackson Holdings SA, Term Loan
	556,029	3.750%, 6/30/2019		551,280
		Level 3 Communications, Inc., Term Loan
	800,000	4.000%, 1/15/2020		799,752
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	175,000	4.500%, 1/7/2022		173,250
	550,000	4.500%, 1/7/2022		548,168
		LTS Buyer, LLC, Term Loan
	894,956	4.000%, 4/13/2020		889,085
		NEP/NCP Holdco, Inc., Term Loan
	782,120	4.250%, 1/22/2020		769,410
		NTelos, Inc., Term Loan
	571,591	5.750%, 11/9/2019		500,142
		SBA Senior Finance II, LLC, Term Loan
	470,250	3.250%, 3/24/2021		465,336
	90,000	3.250%, 6/10/2022		88,932
		TNS, Inc., Term Loan
	595,082	5.000%, 2/14/2020		594,832
		Univision Communications, Inc., Term Loan
	889,378	4.000%, 3/1/2020		881,436
		Virgin Media Investment Holdings, Ltd., Term Loan
	403,993	3.500%, 6/30/2023		399,617
		WideOpenWest Finance, LLC, Term Loan
	625,975	4.500%, 4/1/2019		624,322
		WMG Acquisition Corporation, Term Loan
	589,500	3.750%, 7/1/2020		580,015
		XO Communications, LLC, Term Loan
	641,875	4.250%, 3/20/2021		640,405
		Yankee Cable Acquisition, LLC, Term Loan
	558,598	4.250%, 3/1/2020		558,598
		Zayo Group, LLC, Term Loan
	673,838	3.750%, 7/2/2019		667,565
		Total		18,992,438
	Consumer Cyclical (2.1%)
		Amaya Gaming Group, Inc., Term Loan
	526,025	5.000%, 8/1/2021		525,104

The accompanying Notes to Financial Statements are an integral part of this schedule.

91

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (12.7%)a	Value
	Consumer Cyclical (2.1%) - continued
		Burlington Coat Factory Warehouse Corporation, Term Loan
	$   506,238	4.250%, 8/13/2021	$	505,838
		Ceridian HCM Holding, Inc., Term Loan
	289,140	4.500%, 9/15/2020		286,069
		Chrysler Group, LLC, Term Loan
	488,550	3.500%, 5/24/2017		487,275
		Dollar Tree, Inc., Term Loan
	563,500	3.500%, 3/9/2022		563,032
		FCA US, LLC, Term Loan
	271,562	3.250%, 12/31/2018		270,620
		Golden Nugget, Inc., Delayed Draw
	65,137	5.500%, 11/21/2019		65,626
		Golden Nugget, Inc., Term Loan
	151,987	5.500%, 11/21/2019		153,127
		Hilton Worldwide Finance, LLC, Term Loan
	471,601	3.500%, 10/26/2020		471,676
		J.C. Penney Corporation, Inc., Term Loan
	588,000	6.000%, 5/22/2018		586,318
		Las Vegas Sands, LLC, Term Loan
	492,500	3.250%, 12/19/2020		489,850
		Marina District Finance Company, Inc., Term Loan
	353,901	6.500%, 8/15/2018		356,779
		MGM Resorts International, Term Loan
	1,210,176	3.500%, 12/20/2019		1,200,797
		Michaels Stores, Inc., Term Loan
	684,825	4.000%, 1/28/2020		684,969
		Mohegan Tribal Gaming Authority, Term Loan
	674,576	5.500%, 11/19/2019		670,677
		Pinnacle Entertainment, Inc., Term Loan
	582,164	3.750%, 8/13/2020		581,751
		ROC Finance, LLC, Term Loan
	589,500	5.000%, 6/20/2019		577,462
		Scientific Games International, Inc., Term Loan
	591,000	6.000%, 10/18/2020		590,598
	99,500	6.000%, 10/1/2021		99,389
		Seminole Hard Rock Entertainment, Inc., Term Loan
	312,332	3.500%, 5/14/2020		311,030
		Seminole Indian Tribe of Florida, Term Loan
	505,500	3.000%, 4/29/2020		504,742
		Total		9,982,729
	Consumer Non-Cyclical (1.7%)
		Albertsons, Inc., Term Loan
	691,537	5.375%, 3/21/2019		693,784
		Catalina Marketing Corporation, Term Loan
	608,850	4.500%, 4/9/2021		535,788
		CHS/Community Health Systems, Inc., Term Loan
	121,241	3.534%, 12/31/2018		121,135
	157,246	3.750%, 1/27/2021		157,201
	289,329	4.000%, 1/27/2021		289,624
		Endo Luxembourg Finance I Co Sarl, Term Loan
	600,000	0.000%, 6/24/2022b,c		601,128
		Hanesbrands, Inc., Term Loan
	508,725	3.250%, 4/29/2022		511,268
		HCA, Inc., Term Loan
	709,583	2.937%, 3/31/2017		708,966
		Libbey Glass, Inc., Term Loan
	304,425	3.750%, 4/9/2021		304,044
		LTF Merger Sub, Inc., Term Loan
	755,000	0.000%, 6/10/2022b,c		748,960
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	563,890	4.750%, 3/22/2019		564,832
		Ortho-Clinical Diagnostics, Inc., Term Loan
	707,328	4.750%, 6/30/2021		692,679
		Roundy’s Supermarkets, Inc., Term Loan
	609,468	5.750%, 3/3/2021		588,137
		Supervalu, Inc., Term Loan
	778,000	4.500%, 3/21/2019		778,887
		Visant Corporation, Term Loan
	813,753	7.000%, 9/23/2021		783,913
		Total		8,080,346
	Energy (0.9%)
		Arch Coal, Inc., Term Loan
	786,586	6.250%, 5/16/2018		535,374
		Aria Energy Operating, LLC, Term Loan
	435,925	5.000%, 5/27/2022		436,470
		Energy Solutions, LLC, Term Loan
	656,500	6.750%, 5/29/2020		657,596
		Exgen Renewables I, LLC, Term Loan
	392,682	5.250%, 2/6/2021		396,609
		McJunkin Red Man Corporation, Term Loan
	300,348	5.000%, 11/8/2019		297,720
		MEG Energy Corporation, Term Loan
	713,803	0.000%, 3/31/2020b,c		698,506
		Offshore Group Investment, Ltd., Term Loan
	402,136	5.750%, 3/28/2019		243,795
		Pacific Drilling SA, Term Loan
	588,000	4.500%, 6/3/2018		471,870
		Targa Resources Partners, LP, Term Loan
	364,651	5.750%, 2/27/2022		367,386
		Total		4,105,326
	Financials (0.7%)
		Delos Finance Sarl, Term Loan
	630,000	3.500%, 3/6/2021		627,953
		DJO Finance, LLC, Term Loan
	300,000	4.250%, 6/7/2020		299,814
		Harland Clarke Holdings Corporation, Term Loan
	570,000	7.000%, 5/22/2018		571,425
		MoneyGram International, Inc., Term Loan
	518,371	4.250%, 3/27/2020		492,022

The accompanying Notes to Financial Statements are an integral part of this schedule.

92

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (12.7%)a	Value
	Financials (0.7%) - continued
		MPH Acquisition Holdings, LLC, Term Loan
	$   164,252	3.750%, 3/31/2021	$	163,137
		TransUnion, LLC, Term Loan
	641,875	3.750%, 4/9/2021		635,758
		WaveDivision Holdings, LLC, Term Loan
	585,000	4.000%, 10/15/2019		584,269
		Total		3,374,378
	Technology (1.0%)
		Avago Technologies, Ltd., Term Loan
	947,551	3.750%, 5/6/2021		948,394
		BMC Software, Inc., Term Loan
	570,167	5.000%, 9/10/2020		535,689
		Booz Allen Hamilton, Inc., Term Loan
	248,062	3.750%, 7/31/2019		248,218
		First Data Corporation, Term Loan
	900,000	3.687%, 3/23/2018		896,301
		Freescale Semiconductor, Inc., Term Loan
	586,567	4.250%, 2/28/2020		586,732
		Infor US, Inc., Term Loan
	559,917	3.750%, 6/3/2020		551,753
		Merrill Communications, LLC, Term Loan
	490,000	6.250%, 6/1/2022		487,550
		SS&C European Holdings SARL, Term Loan
	85,493	0.000%, 6/29/2022b,c		85,441
	379,507	0.000%, 6/29/2022b,c		379,271
		Total		4,719,349
	Transportation (0.5%)
		American Airlines, Inc., Term Loan
	1,056,188	3.500%, 6/27/2020		1,044,971
		Delta Air Lines, Inc., Term Loan
	752,252	3.250%, 4/20/2017		750,056
		OSG Bulk Ships, Inc., Term Loan
	697,950	5.250%, 8/5/2019		697,517
		Total		2,492,544
	Utilities (0.3%)
		Calpine Corporation, Term Loan
	73,875	4.000%, 10/31/2020		73,730
	690,667	3.500%, 5/27/2022		683,933
		Intergen NV, Term Loan
	588,000	5.500%, 6/15/2020		562,275
		Total		1,319,938
		Total Bank Loans (cost $61,069,328)		59,883,837
		Long-Term Fixed Income (43.2%)
	Asset-Backed Securities (3.1%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	670,084	0.327%, 7/25/2036d		600,761
	794,606	0.347%, 11/25/2036d		685,437
		Bayview Opportunity Master Fund Trust
	839,610	3.721%, 2/28/2035*		841,317
		Bayview Opportunity Master Fund Trust IIB, LP
	613,816	3.623%, 7/28/2019*,e		610,030
	735,586	3.228%, 7/28/2034*,e		737,339
		Bayview Opportunity Master Fund Trust IIIB, LP
	935,047	3.623%, 4/28/2030f		937,042
		Countrywide Asset-Backed Certificates
	409,485	5.530%, 4/25/2047		432,223
		GSAA Home Equity Trust
	764,987	0.457%, 7/25/2037d		646,215
		J.P. Morgan Mortgage Acquisition Trust
	1,500,000	6.472%, 3/25/2047e		1,160,629
		J.P. Morgan Mortgage Trust
	1,408,436	2.740%, 2/25/2036		1,270,521
		Lehman XS Trust
	1,280,023	5.440%, 8/25/2035e		1,167,985
		Renaissance Home Equity Loan Trust
	363,179	5.746%, 5/25/2036e		255,765
	632,000	6.011%, 5/25/2036e		444,308
	922,261	5.797%, 8/25/2036e		589,546
		U.S. Residential Opportunity Fund III Trust
	1,249,873	3.721%, 1/27/2035*		1,250,125
		Vericrest Opportunity Loan Transferee
	1,141,899	3.375%, 10/25/2058*,e		1,139,464
	1,000,000	3.500%, 6/26/2045f		998,900
	600,090	3.500%, 2/25/2055*,e		599,276
		Total		14,366,883
	Basic Materials (0.7%)
		Anglo American Capital plc
	92,000	1.225%, 4/15/2016d,f		91,784
		ArcelorMittal
	730,000	6.250%, 3/1/2021		764,675
		Dow Chemical Company
	64,000	8.550%, 5/15/2019		78,031
		First Quantum Minerals, Ltd.
	322,000	6.750%, 2/15/2020f		311,535
	322,000	7.000%, 2/15/2021f		307,912
		Freeport-McMoRan, Inc.
	53,000	2.375%, 3/15/2018		52,594
		Glencore Funding, LLC
	60,000	1.336%, 4/16/2018d,f		59,967
		Hexion US Finance Corporation
	670,000	8.875%, 2/1/2018		604,675
		INEOS Group Holdings SA
	400,000	5.875%, 2/1/2019f		402,000
		LyondellBasell Industries NV
	64,000	5.000%, 4/15/2019		69,329
		Sappi Papier Holding GmbH
	400,000	6.625%, 4/15/2021f		415,000

The accompanying Notes to Financial Statements are an integral part of this schedule.

93

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (43.2%)	Value
	Basic Materials (0.7%) - continued
		Yamana Gold, Inc.
	$     98,000	4.950%, 7/15/2024	$	94,397
		Total		3,251,899
	Capital Goods (0.8%)
		Brand Energy & Infrastructure Services, Inc.
	375,000	8.500%, 12/1/2021f		348,750
		Cemex SAB de CV
	775,000	5.700%, 1/11/2025f		739,118
		Crown Americas Capital Corporation IV
	730,000	4.500%, 1/15/2023		689,397
		Crown Cork & Seal Company, Inc.
	410,000	7.375%, 12/15/2026		460,225
		Harsco Corporation
	132,000	2.700%, 10/15/2015		132,000
		Ingersoll-Rand Luxembourg Finance SA
	190,000	2.625%, 5/1/2020		189,171
		L-3 Communications Corporation
	123,000	1.500%, 5/28/2017		122,156
		Reynolds Group Issuer, Inc.
	160,000	5.750%, 10/15/2020		164,000
	410,000	6.875%, 2/15/2021		427,425
		Sealed Air Corporation
	500,000	4.875%, 12/1/2022f		492,500
		Textron, Inc.
	137,000	7.250%, 10/1/2019		160,352
		Total		3,925,094
	Collateralized Mortgage Obligations (14.5%)
		Adjustable Rate Mortgage Trust
	1,072,000	2.828%, 11/25/2035		930,208
		Alternative Loan Trust
	1,516,954	5.500%, 5/25/2035		1,525,361
	1,080,828	6.000%, 6/25/2036		986,234
		American Home Mortgage Assets Trust
	1,659,120	0.377%, 12/25/2046d		1,146,390
	1,684,780	0.377%, 6/25/2047d		1,147,375
		American Home Mortgage Investment Trust
	1,455,379	6.250%, 12/25/2036		678,253
		Banc of America Alternative Loan Trust
	433,238	0.687%, 4/25/2035d		337,748
	1,243,871	6.000%, 11/25/2035		1,109,989
		Banc of America Funding Corporation
	317,236	5.052%, 5/20/2036		256,312
		Bayview Opportunity Master Fund IIIb NPL Trust
	1,300,000	3.721%, 7/28/2035e,f		1,300,000
		BCAP, LLC Trust
	1,247,962	0.367%, 3/25/2037d		1,064,837
		Bear Stearns Adjustable Rate Mortgage Trust
	251,598	2.410%, 10/25/2035d		247,454
	274,997	2.639%, 2/25/2036		216,820
		Bear Stearns ALT-A Trust
	1,330,810	4.814%, 7/25/2035		1,093,429
		Citicorp Mortgage Securities Trust
	414,883	6.000%, 5/25/2037		428,688
		Citigroup Mortgage Loan Trust, Inc.
	378,727	5.500%, 11/25/2035		349,916
	652,631	2.776%, 3/25/2037		511,395
		CitiMortgage Alternative Loan Trust
	533,441	5.750%, 4/25/2037		456,866
		Countrywide Alternative Loan Trust
	310,577	0.587%, 2/25/2035d		286,573
	929,019	2.406%, 10/25/2035		820,222
	635,863	5.071%, 10/25/2035		577,663
	416,683	5.500%, 2/25/2036		396,500
	228,060	6.000%, 4/25/2036		203,422
	566,465	6.500%, 8/25/2036		460,591
	198,839	6.000%, 1/25/2037		182,998
	845,165	5.500%, 5/25/2037		711,636
		Countrywide Home Loan Mortgage Pass Through Trust
	1,274,952	2.458%, 11/25/2035		1,080,348
	511,198	4.866%, 2/20/2036		448,180
		Deutsche Alt-A Securities Mortgage Loan Trust
	868,575	0.928%, 4/25/2047d		745,971
	1,404,079	0.407%, 8/25/2047d		1,209,575
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	103,418	5.500%, 10/25/2021		99,570
	330,439	0.387%, 11/25/2035d		221,712
	726,077	5.500%, 11/25/2035		688,647
		Federal Home Loan Mortgage Corporation
	6,945,918	2.500%, 12/15/2022g		461,667
	2,095,349	2.500%, 5/15/2027g		175,538
	2,474,299	2.500%, 2/15/2028g		236,233
	7,436,476	2.500%, 3/15/2028g		692,308
	3,988,729	3.000%, 4/15/2028g		437,631
	3,287,684	3.000%, 2/15/2033g		462,933
		Federal National Mortgage Association
	3,239,753	2.500%, 2/25/2028g		331,180
	2,710,897	3.000%, 4/25/2028g		298,550
	3,088,069	3.500%, 1/25/2033g		396,136
		First Horizon Alternative Mortgage Securities Trust
	935,329	2.240%, 3/25/2035		838,568
	997,755	6.000%, 8/25/2036d		822,361
		First Horizon Mortgage Pass-Through Trust
	938,540	2.657%, 8/25/2037		770,799
		GMAC Mortgage Corporation Loan Trust
	1,522,611	3.174%, 5/25/2035		1,456,048
		Government National Mortgage Association
	3,333,614	4.000%, 1/16/2027g		410,440
		Greenpoint Mortgage Funding Trust
	698,134	0.387%, 10/25/2045d		538,265
		GSR Mortgage Loan Trust
	175,567	0.377%, 8/25/2046d		169,967
		HarborView Mortgage Loan Trust
	1,641,500	2.670%, 7/19/2035		1,464,307
		HomeBanc Mortgage Trust
	378,346	2.205%, 4/25/2037		282,151

The accompanying Notes to Financial Statements are an integral part of this schedule.

94

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (43.2%)	Value
	Collateralized Mortgage Obligations (14.5%) - continued
		IndyMac IMJA Mortgage Loan Trust
	$   867,215	6.250%, 11/25/2037	$	734,942
		IndyMac INDX Mortgage Loan Trust
	1,228,730	4.569%, 10/25/2035		1,022,459
	1,037,013	0.827%, 7/25/2045d		895,635
		J.P. Morgan Alternative Loan Trust
	1,173,940	6.500%, 3/25/2036		1,028,730
		J.P. Morgan Mortgage Trust
	213,615	6.500%, 1/25/2035		209,822
	986,671	2.661%, 8/25/2035		979,949
	440,719	2.555%, 10/25/2036		396,470
	814,252	0.567%, 1/25/2037d		524,503
	677,405	2.559%, 1/25/2037		621,394
	435,820	6.250%, 8/25/2037		345,558
		Lehman Mortgage Trust
	527,379	0.937%, 12/25/2035d		380,315
		Master Asset Securitization Trust
	593,653	0.687%, 6/25/2036d		348,152
		MASTR Alternative Loans Trust
	210,283	6.500%, 7/25/2034		215,365
	488,134	0.637%, 12/25/2035d		255,628
		Merrill Lynch Alternative Note Asset Trust
	651,407	6.000%, 3/25/2037		595,938
		Morgan Stanley Mortgage Loan Trust
	501,484	5.201%, 11/25/2035		373,109
		MortgageIT Trust
	980,401	0.447%, 12/25/2035d		886,713
		New Century Alternative Mortgage Loan Trust
	1,130,345	6.167%, 7/25/2036e		790,135
		Oak Hill Advisors Residential Loan Trust
	1,058,771	3.475%, 1/25/2055*,e		1,059,178
		RALI Trust
	1,051,980	6.000%, 4/25/2036		908,077
	1,077,857	0.367%, 11/25/2036d		779,490
	364,049	6.000%, 6/25/2037		305,726
	1,438,012	0.377%, 7/25/2037d		1,208,275
		Residential Accredit Loans, Inc.
	750,694	5.750%, 9/25/2035		677,898
	859,449	6.000%, 1/25/2037		731,764
		Residential Accredit Loans, Inc. Trust
	1,482,687	5.750%, 4/25/2037		1,199,360
	908,550	6.250%, 4/25/2037		769,490
		Residential Asset Securitization Trust
	963,410	6.231%, 8/25/2022		868,396
	564,492	5.500%, 4/25/2035		569,707
	820,265	0.567%, 8/25/2037d		285,642
		Residential Funding Mortgage Security I Trust
	1,159,540	6.000%, 7/25/2037		1,048,757
		RFMSI Trust
	848,242	5.750%, 2/25/2036		785,550
		Sequoia Mortgage Trust
	1,390,826	2.770%, 9/20/2046		1,108,547
		Structured Adjustable Rate Mortgage Loan Trust
	232,946	2.576%, 12/25/2034		226,285
	885,800	4.127%, 7/25/2035		763,948
	393,535	2.654%, 9/25/2035		332,396
	677,061	4.503%, 5/25/2036		527,236
		Structured Asset Mortgage Investments, Inc.
	1,552,532	0.497%, 12/25/2035d		1,182,277
	814,405	0.397%, 5/25/2046d		606,132
		Suntrust Alternative Loan Trust
	1,003,918	5.750%, 12/25/2035		921,496
		WaMu Mortgage Pass Through Certificates
	1,256,916	4.241%, 8/25/2036		1,113,293
	681,183	1.969%, 11/25/2036		601,620
	1,358,672	1.797%, 1/25/2037		1,153,322
	125,237	2.254%, 8/25/2046		105,952
	586,142	1.078%, 9/25/2046d		469,309
	676,858	1.937%, 3/25/2047d		540,972
		Washington Mutual Mortgage Pass Through Certificates
	595,503	0.787%, 6/25/2035d		446,508
	837,782	6.000%, 11/25/2035		768,840
	1,261,708	0.908%, 2/25/2047d		887,335
		Wells Fargo Mortgage Backed Securities Trust
	1,457,379	2.683%, 7/25/2036		1,424,090
	492,260	6.000%, 7/25/2037		497,787
	662,916	6.000%, 11/25/2037		656,198
		Total		68,301,635
	Commercial Mortgage-Backed Securities (0.1%)
		Greenwich Capital Commercial Funding Corporation
	650,000	5.867%, 12/10/2049		697,223
		Total		697,223
	Communications Services (2.4%)
		AMC Networks, Inc.
	390,000	4.750%, 12/15/2022		390,000
		American Tower Corporation
	60,000	2.800%, 6/1/2020		59,166
	98,000	3.450%, 9/15/2021		97,528
		AT&T, Inc.
	65,000	1.212%, 6/30/2020d		65,252
		CC Holdings GS V, LLC
	160,000	2.381%, 12/15/2017		161,849
		CCO Holdings, LLC
	400,000	6.500%, 4/30/2021		418,500
		CenturyLink, Inc.
	400,000	6.450%, 6/15/2021		403,000
		Cequel Communications Holdings I, LLC
	750,000	6.375%, 9/15/2020f		744,938
		Columbus International, Inc.
	750,000	7.375%, 3/30/2021f		806,250
		Crown Castle International Corporation
	800,000	5.250%, 1/15/2023		805,800
		Digicel, Ltd.
	760,000	6.000%, 4/15/2021f		732,731
		DIRECTV Holdings, LLC
	104,000	5.875%, 10/1/2019		117,396
		DISH DBS Corporation
	400,000	5.000%, 3/15/2023		370,000

The accompanying Notes to Financial Statements are an integral part of this schedule.

95

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (43.2%)	Value
	Communications Services (2.4%) - continued
		Hughes Satellite Systems Corporation
	$  513,000	6.500%, 6/15/2019	$	556,605
		Level 3 Escrow II, Inc.
	400,000	5.375%, 8/15/2022		404,000
		Numericable-SFR
	770,000	6.000%, 5/15/2022f		758,931
		SBA Tower Trust
	200,000	3.598%, 4/16/2043f		199,370
		Sprint Corporation
	760,000	7.625%, 2/15/2025		716,300
		Telefonica Emisiones SAU
	126,000	3.192%, 4/27/2018		129,432
		T-Mobile USA, Inc.
	770,000	6.125%, 1/15/2022		795,025
		Univision Communications, Inc.
	515,000	5.125%, 5/15/2023f		499,550
		UPCB Finance V, Ltd.
	513,000	7.250%, 11/15/2021f		554,040
		Verizon Communications, Inc.
	66,000	2.625%, 2/21/2020		65,852
	98,000	4.500%, 9/15/2020		105,716
		West Corporation
	770,000	5.375%, 7/15/2022f		719,950
		Wind Acquisition Finance SA
	500,000	4.750%, 7/15/2020f		492,500
		Total		11,169,681
	Consumer Cyclical (1.6%)
		AMC Entertainment, Inc.
	400,000	5.875%, 2/15/2022		406,000
		Brookfield Residential Properties, Inc.
	570,000	6.500%, 12/15/2020f		567,389
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		139,762
	95,000	2.597%, 11/4/2019		94,307
		General Motors Financial Company, Inc.
	570,000	3.250%, 5/15/2018		582,964
	83,000	4.375%, 9/25/2021		86,146
		Hilton Worldwide Finance, LLC
	730,000	5.625%, 10/15/2021		758,251
		Home Depot, Inc.
	65,000	2.625%, 6/1/2022		63,928
		Hyundai Capital America
	20,000	2.000%, 3/19/2018f		20,007
		Jaguar Land Rover Automotive plc
	200,000	4.125%, 12/15/2018f		202,500
	125,000	4.250%, 11/15/2019f		126,875
	420,000	5.625%, 2/1/2023f		434,700
		L Brands, Inc.
	570,000	5.625%, 2/15/2022		599,925
		Lennar Corporation
	410,000	12.250%, 6/1/2017		483,800
	160,000	4.125%, 12/1/2018		161,600
		Macy’s Retail Holdings, Inc.
	176,000	7.450%, 7/15/2017		196,199
		MGM Resorts International
	775,000	6.000%, 3/15/2023		784,688
		Royal Caribbean Cruises, Ltd.
	750,000	5.250%, 11/15/2022		775,730
		Six Flags Entertainment Corporation
	200,000	5.250%, 1/15/2021f		204,000
		Toll Brothers Finance Corporation
	124,000	4.000%, 12/31/2018		126,480
		United Rentals, Inc.
	780,000	5.500%, 7/15/2025		753,675
		Total		7,568,926
	Consumer Non-Cyclical (2.0%)
		AbbVie, Inc.
	60,000	1.800%, 5/14/2018		59,824
		Amgen, Inc.
	60,000	2.125%, 5/1/2020		58,752
		B&G Foods, Inc.
	310,000	4.625%, 6/1/2021		305,350
		BAT International Finance plc
	65,000	0.796%, 6/15/2018d,f		64,962
		Becton, Dickinson and Company
	45,000	1.450%, 5/15/2017		44,967
		Boston Scientific Corporation
	35,000	6.000%, 1/15/2020		39,633
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		65,109
		Cott Beverages, Inc.
	770,000	5.375%, 7/1/2022f		746,900
		CVS Health Corporation
	64,000	2.250%, 12/5/2018		64,790
		EMD Finance, LLC
	35,000	0.633%, 3/17/2017d,f		34,981
		Endo Finance LLC & Endo Finco, Inc.
	160,000	7.000%, 7/15/2019f		165,920
	410,000	7.000%, 12/15/2020f		430,500
		Envision Healthcare Corporation
	750,000	5.125%, 7/1/2022f		755,625
		Forest Laboratories, Inc.
	97,000	4.375%, 2/1/2019f		102,660
		Grifols Worldwide Operations, Ltd.
	520,000	5.250%, 4/1/2022		521,300
		HCA, Inc.
	575,000	3.750%, 3/15/2019		579,312
		Hospira, Inc.
	60,000	6.050%, 3/30/2017		64,557
	560,000	5.200%, 8/12/2020		625,972
		IMS Health, Inc.
	320,000	6.000%, 11/1/2020f		329,600
		JBS USA, LLC
	390,000	5.875%, 7/15/2024f		392,438
	780,000	5.750%, 6/15/2025f		770,991
		Laboratory Corporation of America Holdings
	25,000	2.625%, 2/1/2020		24,806
		Medtronic, Inc.
	190,000	4.375%, 3/15/2035f		188,542
		Mondelez International, Inc.
	86,000	2.250%, 2/1/2019		86,139
		Ortho-Clinical Diagnostics, Inc.
	750,000	6.625%, 5/15/2022f		658,125

The accompanying Notes to Financial Statements are an integral part of this schedule.

96

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (43.2%)	Value
	Consumer Non-Cyclical (2.0%) - continued
		PepsiCo, Inc.
	$     60,000	1.850%, 4/30/2020	$	59,338
		Pernod Ricard SA
	64,000	5.750%, 4/7/2021f		72,056
		Reynolds American, Inc.
	65,000	3.250%, 6/12/2020		65,839
		SABMiller plc
	48,000	6.500%, 7/15/2018f		54,180
		Safeway, Inc.
	37,000	3.400%, 12/1/2016		37,011
		Spectrum Brands Escrow Corporation
	340,000	6.375%, 11/15/2020		359,550
		Spectrum Brands, Inc.
	340,000	5.750%, 7/15/2025f		345,100
		Tenet Healthcare Corporation
	730,000	8.125%, 4/1/2022		798,255
		Tyson Foods, Inc.
	98,000	4.500%, 6/15/2022		104,099
		VPII Escrow Corporation
	410,000	7.500%, 7/15/2021f		441,262
		Total		9,518,445
	Energy (2.0%)
		Buckeye Partners, LP
	98,000	2.650%, 11/15/2018		97,642
		Chaparral Energy, Inc.
	400,000	7.625%, 11/15/2022		288,000
		CNPC General Capital, Ltd.
	123,000	2.750%, 4/19/2017f		125,054
		Concho Resources, Inc.
	570,000	5.500%, 10/1/2022		567,150
		Crestwood Midstream Partners, LP
	510,000	6.250%, 4/1/2023f		530,400
		Enbridge Energy Partners, LP
	810,000	8.050%, 10/1/2037		832,275
		Enterprise Products Operating, LLC
	60,000	1.650%, 5/7/2018		59,940
	83,000	2.550%, 10/15/2019		82,976
	960,000	7.034%, 1/15/2068		1,032,000
		EQT Corporation
	60,000	5.150%, 3/1/2018		63,051
	62,000	8.125%, 6/1/2019		72,573
		Hess Corporation
	95,000	8.125%, 2/15/2019		112,470
		Kinder Morgan, Inc.
	95,000	5.300%, 12/1/2034		88,321
		Linn Energy, LLC
	570,000	6.250%, 11/1/2019		446,025
		MarkWest Energy Partners, LP
	780,000	4.875%, 12/1/2024		762,450
		MEG Energy Corporation
	160,000	6.500%, 3/15/2021f		154,000
	410,000	6.375%, 1/30/2023f		379,250
		Offshore Group Investment, Ltd.
	570,000	7.500%, 11/1/2019		350,550
		Pacific Drilling V, Ltd.
	510,000	7.250%, 12/1/2017f		438,600
		Petrobras International Finance Company
	295,000	5.750%, 1/20/2020		292,298
		Petroleos Mexicanos
	390,000	5.625%, 1/23/2046f		364,143
		Regency Energy Partners, LP
	730,000	5.000%, 10/1/2022		741,532
		Rosetta Resources, Inc.
	550,000	5.875%, 6/1/2022		587,125
		Sabine Pass Liquefaction, LLC
	775,000	5.625%, 3/1/2025f		767,250
		Shell International Finance BV
	60,000	0.729%, 5/11/2020d		59,742
		Suncor Energy, Inc.
	86,000	6.100%, 6/1/2018		95,904
		Weatherford International, Ltd.
	80,000	6.000%, 3/15/2018		85,163
		Williams Companies, Inc.
	98,000	3.700%, 1/15/2023		91,249
		Total		9,567,133
	Financials (7.9%)
		Abbey National Treasury Services plc
	64,000	3.050%, 8/23/2018		66,214
		Aegon NV
	720,000	2.137%, 7/29/2049d,h		606,600
		AIG Life Holdings, Inc.
	800,000	7.570%, 12/1/2045*		1,044,000
		Ally Financial, Inc.
	600,000	3.750%, 11/18/2019		595,500
		American Express Company
	750,000	6.800%, 9/1/2066		771,675
		Aviation Capital Group Corporation
	96,000	3.875%, 9/27/2016f		97,698
		Banco de Brasil SA
	1,140,000	9.000%, 12/31/2049f,h		1,028,508
		Bank of America Corporation
	164,000	5.700%, 5/2/2017		174,969
	58,000	5.650%, 5/1/2018		63,713
	90,000	8.000%, 12/29/2049h		94,950
		Bank of New York Mellon Corporation
	480,000	4.500%, 12/31/2049h		444,000
		Barclays Bank plc
	100,000	5.140%, 10/14/2020		108,698
		BBVA Banco Continental SA
	117,000	2.250%, 7/29/2016f		117,351
		BBVA International Preferred SA Unipersonal
	1,030,000	5.919%, 12/29/2049h		1,055,750
		BPCE SA
	375,000	5.150%, 7/21/2024f		380,986
		Caisse Centrale Desjardins du Quebec
	35,000	0.944%, 1/29/2018d,f		35,146
		Capital One Financial Corporation
	2,000,000	5.550%, 12/29/2049h		1,982,500
		Citigroup, Inc.
	97,000	1.850%, 11/24/2017		97,237
	128,000	8.500%, 5/22/2019		156,121

The accompanying Notes to Financial Statements are an integral part of this schedule.

97

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (43.2%)	Value
	Financials (7.9%) - continued
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	$   525,000	11.000%, 12/29/2049f,h	$	665,438
		Credit Agricole SA
	50,000	1.252%, 6/10/2020d,f		49,931
	380,000	6.625%, 9/29/2049f,h		370,880
		Credit Suisse Group AG
	400,000	7.500%, 12/11/2049f,h		416,480
	760,000	6.250%, 12/29/2049f,h		728,650
		CyrusOne, LP
	570,000	6.375%, 11/15/2022		589,950
		DDR Corporation
	86,000	9.625%, 3/15/2016		90,728
		Denali Borrower, LLC
	760,000	5.625%, 10/15/2020f		798,950
		Discover Bank
	43,000	8.700%, 11/18/2019		52,302
		Discover Financial Services
	90,000	6.450%, 6/12/2017		97,747
		Duke Realty, LP
	95,000	4.375%, 6/15/2022		99,265
		Fifth Third Bancorp
	575,000	4.900%, 12/29/2049h		548,148
	600,000	5.100%, 12/31/2049h		562,500
		GE Capital Trust I
	380,000	6.375%, 11/15/2067		405,840
		General Electric Capital Corporation
	800,000	6.250%, 12/15/2049h		875,000
		Goldman Sachs Group, Inc.
	88,000	2.625%, 1/31/2019		89,089
	122,000	7.500%, 2/15/2019		143,302
	35,000	1.437%, 4/23/2020d		35,342
	60,000	1.884%, 11/29/2023d		60,982
		Hartford Financial Services Group, Inc.
	106,000	6.000%, 1/15/2019		118,446
		HCP, Inc.
	64,000	3.750%, 2/1/2019		66,574
		Health Care REIT, Inc.
	110,000	4.700%, 9/15/2017		117,028
		HSBC Holdings plc
	665,000	6.375%, 3/29/2049h		668,325
	375,000	5.625%, 12/29/2049h		375,469
	380,000	6.375%, 12/29/2049h		380,950
		Icahn Enterprises, LP
	770,000	6.000%, 8/1/2020		795,025
		ILFC E-Capital Trust II
	1,575,000	6.250%, 12/21/2065d,f		1,543,500
		ING Capital Funding Trust III
	819,000	3.882%, 12/29/2049d,h		812,857
		International Lease Finance Corporation
	64,000	2.236%, 6/15/2016d		63,920
	390,000	5.875%, 8/15/2022		421,200
		Intesa Sanpaolo SPA
	41,000	3.875%, 1/16/2018		42,326
	100,000	3.875%, 1/15/2019		102,883
		J.P. Morgan Chase & Company
	88,000	6.300%, 4/23/2019		100,815
	30,000	2.250%, 1/23/2020		29,481
	77,000	7.900%, 4/29/2049h		81,447
	750,000	6.750%, 8/29/2049h		801,323
		Liberty Mutual Group, Inc.
	525,000	10.750%, 6/15/2058f		792,750
	25,000	5.000%, 6/1/2021f		27,281
		Lincoln National Corporation
	770,000	6.050%, 4/20/2067		696,850
		Lloyds Banking Group plc
	800,000	6.413%, 1/29/2049f,h		888,000
	800,000	5.920%, 9/29/2049f,h		796,000
		MetLife Capital Trust IV
	823,000	7.875%, 12/15/2037f		1,033,688
		MetLife, Inc.
	400,000	6.400%, 12/15/2036		439,000
		Morgan Stanley
	35,000	1.417%, 1/27/2020d		35,482
	64,000	4.875%, 11/1/2022		68,077
		MPT Operating Partnership, LP
	510,000	5.500%, 5/1/2024		525,300
		Murray Street Investment Trust I
	88,000	4.647%, 3/9/2017		92,437
		National City Corporation
	86,000	6.875%, 5/15/2019		99,736
		National Westminster Bank plc
	1,140,000	0.563%, 11/29/2049d,h		712,479
		Nomura Holdings, Inc.
	85,000	2.750%, 3/19/2019		85,785
		Prudential Financial, Inc.
	380,000	5.875%, 9/15/2042		401,584
	775,000	5.625%, 6/15/2043		803,288
		QBE Capital Funding III, Ltd.
	400,000	7.250%, 5/24/2041f		442,406
		Quicken Loans, Inc.
	510,000	5.750%, 5/1/2025f		488,325
		Realty Income Corporation
	78,000	2.000%, 1/31/2018		78,555
		Regions Bank
	28,000	7.500%, 5/15/2018		32,139
		Reinsurance Group of America, Inc.
	160,000	5.625%, 3/15/2017		170,525
		Royal Bank of Scotland Group plc
	82,000	1.222%, 3/31/2017d		82,056
	375,000	7.648%, 8/29/2049h		466,875
		Societe Generale SA
	124,000	5.750%, 4/20/2016f		127,892
	760,000	8.250%, 9/29/2049h		796,898
	400,000	7.875%, 12/31/2049f,h		402,000
		Standard Chartered plc
	760,000	6.500%, 12/29/2049f,h		766,557
		Swiss RE Capital I, LP
	823,000	6.854%, 5/29/2049f,h		846,044
		Synchrony Financial
	94,000	1.875%, 8/15/2017		93,961
	25,000	1.509%, 2/3/2020d		25,110
	94,000	3.750%, 8/15/2021		94,715
		USB Realty Corporation
	760,000	1.422%, 12/29/2049d,f,h		694,450
		Voya Financial, Inc.
	129,000	2.900%, 2/15/2018		132,379
	200,000	5.650%, 5/15/2053		204,250
		Wells Fargo & Company
	35,000	0.958%, 1/30/2020d		34,827

The accompanying Notes to Financial Statements are an integral part of this schedule.

98

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (43.2%)	Value
	Financials (7.9%) - continued
	$   400,000	5.900%, 12/29/2049h	$	401,000
	380,000	5.875%, 12/31/2049h		389,044
		ZFS Finance USA Trust II
	977,000	6.450%, 12/15/2065f		999,246
		Total		37,390,700
	Foreign Government (2.5%)
		Brazil Government International Bond
	195,000	4.875%, 1/22/2021		203,775
	585,000	2.625%, 1/5/2023		519,188
	700,000	5.000%, 1/27/2045		605,500
		Colombia Government International Bond
	250,000	4.000%, 2/26/2024		248,750
	150,000	5.000%, 6/15/2045		138,750
		Costa Rica Government International Bond
	560,000	7.158%, 3/12/2045f		546,000
		Croatia Government International Bond
	350,000	6.625%, 7/14/2020f		382,757
		Hungary Government International Bond
	400,000	5.750%, 11/22/2023		443,000
	500,000	5.375%, 3/25/2024		541,875
		Indonesia Government International Bond
	290,000	3.375%, 4/15/2023f		273,325
	210,000	4.125%, 1/15/2025f		206,062
	675,000	5.125%, 1/15/2045f		643,781
		Mexico Government International Bond
	250,000	3.625%, 3/15/2022		253,000
	930,000	4.000%, 10/2/2023		955,575
	250,000	4.750%, 3/8/2044		237,500
	260,000	4.600%, 1/23/2046		240,500
		Panama Government International Bond
	200,000	4.000%, 9/22/2024		201,000
	270,000	3.750%, 3/16/2025		265,950
		Peru Government International Bond
	200,000	5.625%, 11/18/2050		223,000
		Philippines Government International Bond
	235,000	7.750%, 1/14/2031		338,988
		Romania Government International Bond
	196,000	4.375%, 8/22/2023f		200,880
		Russian Government International Bond
	800,000	5.000%, 4/29/2020f		821,040
	500,000	4.875%, 9/16/2023f		494,500
		South Africa Government International Bond
	245,000	5.500%, 3/9/2020		266,560
	210,000	5.875%, 5/30/2022		232,627
		Turkey Government International Bond
	700,000	7.000%, 6/5/2020		799,025
	385,000	5.125%, 3/25/2022		403,287
	400,000	4.250%, 4/14/2026		381,264
	200,000	4.875%, 4/16/2043		181,992
		Venezuela Government International Bond
	580,000	7.650%, 4/21/2025		211,700
		Total		11,461,151
	Mortgage-Backed Securities (2.2%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,500,000	3.500%, 7/1/2045c		1,545,820
	8,650,000	4.000%, 8/1/2045c		9,144,232
		Total		10,690,052
	Technology (1.1%)
		Alliance Data Systems Corporation
	420,000	5.375%, 8/1/2022f		413,700
		Amkor Technology, Inc.
	670,000	6.625%, 6/1/2021		680,050
		Apple, Inc.
	60,000	0.577%, 5/6/2020d		59,828
		Cisco Systems, Inc.
	65,000	0.593%, 6/15/2018d		65,114
		CommScope Technologies Finance, LLC
	580,000	6.000%, 6/15/2025f		577,825
		Equinix, Inc.
	515,000	5.750%, 1/1/2025		509,850
		First Data Corporation
	570,000	7.375%, 6/15/2019f		592,515
		Freescale Semiconductor, Inc.
	570,000	6.000%, 1/15/2022f		604,200
		Oracle Corporation
	60,000	2.500%, 5/15/2022		58,260
		Plantronics, Inc.
	800,000	5.500%, 5/31/2023f		810,000
		Sensata Technologies BV
	725,000	4.875%, 10/15/2023f		715,937
		Texas Instruments, Inc.
	60,000	1.750%, 5/1/2020		58,956
		Total		5,146,235
	Transportation (0.3%)
		American Airlines Pass Through Trust
	78,762	4.950%, 1/15/2023		83,389
		Avis Budget Car Rental, LLC
	770,000	5.125%, 6/1/2022f		750,750
		Delta Air Lines, Inc.
	58,650	4.950%, 5/23/2019		62,133
	51,566	4.750%, 5/7/2020		54,531
		Korea Expressway Corporation
	123,000	1.625%, 4/28/2017f		122,956
		XPO Logistics, Inc.
	500,000	6.500%, 6/15/2022f		489,375
		Total		1,563,134

The accompanying Notes to Financial Statements are an integral part of this schedule.

99

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (43.2%)	Value
	U.S. Government and Agencies (0.3%)
		U.S. Treasury Notes
	$  1,110,000	1.875%, 6/30/2020	$	1,122,834
		Total		1,122,834
	Utilities (1.7%)
		Access Midstream Partners, LP
	390,000	4.875%, 5/15/2023		384,700
		AES Corporation
	390,000	7.375%, 7/1/2021		428,025
		Calpine Corporation
	560,000	6.000%, 1/15/2022f		592,200
	730,000	5.375%, 1/15/2023		717,225
		DCP Midstream, LLC
	300,000	5.850%, 5/21/2043f		237,750
		Dynegy Finance I, Inc.
	700,000	7.375%, 11/1/2022f		733,250
		Electricite de France SA
	1,240,000	5.250%, 12/29/2049f,h		1,241,550
		Energy Transfer Equity, LP
	780,000	5.500%, 6/1/2027		778,050
		Exelon Generation Company, LLC
	88,000	5.200%, 10/1/2019		96,783
		NextEra Energy Capital Holdings, Inc.
	60,000	1.586%, 6/1/2017		60,130
		NRG Energy, Inc.
	390,000	6.625%, 3/15/2023		401,700
		Southern California Edison Company
	1,700,000	6.250%, 8/1/2049h		1,876,800
		TransCanada PipeLines, Ltd.
	400,000	6.350%, 5/15/2067		380,000
		Xcel Energy, Inc.
	60,000	1.200%, 6/1/2017		60,012
		Total		7,988,175
		Total Long-Term Fixed Income (cost $200,047,431)		203,729,200
Shares		Common Stock (29.2%)
	Consumer Discretionary (4.3%)
	700	ABC-MART, Inc.		42,842
	4,300	Aisin Seiki Company, Ltd.		182,833
	4,520	Amazon.com, Inc.i		1,962,087
	2,960	AutoZone, Inc.i		1,974,024
	1,000	Bayerische Motoren Werke AG		84,673
	4,900	Berkeley Group Holdings plc		257,488
	14,720	Best Buy Company, Inc.		480,019
	7,720	BorgWarner, Inc.		438,805
	1,200	Brembo SPA		51,192
	1,400	Bridgestone Corporation		51,748
	8,555	Cedar Fair, LP		466,162
	1,900	Chiyoda Company, Ltd.		44,594
	40,724	Comcast Corporation		2,449,141
	18,400	Crown Resorts, Ltd.		172,886
	800	Daiichikosho Company, Ltd.		28,156
	21,300	EDION Corporationj		150,798
	5,500	Electrolux AB		172,332
	122,700	Enterprise Inns plci		239,173
	13,220	Ford Motor Company		198,432
	4,510	General Motors Company		150,318
	15,000	Gunze, Ltd.		41,028
	13,100	Hakuhodo Dy Holdings, Inc.		140,097
	3,940	Harman International Industries, Inc.		468,624
	8,100	Haseko Corporation		95,411
	7,400	Heiwa Corporation		147,305
	13,500	Honda Motor Company, Ltd.		436,318
	400	Hugo Boss AG		44,719
	7,100	Informa plc		60,978
	10,440	Jarden Corporationi		540,270
	8,100	JM AB		220,763
	58,429	Kongsberg Automotive ASAi		40,586
	15,173	Las Vegas Sands Corporation		797,645
	21	Lear Corporation		2,357
	10,000	Luk Fook Holdings International, Ltd.		29,448
	4,870	Marriott International, Inc.		362,279
	41,300	Marston’s plc		104,281
	17,732	MDC Partners, Inc.		349,320
	9,000	NOK Corporation		278,854
	5,900	Oxford Industries, Inc.		515,955
	12,200	Persimmon plc		378,514
	4,200	Premier Investments, Ltd.		41,297
	3,800	SES SA		127,749
	4,000	SHOWA Corporation		39,804
	6,000	Slater & Gordon, Ltd.		16,370
	35,040	Starbucks Corporation		1,878,670
	13,700	Sumitomo Forestry Company, Ltd.		168,950
	3,100	Sumitomo Rubber Industries, Ltd.		48,020
	22,790	Target Corporation		1,860,348
	12,860	Toll Brothers, Inc.i		491,123
	26,860	Tuesday Morning Corporationi		302,578
	14,400	UBM plc		120,993
	1,100	Valora Holding AG		216,113
	7,000	Wacoal Holdings Corporation		81,807
	7,700	WH Smith plc		184,659
	9,300	WPP plc		208,748
		Total		20,439,684
	Consumer Staples (1.3%)
	2,200	AarhusKarlshamn AB		130,303
	12,571	Anheuser-Busch InBev NV ADR		1,516,943
	5,900	Axfood AB		94,187
	1,879	Bakkafrost PF		50,106
	12,500	Britvic plc		140,833
	500	Carlsberg AS		45,303
	500	Casino Guichard Perrachon SA		37,951
	2,700	Coca-Cola HBC AGi		57,945
	1,100	Cranswick plc		27,585
	1,800	Henkel AG & Company KGaA		171,641
	10,400	J Sainsbury plc		43,292
	24,400	Koninklijke Ahold NV		458,054
	1,100	KOSE Corporation		90,467
	300	Milbon Company, Ltd.		9,546
	10,300	Nestle SA		743,151
	16,940	Philip Morris International, Inc.		1,358,080
	800	Reckitt Benckiser Group plc		68,987
	71,000	Rite Aid Corporationi		592,850
	1,000	Royal Unibrew AS		34,179
	9,721	SalMar ASA		142,574
	6,600	Suedzucker AGj		109,929
	9,800	Swedish Match AB		278,620
	12,600	Tate & Lyle plc		102,849
		Total		6,305,375
	Energy (1.6%)
	5,816	BW LPG, Ltd.		49,730
	56,761	BW Offshore, Ltd.		36,592
	18,720	Cameron International Corporationi		980,366

The accompanying Notes to Financial Statements are an integral part of this schedule.

100

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.2%)	Value
	Energy (1.6%) - continued
	43,680	Cobalt International Energy, Inc.i	$	424,133
	3,620	Concho Resources, Inc.i		412,173
	12,910	EOG Resources, Inc.		1,130,270
	11,750	EQT Corporation		955,745
	17,400	ERG SPA		208,727
	4,200	Royal Dutch Shell plc		119,448
	20,344	Royal Dutch Shell plc, Class B		579,201
	8,300	Showa Shell Sekiyu KK		72,522
	5,553	Statoil ASA		99,304
	3,900	Total SA		191,299
	16,834	Total SA ADR		827,728
	90,450	Weatherford International, Ltd.i		1,109,821
	5,200	Woodside Petroleum, Ltd.		137,211
	12,700	WorleyParsons, Ltd.		101,966
		Total		7,436,236
	Financials (10.2%)
	1,300	Acadia Realty Trust		37,843
	2,360	Affiliated Managers Group, Inc.i		515,896
	1,300	Agree Realty Corporation		37,921
	9,549	Alexandria Real Estate Equities, Inc.		835,156
	8,300	Allianz SE		1,294,397
	3,800	American Realty Capital Properties, Inc.		30,894
	41,500	Amlin plc		310,504
	5,100	Apartment Investment & Management Company		188,343
	200,000	Apollo Investment Corporation		1,416,000
	115,400	Ares Capital Corporation		1,899,484
	23,900	Assured Guaranty, Ltd.		573,361
	3,300	AvalonBay Communities, Inc.		527,571
	12,100	Bank Hapoalim, Ltd.		65,122
	14,507	Bank of Queensland, Ltd.		142,741
	38,000	Bank of Yokohama, Ltd.		232,711
	6,400	Bendigo and Adelaide Bank, Ltd.		60,516
	22,400	BinckBank NV		213,763
	5,100	BioMed Realty Trust, Inc.		98,634
	20,696	Blackstone Group, LP		845,846
	1,100	Bluerock Residential Growth REIT, Inc.		13,926
	1,000	Bolsas y Mercados Espanoles SA		40,532
	6,355	Boston Properties, Inc.		769,209
	24,055	Brixmor Property Group, Inc.		556,392
	8,990	Camden Property Trust		667,777
	15,070	Capital One Financial Corporation		1,325,708
	10,057	Capital Shopping Centres Group plc		48,582
	31,000	Capitaland Commercial Trusti		35,879
	30,100	CapitaMall Trusti		48,012
	32,430	Charles Schwab Corporation		1,058,839
	300	Chatham Lodging Trust		7,941
	901	Chesapeake Lodging Trust		27,462
	9,000	Chiba Bank, Ltd.		68,533
	33,180	Citigroup, Inc.		1,832,863
	9,600	CNP Assurances		160,673
	1,400	Commonwealth Bank of Australia		91,808
	450	CoreSite Realty Corporation		20,448
	5,900	CubeSmart		136,644
	1,600	CyrusOne, Inc.		47,120
	3,200	Daito Trust Construction Company, Ltd.		331,185
	17	Daiwa House Residential Investment Corporation		38,533
	12,000	Daiwa Securities Group, Inc.		89,768
	27,770	DDR Corporation		429,324
	1,900	Delta Lloyd NV		31,191
	19,500	DEXUS Property Group		109,727
	1,600	Digital Realty Trust, Inc.		106,688
	36,758	Direct Line Insurance Group plc		194,028
	9,658	DnB ASA		160,841
	20,300	Duke Realty Corporation		376,971
	1,200	DuPont Fabros Technology, Inc.		35,340
	9,900	E*TRADE Financial Corporationi		296,505
	8,870	Encore Capital Group, Inc.i		379,104
	1,900	EPR Properties		104,082
	2,500	Equity Lifestyle Properties, Inc.		131,450
	9,420	Equity Residential		661,001
	1,300	Essex Property Trust, Inc.		276,250
	900	Eurocommercial Properties NV		37,678
	1,200	Extra Space Storage, Inc.		78,264
	500	Federal Realty Investment Trust		64,045
	23,000	FlexiGroup, Ltd.		51,585
	27,500	Frasers Centrepoint Trust		42,049
	58,000	Fukuoka Financial Group, Inc.		300,620
	15,267	General Growth Properties, Inc.		391,751
	1,200	Geo Group, Inc.		40,992
	120,000	Golub Capital BDC, Inc.		1,987,200
	3,800	Hamborner REIT AG		36,921
	3,800	Hamborner REIT AG Rightsi		237
	3,800	Hannover Rueckversicherung SE		367,790
	6,700	HCP, Inc.		244,349
	6,033	Health Care REIT, Inc.		395,946
	8,200	Healthcare Trust of America, Inc.		196,390
	14,300	Henderson Land Development Company, Ltd.		97,754
	4,700	Highwoods Properties, Inc.		187,765
	2,500	Hospitality Properties Trust		72,050
	26,270	Host Hotels & Resorts, Inc.		520,934
	184,567	HSBC Holdings plc		1,652,679
	400	Hudson Pacific Properties, Inc.		11,348
	8,400	Hufvudstaden AB		102,186
	63,000	Hysan Development Company, Ltd.		272,820
	2,200	IG Group Holdings plc		25,787
	35,800	Intermediate Capital Group plc		309,265
	31,103	Invesco, Ltd.		1,166,051
	40,200	Investec plc		361,194
	2,800	Iron Mountain, Inc.		86,800
	11	Japan Prime Realty Investment Corporation		34,153
	900	Julius Baer Group, Ltd.		50,503
	94,480	KeyCorp		1,419,090
	1,200	Kilroy Realty Corporation		80,580
	16,600	Kimco Realty Corporation		374,164
	1,900	LaSalle Hotel Properties		67,374
	48,500	Link REIT		283,819
	2,950	Macerich Company		220,070
	3,150	Medical Properties Trust, Inc.		41,297
	21,770	MetLife, Inc.		1,218,902
	2,100	Mid-America Apartment Communities, Inc.		152,901
	2,100	Muenchener Rueckversicherungs-Gesellschaft AG		372,319
	1,700	National Health Investors, Inc.		105,910
	4,900	National Retail Properties, Inc.		171,549
	292,000	New World Development Company, Ltd.		381,541
	7,700	NorthStar Realty Finance Corporation		122,430
	2,550	Omega Healthcare Investors, Inc.		87,542
	1,400	Outfront Media, Inc.		35,336
	12,434	PacWest Bancorp		581,414
	3,000	Parkway Properties, Inc.		52,320
	3,300	Physicians Realty Trust		50,688

The accompanying Notes to Financial Statements are an integral part of this schedule.

101

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.2%)	Value
	Financials (10.2%) - continued
	19,450	Prologis, Inc.	$	721,595
	3,782	Public Storage, Inc.		697,287
	2,100	Realty Income Corporation		93,219
	1,900	Regency Centers Corporation		112,062
	14,200	Resona Holdings, Inc.		77,449
	7,800	RLJ Lodging Trust		232,284
	400	Sabra Healthcare REIT, Inc.		10,296
	900	Sampo Oyj		42,414
	1,600	Schroders plc		79,834
	11,100	SEGRO plc		70,722
	800	Senior Housing Property Trust		14,040
	7,140	Simon Property Group, Inc.		1,235,363
	36,900	Skandinaviska Enskilda Banken AB		472,001
	1,100	SL Green Realty Corporation		120,879
	93,000	Solar Capital, Ltd.		1,674,000
	1,003	Sovran Self Storage, Inc.		87,171
	20,800	Spirit Realty Captial, Inc.		201,136
	83,600	Stockland		263,986
	906	Store Capital Corporation		18,211
	5,000	Strategic Hotels & Resorts, Inc.i		60,600
	43,000	Sumitomo Mitsui Trust Holdings, Inc.		196,708
	3,700	Summit Hotel Properties, Inc.		48,137
	300	Swiss Life Holding AG		68,694
	9,100	Swiss Re AG		805,557
	1,300	Talanx AG		39,901
	4,664	Tanger Factory Outlet Centers, Inc.		147,849
	700	Taubman Centers, Inc.		48,650
	2,000	TRYG AS		41,700
	232,750	Two Harbors Investment Corporation		2,266,985
	5,200	UDR, Inc.		166,556
	20,000	UNIQA Insurance Group AG		180,438
	24,400	United Overseas Bank, Ltd.		417,459
	3,560	Urban Edge Properties		74,012
	6,300	Ventas, Inc.		391,167
	6,230	Vornado Realty Trust		591,414
	4,800	Wallenstam AB		34,111
	1,500	WP Carey, Inc.		88,410
	17,570	Zions Bancorporation		557,584
	1,200	Zurich Insurance Group AG		365,316
		Total		47,858,588
	Health Care (3.2%)
	46,460	Abbott Laboratories		2,280,257
	1,400	Actavis, Inc.i		424,844
	600	Actelion, Ltd.		87,871
	6,700	Akorn, Inc.i		292,522
	5,940	Alexion Pharmaceuticals, Inc.i		1,073,774
	6,850	Amgen, Inc.		1,051,612
	12,500	AstraZeneca plc		791,123
	500	Bayer AG		70,020
	11,780	Cerner Corporationi		813,527
	3,300	CSL, Ltd.		219,999
	5,900	Essilor International SA		706,824
	1,200	Fresenius Medical Care AG & Company		99,344
	1,000	Gerresheimer AG		62,302
	5,570	Gilead Sciences, Inc.		652,136
	16,265	GlaxoSmithKline plc		338,179
	6,700	Hikma Pharmaceuticals plc		203,516
	800	Hogy Medical Company, Ltd.		41,039
	14,340	Hologic, Inc.i		545,780
	1,791	ICON plci		120,534
	2,420	Illumina, Inc.i		528,431
	4,000	Kaken Pharmaceutical Company, Ltd.		139,646
	5,800	KYORIN Holdings, Inc.		118,252
	900	Lonza Group AG		120,299
	23,550	Merck & Company, Inc.		1,340,701
	5,100	Novartis AG		501,638
	1,000	Orpea		70,029
	900	Paramount Bed Holdings Company, Ltd.		26,573
	53,968	Pfizer, Inc.		1,809,547
	800	Sanofi		79,144
	3,440	Waters Corporationi		441,627
		Total		15,051,090
	Industrials (2.7%)
	1,900	Aalberts Industries NV		56,497
	12,940	ADT Corporation		434,396
	3,600	Aida Engineering, Ltd.		39,466
	45,700	Air New Zealand, Ltd.		78,958
	1,200	Airbus Group NV		78,165
	43,100	ALS, Ltd.j		194,227
	21,000	Asahi Glass Company, Ltd.		126,074
	4,370	Boeing Company		606,206
	300	Bucher Industries AG		74,634
	2,900	COMSYS Holdings Corporation		43,139
	8,500	CTT-Correios de Portugal SA		87,736
	5,000	Dai Nippon Printing Company, Ltd.		51,594
	8,300	Deutsche Post AG		242,521
	9,420	EMCOR Group, Inc.		449,993
	7,230	FedEx Corporation		1,231,992
	12,200	Fenner plc		39,724
	7,000	Flowserve Corporation		368,620
	100	Flughafen Zuerich AG		77,411
	900	Fraport AG Frankfurt Airport Services Worldwide		56,531
	100	Georg Fischer AG		68,746
	1,800	Go-Ahead Group plc		74,501
	3,100	Hamburger Hafen und Logistik AG		62,677
	8,990	HNI Corporation		459,838
	600	Hoshizaki Electric Company, Ltd.		35,292
	15,406	Illinois Tool Works, Inc.		1,414,117
	2,600	Inaba Denki Sangyo Company, Ltd.		90,448
	22,180	Ingersoll-Rand plc		1,495,376
	9,900	Intrum Justitia AB		299,803
	22,400	ITOCHU Corporation		295,842
	1,000	Jardine Matheson Holdings, Ltd.		56,692
	600	Jungheinrich AG		40,665
	1,000	Kanamoto Company, Ltd.		25,351
	12,000	KITZ Corporation		59,965
	12,800	Komatsu, Ltd.		256,810
	4,200	KONE Oyj		170,479
	2,600	Koninklijke Boskalis Westminster NV		127,628
	4,700	MIRAIT Holdings Corporation		54,771
	5,000	Mitsuboshi Belting, Ltd.		39,616
	1,200	NCC AB		36,650
	5,100	Nippon Konpo Unyu Soko Company, Ltd.		88,909
	4,000	Nisshinbo Holdings, Inc.		44,707
	8,400	Nitto Kogyo Corporation		189,046
	16,200	Rentokil Initial plc		37,623
	1,000	Rieter Holding AG		158,079
	19,500	Sandvik AB		215,578
	5,800	Siemens AG		586,795
	2,700	Teleperformance SA		190,750
	1,400	TKH Group NV		58,811
	8,000	Toppan Printing Company, Ltd.		66,880
	3,400	Tsubakimoto Chain Company		33,213
	11,482	Union Pacific Corporation		1,095,038

The accompanying Notes to Financial Statements are an integral part of this schedule.

102

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (29.2%)	Value
	Industrials (2.7%) - continued
	3,910	WABCO Holdings, Inc.i	$	483,745
		Total		12,752,325
	Information Technology (3.7%)
	5,380	Alibaba Group Holding, Ltd. ADRi		442,613
	3,300	Alps Electric Company, Ltd.		101,770
	17,250	Apple, Inc.		2,163,581
	3,890	Autodesk, Inc.i		194,792
	9,100	Brother Industries, Ltd.		128,734
	17,700	Canon, Inc.		574,159
	900	Cap Gemini SA		79,845
	13,600	Carsales.com, Ltd.		106,712
	21,260	Cisco Systems, Inc.		583,799
	3,600	Dialog Semiconductor plci		194,670
	35,061	EMC Corporation		925,260
	1,000	Equinix, Inc.		254,000
	21,080	Facebook, Inc.i		1,807,926
	17,400	FUJIFILM Holdings NPV		620,972
	2,410	Google, Inc., Class Ai		1,301,496
	1,994	Google, Inc., Class Ci		1,037,897
	5,000	Hitachi Kokusai Electric, Inc.		75,956
	2,100	IT Holdings Corporation		44,597
	1,900	ITOCHU Techno-Solutions Corporation		47,317
	17,280	Juniper Networks, Inc.		448,761
	3,490	LinkedIn Corporationi		721,139
	11,520	MasterCard, Inc.		1,076,889
	36,702	MaxLinear, Inc.i		444,094
	6,600	NEC Networks & System Integration Corporation		144,017
	1,300	NS Solutions Corporation		42,986
	9,500	Optimal Payments plci		34,926
	900	Oracle Corporation Japan		37,625
	1,100	Otsuka Corporation		51,350
	8,670	Plantronics, Inc.		488,208
	14,670	Progress Software Corporationi		403,425
	16,350	QLIK Technologies, Inc.i		571,596
	2,500	Samsung Electronics Company, Ltd. GDR		1,426,250
	4,300	SAP SE		301,329
	2,200	Tokyo Electron, Ltd.		139,826
	1,300	Trend Micro, Inc.		44,469
	3,790	Ultimate Software Group, Inc.i		622,848
		Total		17,685,834
	Materials (0.9%)
	1,440	Airgas, Inc.		152,323
	2,700	APERAMi		109,310
	7,000	Asahi Kasei Corporation		57,418
	1,370	Ashland, Inc.		167,003
	15,900	BillerudKorsnas AB		249,810
	15,500	Boral, Ltd.		69,826
	6,800	Buzzi Unicem SPA		96,873
	3,440	Crown Holdings, Inc.i		182,010
	17,200	Daicel Corporation		220,714
	4,239	Domtar Corporation		175,495
	6,000	DOWA Holdings Company, Ltd.		56,701
	2,760	FMC Corporation		145,038
	100	Givaudan SA		173,131
	1,800	Holmen AB		52,529
	9,000	Kureha Corporation		35,366
	5,600	Mondi plc		120,563
	15,000	Nippon Steel & Sumitomo Metal Corporation		38,893
	78,178	Norsk Hydro ASAj		328,108
	1,900	Novozymes AS		90,270
	21,063	OceanaGold Corporation		52,109
	4,400	Outokumpu Oyji		22,168
	6,630	Owens-Illinois, Inc.i		152,092
	1,420	PPG Industries, Inc.		162,902
	9,180	Steel Dynamics, Inc.		190,164
	16,000	Sumitomo Metal Mining Company, Ltd.		243,344
	7,000	Sumitomo Seika Chemicals Company, Ltd.		45,973
	11,900	UPM-Kymmene Oyj		210,582
	5,800	Vedanta Resources plc		47,367
	8,925	Yara International ASA		465,065
		Total		4,113,147
	Telecommunications Services (0.7%)
	59,900	Bezeq Israel Telecommunication Corporation, Ltd.		102,008
	34,819	BT Group plc		246,564
	9,300	Elisa Oyj		294,653
	8,400	Freenet AG		282,944
	135,100	KCOM Group plc		198,477
	9,800	Nippon Telegraph & Telephone Corporation		354,915
	20,600	Orange SA		318,360
	4,900	Proximus SA		173,396
	5,400	Tele2 AB		62,885
	170,200	Telstra Corporation, Ltd.		805,481
	17,770	Zayo Group Holdings, Inc.i		457,044
		Total		3,296,727
	Utilities (0.6%)
	154,700	A2A SPA		184,635
	7,500	CLP Holdings, Ltd.		63,743
	6,800	E.ON SE		90,675
	105,800	Electricidade de Portugal SA		403,098
	8,300	Enagas SAj		225,947
	61,400	Enel SPAj		278,284
	3,700	Hokuriku Electric Power Company		55,114
	22,109	MDU Resources Group, Inc.		431,789
	2,900	National Grid plc		37,325
	7,506	NorthWestern Corporation		365,917
	13,000	Osaka Gas Company, Ltd.		51,308
	39,000	Redes Energeticas Nacionais SGPS SA		109,176
	3,600	Severn Trent plc		117,634
	6,000	Toho Gas Company, Ltd.		35,521
	21,100	United Utilities Group plc		295,533
		Total		2,745,699
		Total Common Stock (cost $140,980,657)		137,684,705
		Preferred Stock (4.2%)
	Financials (3.9%)
	30,000	Affiliated Managers Group, Inc., 5.250%		756,900
	5,625	Agribank FCB, 6.875%h		592,031
	42,000	Allstate Corporation, 5.100%		1,052,940
	39,710	Annaly Capital Management, Inc., 7.500%h		954,231
	800	Bank of America Corporation, Convertible, 7.250%h		889,600
	37,225	Citigroup, Inc., 6.875%h		992,419
	26,020	Citigroup, Inc., 7.875%		675,479

The accompanying Notes to Financial Statements are an integral part of this schedule.

103

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Preferred Stock (4.2%)	Value
	Financials (3.9%) - continued
	13,380	Cobank ACB, 6.250%h	$	1,371,869
	16,000	Countrywide Capital V, 7.000%		412,000
	4,000	Farm Credit Bank of Texas, 6.750%f,h		413,875
	53,200	GMAC Capital Trust I, 8.125%		1,382,136
	50,800	Goldman Sachs Group, Inc., 5.500%h		1,245,616
	48,000	HSBC USA, Inc., 6.500%h		1,214,880
	225	M&T Bank Corporation, 6.375%h		229,078
	30,420	Morgan Stanley, 6.875%h		811,606
	25,900	Morgan Stanley, 7.125%h		723,905
	24,500	PNC Financial Services Group, Inc., 6.125%h		672,280
	57,000	RBS Capital Funding Trust V, 5.900%h		1,381,110
	8,000	Royal Bank of Scotland Group plc, 7.250%h		202,960
	28,000	U.S. Bancorp 6.500%h		790,160
	16,000	Wells Fargo & Company, 5.850%h		408,000
	1,125	Wells Fargo & Company, Convertible, 7.500%h		1,321,875
		Total		18,494,950
	Materials (0.3%)
	19,000	CHS, Inc., 6.750%h		482,980
	31,200	CHS, Inc., 7.100%h		817,128
		Total		1,300,108
	Utilities (<0.1%)
	1,315	Southern California Edison Company, 4.130%h		132,733
		Total		132,733
		Total Preferred Stock (cost $19,841,880)		19,927,791
		Mutual Funds (3.7%)
	Equity Mutual Funds (2.3%)
	38,220	Utilities Select Sector SPDR Fund		1,584,601
	27,000	iShares S&P U.S. Preferred Stock Index Fund		1,057,590
	6,200	iShares MSCI EAFE Index Fund		393,638
	256,500	Alerian MLP ETF		3,991,140
	42,140	Materials Select Sector SPDR Fund		2,039,155
	25,000	Vanguard High Dividend Yield ETF		1,683,000
		Total		10,749,124
	Fixed Income Mutual Funds (1.4%)
	7,950	iShares J.P. Morgan USD Emerging Markets Bond ETF		873,864
	9,100	iShares Intermediate Credit Bond ETF		990,626
	43,610	Vanguard Short-Term Corporate Bond ETF		3,470,484
	114,000	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		1,206,120
		Total		6,541,094
		Total Mutual Funds (cost $17,681,395)		17,290,218
		Collateral Held for Securities Loaned (0.3%)
	1,140,295	Thrivent Cash Management Trust		1,140,295
		Total Collateral Held for Securities Loaned (cost $1,140,295)		1,140,295
Shares or Principal Amount		Short-Term Investments (9.7%)k
		Federal Home Loan Bank Discount Notes
	400,000	0.078%, 7/22/2015		399,982
	200,000	0.065%, 8/7/2015l		199,987
	200,000	0.081%, 9/2/2015l		199,971
	800,000	0.090%, 9/9/2015l		799,860
		Thrivent Cash Management Trust
	44,070,715	0.070%		44,070,715
		Total Short-Term Investments (at amortized cost)		45,670,515
		Total Investments (cost $486,431,501) 103.0%	$	485,326,561
		Other Assets and Liabilities, Net (3.0%)		(13,932,544	)
		Total Net Assets 100.0%	$	471,394,017

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

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 June 30, 2015.

f Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $48,183,163 or 10.2% of total net assets.

g Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

h Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

i Non-income producing security.

j All or a portion of the security is on loan.

k The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

l At June 30, 2015, $1,199,818 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Diversified Income Plus Portfolio owned as of June 30, 2015.

The accompanying Notes to Financial Statements are an integral part of this schedule.

104

Diversified Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
AIG Life Holdings, Inc., 12/1/2045		7/19/2015	$	839,030
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		839,610
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		3/19/2015		733,747
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2019		7/30/2014		613,816
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		1,058,770
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		1,249,873
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		599,457
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,140,665

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

The accompanying Notes to Financial Statements are an integral part of this schedule.

105

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (30.7%)a	Value
	Basic Materials (2.1%)
		Alpha Natural Resources, Inc., Term Loan
	$   432,608	3.500%, 5/22/2020	$	309,946
		Fortescue Metals Group, Ltd., Term Loan
	250,401	3.750%, 6/30/2019		221,833
		Ineos US Finance, LLC, Term Loan
	248,705	3.750%, 12/15/2020		246,892
		NewPage Corporation, Term Loan
	411,303	9.500%, 2/11/2021		329,865
		Tronox Pigments BV, Term Loan
	480,546	4.250%, 3/19/2020b,c		480,248
		Wausau Paper Corporation, Term Loan
	246,906	6.500%, 7/30/2020		245,672
		Total		1,834,456
	Capital Goods (0.9%)
		ADS Waste Holdings, Inc., Term Loan
	245,603	3.750%, 10/9/2019		242,349
		Rexnord, LLC, Term Loan
	275,100	4.000%, 8/21/2020		274,068
		Silver II Borrower, Term Loan
	257,593	4.000%, 12/13/2019		248,191
		Total		764,608
	Communications Services (10.2%)
		Altice Financing SA, Term Loan
	71,250	5.250%, 2/4/2022		71,369
		Atlantic Broadband Penn, LLC, Term Loan
	78,245	3.250%, 11/30/2019		77,862
		Birch Communication, Inc., Term Loan
	655,781	7.750%, 7/17/2020		655,781
		Cable & Wireless Communications plc, Term Loan
	118,696	5.500%, 4/28/2017		118,547
		Cengage Learning Acquisitions, Term Loan
	697,438	7.000%, 3/31/2020		697,438
		Charter Communications Operating, LLC, Term Loan
	247,475	3.000%, 7/1/2020		244,485
		Cincinnati Bell, Inc., Term Loan
	253,224	4.000%, 9/10/2020		253,014
		Fairpoint Communications, Term Loan
	249,887	7.500%, 2/14/2019		251,684
		Grande Communications Networks, LLC, Term Loan
	249,904	4.500%, 5/29/2020		248,187
		Hargray Communications Group, Inc., Term Loan
	219,800	5.250%, 6/26/2019		220,692
		iHeartCommunications, Inc., Term Loan
	255,000	6.937%, 1/30/2019		235,123
		IMG Worldwide, Inc., Term Loan
	1,480,948	5.250%, 5/6/2021b,c		1,476,505
		Integra Telecom Holdings, Inc., Term Loan
	294,787	5.250%, 8/14/2020		292,503
		Intelsat Jackson Holdings SA, Term Loan
	160,000	3.750%, 6/30/2019		158,634
		Level 3 Communications, Inc., Term Loan
	280,000	4.000%, 8/1/2019		280,000
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	175,000	4.500%, 1/7/2022		173,250
	300,000	4.500%, 1/7/2022		299,001
		LTS Buyer, LLC, Term Loan
	274,400	4.000%, 4/13/2020		272,600
		NTelos, Inc., Term Loan
	59,090	5.750%, 11/9/2019		51,703
		SBA Senior Finance II, LLC, Term Loan
	742,500	3.250%, 3/24/2021		734,741
	220,000	3.250%, 6/10/2022		217,389
		TNS, Inc., Term Loan
	89,262	5.000%, 2/14/2020		89,225
		Univision Communications, Inc., Term Loan
	249,845	4.000%, 3/1/2020		247,614
		Virgin Media Investment Holdings, Ltd., Term Loan
	171,697	3.500%, 6/30/2023		169,837
		WideOpenWest Finance, LLC, Term Loan
	249,900	4.500%, 4/1/2019		249,240
		XO Communications, LLC, Term Loan
	691,250	4.250%, 3/20/2021		689,667
		Yankee Cable Acquisition, LLC, Term Loan
	241,901	4.250%, 3/1/2020		241,901
		Zayo Group, LLC, Term Loan
	249,870	3.750%, 7/2/2019		247,544
		Total		8,965,536
	Consumer Cyclical (3.6%)
		Amaya Gaming Group, Inc., Term Loan
	357,300	5.000%, 8/1/2021		356,675
		Burlington Coat Factory Warehouse Corporation, Term Loan
	249,141	4.250%, 8/13/2021		248,944
		Ceridian HCM Holding, Inc., Term Loan
	134,932	4.500%, 9/15/2020		133,499
		FCA US, LLC, Term Loan
	146,259	3.250%, 12/31/2018		145,752
		Golden Nugget, Inc., Delayed Draw
	101,325	5.500%, 11/21/2019		102,085
		Golden Nugget, Inc., Term Loan
	236,425	5.500%, 11/21/2019		238,198
		Hilton Worldwide Finance, LLC, Term Loan
	69,259	3.500%, 10/26/2020		69,270
		J.C. Penney Corporation, Inc., Term Loan
	249,900	6.000%, 5/22/2018		249,185

The accompanying Notes to Financial Statements are an integral part of this schedule.

106

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (30.7%)a	Value
	Consumer Cyclical (3.6%) - continued
		Las Vegas Sands, LLC, Term Loan
	$   123,125	3.250%, 12/19/2020	$	122,463
		Marina District Finance Company, Inc., Term Loan
	290,986	6.500%, 8/15/2018		293,351
		Mohegan Tribal Gaming Authority, Term Loan
	738,750	5.500%, 11/19/2019		734,480
		Pinnacle Entertainment, Inc., Term Loan
	66,540	3.750%, 8/13/2020		66,493
		Scientific Games International, Inc., Term Loan
	251,175	6.000%, 10/18/2020		251,004
		Seminole Hard Rock Entertainment, Inc., Term Loan
	118,788	3.500%, 5/14/2020		118,293
		Total		3,129,692
	Consumer Non-Cyclical (4.8%)
		Albertsons, Inc., Term Loan
	277,209	5.375%, 3/21/2019		278,110
		Catalina Marketing Corporation, Term Loan
	124,685	4.500%, 4/9/2021		109,723
		Endo Luxembourg Finance I Co Sarl, Term Loan
	365,000	0.000%, 6/24/2022b,c		365,686
		JBS USA, LLC, Term Loan
	1,318,532	3.750%, 5/25/2018		1,313,587
		LTF Merger Sub, Inc., Term Loan
	815,000	0.000%, 6/10/2022b,c		808,480
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	250,083	4.750%, 3/22/2019		250,501
		Ortho-Clinical Diagnostics, Inc., Term Loan
	480,303	4.750%, 6/30/2021b,c		470,356
		Roundy’s Supermarkets, Inc., Term Loan
	209,900	5.750%, 3/3/2021		202,553
		Supervalu, Inc., Term Loan
	224,280	4.500%, 3/21/2019		224,536
		Visant Corporation, Term Loan
	244,469	7.000%, 9/23/2021		235,505
		Total		4,259,037
	Energy (1.4%)
		Arch Coal, Inc., Term Loan
	274,355	6.250%, 5/16/2018		186,734
		Aria Energy Operating, LLC, Term Loan
	119,745	5.000%, 5/27/2022		119,895
		Exgen Renewables I, LLC, Term Loan
	290,049	5.250%, 2/6/2021		292,949
		McJunkin Red Man Corporation, Term Loan
	100,116	5.000%, 11/8/2019		99,240
		MEG Energy Corporation, Term Loan
	258,660	3.750%, 3/31/2020		253,117
		Offshore Group Investment, Ltd., Term Loan
	197,975	5.750%, 3/28/2019		120,022
		Pacific Drilling SA, Term Loan
	249,900	4.500%, 6/3/2018		200,545
		Total		1,272,502
	Financials (2.4%)
		Delos Finance Sarl, Term Loan
	125,000	3.500%, 3/6/2021		124,594
		Harland Clarke Holdings Corporation, Term Loan
	242,250	7.000%, 5/22/2018		242,856
		MPH Acquisition Holdings, LLC, Term Loan
	280,958	3.750%, 3/31/2021		279,050
		TransUnion, LLC, Term Loan
	1,357,812	3.750%, 4/9/2021		1,344,872
		WaveDivision Holdings, LLC, Term Loan
	79,188	4.000%, 10/15/2019		79,089
		Total		2,070,461
	Technology (2.9%)
		Avago Technologies, Ltd., Term Loan
	538,136	3.750%, 5/6/2021		538,614
		BMC Software, Inc., Term Loan
	266,078	5.000%, 9/10/2020		249,988
		Booz Allen Hamilton, Inc., Term Loan
	103,359	3.750%, 7/31/2019		103,424
		First Data Corporation, Term Loan
	255,000	3.687%, 3/23/2018		253,952
	120,000	0.000%, 9/24/2018b,c		119,572
		Freescale Semiconductor, Inc., Term Loan
	249,916	4.250%, 2/28/2020		249,986
		Infor US, Inc., Term Loan
	338,048	3.750%, 6/3/2020		333,119
		Merrill Communications, LLC, Term Loan
	585,000	6.250%, 6/1/2022		582,075
		SS&C European Holdings SARL, Term Loan
	23,901	0.000%, 6/29/2022b,c		23,887
	106,099	0.000%, 6/29/2022b,c		106,033
		Total		2,560,650
	Transportation (1.3%)
		American Airlines, Inc., Term Loan
	496,162	3.500%, 6/27/2020		490,893
		OSG Bulk Ships, Inc., Term Loan
	643,500	5.250%, 8/5/2019		643,101
		Total		1,133,994
	Utilities (1.1%)
		Calpine Corporation, Term Loan
	738,750	4.000%, 10/31/2020		737,302

The accompanying Notes to Financial Statements are an integral part of this schedule.

107

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (30.7%)a	Value
	Utilities (1.1%) - continued
		Intergen NV, Term Loan
	$  249,900	5.500%, 6/15/2020	$	238,967
		Total		976,269
		Total Bank Loans (cost $27,500,735)		26,967,205
		Long-Term Fixed Income (56.3%)
	Asset-Backed Securities (3.6%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	201,025	0.327%, 7/25/2036d		180,228
		Bayview Opportunity Master Fund Trust IIB, LP
	87,688	3.623%, 7/28/2019*,e		87,147
		Bayview Opportunity Master Fund Trust IIIB, LP
	116,881	3.623%, 4/28/2030f		117,130
		CAM Mortgage, LLC
	200,000	3.500%, 7/15/2064*		200,000
		Countrywide Asset-Backed Certificates
	147,961	5.530%, 4/25/2047		156,177
		Credit Based Asset Servicing and Securitization, LLC
	110,242	3.606%, 12/25/2036e		75,351
		First Horizon ABS Trust
	356,972	0.347%, 10/25/2034d,g		318,069
		GMAC Mortgage Corporation Loan Trust
	512,388	0.365%, 8/25/2035d,g		470,367
		IndyMac INDX Mortgage Loan Trust
	208,052	0.397%, 4/25/2046d		163,652
		J.P. Morgan Mortgage Acquisition Trust
	150,000	6.472%, 3/25/2047e		116,063
		Lehman XS Trust
	195,559	5.440%, 8/25/2035e		178,442
		Popular ABS Mortgage Pass-Through Trust
	100,000	5.297%, 11/25/2035e		91,400
		Renaissance Home Equity Loan Trust
	242,701	5.797%, 8/25/2036e		155,144
	193,136	5.285%, 1/25/2037e		109,633
		U.S. Residential Opportunity Fund III Trust
	173,059	3.721%, 1/27/2035*		173,094
		Vericrest Opportunity Loan Transferee
	200,000	3.500%, 6/26/2045f		199,800
		Wachovia Asset Securitization, Inc.
	372,153	0.327%, 7/25/2037*,d,g		332,803
		Total		3,124,500
	Basic Materials (0.8%)
		Albemarle Corporation
	46,000	3.000%, 12/1/2019		46,089
		Anglo American Capital plc
	22,000	1.225%, 4/15/2016d,f		21,948
		ArcelorMittal
	120,000	6.250%, 3/1/2021		125,700
		Dow Chemical Company
	24,000	8.550%, 5/15/2019		29,262
		First Quantum Minerals, Ltd.
	130,000	7.000%, 2/15/2021f		124,313
		Freeport-McMoRan, Inc.
	23,000	2.300%, 11/14/2017		22,929
	30,000	2.375%, 3/15/2018		29,770
		Glencore Funding, LLC
	30,000	1.336%, 4/16/2018d,f		29,984
		Hexion US Finance Corporation
	64,810	8.875%, 2/1/2018		58,491
		LyondellBasell Industries NV
	26,000	5.000%, 4/15/2019		28,165
		NOVA Chemicals Corporation
	97,215	5.250%, 8/1/2023f		98,673
		Sappi Papier Holding GmbH
	80,000	6.625%, 4/15/2021f		83,000
		Total		698,324
	Capital Goods (1.4%)
		Brand Energy & Infrastructure Services, Inc.
	60,000	8.500%, 12/1/2021f		55,800
		Cemex SAB de CV
	130,000	5.700%, 1/11/2025f		123,981
		CNH Capital, LLC
	64,810	3.625%, 4/15/2018		64,810
		Crown Americas Capital Corporation IV
	120,000	4.500%, 1/15/2023		113,326
		Harsco Corporation
	30,000	2.700%, 10/15/2015		30,000
		Huntington Ingalls Industries, Inc.
	155,000	5.000%, 12/15/2021f		157,713
		L-3 Communications Corporation
	33,000	1.500%, 5/28/2017		32,773
		Martin Marietta Materials, Inc.
	40,000	1.382%, 6/30/2017d		39,832
		Moog, Inc.
	155,000	5.250%, 12/1/2022f		157,712
		Nortek, Inc.
	64,810	8.500%, 4/15/2021		69,185
		Owens-Brockway Glass Container, Inc.
	155,000	5.000%, 1/15/2022f		153,063
		Reynolds Group Issuer, Inc.
	64,810	9.875%, 8/15/2019		68,050
		Roper Industries, Inc.
	34,000	2.050%, 10/1/2018		33,914
		Sealed Air Corporation
	155,000	4.875%, 12/1/2022f		152,675
		Total		1,252,834
	Collateralized Mortgage Obligations (7.5%)
		Alternative Loan Trust
	125,032	5.500%, 5/25/2035		125,725
		American Home Mortgage Assets Trust
	255,249	0.377%, 12/25/2046d		176,368

The accompanying Notes to Financial Statements are an integral part of this schedule.

108

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value
	Collateralized Mortgage Obligations (7.5%) - continued
		Bayview Opportunity Master Fund IIIb NPL Trust
	$  250,000	3.721%, 7/28/2035e,f	$	250,000
		Bear Stearns Adjustable Rate Mortgage Trust
	215,116	2.410%, 10/25/2035d		211,573
		Bear Stearns ALT-A Trust
	138,837	2.586%, 6/25/2034		137,871
		CitiMortgage Alternative Loan Trust
	317,842	5.750%, 4/25/2037		272,216
		Countrywide Alternative Loan Trust
	170,280	5.750%, 8/25/2035		161,060
	194,398	5.500%, 10/25/2035		187,159
	67,570	5.500%, 2/25/2036		64,297
	99,420	6.000%, 1/25/2037		91,499
	211,291	5.500%, 5/25/2037		177,909
		Deutsche Alt-A Securities Mortgage Loan Trust
	130,286	0.928%, 4/25/2047d		111,896
		GMAC Mortgage Corporation Loan Trust
	174,529	3.174%, 5/25/2035		166,900
	63,161	4.612%, 9/19/2035		59,483
		GSR Mortgage Loan Trust
	21,507	0.377%, 8/25/2046d		20,821
		HarborView Mortgage Loan Trust
	180,820	2.651%, 12/19/2035		159,590
		Impac CMB Trust
	244,887	0.707%, 4/25/2035d		224,816
	44,017	0.827%, 8/25/2035d		39,462
		J.P. Morgan Alternative Loan Trust
	161,793	6.500%, 3/25/2036		141,780
		J.P. Morgan Mortgage Trust
	121,048	6.500%, 1/25/2035		118,899
	89,773	2.256%, 6/25/2035		89,491
	94,489	2.664%, 6/25/2035		95,495
	149,330	2.485%, 7/25/2035		146,078
	207,783	2.661%, 8/25/2035		206,367
	265,993	2.376%, 6/25/2036		242,600
	54,132	2.555%, 10/25/2036		48,697
		MLCC Mortgage Investors, Inc.
	156,170	0.847%, 8/25/2029d		155,446
		Morgan Stanley Mortgage Loan Trust
	127,043	5.201%, 11/25/2035		94,521
		MortgageIT Trust
	250,742	0.447%, 12/25/2035d		226,781
		Residential Accredit Loans, Inc.
	50,848	5.500%, 12/25/2034		51,549
	154,568	3.517%, 5/25/2035		152,399
	149,203	3.526%, 9/25/2035		127,137
		Sequoia Mortgage Trust
	239,399	0.803%, 11/20/2034d		228,873
		Structured Adjustable Rate Mortgage Loan Trust
	169,985	2.559%, 1/25/2035		142,245
		Structured Asset Mortgage Investments, Inc.
	404,504	0.497%, 12/25/2035d		308,036
		WaMu Mortgage Pass Through Certificates
	209,050	4.241%, 8/25/2036		185,163
	134,877	2.281%, 10/25/2036		120,264
	41,746	2.254%, 8/25/2046		35,317
	278,540	1.118%, 9/25/2046d		234,824
	157,013	0.888%, 1/25/2047d		141,761
	175,074	0.898%, 1/25/2047d		142,022
		Washington Mutual Mortgage Pass Through Certificates
	219,428	0.908%, 2/25/2047d		154,319
		Wells Fargo Mortgage Backed Securities Trust
	228,041	2.621%, 3/25/2036		226,943
	99,039	2.641%, 4/25/2036		96,426
	50,252	6.000%, 7/25/2037		50,816
		Total		6,602,894
	Commercial Mortgage-Backed Securities (<0.1%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	4,856	5.653%, 6/11/2040d		4,879
		Total		4,879
	Communications Services (3.0%)
		21st Century Fox America, Inc.
	37,000	6.900%, 3/1/2019		42,962
		AMC Networks, Inc.
	134,810	7.750%, 7/15/2021		145,595
		America Movil SAB de CV
	21,000	5.000%, 10/16/2019		23,116
		American Tower Corporation
	30,000	2.800%, 6/1/2020		29,583
		AT&T, Inc.
	30,000	1.212%, 6/30/2020d		30,116
		British Sky Broadcasting Group plc
	36,000	2.625%, 9/16/2019f		35,756
		CC Holdings GS V, LLC
	67,000	2.381%, 12/15/2017		67,774
		CenturyLink, Inc.
	90,000	6.450%, 6/15/2021		90,675
		Cequel Communications Holdings I, LLC
	130,000	6.375%, 9/15/2020f		129,123
		Columbus International, Inc.
	120,000	7.375%, 3/30/2021f		129,000
		Crown Castle International Corporation
	200,000	5.250%, 1/15/2023		201,450
		Digicel, Ltd.
	184,810	6.000%, 4/15/2021f		178,179
		DIRECTV Holdings, LLC
	29,000	5.875%, 10/1/2019		32,735
		DISH DBS Corporation
	80,000	5.000%, 3/15/2023		74,000
		FairPoint Communications, Inc.
	155,000	8.750%, 8/15/2019f		161,200
		Hughes Satellite Systems Corporation
	69,000	6.500%, 6/15/2019		74,865
		Intelsat Jackson Holdings SA
	64,810	7.250%, 10/15/2020		64,081
		Level 3 Financing, Inc.
	77,000	8.625%, 7/15/2020		82,290

The accompanying Notes to Financial Statements are an integral part of this schedule.

109

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value
	Communications Services (3.0%) - continued
		Numericable-SFR
	$  120,000	6.000%, 5/15/2022f	$	118,275
		SBA Tower Trust
	40,000	5.101%, 4/17/2017f		41,418
		Sprint Corporation
	165,000	7.625%, 2/15/2025		155,513
		Telefonica Emisiones SAU
	30,000	3.192%, 4/27/2018		30,817
		T-Mobile USA, Inc.
	125,000	6.633%, 4/28/2021		129,688
		Univision Communications, Inc.
	105,000	5.125%, 5/15/2023f		101,850
		UPCB Finance V, Ltd.
	90,000	7.250%, 11/15/2021f		97,200
		Verizon Communications, Inc.
	85,000	2.625%, 2/21/2020		84,809
	40,000	4.500%, 9/15/2020		43,149
		West Corporation
	120,000	5.375%, 7/15/2022f		112,200
		Wind Acquisition Finance SA
	105,000	4.750%, 7/15/2020f		103,425
		Total		2,610,844
	Consumer Cyclical (2.5%)
		Alibaba Group Holding, Ltd.
	46,000	2.500%, 11/28/2019f		45,498
		AMC Entertainment, Inc.
	79,000	5.875%, 2/15/2022		80,185
		Brookfield Residential Properties, Inc.
	100,000	6.500%, 12/15/2020f		99,542
	75,000	6.125%, 7/1/2022f		73,875
		Chrysler Group, LLC
	64,810	8.250%, 6/15/2021		70,643
		Cinemark USA, Inc.
	80,000	4.875%, 6/1/2023		76,900
		Daimler Finance North America, LLC
	21,000	1.875%, 1/11/2018f		21,046
		ERAC USA Finance, LLC
	40,000	2.350%, 10/15/2019f		39,738
		Ford Motor Credit Company, LLC
	38,000	5.000%, 5/15/2018		40,853
	50,000	2.597%, 11/4/2019		49,635
		General Motors Financial Company, Inc.
	64,810	3.250%, 5/15/2018		66,284
	56,000	4.375%, 9/25/2021		58,122
		GLP Capital, LP
	120,000	4.875%, 11/1/2020		122,100
		Hilton Worldwide Finance, LLC
	120,000	5.625%, 10/15/2021		124,644
		Home Depot, Inc.
	35,000	2.625%, 6/1/2022		34,423
		Hyundai Capital America
	28,000	1.450%, 2/6/2017f		27,911
	10,000	2.000%, 3/19/2018f		10,004
		Jaguar Land Rover Automotive plc
	75,000	4.250%, 11/15/2019f		76,125
	77,000	5.625%, 2/1/2023f		79,695
		KB Home
	71,000	4.750%, 5/15/2019		70,467
		L Brands, Inc.
	77,000	6.625%, 4/1/2021		84,652
		Lennar Corporation
	150,000	4.750%, 11/15/2022		147,375
		Macy’s Retail Holdings, Inc.
	36,000	7.450%, 7/15/2017		40,132
		MGM Resorts International
	170,000	6.000%, 3/15/2023		172,125
		Royal Caribbean Cruises, Ltd.
	119,810	5.250%, 11/15/2022		123,920
		Six Flags Entertainment Corporation
	60,000	5.250%, 1/15/2021f		61,200
		Toll Brothers Finance Corporation
	52,000	4.000%, 12/31/2018		53,040
		United Rentals, Inc.
	170,000	5.500%, 7/15/2025		164,263
		Volkswagen Group of America Finance, LLC
	46,000	0.716%, 11/20/2017d,f		46,073
		Total		2,160,470
	Consumer Non-Cyclical (3.0%)
		AbbVie, Inc.
	30,000	1.800%, 5/14/2018		29,912
		Actavis Funding SCS
	26,000	1.543%, 3/12/2020d		26,288
		Amgen, Inc.
	30,000	2.125%, 5/1/2020		29,376
		B&G Foods, Inc.
	70,000	4.625%, 6/1/2021		68,950
		BAT International Finance plc
	35,000	0.796%, 6/15/2018d,f		34,979
		Becton, Dickinson and Company
	32,000	1.450%, 5/15/2017		31,977
		Boston Scientific Corporation
	25,000	6.000%, 1/15/2020		28,309
		Cardinal Health, Inc.
	35,000	1.950%, 6/15/2018		35,059
		CHS/Community Health Systems, Inc.
	77,000	7.125%, 7/15/2020		81,581
		Cott Beverages, Inc.
	120,000	5.375%, 7/1/2022f		116,400
		CVS Health Corporation
	24,000	2.250%, 12/5/2018		24,296
		EMD Finance, LLC
	19,000	0.633%, 3/17/2017d,f		18,990
		Envision Healthcare Corporation
	155,000	5.125%, 7/1/2022f		156,163
		Forest Laboratories, Inc.
	37,000	4.375%, 2/1/2019f		39,159
		Fresenius Medical Care US Finance, Inc.
	64,810	5.750%, 2/15/2021f		69,023
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		200,500
		HCA, Inc.
	64,810	4.750%, 5/1/2023		65,620

The accompanying Notes to Financial Statements are an integral part of this schedule.

110

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value
	Consumer Non-Cyclical (3.0%) - continued
		Hospira, Inc.
	$    30,000	6.050%, 3/30/2017	$	32,279
		IMS Health, Inc.
	75,000	6.000%, 11/1/2020f		77,250
		JBS USA, LLC
	170,000	5.750%, 6/15/2025f		168,037
		Kindred Escrow Corporation II
	155,000	8.750%, 1/15/2023f		168,369
		Laboratory Corporation of America Holdings
	20,000	2.625%, 2/1/2020		19,845
		Merck & Company, Inc.
	20,000	0.654%, 2/10/2020d		19,895
		Mondelez International, Inc.
	20,000	2.250%, 2/1/2019		20,032
		MPH Acquisition Holdings, LLC
	250,000	6.625%, 4/1/2022f		255,312
		Omnicare, Inc.
	155,000	4.750%, 12/1/2022		164,300
		Ortho-Clinical Diagnostics, Inc.
	110,000	6.625%, 5/15/2022f		96,525
		PepsiCo, Inc.
	30,000	1.850%, 4/30/2020		29,669
		Pernod Ricard SA
	26,000	5.750%, 4/7/2021f		29,273
		Revlon Consumer Products Corporation
	64,810	5.750%, 2/15/2021		63,514
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		35,452
		SABMiller plc
	30,000	6.500%, 7/15/2018f		33,862
		Safeway, Inc.
	8,000	3.400%, 12/1/2016		8,002
		Spectrum Brands Escrow Corporation
	77,000	6.375%, 11/15/2020		81,427
		Sysco Corporation
	54,000	2.350%, 10/2/2019		54,540
		Tenet Healthcare Corporation
	120,000	8.125%, 4/1/2022		131,220
		Valeant Pharmaceuticals International
	64,810	7.250%, 7/15/2022f		68,861
		WM Wrigley Jr. Company
	20,000	2.000%, 10/20/2017f		20,175
		Total		2,634,421
	Energy (2.3%)
		Boardwalk Pipelines, Ltd.
	29,000	5.875%, 11/15/2016		30,078
		Buckeye Partners, LP
	22,000	2.650%, 11/15/2018		21,920
		CNOOC Nexen Finance
	25,000	1.625%, 4/30/2017		25,036
		CNPC General Capital, Ltd.
	33,000	2.750%, 4/19/2017f		33,551
		Concho Resources, Inc.
	139,810	6.500%, 1/15/2022		145,752
		Crestwood Midstream Partners, LP
	110,000	6.250%, 4/1/2023f		114,400
		Enbridge, Inc.
	19,000	0.734%, 6/2/2017d		18,773
		Enterprise Products Operating, LLC
	30,000	1.650%, 5/7/2018		29,970
		EQT Corporation
	5,000	5.150%, 3/1/2018		5,254
	26,000	8.125%, 6/1/2019		30,434
		Hess Corporation
	20,000	8.125%, 2/15/2019		23,678
		Kinder Morgan, Inc.
	36,000	5.000%, 2/15/2021f		38,085
		Linn Energy, LLC
	64,810	8.625%, 4/15/2020		53,158
		MarkWest Energy Partners, LP
	155,000	4.875%, 12/1/2024		151,512
		MEG Energy Corporation
	77,000	6.375%, 1/30/2023f		71,225
		Offshore Group Investment, Ltd.
	100,000	7.500%, 11/1/2019		61,500
		Pacific Drilling V, Ltd.
	110,000	7.250%, 12/1/2017f		94,600
		Petrobras International Finance Company
	215,000	5.750%, 1/20/2020		213,031
		Petroleos Mexicanos
	280,000	5.625%, 1/23/2046f		261,436
		Regency Energy Partners, LP
	120,000	5.000%, 10/1/2022		121,896
		Rosetta Resources, Inc.
	155,000	5.875%, 6/1/2022		165,462
		Sabine Pass Liquefaction, LLC
	155,000	5.625%, 3/1/2025f		153,450
		Shell International Finance BV
	30,000	0.729%, 5/11/2020d		29,871
		Southwestern Energy Company
	47,000	7.500%, 2/1/2018		52,443
		Suncor Energy, Inc.
	20,000	6.100%, 6/1/2018		22,303
		Weatherford International, Ltd.
	28,000	6.000%, 3/15/2018		29,807
		Williams Companies, Inc.
	40,000	7.875%, 9/1/2021		46,955
		Total		2,045,580
	Financials (4.3%)
		Abbey National Treasury Services plc
	40,000	0.692%, 9/29/2017d		39,880
		Air Lease Corporation
	36,000	2.125%, 1/15/2018		35,640
		Ally Financial, Inc.
	100,000	4.750%, 9/10/2018		103,125
		Aviation Capital Group Corporation
	20,000	3.875%, 9/27/2016f		20,354
		Bank of America Corporation
	44,000	5.700%, 5/2/2017		46,943
	40,000	1.700%, 8/25/2017		40,046
	76,000	1.351%, 3/22/2018d		76,692
	15,000	5.650%, 5/1/2018		16,478

The accompanying Notes to Financial Statements are an integral part of this schedule.

111

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value
	Financials (4.3%) - continued
	$    38,000	8.000%, 12/29/2049h	$	40,090
		BB&T Corporation
	38,000	2.050%, 6/19/2018		38,416
		BBVA International Preferred SA Unipersonal
	115,000	5.919%, 12/29/2049h		117,875
		Bear Stearns Companies, LLC
	45,000	6.400%, 10/2/2017		49,526
		BNP Paribas SA
	30,000	2.375%, 9/14/2017		30,449
		BPCE SA
	57,000	5.150%, 7/21/2024f		57,910
		Caisse Centrale Desjardins du Quebec
	25,000	0.944%, 1/29/2018d,f		25,104
		Capital One Financial Corporation
	38,000	6.150%, 9/1/2016		40,108
		CIT Group, Inc.
	80,000	3.875%, 2/19/2019		79,400
		Citigroup, Inc.
	54,000	5.500%, 2/15/2017		57,371
	42,000	6.000%, 8/15/2017		45,683
	69,000	1.850%, 11/24/2017		69,168
	30,000	8.500%, 5/22/2019		36,591
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	45,000	4.625%, 12/1/2023		46,427
		Credit Agricole SA
	25,000	1.252%, 6/10/2020d,f		24,966
		Credit Suisse Group AG
	57,000	7.500%, 12/11/2049f,h		59,348
		CyrusOne, LP
	64,810	6.375%, 11/15/2022		67,078
		DDR Corporation
	20,000	9.625%, 3/15/2016		21,100
		Denali Borrower, LLC
	122,000	5.625%, 10/15/2020f		128,253
		Deutsche Bank AG
	37,000	1.350%, 5/30/2017		36,752
		Discover Bank
	10,000	8.700%, 11/18/2019		12,163
		Discover Financial Services
	20,000	6.450%, 6/12/2017		21,722
		Duke Realty, LP
	46,000	8.250%, 8/15/2019		55,761
		Fifth Third Bancorp
	48,000	5.450%, 1/15/2017		50,883
		Goldman Sachs Group, Inc.
	20,000	2.625%, 1/31/2019		20,248
	30,000	7.500%, 2/15/2019		35,238
	25,000	1.437%, 4/23/2020d		25,244
	30,000	1.884%, 11/29/2023d		30,491
		Hartford Financial Services Group, Inc.
	45,000	6.000%, 1/15/2019		50,284
		HCP, Inc.
	25,000	3.750%, 2/1/2019		26,005
		Health Care REIT, Inc.
	26,000	4.700%, 9/15/2017		27,661
		HSBC Holdings plc
	23,000	6.375%, 3/29/2049h		23,115
		Hutchison Whampoa International 14, Ltd.
	46,000	1.625%, 10/31/2017f		45,862
		Icahn Enterprises, LP
	110,000	6.000%, 8/1/2020		113,575
		ING Bank NV
	57,000	5.800%, 9/25/2023f		62,239
		ING Capital Funding Trust III
	25,000	3.882%, 12/29/2049d,h		24,812
		International Lease Finance Corporation
	26,000	2.236%, 6/15/2016d		25,968
	85,000	5.875%, 4/1/2019		90,627
		Intesa Sanpaolo SPA
	10,000	3.875%, 1/16/2018		10,323
	32,000	3.875%, 1/15/2019		32,923
		J.P. Morgan Chase & Company
	20,000	6.300%, 4/23/2019		22,912
	15,000	2.250%, 1/23/2020		14,740
	49,000	7.900%, 4/29/2049h		51,830
	125,000	6.750%, 8/29/2049h		133,554
		KeyCorp
	30,000	2.300%, 12/13/2018		30,265
		Liberty Mutual Group, Inc.
	10,000	5.000%, 6/1/2021f		10,913
		Lloyds Bank plc
	25,000	0.806%, 3/16/2018d		24,993
		MetLife, Inc.
	36,000	1.903%, 12/15/2017		36,158
		Mizuho Corporate Bank, Ltd.
	25,000	1.550%, 10/17/2017f		24,919
		Morgan Stanley
	40,000	6.625%, 4/1/2018		44,882
	25,000	1.417%, 1/27/2020d		25,344
	26,000	4.875%, 11/1/2022		27,656
		MPT Operating Partnership, LP
	110,000	5.500%, 5/1/2024		113,300
		Murray Street Investment Trust I
	60,000	4.647%, 3/9/2017		63,026
		National City Corporation
	20,000	6.875%, 5/15/2019		23,195
		Nomura Holdings, Inc.
	21,000	2.750%, 3/19/2019		21,194
		Quicken Loans, Inc.
	115,000	5.750%, 5/1/2025f		110,113
		Realty Income Corporation
	33,000	2.000%, 1/31/2018		33,235
		Regions Bank
	17,000	7.500%, 5/15/2018		19,513
		Reinsurance Group of America, Inc.
	40,000	5.625%, 3/15/2017		42,631
		RHP Hotel Properties, LP
	105,000	5.000%, 4/15/2021		105,000
		Royal Bank of Scotland Group plc
	22,000	1.222%, 3/31/2017d		22,015
	57,000	7.640%, 3/29/2049h		60,904
	57,000	7.648%, 8/29/2049h		70,965
		Societe Generale SA
	30,000	5.750%, 4/20/2016f		30,942
		State Bank of India
	65,000	3.622%, 4/17/2019f		66,417

The accompanying Notes to Financial Statements are an integral part of this schedule.

112

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value
	Financials (4.3%) - continued
		Sumitomo Mitsui Banking Corporation
	$     60,000	1.300%, 1/10/2017	$	60,050
	25,000	0.856%, 1/16/2018d		24,999
		Swiss RE Capital I, LP
	30,000	6.854%, 5/29/2049f,h		30,840
		Synchrony Financial
	56,000	1.875%, 8/15/2017		55,977
	15,000	1.509%, 2/3/2020d		15,066
		USB Realty Corporation
	10,000	1.422%, 12/29/2049d,f,h		9,137
		Ventas Realty, LP
	22,000	1.250%, 4/17/2017		21,946
		Voya Financial, Inc.
	30,000	2.900%, 2/15/2018		30,786
		Wells Fargo & Company
	25,000	0.958%, 1/30/2020d		24,877
		Total		3,740,211
	Foreign Government (9.0%)
		Bahama Government International Bond
	50,000	5.750%, 1/16/2024f		54,250
		Brazil Government International Bond
	140,000	4.875%, 1/22/2021		146,300
	440,000	2.625%, 1/5/2023		390,500
	375,000	5.000%, 1/27/2045		324,375
		Colombia Government International Bond
	45,000	2.625%, 3/15/2023		41,220
	180,000	4.000%, 2/26/2024		179,100
	100,000	5.000%, 6/15/2045		92,500
		Costa Rica Government International Bond
	350,000	7.158%, 3/12/2045f		341,250
		Croatia Government International Bond
	255,000	6.625%, 7/14/2020f		278,865
		Export-Import Bank of Korea
	25,000	2.250%, 1/21/2020		24,758
		Hungary Government International Bond
	80,000	4.000%, 3/25/2019		82,584
	286,000	5.750%, 11/22/2023		316,745
	360,000	5.375%, 3/25/2024		390,150
		Indonesia Government International Bond
	225,000	3.375%, 4/15/2023f		212,063
	210,000	4.125%, 1/15/2025f		206,063
	375,000	5.125%, 1/15/2045f		357,656
		Mexico Government International Bond
	180,000	3.625%, 3/15/2022		182,160
	210,000	4.000%, 10/2/2023		215,775
	200,000	3.600%, 1/30/2025		197,200
	180,000	4.750%, 3/8/2044		171,000
	270,000	4.600%, 1/23/2046		249,750
		Panama Government International Bond
	146,000	4.000%, 9/22/2024		146,730
		Peru Government International Bond
	144,000	5.625%, 11/18/2050		160,560
		Philippines Government International Bond
	125,000	7.750%, 1/14/2031		180,313
		Romania Government International Bond
	148,000	4.375%, 8/22/2023f		151,685
		Russian Government International Bond
	600,000	5.000%, 4/29/2020f		615,780
	360,000	4.875%, 9/16/2023f		356,040
		Slovenia Government International Bond
	70,000	4.125%, 2/18/2019f		72,800
		South Africa Government International Bond
	200,000	5.500%, 3/9/2020		217,600
	145,000	5.875%, 5/30/2022		160,624
	75,000	5.375%, 7/24/2044		74,795
		Turkey Government International Bond
	400,000	7.000%, 6/5/2020		456,586
	295,000	5.125%, 3/25/2022		309,012
	288,000	4.250%, 4/14/2026		274,510
	144,000	4.875%, 4/16/2043		131,034
		Venezuela Government International Bond
	460,000	7.650%, 4/21/2025		167,900
		Total		7,930,233
	Mortgage-Backed Securities (14.4%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	550,000	3.000%, 7/1/2030c		569,387
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	40,266	5.500%, 9/1/2024		45,075
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	750,000	4.000%, 7/1/2045c		793,140
		Federal National Mortgage Association Conventional 15-yr. Pass Through
	250,000	3.500%, 8/1/2029c		263,172
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	500,000	3.500%, 7/1/2030c		527,320
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	302,820	6.000%, 8/1/2024		343,553
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,525,000	3.500%, 7/1/2045c		4,663,225
	3,100,000	4.000%, 8/1/2045c		3,277,124
	2,000,000	4.500%, 8/1/2045c		2,159,062
		Total		12,641,058

The accompanying Notes to Financial Statements are an integral part of this schedule.

113

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (56.3%)	Value
	Technology (1.4%)
		Alliance Data Systems Corporation
	$    75,000	5.375%, 8/1/2022f	$	73,875
		Amkor Technology, Inc.
	100,000	6.625%, 6/1/2021		101,500
		Apple, Inc.
	30,000	0.577%, 5/6/2020d		29,914
		Cisco Systems, Inc.
	35,000	0.593%, 6/15/2018d		35,061
		CommScope Technologies Finance, LLC
	130,000	6.000%, 6/15/2025f		129,513
		EMC Corporation
	20,000	2.650%, 6/1/2020		20,205
		Equinix, Inc.
	155,000	5.750%, 1/1/2025		153,450
		Fidelity National Information Services, Inc.
	37,000	1.450%, 6/5/2017		36,917
		First Data Corporation
	64,810	7.375%, 6/15/2019f		67,370
		Freescale Semiconductor, Inc.
	105,000	6.000%, 1/15/2022f		111,300
		Iron Mountain, Inc.
	64,810	6.000%, 8/15/2023		67,726
		Oracle Corporation
	30,000	2.500%, 5/15/2022		29,130
		Plantronics, Inc.
	200,000	5.500%, 5/31/2023f		202,500
		Sensata Technologies BV
	130,000	4.875%, 10/15/2023f		128,375
		Texas Instruments, Inc.
	30,000	1.750%, 5/1/2020		29,478
		Tyco Electronics Group SA
	38,000	6.550%, 10/1/2017		42,164
		Total		1,258,478
	Transportation (0.6%)
		Air Canada Pass Through Trust
	15,000	3.875%, 3/15/2023f		14,719
		American Airlines Pass Through Trust
	18,317	4.950%, 1/15/2023		19,393
		Avis Budget Car Rental, LLC
	105,000	5.125%, 6/1/2022f		102,375
		Continental Airlines, Inc.
	51,673	6.250%, 4/11/2020		54,385
		Delta Air Lines, Inc.
	36,000	6.750%, 5/23/2017		36,601
	24,595	4.950%, 5/23/2019		26,056
	21,624	4.750%, 5/7/2020		22,868
		Korea Expressway Corporation
	33,000	1.625%, 4/28/2017f		32,988
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022f		195,750
		Total		505,135
	U.S. Government and Agencies (0.9%)
		U.S. Treasury Notes
	780,000	1.875%, 6/30/2020		789,018
		Total		789,018
	Utilities (1.6%)
		Access Midstream Partners, LP
	100,000	4.875%, 5/15/2023		98,641
		AES Corporation
	64,810	7.375%, 7/1/2021		71,129
		Arizona Public Service Company
	20,000	2.200%, 1/15/2020		19,832
		Berkshire Hathaway Energy Company
	48,000	2.400%, 2/1/2020		47,790
		Calpine Corporation
	100,000	6.000%, 1/15/2022f		105,750
	120,000	5.375%, 1/15/2023		117,900
		DTE Energy Company
	46,000	2.400%, 12/1/2019		45,996
		Dynegy Finance I, Inc.
	140,000	7.375%, 11/1/2022f		146,650
		EDP Finance BV
	46,000	4.125%, 1/15/2020f		46,447
		El Paso Corporation
	18,000	7.000%, 6/15/2017		19,575
		Electricite de France SA
	57,000	5.625%, 12/29/2049f,h		57,969
		Energy Transfer Equity, LP
	170,000	5.500%, 6/1/2027		169,575
		Enterprise Products Operating, LLC
	70,000	7.000%, 6/1/2067		70,000
		Eversource Energy
	15,000	1.600%, 1/15/2018		15,060
		Exelon Generation Company, LLC
	20,000	5.200%, 10/1/2019		21,996
	15,000	2.950%, 1/15/2020		15,052
		NextEra Energy Capital Holdings, Inc.
	30,000	1.586%, 6/1/2017		30,065
		NiSource Finance Corporation
	16,000	6.400%, 3/15/2018		17,931
		NRG Energy, Inc.
	64,810	6.625%, 3/15/2023		66,754
		Pacific Gas & Electric Company
	26,000	5.625%, 11/30/2017		28,380
		PG&E Corporation
	19,000	2.400%, 3/1/2019		19,025
		Sempra Energy
	36,000	6.150%, 6/15/2018		40,411
	15,000	2.400%, 3/15/2020		14,883
		Southern California Edison Company
	10,000	2.400%, 2/1/2022		9,726
		Transelec SA
	75,000	4.250%, 1/14/2025f		75,107
		Xcel Energy, Inc.
	30,000	1.200%, 6/1/2017		30,006
		Total		1,401,650
		Total Long-Term Fixed Income (cost $49,529,863)		49,400,529

The accompanying Notes to Financial Statements are an integral part of this schedule.

114

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Mutual Funds (5.7%)	Value
	Equity Mutual Funds (0.4%)
	7,200	BlackRock Resources & Commodities Strategy Trust	$	65,664
	3,200	Guggenheim Multi-Asset Income ETF		67,200
	6,200	Cohen & Steers REIT and Preferred Income Fund, Inc.		108,438
	6,450	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		97,524
		Total		338,826
	Fixed Income Mutual Funds (5.3%)
	9,425	Doubleline Income Solutions Fund		186,332
	10,814	PIMCO Dynamic Credit Income Fund		218,227
	24,789	Templeton Global Income Fund		174,267
	5,211	First Trust High Income Long/Short Fund		81,500
	16,794	Western Asset High Income Opportunity Fund, Inc.		86,489
	29,597	MFS Intermediate Income Trust		136,738
	11,299	Western Asset Emerging Markets Debt Fund, Inc.		169,033
	19,685	Vanguard Short-Term Corporate Bond ETF		1,566,532
	14,325	iShares J.P. Morgan USD Emerging Markets Bond ETF		1,574,604
	18,070	Nuveen Quality Preferred Income Fund II		153,053
	32,160	Aberdeen Asia-Pacific Income Fund, Inc.		159,514
	14,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		156,584
		Total		4,662,873
		Total Mutual Funds (cost $5,217,794)		5,001,699
		Preferred Stock (1.1%)
	Financials (1.0%)
	2,850	Affiliated Managers Group, Inc., 5.250%		71,906
	855	Agribank FCB, 6.875%h		89,989
	52	Bank of America Corporation, Convertible, 7.250%h		57,824
	4,620	Citigroup, Inc., 6.875%h		123,169
	1,135	Farm Credit Bank of Texas, 6.750%f,h		117,437
	2,500	Goldman Sachs Group, Inc., 5.500%h		61,300
	3,275	HSBC USA, Inc., 6.500%h		82,890
	92	M&T Bank Corporation, 6.375%h		93,667
	2,300	Morgan Stanley, 7.125%h		64,285
	1,539	U.S. Bancorp 6.500%h		43,431
	57	Wells Fargo & Company, Convertible, 7.500%h		66,975
		Total		872,873
	Materials (<0.1%)
	2,280	CHS, Inc., 7.100%h		59,713
		Total		59,713
	Utilities (0.1%)
	865	Southern California Edison Company, 4.130%h		87,311
		Total		87,311
		Total Preferred Stock (cost $993,487)		1,019,897
		Common Stock (0.6%)
	Financials (0.6%)
	24,100	Apollo Investment Corporation		170,628
	11,100	Ares Capital Corporation		182,706
	9,450	Solar Capital, Ltd.		170,100
		Total		523,434
		Total Common Stock (cost $528,275)		523,434
Shares or Principal Amount		Short-Term Investments (21.3%)i
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.060%, 7/6/2015j		99,999
	100,000	0.070%, 7/13/2015j		99,998
		Thrivent Cash Management Trust
	18,341,873	0.070%		18,341,873
		U.S. Treasury Bills
	200,000	0.000%, 8/20/2015k		199,997
		Total Short-Term Investments (at amortized cost)		18,741,867
		Total Investments (cost $102,512,021) 115.7%	$	101,654,631
		Other Assets and Liabilities, Net (15.7%)		(13,790,221	)
		Total Net Assets 100.0%	$	87,864,410

The accompanying Notes to Financial Statements are an integral part of this schedule.

115

Opportunity Income Plus Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the loan is unfunded.

c Denotes investments purchased on a when-issued or delayed delivery basis.

d Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

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 June 30, 2015.

f Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $10,595,144 or 12.1% of total net assets.

g All or a portion of the security is insured or guaranteed.

h Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

i The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

j At June 30, 2015, $199,997 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

k At June 30, 2015, $25,000 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Opportunity Income Plus Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2019		7/30/2014	$	87,688
CAM Mortgage, LLC, 7/15/2064		6/24/2015		200,000
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		173,059
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		372,153

Definitions:

ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

The accompanying Notes to Financial Statements are an integral part of this schedule.

116

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.4%)	Value
	Consumer Discretionary (14.6%)
	6,700	American Public Education, Inc.a	$	172,324
	5,100	Arctic Cat, Inc.		169,371
	17,750	Barnes & Noble, Inc.a		460,790
	7,100	Big 5 Sporting Goods Corporation		100,891
	618	Biglari Holdings, Inc.a		255,697
	8,600	BJ’s Restaurants, Inc.a		416,670
	4,600	Blue Nile, Inc.a		139,794
	9,200	Bob Evans Farms, Inc.b		469,660
	30,900	Boyd Gaming Corporationa		461,955
	11,000	Buckle, Inc.b		503,470
	17,175	Caleres, Inc.		545,821
	30,450	Callaway Golf Company		272,223
	4,250	Capella Education Company		228,098
	23,450	Career Education Corporationa		77,385
	10,000	Cato Corporation		387,600
	8,100	Children’s Place, Inc.		529,821
	14,575	Christopher & Banks Corporationa		58,446
	7,300	Coinstar, Inc.		555,603
	9,300	Cracker Barrel Old Country Store, Inc.b		1,387,188
	30,100	Crocs, Inc.a		442,771
	6,450	DineEquity, Inc.		639,130
	11,950	Dorman Products, Inc.a,b		569,537
	9,400	Drew Industries, Inc.		545,388
	20,583	E.W. Scripps Company		470,322
	10,200	Ethan Allen Interiors, Inc.		268,668
	18,043	Finish Line, Inc.		501,956
	16,500	Francesca’s Holdings Corporationa		222,255
	13,500	Fred’s, Inc.		260,415
	7,190	FTD Companies, Inc.a		202,686
	45,400	Gannett Company, Inc.a		635,146
	9,450	Genesco, Inc.a		623,983
	14,000	Gentherm, Inc.a		768,740
	14,900	G-III Apparel Group, Ltd.a		1,048,215
	8,350	Group 1 Automotive, Inc.		758,430
	16,750	Harte-Hanks, Inc.		99,830
	8,000	Haverty Furniture Companies, Inc.		172,960
	10,450	Helen of Troy, Ltd.a		1,018,771
	9,700	Hibbett Sports, Inc.a,b		451,826
	18,650	Iconix Brand Group, Inc.a		465,691
	15,400	Interval Leisure Group, Inc.		351,890
	11,600	iRobot Corporationa		369,808
	14,650	Jack in the Box, Inc.		1,291,544
	5,800	Kirkland’s, Inc.		161,646
	19,950	La-Z-Boy, Inc.		525,483
	8,950	Lithia Motors, Inc.		1,012,782
	10,600	Lumber Liquidators Holdings, Inc.a,b		219,526
	9,650	M/I Homes, Inc.a		238,066
	7,150	Marcus Corporation		137,137
	9,950	MarineMax, Inc.a		233,925
	10,800	Marriott Vacations Worldwide Corporation		990,900
	17,800	Men’s Wearhouse, Inc.		1,140,446
	14,650	Meritage Homes Corporationa		689,869
	3,950	Monarch Casino & Resort, Inc.a		81,212
	12,350	Monro Muffler Brake, Inc.		767,676
	6,700	Movado Group, Inc.		181,972
	11,350	Nutrisystem, Inc.		282,388
	5,700	Oxford Industries, Inc.		498,465
	11,450	Papa John’s International, Inc.		865,734
	20,950	Pep Boys - Manny, Moe & Jacka		257,056
	4,700	Perry Ellis International, Inc.a		111,719
	7,950	PetMed Express, Inc.b		137,297
	23,650	Pinnacle Entertainment, Inc.a		881,672
	17,112	Pool Corporation		1,200,920
	9,000	Popeyes Louisiana Kitchen, Inc.a		539,910
	5,500	Red Robin Gourmet Burgers, Inc.a		472,010
	17,350	Regis Corporationa		273,436
	24,300	Ruby Tuesday, Inc.a		152,361
	13,600	Ruth’s Hospitality Group, Inc.		219,232
	18,250	Ryland Group, Inc.		846,252
	10,500	Scholastic Corporation		463,365
	19,400	Scientific Games Corporationa,b		301,476
	20,450	Select Comfort Corporationa		614,932
	8,450	Sizmek, Inc.a		59,995
	12,950	Sonic Automotive, Inc.		308,598
	19,252	Sonic Corporation		554,458
	12,350	Stage Stores, Inc.		216,496
	5,850	Stamps.com, Inc.a		430,385
	8,100	Standard Motor Products, Inc.		284,472
	58,050	Standard Pacific Corporationa		517,225
	11,150	Stein Mart, Inc.		116,740
	21,775	Steven Madden, Ltd.a		931,535
	4,250	Strayer Education, Inc.a		183,175
	7,350	Sturm, Ruger & Company, Inc.b		422,257
	9,050	Superior Industries International, Inc.		165,706
	24,550	Texas Roadhouse, Inc.		918,907
	17,250	Tuesday Morning Corporationa		194,321
	5,600	Unifi, Inc.a		187,600
	6,250	Universal Electronics, Inc.a		311,500
	8,250	Universal Technical Institute, Inc.		70,950
	11,700	Vitamin Shoppe, Inc.a		436,059
	7,750	VOXX International Corporationa		64,170
	10,550	Winnebago Industries, Inc.b		248,874
	40,350	Wolverine World Wide, Inc.		1,149,168
	8,400	Zumiez, Inc.a		223,692
		Total		41,867,917
	Consumer Staples (2.5%)
	10,400	Andersons, Inc.		405,600
	22,700	B&G Foods, Inc.		647,631
	6,000	Calavo Growers, Inc.		311,580
	11,700	Cal-Maine Foods, Inc.b		610,740
	16,250	Central Garden & Pet Companya		185,413
	64,450	Darling Ingredients, Inc.a		944,837
	10,280	Diamond Foods, Inc.a		322,586
	6,700	Inter Parfums, Inc.		227,331
	5,800	J & J Snack Foods Corporation		641,886
	4,400	Medifast, Inc.a		142,208
	7,800	Sanderson Farms, Inc.b		586,248
	2,650	Seneca Foods Corporationa		73,591
	20,350	Snyder’s-Lance, Inc.		656,694
	14,700	SpartanNash Company		478,338
	8,850	Universal Corporationb		507,282
	5,420	WD-40 Company		472,407
		Total		7,214,372
	Energy (3.1%)
	14,400	Approach Resources, Inc.a,b		98,640
	13,450	Basic Energy Services, Inc.a		101,547
	19,250	Bill Barrett Corporationa		165,357
	15,000	Bonanza Creek Energy, Inc.a		273,750
	13,600	Bristow Group, Inc.		724,880
	7,790	CARBO Ceramics, Inc.b		324,298
	18,400	Carrizo Oil & Gas, Inc.a		906,016
	24,200	Cloud Peak Energy, Inc.a,b		112,772
	17,250	Comstock Resources, Inc.b		57,442
	6,150	Contango Oil & Gas Companya		75,461
	7,650	Era Group, Inc.a		156,672
	26,950	Exterran Holdings, Inc.		879,917
	5,100	Geospace Technologies Corporationa		117,555

The accompanying Notes to Financial Statements are an integral part of this schedule.

117

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.4%)	Value
	Energy (3.1%) - continued
	13,450	Green Plains, Inc.	$	370,548
	5,250	Gulf Island Fabrication, Inc.		58,642
	9,950	Gulfmark Offshore, Inc.b		115,420
	12,400	Hornbeck Offshore Services, Inc.a,b		254,572
	50,050	ION Geophysical Corporationa		53,553
	10,500	Matrix Service Companya		191,940
	32,850	Newpark Resources, Inc.a		267,071
	22,550	Northern Oil and Gas, Inc.a,b		152,664
	15,500	PDC Energy, Inc.a		831,420
	28,000	Penn Virginia Corporationa,b		122,640
	22,800	PetroQuest Energy, Inc.a		45,144
	24,900	Pioneer Energy Services Corporationa		157,866
	19,450	Rex Energy Corporationa,b		108,726
	6,750	SEACOR Holdings, Inc.a		478,845
	22,200	Stone Energy Corporationa		279,498
	17,300	Swift Energy Companya,b		35,119
	35,300	Synergy Resources Corporationa		403,479
	13,800	Tesco Corporation		150,420
	31,000	TETRA Technologies, Inc.a		197,780
	20,850	U.S. Silica Holdings, Inc.b		612,156
		Total		8,881,810
	Financials (22.4%)
	26,828	Acadia Realty Trust		780,963
	6,900	Agree Realty Corporation		201,273
	14,450	American Assets Trust, Inc.		566,585
	30,000	American Equity Investment Life Holding Company		809,400
	7,400	AMERISAFE, Inc.		348,244
	22,500	Associated Estates Realty Corporation		644,175
	34,600	Astoria Financial Corporation		477,134
	16,950	Bank Mutual Corporation		130,007
	7,590	Banner Corporation		363,789
	30,950	BBCN Bancorp, Inc.		457,750
	5,250	Bofi Holding, Inc.a		554,978
	32,350	Boston Private Financial Holdings, Inc.		433,813
	27,400	Brookline Bancorp, Inc.		309,346
	6,650	Calamos Asset Management, Inc.		81,462
	37,450	Capstead Mortgage Corporationb		415,695
	12,500	Cardinal Financial Corporation		272,375
	10,972	CareTrust REIT, Inc.		139,015
	10,800	Cash America International, Inc.b		282,852
	28,950	Cedar Realty Trust, Inc.		185,280
	10,350	Central Pacific Financial Corporation		245,813
	23,250	Chesapeake Lodging Trust		708,660
	5,950	City Holding Companyb		293,038
	20,900	Columbia Banking System, Inc.		680,086
	15,900	Community Bank System, Inc.b		600,543
	10,350	CoreSite Realty Corporation		470,304
	80,300	Cousins Properties, Inc.		833,514
	37,650	CVB Financial Corporation		663,016
	78,317	DiamondRock Hospitality Company		1,003,241
	11,825	Dime Community Bancshares, Inc.		200,315
	12,600	EastGroup Properties, Inc.		708,498
	18,833	Education Realty Trust, Inc.		590,603
	7,000	eHealth, Inc.a		88,830
	12,400	Employers Holdings, Inc.		282,472
	9,350	Encore Capital Group, Inc.a,b		399,619
	10,307	Enova International, Inc.a		192,535
	22,250	EPR Properties		1,218,855
	14,300	Evercore Partners, Inc.		771,628
	19,100	EZCORP, Inc.a		141,913
	67,750	F.N.B. Corporation		970,180
	20,200	Financial Engines, Inc.b		858,096
	40,773	First BanCorporationa		196,526
	11,100	First Cash Financial Services, Inc.a		506,049
	34,600	First Commonwealth Financial Corporation		331,814
	24,000	First Financial Bancorp		430,560
	25,050	First Financial Bankshares, Inc.b		867,732
	30,412	First Midwest Bancorp, Inc.		576,916
	13,200	Forestar Group, Inc.a		173,712
	34,800	Franklin Street Properties Corporation		393,588
	29,046	Geo Group, Inc.		992,211
	10,150	Getty Realty Corporation		166,054
	29,300	Glacier Bancorp, Inc.		862,006
	27,500	Government Properties Income Trust		510,125
	15,750	Green Dot Corporationa		301,140
	10,650	Greenhill & Company, Inc.		440,164
	12,462	Hanmi Financial Corporation		309,556
	3,450	HCI Group, Inc.b		152,525
	39,100	Healthcare Realty Trust, Inc.		909,466
	12,800	HFF, Inc.		534,144
	22,940	Home BancShares, Inc.		838,686
	16,100	Horace Mann Educators Corporation		585,718
	10,250	Independent Bank Corporationb		480,623
	4,500	Infinity Property & Casualty Corporation		341,280
	34,500	Inland Real Estate Corporation		324,990
	22,800	Interactive Brokers Group, Inc.		947,568
	13,350	Investment Technology Group, Inc.		331,080
	32,625	Kite Realty Group Trust		798,334
	14,150	LegacyTexas Financial Group, Inc.		427,330
	82,809	Lexington Realty Trust		702,220
	13,850	LTC Properties, Inc.		576,160
	14,600	MarketAxess Holdings, Inc.		1,354,442
	25,069	MB Financial, Inc.		863,376
	18,224	Meadowbrook Insurance Group, Inc.		156,726
	81,550	Medical Properties Trust, Inc.		1,069,121
	14,450	Montpelier Re Holdings, Inc.		570,775
	54,550	National Penn Bancshares, Inc.		615,324
	4,250	Navigators Group, Inc.a		329,630
	17,200	NBT Bancorp, Inc.		450,124
	36,800	Northwest Bancshares, Inc.		471,776
	17,350	OFG Bancorp		185,125
	41,550	Old National Bancorp		600,813
	14,600	Oritani Financial Corporation		234,330
	32,950	Parkway Properties, Inc.		574,648
	26,900	Pennsylvania Real Estate Investment Trust		574,046
	12,950	Pinnacle Financial Partners, Inc.		704,091
	6,250	Piper Jaffray Companiesa		272,750
	21,350	Post Properties, Inc.		1,160,799
	18,950	PRA Group, Inc.a,b		1,180,775
	27,600	PrivateBancorp, Inc.		1,099,032
	21,550	ProAssurance Corporation		995,825
	21,050	Provident Financial Services, Inc.		399,740
	7,550	PS Business Parks, Inc.		544,732
	36,650	Retail Opportunity Investments Corporation		572,473
	14,500	RLI Corporation		745,155
	11,110	S & T Bancorp, Inc.		328,745
	26,200	Sabra Healthcare REIT, Inc.		674,388
	4,900	Safety Insurance Group, Inc.		282,779
	4,400	Saul Centers, Inc.		216,436
	22,150	Selective Insurance Group, Inc.		621,307
	6,060	Simmons First National Corporation		282,881
	9,110	Southside Bancshares, Inc.b		266,285
	13,950	Sovran Self Storage, Inc.		1,212,394

The accompanying Notes to Financial Statements are an integral part of this schedule.

118

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.4%)	Value
	Financials (22.4%) - continued
	35,449	Sterling Bancorpb	$	521,100
	8,550	Stewart Information Services Corporation		340,290
	33,790	Summit Hotel Properties, Inc.		439,608
	71,050	Susquehanna Bancshares, Inc.		1,003,226
	22,630	Talmer Bancorp, Inc.		379,053
	17,850	Texas Capital Bancshares, Inc.a		1,110,984
	4,690	Tompkins Financial Corporation		251,947
	37,082	TrustCo Bank Corporation		260,686
	15,850	UMB Financial Corporation		903,767
	24,850	United Bankshares, Inc.b		999,715
	17,575	United Community Banks, Inc.		366,790
	8,250	United Fire Group, Inc.		270,270
	6,500	United Insurance Holdings Corporation		101,010
	5,250	Universal Health Realty Income Trust		243,915
	11,850	Universal Insurance Holdings, Inc.		286,770
	10,950	Urstadt Biddle Properties, Inc.		204,546
	2,750	Virtus Investment Partners, Inc.		363,688
	10,400	Walker & Dunlop, Inc.a		278,096
	10,000	Westamerica Bancorporationb		506,500
	27,450	Wilshire Bancorp, Inc.		346,694
	18,450	Wintrust Financial Corporation		984,861
	3,362	World Acceptance Corporationa,b		206,797
		Total		64,365,328
	Health Care (12.9%)
	8,250	Abaxis, Inc.b		424,710
	14,650	ABIOMED, Inc.a		962,945
	10,650	Aceto Corporation		262,310
	16,650	Acorda Therapeutics, Inc.a		554,945
	30,200	Affymetrix, Inc.a,b		329,784
	13,950	Air Methods Corporationa		576,693
	9,400	Albany Molecular Research, Inc.a,b		190,068
	3,050	Almost Family, Inc.a		121,726
	13,133	Amedisys, Inc.a		521,774
	18,500	AMN Healthcare Services, Inc.a		584,415
	18,800	AmSurg Corporationa		1,315,060
	4,800	Analogic Corporation		378,720
	10,050	AngioDynamics, Inc.a		164,820
	3,200	ANI Pharmaceuticals, Inc.a		198,560
	5,750	Anika Therapeutics, Inc.a		189,923
	9,600	Bio-Reference Laboratories, Inc.a		396,000
	12,200	Cambrex Corporationa		536,068
	13,775	Cantel Medical Corporation		739,304
	6,650	Chemed Corporationb		871,815
	4,100	Computer Programs and Systems, Inc.b		219,022
	10,750	CONMED Corporation		626,402
	3,350	CorVel Corporationa		107,267
	11,700	Cross Country Healthcare, Inc.a		148,356
	9,900	CryoLife, Inc.		111,672
	10,150	Cyberonics, Inc.a		603,519
	8,650	Cynosure, Inc.a		333,717
	23,350	Depomed, Inc.a		501,091
	11,600	Emergent Biosolutions, Inc.a		382,220
	8,850	Ensign Group, Inc.		451,881
	13,700	ExamWorks Group, Inc.a		535,670
	9,950	Greatbatch, Inc.a		536,504
	20,100	Haemonetics Corporationa		831,336
	13,800	Hanger, Inc.a		323,472
	13,000	HealthEquity, Inc.a		416,650
	9,300	HealthStream, Inc.a		282,906
	13,950	Healthways, Inc.a		167,121
	5,400	ICU Medical, Inc.a		516,564
	26,050	Impax Laboratories, Inc.a		1,196,216
	9,850	Integra LifeSciences Holdings Corporationa		663,594
	11,450	Invacare Corporation		247,663
	6,750	IPC Healthcare, Inc.a		373,883
	32,529	Kindred Healthcare, Inc.		660,013
	3,700	Landauer, Inc.		131,868
	10,400	Lannett Company, Inc.a,b		618,176
	4,750	LHC Group, Inc.a		181,688
	6,950	Ligand Pharmaceuticals, Inc.a,b		701,255
	14,950	Luminex Corporationa		258,037
	10,650	Magellan Health Services, Inc.a		746,245
	18,650	Masimo Corporationa		722,501
	23,550	MedAssets, Inc.a		519,513
	25,700	Medicines Companya		735,277
	21,500	Medidata Solutions, Inc.a		1,167,880
	16,200	Meridian Bioscience, Inc.		301,968
	17,075	Merit Medical Systems, Inc.a		367,795
	37,200	MiMedx Group, Inc.a		430,404
	23,130	Momenta Pharmaceuticals, Inc.a		527,595
	12,800	Natus Medical, Inc.a		544,768
	50,000	Nektar Therapeuticsa		625,500
	14,475	Neogen Corporationa		686,694
	18,800	NuVasive, Inc.a		890,744
	14,150	Omnicell, Inc.a		533,597
	21,450	PAREXEL International Corporationa		1,379,449
	11,800	PharMerica Corporationa		392,940
	20,450	Prestige Brands Holdings, Inc.a		945,608
	4,650	Providence Service Corporationa		205,902
	17,150	Quality Systems, Inc.b		284,175
	12,000	Repligen Corporationa		495,240
	8,950	Sagent Pharmaceuticals, Inc.a		217,575
	37,900	Select Medical Holdings Corporation		613,980
	22,900	Spectrum Pharmaceuticals, Inc.a,b		156,636
	11,100	Supernus Pharmaceuticals, Inc.a		188,478
	5,000	SurModics, Inc.a		117,100
	6,100	Vascular Solutions, Inc.a		211,792
	28,000	West Pharmaceutical Services, Inc.		1,626,240
		Total		37,082,999
	Industrials (15.7%)
	16,262	AAON, Inc.		366,220
	13,250	AAR Corporation		422,277
	20,450	ABM Industries, Inc.		672,191
	23,250	Actuant Corporation		536,843
	14,550	Aegion Corporationa		275,577
	24,500	Aerojet Rocketdyne Holdings, Inc.a		504,945
	7,850	Aerovironment, Inc.a		204,728
	11,150	Albany International Corporation		443,770
	5,250	Allegiant Travel Company		933,870
	2,800	American Science & Engineering, Inc.		122,668
	4,950	American Woodmark Corporationa		271,508
	11,300	Apogee Enterprises, Inc.		594,832
	15,700	Applied Industrial Technologies, Inc.		622,505
	9,500	ArcBest Corporation		302,100
	7,300	Astec Industries, Inc.		305,286
	9,750	Atlas Air Worldwide Holdings, Inc.a		535,860
	10,000	AZZ, Inc.		518,000
	19,200	Barnes Group, Inc.		748,608
	18,700	Brady Corporation		462,638
	17,450	Briggs & Stratton Corporation		336,087
	18,950	Brink’s Company		557,699
	5,650	CDI Corporation		73,450
	10,650	Celadon Group, Inc.		220,242
	6,700	CIRCOR International, Inc.		365,351
	14,600	Comfort Systems USA, Inc.		335,070

The accompanying Notes to Financial Statements are an integral part of this schedule.

119

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.4%)	Value
	Industrials (15.7%) - continued
	8,500	Cubic Corporation	$	404,430
	18,600	Curtiss-Wright Corporation		1,347,384
	5,000	DXP Enterprises, Inc.a		232,500
	13,250	Dycom Industries, Inc.a		779,762
	9,300	Echo Global Logistics, Inc.a		303,738
	24,450	EMCOR Group, Inc.		1,167,977
	7,350	Encore Wire Corporation		325,532
	17,250	EnerSys		1,212,502
	6,802	Engility Holdings, Inc.		171,138
	8,950	EnPro Industries, Inc.		512,119
	10,200	ESCO Technologies, Inc.		381,582
	15,050	Essendant, Inc.		590,713
	10,100	Exponent, Inc.		452,278
	24,400	Federal Signal Corporation		363,804
	12,050	Forward Air Corporation		629,733
	15,450	Franklin Electric Company, Inc.		499,499
	7,850	G & K Services, Inc.		542,749
	19,000	General Cable Corporation		374,870
	11,300	Gibraltar Industries, Inc.a		230,181
	16,030	Griffon Corporationb		255,198
	30,600	Harsco Corporation		504,900
	21,400	Hawaiian Holdings, Inc.a		508,250
	27,937	Healthcare Services Group, Inc.		923,318
	21,548	Heartland Express, Inc.		435,916
	6,450	Heidrick & Struggles International, Inc.		168,216
	24,700	Hillenbrand, Inc.		758,290
	13,400	Hub Group, Inc.a		540,556
	8,800	Insperity, Inc.		447,920
	25,750	Interface, Inc.		645,037
	11,500	John Bean Technologies Corporation		432,285
	10,550	Kaman Corporation		442,467
	11,600	Kelly Services, Inc.		178,060
	24,050	Knight Transportation, Inc.		643,097
	19,650	Korn/Ferry International		683,230
	4,650	Lindsay Corporationb		408,781
	6,700	Lydall, Inc.a		198,052
	16,950	Matson, Inc.		712,578
	11,600	Matthews International Corporation		616,424
	18,000	Mobile Mini, Inc.		756,720
	15,150	Moog, Inc.a		1,070,802
	22,200	Mueller Industries, Inc.		770,784
	8,100	MYR Group, Inc.a		250,776
	1,900	National Presto Industries, Inc.b		152,608
	18,850	Navigant Consulting, Inc.a		280,299
	18,200	On Assignment, Inc.a		714,896
	10,750	Orion Marine Group, Inc.a		77,615
	18,650	PGT, Inc.a		270,612
	3,550	Powell Industries, Inc.		124,854
	13,275	Quanex Building Products Corporation		284,483
	19,700	Republic Airways Holdings, Inc.a		180,846
	14,700	Resources Connection, Inc.		236,523
	10,800	Roadrunner Transportation Systems, Inc.a		278,640
	9,700	Saia, Inc.a		381,113
	16,350	Simpson Manufacturing Company, Inc.		555,900
	20,150	SkyWest, Inc.		303,056
	4,950	Standex International Corporation		395,653
	20,800	TASER International, Inc.a,b		692,848
	7,200	Tennant Company		470,448
	23,656	Tetra Tech, Inc.		606,540
	21,000	Titan International, Inc.b		225,540
	21,500	Toro Company		1,457,270
	16,200	TrueBlue, Inc.a		484,380
	8,450	U.S. Ecology, Inc.b		411,684
	6,150	UniFirst Corporation		687,878
	7,800	Universal Forest Products, Inc.		405,834
	35,950	UTI Worldwide, Inc.a,b		359,141
	3,150	Veritiv Corporationa		114,849
	7,800	Viad Corporation		211,458
	6,450	Vicor Corporationa		78,625
	12,900	WageWorks, Inc.a		521,805
	11,000	Watts Water Technologies, Inc.		570,350
		Total		45,142,221
	Information Technology (15.2%)
	20,750	ADTRAN, Inc.		337,187
	15,000	Advanced Energy Industries, Inc.a		412,350
	5,750	Agilysys, Inc.a		52,785
	10,600	Anixter International, Inc.a		690,590
	5,600	Badger Meter, Inc.		355,544
	4,150	Bel Fuse, Inc.		85,158
	20,500	Benchmark Electronics, Inc.a		446,490
	5,950	Black Box Corporation		119,000
	18,300	Blackbaud, Inc.		1,042,185
	16,000	Blucora, Inc.a		258,400
	14,750	Bottomline Technologies, de Inc.a		410,198
	26,307	Brooks Automation, Inc.		301,215
	9,650	Cabot Microelectronics Corporationa		454,611
	9,400	CACI International, Inc.a		760,366
	14,050	CalAmp Corporationa,b		256,553
	17,450	Cardtronics, Inc.a		646,523
	7,950	CEVA, Inc.a		154,469
	16,450	Checkpoint Systems, Inc.		167,461
	27,650	Ciber, Inc.a		95,392
	24,700	Cirrus Logic, Inc.a		840,541
	9,350	Coherent, Inc.a		593,538
	10,050	Cohu, Inc.		132,961
	13,150	comScore, Inc.a		700,369
	6,350	Comtech Telecommunications Corporation		184,468
	12,800	CSG Systems International, Inc.		405,248
	13,000	CTS Corporation		250,510
	15,250	Daktronics, Inc.		180,865
	17,550	Dealertrack Technologies, Inc.a		1,101,965
	14,900	DHI Group, Inc.a		132,461
	9,700	Digi International, Inc.a		92,635
	14,350	Diodes, Inc.a		345,979
	8,650	DSP Group, Inc.a		89,354
	6,850	DTS, Inc.a		208,857
	10,950	Ebix, Inc.b		357,080
	10,450	Electro Scientific Industries, Inc.		55,071
	18,250	Electronics for Imaging, Inc.a		794,057
	12,500	EPIQ Systems, Inc.		211,000
	18,700	Exar Corporationa		182,886
	12,400	ExlService Holdings, Inc.a		428,792
	11,550	Fabrineta		216,332
	6,750	FARO Technologies, Inc.a		315,225
	4,200	Forrester Research, Inc.		151,284
	34,600	Harmonic, Inc.a		236,318
	14,200	Heartland Payment Systems, Inc.		767,510
	13,850	IGATE Corporationa		660,507
	20,200	II-VI, Inc.a		383,396
	15,175	Insight Enterprises, Inc.a		453,884
	6,750	Interactive Intelligence Groupa,b		300,172
	15,000	Itron, Inc.a		516,600
	23,150	Ixiaa		287,986
	17,900	j2 Global, Inc.		1,216,126
	23,800	Kopin Corporationa		82,110
	29,950	Kulicke and Soffa Industries, Inc.a		350,714

The accompanying Notes to Financial Statements are an integral part of this schedule.

120

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.4%)	Value
	Information Technology (15.2%) - continued
	9,550	Liquidity Services, Inc.a	$	91,967
	8,800	Littelfuse, Inc.		835,032
	20,300	LivePerson, Inc.a		199,143
	9,550	LogMeIn, Inc.a		615,880
	9,250	ManTech International Corporation		268,250
	12,650	Mercury Systems, Inc.a		185,196
	14,950	Methode Electronics, Inc.		410,377
	17,500	Micrel, Inc.		243,250
	37,150	Microsemi Corporationa		1,298,392
	3,600	MicroStrategy, Inc.a		612,288
	20,850	MKS Instruments, Inc.		791,049
	14,300	Monolithic Power Systems, Inc.		725,153
	15,550	Monotype Imaging Holdings, Inc.		374,911
	35,500	Monster Worldwide, Inc.a		232,170
	5,900	MTS Systems Corporation		406,805
	9,400	Nanometrics, Inc.a		151,528
	13,600	NETGEAR, Inc.a		408,272
	14,550	NetScout Systems, Inc.a		533,549
	15,450	Newport Corporationa		292,932
	23,800	NIC, Inc.		435,064
	7,250	OSI Systems, Inc.a		513,228
	8,000	Park Electrochemical Corporation		153,280
	13,750	Perficient, Inc.a		264,550
	7,950	Pericom Semiconductor Corporation		104,542
	13,150	Plexus Corporationa		577,022
	11,500	Power Integrations, Inc.		519,570
	19,750	Progress Software Corporationa		543,125
	34,050	QLogic Corporationa		483,169
	13,500	QuinStreet, Inc.a		87,075
	10,900	Rofin-Sinar Technologies, Inc.a		300,840
	7,200	Rogers Corporationa		476,208
	12,550	Rudolph Technologies, Inc.a		150,725
	32,350	Sanmina Corporationa		652,176
	11,150	ScanSource, Inc.a		424,369
	26,700	Semtech Corporationa		529,995
	14,000	Super Micro Computer, Inc.a		414,120
	15,250	Sykes Enterprises, Inc.a		369,812
	14,300	Synaptics, Inc.a		1,240,311
	14,300	Synchronoss Technologies, Inc.a		653,939
	10,900	SYNNEX Corporation		797,771
	32,900	Take-Two Interactive Software, Inc.a		907,053
	14,400	Tangoe, Inc.a		181,152
	6,800	TeleTech Holdings, Inc.		184,144
	18,300	Tessera Technologies, Inc.		695,034
	24,600	TTM Technologies, Inc.a		245,754
	10,700	Ultratech, Inc.a		198,592
	11,450	VASCO Data Security International, Inc.a,b		345,676
	15,800	Veeco Instruments, Inc.a		454,092
	17,050	ViaSat, Inc.a		1,027,433
	10,500	Virtusa Corporationa		539,700
	9,350	XO Group, Inc.a		152,872
		Total		43,571,815
	Materials (5.0%)
	11,500	A. Schulman, Inc.		502,780
	6,800	A.M. Castle & Companya,b		41,956
	68,950	AK Steel Holding Corporationa		266,836
	9,850	American Vanguard Corporation		135,930
	12,100	Balchem Corporation		674,212
	15,450	Boise Cascade Companya		566,706
	20,600	Calgon Carbon Corporation		399,228
	19,700	Century Aluminum Companya		205,471
	7,450	Clearwater Paper Corporationa		426,885
	4,350	Deltic Timber Corporation		294,234
	19,250	Flotek Industries, Inc.a		241,203
	8,700	FutureFuel Corporation		111,969
	25,050	Globe Specialty Metals, Inc.		443,385
	19,650	H.B. Fuller Company		798,183
	3,650	Hawkins, Inc.		147,424
	4,900	Haynes International, Inc.		241,668
	28,800	Headwaters, Inc.a		524,736
	8,200	Innophos Holdings, Inc.		431,648
	22,050	Intrepid Potash, Inc.a		263,277
	6,800	Kaiser Aluminum Corporation		564,944
	33,000	KapStone Paper and Packaging Corporation		762,960
	7,950	Koppers Holdings, Inc.		196,524
	12,300	Kraton Performance Polymers, Inc.a		293,724
	7,600	LSB Industries, Inc.a		310,384
	7,850	Materion Corporation		276,712
	9,613	Myers Industries, Inc.		182,647
	6,550	Neenah Paper, Inc.		386,188
	3,600	Olympic Steel, Inc.		62,784
	11,800	OM Group, Inc.		396,480
	16,800	PH Glatfelter Company		369,432
	5,200	Quaker Chemical Corporation		461,968
	16,650	Rayonier Advanced Materials, Inc.		270,729
	12,050	RTI International Metals, Inc.a		379,816
	11,950	Schweitzer-Mauduit International, Inc.		476,566
	7,450	Stepan Company		403,120
	47,050	Stillwater Mining Companya		545,309
	25,377	SunCoke Energy, Inc.		329,901
	15,300	TopBuild Corporationa		443,700
	10,050	Tredegar Corporation		222,205
	19,550	Wausau Paper Corporation		179,469
		Total		14,233,293
	Telecommunications Services (0.7%)
	34,500	8x8, Inc.a		309,120
	3,950	Atlantic Tele-Network, Inc.		272,866
	81,850	Cincinnati Bell, Inc.a		312,667
	18,350	Consolidated Communications Holdings, Inc.		385,534
	11,800	General Communication, Inc.a		200,718
	31,000	Iridium Communications, Inc.a,b		281,790
	8,000	Lumos Networks Corporation		118,320
	8,450	USA Mobility, Inc.		142,298
		Total		2,023,313
	Utilities (3.3%)
	17,483	ALLETE, Inc.		811,036
	14,850	American States Water Company		555,241
	22,450	Avista Corporation		688,093
	15,850	El Paso Electric Company		549,361
	16,850	Laclede Group, Inc.		877,211
	33,400	New Jersey Resources Corporation		920,170
	10,700	Northwest Natural Gas Company		451,326
	18,400	NorthWestern Corporation		897,000
	30,750	Piedmont Natural Gas Company, Inc.b		1,085,782
	26,600	South Jersey Industries, Inc.		657,818
	18,250	Southwest Gas Corporation		971,083
	22,216	UIL Holdings Corporation		1,017,937
		Total		9,482,058
		Total Common Stock (cost $182,705,718)		273,865,126

The accompanying Notes to Financial Statements are an integral part of this schedule.

121

Small Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Collateral Held for Securities Loaned (8.3%)	Value
	23,935,556	Thrivent Cash Management Trust	$	23,935,556
		Total Collateral Held for Securities Loaned (cost $23,935,556)		23,935,556
Shares or Principal Amount		Short-Term Investments (4.6%)c
		Federal Home Loan Bank Discount Notes
	1,000,000	0.065%, 8/14/2015d		999,921
		Thrivent Cash Management Trust
	12,172,331	0.070%		12,172,331
		Total Short-Term Investments (at amortized cost)		13,172,252
		Total Investments (cost $219,813,526) 108.3%	$	310,972,934
		Other Assets and Liabilities, Net (8.3%)		(23,892,297	)
		Total Net Assets 100.0%	$	287,080,637

a Non-income producing security.

b All or a portion of the security is on loan.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d At June 30, 2015, $999,921 of investments were 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.

The accompanying Notes to Financial Statements are an integral part of this schedule.

122

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (96.3%)	Value
	Consumer Discretionary (13.7%)
	6,600	Aaron’s, Inc.	$	238,986
	7,100	Abercrombie & Fitch Companya		152,721
	7,400	Advance Auto Parts, Inc.		1,178,746
	6,100	AMC Networks, Inc.b		499,285
	17,930	American Eagle Outfitters, Inc.a		308,755
	4,600	ANN, Inc.b		222,134
	9,800	Apollo Group, Inc.b		126,224
	13,400	Ascena Retail Group, Inc.b		223,177
	5,500	Big Lots, Inc.		247,445
	6,305	Brinker International, Inc.		363,483
	9,450	Brunswick Corporation		480,627
	1,890	Buffalo Wild Wings, Inc.b		296,144
	4,800	Cabela’s, Inc.a,b		239,904
	5,350	Carter’s, Inc.		568,705
	4,600	Cheesecake Factory, Inc.		250,861
	14,600	Chico’s FAS, Inc.		242,798
	10,650	Cinemark Holdings, Inc.		427,811
	7,850	CST Brands, Inc.		306,621
	16,700	Dana Holding Corporation		343,686
	3,400	Deckers Outdoor Corporationb		244,698
	5,850	DeVry Education Group, Inc.		175,383
	9,950	Dick’s Sporting Goods, Inc.		515,112
	5,700	Domino’s Pizza, Inc.		646,380
	7,450	DreamWorks Animation SKG, Inc.a,b		196,531
	9,800	Dunkin’ Brands Group, Inc.		539,000
	14,250	Foot Locker, Inc.		954,892
	30,040	Gentex Corporation		493,257
	400	Graham Holdings Company		430,020
	6,500	Guess ?, Inc.		124,605
	3,250	HSN, Inc.		228,118
	2,770	International Speedway Corporation		101,576
	31,000	J.C. Penney Company, Inc.a,b		262,570
	18,300	Jarden Corporationb		947,025
	4,650	John Wiley and Sons, Inc.		252,821
	13,000	Kate Spade & Companyb		280,020
	9,300	KB Homea		154,380
	14,900	Live Nation Entertainment, Inc.b		409,601
	31,050	LKQ Corporationb		939,107
	4,000	M.D.C. Holdings, Inc.		119,880
	3,750	Meredith Corporation		195,562
	4,300	Murphy USA, Inc.b		240,026
	13,400	New York Times Company		182,910
	300	NVR, Inc.b		402,000
	50,250	Office Depot, Inc.b		435,165
	2,500	Panera Bread Companyb		436,925
	6,250	Polaris Industries, Inc.		925,687
	5,400	Rent-A-Center, Inc.		153,090
	20,700	Service Corporation International		609,201
	8,150	Signet Jewelers, Ltd.		1,045,156
	4,200	Skechers USA, Inc.b		461,118
	6,220	Sotheby’s Holdings, Inc.		281,393
	6,200	Tempur-Pedic International, Inc.b		408,580
	4,700	Thor Industries, Inc.		264,516
	11,100	Time, Inc.		255,411
	16,350	Toll Brothers, Inc.b		624,406
	5,000	Tupperware Brands Corporation		322,700
	6,500	Vista Outdoor, Inc.b		291,850
	27,764	Wendy’s Company		313,178
	8,730	Williams-Sonoma, Inc.		718,217
		Total		23,300,180
	Consumer Staples (4.0%)
	44,540	Avon Products, Inc.a		278,820
	900	Boston Beer Company, Inc.b		208,791
	3,900	Casey’s General Stores, Inc.		373,386
	13,370	Church & Dwight Company, Inc.		1,084,708
	9,600	Dean Foods Company		155,232
	6,250	Energizer Holdings, Inc.		822,188
	18,825	Flowers Foods, Inc.		398,149
	10,400	Hain Celestial Group, Inc.b		684,944
	7,250	Ingredion, Inc.		578,622
	1,940	Lancaster Colony Corporation		176,249
	5,500	Post Holdings, Inc.b		296,615
	21,100	SUPERVALU, Inc.b		170,699
	2,050	Tootsie Roll Industries, Inc.a		66,236
	4,300	TreeHouse Foods, Inc.b		348,429
	5,100	United Natural Foods, Inc.b		324,768
	17,750	WhiteWave Foods Companyb		867,620
		Total		6,835,456
	Energy (4.4%)
	6,200	Atwood Oceanics, Inc.a		163,928
	31,350	California Resources Corporation		189,354
	36,230	Denbury Resources, Inc.a		230,423
	7,850	Dresser-Rand Group, Inc.b		668,663
	4,000	Dril-Quip, Inc.b		301,000
	8,100	Energen Corporation		553,230
	10,950	Gulfport Energy Corporationb		440,738
	10,050	Helix Energy Solutions Group, Inc.b		126,931
	20,040	HollyFrontier Corporation		855,508
	29,760	Nabors Industries, Ltd.		429,437
	10,100	Oceaneering International, Inc.		470,559
	5,300	Oil States International, Inc.b		197,319
	15,050	Patterson-UTI Energy, Inc.		283,166
	16,500	QEP Resources, Inc.		305,415
	7,650	Rosetta Resources, Inc.b		177,021
	12,650	Rowan Companies plc		267,041
	6,850	SM Energy Company		315,922
	15,350	Superior Energy Services, Inc.		322,964
	4,850	Tidewater, Inc.a		110,240
	4,750	Unit Corporationb		128,820
	7,250	Western Refining, Inc.		316,245
	7,300	World Fuel Services Corporation		350,035
	20,950	WPX Energy, Inc.b		257,266
		Total		7,461,225
	Financials (23.3%)
	4,610	Alexander & Baldwin, Inc.		181,634
	7,300	Alexandria Real Estate Equities, Inc.		638,458
	1,550	Alleghany Corporationb		726,578
	11,400	American Campus Communities, Inc.		429,666
	7,485	American Financial Group, Inc.		486,824
	17,100	Arthur J. Gallagher & Company		808,830
	6,300	Aspen Insurance Holdings, Ltd.		301,770
	15,443	Associated Banc-Corp		313,030
	8,750	BancorpSouth, Inc.		225,400
	4,450	Bank of Hawaii Corporation		296,726
	7,100	Bank of the Ozarks, Inc.		324,825
	20,800	BioMed Realty Trust, Inc.		402,272
	11,800	Brown & Brown, Inc.		387,748
	8,850	Camden Property Trust		657,378
	7,600	Cathay General Bancorp		246,620
	8,600	CBOE Holdings, Inc.		492,092
	4,870	City National Corporation		440,199
	20,100	CNO Financial Group, Inc.		368,835
	8,589	Commerce Bancshares, Inc.		401,708
	12,300	Communications Sales & Leasing, Inc.a		304,056
	9,650	Corporate Office Properties Trust		227,161
	11,970	Corrections Corporation of America		395,968
	5,650	Cullen/Frost Bankers, Inc.		443,977

The accompanying Notes to Financial Statements are an integral part of this schedule.

123

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (96.3%)	Value
	Financials (23.3%) - continued
	14,000	Douglas Emmett, Inc.	$	377,160
	35,250	Duke Realty Corporation		654,592
	14,700	East West Bancorp, Inc.		658,854
	12,050	Eaton Vance Corporation		471,516
	8,200	Equity One, Inc.		191,388
	4,560	Everest Re Group, Ltd.		829,966
	11,300	Extra Space Storage, Inc.		736,986
	6,900	Federal Realty Investment Trust		883,821
	9,650	Federated Investors, Inc.		323,178
	11,050	First American Financial Corporation		411,171
	23,850	First Horizon National Corporation		373,729
	36,000	First Niagara Financial Group, Inc.		339,840
	16,998	FirstMerit Corporation		354,068
	18,000	Fulton Financial Corporation		235,080
	8,000	Hancock Holding Company		255,280
	4,520	Hanover Insurance Group, Inc.		334,616
	9,800	HCC Insurance Holdings, Inc.		753,032
	9,500	Highwoods Properties, Inc.		379,525
	5,950	Home Properties, Inc.		434,648
	15,300	Hospitality Properties Trust		440,946
	5,950	International Bancshares Corporation		159,877
	15,050	Janus Capital Group, Inc.		257,656
	4,500	Jones Lang LaSalle, Inc.		769,500
	5,050	Kemper Corporation		194,677
	8,950	Kilroy Realty Corporation		600,992
	8,150	Lamar Advertising Company		468,462
	11,500	LaSalle Hotel Properties		407,790
	15,200	Liberty Property Trust		489,744
	8,550	Mack-Cali Realty Corporation		157,577
	3,800	Mercury General Corporation		211,470
	7,650	Mid-America Apartment Communities, Inc.		556,997
	11,450	MSCI, Inc.		704,748
	13,600	National Retail Properties, Inc.		476,136
	45,311	New York Community Bancorp, Inc.a		832,816
	24,650	Old Republic International Corporation		385,279
	16,400	Omega Healthcare Investors, Inc.		563,012
	10,000	PacWest Bancorp		467,600
	4,057	Potlatch Corporation		143,293
	5,300	Primerica, Inc.		242,157
	6,200	Prosperity Bancshares, Inc.		357,988
	13,025	Raymond James Financial, Inc.		776,029
	12,962	Rayonier, Inc. REIT		331,179
	9,550	Regency Centers Corporation		563,259
	6,800	Reinsurance Group of America, Inc.		645,116
	4,600	RenaissanceRe Holdings, Ltd.		466,946
	13,290	SEI Investments Company		651,609
	24,000	Senior Housing Property Trust		421,200
	5,200	Signature Bankb		761,228
	43,400	SLM Corporationb		428,358
	4,200	StanCorp Financial Group, Inc.		317,562
	6,900	Stifel Financial Corporationb		398,406
	5,180	SVB Financial Groupb		745,816
	13,600	Synovus Financial Corporation		419,152
	9,700	Tanger Factory Outlet Centers, Inc.		307,490
	6,350	Taubman Centers, Inc.		441,325
	17,070	TCF Financial Corporation		283,533
	6,850	Trustmark Corporation		171,113
	26,503	UDR, Inc.		848,891
	22,500	Umpqua Holdings Corporation		404,775
	9,470	Urban Edge Properties		196,881
	22,534	Valley National Bancorp		232,326
	10,275	W.R. Berkley Corporation		533,581
	8,640	Waddell & Reed Financial, Inc.		408,758
	9,727	Washington Federal, Inc.		227,125
	9,280	Webster Financial Corporation		367,024
	11,550	Weingarten Realty Investors		377,570
	11,400	WisdomTree Investments, Inc.a		250,401
	19,000	WP Glimcher, Inc.		257,070
		Total		39,622,645
	Health Care (8.9%)
	8,100	Akorn, Inc.b		353,646
	7,350	Align Technology, Inc.b		460,918
	17,400	Allscripts Healthcare Solutions, Inc.b		238,032
	2,100	Bio-Rad Laboratories, Inc.b		316,281
	3,850	Bio-Techne Corporation		379,109
	12,200	Centene Corporationb		980,880
	4,750	Charles River Laboratories International, Inc.b		334,115
	12,066	Community Health Systems, Inc.b		759,796
	4,950	Cooper Companies, Inc.		880,951
	4,700	Halyard Health, Inc.b		190,350
	7,930	Health Net, Inc.b		508,472
	5,800	Hill-Rom Holdings, Inc.		315,114
	8,950	HMS Holdings Corporationb		153,672
	24,950	Hologic, Inc.b		949,597
	9,500	IDEXX Laboratories, Inc.b		609,330
	4,500	LifePoint Health, Inc.b		391,275
	9,550	Mednax, Inc.b		707,750
	2,800	Mettler-Toledo International, Inc.b		956,088
	3,000	Molina Healthcare, Inc.b		210,900
	9,920	Omnicare, Inc.		934,960
	6,500	Owens & Minor, Inc.		221,000
	14,350	ResMed, Inc.a		808,909
	5,700	Sirona Dental Systems, Inc.b		572,394
	6,050	STERIS Corporationa		389,862
	4,140	Teleflex, Inc.		560,763
	5,550	Thoratec Corporationb		247,364
	4,700	United Therapeutics Corporationb		817,565
	8,400	VCA Antech, Inc.b		457,002
	4,450	Wellcare Health Plans, Inc.b		377,494
		Total		15,083,589
	Industrials (14.5%)
	7,600	A.O. Smith Corporation		547,048
	4,400	Acuity Brands, Inc.		791,912
	15,350	AECOMb		507,778
	8,230	AGCO Corporation		467,300
	13,260	Alaska Air Group, Inc.		854,342
	10,800	B/E Aerospace, Inc.		592,920
	6,590	Carlisle Companies, Inc.		659,791
	5,100	CLARCOR, Inc.		317,424
	5,500	Clean Harbors, Inc.b		295,570
	5,930	Con-way, Inc.		227,534
	11,550	Copart, Inc.b		409,794
	3,450	Corporate Executive Board Company		300,357
	4,950	Crane Company		290,713
	5,000	Deluxe Corporation		310,000
	12,900	Donaldson Company, Inc.		461,820
	3,200	Esterline Technologies Corporationb		305,088
	16,350	Fortune Brands Home and Security, Inc.		749,157
	4,200	FTI Consulting, Inc.b		173,208
	4,470	GATX Corporation		237,580
	5,250	Genesee & Wyoming, Inc.b		399,945
	6,000	Graco, Inc.		426,180
	3,710	Granite Construction, Inc.		131,742
	6,140	Herman Miller, Inc.		177,630

The accompanying Notes to Financial Statements are an integral part of this schedule.

124

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (96.3%)	Value
	Industrials (14.5%) - continued
	4,530	HNI Corporation	$	231,709
	5,430	Hubbell, Inc.		587,960
	4,901	Huntington Ingalls Industries, Inc.		551,804
	8,000	IDEX Corporation		628,640
	9,150	ITT Corporation		382,836
	26,775	JetBlue Airways Corporationb		555,849
	14,750	KBR, Inc.		287,330
	8,040	Kennametal, Inc.		274,325
	5,750	Kirby Corporationb		440,795
	5,375	KLX, Inc.b		237,199
	4,500	Landstar System, Inc.		300,915
	4,250	Lennox International, Inc.		457,683
	7,800	Lincoln Electric Holdings, Inc.		474,942
	8,020	Manpower, Inc.		716,828
	3,150	Mine Safety Appliances Company		152,807
	5,150	MSC Industrial Direct Company, Inc.		359,316
	5,780	Nordson Corporation		450,204
	10,900	NOW, Inc.a,b		217,019
	6,850	Old Dominion Freight Line, Inc.b		469,944
	6,110	Orbital ATK, Inc.		448,230
	8,050	Oshkosh Corporation		341,159
	21,300	R.R. Donnelley & Sons Company		371,259
	4,500	Regal-Beloit Corporation		326,655
	9,858	Rollins, Inc.		281,249
	4,110	SPX Corporation		297,523
	3,600	Teledyne Technologies, Inc.b		379,836
	10,800	Terex Corporation		251,100
	7,450	Timken Company		272,446
	7,000	Towers Watson & Company		880,600
	15,840	Trinity Industries, Inc.		418,651
	5,100	Triumph Group, Inc.		336,549
	2,450	Valmont Industries, Inc.a		291,231
	9,900	Wabtec Corporation		932,976
	12,650	Waste Connections, Inc.		596,068
	2,800	Watsco, Inc.		346,472
	4,500	Werner Enterprises, Inc.		118,125
	6,000	Woodward, Inc.		329,940
		Total		24,633,007
	Information Technology (15.9%)
	10,750	3D Systems Corporationa,b		209,840
	11,860	ACI Worldwide, Inc.b		291,400
	7,940	Acxiom Corporationb		139,585
	64,450	Advanced Micro Devices, Inc.a,b		154,680
	4,550	Advent Software, Inc.		201,155
	9,200	ANSYS, Inc.b		839,408
	13,500	Arris Group, Inc.b		413,100
	9,770	Arrow Electronics, Inc.b		545,166
	42,620	Atmel Corporation		420,020
	13,920	Avnet, Inc.		572,251
	4,350	Belden, Inc.		353,350
	12,250	Broadridge Financial Solutions, Inc.		612,623
	29,830	Cadence Design Systems, Inc.b		586,458
	16,350	CDK Global, Inc.		882,573
	12,050	Ciena Corporationa,b		285,344
	8,800	Cognex Corporation		423,280
	4,300	CommVault Systems, Inc.b		182,363
	10,150	Convergys Corporation		258,723
	9,250	CoreLogic, Inc.b		367,132
	11,150	Cree, Inc.a,b		290,235
	33,800	Cypress Semiconductor Corporation		397,488
	6,630	Diebold, Inc.		232,050
	2,810	DST Systems, Inc.		354,004
	3,950	FactSet Research Systems, Inc.		641,914
	3,200	Fair Isaac Corporation		290,496
	11,950	Fairchild Semiconductor International, Inc.b		207,691
	4,150	FEI Company		344,160
	14,550	Fortinet, Inc.b		601,352
	8,500	Gartner, Inc.b		729,130
	6,750	Global Payments, Inc.		698,287
	10,750	Informatica Corporationb		521,053
	15,950	Ingram Micro, Inc.b		399,229
	15,100	Integrated Device Technology, Inc.b		327,670
	3,750	InterDigital, Inc.		213,338
	13,400	Intersil Corporation		167,634
	3,550	IPG Photonics Corporationb		302,371
	19,850	Jabil Circuit, Inc.		422,606
	8,260	Jack Henry & Associates, Inc.		534,422
	23,900	JDS Uniphase Corporationb		276,762
	17,300	Keysight Technologies, Inc.b		539,587
	8,750	Knowles Corporationa,b		158,375
	6,275	Leidos Holdings, Inc.		253,322
	6,200	Lexmark International, Inc.		274,040
	7,500	Manhattan Associates, Inc.b		447,375
	6,700	MAXIMUS, Inc.		440,391
	10,070	Mentor Graphics Corporation		266,150
	10,312	National Instruments Corporation		303,792
	17,300	NCR Corporationb		520,730
	5,700	NeuStar, Inc.a,b		166,497
	11,700	Parametric Technology Corporationb		479,934
	4,040	Plantronics, Inc.		227,492
	13,790	Polycom, Inc.b		157,758
	12,100	Rackspace Hosting, Inc.b		449,999
	9,040	Rovi Corporationa,b		144,188
	4,064	Science Applications International Corporation		214,782
	4,000	Silicon Laboratories, Inc.b		216,040
	6,750	Solarwinds, Inc.b		311,378
	6,850	Solera Holdings, Inc.		305,236
	29,750	Sunedison, Inc.b		889,823
	15,780	Synopsys, Inc.b		799,257
	3,780	Tech Data Corporationb		217,577
	21,950	Teradyne, Inc.		423,415
	26,450	Trimble Navigation, Ltd.b		620,517
	3,400	Tyler Technologies, Inc.b		439,892
	2,900	Ultimate Software Group, Inc.b		476,586
	11,600	VeriFone Systems, Inc.b		393,936
	13,870	Vishay Intertechnology, Inc.		162,002
	3,900	WEX, Inc.b		444,483
	5,250	Zebra Technologies Corporationb		583,012
		Total		27,017,909
	Materials (7.2%)
	11,420	Albemarle Corporation		631,183
	6,400	AptarGroup, Inc.		408,128
	6,350	Ashland, Inc.		774,065
	10,000	Bemis Company, Inc.		450,100
	6,540	Cabot Corporation		243,877
	5,250	Carpenter Technology Corporation		203,070
	18,600	Chemours Companyb		297,600
	11,900	Commercial Metals Company		191,352
	3,400	Compass Minerals International, Inc.		279,276
	7,220	Cytec Industries, Inc.		437,027
	6,550	Domtar Corporation		271,170
	5,200	Eagle Materials, Inc.		396,916
	3,400	Greif, Inc.		121,890
	14,600	Louisiana-Pacific Corporationb		248,638
	3,510	Minerals Technologies, Inc.		239,136
	1,050	NewMarket Corporation		466,085
	7,950	Olin Corporationa		214,252

The accompanying Notes to Financial Statements are an integral part of this schedule.

125

Mid Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (96.3%)	Value
	Materials (7.2%) - continued
	10,100	Packaging Corporation of America	$	631,149
	9,150	PolyOne Corporation		358,405
	7,650	Reliance Steel & Aluminum Company		462,672
	14,300	Rock-Tenn Company		860,860
	6,650	Royal Gold, Inc.		409,574
	13,650	RPM International, Inc.		668,440
	4,550	Scotts Miracle-Gro Company		269,406
	4,780	Sensient Technologies Corporation		326,665
	4,300	Silgan Holdings, Inc.		226,868
	10,230	Sonoco Products Company		438,458
	24,650	Steel Dynamics, Inc.		510,625
	3,900	Timkensteel Corporation		105,261
	14,850	United States Steel Corporationa		306,207
	7,710	Valspar Corporation		630,832
	4,950	Worthington Industries, Inc.		148,797
		Total		12,227,984
	Telecommunications Services (0.2%)
	9,995	Telephone & Data Systems, Inc.		293,853
		Total		293,853
	Utilities (4.2%)
	11,450	Alliant Energy Corporation		660,894
	18,032	Aqua America, Inc.		441,604
	10,250	Atmos Energy Corporation		525,620
	4,500	Black Hills Corporation		196,425
	6,200	Cleco Corporation		333,870
	15,813	Great Plains Energy, Inc.		382,042
	10,930	Hawaiian Electric Industries, Inc.		324,949
	5,130	IDACORP, Inc.		287,998
	19,875	MDU Resources Group, Inc.		388,159
	8,650	National Fuel Gas Company		509,398
	20,380	OGE Energy Corporation		582,257
	5,300	ONE Gas, Inc.		225,568
	8,125	PNM Resources, Inc.		199,875
	17,800	Questar Corporation		372,198
	8,500	Talen Energy Corporationb		145,860
	17,600	UGI Corporation		606,320
	8,340	Vectren Corporation		320,923
	13,520	Westar Energy, Inc.		462,654
	5,010	WGL Holdings, Inc.		271,993
		Total		7,238,607
		Total Common Stock (cost $121,958,930)		163,714,455
		Collateral Held for Securities Loaned (3.8%)
	6,400,412	Thrivent Cash Management Trust		6,400,412
		Total Collateral Held for Securities Loaned (cost $6,400,412)		6,400,412
Shares or Principal Amount		Short-Term Investments (3.6%)c
		Federal Home Loan Mortgage Corporation Discount Notes
	1,000,000	0.070%, 7/20/2015d		999,963
		Thrivent Cash Management Trust
	5,099,683	0.070%		5,099,683
		Total Short-Term Investments (at amortized cost)		6,099,646
		Total Investments (cost $134,458,988) 103.7%	$	176,214,513
		Other Assets and Liabilities, Net (3.7%)		(6,263,648	)
		Total Net Assets 100.0%	$	169,950,865

a All or a portion of the security is on loan.

b Non-income producing security.

c The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

d At June 30, 2015, $799,970 of investments were 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.

The accompanying Notes to Financial Statements are an integral part of this schedule.

126

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value
	Australia (2.5%)
	23,053	Altium, Ltd.	$	78,712
	12,470	Ansell, Ltd.		231,332
	82,260	Australian Pharmaceutical Industries, Ltd.		95,047
	31,122	BT Investment Management, Ltd.		202,998
	148,346	Cabcharge Australia, Ltd.		418,671
	88,043	Caltex Australia, Ltd.		2,161,295
	39,795	Charter Hall Group		138,603
	99,381	Commonwealth Bank of Australia		6,517,113
	1,366,799	CSR, Ltd.		3,833,917
	56,058	Domino’s Pizza Enterprises, Ltd.		1,539,421
	492,963	Downer EDI, Ltd.		1,814,472
	625,320	Echo Entertainment Group, Ltd.		2,099,142
	180,132	Evolution Mining, Ltd.		160,822
	9,983	GUD Holdings, Ltd.		68,179
	2,208,929	Incitec Pivot, Ltd.		6,548,913
	321,381	Independence Group NL		1,033,951
	11,203	IOOF Holdings, Ltd.		77,580
	97,998	JB Hi-Fi, Ltd.		1,471,259
	123,543	M2 Telecommunications Group, Ltd.		1,018,728
	67,941	Macquarie Group, Ltd.		4,256,878
	44,365	Magellan Financial Group, Ltd.		594,044
	545,997	Northern Star Resources, Ltd.		935,389
	246,583	Nufarm, Ltd.		1,373,614
	84,017	Orora, Ltd.		135,367
	194,768	OZ Minerals, Ltd.		597,269
	43,617	Premier Investments, Ltd.		428,866
	67,743	Ramsay Health Care, Ltd.		3,208,849
	44,694	Sandfire Resources NL		197,931
	1,167,259	Sigma Pharmaceuticals, Ltd.		692,635
	20,711	Sirtex Medical, Ltd.		463,400
	48,797	South32, Ltd.a		65,940
	355,361	South32, Ltd.a		490,781
	34,895	Technology One, Ltd.		98,035
	86,825	Transfield Services, Ltd.a		95,299
		Total		43,144,452
	Austria (0.8%)
	160,077	AMS AG		7,001,082
	13,895	Austria Technologie & Systemtechnik AG		201,227
	17,779	CA Immobilien Anlagen AG		310,198
	7,005	Flughafen Wien Aktiengesellschaft		607,738
	3,517	Lenzing AG		251,113
	556	Mayr-Melnhof Karton AG		62,823
	22,287	Osterreichische Post AG		1,025,299
	3,754	Porr AG		119,570
	7,076	S IMMO AG		58,771
	84,690	Voestalpine AG		3,529,665
		Total		13,167,486
	Belgium (0.7%)
	44,069	Anheuser-Busch InBev NV		5,303,294
	32,857	bpost SA		903,572
	1,115	Compagnie d’ Entreprises CFE		138,590
	47,902	Delhaize Group SA		3,896,226
	3,128	Galapagos NVa		159,699
	1,848	KBC Ancora		74,655
	8,465	Kinepolis Group NV		331,530
	15,595	Melexis NV		906,392
	2,175	SA D’Ieteren NV		77,836
	9,647	Tessenderlo Chemie NVa		371,548
		Total		12,163,342
	Bermuda (0.6%)
	176,675	Jardine Matheson Holdings, Ltd.		10,016,121
		Total		10,016,121
	Brazil (1.2%)
	723,182	Banco Bradesco SA ADR		6,624,347
	53,511	BRF SA		1,130,424
	93,849	Lojas Renner SA		3,429,046
	125,962	Multiplan Empreendimentos Imobiliarios SA		1,948,317
	120,696	Souza Cruz SA		953,037
	285,000	Ultrapar Participacoes SA ADR		5,990,700
	133,490	Vale SA ADRb		786,256
		Total		20,862,127
	Canada (3.3%)
	170,181	Alimentation Couche-Tard, Inc.		7,280,041
	474,600	Bankers Petroleum, Ltd.a		1,177,950
	180,681	Brookfield Asset Management, Inc.		6,312,985
	115,846	Canadian National Railway Company		6,683,637
	10,300	Constellation Software, Inc.		4,089,158
	52,600	Dollarama, Inc.		3,188,007
	149,601	Entertainment One, Ltd.		836,360
	5,500	Fairfax Financial Holdings, Ltd.		2,712,042
	158,115	Metro, Inc.		4,243,406
	155,774	Royal Bank of Canada		9,526,035
	107,300	Toronto-Dominion Bankb		4,556,599
	103,809	Transcanada Corporationb		4,218,851
	189,936	Whitecap Resources, Inc.		2,004,289
		Total		56,829,360
	Chile (0.2%)
	136,315	Banco Santander Chile SA ADRb		2,760,379
		Total		2,760,379
	China (0.9%)
	2,039,216	FIH Mobile, Ltd.		1,233,808
	6,895,828	Lenovo Group, Ltd.		9,533,928
	3,822,000	PetroChina Company, Ltd.		4,256,551
		Total		15,024,287
	Denmark (1.9%)
	2,059	A P Moller - Maersk AS		3,722,758
	7,418	Aktieselskabet Schouw & Company		387,423
	17,632	Bavarian Nordic ASa		821,179
	243,692	Danske Bank AS		7,163,812
	1,772	DFDS AS		245,203
	4,437	Genmab ASa		385,658
	16,656	NKT Holding AS		955,440
	216,379	Novo Nordisk AS		11,873,772
	27,814	Pandora AS		2,984,559
	495	Per Aarsleff AS		169,696
	70,540	Royal Unibrew AS		2,410,988
	5,050	SimCorp AS		201,113
	30,206	Sydbank AS		1,153,808
		Total		32,475,409
	Faroe Islands (0.1%)
	47,042	Bakkafrost PF		1,254,441
		Total		1,254,441
	Finland (0.3%)
	30,864	Metsa Board Oyj		191,608

The accompanying Notes to Financial Statements are an integral part of this schedule.

127

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value
	Finland (0.3%) - continued
	127,422	Sponda Oyj	$	470,208
	419,528	Stora Enso Oyj		4,323,350
	4,245	Tieto Oyj		99,112
	17,763	Valmet Oyj		199,673
		Total		5,283,951
	France (6.8%)
	9,693	ABC Arbitrage		54,139
	1,171	Adociaa		87,935
	63,450	Air France-KLMa		447,657
	7,476	Alten SA		347,988
	11,793	Assystem		209,702
	417,110	AXA SA		10,574,530
	6,645	Boiron SA		651,921
	154,086	Cap Gemini SA		13,670,005
	6,200	Cegid Group		261,110
	51,428	Christian Dior SE		10,068,024
	278,137	Compagnie de Saint-Gobain		12,555,515
	67,661	Danone SA		4,382,712
	4,538	Euler Hermes Group		456,248
	19,662	Faurecia		812,851
	396,125	GDF Suez		7,375,209
	1,667	Guerbet		70,919
	120,751	Havas SA		1,007,774
	21,178	Ingenico Group		2,491,574
	26,670	Innate Pharma SAa		390,154
	14,080	Ipsen SA		780,440
	29,482	Ipsos SA		762,046
	52,532	Mercialys SA		1,172,187
	55,199	Metropole Television SA		1,075,011
	618,472	Natixisb		4,463,736
	47,794	Numericable-SFR SASa		2,533,352
	21,399	Plastic Omnium SA		547,432
	35,592	Renault SA		3,731,737
	65,925	Safran SA		4,480,232
	27,308	Saft Groupe SA		1,066,620
	4,916	SEB SA		459,236
	1,959	Societe de la Tour Eiffel - Warrantsa,c		590
	203,333	Societe Generale		9,541,176
	295,557	Technicolor SA		1,933,022
	68,958	Thales SA		4,166,521
	147,000	Total SA		7,210,506
	86,223	UbiSoft Entertainment SAa		1,541,558
	23,789	Valeo SA		3,763,024
	5,686	Vicat SA		389,841
		Total		115,534,234
	Germany (4.8%)
	503	Amadeus Fire AG		44,886
	1,863	Aurelius AG		79,628
	32,415	Aurubis AG		1,904,308
	34,661	Bayer AG		4,853,940
	95,329	Borussia Dortmund GmbH & Company KGaA		359,427
	53,596	Brenntag AG		3,075,422
	11,207	Centrotec Sustainable AG		177,468
	7,729	CTS Eventim AG & Company KGaA		281,809
	214,959	Daimler AG		19,581,864
	23,901	Deutsche Beteiligungs AG		736,360
	5,116	Deutsche EuroShop AG		224,727
	384,006	Deutsche Telekom AG		6,620,390
	59,096	Deutz AG		338,718
	69,019	Duerr AG		6,429,300
	3,184	Freenet AG		107,249
	80,760	Fresenius SE & Company KGaA		5,185,322
	32,472	Gerresheimer AG		2,023,061
	20,392	Grammer AG		674,215
	5,454	Hamburger Hafen und Logistik AG		110,272
	6,886	Homag Group AG		268,614
	300,643	Infineon Technologies AG		3,730,865
	5,187	Jungheinrich AG		351,548
	8,875	Kion Group AGa		425,763
	17,862	Krones AG		1,866,455
	35,354	KUKA AGb		2,944,788
	6,064	Nemetschek AG		195,165
	78,971	Nordex SEa		1,892,060
	1,042	Pfeiffer Vacuum Technology AG		92,858
	1,713	R. Stahl AG		70,870
	129,725	Rhoen-Klinikum AG		3,478,273
	20,807	Siemens AG		2,105,078
	18,355	Software AG		502,973
	230	STO Aktiengesellschaft		36,103
	1,869	STRATEC Biomedical AG		102,943
	2,414	Stroeer Media AGa		112,788
	15,132	Takkt AG		276,748
	388,200	ThyssenKrupp AG		10,098,825
	5,966	Wacker Neuson SE		125,113
	3,278	XING AG		537,419
	2,086	zooplus AGa		295,240
		Total		82,318,855
	Hong Kong (3.1%)
	1,141,800	AIA Group, Ltd.		7,465,840
	380,000	Brightoil Petroleum Holdings, Ltd.a		195,735
	844,012	Cheung Kong Holdings, Ltd.		12,408,648
	167,000	Cheung Kong Property Holdings, Ltd.a		1,385,284
	516,300	China Mobile, Ltd.		6,605,499
	115,200	Dah Sing Financial Holdings, Ltd.		755,083
	462,000	Giordano International, Ltd.		249,728
	650,000	Global Brands Group Holding, Ltd.a		136,601
	1,235,000	Hang Lung Group, Ltd.		5,435,842
	188,000	Hutchison Telecommunications Hong Kong Holdings, Ltd.		78,095
	3,973,647	New World Development Company, Ltd.		5,192,156
	804,000	NewOcean Energy Holdings, Ltd.		373,183
	3,613,000	PCCW, Ltd.		2,155,000
	433,000	Samson Holding, Ltd.		57,515
	926,000	Shun Tak Holdings, Ltd.		511,925
	125,500	SmarTone Telecommunications Holdings, Ltd.		218,915
	53,000	Sun Hung Kai & Company, Ltd.		47,549
	186,000	Sunlight Real Estate Investment Trust		94,732
	254,000	Swire Pacific, Ltd., Class A		3,189,474
	457,500	Swire Pacific, Ltd., Class B		1,074,378
	347,700	Swire Properties, Ltd.		1,108,986
	138,000	Texwinca Holdings, Ltd.		146,518
	1,014,000	Truly International Holdings, Ltd.		417,292
	1,306,000	United Laboratories International Holdingsa		943,731
	410,000	Wheelock and Company, Ltd.		2,092,094
		Total		52,339,803
	Hungary (0.1%)
	82,000	Richter Gedeon Nyrt		1,231,778
		Total		1,231,778
	India (2.0%)
	14,132	Grasim Industries, Ltd.		763,496
	8,000	Grasim Industries, Ltd. GDR		422,400

The accompanying Notes to Financial Statements are an integral part of this schedule.

128

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value
	India (2.0%) - continued
	89,200	Hero Motocorp, Ltd.	$	3,533,709
	231,000	Hindustan Unilever, Ltd.		3,324,608
	365,741	Housing Development Finance Corporation		7,439,524
	330,000	ICICI Bank, Ltd.		1,601,411
	208,079	ICICI Bank, Ltd. ADR		2,168,183
	326,000	Infosys, Ltd.		5,066,083
	1,051,542	ITC, Ltd.		5,197,613
	97,696	Ultra Tech Cement, Ltd.		4,588,632
	4,570	Ultra Tech Cement, Ltd. GDR		214,825
		Total		34,320,484
	Indonesia (0.5%)
	12,288,100	Astra International Tbk PT		6,504,268
	1,362,700	Indocement Tunggal Prakarsa Tbk PT		2,129,881
		Total		8,634,149
	Ireland (0.9%)
	166,877	Aer Lingus Group plc		448,364
	205,986	Beazley plc		957,352
	96,272	CRH plc		2,714,198
	36,948	DCC plc		2,901,517
	12,711	Grafton Group plc		154,943
	484,501	Henderson Group plc		1,987,773
	38,939	Ryanair Holdings plc ADR		2,778,297
	119,409	Smurfit Kappa Group plc		3,291,147
	101,683	United Drug plc		781,907
		Total		16,015,498
	Israel (0.6%)
	47,439	Delek Automotive Systems, Ltd.		530,459
	831,330	Israel Chemicals, Ltd.		5,806,374
	72,373	Teva Pharmaceutical Industries, Ltd. ADR		4,277,244
		Total		10,614,077
	Italy (3.1%)
	14,382	Amplifon SPA		112,105
	495,560	Assicurazioni Generali SPA		8,931,882
	40,607	ASTM SPA		534,668
	75,537	Azimut Holding SPA		2,211,111
	40,870	Banca IFIS SPA		887,939
	1,166,033	Banca Popolare di Milano SCRL		1,229,736
	4,808	Biesse SPA		80,160
	13,678	Brembo SPA		583,508
	75,511	Cementir Holding SPA		494,470
	50,082	Credito Emiliano SPA		412,551
	19,437	DiaSorin SPA		887,361
	281,075	Eni SPA		4,992,357
	84,052	ERG SPA		1,008,272
	13,300	Industria Macchine Automatiche SPA		619,858
	4,893,613	Intesa Sanpaolo SPA		17,771,118
	160,289	Mediaset SPA		771,668
	141,296	Moncler SPA		2,618,215
	308,755	Recordati SPA		6,475,666
	2,455	Reply SPA		250,721
	351,780	Saras SPAa		624,545
	132,958	Societa Cattolica di Assicurazioni SCRL		1,049,105
	21,624	Sogefi SPAa		59,883
		Total		52,606,899
	Japan (16.9%)
	9,800	Accordia Golf Company, Ltd.		92,508
	63,400	Aderans Company, Ltd.		547,504
	637	Advance Residence Investment Corporation		1,560,019
	318	AEON REIT Investment Corporation		424,657
	35,000	Aichi Steel Corporation		156,389
	180,000	Alpine Electronics, Inc.		3,466,985
	151,800	Alps Electric Company, Ltd.		4,681,436
	18,700	Arcs Company, Ltd.		407,259
	4,200	Artnature, Inc.		39,175
	60,200	Ashikaga Holdings Company, Ltd.		259,487
	39,200	ASKA Pharmaceutical Company, Ltd.		429,557
	5,100	Bank of The Ryukyus, Ltd.		76,020
	195,300	Bridgestone Corporation		7,218,794
	3,200	C. Uyemura & Company, Ltd.		171,910
	54,800	Canon Marketing Japan, Inc.		931,924
	39,500	Century Tokyo Leasing Corporation		1,275,785
	15,200	Chiyoda Integre Company, Ltd.		423,781
	42,000	Chugoku Marine Paints, Ltd.		311,885
	10,800	Cocokara Fine, Inc.		371,520
	123,900	COMSYS Holdings Corporation		1,843,060
	110,000	Cosmo Oil Company, Ltd.a		178,804
	28,500	Daido Metal Company, Ltd.		273,988
	27,389	Daiichikosho Company, Ltd.		963,944
	269,000	Daikyo, Inc.		432,568
	16,000	Daishi Bank, Ltd.		67,528
	9,000	Daiwa Industries, Ltd.		59,227
	140	Daiwa Office Investment Corporation		669,922
	1,052,151	Daiwa Securities Group, Inc.		7,870,834
	174,000	Daiwabo Holdings Company, Ltd.		345,518
	342,800	DCM Holdings Company, Ltd.		3,356,625
	42,000	Denki Kagaku Kogyo KK		186,628
	54,200	Doutor Nichires Holdings Company, Ltd.		949,939
	35,800	DTS Corporation		808,022
	180,700	EDION Corporation		1,279,304
	60,800	Ezaki Glico Company, Ltd.		3,019,499
	12,575	Fancl Corporation		174,984
	37,500	Foster Electric Company, Ltd.		842,475
	102	Frontier Real Estate Investment Corporation		456,404
	561,000	Fuji Electric Company, Ltd.		2,412,832
	142,100	Fuji Heavy Industries, Ltd.		5,225,129
	92,249	Fuji Machine Manufacturing Company, Ltd.		965,370
	25,000	Fuji Soft, Inc.		508,867
	15,000	Fujibo Holdings, Inc.		34,769
	99,800	FUJIFILM Holdings NPV		3,561,665
	257,000	Fujikura, Ltd.		1,436,847
	8,400	Fujimi Incorporated		126,359
	21,000	Fukuyama Transporting Company, Ltd.		116,405
	76,000	Funai Electric Company, Ltd.		845,276
	604,000	Furukawa Electric Company, Ltd.		1,075,793
	14,000	Fuyo General Lease Company, Ltd.		597,765
	4,000	Geo Holdings Corporation		49,199
	440	Global One Real Estate Investment Corporation		1,673,571
	2,900	Glory, Ltd.		85,794
	149,700	Gree, Inc.		874,203
	25,400	G-Tekt Corporation		247,869
	8,300	Gurunavi, Inc.		136,428
	574	Hankyu REIT, Inc.		638,857
	10,900	Happinet Corporation		114,373
	30,600	Heiwa Real Estate Company, Ltd.		419,508
	43,600	Hitachi Capital Corporation		1,152,808
	8,800	Hokuetsu Kishu Paper Company, Ltd.		48,603
	35,800	IBJ Leasing Company, Ltd.		831,195

The accompanying Notes to Financial Statements are an integral part of this schedule.

129

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value
	Japan (16.9%) - continued
	592	Ichigo Real Estate Investment Corporation	$	428,124
	31,800	IT Holdings Corporation		675,323
	124,000	Jaccs Company, Ltd.		596,310
	52,057	JAFCO Company, Ltd.		2,074,590
	120,200	Japan Airlines Company, Ltd.		4,188,900
	3,500	Japan Digital Laboratory Company, Ltd.		48,902
	152	Japan Logistics Fund, Inc.		305,563
	472	Japan Rental Housing Investments, Inc.		331,519
	36,000	Japan Vilene Company, Ltd.		235,624
	10,000	Japan Wool Textile Company, Ltd.		77,021
	162,000	JFE Holdings, Inc.		3,589,255
	44,000	J-Oil Mills, Inc.		150,798
	58,700	Kadokawa Dwango Corporation		761,459
	12,000	Kaken Pharmaceutical Company, Ltd.		418,938
	98,100	Kao Corporation		4,562,336
	21,000	Kato Works Company, Ltd.		123,366
	313,800	KDDI Corporation		7,572,607
	15,600	Keihin Corporation		223,524
	49	Kenedix Office Investment Corporation		245,433
	51,000	Kinden Corporation		674,394
	42,200	Kissei Pharmaceutical Company, Ltd.		1,070,865
	178,700	KITZ Corporation		892,978
	31,200	KOA Corporation		335,316
	1,473,000	Kobe Steel, Ltd.		2,478,194
	39,259	Koei Tecmo Holdings Company, Ltd.		675,222
	61,300	Kohnan Shoji Company, Ltd.		795,884
	79,400	Kokuyo Company, Ltd.		683,574
	2,600	KOMERI Company, Ltd.		59,420
	11,100	Komori Corporation		150,735
	10,800	Konoike Transport Company, Ltd.		131,394
	56,000	Kurabo Industries, Ltd.		119,895
	159,000	Kureha Corporation		624,807
	29,000	Kyokuto Securities Company, Ltd.		419,990
	30,700	KYORIN Holdings, Inc.		625,920
	89,300	Kyowa Exeo Corporation		1,039,151
	1,070,788	Leopalace21 Corporationa		6,562,617
	19,000	Macnica Fuji Electronics Holdings, Inc.a		234,735
	29,000	Maeda Road Construction Company, Ltd.		533,584
	70,000	Marudai Food Company, Ltd.		261,787
	69,900	Marusan Securities Company, Ltd.		751,488
	7,400	Maruwa Company, Ltd.		156,413
	305	MCUBS MidCity Investment Corporation		933,016
	6,900	MegaChips Corporation		85,735
	1,600	MEITEC Corporation		59,649
	27,900	Melco Holdings, Inc.		526,739
	55,000	MIRAIT Holdings Corporation		640,936
	59,600	Mito Securities Company, Ltd.		212,860
	338,400	Mitsubishi UFJ Financial Group, Inc.		2,434,608
	3,385,312	Mitsui Chemicals, Inc.		12,577,369
	25,200	Mitsui High-tec, Inc.		175,855
	100	Mori Trust Sogo Reit, Inc.		194,064
	210,000	Morinaga Milk Industry Company, Ltd.		770,022
	407,639	MS and AD Insurance Group Holdings, Inc.		12,689,108
	33,500	Murata Manufacturing Company, Ltd.		5,846,268
	38,500	NEC Networks & System Integration Corporation		840,101
	175,800	Net One Systems Company, Ltd.		1,234,146
	10,000	NICHIAS Corporation		61,944
	30,400	Nichi-iko Pharmaceutical Company, Ltd.		824,718
	4,000	Nifty Corporation		48,332
	193,000	NIPPO Corporation		3,308,591
	52,000	Nippon Flour Mills Company, Ltd.		314,638
	60,700	Nippon Light Metal Holdings Company, Ltd.		104,469
	136,000	Nippon Meat Packers, Inc.		3,101,435
	24,800	Nippon Paper Industries Company, Ltd.		434,371
	7,101,421	Nippon Sheet Glass Companya		7,540,086
	6,300	Nippon Signal Company, Ltd.		69,131
	72,000	Nippon Thompson Company, Ltd.		402,950
	3,271,464	Nippon Yusen Kabushiki Kaisha		9,107,937
	7,800	Nishimatsuya Chain Company, Ltd.		78,474
	1,195,940	Nissan Motor Company, Ltd.		12,493,930
	15,900	Nissha Printing Company, Ltd.		269,166
	131,000	Nisshin Oillio Group, Ltd.		537,176
	64,000	Nissin Electric Company, Ltd.		454,094
	28,000	Nittetsu Mining Company, Ltd.		136,976
	26,000	Nitto Kogyo Corporation		585,143
	945	Nomura Real Estate Master Fund, Inc.		1,200,793
	101	Nomura Real Estate Office Fund, Inc.		457,924
	78	Nomura Real Estate Residential Fund, Inc.		440,203
	78,500	North Pacific Bank, Ltd.		350,466
	6,200	NS Solutions Corporation		205,010
	33,100	NSD Company, Ltd.		437,428
	11,100	Ohsho Food Service Corporation		382,657
	2,300	Oiles Corporation		43,652
	76,000	Otsuka Holdings Company, Ltd.		2,421,603
	10,200	Pacific Industrial Company, Ltd.		97,446
	43,200	Paltac Corporation		764,533
	13,100	Paramount Bed Holdings Company, Ltd.		386,780
	21,000	Parco Company, Ltd.		208,021
	31,500	Plenus Company, Ltd.		567,011
	19,600	Pola Orbis Holdings, Inc.		1,109,617
	21,012	Riso Kagaku Corporation		397,445
	35,899	ROHTO Pharmaceutical Company, Ltd.		592,172
	67,900	Round One Corporation		330,908
	106,000	Ryobi, Ltd.		413,448
	1,700	Ryosan Company, Ltd.		44,676
	14,000	Saint Marc Holdings Company, Ltd.		460,785
	16,800	Saizeriya Company, Ltd.		372,712
	22,000	Sakai Chemical Industry Company, Ltd.		78,818
	9,200	San-A Company, Ltd.		407,160
	5,800	Sangetsu Company, Ltd.		88,314
	27,200	Sankyo Tateyama, Inc.		459,267
	184,000	Sankyu, Inc.		1,004,805
	91,000	Sanyo Special Steel Company, Ltd.		424,182
	354	Sekisui House SI Investment Corporation		369,416
	198,100	Sekisui House, Ltd.		3,146,018
	74,000	SENKO Company, Ltd.		468,509
	2,700	Shima Seiki Manufacturing, Ltd.		42,999
	81,000	Shindengen Electric Manufacturing Company, Ltd.		405,331
	71,800	Shinko Electric Industries Company, Ltd.		517,715
	14,000	ShinMaywa Industries, Ltd.		128,149
	166,000	Showa Denko KK		219,825
	96,600	SKY Perfect JSAT Holdings, Inc.		518,409
	37,000	SMK Corporation		148,482
	8,300	Square ENIX Holdings Company, Ltd.		183,497

The accompanying Notes to Financial Statements are an integral part of this schedule.

130

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value
	Japan (16.9%) - continued
	937,890	Sumitomo Corporation	$	10,916,496
	10,200	Sumitomo Densetsu Company, Ltd.		146,725
	642,000	Sumitomo Heavy Industries, Ltd.		3,739,230
	84,200	Sumitomo Mitsui Financial Group, Inc.		3,748,517
	2,702,284	Sumitomo Mitsui Trust Holdings, Inc.		12,361,873
	29,000	Sumitomo Osaka Cement Company, Ltd.		107,260
	32,800	Sumitomo Riko Company, Ltd.		261,546
	58,000	Sumitomo Seika Chemicals Company, Ltd.		380,920
	4,200	Tachi-S Company, Ltd.		59,923
	42,100	Tamron Company, Ltd.		888,490
	63,700	TDK Corporation		4,877,668
	3,800	Temp Holdings Company, Ltd.		137,136
	52,000	Toagosei Company, Ltd.		433,320
	4,500	TOCALO Company, Ltd.		105,132
	7,000	Toei Company, Ltd.		49,853
	61,400	Toho Holdings Company, Ltd.		1,413,394
	30,000	Tokai Carbon Company, Ltd.		94,045
	59,200	Tokai Tokyo Financial Holdings, Inc.		430,309
	3,200	Token Corporation		202,012
	117,300	Tokio Marine Holdings, Inc.		4,878,402
	519,000	Tokuyama Corporationa		999,346
	71,800	Tokyo Seimitsu Company, Ltd.		1,573,178
	239	Tokyu REIT, Inc.		295,022
	228	Top REIT, Inc.		962,574
	47,300	Toppan Forms Company, Ltd.		651,196
	4,400	Torii Pharmaceutical Company, Ltd.		116,907
	92,000	Towa Bank, Ltd.		90,199
	20,000	Towa Pharmaceutical Company, Ltd.		1,279,669
	63,000	Toyo Ink SC Holdings Company, Ltd.		252,410
	8,800	Toyo Tanso Company, Ltd.		146,587
	167,700	Toyota Motor Corporation		11,222,029
	51,000	Tsubakimoto Chain Company		498,194
	16,000	Tsumura & Company		344,203
	26,000	TV Asahi Holdings Corporation		436,477
	1,043,000	Ube Industries, Ltd.		1,967,485
	27,300	Unipres Corporation		570,745
	201,000	Unitika, Ltd.a		95,232
	50,300	Wakita & Company, Ltd.		512,768
	10,500	Warabeya Nichiyo Company, Ltd.		253,051
	62,200	West Japan Railway Company		3,979,501
	4,300	Yorozu Corporation		94,856
	46,000	ZEON Corporation		424,246
		Total		287,081,657
	Jersey (0.8%)
	609,150	WPP plc		13,673,007
		Total		13,673,007
	Luxembourg (0.2%)
	24,803	Oriflame Cosmetics SAa		378,949
	122,000	Tenaris SA ADR		3,296,440
		Total		3,675,389
	Malaysia (0.1%)
	1,027,212	CIMB Group Holdings Berhad		1,488,290
	199,400	Public Bank Berhad		989,337
		Total		2,477,627
	Mexico (1.0%)
	77,500	Fomento Economico Mexicano SAB de CV ADR		6,904,475
	22,500	Grupo Aeroportuario del Sureste SAB de CV ADR		3,192,075
	1,086,094	Grupo Financiero Banorte SAB de CV ADR		5,971,703
	259,000	Organizacion Soriana SAB de CV		578,558
		Total		16,646,811
	Netherlands (3.5%)
	1,829,493	Aegon NV		13,498,382
	14,069	ASM International NV		650,853
	69,360	ASML Holding NV		7,214,664
	590,435	BAM Groupa		2,509,829
	54,552	BE Semiconductor Industries NV		1,518,122
	127,224	BinckBank NV		1,214,098
	5,492	Eurocommercial Properties NV		229,922
	20,802	Euronext NV		819,883
	81,575	Heineken NV		6,201,948
	202,970	Koninklijke DSM NV		11,784,508
	22,748	TKH Group NV		955,598
	12,413	TomTom NVa		140,914
	221,490	Unilever NV		9,260,325
	14,199	Vastned Retail NV		627,116
	79,725	Wolters Kluwer NV		2,372,922
		Total		58,999,084
	New Zealand (0.1%)
	836,702	Air New Zealand, Ltd.		1,445,615
	9,926	Fisher & Paykel Healthcare Corporation, Ltd.		46,111
	73,556	Nuplex Industries, Ltd.		209,389
	18,608	Sky Network Television, Ltd.		75,754
	71,233	Summerset Group Holdings, Ltd.		171,881
		Total		1,948,750
	Norway (1.0%)
	3,805	Atea ASA		33,971
	78,928	Austevoll Seafood ASA		412,423
	51,584	Avance Gas Holdings, Ltd.		930,142
	65,699	Borregaard ASA		464,280
	120,688	DnB ASA		2,009,892
	425,230	Kongsberg Automotive ASAa		295,375
	22,883	Leroy Seafood Group ASA		745,395
	348,557	Marine Harvest ASA		3,991,877
	49,310	SalMar ASA		723,211
	41,129	SpareBank 1 SMN		343,105
	153,656	Statoil ASA		2,747,832
	73,421	Yara International ASA		3,825,831
		Total		16,523,334
	Philippines (0.5%)
	6,543,000	Ayala Land, Inc.		5,408,967
	1,736,270	Bank of the Philippine Islands		3,637,540
		Total		9,046,507
	Poland (0.2%)
	81,007	Bank Pekao SA		3,876,417
		Total		3,876,417
	Portugal (0.4%)
	41,934	Altri SGPS SA		152,733
	6,184,256	Banco Espirito Santo SAa,c		689
	150,511	CTT-Correios de Portugal SA		1,553,563
	198,346	Jeronimo Martins SGPS SA		2,557,467

The accompanying Notes to Financial Statements are an integral part of this schedule.

131

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value
	Portugal (0.4%) - continued
	218,467	Portucel SA	$	842,872
	139,627	Zon Optimus SGPS SA		1,119,144
		Total		6,226,468
	Russia (0.6%)
	114,500	Lukoil ADR		5,044,840
	24,597	Magnit PJSC		5,089,551
		Total		10,134,391
	Singapore (0.7%)
	344,000	DBS Group Holdings, Ltd.		5,278,217
	82,700	Indofood Agri Resources, Ltd.		42,945
	82,000	Jardine Cycle & Carriage, Ltd.b		2,013,134
	9,111	Jardine Cycle & Carriage, Ltd. Rightsa,c		47,797
	186,100	Mapletree Greater China Commercial Trusta		140,881
	295,000	United Engineers, Ltd.		538,813
	103,000	Venture Corporation, Ltd.		590,385
	258,800	Wing Tai Holdings, Ltd.		365,908
	1,921,000	Yangzijiang Shipbuilding Holdings, Ltd.		2,017,657
		Total		11,035,737
	South Africa (0.6%)
	203,584	Massmart Holdings, Ltd.		2,504,883
	146,479	MTN Group, Ltd.		2,751,486
	594,000	Truworths International, Ltd.		4,179,981
		Total		9,436,350
	South Korea (0.9%)
	14,401	E-Mart Company, Ltd.		2,981,099
	187,980	KB Financial Group, Inc.		6,208,586
	32,500	POSCO		6,507,789
		Total		15,697,474
	Spain (2.7%)
	81,145	Actividades de Construccion y Servicios SA		2,617,415
	42,062	Almirall SA		833,713
	2,023,095	Banco Popular Espanol SA		9,843,635
	1,294,605	Banco Santander SA		9,106,294
	9,162	CIE Automotive SA		148,561
	195,518	Ebro Foods SA		3,788,034
	66,785	Ence Energia y Celulosa SA		228,331
	142,731	Gamesa Corporacion Tecnologia SAa		2,254,828
	138,147	Gas Natural SDG SAb		3,136,946
	1,248,971	Iberdrola SA		8,432,505
	8,997	Let’s GOWEX SAa,c		1
	363,621	Mediaset Espana Comunicacion SA		4,773,885
	28,348	Papeles y Cartones de Europa SA		161,338
	4,562	Viscofan SA		275,976
		Total		45,601,462
	Sweden (2.3%)
	132,426	Assa Abloy AB		2,493,027
	60,932	Bilia AB		1,085,385
	127,737	BillerudKorsnas AB		2,006,913
	7,738	BioGaia AB		229,624
	174,753	Boliden AB		3,185,870
	16,645	Clas Ohlson AB		292,146
	9,559	Fastighets AB Baldera		147,379
	29,962	Haldex AB		395,639
	13,642	Industrial and Financial Systems		441,028
	23,670	Intrum Justitia AB		716,801
	116,942	Investor AB		4,360,263
	113,572	Loomis AB		3,184,768
	28,336	Micronic Mydata AB		205,961
	43,866	NCC AB		1,339,725
	7,211	Net Entertainment NE ABa		279,863
	56,408	Nobia AB		591,775
	25,822	Nolato AB		589,662
	150,762	Skanska AB		3,055,048
	143,733	SKF AB		3,279,703
	23,578	Swedish Orphan Biovitrum ABa		312,661
	928,497	Volvo AB		11,529,634
		Total		39,722,875
	Switzerland (7.2%)
	158,863	Adecco SA		12,892,925
	20,345	Ascom Holding AG		357,946
	6,159	Autoneum Holding AG		1,217,657
	6,253	Cembra Money Bank AGa		381,511
	386,711	Credit Suisse Group AG		10,668,387
	2,754	Flughafen Zuerich AG		2,131,890
	1,068	Forbo Holding AG		1,270,363
	14,611	Georg Fischer AG		10,044,481
	144,836	Holcim, Ltd.		10,686,804
	2,306	Inficon Holding AG		788,028
	2,841	Kaba Holding AG		1,691,017
	3,247	Komax Holding AG		549,085
	822	Lindt & Spruengli AG		4,347,869
	16,635	Mobilezone Holding AG		304,250
	1,680	Mobimo Holding AG		342,443
	164,969	Nestle SA		11,902,617
	237,558	Novartis AG		23,366,315
	446	Rieter Holding AG		70,503
	96,919	Roche Holding AG		27,175,265
	42	Schweiter Technologies AG		33,834
	1,235	Siegfried Holding AG		218,481
	1,271	Tecan Group AG		152,270
	21,307	Temenos Group AG		705,366
	2,473	Vontobel Holding AG		114,585
	7,652	Zehnder Group AG		285,635
		Total		121,699,527
	Taiwan (0.6%)
	662,300	Taiwan Mobile Company, Ltd.		2,211,475
	1,838,951	Taiwan Semiconductor Manufacturing Company, Ltd.		8,364,688
		Total		10,576,163
	Thailand (1.4%)
	17,052,915	Krung Thai Bank pcl		8,615,167
	454,960	PTT pcla		4,822,286
	294,600	Siam Cement pcl		4,509,103
	1,099,500	Siam Commercial Bank pcl		5,049,923
		Total		22,996,479
	Turkey (0.7%)
	1,424,982	Akbank TAS		4,119,026
	186,340	BIM Birlesik Magazalar AS		3,337,309
	1,300,000	Turkiye Garanti Bankasi AS		4,054,512
		Total		11,510,847
	United Kingdom (8.3%)
	465,435	3i Group plc		3,776,604
	287,599	Amlin plc		2,151,824

The accompanying Notes to Financial Statements are an integral part of this schedule.

132

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (85.3%)	Value
	United Kingdom (8.3%) - continued
	335,676	Ashmore Group plc	$	1,525,599
	191,668	Ashtead Group plc		3,303,337
	1,449,350	BAE Systems plc		10,269,197
	141,531	Bellway plc		5,271,845
	89,076	Berendsen plc		1,425,910
	55,814	Berkeley Group Holdings plc		2,932,947
	107,000	BHP Billiton plc		2,112,828
	58,892	Big Yellow Group plc		589,901
	51,800	Bodycote plc		548,286
	37,655	Booker Group plc		99,563
	9,540	Bovis Homes Group plc		166,855
	7,380	Britvic plc		83,148
	44,463	Chesnara plc		227,052
	53,948	Close Brothers Group plc		1,294,414
	20,484	Concentric AB		242,851
	70,631	Dart Group plc		438,364
	185,006	Debenhams PLC		259,339
	42,808	Dialog Semiconductor plca		2,314,839
	60,458	Diploma plc		767,552
	610,962	Direct Line Insurance Group plc		3,224,976
	405,040	DS Smith plc		2,456,222
	52,248	Fenner plc		170,122
	35,544	Foxtons Group plc		132,457
	77,168	Galliford Try plc		2,108,511
	482,360	Globo plca		392,215
	23,249	Go-Ahead Group plc		962,258
	70,406	Greene King plc		934,502
	27,352	Greggs plc		508,086
	168,471	Halfords Group plc		1,397,105
	69,509	Hiscox, Ltd.		916,689
	554,169	Home Retail Group plc		1,471,538
	588,795	Howden Joinery Group plc		4,779,085
	175,950	HSBC Holdings plc ADR		7,884,319
	11,195	Hunting plc		107,299
	185,696	IG Group Holdings plc		2,176,605
	100,007	Imperial Tobacco Group plc		4,816,529
	443,702	Inchcape plc		5,648,072
	247,910	Indivior plca		875,655
	128,881	Intermediate Capital Group plc		1,113,362
	1,515,365	ITV plc		6,269,688
	16,254	John Menzies plc		125,068
	28,769	John Wood Group plc		291,163
	382,736	Just Eat pcla		2,445,626
	19,694	Keller Group plc		316,545
	59,046	Lancashire Holdings, Ltd.		571,616
	149,921	Londonmetric Property plc		379,961
	101,438	Lookers plc		252,771
	5,203	Majestic Wine PLC		31,829
	2,090,657	Man Group plc		5,152,742
	40,511	Micro Focus International plc		865,403
	31,482	Mitie Group plc		155,899
	91,395	Mondi plc		1,967,655
	187,893	Moneysupermarket.com Group plc		858,046
	215,379	Pace plc		1,259,135
	25,439	Premier Farnell PLC		69,109
	235,012	Prudential plc		5,663,649
	320,343	QinetiQ Group plc		1,127,881
	136,625	Royal Dutch Shell plc, Class A		3,862,933
	82,588	SABMiller plc		4,277,601
	27,777	Safestore Holdings plc		123,404
	26,547	Savills plc		394,441
	70,308	Shire plc		5,649,181
	48,799	Soco International plc		134,754
	229,743	Speedy Hire plc		255,394
	19,856	Stagecoach Group plc		125,980
	289,252	Standard Chartered plc		4,632,171
	49,386	Stobart Group, Ltd.		81,865
	14,259	SVG Capital plca		108,526
	5,206	Synergy Health plc		140,612
	1,434,609	Taylor Wimpey plc		4,183,692
	72,940	Trinity Mirror plc		171,909
	58,567	TT Electronics plc		133,520
	179,441	Tullett Prebon plc		1,034,389
	85,376	Unilever plc		3,665,951
	53,251	WH Smith plc		1,277,047
	2,073	Workspace Group plc		29,305
	72,158	WS Atkins plc		1,717,350
	27,478	Xchanging plc		51,977
		Total		141,733,650
	United States (0.2%)
	42,700	Yum! Brands, Inc.		3,846,416
		Total		3,846,416
		Total Common Stock (cost $1,365,763,118)		1,450,763,554
Principal Amount		Long-Term Fixed Income (10.2%)
	Argentina (0.2%)
		Arcos Dorados BV
	$   361,000	6.625%, 9/27/2023d		346,560
		Argentina Government International Bond
	60,000	Zero Coupon, 6/2/2017e		56,400
	688,052	7.820%, 12/31/2033e,f		694,204
	574,836	8.280%, 12/31/2033e		548,968
	757,100	8.280%, 12/31/2033e		709,782
	9,582,000	0.000%, 12/15/2035f,g		903,741
	1,117,000	0.000%, 12/15/2035g		93,269
	320,000	0.000%, 12/15/2035g		26,080
		Total		3,379,004
	Azerbaijan (0.3%)
		Azerbaijan Government International Bond
	550,000	4.750%, 3/18/2024d		560,340
	2,800,000	4.750%, 3/18/2024		2,852,640
		State Oil Company of Azerbaijan Republic
	400,000	5.450%, 2/9/2017		414,300
	1,100,000	4.750%, 3/13/2023		1,047,172
		Total		4,874,452
	Belize (<0.1%)
		Belize Government International Bond
	116,500	5.000%, 2/20/2038*,h		87,375
		Total		87,375
	Bermuda (<0.1%)
		Digicel Group, Ltd.
	210,000	8.250%, 9/30/2020*		210,525
		Total		210,525
	Brazil (0.5%)
		Banco do Brasil SA/Cayman
	600,000	9.000%, 6/18/2049i		541,320
	840,000	6.250%, 10/15/2049i		591,150

The accompanying Notes to Financial Statements are an integral part of this schedule.

133

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (10.2%)	Value
	Brazil (0.5%) - continued
		Banco do Estado do Rio Grande do Sul SA
	$   200,000	7.375%, 2/2/2022	$	197,700
	680,000	7.375%, 2/2/2022d		672,180
		Brazil Government International Bond
	1,516,000	6.000%, 8/15/2050j		1,319,303
	370,000	7.125%, 1/20/2037		418,100
		Brazil Loan Trust 1
	570,378	5.477%, 7/24/2023		561,821
	1,111,752	5.477%, 7/24/2023*		1,095,076
		Brazil Minas SPE via State of Minas Gerais
	360,000	5.333%, 2/15/2028		340,200
	1,480,000	5.333%, 2/15/2028*		1,398,600
		Independencia International, Ltd.
	95,246	12.000%, 12/30/2016*,c,e		0
		Tupy SA
	450,000	6.625%, 7/17/2024d		440,437
		Total		7,575,887
	Bulgaria (0.2%)
		Bulgaria Government International Bond
	180,000	4.250%, 7/9/2017f		213,697
	510,000	2.000%, 3/26/2022f		545,804
	1,600,000	2.950%, 9/3/2024f		1,746,304
	140,000	2.625%, 3/26/2027f		142,677
	340,000	3.125%, 3/26/2035f		318,402
		Total		2,966,884
	Chile (0.4%)
		AES Gener SA
	120,000	5.250%, 8/15/2021d		126,857
	620,000	5.250%, 8/15/2021		655,426
		Banco del Estado de Chile
	500,000	4.125%, 10/7/2020		529,710
	260,000	4.125%, 10/7/2020d		275,449
		Chile Government International Bond
	150,000	3.625%, 10/30/2042		134,437
		Corpbanca SA
	552,000	3.875%, 9/22/2019d		560,050
		E.CL SA
	320,000	5.625%, 1/15/2021d		348,910
		E-CL SA
	200,000	4.500%, 1/29/2025d		200,403
		Empresa Electrica Angamos SA
	1,630,000	4.875%, 5/25/2029d		1,603,024
		GNL Quintero SA
	200,000	4.634%, 7/31/2029		200,559
	1,340,000	4.634%, 7/31/2029d		1,343,748
		Sociedad Quimica y Minera de Chile SA
	120,000	5.500%, 4/21/2020		122,102
	210,000	3.625%, 4/3/2023		188,300
	448,000	4.375%, 1/28/2025*		410,257
		Total		6,699,232
	China (0.1%)
		Biostime International Holdings, Ltd.
	2,000,000	Zero Coupon, 2/20/2019k		244,145
		CITIC, Ltd.
	200,000	6.875%, 1/21/2018		220,940
	1,320,000	6.800%, 1/17/2023		1,526,052
		Total		1,991,137
	Colombia (0.3%)
		Banco de Bogota SA
	650,000	5.000%, 1/15/2017		667,875
		Colombia Government International Bond
	40,000	8.700%, 2/15/2016		41,950
	400,000	7.375%, 1/27/2017		435,200
	277,000	7.375%, 3/18/2019		320,766
	70,000	8.125%, 5/21/2024		89,705
	130,000	7.375%, 9/18/2037		160,225
	700,000	6.125%, 1/18/2041		757,750
	980,000	5.625%, 2/26/2044		992,250
	1,540,000	5.000%, 6/15/2045		1,424,500
		Ecopetrol SA
	100,000	7.375%, 9/18/2043		104,820
		Total		4,995,041
	Costa Rica (0.3%)
		Banco de Costa Rica
	200,000	5.250%, 8/12/2018		205,100
	410,000	5.250%, 8/12/2018d		420,455
		Banco Nacional de Costa Rica
	410,000	4.875%, 11/1/2018d		413,075
	890,000	6.250%, 11/1/2023d		894,450
		Costa Rica Government International Bond
	30,000	9.995%, 8/1/2020		37,162
	340,000	5.625%, 4/30/2043		280,500
	890,000	7.000%, 4/4/2044		861,075
	200,000	7.158%, 3/12/2045		195,000
	2,060,000	7.158%, 3/12/2045d		2,008,500
		Total		5,315,317
	Croatia (0.5%)
		Croatia Government International Bond
	420,000	6.750%, 11/5/2019		462,261
	230,000	6.625%, 7/14/2020		251,526
	320,000	6.375%, 3/24/2021d		345,200
	540,000	6.375%, 3/24/2021		582,525
	2,360,000	3.875%, 5/30/2022f		2,628,288
	2,061,000	6.000%, 1/26/2024		2,178,996
	2,110,000	3.000%, 3/11/2025f		2,117,104
		Total		8,565,900
	Dominican Republic (0.7%)
		Aeropuertos Dominicanos Siglo XXI SA
	400,000	9.750%, 11/13/2019		408,000
		Dominican Republic Government International Bond
	500,000	10.375%, 3/4/2022l		11,516
	95,871	9.040%, 1/23/2018		103,301
	8,100,000	15.000%, 4/5/2019l		211,670
	3,600,000	16.000%, 7/10/2020l		100,593
	813,000	7.500%, 5/6/2021		912,592
	200,000	16.950%, 2/4/2022l		5,985
	900,000	14.500%, 2/10/2023l		24,110

The accompanying Notes to Financial Statements are an integral part of this schedule.

134

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (10.2%)	Value
	Dominican Republic (0.7%) - continued
	$     670,000	6.600%, 1/28/2024	$	721,925
	610,000	5.875%, 4/18/2024		632,875
	6,000,000	11.500%, 5/10/2024l		145,184
	310,000	8.625%, 4/20/2027		370,450
	5,700,000	18.500%, 2/4/2028d,l		185,817
	10,200,000	11.375%, 7/6/2029l		239,016
	1,640,000	7.450%, 4/30/2044d		1,791,700
	673,000	7.450%, 4/30/2044		735,253
	2,172,000	6.850%, 1/27/2045		2,215,440
	2,610,000	6.850%, 1/27/2045d		2,662,200
		Total		11,477,627
	Ecuador (<0.1%)
		Ecuador Government International Bond
	540,000	10.500%, 3/24/2020d		541,350
		EP PetroEcuador
	447,368	5.912%, 9/24/2019g		395,921
		Total		937,271
	Egypt (<0.1%)
		Egypt Government International Bond
	260,000	5.875%, 6/11/2025d		253,890
	100,000	6.875%, 4/30/2040		97,750
		Total		351,640
	El Salvador (0.1%)
		El Salvador Government International Bond
	100,000	7.375%, 12/1/2019		108,500
	180,000	7.750%, 1/24/2023		195,525
	90,000	6.375%, 1/18/2027		87,075
	460,000	8.250%, 4/10/2032		502,550
	330,000	7.650%, 6/15/2035		331,650
	160,000	7.625%, 2/1/2041		159,000
		Total		1,384,300
	Ethiopia (<0.1%)
		Ethiopia Government International Bond
	200,000	6.625%, 12/11/2024		197,450
	210,000	6.625%, 12/11/2024d		207,323
		Total		404,773
	Gabon (<0.1%)
		Gabon Government International Bond
	140,000	8.200%, 12/12/2017		148,750
	250,000	6.950%, 6/16/2025d		248,125
		Total		396,875
	Guatemala (0.1%)
		Agromercantil Senior Trust
	320,000	6.250%, 4/10/2019d		329,600
		Guatemala Government International Bond
	450,000	5.750%, 6/6/2022		483,750
	280,000	4.875%, 2/13/2028		273,700
	380,000	4.875%, 2/13/2028d		371,450
		Total		1,458,500
	Honduras (0.1%)
		Honduras Government International Bond
	220,000	8.750%, 12/16/2020		249,150
	1,370,000	8.750%, 12/16/2020*		1,551,525
	270,000	7.500%, 3/15/2024*		292,050
		Total		2,092,725
	Hong Kong (<0.1%)
		PCCW-HKT Capital No. 3, Ltd.
	510,000	5.250%, 7/20/2015		510,870
		Wharf Finance, Ltd.
	200,000	4.625%, 2/8/2017		208,408
		Total		719,278
	Hungary (0.5%)
		Hungary Government International Bond
	513,000	3.500%, 7/18/2016f		588,825
	790,000	4.375%, 7/4/2017f		937,347
	190,000	4.125%, 2/19/2018		197,742
	1,880,000	5.750%, 6/11/2018f		2,366,631
	700,000	6.000%, 1/11/2019f		900,890
	330,000	4.000%, 3/25/2019		340,659
	250,000	6.250%, 1/29/2020		280,000
	260,000	5.375%, 2/21/2023		281,242
	470,000	5.375%, 3/25/2024		509,362
	690,000	7.625%, 3/29/2041		914,347
		MFB Magyar Fejlesztesi Bank Zrt
	210,000	6.250%, 10/21/2020d		234,156
		Total		7,551,201
	India (<0.1%)
		Greenko Dutch BV
	200,000	8.000%, 8/1/2019		186,000
	480,000	8.000%, 8/1/2019d		446,400
		Total		632,400
	Indonesia (0.5%)
		Indonesia Government International Bond
	310,000	6.875%, 1/17/2018*		346,961
	560,000	11.625%, 3/4/2019		733,600
	200,000	5.875%, 1/15/2024		221,000
	200,000	4.125%, 1/15/2025		196,250
	585,000	8.500%, 10/12/2035		789,750
	200,000	6.625%, 2/17/2037		226,000
	520,000	7.750%, 1/17/2038		661,700
	760,000	5.250%, 1/17/2042		730,550
	200,000	4.625%, 4/15/2043		180,000
	230,000	6.750%, 1/15/2044		266,800
	960,000	5.125%, 1/15/2045d		915,600
		Majapahit Holding BV
	100,000	7.750%, 10/17/2016		107,125
		Perusahaan Penerbit SBSN
	200,000	4.000%, 11/21/2018d		208,500
		Perusahaan Penerbit SBSN Indonesia III
	730,000	4.325%, 5/28/2025d		710,874
		Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia
	380,000	4.350%, 9/10/2024d		373,350

The accompanying Notes to Financial Statements are an integral part of this schedule.

135

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (10.2%)	Value
	Indonesia (0.5%) - continued
		PT Pertamina Persero
	$   390,000	5.625%, 5/20/2043d	$	346,125
		PT Perusahaan Gas Negara (Persero) Tbk PT
	210,000	5.125%, 5/16/2024		211,201
		Total		7,225,386
	Iraq (0.1%)
		Iraq Government International Bond
	1,200,000	5.800%, 1/15/2028		970,320
		Total		970,320
	Israel (<0.1%)
		Delek and Avner Yam Tethys, Ltd.
	110,000	2.803%, 12/30/2016d		109,863
	110,000	3.839%, 12/30/2018d		111,512
		Total		221,375
	Italy (0.1%)
		Wind Acquisition Finance SA
	280,000	4.000%, 7/15/2020*,f		311,378
	360,000	7.000%, 4/23/2021f		414,591
		Total		725,969
	Jamaica (0.1%)
		Digicel, Ltd.
	770,000	6.750%, 3/1/2023d		754,831
		Total		754,831
	Kazakhstan (0.1%)
		Kazakhstan Government International Bond
	600,000	4.875%, 10/14/2044		517,500
		KazMunayGas National Company JSC
	330,000	9.125%, 7/2/2018		372,900
	904,000	5.750%, 4/30/2043		754,311
		Total		1,644,711
	Kenya (<0.1%)
		Kenya Government International Bond
	200,000	6.875%, 6/24/2024		202,916
	470,000	6.875%, 6/24/2024d		476,853
		Total		679,769
	Latvia (<0.1%)
		Latvia Government International Bond
	581,000	5.250%, 2/22/2017		618,429
		Total		618,429
	Lithuania (0.1%)
		Lithuania Government International Bond
	100,000	7.375%, 2/11/2020		118,830
	850,000	6.125%, 3/9/2021		978,222
	1,010,000	6.625%, 2/1/2022		1,201,900
		Total		2,298,952
	Luxembourg (0.1%)
		Altice Financing SA
	290,000	6.625%, 2/15/2023d		287,912
		Gazprom Neft OAO Via GPN Capital SA
	1,590,000	6.000%, 11/27/2023d		1,458,825
		Millicom International Cellular SA
	280,000	4.750%, 5/22/2020d		269,228
		Telefonica Celular del Paraguay SA
	200,000	6.750%, 12/13/2022		207,000
		Wind Acquisition Finance SA
	500,000	7.375%, 4/23/2021d		505,625
		Total		2,728,590
	Mexico (1.0%)
		America Movil SAB de CV
	2,600,000	6.000%, 6/9/2019m		165,603
		Cemex SAB de CV
	180,000	4.750%, 1/11/2022d,f		200,924
		Gruma SAB de CV
	340,000	4.875%, 12/1/2024d		354,025
		Grupo Cementos de Chihuahua SAB de CV
	200,000	8.125%, 2/8/2020d		214,600
		Metalsa SA de CV
	350,000	4.900%, 4/24/2023d		330,750
		Mexican Cetes
	17,498,100	Zero Coupon, 7/2/2015m		111,310
	37,911,900	Zero Coupon, 7/16/2015m		240,890
	88,480,600	Zero Coupon, 7/23/2015m		561,874
	77,792,200	Zero Coupon, 8/13/2015m		493,143
		Zero Coupon, 8/20/2015m		7,038,218
	90,912,700	Zero Coupon, 9/10/2015m		574,842
	38,314,200	Zero Coupon, 9/17/2015m		242,115
	502,420,600	Zero Coupon, 10/1/2015m		3,171,092
		Mexican Udibonos
	4,565,340	5.000%, 6/16/2016m		304,491
		Mexico Government International Bond
	240,000	4.000%, 3/15/2115f		231,984
	520,000	6.050%, 1/11/2040		590,200
	385,000	5.550%, 1/21/2045		409,544
	776,000	4.600%, 1/23/2046		717,800
		SixSigma Networks Mexico SA de CV
	420,000	8.250%, 11/7/2021d		434,154
		Trust F/1401
	200,000	6.950%, 1/30/2044		215,250
	210,000	6.950%, 1/30/2044*		226,012
		Total		16,828,821
	Mozambique (<0.1%)
		Mozambique EMATUM Finance 2020 BV
	480,000	6.305%, 9/11/2020		446,160
		Total		446,160
	Netherlands (<0.1%)
		Listrindo Capital BV
	340,000	6.950%, 2/21/2019		355,300
		Total		355,300

The accompanying Notes to Financial Statements are an integral part of this schedule.

136

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (10.2%)	Value
	Nigeria (0.1%)
		Nigeria Government International Bond
	$   200,000	6.750%, 1/28/2021	$	206,750
	600,000	6.375%, 7/12/2023		602,400
		Total		809,150
	Pakistan (0.1%)
		Pakistan Government International Bond
	370,000	6.875%, 6/1/2017		384,338
	750,000	7.250%, 4/15/2019d		786,101
	210,000	6.750%, 12/3/2019*		215,250
	260,000	8.250%, 4/15/2024d		282,750
		Total		1,668,439
	Panama (0.2%)
		Panama Government International Bond
	300,000	4.000%, 9/22/2024		301,500
	410,000	3.750%, 3/16/2025		403,850
	286,000	8.875%, 9/30/2027		404,690
	1,079,000	9.375%, 4/1/2029		1,596,920
	1,150,000	6.700%, 1/26/2036		1,420,250
		Panama Notas del Tesoro
	110,000	4.875%, 2/5/2021		116,497
		Total		4,243,707
	Paraguay (0.1%)
		Banco Continental SAECA
	451,000	8.875%, 10/15/2017		474,452
	170,000	8.875%, 10/15/2017*		178,840
		Banco Regional SAECA
	196,000	8.125%, 1/24/2019		210,455
	590,000	8.125%, 1/24/2019d		633,512
		Paraguay Government International Bond
	420,000	4.625%, 1/25/2023d		424,200
		Total		1,921,459
	Peru (0.3%)
		Abengoa Transmision Sur SA
	200,000	6.875%, 4/30/2043		221,750
	590,000	6.875%, 4/30/2043*		654,162
		Banco de Credito del Peru
	34,000	2.750%, 1/9/2018		34,119
		Corporacion Financiera de Desarrollo SA
	200,000	4.750%, 2/8/2022		205,600
	200,000	4.750%, 2/8/2022d		205,600
		Corporacion Lindley SA
	70,000	6.750%, 11/23/2021d		77,525
	640,000	6.750%, 11/23/2021		708,800
	100,000	4.625%, 4/12/2023d		97,250
		Peru Government International Bond
	920,000	5.625%, 11/18/2050		1,025,800
	182,000	8.750%, 11/21/2033		274,820
	670,000	6.550%, 3/14/2037		834,150
		Total		4,339,576
	Philippines (0.2%)
		Alliance Global Group, Inc.
	160,000	6.500%, 8/18/2017		169,600
		Energy Development Corporation
	730,000	6.500%, 1/20/2021		805,007
		Philippines Government International Bond
	810,000	9.875%, 1/15/2019		1,024,650
	300,000	10.625%, 3/16/2025		478,875
	218,000	7.750%, 1/14/2031		314,465
	220,000	6.375%, 10/23/2034		291,775
	200,000	3.950%, 1/20/2040		202,000
		San Miguel Corporation
	200,000	4.875%, 4/26/2023		192,500
		Total		3,478,872
	Romania (0.1%)
		Romania Government International Bond
	538,000	5.250%, 6/17/2016f		626,640
	310,000	3.625%, 4/24/2024f		363,394
	550,000	6.125%, 1/22/2044		617,100
		Total		1,607,134
	Russia (0.2%)
		AHML Finance, Ltd.
	10,700,000	7.750%, 2/13/2018*,n		173,593
		EDC Finance, Ltd.
	300,000	4.875%, 4/17/2020d		262,050
		Gazprom Neft OAO Via GPN Capital SA
	814,000	4.375%, 9/19/2022		691,900
	200,000	6.000%, 11/27/2023		183,500
		Lukoil International Finance BV
	220,000	3.416%, 4/24/2018		210,980
	310,000	6.125%, 11/9/2020		315,471
		Mobile Telesystems OJSC
	620,000	5.000%, 5/30/2023		555,178
		Phosagro OAO via Phosagro Bond Funding, Ltd.
	230,000	4.204%, 2/13/2018		220,575
	310,000	4.204%, 2/13/2018*		297,296
		Russia Government International Bond
	800,000	4.875%, 9/16/2023		791,200
	200,000	5.875%, 9/16/2043		192,648
		Total		3,894,391
	Serbia (<0.1%)
		Montenegro Government International Bond
	350,000	3.875%, 3/18/2020d,f		359,987
		Total		359,987
	Singapore (<0.1%)
		Olam International, Ltd., Convertible
	300,000	6.000%, 10/15/2016		307,125
		Total		307,125

The accompanying Notes to Financial Statements are an integral part of this schedule.

137

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (10.2%)	Value
	South Africa (<0.1%)
		South Africa Government International Bond
	$   510,000	5.375%, 7/24/2044	$	508,609
		Total		508,609
	South Korea (<0.1%)
		Export-Import Bank of Korea
	270,000	0.900%, 8/14/2017*,g		269,904
		Kookmin Bank
	200,000	1.526%, 10/11/2016g		201,691
		Korea East-West Power Company, Ltd.
	200,000	2.500%, 7/16/2017		202,939
		Total		674,534
	Sri Lanka (0.3%)
		Sri Lanka Government International Bond
	560,000	6.000%, 1/14/2019d		571,900
	200,000	5.125%, 4/11/2019		199,000
	171,000	6.250%, 10/4/2020d		175,070
	1,403,000	6.250%, 10/4/2020		1,436,391
	1,460,000	6.250%, 7/27/2021		1,480,075
	510,000	5.875%, 7/25/2022		501,075
	310,000	6.125%, 6/3/2025d		304,575
		Total		4,668,086
	Supranational (<0.1%)
		Corporacion Andina de Fomento
	600,000	5.750%, 1/12/2017		637,647
	90,000	1.500%, 8/8/2017		90,482
		Total		728,129
	Turkey (0.3%)
		Export Credit Bank of Turkey
	200,000	5.875%, 4/24/2019		211,034
		Turkey Government International Bond
	761,000	7.500%, 7/14/2017		839,840
	280,000	6.750%, 4/3/2018		308,766
	1,290,000	7.000%, 6/5/2020		1,472,488
	780,000	4.250%, 4/14/2026		743,465
	50,000	8.000%, 2/14/2034		64,475
	460,000	6.875%, 3/17/2036		533,600
	190,000	6.750%, 5/30/2040		218,500
	200,000	6.000%, 1/14/2041		210,700
	1,080,000	4.875%, 4/16/2043		982,757
		Total		5,585,625
	Ukraine (0.2%)
		Financing of Infrastructure Projects State Enterprise
	430,000	9.000%, 12/7/2017		211,333
		MHP SA
	200,000	8.250%, 4/2/2020		160,000
		Ukraine Government International Bond
	1,762,000	6.250%, 6/17/2016		872,190
	1,522,000	9.250%, 7/24/2017		732,082
	460,000	8.375%, 11/3/2017		224,252
	440,000	6.750%, 11/14/2017		216,480
	200,000	7.400%, 4/20/2018		97,844
		Total		2,514,181
	United Arab Emirates (0.1%)
		Dolphin Energy, Ltd.
	210,120	5.888%, 6/15/2019		227,726
		Ruwais Power Company PJSC
	200,000	6.000%, 8/31/2036		228,300
	660,000	6.000%, 8/31/2036d		753,390
		Total		1,209,416
	United States (0.8%)
		Comcel Trust
	200,000	6.875%, 2/6/2024		210,500
		Commonwealth of Puerto Rico G.O.
	100,000	5.750%, 7/1/2028		63,502
	1,735,000	8.000%, 7/1/2035		1,175,480
		Commonwealth of Puerto Rico Public Improvement Refg. G.O.
	75,000	5.500%, 7/1/2032		46,783
	10,000	5.125%, 7/1/2037		6,050
		HSBC Bank USA NA
	688,000	10.000%, 1/5/2017o		210,246
	680,000	6.000%, 8/15/2040p		575,955
		Puerto Rico Sales Tax Financing Corporation Rev.
	175,000	5.500%, 8/1/2028		90,704
	75,000	Zero Coupon, 8/1/2032h		37,659
	20,000	5.375%, 8/1/2038		9,677
	50,000	5.375%, 8/1/2039		24,130
	630,000	5.250%, 8/1/2041		299,256
	1,030,000	5.500%, 8/1/2042		497,078
	200,000	6.000%, 8/1/2042		101,756
	10,000	5.000%, 8/1/2043		4,676
	5,000	5.250%, 8/1/2043		2,375
		U.S. Treasury Bonds
	600,000	3.000%, 11/15/2044		586,922
	2,400,000	3.000%, 5/15/2045		2,352,000
		U.S. Treasury Notes
	1,100,000	1.375%, 2/29/2020		1,090,461
	1,600,000	1.375%, 3/31/2020		1,584,249
	1,400,000	1.625%, 6/30/2020		1,399,891
	2,700,000	2.000%, 10/31/2021		2,704,852
	800,000	1.500%, 1/31/2022		774,500
	300,000	2.125%, 6/30/2022		301,266
		Total		14,149,968
	Uruguay (0.1%)
		Uruguay Government International Bond
	928,852	5.100%, 6/18/2050		884,732
		Total		884,732
	Venezuela (0.5%)
		Petroleos de Venezuela SA
	80,000	5.250%, 4/12/2017		39,836
	1,590,000	9.000%, 11/17/2021		647,925
	590,000	6.000%, 5/16/2024		209,450
	4,556,000	6.000%, 11/15/2026		1,605,990
	100,000	5.375%, 4/12/2027		34,250

The accompanying Notes to Financial Statements are an integral part of this schedule.

138

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (10.2%)	Value
	Venezuela (0.5%) - continued
		Venezuela Government International Bond
	$   700,000	7.750%, 10/13/2019	$	271,250
	470,000	6.000%, 12/9/2020		173,900
	400,000	12.750%, 8/23/2022		185,000
	1,100,000	9.000%, 5/7/2023		426,250
	1,359,000	8.250%, 10/13/2024		506,228
	3,890,000	7.650%, 4/21/2025		1,419,850
	734,000	11.750%, 10/21/2026		315,620
	1,402,000	9.250%, 9/15/2027		592,345
	1,105,000	9.250%, 5/7/2028		422,662
	90,000	11.950%, 8/5/2031		38,475
	810,000	9.375%, 1/13/2034		315,900
	310,000	7.000%, 3/31/2038		108,500
		Total		7,313,431
	Vietnam (0.2%)
		Debt and Asset Trading Corporation
	200,000	1.000%, 10/10/2025		115,600
		Vietnam Government International Bond
	2,150,000	6.750%, 1/29/2020d		2,375,750
	452,000	4.800%, 11/19/2024*		452,000
		Total		2,943,350
	Virgin Islands, British (<0.1%)
		Central American Bottling Corporation
	108,000	6.750%, 2/9/2022		114,750
	210,000	6.750%, 2/9/2022d		223,125
		Total		337,875
	Zambia (<0.1%)
		Zambia Government International Bond
	770,000	5.375%, 9/20/2022		665,088
		Total		665,088
		Total Long-Term Fixed Income (cost $184,816,211)		174,378,821
Shares		Preferred Stock (1.0%)
	Brazil (0.2%)
	673,532	Vale SA ADRb		3,401,336
		Total		3,401,336
	Germany (0.2%)
	32,260	Draegerwerk AG & Company KGaA		3,455,501
		Total		3,455,501
	South Korea (0.6%)
	11,150	Samsung Electronics Company, Ltd.		9,909,236
		Total		9,909,236
		Total Preferred Stock (cost $17,610,103)		16,766,073
		Collateral Held for Securities Loaned (0.9%)
	14,629,592	Thrivent Cash Management Trust		14,629,592
		Total Collateral Held for Securities Loaned (cost $14,629,592)		14,629,592
Shares or Principal Amount		Short-Term Investments (2.8%)q
		Federal Home Loan Bank Discount Notes
	200,000	0.065%, 7/7/2015r		199,998
	100,000	0.080%, 8/18/2015r		99,989
		Federal National Mortgage Association Discount Notes
	100,000	0.050%, 9/14/2015r		99,990
		Thrivent Cash Management Trust
	47,198,194	0.070%		47,198,194
		Total Short-Term Investments (at amortized cost)		47,598,171
		Total Investments (cost $1,630,417,195) 100.2%	$	1,704,136,211
		Other Assets and Liabilities, Net (0.2%)		(3,509,934	)
		Total Net Assets 100.0%	$	1,700,626,277

The accompanying Notes to Financial Statements are an integral part of this schedule.

139

Partner Worldwide Allocation Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a Non-income producing security.

b All or a portion of the security is on loan.

c Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

d Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $33,427,985 or 2.0% of total net assets.

e Defaulted security. Interest is not being accrued.

f Principal amount is displayed in Euros.

g Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

h Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of June 30, 2015.

i Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

j Principal amount is displayed in Brazilian Real.

k Principal amount is displayed in Hong Kong Dollar.

l Principal amount is displayed in Dominican Republic Pesos.

m Principal amount is displayed in Mexican Pesos.

n Principal amount is displayed in Russian Rubles.

o Principal amount is displayed in Brazilian Real. Security is linked to Brazilian Government Bonds due January 1, 2017.

p Principal amount is displayed in Brazilian Real. Security is linked to Brazilian Government Bonds due August 15, 2040.

q The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

r At June 30, 2015, $399,977 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Partner Worldwide Allocation Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Abengoa Transmision Sur SA, 4/30/2043		4/8/2014	$	589,971
AHML Finance, Ltd., 2/13/2018		1/31/2013		356,524
Banco Continental SAECA, 10/15/2017		10/10/2012		170,000
Belize Government International Bond, 8/20/2017		3/20/2013		111,145
Brazil Loan Trust 1, 7/24/2023		7/25/2013		1,145,940
Brazil Minas SPE via State of Minas Gerais, 2/15/2028		3/22/2013		1,483,465
Digicel Group, Ltd., 9/30/2020		6/26/2015		212,520
Export-Import Bank of Korea, 8/14/2017		5/29/2015		270,325
Honduras Government International Bond, 3/15/2024		3/12/2013		270,000
Honduras Government International Bond, 12/16/2020		12/11/2013		1,370,000
Independencia International, Ltd., 12/30/2016		3/29/2010		100,623
Indonesia Government International Bond, 1/17/2018		2/6/2015		345,187
Pakistan Government International Bond, 12/3/2019		11/26/2014		210,000
Phosagro OAO via Phosagro Bond Funding, Ltd., 2/13/2018		2/6/2013		310,000
Sociedad Quimica y Minera de Chile SA, 1/28/2025		10/23/2014		445,357
Trust F/1401, 1/30/2044		1/23/2014		203,882
Vietnam Government International Bond, 11/19/2024		11/7/2014		456,083
Wind Acquisition Finance SA, 7/15/2020		6/24/2014		380,927

Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
GDR	-	Global Depository Receipts, which are certificates for shares of an underlying foreign security’s shares held by an issuing depository bank from more than one country.
G.O.	-	General Obligation
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
Refg.	-	Refunding
Rev.	-	Revenue

The accompanying Notes to Financial Statements are an integral part of this schedule.

140

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.8%)	Value
	Consumer Discretionary (12.3%)
	9,900	Amazon.com, Inc.a	$	4,297,491
	1,900	AutoNation, Inc.a		119,662
	800	AutoZone, Inc.a		533,520
	4,500	Bed Bath & Beyond, Inc.a		310,410
	7,575	Best Buy Company, Inc.		247,021
	5,800	BorgWarner, Inc.		329,672
	5,650	Cablevision Systems Corporationb		135,261
	5,400	CarMax, Inc.a		357,534
	11,650	Carnival Corporation		575,393
	11,822	CBS Corporation		656,121
	800	Chipotle Mexican Grill, Inc.a		483,992
	7,200	Coach, Inc.		249,192
	65,065	Comcast Corporation		3,913,009
	8,550	D.R. Horton, Inc.		233,928
	3,250	Darden Restaurants, Inc.		231,010
	7,450	Delphi Automotive plc		633,921
	13,050	DIRECTVa		1,210,910
	3,850	Discovery Communications, Inc., Class Aa,b		128,051
	6,850	Discovery Communications, Inc., Class Ca		212,898
	7,700	Dollar General Corporation		598,598
	5,350	Dollar Tree, Inc.a		422,596
	2,550	Expedia, Inc.		278,843
	2,450	Family Dollar Stores, Inc.		193,084
	102,911	Ford Motor Company		1,544,694
	1,100	Fossil, Inc.a		76,296
	6,862	Gap, Inc.		261,923
	3,150	Garmin, Ltd.		138,380
	35,038	General Motors Company		1,167,817
	4,000	Genuine Parts Company		358,120
	6,900	Goodyear Tire & Rubber Company		208,035
	7,200	H&R Block, Inc.		213,480
	10,400	Hanesbrands, Inc.		346,528
	5,400	Harley-Davidson, Inc.		304,290
	1,800	Harman International Industries, Inc.		214,092
	2,900	Hasbro, Inc.		216,891
	33,750	Home Depot, Inc.		3,750,637
	10,667	Interpublic Group of Companies, Inc.		205,553
	17,050	Johnson Controls, Inc.		844,486
	5,200	Kohl’s Corporation		325,572
	3,650	Leggett & Platt, Inc.		177,682
	4,600	Lennar Corporation		234,784
	6,304	Limited Brands, Inc.		540,442
	24,300	Lowe’s Companies, Inc.		1,627,371
	8,818	Macy’s, Inc.		594,950
	5,356	Marriott International, Inc.		398,433
	8,750	Mattel, Inc.		224,787
	24,850	McDonald’s Corporation		2,362,489
	5,200	Michael Kors Holdings, Ltd.a		218,868
	1,550	Mohawk Industries, Inc.a		295,895
	1,500	Netflix, Inc.a		985,410
	7,023	Newell Rubbermaid, Inc.		288,716
	12,975	News Corporationa		189,305
	18,100	NIKE, Inc.		1,955,162
	3,650	Nordstrom, Inc.		271,925
	6,400	Omnicom Group, Inc.		444,736
	2,550	O’Reilly Automotive, Inc.a		576,249
	1,300	Priceline Group, Inc.a		1,496,781
	8,492	Pulte Group, Inc.		171,114
	2,050	PVH Corporation		236,160
	1,500	Ralph Lauren Corporation		198,540
	10,700	Ross Stores, Inc.		520,127
	4,250	Royal Caribbean Cruises, Ltd.		334,433
	2,550	Scripps Networks Interactive, Inc.		166,694
	2,050	Sherwin-Williams Company		563,791
	1,500	Snap-On, Inc.		238,875
	16,625	Staples, Inc.		254,529
	38,900	Starbucks Corporation		2,085,623
	4,450	Starwood Hotels & Resorts Worldwide, Inc.		360,850
	16,600	Target Corporation		1,355,058
	5,850	Tegna, Inc.a		187,610
	2,850	Tiffany & Company		261,630
	7,308	Time Warner Cable, Inc.		1,302,066
	21,500	Time Warner, Inc.		1,879,315
	17,600	TJX Companies, Inc.		1,164,592
	3,450	Tractor Supply Company		310,293
	2,800	TripAdvisor, Inc.a		243,992
	46,000	Twenty-First Century Fox, Inc.		1,497,070
	4,350	Under Armour, Inc.a		362,964
	2,500	Urban Outfitters, Inc.a		87,500
	8,850	VF Corporation		617,199
	9,272	Viacom, Inc.		599,342
	40,497	Walt Disney Company		4,622,328
	1,957	Whirlpool Corporation		338,659
	3,122	Wyndham Worldwide Corporation		255,723
	2,100	Wynn Resorts, Ltd.		207,207
	11,280	Yum! Brands, Inc.		1,016,102
		Total		60,852,282
	Consumer Staples (9.0%)
	51,050	Altria Group, Inc.		2,496,855
	16,168	Archer-Daniels-Midland Company		779,621
	4,037	Brown-Forman Corporation		404,427
	4,600	Campbell Soup Company		219,190
	3,450	Clorox Company		358,869
	101,650	Coca-Cola Company		3,987,729
	5,600	Coca-Cola Enterprises, Inc.		243,264
	22,000	Colgate-Palmolive Company		1,439,020
	11,050	ConAgra Foods, Inc.		483,106
	4,350	Constellation Brands, Inc.		504,687
	11,450	Costco Wholesale Corporation		1,546,437
	29,194	CVS Health Corporation		3,061,867
	5,000	Dr Pepper Snapple Group, Inc.		364,500
	5,800	Estee Lauder Companies, Inc.		502,628
	15,500	General Mills, Inc.		863,660
	3,800	Hershey Company		337,554
	3,500	Hormel Foods Corporation		197,295
	2,551	J.M. Smucker Company		276,554
	6,500	Kellogg Company		407,550
	3,000	Keurig Green Mountain, Inc.		229,890
	9,442	Kimberly-Clark Corporation		1,000,569
	15,267	Kraft Foods Group, Inc.		1,299,832
	12,750	Kroger Company		924,503
	3,300	McCormick & Company, Inc.		267,135
	5,278	Mead Johnson Nutrition Company		476,181
	4,150	Molson Coors Brewing Company		289,711
	42,252	Mondelez International, Inc.		1,738,247
	3,800	Monster Beverage Corporationa		509,276
	38,330	PepsiCo, Inc.		3,577,722
	40,100	Philip Morris International, Inc.		3,214,817
	70,388	Procter & Gamble Company		5,507,157
	10,719	Reynolds American, Inc.		800,281
	5,450	Safeway, Inc. (Casa Ley SA de CV) Contingent Value Rightsa,c		5,531
	5,450	Safeway, Inc. (Property Development Centers, LLC) Contingent Value Rightsa,c		266
	15,300	Sysco Corporation		552,330
	7,500	Tyson Foods, Inc.		319,725
	22,700	Walgreens Boots Alliance, Inc.		1,916,788

The accompanying Notes to Financial Statements are an integral part of this schedule.

141

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.8%)	Value
	Consumer Staples (9.0%) - continued
	40,950	Wal-Mart Stores, Inc.	$	2,904,584
	9,400	Whole Foods Market, Inc.		370,736
		Total		44,380,094
	Energy (7.5%)
	13,122	Anadarko Petroleum Corporation		1,024,303
	9,670	Apache Corporation		557,282
	11,283	Baker Hughes, Inc.		696,161
	10,750	Cabot Oil & Gas Corporation		339,055
	5,000	Cameron International Corporationa		261,850
	13,300	Chesapeake Energy Corporationb		148,561
	48,696	Chevron Corporation		4,697,703
	2,350	Cimarex Energy Company		259,229
	31,949	ConocoPhillips		1,961,988
	5,950	Consol Energy, Inc.		129,353
	9,950	Devon Energy Corporation		591,925
	1,700	Diamond Offshore Drilling, Inc.b		43,877
	6,000	Ensco plc		133,620
	14,150	EOG Resources, Inc.		1,238,832
	3,950	EQT Corporation		321,293
	108,490	Exxon Mobil Corporation		9,026,368
	5,950	FMC Technologies, Inc.a		246,866
	22,000	Halliburton Company		947,540
	2,750	Helmerich & Payne, Inc.		193,655
	6,300	Hess Corporation		421,344
	44,950	Kinder Morgan, Inc.		1,725,631
	17,418	Marathon Oil Corporation		462,274
	14,068	Marathon Petroleum Corporation		735,897
	4,250	Murphy Oil Corporation		176,673
	10,150	National Oilwell Varco, Inc.		490,042
	4,200	Newfield Exploration Companya		151,704
	6,150	Noble Corporation		94,649
	10,000	Noble Energy, Inc.		426,800
	19,900	Occidental Petroleum Corporation		1,547,623
	5,400	ONEOK, Inc.		213,192
	14,024	Phillips 66		1,129,773
	3,800	Pioneer Natural Resources Company		527,022
	4,300	Range Resources Corporation		212,334
	32,944	Schlumberger, Ltd.		2,839,443
	9,950	Southwestern Energy Companya		226,164
	17,354	Spectra Energy Corporation		565,740
	3,200	Tesoro Corporation		270,112
	8,750	Transocean, Ltd.b		141,050
	13,200	Valero Energy Corporation		826,320
	17,500	Williams Companies, Inc.		1,004,325
		Total		37,007,573
	Financials (15.8%)
	8,400	ACE, Ltd.		854,112
	1,400	Affiliated Managers Group, Inc.a		306,040
	11,300	Aflac, Inc.		702,860
	10,682	Allstate Corporation		692,941
	22,700	American Express Company		1,764,244
	34,567	American International Group, Inc.		2,136,932
	11,000	American Tower Corporation		1,026,190
	4,700	Ameriprise Financial, Inc.		587,171
	7,275	Aon plc		725,172
	4,036	Apartment Investment & Management Company		149,049
	1,700	Assurant, Inc.		113,900
	3,401	AvalonBay Communities, Inc.		543,718
	272,160	Bank of America Corporation		4,632,163
	29,002	Bank of New York Mellon Corporation		1,217,214
	18,850	BB&T Corporation		759,843
	47,319	Berkshire Hathaway, Inc.a		6,440,589
	3,300	BlackRock, Inc.		1,141,734
	4,000	Boston Properties, Inc.		484,160
	14,223	Capital One Financial Corporation		1,251,197
	7,300	CBRE Group, Inc.a		270,100
	29,875	Charles Schwab Corporation		975,419
	5,900	Chubb Corporation		561,326
	3,838	Cincinnati Financial Corporation		192,591
	78,593	Citigroup, Inc.		4,341,477
	8,250	CME Group, Inc.		767,745
	4,600	Comerica, Inc.		236,072
	8,700	Crown Castle International Corporation		698,610
	11,475	Discover Financial Services		661,190
	7,510	E*TRADE Financial Corporationa		224,924
	9,450	Equity Residential		663,106
	1,600	Essex Property Trust, Inc.		340,000
	20,994	Fifth Third Bancorp		437,095
	10,100	Franklin Resources, Inc.		495,203
	16,350	General Growth Properties, Inc.		419,541
	12,850	Genworth Financial, Inc.a		97,275
	10,450	Goldman Sachs Group, Inc.		2,181,855
	10,850	Hartford Financial Services Group, Inc.		451,034
	11,950	HCP, Inc.		435,817
	9,100	Health Care REIT, Inc.		597,233
	19,641	Host Hotels & Resorts, Inc.		389,481
	12,500	Hudson City Bancorp, Inc.		123,500
	20,971	Huntington Bancshares, Inc.		237,182
	2,800	Intercontinental Exchange, Inc.		626,108
	11,100	Invesco, Ltd.		416,139
	4,932	Iron Mountain, Inc.		152,892
	96,198	J.P. Morgan Chase & Company		6,518,376
	22,000	KeyCorp		330,440
	10,750	Kimco Realty Corporation		242,305
	2,500	Legg Mason, Inc.		128,825
	8,151	Leucadia National Corporation		197,906
	6,494	Lincoln National Corporation		384,575
	7,700	Loews Corporation		296,527
	3,500	M&T Bank Corporation		437,255
	3,700	Macerich Company		276,020
	13,950	Marsh & McLennan Companies, Inc.		790,965
	7,100	McGraw-Hill Financial, Inc.		713,195
	28,832	MetLife, Inc.		1,614,304
	4,600	Moody’s Corporation		496,616
	39,900	Morgan Stanley		1,547,721
	3,150	NASDAQ OMX Group, Inc.		153,752
	10,150	Navient Corporation		184,832
	5,650	Northern Trust Corporation		431,999
	7,950	People’s United Financial, Inc.		128,870
	4,550	Plum Creek Timber Company, Inc.		184,593
	13,514	PNC Financial Services Group, Inc.		1,292,614
	7,150	Principal Financial Group, Inc.		366,724
	13,900	Progressive Corporation		386,837
	13,546	Prologis, Inc.		502,557
	11,700	Prudential Financial, Inc.		1,023,984
	3,800	Public Storage, Inc.		700,606
	6,000	Realty Income Corporation		266,340
	34,727	Regions Financial Corporation		359,772
	8,044	Simon Property Group, Inc.		1,391,773
	2,510	SL Green Realty Corporation		275,824
	10,700	State Street Corporation		823,900
	13,400	SunTrust Banks, Inc.		576,468
	6,768	T. Rowe Price Group, Inc.		526,077
	3,250	Torchmark Corporation		189,215
	8,281	Travelers Companies, Inc.		800,441
	46,085	U.S. Bancorp		2,000,089

The accompanying Notes to Financial Statements are an integral part of this schedule.

142

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.8%)	Value
	Financials (15.8%) - continued
	6,474	Unum Group	$	231,445
	8,550	Ventas, Inc.		530,870
	4,497	Vornado Realty Trust		426,900
	121,540	Wells Fargo & Company		6,835,410
	13,432	Weyerhaeuser Company		423,108
	7,950	XL Group plc		295,740
	5,350	Zions Bancorporation		169,782
		Total		77,977,696
	Health Care (14.7%)
	38,650	Abbott Laboratories		1,896,942
	44,600	AbbVie, Inc.		2,996,674
	10,142	Actavis, Inc.a		3,077,691
	9,089	Aetna, Inc.		1,158,484
	5,800	Alexion Pharmaceuticals, Inc.a		1,048,466
	5,450	AmerisourceBergen Corporation		579,553
	19,690	Amgen, Inc.		3,022,809
	6,900	Anthem, Inc.		1,132,566
	14,000	Baxter International, Inc.		979,020
	5,375	Becton, Dickinson and Company		761,369
	6,100	Biogen, Inc.a		2,464,034
	34,650	Boston Scientific Corporationa		613,305
	43,148	Bristol-Myers Squibb Company		2,871,068
	1,900	C.R. Bard, Inc.		324,330
	8,475	Cardinal Health, Inc.		708,934
	20,650	Celgene Corporationa		2,389,928
	7,900	Cerner Corporationa		545,574
	6,650	CIGNA Corporation		1,077,300
	4,400	DaVita HealthCare Partners, Inc.a		349,668
	3,650	DENTSPLY International, Inc.		188,158
	2,700	Edwards Lifesciences Corporationa		384,561
	25,300	Eli Lilly and Company		2,112,297
	5,200	Endo International plca		414,180
	18,945	Express Scripts Holding Companya		1,684,968
	38,050	Gilead Sciences, Inc.		4,454,894
	7,600	HCA Holdings, Inc.a		689,472
	2,070	Henry Schein, Inc.a		294,188
	4,380	Hospira, Inc.a		388,550
	3,850	Humana, Inc.		736,428
	950	Intuitive Surgical, Inc.a		460,275
	72,040	Johnson & Johnson		7,021,018
	2,600	Laboratory Corporation of America Holdingsa		315,172
	3,050	Mallinckrodt, LLCa		359,046
	5,992	McKesson Corporation		1,347,062
	36,929	Medtronic, Inc.		2,736,439
	73,333	Merck & Company, Inc.		4,174,848
	10,750	Mylan NVa		729,495
	2,150	Patterson Companies, Inc.		104,597
	2,850	PerkinElmer, Inc.		150,024
	3,700	Perrigo Company plc		683,871
	159,410	Pfizer, Inc.		5,345,017
	3,700	Quest Diagnostics, Inc.		268,324
	1,950	Regeneron Pharmaceuticals, Inc.a		994,753
	7,334	St. Jude Medical, Inc.		535,895
	7,750	Stryker Corporation		740,668
	2,525	Tenet Healthcare Corporationa		146,147
	10,250	Thermo Fisher Scientific, Inc.		1,330,040
	24,750	UnitedHealth Group, Inc.		3,019,500
	2,350	Universal Health Services, Inc.		333,935
	2,500	Varian Medical Systems, Inc.a		210,825
	6,300	Vertex Pharmaceuticals, Inc.a		777,924
	2,100	Waters Corporationa		269,598
	4,400	Zimmer Holdings, Inc.		480,612
	13,050	Zoetis, Inc.		629,271
		Total		72,509,767
	Industrials (9.7%)
	16,450	3M Company		2,538,235
	4,350	ADT Corporationb		146,030
	2,451	Allegion plc		147,403
	6,200	AMETEK, Inc.		339,636
	16,760	Boeing Company		2,324,947
	3,700	C.H. Robinson Worldwide, Inc.		230,843
	15,600	Caterpillar, Inc.		1,323,192
	2,400	Cintas Corporation		203,016
	25,700	CSX Corporation		839,105
	4,250	Cummins, Inc.		557,557
	15,900	Danaher Corporation		1,360,881
	8,650	Deere & Company		839,482
	21,400	Delta Air Lines, Inc.		879,112
	4,150	Dover Corporation		291,247
	850	Dun & Bradstreet Corporation		103,700
	12,194	Eaton Corporation		822,973
	17,400	Emerson Electric Company		964,482
	3,050	Equifax, Inc.		296,124
	5,000	Expeditors International of Washington, Inc.		230,525
	7,050	Fastenal Companyb		297,369
	6,860	FedEx Corporation		1,168,944
	1,950	First Solar, Inc.a		91,611
	3,450	Flowserve Corporation		181,677
	3,800	Fluor Corporation		201,438
	8,100	General Dynamics Corporation		1,147,689
	261,200	General Electric Company		6,940,084
	20,375	Honeywell International, Inc.		2,077,639
	8,850	Illinois Tool Works, Inc.		812,341
	6,900	Ingersoll-Rand plc		465,198
	3,300	Jacobs Engineering Group, Inc.a		134,046
	2,300	JB Hunt Transport Services, Inc.		188,807
	2,450	Joy Global, Inc.		88,690
	2,800	Kansas City Southern		255,360
	2,150	L-3 Communications Holdings, Inc.		243,767
	6,950	Lockheed Martin Corporation		1,292,005
	9,100	Masco Corporation		242,697
	9,650	Nielsen NV		432,031
	7,900	Norfolk Southern Corporation		690,144
	5,048	Northrop Grumman Corporation		800,764
	9,187	PACCAR, Inc.		586,222
	2,750	Pall Corporation		342,238
	3,625	Parker Hannifin Corporation		421,696
	4,649	Pentair, Ltd.		319,619
	5,200	Pitney Bowes, Inc.		108,212
	3,600	Precision Castparts Corporation		719,532
	5,400	Quanta Services, Inc.a		155,628
	7,950	Raytheon Company		760,656
	6,470	Republic Services, Inc.		253,430
	3,450	Robert Half International, Inc.		191,475
	3,450	Rockwell Automation, Inc.		430,008
	3,450	Rockwell Collins, Inc.		318,607
	2,550	Roper Industries, Inc.		439,773
	1,350	Ryder System, Inc.		117,950
	17,350	Southwest Airlines Company		574,112
	4,000	Stanley Black & Decker, Inc.		420,960
	2,200	Stericycle, Inc.a		294,602
	7,250	Textron, Inc.		323,568
	10,900	Tyco International plc		419,432
	22,800	Union Pacific Corporation		2,174,436
	17,950	United Parcel Service, Inc.		1,739,535
	2,450	United Rentals, Inc.a		214,669

The accompanying Notes to Financial Statements are an integral part of this schedule.

143

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.8%)	Value
	Industrials (9.7%) - continued
	21,400	United Technologies Corporation	$	2,373,902
	18,040	US Airways Group, Inc.		720,427
	1,500	W.W. Grainger, Inc.		354,975
	11,099	Waste Management, Inc.		514,439
	4,700	Xylem, Inc.		174,229
		Total		47,655,123
	Information Technology (19.0%)
	16,300	Accenture plc		1,577,514
	12,300	Adobe Systems, Inc.a		996,423
	8,665	Agilent Technologies, Inc.		334,296
	4,600	Akamai Technologies, Inc.a		321,172
	1,600	Alliance Data Systems Corporationa		467,104
	7,750	Altera Corporation		396,800
	8,050	Amphenol Corporation		466,659
	8,100	Analog Devices, Inc.		519,898
	149,550	Apple, Inc.d		18,757,309
	31,950	Applied Materials, Inc.		614,079
	5,900	Autodesk, Inc.a		295,442
	12,200	Automatic Data Processing, Inc.		978,806
	6,600	Avago Technologies, Ltd.		877,338
	14,150	Broadcom Corporation		728,583
	8,262	CA, Inc.		241,994
	132,000	Cisco Systems, Inc.		3,624,720
	4,150	Citrix Systems, Inc.a		291,164
	15,800	Cognizant Technology Solutions Corporationa		965,222
	3,650	Computer Sciences Corporation		239,586
	32,700	Corning, Inc.		645,171
	28,650	eBay, Inc.a		1,725,876
	8,100	Electronic Arts, Inc.a		538,650
	50,436	EMC Corporation		1,331,006
	1,400	Equinix, Inc.		355,600
	1,850	F5 Networks, Inc.a		222,648
	54,600	Facebook, Inc.a		4,682,769
	7,450	Fidelity National Information Services, Inc.		460,410
	6,100	Fiserv, Inc.a		505,263
	3,600	FLIR Systems, Inc.		110,952
	2,700	GameStop Corporationb		115,992
	7,450	Google, Inc., Class Aa		4,023,298
	7,469	Google, Inc., Class Ca		3,887,689
	3,200	Harris Corporation		246,112
	46,886	Hewlett-Packard Company		1,407,049
	122,600	Intel Corporation		3,728,879
	23,750	International Business Machines Corporation		3,863,175
	7,150	Intuit, Inc.		720,506
	9,150	Juniper Networks, Inc.		237,625
	4,200	KLA-Tencor Corporation		236,082
	4,100	Lam Research Corporation		333,535
	6,150	Linear Technology Corporation		272,015
	25,250	MasterCard, Inc.		2,360,370
	5,250	Microchip Technology, Inc.b		248,981
	28,000	Micron Technology, Inc.a		527,520
	209,900	Microsoft Corporation		9,267,085
	4,855	Motorola Solutions, Inc.		278,386
	8,050	NetApp, Inc.		254,058
	13,400	NVIDIA Corporation		269,474
	82,937	Oracle Corporation		3,342,361
	8,400	Paychex, Inc.		393,792
	3,800	Qorvo, Inc.a		305,026
	42,300	QUALCOMM, Inc.		2,649,249
	4,750	Red Hat, Inc.a		360,668
	15,750	Salesforce.com, Inc.a		1,096,673
	5,450	SanDisk Corporation		317,299
	8,250	Seagate Technology plc		391,875
	5,000	Skyworks Solutions, Inc.		520,500
	17,674	Symantec Corporation		410,921
	10,550	TE Connectivity, Ltd.		678,365
	3,750	Teradata Corporationa		138,750
	27,050	Texas Instruments, Inc.		1,393,345
	4,200	Total System Services, Inc.		175,434
	2,700	VeriSign, Inc.a,b		166,644
	50,200	Visa, Inc.		3,370,930
	5,600	Western Digital Corporation		439,152
	13,380	Western Union Company		272,015
	26,935	Xerox Corporation		286,588
	6,700	Xilinx, Inc.		295,872
	22,650	Yahoo!, Inc.a		889,918
		Total		93,445,662
	Materials (2.9%)
	5,050	Air Products and Chemicals, Inc.		690,991
	1,700	Airgas, Inc.		179,826
	31,564	Alcoa, Inc.		351,939
	2,769	Allegheny Technologies, Inc.		83,624
	2,300	Avery Dennison Corporation		140,162
	3,550	Ball Corporation		249,032
	6,000	CF Industries Holdings, Inc.		385,680
	27,993	Dow Chemical Company		1,432,402
	23,411	E.I. du Pont de Nemours and Company		1,497,133
	3,850	Eastman Chemical Company		315,007
	6,950	Ecolab, Inc.		785,836
	3,450	FMC Corporation		181,298
	26,942	Freeport-McMoRan, Inc.		501,660
	2,000	International Flavors & Fragrances, Inc.		218,580
	10,921	International Paper Company		519,730
	10,100	LyondellBasell Industries NV		1,045,552
	1,550	Martin Marietta Materials, Inc.		219,341
	4,281	MeadWestvaco Corporation		202,020
	12,378	Monsanto Company		1,319,371
	8,000	Mosaic Company		374,800
	13,748	Newmont Mining Corporation		321,153
	8,250	Nucor Corporation		363,578
	4,200	Owens-Illinois, Inc.a		96,348
	7,000	PPG Industries, Inc.		803,040
	7,500	Praxair, Inc.		896,625
	5,502	Sealed Air Corporation		282,693
	3,100	Sigma-Aldrich Corporation		431,985
	3,400	Vulcan Materials Company		285,362
		Total		14,174,768
	Telecommunications Services (2.2%)
	134,839	AT&T, Inc.		4,789,481
	14,725	CenturyLink, Inc.		432,620
	29,928	Frontier Communications Corporation		148,144
	7,601	Level 3 Communications, Inc.a		400,345
	105,796	Verizon Communications, Inc.		4,931,152
		Total		10,701,742
	Utilities (2.7%)
	17,710	AES Corporation		234,835
	3,105	AGL Resources, Inc.		144,569
	6,250	Ameren Corporation		235,500
	12,760	American Electric Power Company, Inc.		675,897
	11,173	CenterPoint Energy, Inc.		212,622

The accompanying Notes to Financial Statements are an integral part of this schedule.

144

Large Cap Index Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Shares		Common Stock (95.8%)	Value
	Utilities (2.7%) - continued
	7,200	CMS Energy Corporation	$	229,248
	7,600	Consolidated Edison, Inc.		439,888
	15,294	Dominion Resources, Inc.		1,022,710
	4,550	DTE Energy Company		339,612
	17,952	Duke Energy Corporation		1,267,770
	8,400	Edison International, Inc.		466,872
	4,650	Entergy Corporation		327,825
	22,324	Exelon Corporation		701,420
	10,934	FirstEnergy Corporation		355,902
	11,550	NextEra Energy, Inc.		1,132,246
	8,159	NiSource, Inc.		371,969
	8,200	Northeast Utilities		372,362
	8,700	NRG Energy, Inc.		199,056
	6,550	Pepco Holdings, Inc.		176,457
	12,400	PG&E Corporation		608,840
	2,800	Pinnacle West Capital Corporation		159,292
	17,300	PPL Corporation		509,831
	13,150	Public Service Enterprise Group, Inc.		516,532
	3,750	SCANA Corporation		189,938
	5,975	Sempra Energy		591,166
	23,600	Southern Company		988,840
	6,150	TECO Energy, Inc.		108,609
	8,067	Wisconsin Energy Corporation		362,751
	13,155	Xcel Energy, Inc.		423,328
		Total		13,365,887
		Total Common Stock (cost $280,841,721)		472,070,594
		Collateral Held for Securities Loaned (0.3%)
	1,557,348	Thrivent Cash Management Trust		1,557,348
		Total Collateral Held for Securities Loaned (cost $1,557,348)		1,557,348
Shares or Principal Amount		Short-Term Investments (4.0%)e
		Federal Home Loan Bank Discount Notes
	800,000	0.075%, 7/8/2015d		799,988
		Thrivent Cash Management Trust
	19,145,318	0.070%		19,145,318
		Total Short-Term Investments (at amortized cost)		19,945,306
		Total Investments (cost $302,344,375) 100.1%	$	493,573,248
		Other Assets and Liabilities, Net (0.1%)		(662,972	)
		Total Net Assets 100.0%	$	492,910,276

a Non-income producing security.

b All or a portion of the security is on loan.

c Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in section (2)(A) of the Notes to Financial Statements.

d At June 30, 2015, $2,555,938 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

e The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:

REIT - Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

The accompanying Notes to Financial Statements are an integral part of this schedule.

145

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value
	Basic Materials (0.2%)
		Fortescue Metals Group, Ltd., Term Loan
$	1,604,914	3.750%, 6/30/2019	$	1,421,809
		Ineos US Finance, LLC, Term Loan
	1,533,724	3.750%, 12/15/2020		1,522,543
		Total		2,944,352
	Capital Goods (0.2%)
		ADS Waste Holdings, Inc., Term Loan
	1,533,333	3.750%, 10/9/2019		1,513,017
		Berry Plastics Group, Inc., Term Loan
	1,564,000	3.500%, 2/8/2020		1,555,648
		Total		3,068,665
	Communications Services (1.3%)
		Charter Communications Operating, LLC, Term Loan
	940,800	3.000%, 1/3/2021		928,372
		Clear Channel Communications, Inc., Term Loan
	384,298	7.687%, 7/30/2019		358,623
		Hargray Communications Group, Inc., Term Loan
	1,543,482	5.250%, 6/26/2019		1,549,748
		iHeartCommunications, Inc., Term Loan
	1,194,893	6.937%, 1/30/2019		1,101,751
		Intelsat Jackson Holdings SA, Term Loan
	1,789,713	3.750%, 6/30/2019		1,774,429
		Level 3 Communications, Inc., Term Loan
	1,600,000	4.000%, 1/15/2020		1,599,504
		NEP/NCP Holdco, Inc., Term Loan
	1,564,240	4.250%, 1/22/2020		1,538,821
		TNS, Inc., Term Loan
	1,357,283	5.000%, 2/14/2020		1,356,713
		Univision Communications, Inc., Term Loan
	1,625,600	4.000%, 3/1/2020		1,611,083
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,077,314	3.500%, 6/30/2023		1,065,647
		WideOpenWest Finance, LLC, Term Loan
	1,564,080	4.500%, 4/1/2019		1,559,951
		Yankee Cable Acquisition, LLC, Term Loan
	1,489,595	4.250%, 3/1/2020		1,489,595
		Zayo Group, LLC, Term Loan
	1,559,935	3.750%, 7/2/2019		1,545,412
		Total		17,479,649
	Consumer Cyclical (0.4%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,301,838	4.250%, 8/13/2021		1,300,810
		Chrysler Group, LLC, Term Loan
	1,543,817	3.500%, 5/24/2017		1,539,787
		MGM Resorts International, Term Loan
	936,000	3.500%, 12/20/2019		928,746
		ROC Finance, LLC, Term Loan
	1,572,000	5.000%, 6/20/2019		1,539,900
		Total		5,309,243
	Consumer Non-Cyclical (0.4%)
		Albertsons, Inc., Term Loan
	1,708,794	5.375%, 3/21/2019		1,714,347
		CHS/Community Health Systems, Inc., Term Loan
	431,077	3.534%, 12/31/2018		430,702
	404,558	3.750%, 1/27/2021		404,441
	744,376	4.000%, 1/27/2021		745,135
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	669,262	4.750%, 3/22/2019		670,379
		Roundy’s Supermarkets, Inc., Term Loan
	1,304,030	5.750%, 3/3/2021		1,258,389
		Visant Corporation, Term Loan
	1,224,943	7.000%, 9/23/2021		1,180,025
		Total		6,403,418
	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	1,556,919	6.250%, 5/16/2018		1,059,686
		McJunkin Red Man Corporation, Term Loan
	427,162	5.000%, 11/8/2019		423,424
		Offshore Group Investment, Ltd., Term Loan
	782,000	5.750%, 3/28/2019		474,088
		Total		1,957,198
	Financials (0.1%)
		WaveDivision Holdings, LLC, Term Loan
	1,560,000	4.000%, 10/15/2019		1,558,050
		Total		1,558,050
	Technology (0.5%)
		BMC Software, Inc., Term Loan
	1,510,942	5.000%, 9/10/2020		1,419,575
		First Data Corporation, Term Loan
	1,600,000	3.687%, 3/23/2018		1,593,424
		Freescale Semiconductor, Inc., Term Loan
	1,564,180	4.250%, 2/28/2020		1,564,618
		Infor US, Inc., Term Loan
	1,097,939	3.750%, 6/3/2020		1,081,931
		SunGard Data Systems, Inc., Term Loan
	435,845	4.000%, 3/8/2020		435,436
		Syniverse Holdings, Inc., Term Loan
	614,289	4.000%, 4/23/2019		579,354
		Total		6,674,338
	Transportation (0.3%)
		American Airlines, Inc., Term Loan
	1,552,350	3.500%, 6/27/2020		1,535,864

The accompanying Notes to Financial Statements are an integral part of this schedule.

146

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value
	Transportation (0.3%) - continued
		Delta Air Lines, Inc., Term Loan
$	2,374,560	3.250%, 4/20/2017	$	2,367,626
		Total		3,903,490
	Utilities (0.2%)
		Calpine Corporation, Term Loan
	1,264,250	4.000%, 10/9/2019		1,262,670
	1,258,846	3.500%, 5/27/2022		1,246,572
		Total		2,509,242
		Total Bank Loans (cost $53,148,484)		51,807,645
		Long-Term Fixed Income (91.0%)
	Asset-Backed Securities (1.2%)
		CAM Mortgage, LLC
	3,750,000	3.500%, 7/15/2064*		3,750,000
		GMAC Mortgage Corporation Loan Trust
	2,561,937	0.365%, 8/25/2035b,c		2,351,833
	3,355,651	0.365%, 12/25/2036b,c		2,960,090
		IndyMac Seconds Asset-Backed Trust
	526,314	0.527%, 10/25/2036b,c		333,053
		Renaissance Home Equity Loan Trust
	2,152,170	5.746%, 5/25/2036d		1,515,642
	2,000,000	6.011%, 5/25/2036d		1,406,038
		Vericrest Opportunity Loan Transferee
	3,750,000	3.500%, 6/26/2045e		3,746,250
		Total		16,062,906
	Basic Materials (4.3%)
		Albemarle Corporation
	3,150,000	4.150%, 12/1/2024		3,139,829
		Alcoa, Inc.
	1,260,000	5.125%, 10/1/2024		1,275,750
		Anglo American Capital plc
	1,910,000	4.125%, 4/15/2021e		1,910,879
		Anglo American plc
	1,860,000	3.625%, 5/14/2020e		1,860,214
		ArcelorMittal SA
	620,000	5.125%, 6/1/2020		628,525
	1,750,000	6.000%, 8/5/2020		1,828,750
		Barrick Gold Corporation
	1,910,000	4.100%, 5/1/2023		1,861,054
		Dow Chemical Company
	2,570,000	4.250%, 11/15/2020		2,741,404
		Freeport-McMoRan, Inc.
	4,470,000	3.550%, 3/1/2022		4,137,557
	3,175,000	3.875%, 3/15/2023		2,884,256
	2,520,000	4.550%, 11/14/2024f		2,348,065
		Georgia-Pacific, LLC
	2,190,000	5.400%, 11/1/2020e		2,444,651
	3,780,000	3.163%, 11/15/2021e		3,825,980
		Glencore Funding, LLC
	3,110,000	2.875%, 4/16/2020e		3,048,335
	3,180,000	4.125%, 5/30/2023e		3,076,380
		International Paper Company
	1,250,000	3.800%, 1/15/2026		1,224,735
	1,190,000	4.800%, 6/15/2044		1,103,493
		LYB International Finance BV
	2,555,000	4.000%, 7/15/2023		2,614,654
	1,910,000	4.875%, 3/15/2044		1,855,722
		LyondellBasell Industries NV
	3,170,000	6.000%, 11/15/2021		3,628,559
		Mosaic Company
	2,145,000	4.250%, 11/15/2023		2,205,551
	1,590,000	5.450%, 11/15/2033		1,692,515
		Sappi Papier Holding GmbH
	1,910,000	6.625%, 4/15/2021e		1,981,625
		Vale SA
	1,930,000	5.625%, 9/11/2042f		1,625,388
		Weyerhaeuser Company
	1,265,000	4.625%, 9/15/2023		1,345,005
	2,570,000	7.375%, 3/15/2032		3,213,713
		Yara International ASA
	50,000	7.875%, 6/11/2019e		58,338
		Total		59,560,927
	Capital Goods (1.8%)
		BAE Systems plc
	3,880,000	4.750%, 10/11/2021e		4,250,784
		Huntington Ingalls Industries, Inc.
	630,000	5.000%, 12/15/2021e		641,025
		L-3 Communications Corporation
	2,560,000	3.950%, 5/28/2024		2,488,458
		Republic Services, Inc.
	2,200,000	5.250%, 11/15/2021		2,465,465
	3,170,000	3.550%, 6/1/2022		3,211,083
	1,870,000	3.200%, 3/15/2025		1,798,577
		Reynolds Group Issuer, Inc.
	1,940,000	9.875%, 8/15/2019		2,037,000
		Textron, Inc.
	2,360,000	5.600%, 12/1/2017		2,564,978
	1,280,000	4.300%, 3/1/2024		1,329,261
	630,000	3.875%, 3/1/2025		620,176
		Waste Management, Inc.
	3,140,000	4.100%, 3/1/2045		2,864,214
		Total		24,271,021
	Collateralized Mortgage Obligations (1.2%)
		Bayview Opportunity Master Fund IIIb NPL Trust
	4,300,000	3.721%, 7/28/2035d,e		4,300,000
		CitiMortgage Alternative Loan Trust
	1,978,177	5.750%, 4/25/2037		1,694,211
		Countrywide Alternative Loan Trust
	2,609,765	6.000%, 1/25/2037		2,401,853
		Deutsche Alt-A Securities Mortgage Loan Trust
	2,171,437	0.928%, 4/25/2047c		1,864,928
		HomeBanc Mortgage Trust
	2,175,488	2.205%, 4/25/2037		1,622,368
		Wachovia Mortgage Loan Trust, LLC
	2,218,099	2.746%, 5/20/2036		1,939,135
		Washington Mutual Mortgage Pass Through Certificates
	582,407	0.477%, 10/25/2045c		541,717

The accompanying Notes to Financial Statements are an integral part of this schedule.

147

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value
	Collateralized Mortgage Obligations (1.2%) - continued
$	3,949,696	0.908%, 2/25/2047c	$	2,777,746
		Total		17,141,958
	Commercial Mortgage-Backed Securities (0.6%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	2,962,132	5.331%, 2/11/2044		3,115,905
		Citigroup/Deutsche Bank Commercial Mortgage
	1,900,000	5.322%, 12/11/2049		1,979,690
		Credit Suisse First Boston Mortgage Securities
	3,200,000	5.542%, 1/15/2049		3,375,194
		Total		8,470,789
	Communications Services (10.4%)
		21st Century Fox America, Inc.
	1,900,000	7.625%, 11/30/2028		2,458,570
	2,140,000	6.400%, 12/15/2035		2,531,952
	1,880,000	6.150%, 2/15/2041		2,183,159
		America Movil SAB de CV
	4,100,000	1.288%, 9/12/2016c		4,108,823
		American Tower Corporation
	3,500,000	3.450%, 9/15/2021		3,483,127
	2,550,000	3.500%, 1/31/2023		2,449,431
		AT&T, Inc.
	3,100,000	2.450%, 6/30/2020		3,038,834
	1,240,000	3.400%, 5/15/2025		1,182,598
	3,190,000	4.300%, 12/15/2042		2,733,980
		British Sky Broadcasting Group plc
	940,000	2.625%, 9/16/2019e		933,636
	2,510,000	3.750%, 9/16/2024e		2,450,400
		CC Holdings GS V, LLC
	1,280,000	3.849%, 4/15/2023		1,256,938
		CenturyLink, Inc.
	1,920,000	5.625%, 4/1/2020		1,922,400
	2,700,000	5.800%, 3/15/2022		2,578,500
		Columbus International, Inc.
	1,910,000	7.375%, 3/30/2021e		2,053,250
		Comcast Corporation
	3,740,000	3.375%, 8/15/2025		3,690,658
	2,700,000	6.400%, 5/15/2038		3,285,444
		Cox Communications, Inc.
	1,900,000	9.375%, 1/15/2019e		2,319,579
		DIRECTV Holdings, LLC
	3,310,000	3.800%, 3/15/2022		3,329,039
	3,190,000	4.450%, 4/1/2024		3,264,359
	3,500,000	3.950%, 1/15/2025		3,431,449
		Frontier Communications Corporation
	1,880,000	6.875%, 1/15/2025f		1,572,150
		Hughes Satellite Systems Corporation
	2,322,000	6.500%, 6/15/2019		2,519,370
		NBCUniversal Media, LLC
	4,510,000	4.375%, 4/1/2021		4,884,673
		Numericable-SFR
	1,920,000	6.000%, 5/15/2022e		1,892,400
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,539,382
	940,000	3.650%, 11/1/2024		923,083
		Scripps Networks Interactive, Inc.
	3,110,000	3.500%, 6/15/2022		3,059,590
		SES Global Americas Holdings GP
	3,180,000	2.500%, 3/25/2019e		3,168,530
		Sprint Communications, Inc.
	1,290,000	7.000%, 3/1/2020e		1,403,133
		Sprint Corporation
	1,280,000	7.125%, 6/15/2024		1,187,328
		Telefonica Emisiones SAU
	4,470,000	5.462%, 2/16/2021		4,942,689
	1,600,000	4.570%, 4/27/2023		1,680,118
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		3,923,291
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,500,091
		Time Warner, Inc.
	2,490,000	4.750%, 3/29/2021		2,691,717
	3,740,000	3.600%, 7/15/2025		3,637,827
	1,600,000	7.700%, 5/1/2032		2,101,789
		Univision Communications, Inc.
	1,920,000	6.750%, 9/15/2022e		2,030,400
	940,000	5.125%, 2/15/2025e		907,288
		UPCB Finance VI, Ltd.
	2,340,000	6.875%, 1/15/2022e		2,492,100
		Verizon Communications, Inc.
	3,777,000	2.625%, 2/21/2020		3,768,509
	2,550,000	4.500%, 9/15/2020		2,750,774
	3,830,000	3.450%, 3/15/2021		3,904,022
	1,870,000	5.150%, 9/15/2023		2,047,353
	5,030,000	3.500%, 11/1/2024		4,892,475
	280,000	6.400%, 9/15/2033		320,863
	1,910,000	5.050%, 3/15/2034		1,922,850
	5,854,000	4.272%, 1/15/2036e		5,280,712
	5,070,000	6.550%, 9/15/2043		5,930,653
	4,587,000	4.522%, 9/15/2048e		4,029,757
		Total		143,591,043
	Consumer Cyclical (6.1%)
		Alibaba Group Holding, Ltd.
	3,150,000	3.125%, 11/28/2021e		3,111,142
	2,520,000	3.600%, 11/28/2024e		2,429,852
		American Honda Finance Corporation
	4,400,000	3.875%, 9/21/2020e		4,684,513
		CVS Health Corporation
	3,190,000	2.750%, 12/1/2022		3,075,243
	1,910,000	6.125%, 9/15/2039		2,256,438
		Family Tree Escrow, LLC
	1,870,000	5.750%, 3/1/2023e		1,954,150
		Ford Motor Credit Company, LLC
	2,560,000	1.529%, 5/9/2016c		2,574,500
	630,000	6.625%, 8/15/2017		691,162
	3,500,000	2.597%, 11/4/2019		3,474,457
	2,575,000	4.250%, 9/20/2022		2,681,700
	2,510,000	3.664%, 9/8/2024		2,476,695
		General Motors Company
	3,150,000	5.000%, 4/1/2035		3,092,248
		General Motors Financial Company, Inc.
	1,890,000	4.375%, 9/25/2021		1,961,631
	3,100,000	3.450%, 4/10/2022		3,037,538

The accompanying Notes to Financial Statements are an integral part of this schedule.

148

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value
	Consumer Cyclical (6.1%) - continued
$	2,510,000	4.000%, 1/15/2025	$	2,462,887
		Hilton Worldwide Finance, LLC
	1,910,000	5.625%, 10/15/2021		1,983,917
		Home Depot, Inc.
	3,120,000	4.250%, 4/1/2046		3,029,617
		Host Hotels & Resorts, LP
	1,240,000	4.000%, 6/15/2025		1,230,787
		Hyundai Capital America
	2,065,000	2.875%, 8/9/2018e		2,113,831
		Jaguar Land Rover Automotive plc
	1,910,000	4.125%, 12/15/2018e		1,933,875
		Johnson Controls, Inc.
	1,150,000	5.250%, 12/1/2041		1,205,872
		KIA Motors Corporation
	3,260,000	3.625%, 6/14/2016e		3,329,620
		L Brands, Inc.
	1,900,000	5.625%, 2/15/2022		1,999,750
		Lennar Corporation
	1,880,000	4.500%, 11/15/2019		1,903,500
		Macy’s Retail Holdings, Inc.
	3,570,000	3.875%, 1/15/2022		3,701,687
	3,190,000	3.625%, 6/1/2024		3,181,148
	3,150,000	4.500%, 12/15/2034		3,022,324
		MGM Resorts International
	1,880,000	6.000%, 3/15/2023f		1,903,500
		Starwood Hotels & Resorts Worldwide, Inc.
	1,850,000	6.750%, 5/15/2018		2,069,819
		Toll Brothers Finance Corporation
	2,000,000	6.750%, 11/1/2019		2,220,000
	960,000	4.375%, 4/15/2023		940,800
		United Rentals, Inc.
	1,250,000	5.500%, 7/15/2025		1,207,812
		Walgreens Boots Alliance, Inc.
	3,780,000	3.300%, 11/18/2021		3,753,774
		Wyndham Worldwide Corporation
	640,000	2.500%, 3/1/2018		641,647
	692,000	4.250%, 3/1/2022		693,479
		ZF North America Capital, Inc.
	1,870,000	4.500%, 4/29/2022e		1,831,758
		Total		83,862,673
	Consumer Non-Cyclical (8.7%)
		AbbVie, Inc.
	1,190,000	2.900%, 11/6/2022		1,152,277
	1,250,000	3.200%, 11/6/2022		1,237,754
		Actavis Funding SCS
	3,760,000	3.450%, 3/15/2022		3,724,385
	2,555,000	3.850%, 6/15/2024		2,524,207
	3,130,000	3.800%, 3/15/2025		3,074,668
		Altria Group, Inc.
	2,175,000	4.000%, 1/31/2024		2,208,662
	804,000	9.950%, 11/10/2038		1,294,630
		Amgen, Inc.
	1,870,000	4.400%, 5/1/2045		1,723,183
		Boston Scientific Corporation
	3,190,000	6.000%, 1/15/2020		3,612,286
	4,360,000	3.375%, 5/15/2022		4,268,854
		BRF SA
	3,830,000	4.750%, 5/22/2024e		3,758,188
		Bunge Limited Finance Corporation
	2,530,000	8.500%, 6/15/2019		3,058,436
		Cardinal Health, Inc.
	3,120,000	4.900%, 9/15/2045		3,108,749
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		4,005,644
		Edwards Lifesciences Corporation
	2,375,000	2.875%, 10/15/2018		2,430,193
		Endo Finance, LLC
	1,260,000	6.000%, 2/1/2025e		1,280,475
		Express Scripts Holding Company
	1,935,000	4.750%, 11/15/2021		2,099,680
	910,000	3.500%, 6/15/2024		890,029
		Forest Laboratories, Inc.
	2,550,000	5.000%, 12/15/2021e		2,767,087
		H. J. Heinz Company
	3,120,000	3.500%, 7/15/2022e		3,127,320
	1,860,000	5.200%, 7/15/2045e,g		1,906,167
		HCA, Inc.
	2,560,000	4.750%, 5/1/2023		2,592,000
		Hospira, Inc.
	1,870,000	5.600%, 9/15/2040		2,117,317
		JBS USA, LLC
	1,910,000	7.250%, 6/1/2021e		2,012,662
		Kindred Escrow Corporation II
	1,890,000	8.750%, 1/15/2023e		2,053,013
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,400,764
		Kroger Company
	2,520,000	2.950%, 11/1/2021		2,503,882
		Laboratory Corporation of America Holdings
	1,250,000	3.200%, 2/1/2022		1,232,368
	1,250,000	4.700%, 2/1/2045		1,144,945
		McKesson Corporation
	2,510,000	3.796%, 3/15/2024		2,538,862
	2,550,000	4.883%, 3/15/2044		2,534,078
		Mondelez International, Inc.
	3,850,000	4.000%, 2/1/2024		3,987,537
		Omnicare, Inc.
	620,000	4.750%, 12/1/2022		657,200
		Pernod Ricard SA
	3,130,000	5.750%, 4/7/2021e		3,523,992
	1,910,000	4.450%, 1/15/2022e		2,008,019
		Reynolds American, Inc.
	3,120,000	4.000%, 6/12/2022		3,186,974
	1,560,000	5.850%, 8/15/2045		1,636,276
		Roche Holdings, Inc.
	2,200,000	2.875%, 9/29/2021e		2,218,132
		SABMiller Holdings, Inc.
	5,040,000	3.750%, 1/15/2022e		5,207,605
		Spectrum Brands Escrow Corporation
	1,460,000	6.375%, 11/15/2020		1,543,950
		Tenet Healthcare Corporation
	1,910,000	8.125%, 4/1/2022		2,088,585
		Tyson Foods, Inc.
	3,190,000	4.500%, 6/15/2022		3,388,539
		Valeant Pharmaceuticals International
	2,560,000	6.375%, 10/15/2020e		2,696,000

The accompanying Notes to Financial Statements are an integral part of this schedule.

149

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value
	Consumer Non-Cyclical (8.7%) - continued
		Watson Pharmaceuticals, Inc.
$	3,180,000	3.250%, 10/1/2022	$	3,082,587
		Whirlpool Corporation
	3,245,000	3.700%, 3/1/2023		3,263,948
	2,490,000	3.700%, 5/1/2025		2,473,392
		Zoetis, Inc.
	3,190,000	3.250%, 2/1/2023		3,090,494
		Total		120,435,995
	Energy (8.9%)
		Anadarko Petroleum Corporation
	3,190,000	6.450%, 9/15/2036		3,680,877
		Antero Resources Corporation
	1,880,000	5.625%, 6/1/2023e		1,816,550
		Buckeye Partners, LP
	1,910,000	4.150%, 7/1/2023		1,861,620
	3,180,000	5.850%, 11/15/2043		3,088,368
		Canadian Natural Resources, Ltd.
	3,110,000	3.450%, 11/15/2021		3,150,831
		Canadian Oil Sands, Ltd.
	2,600,000	4.500%, 4/1/2022e		2,418,809
		Chaparral Energy, Inc.
	1,920,000	7.625%, 11/15/2022		1,382,400
		Concho Resources, Inc.
	1,930,000	6.500%, 1/15/2022		2,012,025
		Continental Resources, Inc.
	3,830,000	3.800%, 6/1/2024f		3,496,020
		El Paso Pipeline Partners Operating Company, LLC
	3,850,000	5.000%, 10/1/2021		4,073,851
	3,800,000	4.300%, 5/1/2024		3,750,007
	1,280,000	4.700%, 11/1/2042		1,069,188
		Energy Transfer Partners, LP
	5,325,000	4.650%, 6/1/2021		5,465,282
	2,950,000	4.050%, 3/15/2025		2,781,820
	2,500,000	6.125%, 12/15/2045		2,503,933
		Enterprise Products Operating, LLC
	2,490,000	3.700%, 2/15/2026		2,410,975
	1,690,000	7.034%, 1/15/2068		1,816,750
		EQT Midstream Partners, LP
	3,030,000	4.000%, 8/1/2024		2,868,001
		Hess Corporation
	2,520,000	5.600%, 2/15/2041		2,581,052
		Kinder Morgan, Inc.
	2,520,000	4.300%, 6/1/2025		2,432,790
		Linn Energy, LLC
	1,970,000	7.750%, 2/1/2021		1,531,675
		Magellan Midstream Partners, LP
	2,500,000	4.200%, 3/15/2045		2,221,792
		Marathon Oil Corporation
	2,364,000	5.900%, 3/15/2018		2,596,124
	3,120,000	3.850%, 6/1/2025		3,057,871
		Marathon Petroleum Corporation
	940,000	3.625%, 9/15/2024		922,900
	1,920,000	6.500%, 3/1/2041		2,181,141
		MPLX, LP
	4,390,000	4.000%, 2/15/2025		4,283,196
		Noble Holding International, Ltd.
	4,430,000	3.950%, 3/15/2022f		4,082,001
	1,200,000	6.950%, 4/1/2045		1,105,202
		Occidental Petroleum Corporation
	4,390,000	4.100%, 2/1/2021		4,762,290
		Offshore Group Investment, Ltd.
	1,600,000	7.500%, 11/1/2019		984,000
		Pioneer Natural Resources Company
	3,150,000	3.950%, 7/15/2022		3,174,989
		Regency Energy Partners, LP
	640,000	5.000%, 10/1/2022		650,110
		Sabine Pass Liquefaction, LLC
	1,910,000	5.750%, 5/15/2024		1,902,837
	1,250,000	5.625%, 3/1/2025e		1,237,500
		Spectra Energy Partners, LP
	1,560,000	3.500%, 3/15/2025		1,493,961
		Suncor Energy, Inc.
	1,260,000	3.600%, 12/1/2024		1,253,854
	1,940,000	6.850%, 6/1/2039		2,439,296
		Sunoco Logistics Partners Operations, LP
	3,200,000	3.450%, 1/15/2023		3,028,365
		Tesoro Logistics, LP
	1,880,000	5.500%, 10/15/2019e		1,950,500
		Transocean, Inc.
	1,920,000	7.375%, 4/15/2018		1,987,200
	1,280,000	6.375%, 12/15/2021f		1,152,000
	2,550,000	3.800%, 10/15/2022f		1,918,875
		Valero Energy Corporation
	2,300,000	4.900%, 3/15/2045		2,155,328
		Weatherford International, Ltd.
	4,500,000	6.000%, 3/15/2018		4,790,389
		Williams Companies, Inc.
	2,560,000	3.700%, 1/15/2023		2,383,642
	2,550,000	4.550%, 6/24/2024		2,471,164
		Williams Partners, LP
	1,930,000	4.500%, 11/15/2023		1,938,915
	1,600,000	3.900%, 1/15/2025		1,508,307
		Woodside Finance, Ltd.
	3,130,000	3.650%, 3/5/2025e		3,005,964
		Total		122,832,537
	Financials (28.8%)
		Abbey National Treasury Services plc
	2,850,000	3.050%, 8/23/2018		2,948,596
		Aegon NV
	2,600,000	2.137%, 7/29/2049c,h		2,190,500
		Air Lease Corporation
	1,260,000	2.125%, 1/15/2018		1,247,400
	2,510,000	3.750%, 2/1/2022		2,508,494
	1,260,000	4.250%, 9/15/2024		1,250,550
		Ally Financial, Inc.
	1,400,000	3.250%, 2/13/2018		1,391,250
	2,490,000	3.600%, 5/21/2018		2,493,112
	1,860,000	4.125%, 3/30/2020		1,856,503
		American Express Company
	1,880,000	4.900%, 12/29/2049h		1,821,344
		American International Group, Inc.
	3,195,000	3.375%, 8/15/2020		3,307,042
	1,880,000	3.875%, 1/15/2035		1,698,078
	3,130,000	4.500%, 7/16/2044		2,977,397
		American Tower Trust I
	3,200,000	1.551%, 3/15/2018*		3,183,917

The accompanying Notes to Financial Statements are an integral part of this schedule.

150

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value
	Financials (28.8%) - continued
		Ares Capital Corporation
$	3,190,000	4.875%, 11/30/2018	$	3,344,383
		Associated Banc-Corporation
	3,150,000	4.250%, 1/15/2025		3,103,512
		Assured Guaranty US Holdings, Inc.
	3,200,000	5.000%, 7/1/2024f		3,138,429
		AXA SA
	2,580,000	8.600%, 12/15/2030		3,457,600
		Axis Specialty Finance, LLC
	2,570,000	5.875%, 6/1/2020		2,908,639
		Banco de Brasil SA
	3,190,000	9.000%, 12/31/2049e,h		2,878,018
		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander
	1,445,000	4.125%, 11/9/2022e		1,438,497
		Bank of America Corporation
	3,840,000	1.351%, 3/22/2018c		3,874,952
	3,880,000	7.625%, 6/1/2019		4,604,307
	1,900,000	4.100%, 7/24/2023		1,954,935
	3,830,000	4.125%, 1/22/2024		3,925,248
	2,830,000	4.200%, 8/26/2024		2,823,185
	1,950,000	5.875%, 2/7/2042		2,248,865
	3,110,000	4.750%, 4/21/2045		2,884,142
	3,130,000	6.500%, 10/23/2049h		3,239,550
		Barclays Bank plc
	1,910,000	10.179%, 6/12/2021e		2,530,557
	3,760,000	0.688%, 11/29/2049c,h		2,378,200
		Barclays plc
	1,890,000	4.375%, 9/11/2024		1,812,635
		BBVA Bancomer SA/Texas
	3,535,000	6.750%, 9/30/2022e		3,892,919
		BPCE SA
	2,535,000	5.700%, 10/22/2023e		2,672,184
	3,190,000	5.150%, 7/21/2024e		3,240,919
		Caixa Economica Federal
	3,190,000	4.250%, 5/13/2019e,f		3,157,143
		Camden Property Trust
	3,140,000	3.500%, 9/15/2024		3,059,877
		Capital One Bank USA NA
	5,425,000	2.250%, 2/13/2019		5,393,931
		Capital One Financial Corporation
	960,000	2.450%, 4/24/2019		960,100
	2,490,000	5.550%, 12/29/2049h		2,468,212
		Cigna Corporation
	2,490,000	3.250%, 4/15/2025		2,388,458
		CIT Group, Inc.
	3,120,000	5.250%, 3/15/2018		3,225,300
	930,000	3.875%, 2/19/2019		923,025
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,353,713
	3,805,000	5.500%, 9/13/2025		4,112,433
		CNA Financial Corporation
	3,775,000	7.350%, 11/15/2019		4,462,099
	1,870,000	7.250%, 11/15/2023		2,256,465
		Compass Bank
	1,575,000	2.750%, 9/29/2019		1,571,108
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,910,000	5.750%, 12/1/2043		2,097,104
	1,290,000	11.000%, 12/29/2049e,h		1,635,075
		Credit Agricole SA
	3,740,000	2.750%, 6/10/2020e		3,737,565
		Credit Suisse Group AG
	1,260,000	7.500%, 12/11/2049e,h		1,311,912
		DDR Corporation
	2,510,000	3.625%, 2/1/2025		2,410,293
		Developers Diversified Realty Corporation
	1,290,000	7.875%, 9/1/2020		1,579,146
		Discover Bank of Greenwood Delaware
	2,200,000	7.000%, 4/15/2020		2,560,448
	1,635,000	4.200%, 8/8/2023		1,654,937
	1,600,000	4.250%, 3/13/2026		1,580,773
		Duke Realty, LP
	3,220,000	3.875%, 10/15/2022		3,260,231
	1,260,000	3.750%, 12/1/2024		1,251,925
		Essex Portfolio, LP
	2,940,000	3.500%, 4/1/2025		2,847,308
		Fairfax Financial Holdings, Ltd.
	1,915,000	5.800%, 5/15/2021e		2,040,703
		GE Capital Trust I
	4,500,000	6.375%, 11/15/2067		4,806,000
		General Electric Capital Corporation
	3,200,000	1.286%, 3/15/2023c		3,216,189
	1,550,000	6.750%, 3/15/2032		2,012,287
		Glitnir Banki HF
	50,000	Zero Coupon, 1/21/2011*,i		15,125
		Goldman Sachs Group, Inc.
	2,900,000	5.375%, 3/15/2020		3,229,208
	3,760,000	2.600%, 4/23/2020		3,741,159
	3,275,000	5.250%, 7/27/2021		3,636,946
	3,190,000	4.000%, 3/3/2024		3,245,659
	4,450,000	3.850%, 7/8/2024		4,446,142
	1,260,000	6.750%, 10/1/2037		1,477,914
	2,490,000	5.150%, 5/22/2045		2,402,173
		Hartford Financial Services Group, Inc.
	3,230,000	5.125%, 4/15/2022		3,582,157
		HCP, Inc.
	2,200,000	4.250%, 11/15/2023		2,217,802
	2,555,000	4.200%, 3/1/2024		2,560,105
		Health Care REIT, Inc.
	1,280,000	6.125%, 4/15/2020		1,462,364
	3,150,000	4.950%, 1/15/2021		3,438,625
	930,000	4.000%, 6/1/2025		917,876
		HSBC Finance Capital Trust IX
	3,100,000	5.911%, 11/30/2035		3,117,205
		HSBC Finance Corporation
	3,210,000	6.676%, 1/15/2021		3,713,662
		HSBC Holdings plc
	3,200,000	4.875%, 1/14/2022		3,528,778
	1,870,000	5.250%, 3/14/2044		1,939,695
	1,870,000	6.375%, 3/29/2049h		1,879,350
	1,880,000	6.375%, 12/29/2049h		1,884,700
		Huntington Bancshares, Inc.
	2,850,000	7.000%, 12/15/2020		3,394,706
		Hutchison Whampoa International 14, Ltd.
	2,520,000	1.625%, 10/31/2017e		2,512,440
	2,510,000	3.625%, 10/31/2024e		2,469,245

The accompanying Notes to Financial Statements are an integral part of this schedule.

151

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value
	Financials (28.8%) - continued
		Icahn Enterprises, LP
$	2,540,000	6.000%, 8/1/2020	$	2,622,550
		ILFC E-Capital Trust II
	2,230,000	6.250%, 12/21/2065c,e		2,185,400
		ING Bank NV
	3,165,000	5.800%, 9/25/2023e		3,455,876
		International Lease Finance Corporation
	1,600,000	5.750%, 5/15/2016		1,640,000
		J.P. Morgan Chase & Company
	3,200,000	3.375%, 5/1/2023		3,107,261
	2,830,000	3.875%, 9/10/2024		2,784,454
	3,150,000	5.500%, 10/15/2040		3,533,566
	2,550,000	6.750%, 8/29/2049h		2,724,496
	2,560,000	6.000%, 12/29/2049h		2,540,800
		Kilroy Realty, LP
	3,190,000	4.250%, 8/15/2029		3,175,986
		Liberty Mutual Group, Inc.
	3,535,000	4.950%, 5/1/2022e		3,800,153
	3,190,000	4.850%, 8/1/2044e		3,082,152
		Liberty Property, LP
	1,875,000	4.750%, 10/1/2020		2,020,417
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,265,793
		Lloyds Banking Group plc
	940,000	4.500%, 11/4/2024		940,553
	2,550,000	5.920%, 9/29/2049e,h		2,537,250
		Macquarie Bank, Ltd.
	3,215,000	1.650%, 3/24/2017e		3,225,870
		Merrill Lynch & Company, Inc.
	3,050,000	6.875%, 4/25/2018		3,445,527
		MetLife Capital Trust IV
	700,000	7.875%, 12/15/2037e		879,200
		MetLife Capital Trust X
	2,250,000	9.250%, 4/8/2038e		3,161,250
		Mizuho Bank, Ltd.
	2,400,000	3.600%, 9/25/2024e		2,427,854
		Morgan Stanley
	3,730,000	6.625%, 4/1/2018		4,185,269
	3,195,000	2.125%, 4/25/2018		3,216,592
	3,180,000	5.625%, 9/23/2019		3,563,489
	3,400,000	5.500%, 1/26/2020		3,794,383
	3,205,000	4.875%, 11/1/2022		3,409,184
	2,550,000	5.000%, 11/24/2025		2,669,490
	2,510,000	4.350%, 9/8/2026		2,459,499
	1,570,000	4.300%, 1/27/2045		1,467,003
		National Retail Properties, Inc.
	3,200,000	3.900%, 6/15/2024		3,195,997
		Navient Corporation
	2,520,000	5.000%, 10/26/2020		2,469,600
		Nordea Bank AB
	3,170,000	4.875%, 5/13/2021e		3,431,693
	1,890,000	5.500%, 9/29/2049e,f,h		1,870,508
		Omega Healthcare Investors, Inc.
	2,960,000	5.875%, 3/15/2024		3,148,700
		Peachtree Corners Funding Trust
	1,400,000	3.976%, 2/15/2025e		1,388,335
		PNC Capital Trust C
	3,120,000	0.853%, 6/1/2028c		2,776,800
		Preferred Term Securities XXIII, Ltd.
	3,071,404	0.486%, 12/22/2036*,c		2,341,515
		Prologis, LP
	3,200,000	6.875%, 3/15/2020		3,696,544
	2,510,000	4.250%, 8/15/2023		2,575,569
		Prudential Financial, Inc.
	1,915,000	3.500%, 5/15/2024		1,893,154
	1,425,000	6.200%, 11/15/2040		1,670,639
	1,930,000	5.875%, 9/15/2042		2,039,624
		Realty Income Corporation
	3,830,000	3.875%, 7/15/2024		3,859,483
		Regions Bank
	377,000	7.500%, 5/15/2018		432,731
		Reinsurance Group of America, Inc.
	1,930,000	6.450%, 11/15/2019		2,223,507
	3,815,000	4.700%, 9/15/2023		4,048,638
		Royal Bank Of Scotland plc
	2,520,000	6.000%, 12/19/2023		2,668,509
		Santander Holdings USA, Inc.
	2,490,000	2.650%, 4/17/2020		2,447,944
		Santander UK plc
	960,000	5.000%, 11/7/2023e		982,353
		Simon Property Group, LP
	2,775,000	2.750%, 2/1/2023		2,673,205
		SLM Corporation
	4,515,000	6.000%, 1/25/2017		4,695,600
	1,024,000	4.625%, 9/25/2017		1,040,640
		Standard Chartered plc
	1,870,000	6.500%, 12/29/2049e,f,h		1,886,132
		Swiss RE Capital I, LP
	4,200,000	6.854%, 5/29/2049e,h		4,317,600
		Synchrony Financial
	2,510,000	2.700%, 2/3/2020		2,479,416
	1,600,000	3.750%, 8/15/2021		1,612,173
	1,260,000	4.250%, 8/15/2024		1,265,412
		UnionBanCal Corporation
	2,580,000	3.500%, 6/18/2022		2,614,866
		Voya Financial, Inc.
	3,215,000	5.500%, 7/15/2022		3,609,927
		Wachovia Capital Trust III
	120,000	5.570%, 3/15/2042c,h		118,650
		Wells Fargo & Company
	3,035,000	3.450%, 2/13/2023		3,018,565
	3,220,000	7.980%, 2/28/2049h		3,489,675
	1,250,000	5.875%, 12/31/2049h		1,279,750
		XLIT, Ltd.
	1,870,000	4.450%, 3/31/2025		1,853,647
	1,840,000	5.250%, 12/15/2043		1,899,861
		Total		397,710,934
	Foreign Government (1.0%)
		Brazil Government International Bond
	1,270,000	5.000%, 1/27/2045		1,098,550
		Colombia Government International Bond
	3,200,000	5.625%, 2/26/2044		3,240,000
		Export-Import Bank of Korea
	2,580,000	4.375%, 9/15/2021		2,799,254
		Mexico Government International Bond
	1,270,000	5.125%, 1/15/2020		1,400,175
	3,480,000	4.000%, 10/2/2023		3,575,700

The accompanying Notes to Financial Statements are an integral part of this schedule.

152

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value
	Foreign Government (1.0%) - continued
$	2,100,000	3.600%, 1/30/2025	$	2,070,600
		Total		14,184,279
	Mortgage-Backed Securities (4.1%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,412,500	3.000%, 7/1/2030g		2,497,541
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	2,412,500	4.000%, 7/1/2045g		2,551,266
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	2,700,000	3.500%, 7/1/2030g		2,847,530
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	28,600,000	3.500%, 7/1/2045g		29,473,641
	9,937,500	4.000%, 8/1/2045g		10,505,295
	7,250,000	4.500%, 8/1/2045g		7,826,602
		Total		55,701,875
	Technology (2.5%)
		AECOM
	1,870,000	5.875%, 10/15/2024e		1,895,713
		Amkor Technology, Inc.
	1,910,000	6.375%, 10/1/2022		1,933,875
		Equinix, Inc.
	1,890,000	5.375%, 1/1/2022		1,894,725
		Fidelity National Information Services, Inc.
	3,190,000	3.875%, 6/5/2024		3,148,147
		Fiserv, Inc.
	3,740,000	3.850%, 6/1/2025		3,745,505
		Flextronics International, Ltd.
	2,500,000	4.750%, 6/15/2025e		2,480,500
		Hewlett-Packard Company
	1,890,000	2.750%, 1/14/2019		1,910,507
		Motorola Solutions, Inc.
	4,500,000	3.750%, 5/15/2022		4,428,814
		Oracle Corporation
	2,490,000	2.950%, 5/15/2025		2,396,426
		Qualcomm, Inc.
	1,250,000	3.000%, 5/20/2022		1,241,528
	2,490,000	3.450%, 5/20/2025		2,426,460
		Seagate HDD Cayman
	1,870,000	4.875%, 6/1/2027e		1,817,763
		Sensata Technologies BV
	1,890,000	4.875%, 10/15/2023e		1,866,375
		Xerox Corporation
	3,130,000	2.750%, 9/1/2020		3,099,971
		Total		34,286,309
	Transportation (3.1%)
		American Airlines Pass Through Trust
	2,296,032	5.600%, 7/15/2020e		2,364,912
	2,364,831	4.000%, 7/15/2025		2,376,655
		British Airways plc
	4,288,952	4.625%, 6/20/2024e		4,492,677
		Burlington Northern Santa Fe, LLC
	3,120,000	3.000%, 4/1/2025		2,987,974
		Canadian Pacific Railway Company
	2,190,000	2.900%, 2/1/2025		2,061,447
	2,560,000	7.125%, 10/15/2031		3,272,899
		Continental Airlines, Inc.
	841,332	7.250%, 11/10/2019		964,906
	1,304,430	4.000%, 10/29/2024		1,325,432
		CSX Corporation
	1,807,000	6.220%, 4/30/2040		2,208,738
		Delta Air Lines, Inc.
	1,639,673	4.950%, 5/23/2019		1,737,037
	1,068,748	4.750%, 5/7/2020		1,130,201
		ERAC USA Finance, LLC
	3,450,000	5.250%, 10/1/2020e		3,844,518
	1,915,000	4.500%, 8/16/2021e		2,067,461
		Navios South American Logistics, Inc.
	325,000	7.250%, 5/1/2022e		311,187
		Penske Truck Leasing Company, LP
	2,510,000	3.375%, 2/1/2022e		2,433,051
		United Airlines Pass Through Trust
	1,590,000	3.750%, 9/3/2026		1,574,100
		United Airlines, Inc.
	2,240,000	4.000%, 4/11/2026f		2,251,200
		US Airways Pass Through Trust
	2,998,570	3.950%, 11/15/2025		3,009,814
		Virgin Australia Holdings, Ltd.
	2,352,622	5.000%, 10/23/2023e		2,440,846
		Total		42,855,055
	U.S. Government and Agencies (2.0%)
		U.S. Treasury Bonds
	1,500,000	4.375%, 5/15/2041		1,853,907
	3,427,000	3.125%, 2/15/2042		3,445,204
	1,285,600	3.750%, 11/15/2043		1,446,100
		U.S. Treasury Bonds, TIPS
	5,820,015	0.625%, 1/15/2024		5,919,136
		U.S. Treasury Notes
	1,410,000	2.875%, 3/31/2018		1,484,245
	10,023,000	1.000%, 6/30/2019		9,879,701
	1,260,000	2.500%, 2/15/2045		1,108,901
		U.S. Treasury Notes, TIPS
	2,009,107	0.625%, 7/15/2021		2,073,776
		Total		27,210,970
	U.S. Municipals (0.2%)
		Denver, CO City & County Airport Rev.
	2,550,000	5.250%, 11/15/2022, Ser. A, AMT		2,952,492
		Total		2,952,492
	Utilities (6.1%)
		Access Midstream Partners, LP
	1,570,000	4.875%, 5/15/2023		1,548,664
		American Electric Power Company, Inc.
	2,565,000	2.950%, 12/15/2022		2,489,397
		Arizona Public Service Company
	2,880,000	8.750%, 3/1/2019		3,530,897

The accompanying Notes to Financial Statements are an integral part of this schedule.

153

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (91.0%)	Value
	Utilities (6.1%) - continued
		Calpine Corporation
$	1,920,000	5.375%, 1/15/2023	$	1,886,400
		Cleveland Electric Illuminating Company
	923,000	5.700%, 4/1/2017		985,277
		Commonwealth Edison Company
	1,500,000	6.150%, 9/15/2017		1,652,731
		DCP Midstream Operating, LP
	2,560,000	3.875%, 3/15/2023		2,365,230
	2,550,000	5.600%, 4/1/2044		2,274,335
		DCP Midstream, LLC
	1,750,000	5.850%, 5/21/2043e		1,386,875
		DPL, Inc.
	565,000	6.500%, 10/15/2016		587,600
		Dynegy Finance I, Inc.
	1,250,000	7.375%, 11/1/2022e		1,309,375
		EDP Finance BV
	2,830,000	4.125%, 1/15/2020e		2,857,468
		Electricite de France SA
	3,200,000	5.250%, 12/29/2049e,h		3,204,000
		Energy Transfer Equity, LP
	1,870,000	5.500%, 6/1/2027		1,865,325
		Enterprise Products Operating, LLC
	1,930,000	6.650%, 4/15/2018		2,177,729
		Exelon Corporation
	3,120,000	3.950%, 6/15/2025		3,138,408
		Exelon Generation Company, LLC
	1,050,000	5.200%, 10/1/2019		1,154,796
	2,500,000	4.000%, 10/1/2020		2,608,293
		FirstEnergy Transmission, LLC
	3,830,000	4.350%, 1/15/2025e		3,929,703
		Great River Energy
	19,870	5.829%, 7/1/2017*		20,716
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,170,917
		Kinder Morgan Energy Partners, LP
	2,550,000	5.800%, 3/1/2021		2,823,686
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,554,335
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,681,171
		NiSource Finance Corporation
	1,115,000	6.400%, 3/15/2018		1,249,579
	3,200,000	5.450%, 9/15/2020		3,603,590
		Ohio Power Company
	2,400,000	6.050%, 5/1/2018		2,672,378
		Oncor Electric Delivery Company, LLC
	2,490,000	3.750%, 4/1/2045e		2,225,350
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		4,050,630
		PPL Capital Funding, Inc.
	3,205,000	3.500%, 12/1/2022		3,243,223
	3,190,000	3.950%, 3/15/2024		3,298,486
		PSEG Power, LLC
	1,300,000	5.320%, 9/15/2016		1,361,239
		Southern California Edison Company
	2,585,000	6.250%, 8/1/2049h		2,853,840
		Xcel Energy, Inc.
	2,490,000	3.300%, 6/1/2025f		2,446,221
		Total		84,207,864
		Total Long-Term Fixed Income (cost $1,244,198,662)		1,255,339,627
Shares		Preferred Stock (2.0%)
	Financials (1.9%)
	79,875	Allstate Corporation, 5.100%		2,002,466
	102,122	Citigroup, Inc., 7.875%		2,651,087
	22,500	Cobank ACB, 6.250%h		2,306,954
	31,925	Countrywide Capital V, 7.000%		822,069
	128,000	Discover Financial Services, 6.500%h		3,260,160
	78,590	GMAC Capital Trust I, 8.125%		2,041,768
	95,940	Goldman Sachs Group, Inc., 5.500%h		2,352,449
	102,122	HSBC USA, Inc., 6.500%h		2,584,708
	88,200	Morgan Stanley, 7.125%h		2,465,190
	62,918	RBS Capital Funding Trust V, 5.900%h		1,524,503
	63,611	RBS Capital Funding Trust VII, 6.080%h		1,554,017
	101,500	Wells Fargo & Company, 5.850%h		2,588,250
		Total		26,153,621
	Materials (0.1%)
	76,576	CHS, Inc., 7.100%h		2,005,525
		Total		2,005,525
		Total Preferred Stock (cost $27,768,928)		28,159,146
		Collateral Held for Securities Loaned (2.1%)
	28,475,080	Thrivent Cash Management Trust		28,475,080
		Total Collateral Held for Securities Loaned (cost $28,475,080)		28,475,080
Shares or Principal Amount		Short-Term Investments (6.6%)j
		Federal Home Loan Bank Discount Notes
	1,200,000	0.070%, 8/18/2015k		1,199,888
	100,000	0.090%, 9/9/2015k		99,982
		Thrivent Cash Management Trust
	89,018,720	0.070%		89,018,720
		U.S. Treasury Bill
	400,000	0.017%, 8/27/2015		399,990
		Total Short-Term Investments (at amortized cost)		90,718,580
		Total Investments (cost $1,444,309,734) 105.4%	$	1,454,500,078
		Other Assets and Liabilities, Net (5.4%)		(74,381,242	)
		Total Net Assets 100.0%	$	1,380,118,836

The accompanying Notes to Financial Statements are an integral part of this schedule.

154

Income Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b All or a portion of the security is insured or guaranteed.

c Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

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 June 30, 2015.

e Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $237,558,947 or 17.2% of total net assets.

f All or a portion of the security is on loan.

g Denotes investments purchased on a when-issued or delayed delivery basis.

h Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

i In bankruptcy. Interest is not being accrued.

j The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

k At June 30, 2015, $1,299,870 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Income Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	3,200,578
CAM Mortgage, LLC, 7/15/2064		6/24/2015		3,750,000
Glitnir Banki HF, 1/21/2016		5/1/2008		50,000
Great River Energy, 7/1/2017		4/13/2009		19,870
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		3,071,404

Definitions:

AMT	-	Subject to Alternative Minimum Tax
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
Rev.	-	Revenue
Ser.	-	Series
TIPS	-	Treasury Inflation Protected Security.

The accompanying Notes to Financial Statements are an integral part of this schedule.

155

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.0%)a	Value
	Basic Materials (0.1%)
		Fortescue Metals Group, Ltd., Term Loan
$	1,048,627	3.750%, 6/30/2019	$	928,989
		Total		928,989
	Capital Goods (0.3%)
		ADS Waste Holdings, Inc., Term Loan
	1,189,658	3.750%, 10/9/2019		1,173,895
		Berry Plastics Group, Inc., Term Loan
	943,288	3.500%, 2/8/2020		938,250
		Silver II Borrower, Term Loan
	634,781	4.000%, 12/13/2019		611,612
		Total		2,723,757
	Communications Services (0.8%)
		Clear Channel Communications, Inc., Term Loan
	231,779	7.687%, 7/30/2019		216,295
		Grande Communications Networks, LLC, Term Loan
	945,716	4.500%, 5/29/2020		939,219
		iHeartCommunications, Inc., Term Loan
	995,670	6.937%, 1/30/2019		918,057
		Integra Telecom Holdings, Inc., Term Loan
	1,188,336	5.250%, 8/14/2020		1,179,126
		LTS Buyer, LLC, Term Loan
	676,200	4.000%, 4/13/2020		671,764
		NEP/NCP Holdco, Inc., Term Loan
	943,432	4.250%, 1/22/2020		928,101
		NTelos, Inc., Term Loan
	676,096	5.750%, 11/9/2019		591,584
		TNS, Inc., Term Loan
	1,030,306	5.000%, 2/14/2020		1,029,874
		Univision Communications, Inc., Term Loan
	1,188,073	4.000%, 3/1/2020		1,177,463
		Total		7,651,483
	Consumer Cyclical (0.7%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	613,955	4.250%, 8/13/2021		613,470
		Ceridian HCM Holding, Inc., Term Loan
	662,613	4.500%, 9/15/2020		655,576
		Chrysler Group, LLC, Term Loan
	942,901	3.500%, 5/24/2017		940,440
		J.C. Penney Corporation, Inc., Term Loan
	1,215,200	6.000%, 5/22/2018		1,211,725
		MGM Resorts International, Term Loan
	1,020,565	3.500%, 12/20/2019		1,012,656
		ROC Finance, LLC, Term Loan
	948,113	5.000%, 6/20/2019		928,752
		Scientific Games International, Inc., Term Loan
	1,221,400	6.000%, 10/18/2020		1,220,569
		Seminole Hard Rock Entertainment, Inc., Term Loan
	475,300	3.500%, 5/14/2020		473,318
		Total		7,056,506
	Consumer Non-Cyclical (0.4%)
		Albertsons, Inc., Term Loan
	610,840	5.375%, 3/21/2019		612,825
		JBS USA, LLC, Term Loan
	606,524	3.750%, 5/25/2018		604,250
		Roundy’s Supermarkets, Inc., Term Loan
	517,253	5.750%, 3/3/2021		499,149
		Supervalu, Inc., Term Loan
	1,876,369	4.500%, 3/21/2019		1,878,508
		Visant Corporation, Term Loan
	469,382	7.000%, 9/23/2021		452,170
		Total		4,046,902
	Energy (0.2%)
		Arch Coal, Inc., Term Loan
	676,089	6.250%, 5/16/2018		460,166
		Offshore Group Investment, Ltd., Term Loan
	474,087	5.750%, 3/28/2019		287,416
		Pacific Drilling SA, Term Loan
	1,190,700	4.500%, 6/3/2018		955,537
		Total		1,703,119
	Financials (0.1%)
		Harland Clarke Holdings Corporation, Term Loan
	589,613	7.000%, 5/22/2018		591,087
		WaveDivision Holdings, LLC, Term Loan
	940,875	4.000%, 10/15/2019		939,699
		Total		1,530,786
	Technology (0.2%)
		BMC Software, Inc., Term Loan
	1,306,632	5.000%, 9/10/2020		1,227,620
		First Data Corporation, Term Loan
	1,240,000	3.687%, 3/23/2018		1,234,903
		Total		2,462,523
	Transportation (0.1%)
		American Airlines, Inc., Term Loan
	1,350,938	3.500%, 6/27/2020		1,336,591
		Total		1,336,591
	Utilities (0.1%)
		Calpine Corporation, Term Loan
	236,400	4.000%, 10/31/2020		235,936

The accompanying Notes to Financial Statements are an integral part of this schedule.

156

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Bank Loans (3.0%)a	Value
	Utilities (0.1%) - continued
		Intergen NV, Term Loan
$	1,190,700	5.500%, 6/15/2020	$	1,138,607
		Total		1,374,543
		Total Bank Loans (cost $31,965,350)		30,815,199
		Long-Term Fixed Income (94.6%)
	Asset-Backed Securities (14.1%)
		American Homes 4 Rent
	3,241,089	1.250%, 6/17/2031b,c		3,230,429
		BA Credit Card Trust
	4,800,000	0.566%, 6/15/2021c		4,797,130
		Bayview Opportunity Master Fund Trust IIB, LP
	3,677,929	3.228%, 7/28/2034*,d		3,686,693
		Betony CLO, Ltd.
	3,425,000	1.779%, 4/15/2027*,c		3,423,957
		Capital One Multi-Asset Execution Trust
	2,750,000	1.260%, 1/15/2020		2,758,302
		Chase Issuance Trust
	6,500,000	1.590%, 2/18/2020		6,534,047
		Chesapeake Funding, LLC
	1,059,635	0.634%, 5/7/2024b,c		1,059,851
		Citibank Credit Card Issuance Trust
	5,225,000	1.020%, 2/22/2019		5,222,581
		Commonbond Student Loan Trust
	1,650,000	3.200%, 6/25/2032*		1,652,327
		Credit Based Asset Servicing and Securitization, LLC
	1,653,628	3.606%, 12/25/2036d		1,130,270
		Edlinc Student Loan Funding Trust
	2,339,707	3.190%, 10/1/2025*,c		2,368,954
		Enterprise Fleet Financing, LLC
	50,923	0.720%, 4/20/2018b		50,924
		First Franklin Mortgage Loan Asset- Backed Certificates
	215,069	5.500%, 3/25/2036*,e		2
		Ford Credit Auto Owner Trust
	3,575,000	2.260%, 11/15/2025b		3,619,219
		GMAC Mortgage Corporation Loan Trust
	768,582	0.365%, 8/25/2035c,f		705,550
	1,060,217	5.750%, 10/25/2036f		1,035,400
	2,042,570	0.365%, 12/25/2036c,f		1,801,794
		Golden Credit Card Trust
	7,200,000	0.436%, 2/15/2018b,c		7,196,731
	1,000,000	0.616%, 9/15/2018b,c		1,000,750
		GoldenTree Loan Opportunities IX, Ltd.
	3,750,000	1.789%, 10/29/2026*,c		3,742,874
		Great America Leasing Receivables
	1,105,778	0.780%, 6/15/2016b		1,106,019
		Master Credit Card Trust
	10,000,000	0.780%, 4/21/2017b		10,003,360
		Mortgage Equity Conversion Asset Trust
	4,381,572	0.790%, 1/25/2042*,c		3,704,225
	4,433,200	0.690%, 2/25/2042*,c		3,899,842
		Motor plc
	2,420,367	0.667%, 8/25/2021b,c		2,418,430
		NextGear Floorplan Master Owner Trust
	3,000,000	1.920%, 10/15/2019*		3,010,155
		Northstar Education Finance, Inc.
	3,361,159	0.887%, 12/26/2031b,c		3,375,501
		OZLM VIII, Ltd.
	3,760,000	1.714%, 10/17/2026*,c		3,753,137
		Penarth Master Issuer plc
	5,500,000	0.575%, 11/18/2017b,c		5,500,550
		Race Point IX CLO, Ltd.
	1,500,000	1.768%, 4/15/2027*,c		1,497,869
		Renaissance Home Equity Loan Trust
	3,476,225	5.608%, 5/25/2036d		2,359,390
	1,207,102	5.285%, 1/25/2037d		685,203
		Selene Non-Performing Loans, LLC
	1,634,397	2.981%, 5/25/2054*,d		1,619,622
		SLM Student Loan Trust
	547,693	1.286%, 12/15/2021b,c		548,478
	528,405	0.347%, 4/25/2022c		528,334
	1,665,028	0.786%, 8/15/2022b,c		1,666,543
	2,177,157	0.936%, 10/16/2023b,c		2,181,955
	1,782,883	0.587%, 3/25/2025c		1,780,681
	5,143,944	0.707%, 3/25/2026c		5,163,692
	2,700,000	1.236%, 5/17/2027b,c		2,719,850
		SoFi Professional Loan Program, LLC
	3,660,838	2.420%, 3/25/2030b		3,662,244
		U.S. Residential Opportunity Fund III Trust
	2,788,178	3.721%, 1/27/2035*		2,788,741
		Vericrest Opportunity Loan Transferee
	2,950,000	3.500%, 6/26/2045b		2,946,755
	1,780,561	3.375%, 10/26/2054b		1,780,707
		Volvo Financial Equipment, LLC
	2,912,029	0.740%, 3/15/2017b		2,912,064
		Wachovia Asset Securitization, Inc.
	930,382	0.327%, 7/25/2037*,c,f		832,008
		World Financial Network Credit Card Master Trust
	3,000,000	0.566%, 12/15/2019c		2,999,616
	4,000,000	0.910%, 3/16/2020		4,001,176
		World Omni Auto Receivables Trust
	2,907,206	1.330%, 1/15/2018		2,917,620
		World Omni Master Owner Trust
	5,400,000	0.536%, 2/15/2018b,c		5,400,000
		Total		142,781,552
	Basic Materials (0.8%)
		Albemarle Corporation
	1,095,000	3.000%, 12/1/2019		1,097,128
		Freeport-McMoRan, Inc.
	1,000,000	2.375%, 3/15/2018		992,345
	1,500,000	3.550%, 3/1/2022		1,388,442
		Georgia-Pacific, LLC
	2,555,000	2.539%, 11/15/2019b		2,552,578
		Glencore Funding, LLC
	1,000,000	1.336%, 4/16/2018b,c		999,452

The accompanying Notes to Financial Statements are an integral part of this schedule.

157

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value
	Basic Materials (0.8%) - continued
		Mosaic Company
$	500,000	4.250%, 11/15/2023	$	514,114
		Total		7,544,059
	Capital Goods (0.3%)
		Roper Industries, Inc.
	2,250,000	1.850%, 11/15/2017		2,264,666
		Textron, Inc.
	400,000	3.875%, 3/1/2025		393,762
		Total		2,658,428
	Collateralized Mortgage Obligations (9.7%)
		Alm Loan Funding CLO
	3,760,000	1.662%, 10/17/2026*,c		3,751,543
		American Home Mortgage Assets Trust
	2,672,428	1.078%, 11/25/2046c		1,413,859
		Apidos CLO XVIII
	3,775,000	1.669%, 7/22/2026*,c		3,753,079
		Babson CLO, Ltd.
	3,760,000	1.656%, 10/17/2026*,c		3,744,871
		BCAP, LLC Trust
	1,625,700	0.367%, 3/25/2037c		1,387,146
		Bear Stearns Adjustable Rate Mortgage Trust
	1,055,704	2.410%, 10/25/2035c		1,038,318
		Birchwood Park CLO, Ltd.
	3,760,000	1.693%, 7/15/2026*,c		3,753,155
		BlueMountain CLO, Ltd.
	3,760,000	1.750%, 10/15/2026*,c		3,748,482
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	1.575%, 7/20/2023*,c		3,734,855
	3,750,000	1.752%, 10/15/2026*,c		3,753,179
		Cent CLO 16, LP
	3,760,000	1.528%, 8/1/2024*,c		3,737,072
		Cent CLO 22, Ltd.
	3,750,000	1.756%, 11/7/2026*,c		3,738,207
		Countrywide Alternative Loan Trust
	631,649	5.500%, 11/25/2035		634,464
	675,703	5.500%, 2/25/2036		642,973
	1,242,745	6.000%, 1/25/2037		1,143,739
		Countrywide Home Loans, Inc.
	1,715,531	2.436%, 3/20/2036		1,543,606
	1,536,533	2.399%, 9/20/2036		1,356,137
		Deutsche Alt-A Securities Mortgage Loan Trust
	3,040,012	0.928%, 4/25/2047c		2,610,899
		Dryden 34 Senior Loan Fund CLO
	3,760,000	1.705%, 10/15/2026*,c		3,751,535
		GSR Mortgage Loan Trust
	1,250,036	0.377%, 8/25/2046c		1,210,164
		HarborView Mortgage Loan Trust
	1,576,949	2.200%, 6/19/2034		1,545,481
		HomeBanc Mortgage Trust
	1,513,383	2.205%, 4/25/2037		1,128,604
		Impac CMB Trust
	1,714,212	0.707%, 4/25/2035c		1,573,715
	527,598	0.827%, 8/25/2035c		473,001
		J.P. Morgan Alternative Loan Trust
	2,424,967	2.525%, 3/25/2036		1,980,927
		J.P. Morgan Mortgage Trust
	398,564	2.555%, 10/25/2036		358,547
		Madison Park Funding XIV CLO, Ltd.
	4,150,000	1.725%, 7/20/2026*,c		4,144,609
		Master Asset Securitization Trust
	1,438,467	0.687%, 6/25/2036c		843,600
		MLCC Mortgage Investors, Inc.
	522,190	0.847%, 8/25/2029c		519,768
		Neuberger Berman CLO, Ltd.
	3,000,000	1.749%, 8/4/2025*,c		2,989,859
		Octagon Investment Partners XX CLO, Ltd.
	3,760,000	1.720%, 8/12/2026*,c		3,753,315
		Residential Accredit Loans, Inc.
	1,326,246	3.526%, 9/25/2035		1,130,106
		Sequoia Mortgage Trust
	2,957,648	1.125%, 9/20/2034c		2,858,492
		Structured Adjustable Rate Mortgage Loan Trust
	29,705	2.576%, 12/25/2034		28,855
		Symphony CLO, Ltd.
	3,722,503	1.374%, 1/9/2023*,c		3,711,737
		Voya CLO 3, Ltd.
	3,760,000	1.697%, 7/25/2026*,c		3,734,391
		Wachovia Mortgage Loan Trust, LLC
	1,344,302	2.746%, 5/20/2036		1,175,234
		WaMu Mortgage Pass Through Certificates
	2,614,281	1.038%, 10/25/2046c		2,117,873
	2,602,311	0.966%, 12/25/2046c		2,076,847
	2,626,115	0.898%, 1/25/2047c		2,130,331
		Washington Mutual Mortgage Pass Through Certificates
	832,010	0.477%, 10/25/2045c		773,881
	1,952,167	1.078%, 9/25/2046c		1,322,894
	3,379,184	0.908%, 2/25/2047c		2,376,516
		Wells Fargo Commercial Mortgage Trust
	3,575,000	2.632%, 5/15/2048		3,637,030
		Wells Fargo Mortgage Backed Securities Trust
	884,906	2.581%, 3/25/2036		856,875
	1,231,040	2.621%, 3/25/2036		1,225,112
		Total		98,914,883
	Commercial Mortgage-Backed Securities (5.3%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	161,866	5.653%, 6/11/2040c		162,645
	1,692,647	5.331%, 2/11/2044		1,780,517
		Citigroup Commercial Mortgage Trust
	1,250,000	5.711%, 12/10/2049		1,337,069
		Citigroup/Deutsche Bank Commercial Mortgage
	3,000,000	5.322%, 12/11/2049		3,125,826
		Commercial Mortgage Pass-Through Certificates
	5,000,000	1.234%, 6/8/2030b,c		4,990,640
	1,440,069	5.306%, 12/10/2046		1,496,722

The accompanying Notes to Financial Statements are an integral part of this schedule.

158

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value
	Commercial Mortgage-Backed Securities (5.3%) - continued
		Credit Suisse First Boston Mortgage Securities
$	4,460,000	5.542%, 1/15/2049	$	4,704,176
		Credit Suisse Mortgage Capital Certificates
	3,253,157	5.467%, 9/15/2039		3,360,387
		Federal National Mortgage Association
	2,629,920	1.272%, 1/25/2017		2,643,187
		Government National Mortgage Association
	2,534	3.214%, 1/16/2040		2,533
		Greenwich Capital Commercial Funding Corporation
	2,471,155	5.224%, 4/10/2037		2,474,195
		GS Mortgage Securities Trust
	3,000,000	2.999%, 8/10/2044		3,052,122
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	4,500,000	1.136%, 12/15/2028b,c		4,499,100
	6,193,845	5.429%, 12/12/2043		6,434,302
		LSTAR Commercial Mortgage Trust
	986,437	1.519%, 1/20/2041b		986,856
		Morgan Stanley Capital, Inc.
	773,021	5.678%, 4/12/2049		771,880
		NCUA Guaranteed Notes
	5,000,000	2.900%, 10/29/2020		5,130,120
	1,716,957	0.524%, 12/7/2020c		1,720,207
		SCG Trust
	3,150,000	1.586%, 11/15/2026b,c		3,146,781
		Wachovia Bank Commercial Mortgage Trust
	1,911,793	5.765%, 7/15/2045		1,964,356
		Total		53,783,621
	Communications Services (2.1%)
		America Movil SAB de CV
	3,000,000	1.288%, 9/12/2016c		3,006,456
		American Tower Corporation
	2,200,000	3.450%, 9/15/2021		2,189,394
		AT&T, Inc.
	1,735,000	1.212%, 6/30/2020c		1,741,721
		Crown Castle Towers, LLC
	1,650,000	4.174%, 8/15/2017b		1,711,048
		DIRECTV Holdings, LLC
	1,125,000	1.750%, 1/15/2018		1,120,969
		Moody’s Corporation
	1,250,000	2.750%, 7/15/2019		1,260,658
		NBC Universal Enterprise, Inc.
	2,250,000	1.662%, 4/15/2018b		2,254,610
		SES Global Americas Holdings GP
	1,375,000	2.500%, 3/25/2019b		1,370,040
		Verizon Communications, Inc.
	1,650,000	1.816%, 9/15/2016c		1,670,305
	1,000,000	0.681%, 6/9/2017c		997,600
	2,580,000	1.053%, 6/17/2019c		2,563,798
	1,825,000	3.000%, 11/1/2021		1,800,447
		Total		21,687,046
	Consumer Cyclical (1.3%)
		Alibaba Group Holding, Ltd.
	1,650,000	2.500%, 11/28/2019b		1,631,989
		American Honda Finance Corporation
	2,750,000	0.596%, 12/11/2017c		2,751,721
		CVS Health Corporation
	1,065,000	2.250%, 8/12/2019		1,060,163
		Ford Motor Credit Company, LLC
	2,050,000	3.984%, 6/15/2016		2,097,915
	1,000,000	3.000%, 6/12/2017		1,022,890
		Home Depot, Inc.
	2,000,000	2.250%, 9/10/2018		2,046,654
		Hyundai Capital America
	1,395,000	2.000%, 3/19/2018b		1,395,498
		Yale University
	1,550,000	2.086%, 4/15/2019		1,566,287
		Total		13,573,117
	Consumer Non-Cyclical (4.5%)
		AbbVie, Inc.
	1,275,000	1.800%, 5/14/2018		1,271,253
		Actavis Funding SCS
	2,435,000	1.543%, 3/12/2020c		2,461,982
		Altria Group, Inc.
	500,000	2.850%, 8/9/2022		480,605
		Amgen, Inc.
	1,675,000	2.125%, 5/1/2020		1,640,148
		BAT International Finance plc
	2,335,000	0.796%, 6/15/2018b,c		2,333,625
		Bayer U.S. Finance, LLC
	1,250,000	2.375%, 10/8/2019b		1,254,434
		Boston Scientific Corporation
	2,045,000	6.000%, 1/15/2020		2,315,713
		Cardinal Health, Inc.
	1,275,000	1.950%, 6/15/2018		1,277,145
		Church & Dwight Company, Inc.
	1,440,000	2.450%, 12/15/2019		1,447,707
		Edwards Lifesciences Corporation
	1,500,000	2.875%, 10/15/2018		1,534,859
		EMD Finance, LLC
	2,470,000	0.633%, 3/17/2017b,c		2,468,676
		Forest Laboratories, Inc.
	2,750,000	4.375%, 2/1/2019b		2,910,454
		Hospira, Inc.
	1,700,000	6.050%, 3/30/2017		1,829,129
		Howard Hughes Medical Institute
	1,500,000	3.500%, 9/1/2023		1,544,914
		Japan Tobacco, Inc.
	2,500,000	2.100%, 7/23/2018b		2,522,435
		JM Smucker Company
	1,540,000	2.500%, 3/15/2020b		1,531,071
		Laboratory Corporation of America Holdings
	1,705,000	2.625%, 2/1/2020		1,691,786
		Medtronic, Inc.
	1,650,000	1.087%, 3/15/2020b,c		1,666,548
		Merck & Company, Inc.
	1,825,000	0.654%, 2/10/2020c		1,815,446
		Mondelez International, Inc.
	1,858,000	0.798%, 2/1/2019c		1,837,116

The accompanying Notes to Financial Statements are an integral part of this schedule.

159

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value
	Consumer Non-Cyclical (4.5%) - continued
		PepsiCo, Inc.
$	1,300,000	1.850%, 4/30/2020	$	1,285,652
		Reynolds American, Inc.
	1,020,000	3.250%, 6/12/2020		1,033,160
		SABMiller Holdings, Inc.
	2,500,000	2.450%, 1/15/2017b		2,539,097
		Unilever Capital Corporation
	2,600,000	2.200%, 3/6/2019		2,623,837
		Zimmer Biomet Holdings, Inc.
	1,780,000	2.000%, 4/1/2018		1,780,637
		Total		45,097,429
	Energy (2.4%)
		Cameron International Corporation
	1,575,000	1.400%, 6/15/2017		1,564,706
		Chevron Corporation
	3,000,000	1.718%, 6/24/2018		3,017,892
		CNOOC Nexen Finance
	2,000,000	1.625%, 4/30/2017		2,002,852
		CNPC General Capital, Ltd.
	1,000,000	2.750%, 5/14/2019b		999,732
		DCP Midstream Operating, LP
	1,650,000	2.700%, 4/1/2019		1,554,450
		Enable Midstream Partners, LP
	1,250,000	2.400%, 5/15/2019b		1,207,885
		Enbridge, Inc.
	1,700,000	0.734%, 6/2/2017c		1,679,648
		Enterprise Products Operating, LLC
	1,650,000	7.034%, 1/15/2068		1,773,750
		Exxon Mobil Corporation
	1,785,000	0.649%, 3/6/2022c		1,788,425
		Noble Holding International, Ltd.
	1,650,000	4.000%, 3/16/2018		1,689,293
		Petroleos Mexicanos
	1,500,000	2.295%, 7/18/2018c		1,529,100
	2,185,000	2.378%, 4/15/2025		2,205,384
		Shell International Finance BV
	1,735,000	0.729%, 5/11/2020c		1,727,550
		Weatherford International, Ltd.
	1,500,000	6.000%, 3/15/2018		1,596,796
		Total		24,337,463
	Financials (19.0%)
		ABN AMRO Bank NV
	2,040,000	2.450%, 6/4/2020b		2,028,105
		Aflac, Inc.
	2,100,000	2.400%, 3/16/2020		2,115,643
		American Express Credit Corporation
	2,580,000	0.836%, 3/18/2019c		2,570,322
		American International Group, Inc.
	1,430,000	2.300%, 7/16/2019		1,427,446
		American Tower Trust I
	1,650,000	1.551%, 3/15/2018*		1,641,707
		Ares Capital Corporation
	1,400,000	3.875%, 1/15/2020g		1,423,076
		Aviation Capital Group Corporation
	1,350,000	3.875%, 9/27/2016b		1,373,884
		Bank of America Corporation
	1,800,000	1.700%, 8/25/2017		1,802,068
	2,000,000	1.351%, 3/22/2018c		2,018,204
	2,200,000	1.144%, 4/1/2019c		2,204,030
	1,100,000	4.000%, 1/22/2025		1,071,723
	1,100,000	6.100%, 12/29/2049h		1,086,250
		Bank of America National Association
	2,000,000	5.300%, 3/15/2017		2,118,328
		Bank of New York Mellon Corporation
	675,000	4.500%, 12/31/2049h		624,375
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	1,445,000	2.850%, 9/8/2021b		1,445,714
		BB&T Corporation
	1,520,000	0.990%, 1/15/2020c		1,516,173
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,751,465
		Caisse Centrale Desjardins du Quebec
	2,155,000	0.944%, 1/29/2018b,c		2,164,001
		Citigroup, Inc.
	1,840,000	1.044%, 4/8/2019c		1,835,923
		CNA Financial Corporation
	3,000,000	6.500%, 8/15/2016		3,173,154
		CoBank ACB
	1,965,000	0.886%, 6/15/2022*,c		1,851,928
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	800,000	4.625%, 12/1/2023		825,366
		Credit Agricole SA
	1,650,000	1.075%, 4/15/2019b,c		1,661,791
	1,800,000	1.252%, 6/10/2020b,c		1,797,516
		Credit Suisse Group AG
	1,500,000	6.500%, 8/8/2023b		1,640,417
	990,000	7.500%, 12/11/2049b,h		1,030,788
		DnB Boligkreditt AS
	4,900,000	1.450%, 3/21/2018b		4,902,401
		European Investment Bank
	6,000,000	1.750%, 3/15/2017		6,103,938
	2,200,000	1.250%, 5/15/2018		2,206,173
	3,235,000	2.125%, 10/15/2021		3,230,067
		Fifth Third Bancorp
	1,440,000	2.875%, 10/1/2021		1,425,842
		Goldman Sachs Group, Inc.
	1,915,000	1.374%, 11/15/2018c		1,931,963
	2,160,000	1.437%, 4/23/2020c		2,181,092
	1,375,000	1.884%, 11/29/2023c		1,397,499
	1,950,000	5.375%, 12/29/2049h		1,926,405
		HSBC Holdings plc
	1,375,000	6.375%, 3/29/2049h		1,381,875
		HSBC USA, Inc.
	1,905,000	0.581%, 6/23/2017c		1,897,691
		ING Capital Funding Trust III
	1,000,000	3.882%, 12/29/2049c,h		992,500
		ING Groep NV
	1,650,000	6.000%, 12/31/2045h		1,628,344
		Inter-American Development Bank
	3,750,000	0.228%, 2/11/2016c		3,750,638
		International Lease Finance Corporation
	1,100,000	8.625%, 9/15/2015		1,113,750
		Intesa Sanpaolo SPA
	1,500,000	5.017%, 6/26/2024b		1,457,316

The accompanying Notes to Financial Statements are an integral part of this schedule.

160

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value
	Financials (19.0%) - continued
		J.P. Morgan Chase & Company
$	4,000,000	1.177%, 1/25/2018c	$	4,026,332
	1,750,000	2.250%, 1/23/2020		1,719,697
	1,750,000	3.875%, 9/10/2024		1,721,836
	1,450,000	7.900%, 4/29/2049h		1,533,737
		J.P. Morgan Chase Bank NA
	1,800,000	5.875%, 6/13/2016		1,880,591
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		4,041,612
		KeyBank NA
	2,750,000	0.803%, 6/1/2018c		2,751,568
		Kilroy Realty, LP
	750,000	3.800%, 1/15/2023		747,978
		Lloyds Bank plc
	2,475,000	0.806%, 3/16/2018c		2,474,272
		Lloyds TSB Bank plc
	300,000	6.500%, 9/14/2020b		345,781
		MassMutual Global Funding II
	3,500,000	2.000%, 4/5/2017b		3,545,895
		Metropolitan Life Global Funding I
	3,250,000	3.650%, 6/14/2018b		3,439,933
		Mizuho Financial Group Cayman 3, Ltd.
	825,000	4.600%, 3/27/2024b		848,154
		Morgan Stanley
	2,155,000	1.417%, 1/27/2020c		2,184,655
	1,750,000	5.000%, 11/24/2025		1,832,003
	1,000,000	5.450%, 12/29/2049h		992,500
	1,100,000	5.550%, 12/29/2049h		1,092,025
		Morgan Stanley Mortgage Loan Trust
	2,000,000	5.750%, 10/18/2016		2,113,900
		National Australia Bank, Ltd.
	3,350,000	2.000%, 6/20/2017b		3,406,300
		Network Rail Infrastructure Finance plc
	6,000,000	0.875%, 5/15/2018b		5,952,534
		Nordea Bank AB
	2,500,000	3.125%, 3/20/2017b		2,580,345
		North American Development Bank
	2,200,000	2.300%, 10/10/2018		2,238,962
		Peachtree Corners Funding Trust
	1,375,000	3.976%, 2/15/2025b		1,363,544
		Prudential Financial, Inc.
	1,430,000	2.350%, 8/15/2019		1,430,445
		Realty Income Corporation
	1,500,000	2.000%, 1/31/2018		1,510,681
		Reliance Standard Life Global Funding II
	1,740,000	2.500%, 4/24/2019b		1,746,240
		Royal Bank of Canada
	4,000,000	1.200%, 9/19/2017		3,993,760
		Royal Bank of Scotland Group plc
	2,205,000	1.222%, 3/31/2017c		2,206,517
		Skandinaviska Enskilda Banken AB
	2,100,000	1.750%, 3/19/2018b		2,099,826
	2,500,000	1.375%, 5/29/2018b		2,494,130
		SLM Corporation
	700,000	4.625%, 9/25/2017		711,375
		SpareBank 1 Boligkreditt AS
	3,000,000	1.250%, 5/2/2018b		2,979,954
		Stadshypotek AB
	2,000,000	1.875%, 10/2/2019b		2,000,578
		Standard Chartered plc
	1,225,000	3.950%, 1/11/2023b		1,195,460
		Sumitomo Mitsui Banking Corporation
	2,555,000	0.856%, 1/16/2018c		2,554,946
		Sumitomo Mitsui Financial Group, Inc.
	1,800,000	4.436%, 4/2/2024b		1,838,441
		Svensk Exportkredit AB
	3,500,000	0.577%, 1/23/2017c		3,515,236
		Svenska Handelsbanken AB
	750,000	0.773%, 6/17/2019c		749,627
		Swedbank AB
	1,750,000	1.750%, 3/12/2018b		1,752,457
		Synchrony Financial
	1,520,000	3.000%, 8/15/2019		1,530,819
	1,440,000	1.509%, 2/3/2020c		1,446,340
		U.S. Bank National Association
	4,000,000	3.778%, 4/29/2020c		4,004,112
		UBS AG
	2,750,000	0.981%, 3/26/2018c		2,749,178
		USAA Capital Corporation
	2,575,000	2.125%, 6/3/2019b		2,582,519
		USB Realty Corporation
	1,495,000	1.422%, 12/29/2049b,c,h		1,366,056
		Voya Financial, Inc.
	1,500,000	2.900%, 2/15/2018		1,539,294
	500,000	5.650%, 5/15/2053		510,625
		Wells Fargo & Company
	2,155,000	0.958%, 1/30/2020c		2,144,372
	925,000	3.450%, 2/13/2023		919,991
	1,100,000	4.100%, 6/3/2026		1,104,637
	1,100,000	5.875%, 12/31/2049h		1,126,180
		Westpac Banking Corporation
	2,500,000	1.250%, 12/15/2017b		2,492,823
		XLIT, Ltd.
	1,100,000	4.450%, 3/31/2025		1,090,381
		Total		192,948,045
	Foreign Government (4.1%)
		Bahama Government International Bond
	275,000	5.750%, 1/16/2024b		298,375
		Bank of England Euro Note
	3,000,000	1.250%, 3/16/2018b		3,011,850
		Canada Government International Bond
	8,500,000	0.875%, 2/14/2017		8,530,600
	2,500,000	1.125%, 3/19/2018		2,504,695
		Costa Rica Government International Bond
	1,650,000	4.250%, 1/26/2023b		1,522,950
		Eksportfinans ASA
	2,450,000	2.375%, 5/25/2016		2,450,000
		Export-Import Bank of Korea
	2,130,000	2.250%, 1/21/2020		2,109,384
		Hydro Quebec
	3,000,000	2.000%, 6/30/2016		3,042,840

The accompanying Notes to Financial Statements are an integral part of this schedule.

161

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value
	Foreign Government (4.1%) - continued
		Kommunalbanken AS
$	3,500,000	1.500%, 10/22/2019b	$	3,478,003
		Kommuninvest I Sverige AB
	3,500,000	1.000%, 10/24/2017b		3,498,565
		Mexico Government International Bond
	1,250,000	5.125%, 1/15/2020		1,378,125
	325,000	3.500%, 1/21/2021		331,500
		Poland Government International Bond
	125,000	4.000%, 1/22/2024		130,781
		Province of Manitoba
	5,100,000	1.300%, 4/3/2017g		5,144,727
		Province of Ontario
	3,500,000	0.327%, 8/13/2015c		3,499,940
		Slovenia Government International Bond
	730,000	4.125%, 2/18/2019b		759,200
		Total		41,691,535
	Mortgage-Backed Securities (5.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,875,000	3.000%, 7/1/2030i		8,152,594
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	672,854	6.500%, 9/1/2037		772,843
	5,875,000	4.000%, 7/1/2045i		6,212,927
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	3,491,015	2.250%, 6/25/2025		3,565,174
	18,850,000	3.500%, 7/1/2030i		19,879,975
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,009,938	5.688%, 9/1/2037c		1,081,374
	419,216	5.196%, 10/1/2037c		437,169
	4,072,349	2.072%, 1/1/2043c		4,247,977
	6,669,165	2.054%, 3/1/2043c		6,926,492
	6,666,118	1.729%, 7/1/2043c		6,833,830
		Total		58,110,355
	Technology (1.2%)
		Amphenol Corporation
	1,409,000	2.550%, 1/30/2019		1,427,276
		Apple, Inc.
	3,050,000	0.580%, 5/6/2019c		3,057,967
	1,735,000	0.577%, 5/6/2020c		1,730,015
		Cisco Systems, Inc.
	2,335,000	0.593%, 6/15/2018c		2,339,084
		Micron Semiconductor Asia Pte, Ltd.
	1,100,000	1.258%, 1/15/2019		1,100,457
		Oracle Corporation
	1,675,000	2.500%, 5/15/2022		1,626,438
		Texas Instruments, Inc.
	1,300,000	1.750%, 5/1/2020		1,277,380
		Total		12,558,617
	Transportation (1.3%)
		Air Canada Pass Through Trust
	1,490,000	3.875%, 3/15/2023b		1,462,137
		American Airlines Pass Through Trust
	1,395,627	5.600%, 7/15/2020b		1,437,496
	1,373,759	4.950%, 1/15/2023		1,454,467
	1,100,000	3.700%, 5/1/2023		1,078,000
		British Airways plc
	1,436,033	4.625%, 6/20/2024b		1,504,245
		Continental Airlines, Inc.
	2,930,078	4.150%, 4/11/2024		2,992,342
		Delta Air Lines, Inc.
	790,125	4.750%, 5/7/2020		835,557
		TTX Company
	800,000	4.125%, 10/1/2023*		839,213
		Virgin Australia Holdings, Ltd.
	1,521,801	5.000%, 10/23/2023b		1,578,869
		Total		13,182,326
	U.S. Government and Agencies (20.3%)
		Federal Agricultural Mortgage Corporation
	3,500,000	2.000%, 7/27/2016		3,558,681
		Federal Home Loan Mortgage Corporation
	500,000	1.250%, 8/1/2019		494,688
	4,000,000	1.250%, 10/2/2019		3,946,596
		Federal National Mortgage Association
	8,000,000	1.750%, 11/26/2019		8,042,008
	5,000,000	1.625%, 1/21/2020		4,993,070
		U.S. Treasury Bonds
	8,000,000	5.375%, 2/15/2031		10,754,376
	2,200,000	3.000%, 5/15/2042		2,155,485
		U.S. Treasury Bonds, TIPS
	21,707,690	0.125%, 4/15/2019		21,989,217
		U.S. Treasury Notes
	14,750,000	0.625%, 10/15/2016		14,789,176
	1,400,000	0.875%, 11/15/2017		1,402,625
	41,950,000	1.500%, 10/31/2019		41,972,947
	64,045,000	1.875%, 6/30/2020		64,785,488
	8,000,000	3.625%, 2/15/2044		8,795,624
		U.S. Treasury Notes, TIPS
	1,560,777	0.125%, 4/15/2018		1,585,285
	919,283	1.125%, 1/15/2021		972,357
	8,571,296	0.125%, 1/15/2022		8,494,292
	6,995,352	0.125%, 1/15/2023		6,871,842
		Total		205,603,757
	Utilities (2.5%)
		Berkshire Hathaway Energy Company
	1,550,000	2.400%, 2/1/2020		1,543,214
		Dayton Power and Light Company
	1,200,000	1.875%, 9/15/2016		1,206,494
		DTE Energy Company
	730,000	2.400%, 12/1/2019		729,940
		Electricite de France SA
	1,500,000	5.250%, 12/29/2049b,h		1,501,875
		Eversource Energy
	1,560,000	1.600%, 1/15/2018		1,566,212
	1,250,000	1.450%, 5/1/2018		1,242,649

The accompanying Notes to Financial Statements are an integral part of this schedule.

162

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Principal Amount		Long-Term Fixed Income (94.6%)	Value
	Utilities (2.5%) - continued
		Exelon Corporation
$	1,650,000	2.850%, 6/15/2020	$	1,659,575
		Exelon Generation Company, LLC
	1,385,000	2.950%, 1/15/2020		1,389,792
		National Rural Utilities Cooperative Finance Corporation
	1,150,000	4.750%, 4/30/2043		1,147,125
		NextEra Energy Capital Holdings, Inc.
	2,575,000	2.400%, 9/15/2019		2,572,227
		Pacific Gas & Electric Company
	250,000	5.625%, 11/30/2017		272,880
		PG&E Corporation
	1,500,000	2.400%, 3/1/2019		1,501,947
		Public Service Electric And Gas Company
	2,570,000	1.800%, 6/1/2019		2,537,245
		Sempra Energy
	2,425,000	2.300%, 4/1/2017		2,460,672
	1,765,000	2.400%, 3/15/2020		1,751,272
		Southern California Edison Company
	1,040,000	2.400%, 2/1/2022		1,011,523
		Xcel Energy, Inc.
	1,640,000	1.200%, 6/1/2017		1,640,311
		Total		25,734,953
		Total Long-Term Fixed Income (cost $965,582,067)		960,207,186
Shares		Preferred Stock (0.7%)
	Financials (0.4%)
	66,000	Citigroup, Inc., 7.875%		1,713,360
	8,125	Farm Credit Bank of Texas, 6.750%b,h		840,684
	66,000	HSBC Holdings plc, 8.000%h		1,708,740
		Total		4,262,784
	Utilities (0.3%)
	24,375	Southern California Edison Company, 4.130%h		2,460,352
		Total		2,460,352
		Total Preferred Stock (cost $6,703,319)		6,723,136
		Collateral Held for Securities Loaned (0.2%)
	1,602,000	Thrivent Cash Management Trust		1,602,000
		Total Collateral Held for Securities Loaned (cost $1,602,000)		1,602,000
Shares or Principal Amount		Short-Term Investments (4.7%)j
		Federal Home Loan Bank Discount Notes
	400,000	0.078%, 7/22/2015k		399,982
		Federal Home Loan Mortgage Corporation Discount Notes
	1,000,000	0.070%, 7/20/2015k		999,963
		Federal National Mortgage Association Discount Notes
	600,000	0.065%, 7/15/2015k		599,985
	400,000	0.060%, 8/12/2015		399,972
		Thrivent Cash Management Trust
	45,740,650	0.070%		45,740,650
		Total Short-Term Investments (at amortized cost)		48,140,552
		Total Investments (cost $1,053,993,288) 103.2%	$	1,047,488,073
		Other Assets and Liabilities, Net (3.2%)		(32,420,105	)
		Total Net Assets 100.0%	$	1,015,067,968

a The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of June 30, 2015, the value of these investments was $191,780,061 or 18.9% of total net assets.

c Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of June 30, 2015.

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 June 30, 2015.

e Defaulted security. Interest is not being accrued.

f All or a portion of the security is insured or guaranteed.

g All or a portion of the security is on loan.

h Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

i Denotes investments purchased on a when-issued or delayed delivery basis.

j The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

k At June 30, 2015, $1,949,931 of investments were 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 have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Limited Maturity Bond Portfolio owned as of June 30, 2015.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	3,758,120
American Tower Trust I, 3/15/2018		3/6/2013		1,650,000
Apidos CLO XVIII, 7/22/2026		6/25/2014		3,765,562
Babson CLO, Ltd., 10/17/2026		8/15/2014		3,758,120
Bayview Opportunity Master Fund Trust IIB, LP, 7/28/2034		6/27/2014		3,674,251
Betony CLO, Ltd., 4/15/2027		2/25/2015		3,425,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		3,760,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		3,756,202

The accompanying Notes to Financial Statements are an integral part of this schedule.

163

Limited Maturity Bond Portfolio

Schedule of Investments as of June 30, 2015

(unaudited)

Security	Acquisition Date		Cost
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014	$	3,750,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		3,750,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		3,760,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		3,750,000
CoBank ACB, 6/15/2022		10/18/2013		1,877,516
Commonbond Student Loan Trust, 6/25/2032		6/17/2015		1,649,581
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		3,760,000
Edlinc Student Loan Funding Trust, 10/1/2025		11/29/2012		2,357,941
First Franklin Mortgage Loan Asset-Backed Certificates, 3/25/2036		4/19/2006		214,738
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		3,746,250
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		4,145,020
Mortgage Equity Conversion Asset Trust, 1/25/2042		1/18/2007		4,381,572
Mortgage Equity Conversion Asset Trust, 2/25/2042		2/14/2007		4,433,200
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		3,000,000
NextGear Floorplan Master Owner Trust, 10/15/2019		11/3/2014		2,999,466
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		3,760,000
OZLM VIII, Ltd., 10/17/2026		8/7/2014		3,738,568
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,500,000
Selene Non-Performing Loans, LLC, 5/25/2054		5/23/2014		1,634,397
Symphony CLO, Ltd., 1/9/2023		9/15/2014		3,722,503
TTX Company, 10/1/2023		9/19/2013		799,992
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		2,788,178
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		930,382

Definitions:

CLO	-	Collateralized Loan Obligation
TIPS	-	Treasury Inflation Protected Security.

The accompanying Notes to Financial Statements are an integral part of this schedule.

164

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of directors.

Item 11. Controls and Procedures

(a)(i) Registrant’s President and Treasurer have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) Registrant’s President and Treasurer are aware of no change in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting.

Item 12. Exhibits

(a) Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 28, 2015		THRIVENT SERIES FUND, INC.
	By:	/s/ David S. Royal
		David S. Royal
		President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: August 28, 2015	By:	/s/ David S. Royal
		David S. Royal
		President

Date: August 28, 2015	By:	/s/ Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer